Mar 19, 2016

9:03 p.m. 9:03 p.m. 0 Milwaukee businessman Robert M. "Bobby" Kraft has filed for personal bankruptcy, the latest in a string of court cases sparked by his financial troubles. The former CEO of the now-defunct First Edge Solutions Inc. and World Marketing Holdings LLC listed debts of $1 million to $10million on his Chapter 7 petition, against assets of $100,001 to $500,000. Chapter 7 is a liquidation proceeding in which a debtor's assets are sold to raise money to repay creditors at least part of what they are owed. Last summer, Kraft took First Edge into receivership, a state court proceeding similar to bankruptcy. He resigned as CEO of the fulfillment and direct-mail firm in September. Its assets later were sold to a newly organized company, MTI Connect LLC . That firm's management includes several former First Edge employees. Not long after leaving First Edge, Kraft also resigned as CEO of World Marketing. His resignation followed World Marketing's filing for protection from creditors and financial reorganization in bankruptcy court in Chicago on Sept. 28, 2015. Kraft had led a group that bought World Marketing from Warren Buffett's Berkshire Hathaway in the fall of 2014. At the time, World Marketing employed more than 450 people and processed more than a billion pieces of mail annually. All those jobs were lost, and World Marketing is out of business. Its equipment was auctioned off in January. The week after the World Marketing bankruptcy filing, Kraft registered a company called New Edge Marketing LLC . Kraft is the firm's president and CEO, according to his LinkedIn page. "New Edge Marketing's expertise in analytics and execution helps companies maximize (return on investment) in print, mail, email, social media, and mobile channels," the company's website says. Kraft is the son of Robert W. "Bob" Kraft, who has been a leading figure in Milwaukee in helping wealthy foreign nationals invest in the U.S. in exchange for permanent residency status. Bob Kraft has severed business ties with his son. About Rick Romell