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April 25, 2015

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Magician Steve Wyrick seeks bankruptcy, notes liabilities of $54 million

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Steve Wyrick.

Las Vegas magician Steve Wyrick voluntarily filed for Chapter 7 bankruptcy liquidation Monday, listing assets of $93,157 against liabilities of $54.355 million.

The entertainer, whose show and Steve Wyrick Theater at the Miracle Mile Shops at Planet Hollywood resort on the Las Vegas Strip closed Dec. 10 amid financial trouble, indicated in the filing he owns no real estate but has assets including a $44,725 2007 Porsche Carrera and more than $35,000 in "tools of the trade."

Several investors and lenders are listed as creditors.

The creditors include the Miracle Mile Shops, his former landlord, owed $6.623 million; businessman Byron Burke Barr in Dallas, owed $7.5 million; Chase Ventures in Dallas, owed $2 million; a Hollis Campbell/Star Mobile Homes in Crandall, Texas, owed $5 million; his former law firm, the Rycraft Law Office in Henderson, owed $100,000; and businessman Steven Tebo in Boulder, Colo., and a company he is associated with, owed $30 million.

Wyrick, who lists his occupation as a self-employed entertainer, listed his current monthly income as $5,500 and said the source was "loans and gifts from mother."

This compares to Wyrick’s income in 2008 and 2009 of about $130,000 per year.

The filing noted the Miracle Mile Shops on Jan. 15 repossessed his theater valued at $16 million and Tebo had repossessed a $250,000 motorcycle as well as pictures and posters valued at $600,000.

The initial effect of the bankruptcy filing likely will be to stay proceedings in several lawsuits pending against Wyrick over past-due accounts and other matters.

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