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Financier accused of loan fraud files for bankruptcy

June 07, 2008|From the Associated Press

A Silicon Valley financier who owns a stake in the NHL's Nashville Predators has filed for personal bankruptcy two weeks after being accused of loan fraud.

William "Boots" Del Biaggio III, 40, scion of a prominent San Jose banking family, has at least $57 million in unpaid personal and business loans, credit card bills and other financial obligations, according to the Chapter 11 filing in U.S. Bankruptcy Court for the Northern District of California.

The filing didn't enumerate Del Biaggio's assets or debts. But one known outstanding debt is $10 million for his share of the Predators, the hockey franchise that Craig Leipold sold to Del Biaggio's group in August for $193 million.

Leipold went on to buy the Minnesota Wild hockey team.

Outside his stake in the Predators, Del Biaggio is known for co-founding investment firm Sand Hill Capital, which helped fund chip maker Broadcom Corp. and juice company Odwalla Inc., according to Sand Hill's website.

Del Biaggio resigned May 26 from Sand Hill Capital as his financial troubles began emerging. Three banks sued him claiming $17 million in separate unpaid loans.

His bankruptcy attorney didn't return a call Friday.

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