LTHForum.com, a leading Chicago food-focused website and message board, is being sold as part of a Chapter 7 Bankruptcy case, according to an email that was sent out this afternoon. In the email, plaintiff Peter Daane, a founding member of LTHForum, said that in 2007 LTH founder Gary Wiviott "borrowed a substantial amount of money," from Daane and promised to pay it back in six months or refinance the loans.
The money was never paid back and, in the letter, Daane said he had, "asked Gary to 'come clean' and enter into a reasonable repayment schedule." When this didn't happen, Daane filed suit against Wiviott, who has since filed for bankruptcy, which stayed the court actions. Wiviott, who incorporated LTHForum.com about six years ago, tells Eater that the facts of the situation are "basically accurate" and that he, like many others in America, fell on hard times.
Wiviott said that since LTH Forum was now an asset, the bankruptcy court could put it up for sale. And when asked it's worth, he simply said, "I don't know. It never made any money in seven years."
"Do I wish I wouldn't have gone bankrupt? Sure. It did happen," Wiviott said. "It's public and I feel embarrassed. In last seven years, I've tried to be helpful to every single person who has contacted me. I feel I've been pretty good for Chicago's food scene ... I'm not going away, I'll be in the food scene one way or another. Whether it's with LTH forum or a different format, it's remains to be seen."
LTHForum is currently up for sale and Daane is taking bids. Any interested parties can email him directly. According to Time Out Chicago, the starting bid is set at $40,000. Pretty pricy for a website that has never been monetized nor made any money. At least, according to Wiviott.
· LTH Forum Put Up for Sale Against Founder's Will [TOC]
Gary Wiviott [Photo: Fork Knife and Shovel]