Bankruptcy
Fagan's finances and businesses started to collapse in the 1990s. According to public records and newspaper articles Fagan began to owe large amounts of federal income taxes. In 1996 the Nynex Corporation filed a $228,000 lawsuit against Odyssoe in a New Jersey court for unpaid advertisements services, a bill that was, according to a spokeswoman for Verizon, the successor to Nynex, not even paid in 2000. Facing an eviction proceeding for unpaid rent, Ed Fagan was forced in 1997 to abandon his offices and rent space from a law firm in the World Trade Center.
In 2005 Fagan had 28 outstanding court awards and liens of more than $4 million against him and his firm, Fagan & Associates, including three from clients who alleged that he neglected their cases. In February 2007 he filed for protection under federal bankruptcy laws in Tampa, Florida. Court documents are said to show that he owes about $9.4 million to creditors.
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Famous quotes containing the word bankruptcy:
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