knife-Honk Files for Bankruptcy

Former Durham County DA Mike Nifong has filed for bankruptcy

Jan. 15 (Bloomberg) -- Michael Nifong, the former North Carolina district attorney who unsuccessfully prosecuted Duke University lacrosse players for rape, sought bankruptcy protection from creditors including the athletes.
Nifong, listed debt of $180.3 million and assets of $243,898 in documents filed today in U.S. Bankruptcy Court in Durham, North Carolina. The prosecutor stepped down last year. North Carolina officials stripped him of his law license for unethical conduct in the 2006 investigation of the allegations against the players.
The three former players who had rape charges against them dropped sued Nifong in federal court in Durham in October. Collin Finnerty, David F. Evans and Reade Seligmann were listed as unsecured creditors each owed $30 million.
``This looks like a smart move for Mr. Nifong,'' said Charles ``Chuck'' Tatelbaum, a Florida bankruptcy lawyer who has represented doctors who have used Chapter 11 to protect themselves from the fallout of lawsuits.
If a bankruptcy judge decides that the prosecution was willful and malicious, the debt to the players would not be erased under federal bankruptcy law.

Mikey's got assets of $243 thousand and debts of $180 million? He's a financial wizard!