Professional Bull Riders Accuse Dr. Phil of Orchestrating Merit Street Bankruptcy to Avoid $181M Debt

Professional Bull Riders (PBR) has accused Dr. Phil McGraw of orchestrating a "bad faith" Chapter 11 bankruptcy filing by his company Merit Street Media to avoid repaying $181 million owed to PBR and other creditors. PBR filed an emergency motion in the U.S. Bankruptcy Court for the Northern District of Texas to compel the production of documents from Merit Street and McGraw's Peteski Productions, alleging that Dr. Phil formed a new company, Envoy Media, the day before the bankruptcy filing to transfer assets and continue operations without legacy debts. Merit Street's bankruptcy followed a lawsuit against its former distribution partner, Trinity Broadcasting Network, accusing TBN of breaching contracts and leaving Merit Street with significant debt. PBR has requested the bankruptcy be converted to Chapter 7 for asset liquidation, arguing it is in the creditors' best interest, while TBN has requested dismissal of the bankruptcy filing. Meanwhile, Dr. Phil has launched Envoy Media, which aims to replicate Merit Street's programming with a focus on "live, balanced news and original entertainment," continuing his media presence despite the financial and legal turmoil.