CNET Founder Goes From Boom to Bankrupt

by Christopher Freeburn | May 30, 2013 11:44 am

CNET Founder Goes From Boom to Bankrupt

bankruptcy next exit sign 630 flickr 300x239 CNET Founder Goes From Boom to Bankrupt[1]After selling CNET to CBS (CBS[2]) for $1.8 billion in 2008, Halsey Minor shouldn’t have had any financial worries[3].

But the tech mogul, who aided in the rise of Salesforce.com (CRM[4]) and Rhapsody as well as CNET, turned his attention to investing in art and real estate. That did not pan out so well. His Minor Ventures investment firm was ultimately shuttered after those investments soured during the financial crisis and recession. Now Minor has field for Chapter 7 bankruptcy, the Wall Street Journal notes.

In court filings, Minor claims debts of between $50 million and $100 million and assets of between $10 million and $50 million. His creditors include AT&T (T[5]), Bank of America (BAC[6]) and the Internal Revenue Service.

The court will name a trustee to oversee the sale of Minor’s assets to pay off his creditors.

Minor told the Journal that some would argue that he should have confide his investments to technology, where he had a track record of success. However, he said, “I like doing things outside my comfort zone.”

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/07/bankruptcy_next_exit_sign_630_flickr.jpg
  2. CBS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CBS
  3. shouldn’t have had any financial worries: http://blogs.wsj.com/digits/2013/05/29/cnet-co-founder-halsey-minor-files-for-personal-bankruptcy/
  4. CRM: http://studio-5.financialcontent.com/investplace/quote?Symbol=CRM
  5. T: http://studio-5.financialcontent.com/investplace/quote?Symbol=T
  6. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC

Source URL: http://investorplace.com/2013/05/cnet-founder-goes-from-boom-to-bankrupt/
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