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.
Read more about this topic: Ed Fagan
Famous quotes containing the word bankruptcy:
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
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