'Rich Dad, Poor Dad' author files for corporate bankruptcy

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by Marie Saavedra

azfamily.com

Posted on October 11, 2012 at 10:11 AM

Updated Thursday, Oct 11 at 12:10 PM

PHOENIX -- Robert Kiyosaki made himself a mogul with four little words -- Rich Dad, Poor Dad. The book, aimed to educate the masses with the goal of making them rich, captured the country's attention, including Donald Trump.

But even Trump might not be able to help him with a new financial blunder -- going bankrupt. One of his corporations -- Rich Global LLC -- has filed for bankruptcy, after an order to pay nearly $24 million to one of his biggest backers.

"We built up his brand, made it a big brand, and it was time to pay, and he said no!" said Bill Zanker, founder and chairman of The Learning Annex.

The Learning Annex produces and promotes many of the country's leading self-help experts. Zanker took Kiyosaki to court for not sharing the profits he pledged, and Zanker won. But now with the corporate bankruptcy, his wait for the money will continue.

"He's not doing what's supposed to be done," Zanker said. "He's not being an honest man. Now decide if you want to take his advice."

Speaking for the Rich Dad Corporation is CEO Mike Sullivan, who gave a quote to the New York Post.

"We got hit for what we think is a completely outlandish figure," said Sullivan, speaking about the judge's order. "I am not surprised the Learning Annex is upset and angry. The money doesn't exisit in that company, and we can't bring money out of the group."

The Learning Annex could have even more trouble collecting what the judge said it's owed. The company will have to go through bankruptcy court to see what it can get. Calls and emails to the Rich Dad Company have not been returned.

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