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Recent Posts in High-Profile Bankruptcies

  • Coldwater Creek Files Chapter 11 Bankruptcy

    Posted By Allmand Law Firm, PLLC || 15-Apr-2014

    Women's clothing retailer Coldwater Creek has filed for bankruptcy. The business, originally known as a catalog business 30 years ago, recently filed Chapter 11 bankruptcy protection in Delaware. Coldwater had over 300 store locations in operation but cited declining sales and the downturn of the economy. At one point, the company had revenue peaking at just over $1 billion in 2006. Documents ...
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  • Bankruptcy Trustee Questions Oksana Grigorieva's Finances

    Posted By Allmand Law Firm, PLLC || 7-Apr-2014

    While Oksana Grigorieva claims she's strapped for cash, the bankruptcy trustee overseeing her case claims her monthly expenses are not adding up. Grigorieva, a Russian singer known as the mother of Mel Gibson's child, filed for bankruptcy recently but the trustee may have found deficiencies related to her debts and expenses that are raising concerns about her filing. There are expenses and ...
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  • Oksana Grigorieva Files Chapter 13 Bankruptcy

    Posted By Allmand Law Firm, PLLC || 27-Feb-2014

    Oksana Grigorieva, Mel Gibson's ex and mother of Gibson's child, filed Chapter 13 bankruptcy in California. Grigorieva and Gibson went through an explosive child custody war in which she was awarded hundreds of thousands of dollars. But recently she claims she has fallen on hard times and only has $10 to her name. According to documents related to the case, Grigorieva has roughly $48,000 ...
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  • Ex-Girlfriend of NBA Star Chris Bosh Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 19-Feb-2014

    Allison Mathis, the ex-girlfriend of Miami Heat star Chris Bosh files bankruptcy protection. She is the mother of a 5-year old child fathered by Bosh. She reportedly receives child support payments from Bosh for their child in the amount of $3,000 a month, but many may see this as mere pennies since the NBA star signed a contract worth $109 million. Mathis filed Chapter 13 bankruptcy protection in ...
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  • West Virginia Company Seeks Bankruptcy after Chemical Spill Affecting Thousands

    Posted By Allmand Law Firm, PLLC || 11-Feb-2014

    A company in West Virginia blamed for the chemical spill that left hundreds of thousands of residents without safe drinking water has filed for bankruptcy. Freedom Industries Inc. filed Chapter 11 bankruptcy recently to provide the company temporary protection from possible lawsuits that may be filed against them. According to documents related to the filing, Freedom Industries has assets listed ...
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  • Former Baywatch Star Files Bankruptcy

    Posted By Keep Your Vehicle Through Reaffirmation in Chapter 7 Bankruptcy || 6-Feb-2014

    Nicole Eggert, 42, former star of the television show "Baywatch" files bankruptcy with this filing being her third attempt in one year. Eggert filed a Chapter 13 bankruptcy petition to restructure financial obligations and catch up on mortgage payments to prevent foreclosure of her home. She filed bankruptcy twice in the last year with both cases being dismissed. Filing Chapter 13 ...
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  • Vince Young Seeks Bankruptcy Dismissal upon Settling with Creditors

    Posted By Keep Your Vehicle Through Reaffirmation in Chapter 7 Bankruptcy || 4-Feb-2014

    Former NFL quarterback Vince Young, who recently filed bankruptcy, is now seeking to have his case dismissed. Attorneys representing Young claim they have reached a settlement with his largest creditor, Pro Player Funding in regards to a loan he took out with the company during the NFL lockout in 2011. Young had filed Chapter 11 bankruptcy in January to stall collection proceedings. Young filed ...
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  • Fashion Retailer Dots Files Bankruptcy

    Posted By Keep Your Vehicle Through Reaffirmation in Chapter 7 Bankruptcy || 3-Feb-2014

    Dots, a discount fashion retailer files Chapter 11 bankruptcy. The retailer claims the filing will help reorganize the company while maintaining regular operations. The retailer, also under new ownership, has roughly 400 locations across the U.S. in 28 states. The popular retailer offers affordable fashions including clothing and jewelry for women. The filing comes as the store works to reengage ...
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  • Former NFL Quarterback Vince Young Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 29-Jan-2014

    Vince Young, 30, former NFL quarterback for the Texas Titans filed for Chapter 11 bankruptcy. Just over a year ago there were reports Young was running out of money even though he signed a contract that would guarantee him $26 million. He filed his petition in Houston federal bankruptcy court while battling lawsuits against him in connection with a loan he took out for over $1 million. Filing ...
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  • Dance Moms Star Exits Bankruptcy

    Posted By Allmand Law Firm, PLLC || 24-Jan-2014

    Star of reality television series "Dances Moms" emerges from bankruptcy, but many had no idea it was filed in the first place. Abby Lee Miller, 47, just completed her bankruptcy case after running into financial troubles that almost cost her to lose her home and dance studio in Pennsylvania. Thanks to the success of the reality show she was able to satisfy outstanding debts with ...
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  • Country Singer Eddie Montgomery Seeks Bankruptcy Protection

    Posted By Allmand Law Firm, PLLC || 7-Jan-2014

    Country music star Eddie Montgomery, known as one-half of the country duo Montgomery Gentry, ended 2013 by filing for Chapter 7 bankruptcy. The filing comes after the singer accumulated millions of dollars in liabilities following a divorce and failed business venture. The filing will be used to help pay off his liabilities while continuing performances and preparing for upcoming events. ...
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  • Casey Anthony Gets Most Debts Discharged in Bankruptcy

    Posted By Allmand Law Firm, PLLC || 30-Dec-2013

    A Florida bankruptcy judge will allow Casey Anthony to discharge most of her outstanding debt. Anthony filed for bankruptcy protection earlier this year after accumulating hundreds of thousands of dollars in liabilities with much of the debt being legal fees. If she has any criminal fines or student loans she would still be responsible for paying them. The bankruptcy judge presiding over ...
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  • Rapper DMX Bankruptcy Case Gets Tossed Out by Court

    Posted By Allmand Law Firm, PLLC || 18-Nov-2013

    Rapper DMX, 42, who filed for Chapter 11 bankruptcy protection this summer, just got his case thrown out by a New York federal judge. The Journal News reported the rapper (real name Earl Simmons) got his case dismissed this month due to several inconsistencies when it came to his paperwork. Yet, this is the second time he was tossed by the bankruptcy court. Simmons filed for bankruptcy protection ...
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  • Problems Arise in Rapper DMX Bankruptcy Filing

    Posted By Allmand Law Firm, PLLC || 1-Nov-2013

    Earl Simmons, aka hip hop rapper DMX, filed for Chapter 11 bankruptcy protection back in July of this year. But it seems that actions related to his filing are now being questioned by federal authorities. Along with a new lawsuit against the rapper, his legal team has their hands full in trying to get the situation clarified. Now, officials feel DMX should satisfy creditors by selling his ...
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  • Bankruptcy Protection Filed by White House Gift Shop

    Posted By Allmand Law Firm, PLLC || 23-Oct-2013

    A popular gift shop located just blocks away from the White House has filed for bankruptcy protection. The shop known as the "Official White House Gift Shop" claims it is unable to pay their creditors with outstanding liabilities in the hundreds of thousands of dollars. The shop is known for selling memorabilia and commemorative items to Washington D.C. area tourists. The shop is closed ...
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  • Former Enron Executive Indicted on Bankruptcy Fraud Charges

    Posted By Allmand Law Firm, PLLC || 17-Oct-2013

    A federal grand jury returned a 24-count indictment on former Enron Executive Jeffery Adam Shankman, 46, that included concealing assets with bankruptcy fraud. He is expected to make his appearance before a U.S magistrate judge upon turning himself in to authorities. His charges include purposely hiding assets from creditors and the bankruptcy trustee who was appointed to collect and dispose them. ...
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  • Major US Honey Producer Files for Bankruptcy Protection

    Posted By Allmand Law Firm, PLLC || 15-Oct-2013

    Groeb Farms, a major honey supplier in the United States since 1981, has filed for Chapter 11 bankruptcy in Detroit, Michigan. The filing comes after the supplier was accused of buying Chinese honey illegally. The supplier supposedly was making illegal honey purchases in order to avoid anti-dumping tariffs imposed in 2001 by U.S. trade regulators. According the documents related to the filing, the ...
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  • Owner of Penthouse Magazine Files Bankruptcy Protection

    Posted By Allmand Law Firm, PLLC || 20-Sep-2013

    FriendFinder Networks, owner of adult entertainment website and the popular magazine publication Penthouse, has filed for Chapter 11 bankruptcy. The company has been struggling to pull in new revenue in recent years, while having problems paying back outstanding loans and other debts. In August, the company was delisted from NASDAQ when their stock trade fell above one dollar. FriendFinder is also ...
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  • Former GOP Chairman of Minnesota Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 18-Sep-2013

    Tony Sutton, 46, former chairman of the Minnesota GOP has filed for Chapter 7 bankruptcy protection. Along with his wife Bridget, the couple claims to have outstanding liabilities totaling over $2 million. During his political career as state Republican Party chairman, Sutton pushed aggressively for republican legislators to stay in line with spending based on state revenue. In other words, he was ...
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  • Opening Too Many Eateries Causes New York Restaurateur to File Bankruptcy

    Posted By Allmand Law Firm, PLLC || 17-Sep-2013

    The owner of the Catalina Corsino Italina restaurant and other eateries located in Manhattan, Jason Denton, bit off more than he could chew by opening too many restaurants leading up to bankruptcy. His lawyer states the restaurateur opened too many eateries at a time when the economy was struggling due to the Great Recession. Denton, a prominent New York chef and restaurateur, recently filed for ...
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  • The Motor City Detroit Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 31-Jul-2013

    In what is being considered the largest municipal bankruptcy filing in U.S. history the city of Detroit seeks Chapter 9 protection. While the move was anticipated for some time by financial analysts, the city has seen a significant decline in a number of ways over the last several decades. The filing is being seen as the best option for the city to help them rebuild, restructure, and regain ...
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  • Gossip Girl Actress Kelly Rutherford Files for Bankruptcy

    Posted By Allmand Law Firm, PLLC || 25-Jun-2013

    Kelly Rutherford filed for bankruptcy protection after dealing with financial struggles stemming from her child custody case against her ex-husband Daniel Giersch. Rutherford claims she is unable to pay her bills, while paying close to $2 million in legal fees in connection with the custody battle involving the couple's two young children. Documents related to the filing claim Rutherford has ...
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  • Another Former Real Housewife Star Files for Bankruptcy Protection

    Posted By Allmand Law Firm, PLLC || 12-Jun-2013

    Peggy Tanous, former star of the television series "Real Housewives of Orange County" files for Chapter 7 bankruptcy protection. Known as a wealthy party girl to TV viewers, her financial liabilities include owing millions to a number of creditors including credit card companies, mortgage loans, and property taxes. Even though she reportedly owes millions, Tanous is said to still be ...
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  • Comedian Sinbad Files Bankruptcy Again

    Posted By Allmand Law Firm, PLLC || 31-May-2013

    Comedian David Adkins, better known as Sinbad, filed for Chapter 13 bankruptcy protection. He filed for bankruptcy protection previously in 2009. The 56-year-old funny man jokingly claims to be broke, but documents related to his filing claim he makes $16,000 per month. This may not seem like typical pocket change but the comedian reportedly owes millions to creditors including tax debt. According ...
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  • Vacuum Maker Oreck Files for Bankruptcy

    Posted By Allmand Law Firm, PLLC || 15-May-2013

    Well-known vacuum company Oreck filed for Chapter 11 bankruptcy after decreasing vacuum sales. The company will continue operations during the filing, while in the process of restructuring in hopes of acquiring a buyer. Oreck is known for producing upright vacuums and cleaning products through online and direct phone sales, as well as through their Oreck Clean Home Center locations. Oreck will use ...
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  • Former Supermodel Janice Dickinson Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 29-Apr-2013

    Janice Dickinson, 58, also known as the world's first supermodel, filed for bankruptcy protection after owing creditors close to $1 million. Her creditors include the Internal Revenue Service (IRS) and unpaid bills from plastic surgery performed by multiple doctors. Dickinson is known as one of the most successful models in the world when her modeling career kicked off in the late 1970s after ...
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  • Dionne Warwick Files for Bankruptcy Protection in New Jersey

    Posted By admin || 29-Mar-2013

    Legendary Grammy-winning singer Dionne Warwick has filed Chapter 7 bankruptcy protection in the state of New Jersey. Warwick reportedly owes millions in tax debt to the Internal Revenue Service (IRS) and the state of California. Her representative claims the massive debt is due to mismanagement of finances during the late 1980's and 1990's. Warwick's legal representative claims her previous ...
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  • Legal Issues Force Girls Gone Wild Video Company to File Bankruptcy

    Posted By admin || 4-Mar-2013

    Video empire Girls Gone Wild (GGW) files for Chapter 11 bankruptcy after mounting debt and legal issues. The racy girls' video empire seeks protection while disputing multi-million dollar claims including a legal judgment of $10.3 million from Wynn Las Vegas, one of its biggest creditors. Joe Francis is behind Girls Gone Wild and its multiple brands including GGW Magazines LLC and GGW Events LLC ...
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  • Liberty Medical Home Supply Company Files for Bankruptcy

