Shelnut files for bankruptcy

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Shelnut files for bankruptcy

Story Published: Oct 13, 2008 at 8:51 AM EST

Story Updated: Oct 13, 2008 at 8:51 AM EST

AUGUSTA, Ga. (AP) - A millionaire philanthropist from Augusta
who once led the University System Board of Regents has filed for
bankruptcy.

Tim Shelnut Sr. filed in June for Chapter 7 bankruptcy. He listed $9.18 million in assets and $6.49 million in liabilities.

Shelnut raised himself from a high school dropout to a millionaire insurance executive who ran his own agency with 7,000 agents across the country. In 1998, he was named National Philanthropist of the Year after contributing $1 million to University Hospital's juvenile diabetes program.

Shelnut raised money for politicians of both major parties and donated his own money to campaigns. His donations to Linda Schrenko's gubernatorial campaign violated legal caps. The state Ethics Committee fined him $40,000, a debt listed in his bankruptcy petition.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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