The woman behind GLBT rag, LivingOut, and GLBT community business directory, The Source, has filed for bankruptcy. Former employee, David, has the scoop:

“Deftly tearing into the rice-paper-coated-with-glue-like seam, I finally managed to liberate the document, therein: a letter saying that Donna Marie Gimbut -my former boss- was declaring bankruptcy and I, as a creditor, was being informed of a hearing at 10am on December 13th, 2005. This will be a meeting of creditors and I am glad to see that Donna, herself, will be there for the fun and games.

It is interesting to note that Donna has apparently declared bankruptcy on all her companies: 3 Dollar Bill, Inc., LivingOUT Media Group Inc., LivingOUT, Prizma Enterprises Inc., and Eye-Dentity Graphic Design Inc..”

The CityPages Blotter also has more information on Gimbut’s financial problems:

“The bankruptcy filing, dated October 12th, shows the depths of Gimbut’s financial difficulties. According to the court document, she has debts of $342,065 and assets of just $80,367. Among the debts owed are $12,159 to ECM Publishers, of Coon Rapids, $230 to The Minnesota Daily, and $402 to a local Merry Maids franchise. Her largest outstanding bill: $130,000, owed to Moore North American, of San Diego.

Gimbut lists three automobiles as personal property–a 2003 BMW, a 2002 Isuzu Trooper, and a 2002 BMW–but the latter two vehicles have been repossessed. Gimbut’s current income is claimed to be just $3,094.

In addition, Gimbut and her businesses have now been sued five times since June in Hennepin County District Court. Two plaintiffs, both former employees, have received default judgments totaling $5,202.50. The other three cases, involving either aggrieved advertisers or former employees, are still pending.

Given Gimbut’s perilous financial condition it seems unlikely that any of these folks will ever see a dime. “

For more on the LivingOut saga:

The State of the Queer Press in the Twin Cities

Remember LivingOut?

Saying Goodbye to LivingOut

CityPages on LivingOut

More LivingOut News: Nashville and Chicago

Department of Justice Investigating Three Dollar Bill, Inc.

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