Tactical training company started by ‘American Sniper’ Chris Kyle files for bankruptcy

[TexasTowelie]

It’s been months since we checked in on the legal dispute pitting the widow of “American Sniper” Chris Kyle against his former business partners. But as The Wall Street Journal points out, there’s been a twist: Craft International filed for bankruptcy Friday in Dallas.

Court documents say CEO Steven Young and partner Bo French are filing for Chapter 11 reorganization, with a lengthy list of investors owed some $2.6 million. Among the biggest investors: J. Kyle Bass’ Heyman Partners LP (owed $345,481), Roger Staubach ($125,629) and Tom Hicks Jr., who’s owned more than $75,000.

Taya Kyle sued Young and French in Dallas just before Christmas, alleging that the two men were conspiring to “steal” the tactical training company her husband helped start with a $1.9 million loan. Taya Kyle and her attorney, Larry Friedman, alleged that since Chris Kyle was shot to death in February 2013, the pair had been “manipulating Craft’s stock, mishandling funds, diverting assets and mismanaging and usurping Craft’s contracts.” Taya has claimed she owns a majority of the company. French and Young have denied that, calling her suit “completely groundless.”

The Journal speculates that the Chapter 11 filing will help end the tussle between Taya and her late husband’s partners. Larry Friedman, who says he’s “shocked” by the bankruptcy, isn’t as optimistic, at least “not yet.”

More at http://thescoopblog.dallasnews.com/2014/06/tactical-training-company-started-by-american-sniper-chris-kyle-files-for-bankruptcy.html/ .

[TheBlackAdder]

1. So, does that mean he gets to jam his creditors and U. S. taxpayers?

I remember years ago, you were an abject FAILURE if you ran a business that failed and you took it to the next limit, which was to declare bankruptcy. My parents used to tell me of people would commit suicide before declaring bankruptcy or shortly thereafter because it was so shameful. Now, it's regular practice to those who want skip their liabilities.


Meanwhile, there are states implementing debtors prisons for average people, yet shielded for those who declare bankruptcy.


I guess when you have bankruptcy heroes like Donald Trump... any thing's possible.

[Jenoch]

4. Uhmm...you do realize that he's dead, don't you?

[TheBlackAdder]

5. So, his heirs who benefitted from his assets, jams everyone? nt

[Jenoch]

7. What information do you have that is not

in the link that suggests his heir is not correct in her description of what has happened to the company?

[TheBlackAdder]

8. Sorry, with this case, his partners are doing something that was shunned years ago. nt

[Hassin Bin Sober]

2. Roger Staubach got burned. LOL too bad.

[JI7]

3. i consider this to be good news

[KG]

6. color me surprised these morons turned out to be common everyday scammers.