Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comKey Contacts
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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
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3 High Profile Celebrity Bankruptcies in 2013
Author: Joel R. Glucksman
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.