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Affiliated Attorneys, LLC Blog

Monday, October 17, 2016

6 Wildly Successful People who have Declared Bankruptcy

Walt Disney: Before Walt Disney became a household name, he started a company called Laugh-o-Gram with a used camera in Kansas City. His plan was to make advertisements and cartoons. When money got tight and his overhead costs were too expensive to maintain, Disney declared bankruptcy and moved to Hollywood. Five years later, he created Mickey Mouse.

Donald Trump: Donald Trump has never filed for personal bankruptcy, but the casino and hotel empire on which he has built his fortune has declared bankruptcy four times. The Trump Taj Mahal declared bankruptcy in 1991, and it worked so well that Trump Castle Associates followed suit in 1992. In 2004 Trump Hotel and Casino Resorts filed bankruptcy, and, most recently, Trump Entertainment resorts filed bankruptcy in 2009 after it missed a $53.1 million bond payment. He severed his ties with the remaining casinos in Atlantic City, including two that declared bankruptcy in 2014. Trump has no regrets for these bankruptcies saying, "I have used the laws of this country ... the [bankruptcy] chapter laws, to do a great job for my company, for myself, for my employees, for my family,"

Larry King: Larry King filed for bankruptcy in 1978 with $352,000.00 in debt. He had been struggling to find work as a journalist for years. Luckily, that same year, CNN offered him a job as a late night talk radio host in Washington DC. Later, this show became Larry King Live, which ran for 25 years. He is thought to be worth $150 million.

Cyndi Lauper: In 1981, Cyndi Lauper was working in a Japanese restaurant and in retail trying to make ends meet while waiting for her music career to take off. It took a little longer than she could manage, so she declared bankruptcy, two years before she released her breakout album, “She’s so Unusual.” Her net worth is now approximately $30,000,000.00.

Milton Hershey: Milton Hershey was always better at making candy than he was at running a business. His first two attempts at a candy shop went bankrupt, one in Philadelphia, and one in New York City. He sold his third company for a million dollars in 1900, and went on to create the recipe for milk chocolate for which his fourth company was so well known.

Henry Ford: Henry Ford’s first attempt at car manufacturing was called the Detroit Automobile Company. In two years, the company only produced twenty cars and went bankrupt. The company changed its name to the Henry Ford Company before its founder left to create the Ford Motor Company.  The reorganization helped the Henry Ford Company tremendously which still exists and operates as Cadillac Automobile Company.


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