US EditionDr. Phil's media company ordered to liquidate in bankruptcy case
The case was converted to Chapter 7 after Merit Street Media fired nearly all employees and faced $100-$500 million in estimated liabilities, the judge said.
- A federal bankruptcy judge in Dallas converted Merit Street Media's Chapter 11 case to Chapter 7 on Tuesday, with Judge Scott Everett calling the filing an `anomaly` in `complete liquidation mode`.
- Merit Street says it filed for bankruptcy in July, alleging Trinity saddled it with debt, with assets and liabilities between $100 and $500 million.
- Internal discovery shows deleted text messages found during discovery involving Jamie Ribbon and Merit Street employees who were fired after Dr. Phil McGraw wrested control and sued Trinity.
- Creditors responded, saying the Professional Bull Riders Association praised the ruling, claims Merit Street owes $181,000,000, and McGraw's attorneys said `We are filing an immediate appeal.`
- Peteski Productions agreed to pay former Merit Street employees, and McGraw launched Envoy Media the day before filing, while Trinity Broadcasting Group countersued alleging fraud.
13 Articles
13 Articles
Dr. Phil Loses Major Ruling in Bankruptcy Case
Dr. Phil’s media company is being forced to liquidate. Per Entertainment Weekly, the famed talk show host cannot keep the bankruptcy of his media startup Merit Street Media in Chapter 11 bankruptcy, per a Texas judge’s recent ruling. Now, the company will move forward as a Chapter 7 liquidation, and a trustee will oversee both […]
'His Friend Didn’t Help Him Out?’: Oprah Winfrey Dragged Into Dr. Phil’s Legal Drama as Fans Wonder Why She’s Been So Quiet
The financial misfortune of television personality-turned-political pundit Dr. Phil McGraw has fueled online hatred toward his former mentor, Oprah Winfrey. U.S. Bankruptcy Judge Scott Everett ruled that the bankruptcy case for Dr. Phil’s Merit Street Media company be converted to Chapter 7 liquidation. News of the ruling spread across social media on Oct. 29. Critics of Dr. Phil, 75, took the opportunity to slam the showbiz veteran. Even thoug…
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