By: Brenna Lemieux
March 31, 2011
The former manager of an entertainment center in downtown Des Moines, Iowa, has filed for personal bankruptcy approximately two years after losing control of the business.
Michael Stessman lost control of what was then known as the inPlay entertainment and gaming center in December 2008, one month after a food services company won a judgment against him for $540,597 for allegedly unpaid bills, according to the Des Moines Register. The entertainment center, which is now known as AllPlay, provides family friendly entertainment services that include virtual reality games, dining and sports venues, according to its website. Its new management has said that Stessman lost the business due to failure to pay rent.
Now, Stessman has filed for bankruptcy, listing an income of $88,000 earned last year as an independent real estate consultant. His assets are valued at just under $1 million, and his debts are valued at just under $20 million, according to the news source. Most of the latter reportedly consists of unpaid taxes and court judgments in lawsuits over unpaid debts.