Famous People and Bankruptcy
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Henry Heinz (1844-1919)Mr. Heinz started his company in 1869 and in 1875 was forced to file for bankruptcy because a bumper crop that year meant that his company could not cover its payroll. Just after he filed for bankruptcy, Mr. Heinz started a new company and introduced a new product, ketchup, to the market. This new company was very profitable from its beginning to the present day. |
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Walt Disney (1901-1966)Disney could not cover payroll and rent. In 1923 after obtaining a loan from his parents and his brother, Mr. Disney started a new company and created Mickey Mouse in 1928. |
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Donald Trump (1946 – )Businessman, filed for bankruptcy in 2004 for his casino business for the second time (the first was in 1992) after negotiations with his creditors failed. Mr. Trump filed for bankruptcy to reorganize his casino business. |
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Dorthy Hamill (1956 -)Former Olympic ice skating champion filed for bankruptcy in 2004 after she was sued for repayment of a bank loan that had been used to finance an Arizona ice skating arena that later went bankrupt. |
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Milton Hershey (1857-1945)Hershey’s chocolate founder, filed bankruptcy after starting four candy companies that failed. Mr. Hershey then went on to start what is now known as Hershey’s Foods Corporation. |
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Lorraine Bracco (1954 – )Actress in the HBO hit The Sopranos. Ms. Bracco fought a five-year legal battle with ex-Harvey Keitel over custody of their daughter Stella. Because of legal fees and taxes Ms. Bracco filed for bankruptcy in 1999. The popularity of The Sopranos helped her dig herself out of debt after she filed for bankruptcy. |