Phil "Dr Phil" McGRAW's MAGA media company loses bankrupcy case, ruled to go to liquidation mode

[UTUSN]

*********QUOTE*********

https://www.independent.co.uk/news/world/americas/dr-phil-loses-bankruptcy-case-b2854523.html

Dr. Phil’s media company ordered to liquidate after losing bankruptcy case with ‘no hope for rehabilitation’
‘This Chapter 11 case is an anomaly” since ‘there never has been a pretense of a rehabilitation or a reorganization’ of Merit Street, a bankruptcy judge said this week.

.... The ruling is the culmination of a months-long fight surrounding the cable network that Dr. Phil launched just a year ago, which filed for bankruptcy in July and then sued its distribution partner Trinity Broadcasting for breach of contract, accusing the Christian media giant of “sabotage” and abusing “its position as the controlling shareholder.”

TBN would follow up with its own countersuit, claiming that McGraw and his production company Peteski of a “years-long fraudulent scheme that they developed and executed to fleece” the TV conglomerate. Trinity Broadcasting also accused the talk show host of “reprehensible conduct” in negotiating a 10-year/$500 million deal by creating a “false sense of urgency” when he approached the broadcaster about starting a new network following his departure from CBS.

A day before Merit Street filed for bankruptcy, McGraw formed a new venture called Envoy Media, which would essentially deliver the same content as Merit Street across television and digital platforms.

The Professional Bull Riders league joined TBN in objecting to the “bad faith” Chapter 11 bankruptcy proceedings, claiming Merit Street “orchestrated” the bankruptcy to avoid litigation. PBR claims that Merit Street owes it $181 million after reneging on its deal to air the league’s programming, which PBR pulled from the network last November after saying the association had never been paid. ....

********UNQUOTE********