Robert Kiyosaki, author of the best-selling book, “Rich Dad, Poor Dad,” has filed for bankruptcy.
Kiyosaki’s company, Rich Global LLC, has filed for bankruptcy protection after a $24 million dollar lawsuit that he lost to the Learning Annex, a company that promoted his seminars.The bankruptcy is not an indicator of Robert Kiyosaki personal financial health. It is reported that he is worth $80 million.
In his books Kiyosaki teaches not to own anything in your own name but to own it in companies. So now instead of doing business under Rich Global LLC, he does business under Rich Dad Co, another company that he owns.
Mike Sullivan, the CEO of Rich Dad, made it clear that Robert Kiyosaki would not be putting any of his personal assets toward the judgement.
The Learning Annex arranged a large number of high-profile speaking engagements for Kiyosaki. Bill Zanker, founder and CEO of the Learning Annex, felt that Robert Kiyosaki owed him big for what they’d done for him over the years.
“I took Kiyosaki’s brand and made it bigger. The deal was I would get a percentage and he reneged,” Zanker said.“We had a signed letter of intent. The Learning Annex is the greatest promoter. We put his ‘Rich Dad’ brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said no.”
He also says they had a contract, and the court obviously confirmed his version of events.
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