Bodybuilder’s company survives bankruptcy. Rich Gaspari is a world famous bodybuilder. He is nicknamed the “Dragon Slayer”. He was a three time runner up in the Mr. Olympia bodybuilding contest. He also was awarded the 2103 Arnold Schwarzenegger Lifetime Achievement Award. After retiring, Mr. Gaspari founded Gaspari Nutrition, Inc. The company makes protein powders and other muscle-building mixes to help bodybuilders with their training routines. The company did very well for a while. In the year 2011, sales were $78 million. The company then began to run into problems. Sales fell. Some of the company’s products ran into problems. The FDA got involved in reviewing some products. The company recently had to pay $131,000 in a class-action lawsuit over the weight-loss supplement product Spirodex. In addition, times are tough for the industry. This month, the maker of the Prostar bodybuilding protein shake filed for bankruptcy. Gaspari Nutrition, Inc. had to follow suit. After consulting with bankruptcy attorneys, the company filed for bankruptcy protection on October 14th. Many believed the products and the company could not be salvaged. That has not taken place. In fact, the company will survive the bankruptcy filing. The company has been purchased out of bankruptcy for $10.1 million. An affiliate of the U.K. based Body Temple Ltd. won the auction to buy the company. Mr. Gaspari no longer is the owner of the company. Many expect him to stay working for the company. This is great news for everyone. The employees of the company will get to keep their jobs. The beloved products will keep getting made. Mr. Gaspari will still be a factor in the company he built. The hard work of the bankruptcy lawyers has really paid off. A new start is now at hand. The bankruptcy filing has permitted everyone to start again. The new owners are counting on a profitable 2015.