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CNET billionaire files for bankruptcy

The former owner of a billion-dollar dot-com venture has found himself in financial straits that are forcing him to declare Chapter 7 bankruptcy. Halsey Minor, a native of Charlottesville and graduate of the University of Virginia, is claiming a whopping $100 million in liabilities with just $50 million worth of assets, according to news reports. Minor sold his company, CNET, to CBS Corp. in 2008 for $1.7 billion.

Minor's bankruptcy comes after an extended legal battle over his multimillion-dollar real estate investments. Many of the liabilities associated with the man's bankruptcy filing related to real estate; he has been linked to the failed development of the Landmark Hotel in Charlottesville, along with a massive $35 million development endeavor beside the James River.

Furthermore, Minor is one of the top offenders on the California Franchise Tax Board's delinquent payers. Officials report that he owes some $10.8 million in overdue taxes. Further debts to the IRS include $18.5 million for earnings in 2011 and about $13,000 in 2013. Among the man's creditors are high-end real estate firm Sotheby's. Minor is indebted to that company for $6.6 million after his San Francisco mansion was effectively abandoned in 2011.

Despite these financial woes, Minor still touts the benefit of the American entrepreneurial spirit. He said he stepped out of his comfort zone when investing in real estate; although many argued that he should have limited investments to the tech sector, he said he believed the risks were warranted. Still, it appears that the majority of the man's debtors will remain unpaid after his Chapter 7 bankruptcy is processed; much of his debt was owed to unsecured creditors, who rank among the least important entities when repayment is considered.

This man suffered significant losses that led to a Chapter 7 bankruptcy filing. If you have found yourself in a similar financial situation, consider seeking the assistance of a qualified bankruptcy attorney. These professionals can help you learn more about your rights and responsibilities during Chapter 7 and other proceedings.

Source:  www.dailyprogress.com, "CNET founder Minor files for bankruptcy" K. Burnell Evans, May. 29, 2013

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