Gary Wiviott, owner of LTH Forum has filed for chapter 7 personal bankruptcy. The actual filing was done in November 2010, but has only recently become known due to the trustee putting one of the assets up for sale. The specific asset is the LTH forum, also known as the Little Three Happiness forum.
LTH Forum is a popular local restaurant forum, one that attracts users from all around the Chicago area. It is an active forum with almost 10,000 users, and could potentially generate income by the placement of advertising and selling email lists generated by the user base. Wiviott stated the value of the forum at $0 in his petition, allowing the trustee to put it up for sale.
A personal dispute between Wiviott and Peter Daane, a charter member of LTH Forum and an attorney, plays a large part in the bankruptcy. Wiviott borrowed a sum of money from Daane and never repaid. Daane has since taken Wiviott to court and received a judgment for the amount. As a result of the judgment, Wiviott filed for bankruptcy. The bankruptcy filing negated the judgment, meaning that Daane could no longer collect his money from Wiviott.
In an attempt to gather interest for the website, Daane was responsible for informing local media that the trustee had opened up bidding for LTH Forum.
The trustee placed the website up for sale, with the first bid of $40,000 made by LTH Acquisition, LLC. LTH charter members David Dickson, Ron Kaplan and Steve Zaransky are all active members of the forum. They plan to maintain the site as it currently exists, with no advertising or selling of emails if they win the bid.