Scientology's Reed Slatkin

26 Jul 2001

Report shows EarthLink founder has far less money than first thought
The Associated Press

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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