Don Johnson's Company Files for Bankruptcy

<br>ASPEN, Colo. (AP) _ A company owned by actor Don Johnson has filed for bankruptcy to protect his Pitkin County ranch from being sold at auction, according to a published report. <br><br>Timber Doodle

Monday, April 26th 2004, 12:00 am

By: News On 6

ASPEN, Colo. (AP) _ A company owned by actor Don Johnson has filed for bankruptcy to protect his Pitkin County ranch from being sold at auction, according to a published report.

Timber Doodle Glade Equity Venture LLC, a company controlled by the former ``Miami Vice'' star, filed for Chapter 11 bankruptcy April 14 in Denver Bankruptcy Court, the Rocky Mountain News reported in weekend editions.

Johnson's bankruptcy lawyer, Lee Kutner, said Friday that Doodle Glade is one of two entities that hold title to the Woody Creek property that Johnson purchased from Aspen socialite Terry Butler in 1987.

The bankruptcy filing follows a Pitkin County lawsuit brought by City National Bank of Los Angeles in March, asking the court to allow the ranch to be auctioned to collect $930,000 Johnson owes the bank.

A judge in Los Angeles County ruled in September that Johnson owed the bank $921,891, and owes $21,891 in lawyer fees.

Johnson's publicist, Elliot Mintz, said the actor is refinancing the ranch and the bankruptcy filing will stave off creditors until Johnson can get the financing he needs.