PERSONAL FINANCE: Billionaire Bankrupts

Billionaire Bankrupts

The brothers who filed for personal bankruptcy protection in Dallas last week were no down-and-outers. The long list of possessions mentioned in the filing included Hawaiian real estate, half interest in a Vail, Colo., ski lodge, two Cadillacs, a Mercedes-Benz and a 13,649-piece Byzantine coin collection. But the petitioners, oil heirs Nelson Bunker and Herbert Hunt, realized that their fabled wealth -- still about $1 billion even after many years of financial setbacks -- was in danger of being wiped out by their burgeoning legal problems.

Last month a federal jury found that Bunker and Herbert, along with their brother Lamar,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!