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I don’t understand how someone can repeatedly declare bankruptcy over and over again. Who’s footing the bill this time?
Chapter 7 and 13… looks like they are.
Creditors foot the bill…duhhh
The tough part of entrepreneurship – sometimes businesses fail. Personal risks by entrepreneurs – exactly such as this – help create new businesses and grow jobs, so best wishes in dusting off and starting anew.
Well Said Jim – Well Said. Scott Wise could have moved away from Indy and called it a day. Sounds like he is loving on his family and building again. For that we should celebrate and seek to hear about his future successes vs reveling in his past failures. Onwards. Unrelated. Man I miss Scotty’s / such a good place – esp to take kiddos.
Best wishes Scotty. Bold entrepreneurship should always be admired. Also, Roots is a fantastic place.
It’s one thing to run a high profile article regarding the bankruptcy of a business. Quite another to do the same regarding someone’s personal financial issues who is not a public official, running for office, etc. Cheap shot. Seems like someone’s got an axe to grind.
Exactly. Cowardly article by a person who obviously hides behind a keyboard for a living versus takes risk and has the guts to go for it. Scott will be back.
If you factor in inflation, lawyer fees and likely high late fees from various lenders, they are filing about the same losses as they did three years ago. Respect for giving it a hard try and staying even for 3 years. Scotty’s bars were always good when I visited. I hope new ventures are successful.
If he received $10 million for selling Scotty’s in 2016, but only listed $1.2 million of assets in 2019, where’d all the money go. Did he have ~$10 million or more of liabilities at the time he sold? If you’re going to write this story, that seems like I question you’d ask.
Exactly!
The article said he personally guaranteed the leases on several of the Scotty’s locations so I’m sure him trying to continue to pay the monthly leases are up a large amount of his available assets.
Cheap shot, IBJ. I thought you covered business news, not personal stories. I am disappointed in you.
As the story clearly points out, the bankruptcy is tied to obligations from business leases. This is very much a business story that contains relevant information for anybody who operates a business or is thinking about running one.
Our family misses Scotty’s – looking forward to Scott returning bigger than ever!
The Scotty’s in Muncie was a memorable part of my Muncie/ Ball State experience. Hard to believe a chain of such a great restaurant failed to cover it’s liabilities. I’m curious what the nail in the coffin was. Best wishes, Wise family. Hopeful that you’ll try again.