Thomas Kinkade Company Files for Bankruptcy

Codpiece!!!

Kinkade production company Pacific Metro LLC of Morgan Hill, Calif., filed for Chapter 11 protection Wednesday in nearby San Jose, disclosing in court papers that it’s “in serious financial condition and is unable to continue without debt relief.” The filing came a day after Pacific Metro, formerly known as Thomas Kinkade Co. and Media Arts Group Inc., was supposed to make a $1 million payment to two former art gallery owners in connection with a lawsuit, according to the Los Angeles Times.

The filing will prevent Pacific Metro’s creditors, including Karen Hazlewood and Jeff Spinello, from demanding payment. Hazlewood and Spinello won a $3 million legal judgment against the company in a lawsuit they brought against Kinkade alleging that he used his Christian faith to fraudulently persuade them to open one of the artist’s “signature” galleries. As a result, Hazlewood and Spinello said they suffered such ills as being stuck with merchandise they couldn’t sell. In a long-running legal battle that went all the way to the Supreme Court, Hazlewood and Spinello won a $2.8 million legal judgment against Pacific Metro, some of which the company already paid off and another portion of which came due this week.