Saturday, March 6, 2010

Spam King Scott Richter Files for Bankruptcy

More specifically, the OptInRealBig company has filed for Chapter 11 to protect itself from creditors - the big one of course being Microsoft in the form of a $40M lawsuit (currently this lawsuit is currently unsettled, so that is up in the air).

I am not sure what this means in terms of the $500K settlement he agreed to pay out in the case against him (they were seeking $20M a the time) via NY's Elliot Spitzer.

Richter had previously claimed massive monthly earnings by his company, so it would be interesting to see the justification for filing Chapter 11. Either he is hiding that money well, or he was simply lying in order to boost his image in the past. Considering the topic under discussion, it is probably some combination of both.

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