CNET Founder Halsey Minor Bankrupt 5 Years After Firm's $1.8 Billion Sale
In 2008, Halsey Minor sold CNET Networks, the technology media property he founded, to CBS Corp. (CBS) for $1.8 billion. Minor's personal haul was $200 million, according to CNNMoney. Now, just five years later, Minor, 47, has declared bankruptcy, listing debts of up to $100 million and claiming assets of at most half that much.
Minor has filed for Chapter 7 protection, which a bankruptcy lawyer who spoke to Bloomberg said "is clearing the slate":
"He isn't required like Middle America to pay his debts, because they're mostly business-related."
This isn't the first time Minor has struggled with financial obligations. Bloomberg reports that Sotheby's (BID) won a $6.6 million judgement against him in April 2010 after he refused to pay for three artworks he bought at auction. He also sold two paintings that year to help pay for a $21.6 million judgement on a delinquent loan from a Bank of America (BAC) affiliate. And Businessweek reported in 1997 that Minor "was on the brink of bankruptcy" four years earlier, in the early stages of CNET's development. $5 million from Microsoft (MSFT) co-founder Paul Allen made the difference back then.
By 2012, The LA Times says, California declared Minor and his wife to be the state's top income-tax delinquents, with an unpaid bill of $10.5 million.
http://www.dailyfinance.com/2013/05/...upt-chapter-7/
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Originally Posted by mulva
