26 Jul 2001
Report shows EarthLink founder has far less money than first thought
A co-founder of Internet service provider EarthLink Inc. has assets of less than
$45 million, according to a report filed this week by a court-appointed trustee.
Bankrupt financial adviser Reed E. Slatkin owes investors and creditors $576
million but his bank account falls way short of that amount. The trustee's
report shows among Slatkin's remaining assets are more than $12 million in loans
made to investors and associates. The report also found that Slatkin paid more
than $26 million to investors, creditors and vendors before he filed for
bankruptcy.
Slatkin filed for Chapter 11 bankruptcy in May after being sued by investors who
say he defrauded them through a phony investment operation. The 52-year-old
venture capitalist has listed more than $100 million in debts. He also is under
criminal investigation for investment fraud. His first appearance before his
creditors is scheduled for Monday in a Santa Barbara bankruptcy court.
Published: Thursday, July 26, 2001 04:53 PDT
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The Associated Press
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