Author and Personal Finance Guru Files for Bankruptcy Protection ...

November 9, 2012

By: John Clark

Share this article

SHARE

?

Robert Kiyosaki, a successful author of a personal financial book and a eminent financial guru, is filing for Chapter 7 bankruptcy, according to a news from ABC News.

Sources contend that Kiyosaki, author of "Rich Dad, Poor Dad," that became a New York Times bestseller in a 1990s, filed for corporate failure by Rich Global LLC, one of several companies that he holds.

When Kiyosaki expelled "Rich Dad, Poor Dad," he was widely criticized by financial experts who found his personal financial tips misleading, quite his clever importance on genuine estate investing, that indeed valid to be risk during a latest recession.

But audiences desired a author???s book, and he went on to recover several some-more books, including "Retire Young, Retire Rich," and a modestly named "Midas Touch," that he co-wrote with Donald Trump, who has also had endless use with companies in failure court.

Sources prove that Rich Global, that has been struggling to contend with a lawsuit filed by an early financial supporter, started a bankruptcy process in late Aug in a Wyoming failure court.

Last year, Learning Annex, an early funder for Kiyosaki???s venture, won a $23.7 million allotment from a district decider in New York opposite Rich Global. The plaintiff successfully argued that Kiyosaki had unsuccessful to recompense a association for assisting to set adult his vocalization engagements.

According to Bill Zanker, a boss of Learning Annex, his association "took Kiyosaki???s code and done it bigger." Learning Annex had concluded with Kiyosaki to share a commission of a speaker???s profits, though a author allegedly "reneged."

Sources note, however, that a lawsuit has not stopped Kiyosaki from continue to work by several other companies, including Rich Dad Co., that is not concerned in a stream failure filing.

In addition, a arch executive officer of Rich Dad Co., Mike Sullivan, claims that Kiyosaki and his mother are "not profitable out of personal assets" and also pronounced a $23.7 million allotment opposite his crony was a "completely outlandish figure."

Moreover, Sullivan totally denies a effect of Learning Annex???s complaint. In his belief, a "dealings we had with Learning Annex were with a association that hasn't been in business for a series of years," that negates a claims for compensation.

Source: http://financial.ahipcup.com/author-and-personal-finance-guru-files-for-bankruptcy-protection/

earthquake today Romney ray lewis Bosses Day 2012 Arlen Specter dallas cowboys Winsor McCay