May 29, 2013
According to The Wall Street Journal's Venture Capital Dispatch, tech entrepreneur and Virginia native Halsey Minor has filed for Chapter 7 bankruptcy in a Los Angeles court.
That means a trustee is put in charge of selling off the debtor's assets to pay the creditors.
Responding to questions about his bankruptcy filing, Minor e-mailed the Newsplex the following statement:
"I love being an entrepreneur even though it involves financial risk. 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.
I have thought a lot about this and the reality is the seeds of my every failure can be found in my every success, and the seeds of my every success can be found in my every failure."
The WSJ reports that Minor has listed his liabilities as between $50 million and $100 million, mostly in business debts. He also listed his assets as between $10 million and $50 million.
The bankruptcy petition lists more than 50 creditors, including Dominion Virginia Power.
Minor's company, Minor Family Hotels, started the Landmark Hotel project. It was auctioned off last year. Its skeleton still sits unfinished next to the Downtown Mall.