Former Manager of Black Eyed Peas is Filing for Chapter 7 Bankruptcy
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Former Manager of Black Eyed Peas is Filing for Chapter 7 Bankruptcy

April 24, 2012


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The former business manager of the Black Eye Peas, as well as other titans of the music industry, is filing for Chapter 7 bankruptcy, according to a recent report from the Los Angeles Times.

Sean Larkin, a 41-year-old veteran of the business side of the music industry, filed for bankruptcy protection this week in the U.S. Bankruptcy Court in Los Angeles, according to sources.

In his bankruptcy petition, Larkin reportedly estimated that his debts fall somewhere in the range of $500,000 to $1 million. Sources suggest that Larkin’s debt woes have been in the making for several years, as the business manager has reportedly made a series of unwise financial decisions.

Apparently, the Black Eyed Peas dismissed Larkin after learning that he had failed to file state and federal tax returns for years.

Unfortunately for Larkin, it is very difficult to discharge tax debts in bankruptcy, especially if the failure to pay taxes was due to fraud or gross negligence. Some people, though, are able to discharge tax debts in bankruptcy, provided that they are income taxes, are more than three years old, are not the product of fraud, and meet a few other narrow requirements.

Alas, the tax debts are just a small portion of Larkin’s problems. Sources say that the manager is being sued by the Black Eyed Peas’ guitarist, as well as a television executive, for breach of contract.

The lawsuits claim that Larkin hid letters from federal and state tax officials that demanded he pay overdue tax debts.

In a recent deposition related to one of these lawsuits, Larkin confessed that had had not filed several returns because he was “overwhelmed” by the amount of work he had to perform after the Black Eyed Peas became famous.

Skeptical observers may have little sympathy for Larkin, who made millions because his contract with the Black Eye Peas reportedly granted him five percent of the group’s substantial income.

But instead of keeping his fortune, Larkin appears to have lost most of the money he gained from hitching his wagon to one of the world’s most successful pop groups.

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