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Halsey Minor sells horse ranch for bankruptcy proceedings

In the ongoing struggle that CNET founder, Halsey Minor, has endured since he first encountered financial difficulties, the court-appointed trustee has now been able to sell-off his horse farm. The decision was made as part of his personal bankruptcy proceedings in order to liquidate funds to pay some of his creditors. Mr. Minor does not reside in Washington, although many readers may be interested in following the story.

The estate was originally listed for an asking price of over $12 million. It will be transferred to a holding corporation for just a little over half of the initial price, a total of $7.5 million. The sale will generate enough money to cover existing liens against the property, as well as the expenses in connection with the sale of the property itself. According to released statements, the net amount left after satisfying the debt, will be $250,000.

Apparently, the value of the property was not included when the list of assets was submitted with the Chapter 7 filing last year. According to the petition, Mr. Minor had reported having approximately $30 million in assets while carrying $50 million in debt. Minor, who founded the C NET company, first began the process of putting the 200 acre property on the market in 2012. It includes several buildings and amenities such as a pool, lakes and plans for future expansions on the grounds.

Many may wonder how wealth can be accumulated and then lost in a relatively short span of time. However, there may be as many reasons for a financial setback as there are people. A majority of Washington residents will probably not be struggling with as much debt as Halsey Minor has been, but to every family who may be struggling with overwhelming debt, the actual sums may not matter as much as the inability to cope. There are options available to those who may be unable to believe that they can get ahead of massive debt. A personal bankruptcy filing may be the answer for recovering monetary balance once again.

Source: timesdispatch.com, "Halsey Minor horse farm sells for $7.5 million", , May 20, 2014

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