According to a story by the Associated Press, Todd McFarlane Productions Inc. has filed for Chapter 11 Bankruptcy protection from creditors in U.S. Bankruptcy Court in Phoenix, AZ on Friday December 11th, citing the 15 Million dollar claim by form St. Louis Blues NHL Player Tony Twist as his largest creditor. A Chapter 11 filing allows for a court-supervised reorganization of debtor companies. The debtor usually proposes a plan of reorganization to keep the business alive and pay creditors over time.
Last July, a St. Louis Circuit Court awarded Twist a $15 million dollar reward after concluding that McFarlane and his company profited by using Twist's name without permission in "Spawn" comic books. Tony Twist was the nickname of character Antonio Twistelli, a violent New York mob boss depicted in early issues of "Spawn" comics.
Amongst its creditors, the filing lists McFarlane Toys as the second largest creditor owed $683,902, nine artists owed about $60,000 and a collection agency owed about $7.700.
McFarlane made national headlines by buying up key baseballs at auction over the last 10 years, including the $3 million paid for Mark McGwire's 70th home-run baseball. He also paid $450,000 last year for Barry Bonds' record 73rd home-run ball.