Standardbred owner-breeder David Brooks’s former company Point Blank Solutions, which made body armor for the U.S. Army and for which he was CEO before being indicted on several charges including fraud, reportedly has filed for bankruptcy due in part to the legal costs involved in the case.
Brooks, who is accused of stealing millions of dollars from the company to pay for a lavish lifestyle, including his harness racing operation, is still listed as the company’s largest shareholder with 22.6 percent. Shares of the company’s pink sheet stock have fallen 75 percent to five cents per share.
According to reports, the company stated it has $68 million in assets and $72 million in liabilities, as of Dec. 31, 2009. It reportedly is spending $600,000 a month on legal fees associated with the New York trial of Brooks.
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