Just two days after new Los Angeles Clippers owner Steve Ballmer held a huge pep rally for his new team, former owner Shelly Sterling's attorney, Pierce O'Donnell, who had helped to broker the billion dollar deal, quietly filed for bankruptcy, claiming to be nearly $7 million in debt, RadarOnline.com is exclusively reporting.
According to the court filing, O'Donnell owes nearly $2 million to his ex-wife and more than $1 million to the IRS.
Despite having represented Shelly Stern in the record sale of the Clippers for over a billion dollars, O'Donnell claimed in the docs that he had only $2,000 cash on hand on August 20.
Among items in his possession are a 2011, Nissan Maxima, household furnishings worth $50,000 and $10,000 invested in a personal book collection.
O'Donnell’s $2 million debt includes $6,000 owed in child support to his ex-wife, Dawn O’Donnell. He also owes $1.4 million to the IRS and $256,000 to his divorce attorney, Stacey Phillips.
Chapter 7 bankruptcy enables a trustee to cancel all debts of the debtor and could also sell or liquidate assets to pay off creditors. O'Donnell will also be required to take a credit counseling course.