    Posted By admin || 21-Feb-2013

    Liberty Medical Supply, a home delivery health care products provider, filed Chapter 11 bankruptcy a midst pressure from creditors. The company is known for providing diabetes supplies and products for a variety of medical aliments. According to the company's website, over 1 million Americans use their medical supplies on a daily basis. Liberty Medical is said to have 9 affiliate companies that ...
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  • National AIDS Group NAPWA Seeks Bankruptcy Protection

    Posted By admin || 20-Feb-2013

    The National Association of People with AIDS (NAPWA) files Chapter 7 bankruptcy protection. The organization is said to be the largest and oldest voice for more than 1 million people living with HIV/AIDS in the United States. The filing comes as the group announced it will close down operations after 30 years. There are also reports of thousands of dollars in business funds either missing or ...
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  • Parent Company of Penn Foster Career School Files Bankruptcy

    Posted By admin || 19-Feb-2013

    Education Holdings 1 Inc., parent of Penn Foster Career School, has filed for Chapter 11 bankruptcy protection. The Boston-based parent will use the filing toward reorganization efforts following a settlement with the United States Attorney's office in New York. It is unclear how the filing will affect the Penn Foster unit. Penn Foster Career School is based in Scranton, PA. The unit is a descent ...
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  • Casey Anthony Seeks Bankruptcy Despite Ongoing Legal Issues

    Posted By admin || 18-Feb-2013

    Casey Anthony, 26, who many believed was behind the tragic murder of her toddler daughter Caylee two years ago, has filed for bankruptcy protection. Her filing comes shortly after 2 convictions were recently tossed out by the appeals court. While documents related to her filing show she owes thousands to numerous creditors, others believe Anthony is using the filing to delay other legal ...
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  • Merchandising Unit for Motorcycle Company Orange County Choppers Files Bankruptcy

    Posted By admin || 13-Feb-2013

    Paul Teutul Sr., founder of Orange County Choppers Holdings Inc., filed Chapter 7 bankruptcy for the company's merchandising unit last week in Poughkeepsie, NY. The filing will be used to help liquidate assets to pay off creditors. The merchandising unit provided OCC apparel that at one time was flying off the shelves during peak popularity of the family's television show "American Chopper." ...
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  • Video Game Maker Atari U.S. Seeks Bankruptcy Protection

    Posted By admin || 22-Jan-2013

    Popular video game company Atari U.S. files Chapter 11 bankruptcy in an effort to help the company expand into new digital and mobile gaming concepts. The company has faced numerous financial problems in recent years. Close to 90 percent of Americans recognize the game company logo with some of their most popular games include "Pong" and "Asteroids." Atari is also using the filing to separate from ...
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  • Massachusetts Pharmacy linked to U.S. Meningitis Outbreak Seeks Bankruptcy Protection

    Posted By admin || 31-Dec-2012

    New England Compounding Center (NECC), the Massachusetts specialty pharmacy believed to be the root cause of the meningitis outbreak in United States, filed for Chapter 11 bankruptcy protection. The filing will help the pharmacy establish a fund to compensate victims while settling other outstanding debt with additional creditors. The Centers for Disease Control and Prevention claims close to 40 ...
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  • Seattle Fugitive Couple Wanted for Bankruptcy Fraud Arrested in France

    Posted By admin || 1-Nov-2012

    A Seattle couple who have been on the run for over a year were arrested in France this week. The arrest of real-estate magnate Michael R. Mastro and his wife Linda was confirmed by the U.S. Attorney's Office in Seattle. The couple was charged with multiple counts of bankruptcy fraud over a year ago and reportedly disappeared when an order to turn over diamond jewelry valued at over $1 million was ...
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  • Battery Maker A123 Files Chapter 11 Bankruptcy

    Posted By admin || 19-Oct-2012

    Battery maker A123 Systems Inc. seeks bankruptcy protection after weak sales of electric cars. The filing will allow the maker to reorganize their business structure while finalizing the sale of automotive assets. The filing is likely to have the Obama administration face more criticism since the president authorized funding for alternative energy companies. It is said the battery maker received a ...
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  • Turkey Producer Zacky Farms Files Bankruptcy

    Posted By admin || 18-Oct-2012

    Zacky Farms files Chapter 11 bankruptcy and claims the filing is due to high feeding prices. The farm is considered one of the largest turkey producers in the United States. The filing will help the farm rebuild cash and make way for an auction sale set to take place after the Thanksgiving/Christmas holiday season. As a family-owned farm, it runs 2 turkey processing plants in Fresno and San ...
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  • Missouri Couple Who Won $20 Million Settlement Seeks Bankruptcy Protection

    Posted By admin || 17-Oct-2012

    Missouri couple Eric and Cassandra Peoples have filed bankruptcy 8 years after they won a $20 million settlement case against a popcorn factory. Back in 2004, Eric and his wife filed suit against the factory he was employed with after developing a lung disease related to the butter flavoring. Shortly after winning their case they built a mansion in Carthage, Missouri for just under $4 million. ...
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  • Bestselling Author behind Rich Dad Poor Dad Book Files Bankruptcy

    Posted By admin || 16-Oct-2012

    Author Robert Kiyosaki, behind the New York Times bestselling book, Rich Dad, Poor Dad, sought bankruptcy protection in August on behalf of his corporate company Rich Global LLC. It is thought to believe Kiyosaki filed as part of business strategy since some claim he can afford to pay the multi-million dollar judgment placed against his company. Rich Global LLC was ordered to pay an estimated $24 ...
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  • McMahons 1976 Bankruptcy Filing Shows Couple Owed Close to $1 Million

    Posted By admin || 21-Sep-2012

    Bankruptcy records of Linda and Vince McMahon were recently released with documents detailing the couple owed nearly $1 million when they filed their petition in 1976. The documents claim at the time the McMahons filed they had outstanding liabilities to 26 creditors. The McMahons are known for developing the World Wrestling Entertainment (WWE) into a globally recognized brand. Details surrounding ...
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  • Former Olympic Wrestler Rulon Gardner Seeks Bankruptcy Protection

    Posted By admin || 19-Sep-2012

    Rulon Gardner, 41, known for his multiple challenges and triumphs, has filed for Chapter 7 bankruptcy protection after business deals fell through. Documents related to his filing show close to $3 million in outstanding unsecured debt is owed. Gardner, who operates a business with his wife, claims their total annual income is under $40,000. While court documents show Gardner is liable for debt ...
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  • Piccadilly Restaurant Seeks Bankruptcy Protection

    Posted By admin || 17-Sep-2012

    Louisiana-based Piccadilly Restaurants LLC files Chapter 11 bankruptcy protection this week. The restaurant known for providing food services to schools and evacuees across southern portions of the United States, files after talks broke down with their lender Atalaya Capital Management LP. This is second bankruptcy filing for the restaurant who first filed in 2003. The lender Atalaya purchased ...
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  • Newspaper Publisher Journal Register Seeks Bankruptcy Again

    Posted By admin || 11-Sep-2012

    Journal Register Company seeks bankruptcy protection again in efforts to reduce costs through selling company assets. The company is parent to 18 newspapers with media properties throughout 10 states. The filing is the second time around for the company, even though it just exited bankruptcy in 2009. The Chapter 11 bankruptcy will help the company reorganize debt obligations while still continuing ...
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  • Arkansas Coach John Smith Files Chapter 7 Bankruptcy

    Posted By Allmand Law Firm || 7-Sep-2012

    John Smith, the Arkansas Razorbacks football coach, seeks Chapter 7 bankruptcy protection this week. Smith mentioned of a possible filing earlier this summer, but while he claims he tried to avoid the action he's glad to have professional assistance in dealing with his finances. His filing comes after real estate investment deals fell short due to the economy. His bankruptcy filing is said to ...
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  • Historic Black College Morris Brown Seeks Bankruptcy Protection

    Posted By admin || 28-Aug-2012

    Morris Brown College, a historical black college founded by freed slaves back in 1881, filed for Chapter 11 bankruptcy to stop foreclosure proceedings against the school. The college claims they were able to pay on certain debts but along with receiving notice of foreclosure against the establishment, filing for legal protection was seen as its last option to help stay afloat. Morris Brown College ...
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  • Specialty Retailer Mark Shale Seeks Bankruptcy Protection Again

    Posted By admin || 23-Aug-2012

    Clothier Mark Shale, based in Chicago, Ill. is one of the city's oldest specialty retail stores. The retailer filed for Chapter 11 bankruptcy protection this week as it continues to seek a buyer or additional financing to continue staying afloat. The retailer, which is over 80 years old, claims sales have dropped significantly in recent years by 60 percent. A reduced cash flow and the downturn of ...
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  • Gay Couple from Kentucky Granted Joint Bankruptcy Filing

    Posted By admin || 21-Aug-2012

    Joey Lester, 48, and Bob Joles, 47, live in the state of Kentucky. They have been together for 16 years and recently got married in the state of New York. While the state of Kentucky doesn't recognize their union, they were however, able to file a joint bankruptcy petition that allowed them to reorganize their debt in late July. The couple was able to file a joint Chapter 13 bankruptcy filing due ...
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  • Former Baseball Slugger Jose Canseco Files Bankruptcy

    Posted By admin || 2-Aug-2012

    Jose Canseco, 48, former slugger of the Oakland Athletics, filed for Chapter 7 bankruptcy protection this week. Canseco, who was American rookie of the year in 1986 and league MVP in 1988, filed in Las Vegas, Nevada. His filing will seek to liquidate assets to satisfy creditors, according to attorney Mark Segal who is representing Canseco. The Las Vega Sun publication was the first to report ...
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  • Chicago Based Breast Cancer Charity Suddenly Files Bankruptcy

    Posted By admin || 26-Jul-2012

    Y-Me, a Chicago-area organization that provided breast cancer support services for local women, abruptly files Chapter 7 bankruptcy protection. The organization has shut down operations and plans to move forward in liquidation. Supporters of the organization were surprised by the filing which followed just days after they learned the organization was no longer providing services. Since Y-Me filed ...
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  • Former State Trooper Charged with Mortgage and Bankruptcy Fraud

    Posted By admin || 17-Jul-2012

    According to FBI officials, Former Ohio State Highway Patrol trooper Benjamin W. Richardson has been sentenced to 50 months in prison for multiple charges including mortgage and bankruptcy fraud. He was also charged for tampering with a witness that was part of a federal investigation. In regards to the mortgage fraud charges, Richardson was ordered to pay lenders just over $600,000 in ...
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  • Management behind "Day Jams" Plans to File Chapter 7 Bankruptcy

    Posted By admin || 13-Jul-2012

    Day Jams Camp announced on its website that it plans to file for Chapter 7 bankruptcy protection. In what may be seen as an abrupt move by the management company behind the camp, this may be seen as a surprise to many parents who had their children enrolled to participate this summer. The camp has 15 locations across the country including 2 in Texas, and the camp was set to open a new location ...
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  • San Bernardino, California Seeks Chapter 9 Bankruptcy

    Posted By admin || 12-Jul-2012

    California has had other cities recently file for bankruptcy protection including Stockton and Mammoth Lakes. Unfortunately, San Bernardino is the third city to seek Chapter 9 bankruptcy protection. Like the other cities that filed their petitions, San Bernardino is facing a hefty deficit close to $50 million and hopes the filing will help the city stay afloat. The city has roughly 209,000 ...
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  • Stockton, California Seeks Bankruptcy Protection

    Posted By admin || 9-Jul-2012

    In what is being called the largest bankruptcy to be filed by a municipality in American history, Stockton, California seeks bankruptcy protection after years of deep debt woes and inability to pay city workers. The City of Stockton has been facing several challenges that led to the filing including mismanagement of funds, crash of the housing market and insufficient funding for bondholders and ...
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  • Mammoth Lakes, California Files Chapter 9 Bankruptcy

    Posted By admin || 4-Jul-2012

    Mammoth Lakes, California, a popular skiing town files bankruptcy protection ahead of a multi-million dollar judgment brought against them by a developer. Town officials were trying to negotiate payment plan details ahead of a court-mandated deadline but were unsuccessful. With the bankruptcy filing, the town may seek approval for a 10-year payment plan that would allow the town to remain ...
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  • Former NFL Star Warren Sapp Files Chapter 7 Bankruptcy

    Posted By admin || 30-May-2012

    Warren Sapp, former NFL defensive tackle for the Oakland Raiders and Tampa Bay Buccaneers, filed for Chapter 7 bankruptcy protection late March in South Florida, according to TMZ and the Washington Post. While many may think he's making good income, he hasn't been able to cover all of his expenses and obligations. It's been reported that Sapp owes more than $6.7 million to multiple creditors ...
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  • Houghton Mifflin Harcourt Publishing Files for Bankruptcy Protection

    Posted By admin || 29-May-2012

    Houghton Mifflin Harcourt Publishing Company, publisher of well-known works by authors J.R.R Tolkien and Mark Twain, as well as Curious George and Lord of the Rings, filed for Chapter 11 bankruptcy protection recently in New York as they work to reduce outstanding debt valued at more than $3 billion. According to the San Francisco Chronicle, the Boston, Massachusetts based company has assets ...
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  • Betsey Johnson Files for Chapter 11 Bankruptcy Protection

