Joel R. Glucksman
Partner
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
Key Contacts
Back
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.
- Locations: Red Bank, NJ, New York City, Washington, D.C., 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
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
How Understanding Bankruptcy Trends Can Benefit Your Business
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
What Are FIRPTA Withholding Requirements?
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Author: Jesse M. Dimitro
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.