Edelsten files for bankruptcy in US
Yahoo!7 January 12, 2014, 3:49 pm
Aussie business tycoon Geoffrey Edelsten has filed for bankruptcy in the US, a day before he was to take on creditors in court.
However, the move is unlikely to affect his Australian interests, Fairfax reported.
The 70-year-old was due to face court against the Mawardi family, a former business partner who has been in a long-running stoush with the disgraced doctor.
"My client has filed a Chapter 11 [bankruptcy] procedure," said legal firm Webb Korfiatis.
"I am instructed that my client does not intend selling any personal assets in Australia, including the CBD penthouse."
In the petition, Edelsten said he had debts of $18.2 million.
Edelsten has become famous for his lavish lifestyle, and glamorous partner Brynne. He was believed to be worth more than $100 million, but now he claims his business interests are closer to between 10 and 50 million.
Any legitimate Australian creditor could be expected to be paid in full anything owed to them, said his local solicitor.
