\t\t\t\tWhat started as a hostile takeover bid has ended in a Chapter 11 for the company founded by Jack Nicklaus\u2026<\/p>\n
Within weeks of Jack Nicklaus\u2019 successful lawsuit, the company he founded and co-chaired until 2023 has filed for bankruptcy.<\/p>\n
The 18-time major champion had accused Howard Milstein and Andrew O\u2019Brien, executives in the Nicklaus Companies, of orchestrating a campaign to damage his reputation in their bid to take control of the business. The pair, Nicklaus alleged, spread false rumors that he had negotiated a $750 million deal with LIV Golf and as a result was no longer in any sound state of mind to manage his affairs.<\/p>\n
The rumor was repeated by a number of prominent news organizations, and while Milstein and O\u2019Brien were deemed to not be personally responsible, the jury determined that the Nicklaus Companies were responsible for exposing the now 85-year-old\u00a0to \u201cridicule, hatred, mistrust, distrust or contempt\u201d.<\/p>\n
Nicklaus was awarded $50 million in damages<\/a>.<\/p>\n Now, in a move \u201cto protect its employees, clients, and ongoing business operations\u201d, the company has \u201ccommenced voluntary chapter 11 cases in the United States Bankruptcy Court for the District of Delaware\u201d.<\/p>\n \u201cFiling for bankruptcy,\u201d the statement<\/a> continued, \u201cwill allow the company to proactively address its long-term funded indebtedness and other liabilities.\u201d<\/p>\n