Joel R. Glucksman
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201-896-7095 jglucksman@sh-law.comFirm Insights
CNET Founder Halsey Minor Seeks Chapter 7 Bankruptcy Protection
Author: Joel R. Glucksman
Date: June 14, 2013
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Tech industry investor and CNET Networks co-founder Halsey Minor filed for bankruptcy protection in the U.S. Bankruptcy Court in Los Angeles, only a few short years after selling his company for $1.8 billion.
The entrepreneur opted for Chapter 7 bankruptcy, which involves the liquidation of his assets and the sale of non-exempt property, the proceeds of which will be distributed to his creditors. According to the filing, Minor lists assets between $10 million and $50 million, and liabilities ranging from $50 million to $100 million. He noted that his liabilities are primarily related to business debts, and that there is little to no money available for his unsecured creditors, according to Bloomberg. Minor’s creditors include the Internal Revenue Service, the California Franchise Tax Board, HSBC, and high-end auction house Sotheby’s.
To add to matters, the entrepreneur has also been caught up in a string of costly lawsuits, while at the same time beginning new ventures in hotels and horse breeding. Minor cites new ventures and poor decisions in his real estate investments as the cause of his financial insolvency, arguing that the enterprises took him out of his tech comfort zone.
“I love being an entrepreneur even though it involves financial risk,” Minor wrote in an emailed statement about his bankruptcy. “I have been fortunate enough to play a meaningful role in building great companies like CNET Networks, salesforce.com, Rhapsody, NBCi, the service known as Google Voice and others. But if you win some you are going to lose some too. A case might be made I should never have strayed from technology. However, I like doing things outside my comfort zone, and I believe that willingness in part accounts for my tech successes.”
The Chapter 7 filing marks the second time Minor has sought bankruptcy protection. The first time he filed for protection was in the early 1990s, prior to the success of CNET.
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