By: Gerri Elder
January 12, 2011
Paul R. Ridgeway, the founder of Minnesota event-planning firm Ridgeway International, recently filed for Chapter 7 bankruptcy.
Ridgeway has listed personal and business assets of about $1 million, and liabilities of $4.62 million, according to the Minneapolis-St. Paul Business Journal. His company, which once organized high-profile events in the area, has reportedly been experiencing financial trouble for more than a year. Ridgeway claims on his bankruptcy filing that he currently works as a Ramsey County executive assistant, earning under $40 per hour for the job.
His bankruptcy filing lists hundreds of thousands of dollar in debt to various banks and creditors, as well as $80,000 in taxes owed to federal and state governments, according to the news source.
During the height of his career, Ridgeway planned the visits of many high-profile figures to the Minneapolis area and other locations. According to MinnPost.com, he organized Pope John Paul II's visit to Denver. The Minneapolis Star Tribune reported that he had also overseen then-Soviet leader Mikhail Gorbachev's visit to Minnesota in 1990.