Nelson filed for Chapter 11 bankruptcy protection in May 2011 seeking to reorganize his finances. But that proved hopeless and the bankruptcy was converted into a Chapter 7 liquidation proceeding in August 2011.
The picture that emerges from Nelson's bankruptcy proceedings is that of a man with no job, no foreseeable source of meaningful income, and one who is cut off from a family fortune that was created through the stunning business successes of the late Curt Carlson -- Nelson's namesake -- and that of his mother, Marilyn Carlson Nelson.
Nelson's slide became public in 2007 when he sued his mother and Carlson Companies after he was passed over for promotion and eventually left the company. His most recent failed business venture was an automotive marketing company called Visible Customer Holdings. It collapsed in 2010.
According to a 2009 personal financial statement provided for one of his now-defaulted loans, Nelson listed a personal net worth of $29.4 million.
His most recent financial statement in the court file, dated June 2011, shows Nelson holding a cash balance of $119.80.
His Wayzata home, once valued at $6.9 million, is now in foreclosure.more » « less