Tech Investor Halsey Minor Files for Personal Bankruptcy
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Famed Tech Investor Halsey Minor Files for Personal Bankruptcy

June 3, 2013

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Halsey Minor, an entrepreneur and tech investor who founded CNET Networks, has filed for personal bankruptcy in Los Angeles, according to a report this week from the Wall Street Journal.

Sources say Minor headed to bankruptcy court with tens of millions of dollars in debt, most of which is due to failed business ventures.

Minor's most notable financial triumphs include an early investment in Salesforce.com, and the creation of CNET Networks, a news website that Minor sold in 2008 to CBS for nearly $2 billion.

In addition to these successes, Minor also started Minor Ventures, an investment firm based in San Francisco that invested in several young tech companies, including GrandCentral Communications, which Google eventually purchased.

But Minor's interests soon turned to art and real estate, and Minor Ventures, like so many investment firms, closed its doors during the height of the recession.

In a statement released about his Chapter 7 bankruptcy filing, Minor said he loved being an entrepreneur despite the fact that "it involves financial risk."

Minor also noted that he had been "fortunate enough to play a meaningful role in building great companies like CNET Networks, salesforce.com, Rhapsody, NBCi, the service known as Google Voice and others," according to reports.

In a moment of self-reflection, Minor admitted that he may have made a mistake when he chose to invest in areas besides technology, where he made his first fortune.

But he also noted that he "likes doing things outside my comfort zone," and that his willingness to branch out into new areas "in part accounts for my tech successes."

Sources note that this is not the first trip to bankruptcy court for Minor, who has previously sent a hotel and a historic Virginia mansion into bankruptcy protection.

The latest petition includes a wide range of more than 50 creditors, including Bank of America Home Loans, the California Department of Motor Vehicles, the Internal Revenue Service, the UCLA Medical Center, as well as his former business partner and former executive assistant.

In addition to this intimidating list of powerful entities and former business associates, Minor also owes bundles of money to Allied Waste Services, Verizon Wireless, and AT&T, according to sources.


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