LTH Forum put up for sale against founder's will
The site has been put up for sale as part of a Chapter 7 Bankruptcy case, in which Mr. Wiviott is the debtor. The plaintiff in the case is Peter Daane, who describes himself as one of the founding members of LTHForum.com and a former "close, personal" friend of Wiviott's.
According to a statement Daane emailed to the media (posted after the jump), Wiviott approach Daane in 2007 and asked if he could borrow some money "because he was experiencing a 'cash flow slump' in his business as a leasing broker."
"I agreed to extend him some short term loans, and they were to be paid in six months," Daane told TOC. When the loan was not paid in that time, "I threatened to sue him. He sent me some post-dated checks to cover the amount. Those all bounced. [So] I filed a law suit against him."
Wiviott confirmed those facts:
"I owed Peter Daane some money, I was unable to pay him, he took me to court and I declared personal bankruptcy," he told TOC. He declined to comment on the record about Daane personally, adding only that "a lot of people are having personal financial problems right now. I'm just one guy who's also having personal financial problems."
LTHForum.com has never been monetized, apparently as a point of principle. (One would assume that if Wiviott ever had the inclination to sell ads on the site, he would have done so to avoid bankruptcy.) Daane is nevertheless hopeful that the sale of the site (which he calls "a fine website") will be the end of this conflict.
"I hope somebody on the website bids a whole bunch of money for it, I get paid back, I pay off all my lawyers...and I'm done," he says.
Bids for the website can be sent to firstname.lastname@example.org and are due at the end of the month. The opening bid is $40,000.
Dear Friends of LTH Forum-
Earlier today the presiding judge in the Chapter 7 Bankruptcy case, In Re Gary Wiviott, Debtor Case No. 10-52363, approved the Trustee’s Motion for Order Authorizing Sale of Assets Pursuant to Section 363 of the Bankruptcy Code, which provides for the sale of all of Gary Wiviott’s interest in LTH Forum on June 29, 2011.
If you are interested in purchasing LTH Forum, you can send an email to me at email@example.com and I will forward the bid procedure documents.
Background to the Bankruptcy Sale
I am a founding member of LTHForum.com (now known as a Charter member) and a former moderator. In 2007, Gary told me that he was facing financial pressures because he was experiencing a “cash flow slump” in his business as a leasing broker. Gary borrowed a substantial amount of money from me and promised to repay or refinance the loans if not paid back within six months.
On September 15 of 2009, I filed a lawsuit against Gary. Gary did not bother to participate in or defend the litigation. I took a default judgment against Gary and proceeded with a Citation to Discover Assets to recover the judgment. Gary did not comply with the CDA. First, he was sanctioned $20,000 by the court and then an order for body attachment (arrest warrant) was issued. I also served summons on his mother, the Trustee of his personal trust. On November 24, 2010 Gary filed bankruptcy which stayed the various court actions and my collection of the judgment.
I have heard the accusations that I have been ruthless in my pursuit of repayment and that my sole purpose is to castigate Gary Wiviott or LTH Forum. That is not the case. In fact, on several occasions I have asked Gary to “come clean” and enter into a reasonable repayment schedule. Gary has chosen instead to continuing “working” on LTH and to enjoy dining out and writing about these adventures.
I bear no ill will against LTH Forum or anyone involved with the website. I simply would like to see LTH Forum sold for as much as possible so that Gary’s debt to me can be repaid and I can rid myself of this nightmare.
If you would like to receive a copy of the bid procedures or if you have additional questions, please do not hesitate to contact me at firstname.lastname@example.org.