His testimony, lasting hours, was defiant. At every turn, he challenged accusations that he swindled partner-turned-adversary Trinity Broadcasting under a $500 million, 10-year deal.
“I’m like the little engine that could,” said Dr. Phil, whose surname is McGraw, referring to the months leading up to the bankruptcy in which Merit Street was starved for cash. “I’m doing everything I can to keep Merit up and running. This theory, that this was all a ploy to set up Envoy Media, is absurd.”
He was asked about his motivation to abruptly move for Chapter 11 protection.
“I didn’t make the decision to file for bankruptcy,” McGraw replied. “I capitulated.”
McGraw’s Merit Street is…
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