A federal judge ordered that a bankruptcy proceeding for Dr. Phil McGraw’s Merit Street Media , the TV personality’s failed television network venture, be converted to a Chapter 7 liquidation — saying that was in the best interests of creditors including Trinity Broadcasting Network and Professional Bull Riders.

Merit Street was formed as a joint venture between TBN, a not-for-profit Christian broadcaster, and McGraw’s Peteski Productions. Merit filed for Chapter 11 bankruptcy protection on July 2, 2025, after running into financial straits. At the same time, Merit Street sued TBN, alleging breach of contract and claiming it “abused its position as the controlling shareholder”; subsequently, TBN countersued McGraw, alleging fraud .

Through a Chapter 7 liquidation, creditors c

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