Halsey Minor Tries Again for Bankruptcy After Missed Deadline
Halsey Minor, the CNET Networks Inc. founder who filed for bankruptcy last month, is seeking to reinstate his case after it was dismissed, saying he shouldn’t be punished because his attorney missed a deadline for handing in documents.
The personal Chapter 7 bankruptcy case, filed five years after Minor sold CNET for $1.8 billion, was dismissed June 13 by the U.S. Bankruptcy Court in Los Angeles over a “failure to file schedules, statements and/or plan,” according to an order posted in the online docket for the case. The documents include detailed lists of assets and explanations of a debtor’s state of affairs, which are required by judges.
Minor listed assets of more than $32 million and debt of more than $104 million in court papers filed June 7. Minor’s attorney said additional information was needed to complete the statement of financial affairs by the deadline and he “elected to file a complete and correct” document past the deadline. All required documents have now been filed, according to court papers.
“The debtor should not be punished because of the decision of debtor’s counsel the evening of June 7,” David Shemano, Minor’s lawyer with Peitzman Weg LLP in Los Angeles, said in court papers filed yesterday. “Under the circumstances, cause exists to vacate the dismissal order,” Shemano said.
Minor filed the bankruptcy petition on May 24, listing assets of as much as $50 million and debt of as much as $100 million. In a Chapter 7, an impartial trustee is appointed to administer the case and sell assets such as automobiles.
Minor, 47, sold CNET to CBS Corp. (CBS) in 2008, netting himself about $200 million, according to CNN Money. He lost money on bad bets on real estate and other ventures. Halsey Minor’s Minor Ventures invested in early-stage technology startups including GrandCentral Communications Inc., which Google Inc. bought in 2007 for about $65 million and renamed Google Voice.
The case is In re Halsey McLean Minor, 13-bk-23787, U.S. Bankruptcy Court, Central District of California (Los Angeles).
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