Scott Richter and OptInRealBig.com have filed financial disclosures in accordance with their recent bankruptcies. Here are the salient points related to Scott’s financial situation…
Income
Total spamming income from 2003 to the bankruptcy filing date – $2,965,144
Total other income from 2003 and 2004 – $681,836
Disbursements
Payments to creditors within 90 days of filing – $295,074, including $4,000 paid to Bally’s Las Vegas, and $410,000 still owed to the IRS
Payments to “Mother of children” in the last year – $28,000
Total suits party to within last 90 days – 6, including Microsoft and the New York Attorney General
Total gifts to family in the last year – $22,000
Gambling losses – $5,000
Bankruptcy counsel payments – $50,000
Other payments – Montana property purchase at $30,000
Assets
Real property – $857,501, including $550,000 primary residence and numerous rental and other property in Montana and Colorado
Personal property – $2,278,937, including cash, art collections, fish tanks, a massage chair, an IRA account, $1.3 million in a securities account, some hockey sticks and tennis “rackets,” two leased Lexuses, and two dogs (valued at zero – personally, I consider my dog my most valuable asset)
Secured liabilities – $397,000, including a mortgage on the primary residence of $350,000
Unsecured liabilities – $410,000 (IRS monies owed)
Other unsecured liabilities – $57,169,773 (includes projected Microsoft judgment of $57 million)
Projected Income and Expenses
Income – $78,385
Expenses – $67,456
You can see the Statement of Financial Affairs, filed with the United States Bankruptcy Court for the District of Colorado (640k pdf zipped) here (since removed). If you find any mistakes in the above summary, please let me know.