    Posted By admin || 25-May-2012

    Clothing company Betsey Johnson has filed for Chapter 11 bankruptcy protection. The fashion designer's company claims to owe a substantial amount to creditors totaling over a million dollars, along with liquidation problems. The filing may result in 350 employees losing their jobs, meaning they will close more than 60 stores. According to Forbes, the retailer owes outstanding debt to various ...
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  • Octomom Bankruptcy Tossed after Failing to Complete Petition

    Posted By admin || 17-May-2012

    Nadya "Octomom" Suleman filed a bankruptcy claim that recently was tossed by the court for failing to complete and file proper paperwork. Filing completed paperwork on time provides proof that a debtor is unable to pay their outstanding debt. In this case, since Suleman failed to provide complete documentation, creditors may move forward with their collection proceedings, which include a pending ...
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  • California Federal Judge Files Chapter 7 Bankruptcy

    Posted By admin || 10-May-2012

    U.S. District Judge Otis Wright filed for Chapter 7 bankruptcy protection after reportedly being on the bench for just 5 years. According to the San Francisco Chronicle, Wright and his wife filed a petition in December 2011 and claimed to have over $895,000 in liabilities compared to their assets being worth nearly $833,000. An annual salary of a district judge on average is about $174,000 but ...
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  • Former Business Manager for Black Eye Peas files Chapter 7 Bankruptcy

    Posted By admin || 22-Apr-2012

    Sean Larkin, former manager of the hip hop music group Black Eyed Peas filed Chapter 7 bankruptcy protection over the weekend in Los Angeles, CA. The Los Angeles Times reports that Larkin acknowledged failing to file tax returns for the music group while managing them as well as other clients. The petition filed with the U.S. Bankruptcy Court in Los Angeles claims Larkin has debts estimated ...
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  • TaxMasters Files Chapter 11 Bankruptcy

    Posted By admin || 3-Apr-2012

    TaxMasters, the Houston-based company that claimed to offer tax relief, is seeking its own relief through bankruptcy. The company filed for Chapter 11 bankruptcy over the weekend while facing claims of allegedly deceiving consumers when it comes to their tax relief services. The company founder is,Patrick Cox, the bushy-beard late night pitchman seen in dozens of commercials on various television ...
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  • American Seeks Bankruptcy Protection

    Posted By admin || 8-Dec-2011

    American Airlines and its parent company, AMR Corp. has filed for Chapter 11 bankruptcy protection. American, which was the only airline to avoid bankruptcy after the September 11 th terrorist attacks in 2001, has fallen behind competitors who used bankruptcy to trim labor costs and restructure their debts. Speculation about an AMR bankruptcy grew in recent weeks, however, as negotiations with ...
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  • Bankruptcy May Be Kodak's Best Moment

    Posted By admin || 7-Dec-2011

    To further its efforts to avoid bankruptcy, Eastman Kodak Co. has changed law firms hoping that a new firm can help it restructure its debts outside of the bankruptcy process. Kodak is intent on avoiding bankruptcy, a person familiar with the matter said. That is even though some of Kodak's biggest challenges involve expensive leases, pension obligations, and health care costs for current and ...
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  • As Lawsuits Mount Countrywide Bankruptcy Looms

    Posted By admin || 1-Dec-2011

    The threat of a Countrywide Financial bankruptcy filing looms larger than ever as the number of lawsuits against the company mounts. The subprime mortgage lender, which was acquired in 2008 by Bank of America continues to suffer losses as the foreclosure crisis fails to loosen its stranglehold on housing industry stakeholders. The FHFA sued Bank of America and 16 other banks this month to recover ...
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  • Fame, Fortune And Magical Thinking Cause Of Celebrity Bankruptcy?

    Posted By admin || 28-Nov-2011

    Singer Tionne "T-Boz" Watkins, member of TLC a group which had ten Top 10 singles, four multi-platinum albums, and won four Grammy Awards, has filed for bankruptcy. T-Boz owes creditors $768,642.99, mostly from mortgages on her $1.2 million house, court documents revealed. According to TMZ, the "Waterfalls" hitmaker still earns $1,200 a month in royalties. Her total monthly income is $11,700 and ...
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  • Fox Sports Challenges Dodgers Bankruptcy

    Posted By admin || 22-Nov-2011

    Fox Sports is calling for the dismissal of the Dodgers bankruptcy case and the Dodgers are suing Fox Sports news in the latest twist in a sports team Chapter 11 bankruptcy that continues to become more brutal by the week. The last twist in the bankruptcy drama had MLB commissioner Selig agreeing to allow McCourt to sell the media rights to the baseball team. However, Fox Sports (owned by NewsCorp) ...
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  • Brazen Pre-Bankruptcy Asset Transfer Surprises Finance World

    Posted By admin || 15-Nov-2011

    Bankrupt securities firm MF Global allegedly transferred millions in missing client funds last week right before filing bankruptcy. If true, the money transfer could cause serious problems in the firm's bankruptcy case: CME's statement suggests that MF Global executives rushed hundreds of millions out of client accounts as bankruptcy loomed. The company acknowledged that the money was missing ...
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  • Tribune Bankruptcy Plan Rejected -- Again

    Posted By admin || 10-Nov-2011

    In a bankruptcy case that is never ending, the Tribune Co. bankruptcy plan was rejected by U.S. Bankruptcy Judge Kevin J. Carey because of its unfair treatment of certain subordinated claims known as PHONES. In his opinion, Carey approved a controversial settlement that was at the heart of a plan of reorganization proposed by Tribune Co., the creditors' committee and senior creditors Oaktree ...
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  • MLB Will Not Oppose Dodgers Bankruptcy Auction

    Posted By admin || 9-Nov-2011

    In a bid to move the bankruptcy process along for the Dodgers, the MLB has agreed to allow current owner Frank McCourt to solicit competing bids for the team's media rights as long as he agrees to sell the baseball team. The structure of the auction was the biggest of several concessions MLB made to get Mr. McCourt to agree to sell the Dodgers. They were designed to allow Mr. McCourt to reap as ...
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  • Is Pennsylvania's Opposition To Municipal Bankruptcy Foolish?

    Posted By admin || 9-Nov-2011

    The city of Harrisburg filed Chapter 9 bankruptcy to get a handle on debt that was literally destroying it. But because the state of Pennsylvania opposes bankruptcy, the city is now facing cumbersome and tiresome measures to avoid both bankruptcy and being placed under the control of state officials. In the resulting Chapter 9 filing, the city listed more than $60 million in unpaid obligations on ...
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  • A Real Housewife of New Jersey Faces Bankruptcy Accusations

    Posted By admin || 7-Nov-2011

    There's more bankruptcy drama coming out of reality TV, this time involving reality TV star Jacqueline Laurita of "Real Housewife of New Jersey." Laurita and much of her immediate family are accused of plundering the assets of a clothing company in bankruptcy. First of all, court papers show New Jersey's Jacqueline Laurita, her husband Joseph, her husband's brother and her husband's brother's wife ...
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  • Filene's Basement and Syms To Liquidate In Bankruptcy

    Posted By admin || 3-Nov-2011

    After experiencing their third bankruptcy in ten years, Filene's Basement and Syms have decided to liquidate their stores nationwide. "The filings today are the result of a process that has been taking place for several months," Syms said. "Our board has conducted a rigorous assessment of all the strategic options and alternatives available and after careful consideration has come to the ...
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  • Tribune Co.'s Bankruptcy Exit Blocked Once Again

    Posted By admin || 2-Nov-2011

    U.S. Bankruptcy Judge Kevin Carey has rejected two competing plans for reorganizing Tribune Co. calling the plans infeasible and threatening to appoint a trustee to resolve the disputes if the fighting parties cannot come to an agreement. For the last three years Tribune Co. has been in Chapter 11 bankruptcy unable to exit because of litigation surrounding a 2007 leveraged buyout which some ...
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  • Dallas Stars' Bankruptcy Exit Plan Faces Uphill Battle

    Posted By admin || 1-Nov-2011

    The IRS is amongst a small group of creditors objecting to the Dallas Stars' bankruptcy exit plan. The federal taxing authority is challenging the plan alleging that it infringes upon its rights. The federal tax agency detailed its opposition to the National Hockey League team's Chapter 11 plan of reorganization, arguing that the plan doesn't account for its various rights under bankruptcy law, ...
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  • MGM Resorts Opposes B.B. King's Bankruptcy Plan

    Posted By admin || 21-Oct-2011

    In a dispute between bankruptcy debtor B.B. King's restaurant and Mirage, owned by casino operator MGM Resorts International, lawyers for the casino argue that the proposed bankruptcy plan for B.B. King's isn't feasible nor in the best interests of the bankruptcy estate. "There is no lease for the debtor to assume and the motion is an exercise in futility," the Mirage's filing said. "The debtor is ...
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  • Dodgers Bankruptcy Bickering Gets Foul

    Posted By admin || 20-Oct-2011

    Preliminary bickering and fighting is just a prelude to a hearing scheduled for October 31, 2011, that will include testimony which could be fateful in McCourt's ability to keep control of the Dodgers. The battle lines are already being drawn about everything from file cabinets used by an MLB appointed trustee to alleged IRS investigations into the personal finances of Frank McCourt. One of the ...
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  • Celebrity Bankruptcy: Young Buck Faces Bankruptcy Liquidation

    Posted By admin || 20-Oct-2011

    Young Buck Faces Bankruptcy Rapper Young Buck's (David Darnell Brown) Chapter 11 bankruptcy restructuring may no longer be feasible due to unresolved disagreements. The Chapter 11 bankruptcy trustee Jeanne Burton has ruled that the unresolved contract issues preventing the approval of the bankruptcy plan and the inability to recover misappropriated assets warrants liquidation in Chapter 7 ...
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  • Allegations Of Insider Trading Derail WaMu Bankruptcy Confirmation

    Posted By admin || 10-Oct-2011

    Bankruptcy Judge Mary Walrath has for the second time refused to confirm Washington Mutual's bankruptcy plan on the grounds that without mediation the bankruptcy case could collapse into a litigation nightmare. The major point of contention is allegations of insider trading which hedge fund investors vehemently deny. But the bankruptcy judge views the allegations as reasonable and has ordered ...
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  • Could Privacy Concerns Sink Borders' Bankruptcy Sale?

    Posted By admin || 28-Sep-2011

    Barnes & Noble has agreed to pay $14 million for Borders' intellectual assets which include private customer information. But the bankruptcy sale could be jeopardized if the court appointed Consumer Privacy Ombudsman's recommendation that Borders' privacy policy remain in effect is enforced by the bankruptcy court. The FTC wrote, in part: "The representations Borders made to its customers ...
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  • Dallas Stars To File Prepackaged Bankruptcy

    Posted By admin || 16-Sep-2011

    The Dallas Stars hockey team intends to sell their team in bankruptcy for a reported $230 million. The proposed bankruptcy sale will include an auction with Canadian businessman Tom Gaglarid as the favored bidder despite the opportunity for other bidders to enter the fray. "With the Stars, I don't think you'll see a bidding war," said Michael Cramer, who was president of the Stars holding company ...
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  • Bankruptcy Discharge Allows Toni Braxton To Breathe Again

    Posted By admin || 2-Sep-2011

    In September of last year, singer Toni Braxton filed her second bankruptcy with a reported $1.6 million in assets and $18.3 million in debts. Her bankruptcy attorney was recently able to win a bankruptcy discharge for some of her debts. Which debts receiving a discharge have not been revealed by the bankruptcy court records yet. Those same court papers show $14 million owed to former record label ...
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  • Why Michael Vick's Bankruptcy Plan Is Still A Good Deal

    Posted By admin || 31-Aug-2011

    There's been lots of handwringing and gaping mouths since it was "discovered" that a large portion of Michael Vick's new contract of $40 million will go to his bankruptcy estate to pay creditors. While it may seem that the bankruptcy payout is an unfair deal, the reality is that without bankruptcy Michael Vick could face an even harsher financial reality. Below are a few things that would probably ...
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  • Should Fans Have A Say In Dodgers' Bankruptcy?

