Glasser Images owner files for Chapter 7 bankruptcy | Bismarck
The owner of a Bismarck photography studio that closed abruptly last year and refused to reimburse clients has filed for Chapter 7 bankruptcy, listing more than $4 million owed to creditors and just over $20,000 dollars of personal assets.
Federal court documents show Glasser Images owner Jack Glasser owes $4.06 million to 50 creditors.
Attorney General Drew Wrigley filed a lawsuit in May against Glasser and his partner Jace Schacher, asking the court to bar them from doing business, reimburse clients for images not received and pay contractors who provided the photography services. The lawsuit alleges the two men falsely blamed the business’s closure on the coronavirus pandemic and secured loans to keep the business afloat, but at the same time lived a “high-end restaurant” lifestyle. , travel and luxury vehicles”.
Customers filed complaints totaling more than $1.4 million after the business closed in October 2021. Glasser Images owed its landlord $25,000 in rent and late fees. In November, a judge ordered the company to preserve its websites while the attorney general investigated possible fraud.
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Tim O’Keeffe, the attorney representing Glasser Images, said in May that Wrigley’s office “admitted its own views on the complaint, which is full of speculation and bloat.” The case is to be tried from September 25.
Chapter 7 bankruptcy offers a fresh financial start although not all debts can be erased. Some taxes, fraudulent credit card debt, family support obligations, and most student loans still need to be paid. When a company files for Chapter 7, it usually leads to the liquidation of the filer’s assets.
Unsecured claims on Glasser’s Chapter 7 filing include $116,000 to the IRS; more than $1 million to First Western Bank and Trust; $977,000 to payment processor Messiahic Inc./PayJunction, Santa Barbara, Calif.; $150,000 to the North Dakota Development Fund; and $523,000 to the US Small Business Administration. He owes thousands of dollars to credit card companies and people, including his parents, who loaned him more than $101,000 for the business.
The record shows Glasser has $20,087 in personal assets, lives with his parents, and has no income. His list of personal belongings includes designer clothes: Burberry, Hermès, Louis Vuitton. One article lists a Louis Vuitton business bag worth over $1,000.
Glasser Images has faced a host of other legal challenges related to its closure, including from clients seeking relief in small claims court, as well as various companies involved in its business.
The company worked with a vendor, ShootProof, to return footage to customers that had already been shot when it closed. Most of the photos were of weddings, although the company’s contractors photographed various occasions.