RHOA’s Peter Thomas Files and gets DENIED Bankruptcy, Possibly ending his dreams for a reality Spinoff with Kordell!

This should be of no surprise.  As a fan of the show, we know that Peter lost his first restaurant and bar Uptown, and now his newest venture BarOne is in big trouble.  Peter can talk a nice game but at the end of the day, when you dollars don’t make sense, all that talk is just talk.

JUST HOW BAD IS BAR-ONE DOING?

Pretty bad.  There are actual bankruptcy documents floating around the internet that claim that BarOne’s assets are only worth $61,000 and that Peter owes $322,000, some of which is to the IRS.

Records also show that Cynthia lent him $60,000 which he paid back and then another $40,000 which is still owed.  Some of the other debts accrued are:

• $32,000 IRS
• $118,000 State of Georgia
• $60,000 he states is owed to him for money he has invested. [more…]

DENIED BANKRUPTCY?  WHAT THE WHAT?  IS THAT EVEN POSSIBLE?

This happens when you show willful intent to accrue expenses, meaning if you know you are losing money, you cannot just continue to rack up bills and then file bankruptcy and hope they all go away.  That’s essentially what Peter has been doing.  According to the documents, last October the entire Bar made just $1500 and had $100,000 in operating expenses.  That’s not just bad business, that’s ignorance.

Based on this, the trustee requested that the Chapter 11 be dismissed.  The official documents states,

BarOne, “is unable to pay its bills as they come due. Since the petition date, Debtor has accrued $61,817.55 in post-petition payables. Debtor’s post-petition, past-due payables include $17,339.09 owed to the Georgia Department of Revenue for Debtor’s tax obligations.”

“Debtor has no apparent ability to generate sufficient cash flow post-petition, the Court is authorized to find that Debtor is experiencing a continuing loss to. . . the estate within the meaning of 11.”

The judge agreed and subsequently denied the bankruptcy.  That means that none of those bills will be going away anytime soon.  Peter and Cynthia will be on the hook for the full $322,000.

WHAT REALITY SPIN-OFF WITH KORDELL STEWART?

Peter had plans to team up with Kordell and expand the BarOne franchise to include 25 locations.  One of which would be in Charlotte, North  Carolina called SportsOne.  Kordell and Peter were shopping around the idea of the Realty show which would be like Vanderpump Rules meets Chef Roble; not a bad idea but in order to have a show about a business, you need to have a business.

Bars close all the time and business men file for bankruptcy often so this might not be the nail in the coffin, but it might make Kordell rethink throwing his hat and money into the Restaurant business.

RUN CYNTHIA RUN

Leon – I had to, for the Ladies.

Cynthia needs to run.  She is used to having money as in her previous life, she dated true ballers: Russell Simmons, Jayson Williams & Leon Robinson.

I thought Peter was legit but after he moved her agency to the new location, brought that car and hid the financial misfortunes of BarOne from her, I knew it was bad news.  I was actually rooting for Peter because he really loves Cynthia but his arrogance  is overwhelming.  He can’t get out of his own way.

With Cynthia’s own net worth plummeting down to just $500K she needs to hope that BRAVO signs her and Peter on for the new season.  At least that will be a $300K check she can count on and Peter’s bankruptcy will be a nice story line for Bravo to follow.