    Posted By admin || 25-Aug-2011

    The children of Frank Sinatra, a long-time Dodgers fan who has held season tickets for his family since 1958, have filed an official request with the bankruptcy court asking that they and other season ticketholders be allowed to form an official committee in the bankruptcy case. Nancy, Frank Jr. and Tina Sinatra and the other ticket holders are seeking recognition as an official committee to ...
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  • Anna Nicole Smith Decision Could Impact Bankruptcy Debtors

    Posted By admin || 22-Aug-2011

    The Anna Nicole Smith bankruptcy case has extended well beyond the death of the celebrity and may now impact the jurisdiction and power of bankruptcy judges. The central issue raised in the Anna Nicole Smile bankruptcy was whether a bankruptcy judge had a right to decide a non-bankruptcy dispute which impacted the case. Vickie Lynn Marshall, known to the public as Anna Nicole Smith filed for ...
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  • Post-Bankruptcy Administrator Accuses Former Texas Ranger Owner Of Thievery

    Posted By admin || 19-Aug-2011

    Texas Ranger's post-bankruptcy administrator Alan Jacobs has accused former Rangers owner Tom Hicks of outright stealing from the bankruptcy estate and is now suing him for millions. ...the team's post-bankruptcy administrator, who says the wealthy Dallas investor "stole" tens of millions from the major-league franchise to acquire what are now highly lucrative parking lots near Rangers Ballpark in ...
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  • A Countrywide Bankruptcy Could Thrust BofA Into An Epic Litigation Battle

    Posted By admin || 16-Aug-2011

    Countrywide seems to be the latest financial giant facing the possibility of bankruptcy due to foreclosure toxic run off. The mortgage company, which was absorbed by Bank of America (BofA) is bleeding revenue fast, causing the nationwide bank to suffer major losses. But financial losses aren't the only troubles plaguing BofA, some asset transfers from the Countrywide to BofA have at least one ...
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  • Dodgers Bankruptcy Financing Deal A Lesson For Other Debtors

    Posted By admin || 10-Aug-2011

    After weeks of haggling over the Dodgers' bankruptcy financing, Major League Baseball (MLB) and the team's owner Frank McCourt have agreed that MLB will provide $150 million in debtor-in-possession (DIP) financing. Last month, U.S. Bankruptcy Judge Kevin Gross sided with baseball after a 10-hour hearing where the two sides attacked each other's motives related to the MLB loan and a competing deal ...
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  • How Bankruptcy Transformed One Pharmaceutical Company - For The Better

    Posted By admin || 4-Aug-2011

    Biovest International, Inc. filed Chapter 11 bankruptcy in 2008 along with its parent company Accentia Pharmaceuticals. Burdened with debt topping $47 million, the company remained in bankruptcy for two years trying to restructure all of its debts and obligations, including contracts, overhead costs, and royalties. But while the company struggled through bankruptcy and the attorneys and ...
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  • Automatic Stay Lifted Despite Debtors' Arguments Over Lawsuit Location

    Posted By admin || 3-Aug-2011

    In the business bankruptcy of Jim's Maintenance & Sons, Inc. and Jim's Commercial Cleaning Ltd., the bankruptcy court ruled to lift the automatic stay for Target Corporation, allowing the creditor to pursue lawsuits against the debtors in both Texas and Oklahoma. The debtors in the case argued that lifting the bankruptcy automatic stay for both lawsuits would unfairly burden them because they ...
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  • Dodgers Owner Strikes Out Again In Bankruptcy Battle

    Posted By admin || 28-Jul-2011

    U.S. Bankruptcy Judge Kevin Gross rejected the $150 million debtor-in-possession financing deal offered by Highbridge Capital Management and supported by the Dodgers' owner Frank McCourt. Gross found that the terms offered by MLB were superior to those offered by Highbridge, which included a $5.25 million fee and could have encumbered team assets. The judge took aim at the fee, in particular, ...
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  • Dodgers' Chapter 11 Bankruptcy Round Two

    Posted By admin || 25-Jul-2011

    Once again Dodgers' owner Frank McCourt and MLB Commissioner Bud Selig battled it out in bankruptcy court this week. Both sides argued against the other controlling the finances of the baseball team while in Chapter 11 bankruptcy. Right now McCourt's DIP lender has been allowed to lend a portion of the proposed $150 million loan the Dodgers need to survive the bankruptcy process; but the final DIP ...
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  • Borders Forced To Liquidate In Bankruptcy

    Posted By admin || 21-Jul-2011

    After failing to secure a buyer in Chapter 11 bankruptcy, Borders is headed to liquidation closing down 400 bookstores around the nation and putting 11,000 people out of work. Borders was unable to overcome competition from larger rival Barnes & Noble Inc (BKS.N) and from Amazon.com Inc (AMZN.O), which began to dominate book retail when the industry shifted largely online. Borders, for which ...
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  • WaMu Faces Shareholder Challenges To Bankruptcy Plan

    Posted By admin || 19-Jul-2011

    Washington Mutual, Inc. (WaMu) is facing shareholder challenges to their proposed bankruptcy plan. The shareholders, who will get nothing if the bankruptcy plan is approved, argue that the debt reorganization plan is tainted by the hedge funds' alleged use of confidential information to profit from the company's debt troubles. WaMu "fed four of these hedge funds, known as the 'settlement note ...
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  • Landlords Object To Borders Proposed Bankruptcy Sale

    Posted By admin || 19-Jul-2011

    A group of Borders Group landlords have banded together to object to the proposed Chapter 11 bankruptcy sale of Borders to Direct Brands. The landlords argue that the timing of the proposed sale and the lack of disclosures leave them with too little information and too little time to make an educated decision about the sale. According to the landlords, the main problem with the proposed sale is ...
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  • Dodgers Bankruptcy Update: The Paper Wars Begin

    Posted By admin || 18-Jul-2011

    Major League Baseball (MLB) is feeling the sting after the judge in the Dodgers Chapter 11 bankruptcy case restricted how much information the MLB could demand from the team's current bankruptcy lender. U.S. Bankruptcy Judge Kevin Gross said JPMorgan Chase & Co.'s Highbridge Capital Management LLC doesn't have to provide an internal analysis of its proposed $150 million financing package. The ...
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  • Military Servicemember Sues Citigroup For Illegal Foreclosure

    Posted By admin || 18-Jul-2011

    In what may transform into a class action lawsuit, a sergeant in the Texas National Guard has sued Citigroup Inc., alleging the bank foreclosed on and auctioned his home while he was in training to deploy to Iraq. If this is true, it's a violation of the Servicemembers Civil Relief Act, a law that forbids foreclosing on active-duty military members and caps interest rates on their loans. Rodriguez ...
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  • Angry Baseball Fan Letters Infiltrate Bankruptcy Court Docket

    Posted By admin || 15-Jul-2011

    The bankruptcy judge overseeing the Los Angeles Dodgers bankruptcy case has ordered the removal of four angry fan letters which were placed in the court's official list of documents. Judge Kevin Gross of Delaware's bankruptcy court on Friday ordered that letters from fans had to be removed from the court's docket, or official documents, before it turned into an extension of sports talk radio. Only ...
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  • Bankruptcy Update: Borders' Buyer Negotiations Collapse, Liquidation Probable

    Posted By admin || 15-Jul-2011

    Borders Group has had a disappointing conclusion to their negotiations with a potential buyer and creditors. The collapse of the much hoped for buyout deal means that a group of liquidators will bid on the company on Sunday, July 17, 2011 and if there are no higher bidders, the company will be liquidated. Borders had been in talks with a single private equity firm, Najafi, whose bid was rejected ...
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  • Dodgers Fans Appeal To Bankruptcy Trustee To "Oust McCourt"

    Posted By admin || 14-Jul-2011

    In a bankruptcy case that has already become heated, Dodgers baseball fans are adding fuel to the fire. In several letters filed with the U.S. Bankruptcy Court, several Dodgers fans appealed to the bankruptcy trustee to oust the team's current owner, Frank McCourt. "I beg you Mr. Gross to please do the right thing and...put the team up for auction to someone who will no doubtedly [sic] manage this ...
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  • Bankruptcy Update: Borders Finally Finds A Potential Buyer

    Posted By admin || 11-Jul-2011

    Borders, the embattled bookseller in Chapter 11 bankruptcy, has finally found a potential buyer for its stores. Direct Brands has agreed to a $215 million opening bid for Borders Group. The bid will be placed at the bankruptcy auction where other bidders will be able to participate. However, at this point there does not seem to be any other serious bidders involved in Borders' bankruptcy auction. ...
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  • Dodgers And MLB Begin Deposition "Wars" In Bankruptcy

    Posted By admin || 11-Jul-2011

    In what appears to be a clear case of lack of communication in the Dodgers Chapter 11 bankruptcy case, both sides, (the Dodgers owner Frank McCourt and the MLB Chief) have quickly submitted to the court requests to depose the other side. MLB filed papers Friday with the U.S. Bankruptcy Court in Wilmington, Del., seeking to depose McCourt and asking the team to turn over documents. In demanding ...
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  • Bonuses During Bankruptcy Under Fire Again

    Posted By admin || 11-Jul-2011

    The last executive employee of Blockbuster may lose his six-figure bonus if the Office of the U.S. Trustee has its way. The department has requested that the company's former treasurer, who has remained with the company through bankruptcy be prevented from receiving a six-figure bonus for his work on the bankruptcy case. Bruce Lewis, the company's former treasurer, has been charged with winding ...
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  • Supreme Court Overrules Decision In Anna Nicole Bankruptcy Case

    Posted By admin || 6-Jul-2011

    In what some are describing as the most important decision effecting bankruptcy judges in twenty-five years, the Supreme Court ruled that the bankruptcy judge who resolved a common-law tort claim in favor of Anna Nicole Smile (now deceased) acted outside of his authority. The five-justice majority led by Chief Justice John Roberts said that while the Bankruptcy Court had the statutory power to ...
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  • WaMu Employees Lose Fight To Become Priority Bankruptcy Creditors

    Posted By admin || 6-Jul-2011

    Bankruptcy Judge Mary F. Walrath ruled that she would not create a constructive trust to hold assets from an employee compensation plan. A constructive trust is a trust created for the benefit of parties who have been wronged. In this case, WaMu employees said that the company wrongfully prevented them from withdrawing money from the employee compensation plans before the company filed Chapter 11 ...
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  • A Famous Restaurant's Bankruptcy Now A "Circus Show"?

    Posted By admin || 5-Jul-2011

    The judge overseeing the Giordano Chapter 11 bankruptcy was forced to have a litigant forcibly removed from the court after he made a comment that was interpreted as a threat. Below is a blurb from the conversation between the judge and the litigant Marshall Home: Then the judge asked Home to answer questions under oath, reminding him that what he said could have serious consequences. "And vice ...
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  • Another Baseball Team Files Chapter 11 Bankruptcy

    Posted By admin || 30-Jun-2011

    Less than a week after the Commissioner of Major League Baseball (MLB) blocked a bid for a 17 year television contract with Fox Sports, the Los Angeles Dodgers have filed Chapter 11 bankruptcy. The Dodgers have joined a growing list of baseball franchises turning to bankruptcy for protection from creditors. Last year the Texas Rangers filed and successfully exited Chapter 11 bankruptcy after a ...
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  • Failure To Make Chapter 13 Bankruptcy Payment Ends In Dismissal With Prejudice

    Posted By admin || 29-Jun-2011

    Bankruptcy Failure to Pay In a recent appeal regarding a Chapter 13 bankruptcy case which was dismissed with prejudice, a debtor learned that failure to make timely payments can end in disaster. The debtor in this bankruptcy case was negotiating his bankruptcy repayment plan over the period of three years. During that time he was making "good faith" payments to the mortgage lender with whom he had ...
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  • WaMu's Former Ally Turns Back On Bankruptcy Plan

    Posted By admin || 29-Jun-2011

    In a surprising turn of events in the Chapter 11 bankruptcy of Washington Mutual, Inc. (WaMu), Aurelius Capital Management LP has turned against the proposed bankruptcy plan saying that it unfairly enriches JPMorgan Chase & Co. Aurelius and three other hedge funds helped strike a "global settlement" last year that ended legal battles between Washington Mutual, JPMorgan and the Federal Deposit ...
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  • State's Move To Stop Harrisburg's Bankruptcy Filing Sets A Nasty Precedent

    Posted By admin || 28-Jun-2011

    State legislators in Pennsylvania approved a bill that would prevent the City of Harrisburg from filing bankruptcy if they do not follow the advice of a state appointed task force setup to offer financial guidance to the city. A state-appointed task force coordinator released a report earlier this month saying that Harrisburg should rein in personnel costs, sell or lease assets and outsource trash ...
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  • Bankruptcy Judge Accuses Lender Of "Raping" Borders

    Posted By admin || 27-Jun-2011

    Borders Group Inc. won a reluctant approval from the bankruptcy court to pay a $1 million fee to extend their bankruptcy loan's expiration date. Bankruptcy Judge Martin Glenn accused the lender of "raping" the bookstore and said that he was very close to denying the transaction. "The reluctance is I think you're getting raped, is the best way I can describe it," Judge Glenn said, according to the ...
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  • Ex-Wife Of Billionaire Files Bankruptcy Despite Large Fortune

    Posted By admin || 24-Jun-2011

    Socialite Patricia Kluge and her current husband filed Chapter 7 bankruptcy last week after losing millions on a vineyard business that lost more money than it made. Even the large divorce settlement with her billionaire ex-husband has not been able to save Kluge's finances. Their grand ambitions to make a world-renowned Virginia wine weren't cheap; according to the Post's extensive profile, Kluge ...
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  • What Went Wrong In The Allen Family Foods Bankruptcy?

    Posted By admin || 21-Jun-2011

    Right before filing Chapter 11 bankruptcy, Allen Family Foods was on the brink of collapse. The company's major bank, with whom it also held payroll services, called in their loans and left many workers unpaid. The payroll issues arose after the bank where Allen keeps its payroll account, Wilmington Trust, sent Allen a default notice and demanded payment on more than $520,000 in loans in late May, ...
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  • Is Rapper Young Buck Hiding Income From Bankruptcy Court?

