SAN FRANCISCO (CN) – William “Boots” Del Biaggio III, who bought a quarter share of the Nashville Predators NHL team in November, has filed for bankruptcy, listing $57 million in debts.
The San Jose-based financier faces several lawsuits and is under scrutiny from the U.S. Attorney’s Office and the SEC, the San Jose Mercury News reported in a story on Del Biaggio’s personal bankruptcy filing.
The newspaper reported that Craig Leipold, of Racine, Wis., who sold the Predators to a group of investors for $193 million, said he is “disappointed” and is pursuing “legal remedies.” Del Biaggio bought a 27 percent share of the team.
Modern Bank of New York, which loaned Del Biaggio $10 million to buy the team, claims in a lawsuit that Del Biaggio used fake security as collateral, the Mercury News reported.
And DGB Investments, of Redwood City, which is owed $3 million, also sued Del Biaggio, claiming he faked collateral for that loan, the newspaper reported.