Mike Glickman’s No. 1 Creditor: Himself
The bankrupt Mike Glickman Realty Inc. owes money for everything from valet parking to tropical fish to taxes. But of 157 creditors, Mike Glickman himself is the biggest, with $1.9 million owed to him by the failed real estate brokerage he founded and headed.
According to papers filed in U.S. Bankruptcy Court in Los Angeles late Friday in connection with Glickman Realty’s liquidation proceedings, the Los Angeles Times is Glickman Realty’s second-largest creditor, with $137,103 owed for advertisements. The Daily News is owed $26,498.
Glickman & Glickman, a law firm run by Mike Glickman’s father and brother, is also a big creditor, with $43,876 in debts.
Glickman’s highly criticized extravagance is also apparent in the filing. Among other company debts, $18,558 is owed to Bernard Valet Service, which provided valet parking at some of Glickman’s offices. The Parties to Go catering service is owed $11,051, and several thousand dollars in florists’ bills also are listed.
The only secured creditor is Imperial Bank, with $500,000 in debts.
The papers list total debts of $3.9 million and total assets of $2.8 million, including $1.76 million in unpaid commissions owed to the company. However, the debt total doesn’t include claims that may be made by homeowners who listed their homes with Glickman or claims that may arise from dozens of lawsuits pending against the company.
Mike Glickman, 30, founded Glickman Realty in 1983 and quickly rose to dominate San Fernando Valley housing sales. However, critics blame Glickman’s poor management skills and overzealous expansion for the company’s troubles, which culminated in Glickman’s personal and corporate bankruptcy filings June 5.
The papers filed with the bankruptcy court last Friday don’t itemize Glickman’s personal assets and liabilities. That information is expected to be filed with the bankruptcy court today.
Among other large corporate creditors are Custom Treatment Inc., which laid the carpeting in two of Glickman’s offices; Grabiner Hall, a graphic design company that furnished Glickman Realty with its well-known logo, and a company owned by the former chief operating officer and in-house counsel for Glickman Realty. Several thousand dollars is also owed to various sign companies.
Glickman Realty also owes $125,199 in unpaid workers’ compensation insurance premiums to the California State Compensation Insurance Fund, and more than $5,750 in federal and state taxes.
The filing also says the company had $728 in cash on hand at the time of the bankruptcy filing, not including $75,000 in uncashed checks. That would be enough to cover the company’s $345 bill for tropical fish.