    Posted By admin || 21-Jun-2011

    Young Buck Hiding Income From Bankruptcy Court Rapper Young Buck is facing bankruptcy troubles again. Under the agreement with his bankruptcy trustee, he is to report all performance and appearance fees; but according to the suspicions of the bankruptcy court he may have received fees and failed to report them to the bankruptcy trustee or his bankruptcy attorney. "On or about June 11, the trustee ...
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  • WaMu's Bankruptcy Negotiations Once Again Collapse

    Posted By admin || 20-Jun-2011

    Washington Mutual Inc.'s negotiations on the $7 billion bankruptcy reorganization plan have fallen apart after preferred shareholders successfully opposed a move to give common shareholders a stake in the company after it emerges from bankruptcy. The collapse of the talks means that WaMu will move forward with its sixth version of a reorganization plan that proposes to give nothing to ...
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  • Borders Forced To Close More Stores, Bankruptcy Liquidation Looms

    Posted By admin || 17-Jun-2011

    Borders, the national bookseller trying to emerge from Chapter 11 bankruptcy protection, is still struggling to find a buyer and is now faced with closing 51 additional stores because it has failed to negotiate an extension with landlords. Thursday's disclosure, made in a bankruptcy court filing in New York, said that Borders had secured lease extensions at 365, or about 90 percent, of its ...
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  • Bankruptcy, Recession And The Arts

    Posted By admin || 16-Jun-2011

    Another artistic organization is seeking the protection of bankruptcy. The Philadelphia Orchestra Association is the first major symphonic orchestra to file bankruptcy in this country; but it's not the first arts organization to seek the help of bankruptcy to restructure its debts. The orchestra has cited the costs of maintaining retired musicians and the costs of an annual series of concerts ...
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  • Declaring The U.S. Courts Have No Jurisdiction Dooms Debtor's Bankruptcy

    Posted By admin || 16-Jun-2011

    In the Chapter 11 bankruptcy of the Giordano pizza chain has just gone from standard to bizarre after the debtor was removed from his company by the bankruptcy court after he filed a affidavit attempting to terminate the bankruptcy and declaring that he is a freeman over whom the US courts have no jurisdiction. On April 22, John and Eva Apostolou (the debtors in possession) filed a document with ...
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  • Celebrity Bankruptcy Not Always A Good Example For Ordinary Debtors

    Posted By admin || 15-Jun-2011

    For most Americans bankruptcy is still a process they see through the lens of filings made by sports and music stars; not something they personally experience. Because of this, there seems to be a misconception about how assets are handled during bankruptcy. When ordinary debtors hear about Pittsburgh Steelers player Charlie Batch being forced to sell many of his real estate properties to pay for ...
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  • Malaysia's Bankruptcy or Imprisonment Policy A Warning To America

    Posted By admin || 13-Jun-2011

    Malaysia's recent proposal that student loan debtors either be forced into bankruptcy or put into prison for failure to pay their debts could serve as warning to America. While the U.S. does not have a policy of imprisoning debtors for failure to pay student loans, we also do not have a policy for easily freeing students of their student loan debt in bankruptcy, something most consider unfair and ...
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  • Lawsuits Prompt Famous Photographer Estate To Seek Bankruptcy Protection

    Posted By admin || 7-Jun-2011

    The Shaw Family Archives Ltd. filed Chapter 11 bankruptcy after a series of lawsuits threatened it's future solvency. Sam Shaw, the famous photographer who became most known for his iconic photo of Marilyn Monroe standing over a subway grate holding her billowing white dress, left his estate to various family members; but it hasn't been enough to stave off the Chapter 11 bankruptcy filing. Before ...
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  • Dallas Stars Negotiating A Pre-Packaged Bankruptcy Deal With Potential Buyer?

    Posted By admin || 6-Jun-2011

    For over a month now, the Dallas Stars have reportedly been in quiet negotiations with Vancouver businessman Tom Gaglardi in an effort to secure a buyer as part of a prepackaged bankruptcy deal. Tavares would not confirm details, but two sources said that Vancouver businessman Tom Gaglardi is moving forward with his bid and that his exclusive 30-day negotiating window has been extended. Gaglardi ...
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  • Crystal Cathedral Makes Win-Win Bankruptcy Proposal

    Posted By admin || 2-Jun-2011

    The Crystal Cathedral megachurch is planning to propose a bankruptcy settlement which could be a win-win for both the debtor and its creditors. If approved, the bankruptcy plan could wipe out millions of dollars in debt, require the sell of its campus and famous soaring, glass-spired church to a real estate investment group with the opportunity for the church to eventually buy back some of its ...
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  • Borders Fails To Find Buyer Could Face Bankruptcy Liquidation

    Posted By admin || 1-Jun-2011

    Borders Group Inc., the large bookseller in Chapter 11 bankruptcy, is currently searching for a buyer of more than 225 of its stores. But so far there has only been slight interest in the company with many predicting that its business model simply is no longer viable with the rise in digital publishing. Barnes & Noble expressed some interest in purchasing ten Borders stores but the terms ...
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  • It Was Bankruptcy That Ultimately Saved Chrysler

    Posted By admin || 27-May-2011

    If you've been watching the news and reading blogs lately, then you probably know that Chrysler, the President and legislators who supported the massive 2008 and 2009 bailouts of automakers, are all congratulating themselves on the repayment of loans made to Chrysler after 2009. But according to at least one blogger, those paybacks are not for the bailouts nor are they putting taxpayers in the ...
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  • Jackson Hewitt Tax Service Files Bankruptcy, More To Come?

    Posted By admin || 26-May-2011

    Jackson Hewitt Tax Service Inc. filed for Chapter 11 bankruptcy, reportedly holding a prepackaged bankruptcy deal with secured lenders that will allow the tax-preparation company to exit bankruptcy protection within 60 days. The filing comes after U.S. regulators moved to curb the loans that tax preparers arrange for customers expecting refunds. Jackson Hewitt listed as much as $500 million in ...
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  • Bankruptcy Scholars Challenge Judge's Flawed Assumptions

    Posted By admin || 25-May-2011

    A group of bankruptcy scholars have rallied together to challenge a recent ruling by a U.S. District Court judge which reversed a bankruptcy trustee's decision that the homebuilder Tousa engaged in a fraudulent transfer which needed to be voided. At issue are a series of transactions through which Tousa borrowed $500 million to fund a $420 million settlement. Its subsidiaries granted liens to ...
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  • Borders Seeks Bankruptcy Court Approval To Terminate Café Contract

    Posted By admin || 23-May-2011

    The Borders' bookstore bankruptcy drama continues to unfold, this time revolving around the company's desire to terminate its licensing agreement with Seattle's Best. Borders Group Inc. is set to seek bankruptcy-court permission to terminate its licensing agreement with the Starbucks Corp. brand, a move that would remove the Seattle's Best name from cafés at Borders' s417 remaining locations ...
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  • Clearwire Says Bankruptcy Is An Option

    Posted By admin || 20-May-2011

    Clearwire's Chairman and interim chief executive officer of Clearwire, John Santon, has announced that bankruptcy is an option for the high speed internet provider which has fallen short on capital and is in the process of retrenching. However, Santon is seriously mistaken in the way he describes the bankruptcy option available to his company. "Bankruptcy is always an ugly option," he said. "That ...
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  • GM Faces Wrath Of Retirees In Post-Bankruptcy Squabble

    Posted By admin || 11-May-2011

    Dozens of executive retirees earning more than $100,000 a year in retirement benefits sued General Motors claiming they suffered some unauthorized losses of their benefits after the automaker's bankruptcy. The pensioners, including former GM Vice President John G. Middlebrook, are asking a judge to rule that the company violated the federal Employee Retirement Income Security Act and order it to ...
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  • A Bankruptcy Fitting For American Apparel?

    Posted By admin || 2-Apr-2011

    American Apparel Inc. has once again announced that it is flirting with the idea of filing bankruptcy. "We are currently experiencing significant liquidity constraints," the company said in a regulatory filing yesterday. The chain said that if it can't improve performance or get alternative financing, it may file for bankruptcy. The company also posted a 2010 loss of $86.3 million. The clothing ...
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  • Bankruptcy Court Refuses To Reopen Case At State's Request

    Posted By admin || 29-Mar-2011

    The bankruptcy case and eventual imprisonment of penny stock trader Robert E. Brennan is one which spans more than 15 years. The bankruptcy debtor was put in prison for nine years after hiding assets from the bankruptcy estate. And while the bankruptcy trustee scoured the globe trying to find the assets which belonged to the estate, one illegally hidden asset remained untouchable. In 1994, with ...
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  • EA Founder Unable To Discharge Taxes In Bankruptcy

    Posted By admin || 29-Mar-2011

    William M. Hawkins, III who founded the pioneering gaming company Electronic Arts (EA) has failed in his bid to have his taxes discharged in bankruptcy. In a stinging 16-page opinion this week, US. District Judge Jeffrey S. White upheld an earlier bankruptcy-court ruling, saying Hawkins (above right) knew he was insolvent after the Internal Revenue Service disallowed his tax shelters but ...
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  • Travel Club Liquidates In Chapter 7 Bankruptcy

    Posted By admin || 11-Mar-2011

    The Nomads, the oldest remaining travel club in the U.S. with its own aircraft, has filed Chapter 7 bankruptcy with $3,900,798 in assets and $3,917,944 in liabilities. The club had been cut off by its fuel supplier because of unpaid invoices. It also could not meet payroll or pay its obligations, according to a board of directors' letter to members Tuesday. Last-minute attempts to sell the ...
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  • Tribune Bankruptcy Fight Goes To Court

    Posted By admin || 11-Mar-2011

    U.S. Bankruptcy Judge Kevin J. Carey has begun examining the two competing bankruptcy reorganization plan for Tribune Co. which has become an all out war between pre-leveraged buyout creditor and post-leveraged buyout creditors. Disputes over the LBO (leveraged buyout) led by real-estate billionaire Sam Zell have pitted holders of about $2.5 billion in debt from before the buyout against lenders ...
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  • Discount Retailer Loehmann's Exits Bankruptcy

    Posted By admin || 8-Mar-2011

    Four months after filing Chapter 11 bankruptcy, discount retailer Loehmann's has finally exited bankruptcy after securing $45 million in financing and discharging $110 million in long-term bond debt and $14 million in interest. Loehmann's which first opened in 1921, took its second trip into bankruptcy after its Dubai-based owner Istithmar failed to get a debt extension deal from creditors. ...
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  • Blockbuster Bankruptcy Sale Challenged By Creditors

    Posted By admin || 3-Mar-2011

    Blockbuster's unsecured creditors are calling for the liquidation of the movie rental company in Chapter 7 bankruptcy after the company struck a deal with senior creditors which purportedly disenfranchises landlords and vendors. The current sale proposal is "designed for the exclusive benefit" of Blockbuster potential buyers and would result in "devastation" for unsecured creditors owed some $486 ...
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  • Third-Party Lender Granted Tax Claim Status In Bankruptcy

    Posted By admin || 3-Mar-2011

    In a recent Chapter 13 bankruptcy case in Texas, the bankruptcy court ruled that a third-party lender claim can be treated as a tax claim. The bankruptcy court also ruled that the interest rate due on that tax claim could not be modified in Chapter 13 bankruptcy. It is now clear that when a federal, state, or local governmental entity pursues a claim against a bankrupt for unpaid taxes, the ...
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  • Celebrity Bankruptcy: Former Bears Player Commits Suicide

    Posted By admin || 3-Mar-2011

    Former Bears safety Dave Duerson, who filed bankruptcy in September, recently committed suicide according to reports. Duerson reportedly faced $14.7 million in liabilities, according to the bankruptcy filings. He also claimed $34.6 million in assets, but that was almost exclusively from a judgment in a 2004 lawsuit by his company, Duerson Foods. The judgment still remains uncollected. Duerson's ...
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  • Celebrity Financial Advisor Files Business Bankruptcy

    Posted By admin || 3-Mar-2011

    Companies associated with Kenneth Starr, the "celebrity" financial advisor who admitted to bilking his famous clients and other investors out of millions of dollars, filed for Chapter 7 bankruptcy liquidation. The bankruptcy filings by Starr Investment Advisors LLC and Starr & Co. come as Starr-who once counted Martin Scorsese and Wesley Snipes among his clients-awaits sentencing next month on ...
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  • Celebrity Chef Matt Prentice Files Chapter 7 Bankruptcy

    Posted By admin || 21-Feb-2011

    Longtime restaurateur and celebrity chef Matt Prentice, the CEO of Bingham Farms-based Trowbridge Restaurant Group, has filed for Chapter 7 bankruptcy. The bankruptcy filing listed Prentice's assets at $256,555 and his debts at $4.9 million. Of that debt, $1.5 million is owed in unpaid federal and state taxes. According to the filing, Prentice's assets include his home, worth $250,000, and $6,550 ...
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  • Twilight Distributors To Plunge Blockbuster Into Chapter 7 Bankruptcy?

    Posted By admin || 18-Feb-2011

    An independent film distributor, Summit Distribution, is putting the pressure on Blockbuster to pay up or convert their Chapter 11 bankruptcy into a Chapter 7 bankruptcy liquidation. Summit, the distributor of "The Twilight Saga," says that the rental chain owes them $1.6 million so far but that amount could rise if they continue to miss payments. In a Thursday court filing with the Manhattan ...
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  • Why All the Hand Wringing About A Borders Bankruptcy?

