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Friend Finder operates its namesake Adult Friend Finder, a website (we are reliably informed) for mature audiences, Fast Cupid, Perfect Match, and less controversial Christian matchmaker Big Church.
With more than 5 million in bondholder debt, Friend Finder Networks found that its network of friends just weren’t that profitable. (b)(1) The trustee, after notice and a hearing, may use, sell, or lease, other than in the ordinary course of business, property of the estate, except that if the debtor in connection with offering a product or a service discloses to an individual a policy prohibiting the transfer of personally identifiable information about individuals to persons that are not affiliated with the debtor and if such policy is in effect on the date of the commencement of the case, then the trustee may not sell or lease personally identifiable information to any person unless - (A) such sale or such lease is consistent with such policy; or (B) after appointment of a consumer privacy ombudsman in accordance with section 332, and after notice and a hearing, the court approves such sale or such lease - (i) giving due consideration to the facts, circumstances, and conditions of such sale or such lease; and (ii) finding that no showing was made that such sale or such lease would violate applicable nonbankruptcy law.
If you’re thinking, “I’m in the wrong business,” read on.
True Beginnings, LLC filed its chapter 11 petition in August 2012 in the United States Bankruptcy Court for the Eastern District of Texas, citing banking reform legislation and the great recession for the loss of more than 80% of its gross revenues. In August 2013, the trustee for True Beginnings filed a sale motion that sought to sell substantially all of the assets of the debtor to Plenty Of Fish Media Inc.
You wouldn’t typically turn to Weil’s Bankruptcy Blog for online dating advice.
And if you did, you should probably seek professional help, and not of the kind that Weil can provide.
So True Beginnings can say it survived its fling with bankruptcy court to live happily ever after.
If there’s a lesson to be learned here, it’s that privacy policies matter, both in and out of bankruptcy for businesses that collect highly sensitive personally identifiable information. Consumer privacy ombudsman (a) If a hearing is required under section 363(b)(1)(B), the court shall order the United States trustee to appoint, not later than 7 days before the commencement of the hearing, 1 disinterested person (other than the United States trustee) to serve as the consumer privacy ombudsman in the case and shall require that notice of such hearing be timely given to such ombudsman. (41A) The term “personally identifiable information” means- (A) if provided by an individual to the debtor in connection with obtaining a product or a service from the debtor primarily for personal, family, or household purposes- (i) the first name (or initial) and last name of such individual, whether given at birth or time of adoption, or resulting from a lawful change of name; (ii) the geographical address of a physical place of residence of such individual; (iii) an electronic address (including an e-mail address) of such individual; (iv) a telephone number dedicated to contacting such individual at such physical place of residence; (v) a social security account number issued to such individual; or (vi) the account number of a credit card issued to such individual; or (i) a birth date, the number of a certificate of birth or adoption, or a place of birth; or (ii) any other information concerning an identified individual that, if disclosed, will result in contacting or identifying such individual physically or electronically.
Nonetheless, on this Valentine’s Day, a day for the exchange of tokens of affection (thank Google for that definition), the Weil Bankruptcy Blog would like to impart the following words of wisdom to you, to guide you in both your professional and personal life: If you were ever a member of True.com, you’ll be glad to know that the Attorney General of the Great State of Texas has got your back.
Founded in 2003, was a provider of online dating services in the U. which by 2007 had gross revenues of nearly 0 million and 43 million total customers.
So a word of caution from the Weil Bankruptcy Blog here: make sure you look for love in the right places this Valentine’s Day, because you never know what you’re going to find if you look in the wrong places.