David Solomont has filed for bankruptcy protection.
Solomont is the well-known and controversial Boston area investor who took over as frontman for the Israel Baseball League from disgraced Boston bagel baron Larry Baras amid the financial disarray that followed its disastrous first season, intimated that he would rescue and restart the league with his own personal fortune and connections, then promised an eleventh-hour 20-game second season that was eventually downgraded to a five-game show weekend that never took place but was never officially canceled. When last heard from in these parts last December, Solomont was still attempting to raise money from US-based Zionists and Jews for a 2009 Israeli Baseball season that had already been blocked by Israeli government sports officials.
Solomont filed for Chapter 11 bankruptcy protection, according to papers filed with the U.S. Bankruptcy Court in Boston.
Solomont, who was a pioneer in announcing his business intentions and daily activities on Twitter, reportedly was a founder of the Massachusetts Software Council and a founder of CommonAngels, a top angel investment firm based in Lexington, Massachusetts.
Solomont listed his assets as being between $1 million and $10 million. His wife, Joan Solomont, is listed as a fellow debtor.
An attorney for Solomont refused to comment on the case.
Solomont has faced legal troubles in the past. In 2004 he was accused in civil cases of diverting money from a startup he presided over to a holding company he ran. The outcome of those allegations is still unclear.
Solomont's Israel baseball shenanigans and the entire exploits of the Israel Baseball league were documented here in coverage led by Our Man Elli in Israel. The entirety of our Pultizer Prize-nominated coverage can be found at our Baseball in Israel archive site.
Solomont is the well-known and controversial Boston area investor who took over as frontman for the Israel Baseball League from disgraced Boston bagel baron Larry Baras amid the financial disarray that followed its disastrous first season, intimated that he would rescue and restart the league with his own personal fortune and connections, then promised an eleventh-hour 20-game second season that was eventually downgraded to a five-game show weekend that never took place but was never officially canceled. When last heard from in these parts last December, Solomont was still attempting to raise money from US-based Zionists and Jews for a 2009 Israeli Baseball season that had already been blocked by Israeli government sports officials.
Solomont filed for Chapter 11 bankruptcy protection, according to papers filed with the U.S. Bankruptcy Court in Boston.Solomont, who was a pioneer in announcing his business intentions and daily activities on Twitter, reportedly was a founder of the Massachusetts Software Council and a founder of CommonAngels, a top angel investment firm based in Lexington, Massachusetts.
Solomont listed his assets as being between $1 million and $10 million. His wife, Joan Solomont, is listed as a fellow debtor.
An attorney for Solomont refused to comment on the case.
Solomont has faced legal troubles in the past. In 2004 he was accused in civil cases of diverting money from a startup he presided over to a holding company he ran. The outcome of those allegations is still unclear.
Solomont's Israel baseball shenanigans and the entire exploits of the Israel Baseball league were documented here in coverage led by Our Man Elli in Israel. The entirety of our Pultizer Prize-nominated coverage can be found at our Baseball in Israel archive site.
10 comments:
Chapter 11 waqs the plan from the beginning.
Gee ,what a surprise!
Is there going to be baseball this summer in Israel?
No baseball this summer, but stay tuned for 2010.
I hope that Larry is involved!
We need something to write about!
Sooner or later, Larry is going to jail
Will Solomont go to jail too?
How about the JNF for taking bar-mitzvah money and giving some of it to Larry and pocketing some of it?
If these new guys are serious about bringing Baseball to Israel in 2010 ,they would do some outreach this summer!
We need more audacious people in these positions, people that are willing to make bold decisions.
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