    Posted By admin || 17-Feb-2011

    Everyone seems to be distressed about a possible bankruptcy filing by Borders Group Inc. But why? It seems that when you speak of bankruptcy many only look at it as a negative, some indicator of impending doom. But the reality is that bankruptcy is often the lifesaver that debtors need. For businesses such as Borders, bankruptcy is the shock that a heavily indebted company could use to infuse new ...
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  • Texas Representative Ruben Hinojosa Files Chapter 11 Bankruptcy

    Posted By admin || 16-Feb-2011

    Rep. Ruben Hinojosa, an eight-term Democrat from Texas, has filed Chapter 11 bankruptcy after a $2.6 million arbitration award was leveled against him. "I have filed for bankruptcy protection under Title 11, Chapter 11 of the United States Code," Hinojosa said in a carefully worded statement. "My filing for bankruptcy was the result of the business loan I personally guaranteed for my family ...
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  • Language Barriers In Bankruptcy?

    Posted By admin || 16-Feb-2011

    In a recent bankruptcy case of Caribbean Petroleum, the bankruptcy court was faced with deciding whether a Puerto Rico based franchisee could object to the termination of their contract based on the fact that the bankruptcy notices they received were in English only. The bankruptcy court ruled that the franchisee could not object based on the notices being in English only because Puerto Rico has ...
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  • Privacy In Bankruptcy: Should Mets Records Be Unsealed?

    Posted By admin || 14-Feb-2011

    A controversy is brewing in regards to the unsealing of Mets' bankruptcy records which are related to illegal profits Mets owners allegedly received from the Madoff scheme. Right now Universal Inc. and The New York Times Company are demanding that the bankruptcy records related to Madoff profits be unsealed because they say it is in the public interest. "The large organization and ownership ...
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  • Celebrity Bankruptcy: Val Kilmer's Second Tax Lien A Sign Of Troubles?

    Posted By admin || 14-Feb-2011

    Val Kilmer, the 'tough guy' actor, who is known for his roles in "Batman Forever," "The Doors" and "Top Gun" is battling with the IRS over yet another tax lien. The lien for $498,165 in unpaid taxes from 2008 listed property that Kilmer has been trying to sell, including a ranch in New Mexico that is currently on the market for $18.5 million...Kilmer has experienced tax problems in the past. The ...
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  • Life After Bankruptcy Fraud No Picnic For Former Penny Stock Promoter

    Posted By admin || 11-Feb-2011

    Robert E. Brennan is reportedly working at an athletic shop after spending nearly a decade in prison for bankruptcy fraud. But this bankruptcy fraud convict's troubles with the law are far from over. The bankruptcy court that administered the Brennan case are now considering reopening his bankruptcy case so that they can go after an offshore trust setup in the name of the debtor's children. A ...
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  • Publishers Balk At Borders' Request As Bookstore Inches Closer To Bankruptcy

    Posted By admin || 10-Feb-2011

    Publishers Balk At Borders' Request As Bookstore Inches Closer To Bankruptcy--Image via Wikipedia A Borders bookstore Chapter 11 bankruptcy may be difficult to avoid as publishers balk at the company's request that they accept an interest bearing promissory note in lieu of payments. Borders says that it can avoid bankruptcy if the bookstore is able to get $125 million in financing in the form of ...
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  • GM Bankruptcy Reorganization So Effective Automaker Can Invest With Cash

    Posted By admin || 9-Feb-2011

    General Motors Co. which is one-third owned by the U.S. Treasury Department, announced that it is withdrawing an application for $14.4 billion of government loans to develop fuel-efficient vehicles as the company works to reduce its debt. The low-interest U.S. Energy Department loans aren't needed because GM is in a strong financial position and can invest in new vehicles without aid, the ...
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  • Chapter 11 Bankruptcy Dismissal Puts Company's Future At Risk

    Posted By admin || 7-Feb-2011

    The future of Tamarack Resort is uncertain after a federal judge dismissed the company's Chapter 11 bankruptcy case, sending it back to state court where foreclosure proceedings may eventually proceed to a sheriff's sale. Tamarack, which had an offer of $40 million to buy the company in Chapter 11 bankruptcy, is now uncertain if it will survive after the bankruptcy dismissal. Tamarack majority ...
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  • Michael Jackson's Former Dermatologist Files Chapter 11 Bankruptcy

    Posted By admin || 4-Feb-2011

    Dr. Arnold Klein, Michael Jackson's former dermatologist, has filed for Chapter 11 bankruptcy with over $3.5 million in debt. According to the bankruptcy filing, the list of creditors holding the 20 largest unsecured claims against Dr. Klein amounts to $3,518,584.The biggest accumulative debts against Dr. Klein was with City National Bank totaling some $2,695,150 in credit lines and unpaid ...
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  • Too Much Secrecy In The Tribune Bankruptcy?

    Posted By admin || 4-Feb-2011

    Bankruptcy Judge Kevin J. Carey thinks that creditors in the Tribune Co. bankruptcy are requesting too many documents related to the confidential settlement talks. But creditors say that the settlement is shrouded in too much secrecy. U.S. Bankruptcy Judge Kevin J. Carey said today he was concerned that approving the demand for documents by lower- ranking creditors might make parties in future ...
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  • Lehman Brothers Submits Revised Chapter 11 Bankruptcy Plan

    Posted By admin || 3-Feb-2011

    Lehman Brothers Holdings Inc. submitted to their creditors a revised Chapter 11 bankruptcy plan and hopes to get the approval of the bankruptcy court by June or July. The revised bankruptcy plan......would give the average Lehman creditor 18.6 cents on the dollar, an increase from 14.7 cents in its first plan, outlined in March and April of 2010,... Paulson and the other senior bondholders would ...
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  • Ghost Debt Haunts Bankruptcy Debtors After Attorney Blunder

    Posted By admin || 3-Feb-2011

    In a lawsuit against a bankruptcy attorney brought by former bankruptcy debtors, the debtors claimed that they are now liable to pay tax debt which was thought to be discharged in bankruptcy. The suit was filed pro se and the couple claims that, for five years, they were under the impression that "the debt in favor of the [IRS] was discharged and dischargeable" from the moment they hired Lightfoot ...
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  • Celebrity Bankruptcy: Wealth No Shield From Insolvency

    Posted By admin || 2-Feb-2011

    Charles Batch, a Pittsburgh Steelers player has filed bankruptcy. Many find it difficult to imagine celebrity athletes falling into financial trouble; but fame and wealth are not shields from insolvency. Like many ordinary Americans, Batch sank a lot of money into the once booming real estate market. But when the market went south so did his investments. What was he left with? Large, looming real ...
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  • Shareholders Fear Depletion Of Assets Before Bankruptcy Appeal

    Posted By admin || 31-Jan-2011

    Shareholders of Washington Mutual are moving quickly to appeal the bankruptcy trustee's decision that the underlying concept of the WAMU bankruptcy settlement was fair and reasonable. Lawyers for shareholders cited "the historic nature of this bankruptcy," and the size of the settlement-nearly $6 billion-as the basis for asking permission to go to the appeals court quickly. Washington Mutual's ...
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  • Bankruptcy Trustee Sues Over Insider Loans

    Posted By admin || 31-Jan-2011

    The family of the now bankrupt Fair Finance company owner is facing a lawsuit brought by the bankruptcy trustee in an attempt to recover more than $1 million which was allegedly looted from the estate through "insider loans."The lawsuit is part of the ongoing effort to try and recover some of the more than $200 million dollars lost by more than 5,000 investors in Durham's now bankrupt Fair Finance ...
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  • Celebrity Bankruptcy: Real Housewife's Husband Faces Bankruptcy Dismissal

    Posted By admin || 28-Jan-2011

    The ex-husband of "Real Housewives of Orange County's" Tamra Barney has been hit with a bankruptcy dismissal after failing to deliver documents to the bankruptcy court. Her ex-husband filed for bankruptcy last year, but now he has just been denied by the court and has been issued a "notice of dismissal" for failing to "file schedules, statements and/or plan for the bankruptcy," reports Radar ...
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  • Celebrity Bankruptcy: Young Buck Chapter 13 Converted To Chapter 11 Bankruptcy

    Posted By admin || 28-Jan-2011

    When it comes to individual and business finances, the two often mix, especially for the self-employed in bankruptcy. Such is the case for celebrity rapper Young Buck who was in a Chapter 13 bankruptcy paying $12,500 a month for 60 months. The bankruptcy court had ordered that the rapper's company, Cashville, dock his pay over the course of the Chapter 13 bankruptcy repayment period; but the ...
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  • Bankruptcy Trustee Wins Return Of $7.2 Billion

    Posted By admin || 27-Jan-2011

    In a historical bankruptcy settlement, bankruptcy trustee Irving Picard is set to recover $7.2 billion from the estate of deceased billionaire Jeffry Picower. Picard had sued Picower in a so-called clawback litigation, alleging his earnings from Madoff consisted of money stolen from other investors. However, Picower's widow, Barbara, has insisted he was in the dark about the fraud and he was never ...
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  • Blockbuster Buys More Bankruptcy Time

    Posted By admin || 27-Jan-2011

    Blockbuster has until February 4 to deliver a business plan to its bankruptcy lender and until February 11th to present a bankruptcy reorganization plan to the bankruptcy court. It is also rumored that Blockbuster is trying to get an additional $250 million from lenders in order to exit bankruptcy. When it filed for bankruptcy protection, Blockbuster's debt holders agreed to wipe out all but $100 ...
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  • Bankruptcy Trustee Modification Denied

    Posted By admin || 27-Jan-2011

    In the Chapter 13 bankruptcy case of two Texas debtors, the bankruptcy trustee's request to modify the debtors' repayment plan was denied. The details of the bankruptcy case: The married Chapter 13 bankruptcy debtors agreed to pay unsecured creditors $16,260.00 over the period of 60 months. At about 36 months the debtors had repaid their secured and priority creditors in full and paid their ...
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  • Last Minute Bankruptcy Filing Imperils Debtor's Homestead

    Posted By admin || 26-Jan-2011

    In the Chapter 13 bankruptcy filing of a Texas debtor, the bankruptcy judge ruled that it could not determine if the debtor had legal title to their homestead when they filed their bankruptcy petition. The facts of the case: The debtor and their spouse defaulted on their mortgage before filing bankruptcy. Their lender filed a foreclosure against them and scheduled to sale the home at a foreclosure ...
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  • Supreme Court Ruling On Car Ownership Costs A Mistake

    Posted By admin || 21-Jan-2011

    The U.S. Supreme Court recently ruled that Chapter 13 bankruptcy debtors who own vehicles free and clear of any obligations cannot take the standard "ownership costs" deduction when calculating their projected disposable income. The Bankruptcy Code allows a debtor to deduct "applicable monthly expense amounts" in order to determine what resources are available to pay his creditors, newest Justice ...
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  • Borders Facing Bankruptcy?

    Posted By admin || 12-Jan-2011

    Borders, a national bookstore chain has announced that they will be delaying payments to publishers because they simply don't have the cash due to cuts in their credit lines. Company spokeswoman Mary Davis said that the firm would work with the publishers that supply it with books in order to restructure their payment arrangements. Borders benefits from "vendor finance", by which suppliers provide ...
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  • Bankruptcy Court Rules That Employer Violated Law By Firing Debtor

    Posted By admin || 12-Jan-2011

    In the Chapter 13 bankruptcy case of Kelley Lavone Simms-Wilson, the debtor filed an adversary proceeding against the creditor who was also at the time her employer. The adversary proceeding against the creditor/employer claimed that she had been terminated from her employment because she had filed bankruptcy and owed one of the company's clients back taxes. In March 2009, while her bankruptcy ...
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  • Failure To Prove Business Is Viable Caused Bankruptcy Automatic Stay Relief

    Posted By admin || 11-Jan-2011

    In a recent Chapter 11 bankruptcy case here in Texas, a corporate debtor filed bankruptcy in an effort to protect their sole asset, a commercial building on which his company had a mortgage. The creditor in the case demanded that the court exempt them from the automatic stay. After hearing arguments on both sides, the bankruptcy court granted the creditor automatic stay relief for three reasons: ...
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  • Metro-Goldwyn Mayer's Bankruptcy Plan Confirmed

    Posted By admin || 20-Dec-2010

    Bankruptcy Judge Stuart M. Bernstein confirmed Metro-Goldwyn Mayer Inc.'s plan to exit bankruptcy in the hands of its creditors. The Chapter 11 bankruptcy moved relatively quickly, winning confirmation in less than 30 days after the movie studio filed a prepackaged Chapter 11 bankruptcy on November 3, 2010. Judge Stuart M. Bernstein of U.S. Bankruptcy Court in Manhattan approved a plan that calls ...
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  • Debtor Sues Self To Manipulate The Bankruptcy Court

