Former Batavian and former hostage Terry Anderson files for bankruptcy

Posted by Howard Owens on November 14, 2009 - 10:12am
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Terry Anderson, the former Hezbollah hostage who grew up in Batavia, filed for Chapter 7 bankruptcy Nov. 3, according to Associated Press.

Now a lecturer at the University of Kentucky, Anderson was an AP correspondent in Lebanon in 1985 when he was abducted by terrorists following a tennis game. He was held hostage for six-and-a-half years.

According to AP, Anderson lists $60,000 in assets and $1.8 million in liabilities in his Chapter 7 filing. The filing lists 17 credit cards, some with debt related to a restaurant in the Virgin Islands.

Anderson filed a lawsuit against Iran over his captivity and received a $26 million settlement in 2002 from the government's frozen assets. With the money, according to Wikipedia, Anderson started charities and a blues bar in Athens, Ohio.

In 2004, Anderson ran for the Senate in Ohio. He was defeated by Republican Joy Padgett, whose campaign commercials suggested Anderson would be soft on terrorism. Anderson garnered 46 percent of the vote.

Posted by Dave Olsen on November 14, 2009 - 10:17am
The bar business and politics have taken away many a man's fortune. Too Bad, shoulda stuck to the charities.
Posted by Tom Gilliatt on November 14, 2009 - 10:38am
You reap what you sow!
Posted by John Roach on November 14, 2009 - 10:40am
Does anyone know what happened to his sister? She moved from Batavia.
Posted by Greg Siedlecki on November 14, 2009 - 11:00am
Did he actually get the $60 million from Irans assets? If so, who was his financial advisor? To waste that much money (charities or not)is just unfathomable. I can't feel sorry for someone who obviously has no financial sense.
Posted by Patrick Weissend on November 14, 2009 - 11:05am
The AP article said he received a $26 million judgement.

Whatever the number is, $60 million or $26 million, that is a lot of money.

John, when I was working at the Holland Land Office Museum I wrote an article about Anderson and if I recall, his sister was living in Cadiz, Kentucky.
Posted by Howard Owens on November 14, 2009 - 11:27am
I changed this story -- AP must have corrected their story, because it did say $60 million. Wikipedia didn't have any figure.
Posted by Gary Spencer on November 14, 2009 - 4:08pm
I remember after his release, his sister was in the news a lot, my mother looked like his sister and people would come up to her and ask her questions about Mr. Anderson, and they would get mad when Mom said it wasn't her!

and how anybody could blow $60Million (or $26Million) in seven years is beyond me!!.....I'd like the chance to try that though!!!!!
Posted by Lorie Longhany on November 14, 2009 - 7:54pm
After reading Anderson's Wikipedia page it sounds like he is a devoted humanitarian. Must be some poor planning and maybe the investment in the blues club and the charities tapped his reserves and sent him into the "red". Or maybe he just spent through all the money.

That is a lot of money. I always find it amazing how so many that collect large million dollar + lawsuit awards or are lottery winners are just as likely to lose it all and then some.