Court records show that Lenny Dykstra, former center fielder for the New York Mets and Philadelphia Phillies, has filed for Chapter 11 bankruptcy protection.
According to petition at U.S. Bankruptcy Court in the Central District of California that was filed on Tuesday, Dykstra has less than $50,000 in total assets and liabilities ranging between $10 million and $50 million.
In Chapter 11 bankruptcy a company is protected from creditors while it restructures its business, and Dykstra’s filing comes in the wake of some 20 lawsuits filed against him and his activities as a financial entrepreneur. Among those suing is a magazine Dykstra help to launch, The Players Club.
Jonathan Hayes, one of Dykstra’s lawyers, had no comment.
Ed McMahon, who probably wishes he had been won a Publisher’s Clearing House Sweepstakes check, will get to keep his home for now.
McMahon’s mansion, which fell into foreclosure earlier this year, will get to stay in the house now that Orange County based Foreclosure Trackers company has negotiated a new mortgage loan for the former king of late night sidekicks so that he can continue to make payments and keep a roof over his head.
Now if this can only be replicated a couple hundred thousand times for the rest of America.
Michael Vick, currently serving prison time for his role in a dogfighting operation, is about to get attacked by the biggest dog out there… the Internal Revenue Service. The IRS say Vick failed to file his 2007 tax return. Vick has previously filed for bankruptcy, but laws still require Vick to file the return.
The IRS claims that Vick currently owes $1.2 million in back taxes, and their records indicate that Vick went through $17 million dollars in just two years.
Mrs Fields files bankruptcy
Mrs Fields Famous Brands LLC will bring a Chapter 11 bankruptcy filing to court on August 25th. Creditors are currently working to vote and approve a prepackaged bankruptcy plan.
Willie Aames Files For Bankruptcy
Poor Willie. Best known as Buddy in the seminal 80′s cheesefest Charles In Charge, Willie Aames has tried to get back in the spotlight with a recent stint on VH1′s Celebrity Fit Club and had written a book “Grace Is Enough” that chronicled his drug abuse and money problems. Apparently he is still having money problems, and according to his bankruptcy paperwork filed in Kansas, is currently $350,000 in debt.