    Posted By admin || 16-Dec-2010

    In the bankruptcy case of debtor Gerry Griggs, the debtor's bankruptcy case was dismissed after he dishonestly sues himself and tries to force himself into an involuntary bankruptcy as a ruse to stop a foreclosure on one of his properties. At 3:00 p.m. on December 9, 2010, Gerry Griggs was to appear in this court at a hearing scheduled in Griggs v. Mortgage Electronic Registration Systems, et al., ...
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  • Creditors Demand That Tribune Employees Payback Money To Bankruptcy Estate

    Posted By admin || 16-Dec-2010

    A few years before its bankruptcy filing, the Tribune Co. paid hundreds of employees for their shares of stock and other compensation, including bonuses as part of the now maligned $8.2 billion leveraged buyout orchestrated by Sam Zell. The creditors in the Tribune bankruptcy are now filing legal claims against 200 current and former Tribune employees saying that the payments were illegal ...
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  • Toni Braxton's Mortgage Lender Seeks Bankruptcy Automatic Stay Relief

    Posted By admin || 15-Dec-2010

    R&B singer Toni Braxton is facing the possibility that her mortgage lender will win relief from the automatic stay in her bankruptcy case. US Bank, which represents the holder of Braxton's mortgage debt, recently filed court papers in the R&B and pop singer's bankruptcy proceeding seeking relief from the automatic stay with respect to Braxton's Duluth, Ga., home. If granted, the request ...
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  • Bankruptcy Trustee Accuses Madoff Bankers Of Financial Fraud

    Posted By admin || 13-Dec-2010

    In another twist in the Madoff bankruptcy drama, bankruptcy trustee Irving Picard has filed lawsuits against JPMorgan Chase and HSBC accusing them of failing to protect their customers and of financial fraud and misconduct. The high-profile lawsuit by Madoff bankruptcy trustee Irving Picard against JPMorgan Chase (JPM) and HSBC (HBC) is just one of a number of lawsuits focusing on the scope of a ...
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  • The Most Important Lesson From Michael Vick's Bankruptcy

    Posted By admin || 8-Dec-2010

    NFL player Michael Vick's bankruptcy has become fodder for many sports pundits and even some financial talking heads. But what many observers are missing about the infamous Vick, is that despite his financial and legal troubles, his Chapter 11 bankruptcy filing offers on very important gem of wisdom for high income earners considering bankruptcy. Vick Bankruptcy Lesson #1 - Filing bankruptcy is ...
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  • Tribune Bankruptcy A Four Ring Circus As Creditors Do Battle

    Posted By admin || 3-Dec-2010

    Creditors in the Tribune bankruptcy are still waiting for the two-year long Chapter 11 bankruptcy to come to an end. But if the fact that there are four competing bankruptcy plans is any indication of what the future holds, this bankruptcy case won't be coming to an end anytime soon. The bankruptcy judge in the case has already sent back hundreds of pages that describe the four competing ...
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  • Legal Woes And Bitter Divorce Sends Another Housewife To Bankruptcy

    Posted By admin || 21-Nov-2010

    Sonja Morgan, one of the stars of the "Real Housewives of New York City," filed for Chapter 11 bankruptcy protection, citing legal woes and a bitter divorce as the cause of her financial troubles. Morgan blamed her financial troubles on a failed movie project, which would have starred John Travolta, with Hannibal Pictures Inc. According to the court papers, the film "Fast Flash to Bang Time" ...
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  • Bankruptcy Judge Chastises Bank of America For Brazen Acts

    Posted By admin || 19-Nov-2010

    U.S. Bankruptcy Judge James Peck, has ordered Bank of America to return $500 million it seized from Lehman Brothers after the investment company filed for Chapter 11 bankruptcy. Peck ruled that Bank of America's post-bankruptcy seizure of funds that Lehman had posted as collateral before its Chapter 11 filing, was "brazen...unauthorized and impermissible." In August 2008, Bank of America demanded ...
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  • Bankruptcy Trustee May Get $400,000 From Hecker's Creditor

    Posted By admin || 18-Nov-2010

    The bankruptcy estate of former auto-mogul Denny Hecker could get $400,000 from VISIONBank as part of a settlement which still needs to be approved by the bankruptcy judge. The deal, if approved by a judge early next month, would be one of the largest amounts of money recovered by the bankruptcy trustee since the former Twin Cities auto dealership mogul filed for bankruptcy protection in June ...
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  • Toni Braxton Hopes For Mortgage Modification In Chapter 7 Bankruptcy

    Posted By admin || 18-Nov-2010

    R&B singer Tony Braxton recently filed a notice in her Chapter 7 bankruptcy that she hopes to keep her home. But the property, which has a $1.6 million loan attached to it, is only worth $1.2 million. Braxton expressed her desire to negotiate a mortgage modification. But is that realistic? Here's what Toni Braxton would need to do if she hopes to have any chance of getting a mortgage ...
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  • Bankruptcy Trustee Questions Debtor Mega-Church Compensation Packages

    Posted By admin || 18-Nov-2010

    The trustee in Crystal Cathedral's Chapter 11 bankruptcy has filed several objections to the six-figure housing allowance provided for the mega-church's CFO and the salaries given to two of the pastor's relatives. The U.S. trustee overseeing the bankruptcy of the mega-church filed objections in court questioning the need for $132,019 as a housing allowance for CFO Fred Southard, whose salary is ...
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  • How Bankruptcy Offers Blockbuster A Brighter Future

    Posted By admin || 17-Nov-2010

    Blockbuster, Inc. which has been in Chapter 11 bankruptcy since September is successfully leveraging the advantages of bankruptcy by investing in its post-bankruptcy future. The company will spend as much as $20 million over the next six weeks to buy advertising spots on national network and cable television. Beginning with Monday's Dancing With the Stars finale on ABC, Blockbuster will broadcast ...
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  • Important Lessons Courtesy Of The Madoff Bankruptcy Case

    Posted By admin || 16-Nov-2010

    Lessons From the Madoff Bankruptcy Case If there is one important lesson that debtors should learn from Bernie Madoff case it is-never pull your loved ones into unethical or illegal activity in the name of "saving" assets during bankruptcy or covering up the truth. If you do this, you could literally destroy your relationship with those individuals and potentially destroy their life. And that ...
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  • Why Chrysler Group LLC Is Thriving One Year After Chapter 11 Bankruptcy

    Posted By admin || 15-Nov-2010

    When Chrysler emerged from Chapter 11 bankruptcy in June 2009 as the Chrysler Group LLC, it knew that it had to totally remake its business in order to thrive post-bankruptcy. And that's exactly what they did creating great results. And it is the type of results which Chrysler achieved that is the reason why so many troubled companies turn to bankruptcy to not only save their business but to ...
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  • What We Can Learn From Post-Bankruptcy Texas Rangers

    Posted By admin || 15-Nov-2010

    After exiting bankruptcy, the Texas Rangers have been hitting a home run on the financial and game front. But what can individual and business bankruptcy debtors learn from Texas Rangers' post-bankruptcy success? Have a plan and stick with it. Texas Rangers owners knew that if they wanted to be successful after bankruptcy they would need a plan which could improve their financial stability. That ...
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  • Giudice Bankruptcy Discharge Denied?

    Posted By admin || 15-Nov-2010

    After accusing the Giudices of hiding assets during their bankruptcy case, the bankruptcy trustee in the case has reportedly recommended that the Giudice bankruptcy discharge be denied. The bankruptcy attorney in the Giudice case is taking his appeal to the U.S. Trustees Office claiming that a bankruptcy discharge would be patently unfair to the entire Giudice family. "I am going to be sending a ...
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  • Ambac Financial Files Chapter 11 Bankruptcy Sues IRS

    Posted By admin || 11-Nov-2010

    Ambac Financial Group, a bond insurer who guarantees payments on more than $550 billion of debt has filed Chapter 11 bankruptcy and is suing the IRS in an attempt to stop the agency from blocking the payment of $700 million in tax refunds to the company. "Ambac's ability to reorganize successfully will be jeopardized or destroyed" if the refunds are seized quickly, Peter Ivanick, a partner at ...
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  • Rapper Young Buck Battles IRS In Chapter 13 Bankruptcy

    Posted By admin || 5-Nov-2010

    Rapper Young Buck has successfully convinced the bankruptcy trustee in his Chapter 13 bankruptcy to delay the IRS auction of his possessions worth $25,000. But the postponement of the auction is only conditional upon Young Buck paying the IRS $13,788.12 to cover the expenses it incurred as a result of the postponement, that he win confirmation of his bankruptcy repayment play by December 7, 2010 ...
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  • Publisher Of The National Enquirer Plans To File Chapter 11 Bankruptcy

    Posted By admin || 4-Nov-2010

    American Media Inc. (AMI), publisher of the National Enquirer, Star and Men's Fitness, plans to file a prepackaged Chapter 11 bankruptcy after a plan to exchange debt for equity failed to win support from a significant number of creditors. The Boca Raton, Fla., company said the plan involves a debt-for-equity exchange and has the support of about 80% of its bondholders. AMI said it will file the ...
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  • MGM Files Chapter 11 Bankruptcy

    Posted By admin || 3-Nov-2010

    Metro-Goldwyn-Mayer Inc. has filed a prepackaged Chapter 11 bankruptcy-court protection after finally winning the approval of billionaire investor Carl Icahn by making certain concessions and changes in the Chapter 11 bankruptcy plan. Mr. Icahn had offered to buy out other MGM creditors at a premium to upend the vote on the Spyglass restructuring plan but failed to get enough support to block the ...
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  • Tribune Bankruptcy Threatened With Competing Plans

    Posted By admin || 1-Nov-2010

    While Tribune Co. and its senior creditors have hailed the proposed bankruptcy plan as the best solution for concluding the already two year old Chapter 11 bankruptcy case, junior creditors are still feeling slighted by the settlement and the threat of litigation and competing bankruptcy plans remains. Creditors face a midnight Friday deadline for submitting restructuring plans that would contest ...
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  • Loehmann's Defaults - Possible Chapter 11 Bankruptcy On Horizon

    Posted By admin || 1-Nov-2010

    Loehmann's is reportedly exploring a prepackaged Chapter 11 bankruptcy reorganization, among other options, after defaulting on a revolving credit agreement with Crystal Financial LLC. "Loehmann's is continuing its discussions with certain significant holders of the old notes and Crystal regarding forbearance agreements and is exploring all of its alternatives, including a possible pre-negotiated ...
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  • Former Auto Mogul Denny Hecker Sent To Jail

    Posted By admin || 25-Oct-2010

    In what is being described as an effort to give Denny Hecker a "wake-up call" a federal judge had Denny Hecker arrested and jailed for an undetermined amount of time. The jailing came after Hecker, who has been using a government appointed attorney for his bankruptcy and other legal issues, said that he was going to hire his own attorney with money from an undisclosed friend. But this sudden claim ...
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  • Tribune Co. Files New Bankruptcy Plan

    Posted By admin || 25-Oct-2010

    Tribune Co. filed another reorganization plan backed by its leading creditors, in the hopes that it will soon exit the Chapter 11 bankruptcy which has gone on for two years now. The plan incorporates the terms from two previously announced settlement pacts by the company's unsecured creditors and leading lenders. It would hand ownership of the company to holders of its senior loans, led by J.P. ...
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  • What Lessons Can We Learn From Giudice's Newfound Frugality?

    Posted By admin || 21-Oct-2010

    Real Housewives of New Jersey star Teresa Giudice is reportedly learning to live frugally after filing bankruptcy with $11 million of debt. Giudice tweeted that she was using coupons to purchase Halloween customs for her kids which is a far cry from the lavish spending she engaged in right after filing bankruptcy. So, what lessons can we take from this celebrity bankruptcy debtor's newfound ...
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  • Movie Producer Files "Private Bankruptcy"

    Posted By admin || 21-Oct-2010

    "Sordid Lives" producer Stanley Brooks is liquidating his production companies in what's commonly known as a "private" bankruptcy or an "Assignment for the Benefit of Creditors." His production companies owe $1.5 million in outstanding residuals to AFTRA. Stanley Brooks is liquidating his companies after AFTRA did not accept his settlement offer for outstanding residuals on the 2008 Logo TV series ...
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  • Wealthy Face Bankruptcy Too

    Posted By admin || 20-Oct-2010

    With the foreclosure filing and Chapter 11 bankruptcy of Oakridge Golf Club, a prominent country club here in Texas, we are reminded that the wealthy are also facing financial stress and seeking the protection of bankruptcy in record numbers. In 2009, the number of wealthy people filing Chapter 11 bankruptcy increased by 73 percent, with many of them citing foreclosure issues as the reason why ...
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  • No Moral Dilemma On Bankruptcy - Debt Forgiveness For The Faithful

    Posted By admin || 19-Oct-2010

    Crystal Cathedral, the California megachurch founded by televangelist Robert Schuller has filed for Chapter 11 bankruptcy. The church, which is affiliated with the Reformed Church in America filed bankruptcy with $55 million in debt and has laid off 140 employees, canceled its TV broadcasts in certain markets along with its Easter pageant in an effort to scale back costs. But the Crystal Cathedral ...
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  • Bankruptcy Trustee Calls For The Jailing Of Denny Hecker

