Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
3 High Profile Celebrity Bankruptcies in 2013
Author: Joel R. Glucksman
Date: January 14, 2014
Key Contacts
Back
People often think that celebrities live lavishly and without a care in the world. While this is true for some, it isn’t always the case. In fact, there were many high-profile celebrity bankruptcies in 2013.
1. Curt Schilling (38 Studios): The former World Series winning pitcher for the Boston Red Sox started his own video game company in 2006: 38 Studios. The developer released one game before running into financial troubles, as the company was unable to repay its loan of $75 million provided by the state of Rhode Island. According to the Boston Globe, 38 Studios went on to file for Chapter 7 bankruptcy. Under bankruptcy laws, this required Schilling and 38 Studios to liquidate assets.
2. DMX: In the 1990s, Earl Simmons or “DMX” was one of the most popular rappers in the music industry. This past year, he fell on hard times and filed for bankruptcy protection on July 29, according to Money Talks News. Simmons originally filed for Chapter 11, but that motion was denied, and he ended up filing Chapter 7. It was estimated that he had liabilities between $1 million and $10 million, and assets of $0 to $50,000. His largest debt included the $1.33 million owed to the Child Support Enforcement of Albany, N.Y.
3. Sinbad: Actor and comedian David Adkins – better known by his stage name Sinbad – rose to popularity in the 1990s. On April 4, Adkins filed for bankruptcy protection, which was his second filing in four years. Sinbad’s liabilities totaled $10.99 million, according to Money Talks News, while his assets totaled $131,126. His largest debt was owed the $8.26 million owed to the IRS.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
Estate Planning for Digital Assets Under New Jersey Law
As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
Author: Marc J. Comer
The Role of Representation and Warranty Insurance in M&A Transactions
In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
Author: George McGowan
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: George McGowan
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Author: George McGowan
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Author: George McGowan
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.