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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition World Celebrity investment firm files for bankruptcy Reuters - Friday, February 18 Send IM Story Print NEW YORK, Feb 17 - Starr & Company LLC and Starr Investment Advisors LLC filed for Chapter 7 bankruptcy on Thursday, less than a year after founder Kenneth Ira Starr pleaded guilty to bilking millions of dollars from celebrity investors. The bankruptcy filings list hundreds of creditors, including dozens of famous names such as Liza Minnelli, Uma Thurman, Paul Simon, Tom Brokaw, Phil Donahue and Harvey Weinstein. Court documents from criminal proceedings against Starr, who is in jail awaiting sentencing, show that the failed financier stole between $20 million and $50 million from his clients. It is unclear how much each creditor can recover in the bankruptcy proceedings -- or whether any money is even left for the court to distribute. The assets listed in the bankruptcy filing, about $140,000 plus some artwork, would be first distributed to priority creditors, who include dozens of employees. In its indictment in June, the U.S. Attorney's office for the Southern District of New York said it would seize Florida real estate and more than $29 million Starr obtained from the scheme. A spokesman for the U.S. Attorney could not say whether those proceeds still existed. If there are insufficient assets to repay the creditors, a bankruptcy trustee could seek repayment from investors who cashed out before the scheme was uncovered, as has happened in the Bernard Madoff case, according to Rich Jacoby, a partner at the bankruptcy firm Jacoby & Jacoby. Last May, the New York Post reported that certain celebrities, including Al Pacino and Barbara Walters, "bolted" the Ponzi scheme by withdrawing their investments shortly before Starr was arrested. Pacino and Walters are also listed as creditors in the bankruptcy filings. Starr, 67, is facing a prison sentence of between 10 and 12 years, based on sentencing guidelines. In a letter to the court last week, Starr's lawyer urged leniency, saying her client was unlikely to outlive a 10-year sentence. Other famous figures listed in the creditor claims include the photographer Richard Avedon, the author Cormac McCarthy and a company representing the late composer Leonard Bernstein. Recommend Send IM Story Print Related Articles India to host new international art biennale AFP - Friday, February 18 US-ENTERTAINMENT Summary Reuters - Friday, February 18 Anna Nicole Smith: big in life, now big in opera Reuters - Friday, February 18 Russian contemporary art market takes off AFP - Friday, February 18 Michael Jackson estate earns $310 million in revenue Reuters - Friday, February 18 News Search Top Stories New Zealanders' 'rear view cam' an Internet hit US lawmakers close to passing huge spending cuts Earth dodges geomagnetic storm: scientist US price increases hit consumers Russian police raid office of richest woman More Top Stories » ADVERTISEMENT Most Popular Most Viewed Only 'best will do' for Arsenal in Barca clash More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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