Glasser Images owner files for Chapter 7 bankruptcy | Bismarck

Federal court documents show Glasser Images owner Jack Glasser owes 50 creditors $4.06 million.

Attorney General Drew Wrigley in May filed a lawsuit against Glasser and partner Jace Schacher, asking the court to bar them from doing business, reimburse clients for images not received, and pay contractors who provided the photography services. The lawsuit alleges the two falsely blamed the business closure on the coronavirus pandemic and obtained loans to keep the business afloat, but at the same time lived a lifestyle “of high-end dining, travel, and luxury vehicles.”

Customers filed complaints totaling more than $1.4 million after the business closed in October 2021. Glasser Images owed its landlord $25,000 in rent and late fees. A judge in November ordered the business to preserve its websites while the attorney general investigated possible fraud.

Tim O’Keeffe, the attorney representing Glasser Images, said in May that Wrigley’s office “asserted their own opinions into the complaint, which is full of speculation and puffery.” The case is slated for trial starting Sept. 25.

Chapter 7 bankruptcy provides a fresh financial start though all debt may not be wiped away. Certain taxes, fraudulent credit card debt, family support obligations and most student loans must still be repaid. When a company files for Chapter 7, it usually leads to liquidation of the filer’s assets.

The unsecured claims on Glasser’s Chapter 7 filing include $116,000 to the IRS; more than $1 million to First Western Bank and Trust; $977,000 to payment processing company Messiahic Inc./PayJunction, in Santa Barbara, California; $150,000 to the North Dakota Development Fund; and $523,000 to the U.S. Small Business Administration. He owes thousands to credit card companies and people including his parents, who have loaned him more than $101,000 for the business.

The filing shows Glasser has $20,087 in personal property, lives with his parents, and has no income. His list of personal property includes brand-name clothing: Burberry, Hermes, Louis Vuitton. One line item lists a Louis Vuitton business bag valued at more than $1,000.

Glasser Images has faced a host of other legal challenges related to its closure, including from clients seeking relief in small claims court, as well as from various businesses involved in its affairs.

The company has worked with a vendor, ShootProof, to return to customers images that had already been shot at the time of its closure. Many of the photos were of weddings, though the company’s contractors photographed a variety of occasions.