Monday, October 15, 2012

Rich Dad or Bankrupt Dad?

A doozy of an article I came across:

OCTOBER 12, 2012
tags: Robert Kiyosaki
Robert Kiyosaki, author of “Rich Dad Poor Dad,” has filed for Chapter 7 corporate bankruptcy with his Rich Global LLC company. He recently lost a $24 million court judgment to the Learning Annex, an early backer of Kiyosaki.

Read the NY Post for the details.

Forbes says that it won’t really dent his pocketbook, since — among other things — he operates as many as ten different companies aside from Rich Global LLC. It’s good business sense to separate his personal finances from his business finances, but ten companies? Doesn’t that sound like someone else we know?

"After a long, lucrative career writing financial self-help books and giving seminars, “Rich Dad Poor Dad” author Robert Kiyosaki has filed for bankruptcy for one of his companies after losing a $24 million court judgment.

Kiyosaki’s Rich Global LLC filed for bankruptcy after being ordered to pay nearly $24 million to the Learning Annex and its founder and chairman, Bill Zanker.

US District Judge Shira A. Scheindlin in April ordered Rich Global to pay up $23,687,957.21 after a jury ruled Kiyosaki must give the Learning Annex a percentage of his profits after using their platform for speaking engagements, including a 2002 gig at Madison Square Garden. Rich Global filed for bankruptcy in Wyoming on Aug. 20."


Anonymous said...

Does this mean the 24 million award is a % of what he made. So he made a lot more. Now he is bankrupting the company concerned to avoid paying anything

Joecool said...

Ironically, it looks like he got on the hook by reneging on an agreement.

Anonymous said...

Anonymus, I guess you are right! Rich Dad must have taught two things to Robert Kiyosaki, do not honour the agreements and then claim bankruptcy, easy way out. I would love to talk to my former Ambot upline right now!
As long as people rely on third party certifications and stamping of some opinions (opinions and realities need not be same ever), Rich Dad Poor Dad book will be sold by MLMs and Robert Kiyosaki types of motivators can go on make money, and claim bankruptcy. Poor Learning Annex and its founders selected a wrong person to deal with and pathetic Ambots continue to factor-in these things to cheat more and more people.

Anonymous said...

I would expect many of the guys earning big bucks suffered during the financial cisis over the past few years

If you had money te only thing you could do was in fact lose most of it unless youkept it in cash ; I would expect the guys wereeinvesting and probably leverging loans . If so they must have lost buckets of dollars

Anonymous said...

Never heard of kiyosaki. Guess I'm better off.