Barry Fey, head of House of Blues' Denver operations, filed for personal
bankruptcy in Denver's US Bankruptcy Court on May 10.
"I'm not going to try and hide it," Fey told the Rocky Mountain News. "It's not
something I'm ashamed of. Basically, it's a liquidity crunch brought on mostly by the
soft housing market."
Fey, who has 120 days to reorganize his personal finances and come up with a
re-payment plan to his creditors, estimates his total debts at between $4.2 million
and $4.4 million, primarily in mortgages and second loans secured for three homes,
the paper reports. Fey said those real estate holdings, plus other various assets, are
valued between $9 million and $10 million.
"I haven't completed the (Chapter 11) forms, but there are twice as
many assets as there are liabilities and everyone will be paid."