It’s been eight days since Microsoft Chief Executive Steve Ballmer closed on his purchase of the Clippers and now the attorney that represented Shelly Sterling in the fight against Donald Sterling for control of the Clippers and the $2-billion sale is filing for bankruptcy. Pierce O’Donnell the veteran attorney sent a statement by email.
“This is an unfortunate personal matter. The filing is the unavoidable consequence of my divorce. Now my goal is to move forward with my life and career.”
In the bankruptcy filing O’Donnell listed $7.4-million in liabilities and his monthly income of $32,500 does not cover his $48,749 in expenses. His debts include $2-million to his former wife and $1-million to the IRS. Sounds like the $2-billion sale should have netted him a pretty nice commission so this filing is surprising. The most interesting thing is that he’s claiming only $118,500 in assets including a 2011 Nissan Maxima valued at $20,000 and $2,000 in cash. I think it’s safe to say that there might be some funny business going on with the figures. In other words, LA being LA. Bankruptcy is used as a tool to protect assets and clean out debt and this lawyer knows his way around these issues.
