Author of Rich Dad, Poor Dad files for bankruptcy

[muppet]

Author of Rich Dad, Poor Dad files for bankruptcy

• From: news.com.au
• October 12, 2012 12:58PM

Author of Rich Dad, Poor Dad files for corporate bankruptcy. Picture: Supplied

• Financial guru files for corporate bankruptcy
• Mr Kiyosaki has made millions from giving financial advice

AUTHOR of best-selling financial help book Rich Dad, Poor Dad has just filed for bankruptcy.

Financial guru Robert Kiyosaki filed for corporate bankruptcy after losing a court judgment to The Learning Annex, The New York Post reports.

Mr Kiyosaki's company Rich Global LLC was ordered to pay almost $US24 million to the Learning Annex and its founder and chairman, Bill Zanker.

A US District Judge ordered that Mr Kiyosaki must give Mr Zanker a percentage of the profits he made from speaking appearances which he’d organised through Learning Annex.

Mr Zanker told the The New York Post that he was responsible for making Rich Dad, Poor Dad into the global name it is today.

"I took Kiyosaki's brand and made it bigger. The deal was I would get a percentage and he reneged," Mr Zanker said.

"Oprah believed in him, and Will Smith believed in him, but he didn't keep his promise to us," he said.

Mr Kiyosaki first published “Rich Dad Poor Dad” in 1994, and has since written 11 other books.

Rich Dad, Poor Dad has sold more than 26 million copies and earned Mr Kiyosaki widespread fame.

Mike Sullivan, CEO of Mr Kiyosaki Rich Dad Co., told reporters that Mr Kiyosaki, was still doing well thanks to investments in other companies but that they thought the judgement was unfair.

“I can’t do anything about a $20 million judgment…We got hit for what we think is a completely outlandish figure,” he said.

http://www.couriermail.com.au/busine...-1226494438698

[Davo36]

That's a misleading title Muppet.

He is putting one of his companies into bankruptcy, he himself (and his wife) is totally fine.

So Robert Kiyosaki is not bankrupt at all.

Putting a company that you own into bankruptcy (I think we would call it liquidation here in NZ) to evade paying a debt is not something I think is a good thing to do, but the dude's not personally bankrupt.

[spaceman]

Surely a more accurate headline would be...

Rich Dad Poor Dad author winds up company to avoid paying his debts.

Next book in pipeline

How to structure your business affairs so even a judge can't make you pay your debts



Cheers
Spaceman

[muppet]

tell the newspaper not me.

As it says lower down....Corporate Bankruptcy

[Eugene]

I always thought Robert Kiyosaki's books were overrated. Later I decided there was a dodginess there:
He recommended Amway in one of them, and thus became required reading for Network 21, an education system for Amway. Good sales move Robert.

In 2007, the UK Government Department of Trade and industry petitioned to ban Network 21 and Amway with the complaint of "distributors more focused on selling their motivational books, tapes and seminars to salespeople than peddling Amway merchandise".

As an aside, anyone wanting reasonably priced motivational and inspirational training could do a lot worse than an Amway/Network 21 National Convention. I ended up at one by accident (true). Positive and inspiring, successful people all willing to share. Entertaining too, just stand back and beware of the cult aspect, unless you really do want to join.
Best saying was from Nancy Dornan on being Nice:
"Ask yourself: do you want to be rich or do you want to be right?"
There was plenty more; it was an enriching, live changing experience, except I then (and still) happened not to want anything to do with Amway.

Sorry I digressed, I am sure this belongs somewhere else.

[Tan]

I have nothing against Robert Kiyosaki. He got a lot of people into investing and has great ideas which you wonder why someone else hasn't thought up before and explained in a way that is easy to understand.
I think in America it is common practice to shut down a company when hit with something like that ruling - it must have been expected by Mr Zanker. If they awarded a smaller sum it may have been paid out.
I think many of us on here have asset protection....

[donna]

We met some PTers for the first time at the first and impromptu meeting before going to see Robert in AKL.

[drelly]

We meet some PTers for the first time at the first and impromptu meeting before going to see Robert in AKL.

I was there... quite pissed off that we got to listen to his wife more than him!

[mattinvestor]

Agree with previous comments. Robert is definitely not a bankrupt. But I do not think it is good not to pay to people who help you to achieve big things in life, of course, if everything that Mr Zanker says is true.

[Moses Opondo]

Surely a more accurate headline would be...


Next book in pipeline

How to structure your business affairs so even a judge can't make you pay your debts



Cheers
Spaceman

Totally agree with you on this one and it will be the best seller.