TV personality Dr. Phil‘s bankruptcy case is not going the way he wanted it to.
Dr. Phil, whose full name is Phil McGraw, cannot keep the bankruptcy of his media startup Merit Street Media in Chapter 11, Judge Scott W. Everett of the U.S. Bankruptcy Court for the Northern District of Texas ruled on Tuesday, according to audio of the hearing reviewed by Entertainment Weekly.
It will instead move forward as a Chapter 7 liquidation, and a trustee will oversee both the sale of Merit Street Media’s media library and litigation over whether Trinity Broadcasting breached its contract with the company, leading to its bankruptcy.
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Merit Street was established by Peteski…