Tuesday, January 15, 2008

NIFONG FILES FOR BANKRUPTCY - UPDATED

Blomberg has just reported on the filing including:

Nifong, listed debt of $180.3 million and assets of $243,898 in documents filed today in U.S. Bankruptcy Court in Durham, North Carolina.
The brief story’s here.

Stay tuned.

UPDATE @ 4:45 PM Eastern:

From WRAL ---

Former Durham prosecutor Mike Nifong has filed for bankruptcy, listing a debt of $180.3 million, according to documents filed Tuesday in U.S. Bankruptcy Court in Durham.

The filing comes on the same day the former Duke lacrosse prosecutor and others involved in the case were to submit responses to a federal lawsuit by the three men he sought to prosecute.

Nifong lists David Evans, Collin Finnerty and Reade Seligmann, as well as three other members of Duke University's 2006 men's lacrosse team — Breck Archer, Ryan McFadyen and Matthew Wilson, who named Nifong in a separate federal lawsuit in December — as unsecured creditors, each owed $30 million.

More 30 other lacrosse players from that team are also listed as creditors, each owed $1, as well as other people involved in the nearly yearlong investigation of rape, sexual assault and kidnapping claims by an exotic dancer.

The entire WRAL story is here.

The bankruptcy filing is here. (pdf)

Hat tip to JinC Regular BN for the alert on the WRAL story

11 comments:

Anonymous said...

??? $180+million in debts ???
and
??? $260+thousand in assets ???

Interesting ....

Thanks for the update, JinC

Anonymous said...

my error:

$243 thousand in assets

JWM said...

Dear Anon,

No matter on the error.

I had the same reaction as you on the debt-t-assets ratio.

$180+ million in debt?

I know attorney fees can mount up but ....

Thanks for commenting.

John

Anonymous said...

No doubt his debts included $30 million each for each plaintiff in each suit.

JWM said...

Dear Anon @ 3:55,

If there's $30 million per plaintiff built into the $180+ million figure, are you saying Nifong's allowing $90 million for attorneys' fees?

That still seems a little high to me.

Thanks for your commment.

John

Bri said...

From http://www.wral.com/news/local/story/2307217/

"Nifong lists David Evans, Collin Finnerty and Reade Seligmann, as well as three other members of Duke University's 2006 men's lacrosse team — Breck Archer, Ryan McFadyen and Matthew Wilson, who named Nifong in a separate federal lawsuit in December — as unsecured creditors, each owed $30 million."

-Bri

Anonymous said...

no no no,,there are 6 plaintiffs

gs said...

Nifong added lots of $1 disputed claims. He named everyone connected to the case. Trying to cover himself from future lawsuits.

He also seems to acknowledge he owes several players $30 mil each.

Anonymous said...

The rest of the players will file their suit very soon. Then, according to Nifong's arithmetic, his liabilities will be about $ 1.4 billion.

BN

BAW said...

I have never been a fan of slapstick comedy or laughing at fools. I felt sorry for Barney Fife, The Three Stooges, Laurel & Hardy.

Apparently, however, I find pain and suffering very amusing when it's deserved, as it is with Nifong.

I guess I'm a hard hearted old softie.

Jim in San Diego said...

Here's a reasonable settlement proposal to make to the bankruptcy trustee:

Settle the $180,000,000 debts - for a mere $243,000.

Seems fair to me.

Jim Peterson