    Posted By admin || 15-Oct-2010

    After former auto mogul Denny Hecker announced that he would be hiring his former attorney again after receiving money from an undisclosed friend, the bankruptcy trustee in the case demanded that Hecker be imprisoned immediately because he is making a mockery of the court system. The bankruptcy trustee cited the fact that Hecker's current bankruptcy attorney is being paid for by the government ...
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  • New Tribune Bankruptcy Plan On The Table

    Posted By admin || 14-Oct-2010

    Tribune Co. and many of its most important creditor groups announced a new settlement that could bring the company a step closer to resolving its nearly 2-year-old bankruptcy case. The new agreement, like the ones before it, seeks to resolve legal claims stemming from Tribune Co.'s ill-fated 2007 leveraged buyout. Junior creditors have charged that the two-step transaction, which was led by ...
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  • Bankruptcy Paves The Way For Blockbuster's New Strategy

    Posted By admin || 13-Oct-2010

    In its heyday Blockbuster was an undisputed powerhouse in the movie rental industry. But as the movie rental industry rapidly changed, Blockbuster failed to quickly adapt and found itself on the brink of extinction. But with the power of Chapter 11 bankruptcy, the once powerful movie rental company is getting a second chance to implement a strategy that will allow it to not only compete but ...
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  • Chapter 11 Bankruptcy Could Breathe Life Into Ailing Movie Studio

    Posted By admin || 13-Oct-2010

    Metro-Goldwyn-Mayer (MGM) proposed a pre-packaged Chapter 11 bankruptcy plan last week that could wipe out $4 billion in debt and breathe new life into the ailing movie studio. The proposed bankruptcy plan provides an opportunity for MGM's secured lenders to exchange more than $4 billion in outstanding debt for 95.3 percent of equity in the company upon its emergence from Chapter 11 bankruptcy. ...
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  • Celebrity Bankruptcy: Toni Braxton Files Bankruptcy Again

    Posted By admin || 7-Oct-2010

    American R&B singer Toni Braxton has filed for bankruptcy again, the first time was in 1998. Braxton's recent bankruptcy filing states that she has between $10 million and $50 million in debt but only has between $1 million and $10 million in assets. The singer has listed many creditors in her bankruptcy, including AT&T, The Four Seasons Hotels, Cedars-Sinai Medical Center and Tiffany ...
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  • Celebrity Bankruptcy: Is Lenny Dykstra's Refusal To Hire A Bankruptcy Attorney Dooming Him?

    Posted By admin || 7-Oct-2010

    Lenny "Nails" Dystra, 1980's superstar Mets and Phillies outfielder was paid about $36.5 million during his career but filed bankruptcy with debts totaling more than $37.1 million and assets of only $24.6 million; $21 million of those debts are secured by two homes. The sportsman turned financial guru, turned financial disaster has baffled friends, creditors, the bankruptcy trustee and even ...
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  • Bankruptcy Trustee Sues Investment Firm To Recoup $105 Million For Creditors

    Posted By admin || 6-Oct-2010

    The bankruptcy trustee for Petters Group Worldwide LLC is seeking to recoup approximately $105 million from Arrowhead Capital Management LLC on behalf of creditors in the firm's bankruptcy case. The Petters Group founder, Thomas Petters, was convicted of leading a leading a $3.5 billion Ponzi scheme and sentenced to 50 years in prison in April. Because of Petters' fraud conviction, the bankruptcy ...
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  • Celebrity Bankruptcy: White House Party Crashers File Bankruptcy Again

    Posted By admin || 4-Oct-2010

    Michaele and Tareq Salahi have once again placed one of their businesses into bankruptcy. The couples' "America's Polo Cup Inc." company apparently filed Chapter 7 bankruptcy recently with $320,000 in debt. The company fled to the protection of bankruptcy after it was sued for non-payment of their debts which are mostly owed to a catering company. The Salahis' decision to place the company into a ...
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  • Celebrity Bankruptcy: Giudice Bankruptcy Auction Made Private

    Posted By admin || 4-Oct-2010

    After filing for bankruptcy last October, Teresa and Joe Giudice, celebrity stars of Real Housewives of New Jersey," were scheduled to have a bankruptcy auction; but the couple and their attorney were able to convince a bankruptcy court that the auction would earn more money if it were private. A lawyer for the couple says the auction has now been canceled entirely in favor of a private sale. The ...
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  • When Things Fall Apart: The Tribune Co. Chapter 11 Bankruptcy

    Posted By admin || 30-Sep-2010

    It's been two years of haggling and legal briefs in the Tribune Chapter 11 bankruptcy leaving the embattled media company with nothing to show for their efforts other than $180 million in legal fees. So what happened to Tribune's Chapter 11 bankruptcy? Many analysts closely watching the Tribune bankruptcy say that the major factor contributing to the company's diminished hope of emerging from ...
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  • Bankruptcy Judge Allows Blockbuster To Pay Studios

    Posted By admin || 29-Sep-2010

    Blockbuster backers exhaled in relief after U.S. Bankruptcy Judge Burton Lifland approved payments to studios designed to insure the supply of movies and games to the embattled movie-rental giant. Blockbuster can pay $28 million owed to Sony Pictures Home Entertainment Inc., Twentieth Century Fox Home Entertainment LLC and Warner Home Video, U.S. Bankruptcy Judge Burton Lifland in Manhattan said ...
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  • Recession Sends Debt Collector To Bankruptcy, Will More Follow Their Lead?

    Posted By admin || 23-Sep-2010

    Hudson & Keyse, LLC was supposedly in track for 1,000-plus percent growth just a few years ago, but the debt collection company astonished many by recently filing bankruptcy with more than 200 creditors and $63 million in unpaid debt. The Chapter 11 bankruptcy company only has $288,000 in assets according to their bankruptcy petition. "A major event was the implosion of the real estate market ...
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  • It's Official, Blockbuster Has Filed Chapter 11 Bankruptcy

    Posted By admin || 23-Sep-2010

    Video-rental chain Blockbuster finally filed for Chapter 11 bankruptcy protection with over $900 million of debt. Blockbuster which had been struggling with a rapidly changing video rental market and a declining economy took drastic measures to try to save its company outside of bankruptcy. The company closed 1,061 stores nationwide and cut general and administrative expenses by $333 million last ...
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  • Blockbuster Chapter 11 Bankruptcy Imminent

    Posted By admin || 22-Sep-2010

    Blockbuster is expected to file Chapter 11 bankruptcy anytime this week. Armed with a prepackage bankruptcy agreement with their senior creditors, the company is hoping to expedite the bankruptcy process. Citing sources familiar with the proceedings, the WSJ said corporate raider Carl Icahn, who recently acquired a third of Blockbuster's senior debt, is pushing the filing that would make ...
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  • Recession Hits Retailers Again, Urban Brands Files Chapter 11 Bankruptcy

    Posted By admin || 21-Sep-2010

    Ashley Stewart's parent company Urban Brands filed for Chapter 11 bankruptcy with liabilities that range from $100 million to $500 million. The company's assets are estimated to range between $10 million to $50 million. In the three year period before seeking bankruptcy protection, the company racked up $500 million in losses and liabilities. In a pre-bankruptcy non-binding deal, Urban Brands, ...
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  • Mall Owner's Bankruptcy Petition Dismissed Due To "Bad Faith" Filing

    Posted By admin || 20-Sep-2010

    U.S. Bankruptcy Judge Craig Gargotta has dismissed a bankruptcy petition filed by the owner of Austin's Highland Mall, saying that the mall owner was not acting in good faith when they filed Chapter 11 bankruptcy. The owner of the Highland Mall has had trouble keeping tenants due to the general decline of the mall. The mall is 39 years old and according to former retail tenants, the mall has ...
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  • Billionaire Buys Blockbuster Bonds In Anticipation Of Possible Bankruptcy Filing

    Posted By admin || 20-Sep-2010

    Billionaire investor Carl Icahn has bought about one-third of Blockbuster Inc. bonds in an effort to influence the video-rental company's fate if it files for Chapter 11 bankruptcy, according to unnamed sources knowledgeable of the matter. Blockbuster, which is saddled with more than $900 million in debt and operating under a second forbearance from its lenders, is rumored to be contemplating ...
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  • Alleged Wrongdoer Paid To Investigate In Meridian Group Bankruptcy

    Posted By admin || 17-Sep-2010

    Bankruptcy Trustee Mark Calvert had the unenviable position of informing hundreds of Meridian Group investors that they had sunk their money into a Ponzi scheme and that the alleged head of the scheme, Darren Berg, would be paid $14,000 a month for five months to help unravel what happened to more than $200 million he raised for nine of the funds now in bankruptcy. Bankruptcy trustee Calvert is ...
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  • White House Party Crasher's Bankruptcy Will Continue

    Posted By admin || 16-Sep-2010

    Tareq Salahi, who along with his wife Michaele Salahi is infamous for crashing a White House party is also in bankruptcy. Tareq Salahi's winery, which filed for Chapter 11 bankruptcy in December 2008 and was later converted to a Chapter 7 bankruptcy will remain in bankruptcy despite Salahi's request to dismiss the case. Judge Robert G. Mayer of the Alexandria, Va., bankruptcy court, refused to ...
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  • A Portrait Of A Family In Bankruptcy

    Posted By admin || 16-Sep-2010

    Oftentimes when economists and pundits discuss bankruptcy, it's in terms of figures and numbers. But what does the human face of bankruptcy look like? Who are the people that depend on the second chance that bankruptcy offers? Let's take a look: Families who file bankruptcy often have one or more people in the household working (or not working) a job that doesn't pay enough to cover their debts ...
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  • Getting Married After Bankruptcy? Four Ways To Protect Your Credit

    Posted By admin || 16-Sep-2010

    Getting Married After Bankruptcy Getting married after bankruptcy can have a huge impact on your finances. Marry a financially savvy spouse and you're well on your way to have a successful financial life; but marry a financially struggling spouse and you could face a second trip to bankruptcy. How to Protect Your Post-Bankruptcy Credit When Marrying Below are a few tips on how to protect your ...
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  • Hecker A Flight Risk? Federal Authorities Demand Former Auto Mogul Be Put Behind Bars

    Posted By admin || 14-Sep-2010

    Denny Hecker, who pleaded guilty to bankruptcy fraud charges, has negotiated a plea deal but government officials still want to put him behind bars ahead of his October 18 th trial date for criminal charges against him. In the conspiracy plea, Hecker admitted he changed purchase agreements on vehicles to make the agreements look better to such lenders as Chrysler Financial. According to documents ...
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  • Will Chapter 11 Bankruptcy Save Debbie Reynolds' Movie Museum?

    Posted By admin || 14-Sep-2010

    Debbie Reynolds, the famous actress who appeared in many 1950's and 1960's movies, won the approval of her Chapter 11 bankruptcy reorganization plan this week; but will her dream to open a museum showcasing her Hollywood memorabilia collection survive? Reynolds' Chapter 11 bankruptcy reorganization plan says that if the museum was able to secured a $4 million advance from a potential developer, ...
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  • Bankruptcy Trustee Moves To Deny "Real Housewives of New Jersey" Star's Discharge

    Posted By admin || 7-Sep-2010

    With $11 million in tax debt and accusations of hiding assets from the IRS, Teresa and Joe Giudice are now being accused of bankruptcy fraud and the bankruptcy trustee Roberta A. DeAngelis is asking that their Chapter 7 bankruptcy discharge be denied. DeAngelis accuses the couple of filing schedules and statements they knew were "not true and correct" and making numerous false oaths and ...
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  • Rapper Young Buck Enters Chapter 13 Bankruptcy and Learns Powerful Lesson

    Posted By admin || 6-Sep-2010

    After suffering through an IRS raid on his home, Rapper Young Buck, (real name: David Darnell Brown) has filed Chapter 13 bankruptcy and will repay $750,000 out of the $1 million he owes creditors. Among Young Buck's debts are $33,100 owed on a 2009 Cadillac Escalade and about $700,000 on two mortgages. There's also the IRS (owed about $300,000 for several years' worth of unpaid taxes) which on ...
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  • Stalled Tribune Bankruptcy Enters Nonbinding Mediation

    Posted By admin || 6-Sep-2010

    Bankruptcy Judge Kevin Carey has called for a nonbinding mediation process weeks after Tribune bankruptcy negotiations collapsed and the debtor's reorganization plan was rejected. The mediation process was requested by Tribune Co. The move comes after a company-sponsored reorganization plan unraveled several weeks ago in the wake of an independent examiner's report that criticized elements of ...
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  • Celebrity Bankruptcy: Willie Nelson's Lessons In Optimism

    Posted By admin || 4-Sep-2010

    In 1990 Willie Nelson was one of the most popular country singers of all time, but due to tax debts of over $16 million owed to the IRS he chose to file bankruptcy. But before filing bankruptcy, Willie Nelson suffered the indignity of IRS raids and asset seizures that left him in a serious financial pickle. The taxes owed were from tax returns filed in the 1970's and 1980's where the IRS ...
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  • MC Hammer's Bankruptcy And Learning To Say No

    Posted By admin || 4-Sep-2010

    MC Hammer's meteoric rise to fame hit a pinnacle in 1990 when Forbes Magazine estimated the rapper's worth at about $33 million. So, why is it that MC Hammer filed bankruptcy only six years later? For this celebrity, his road to bankruptcy began with his inability to say no to himself and to others. Before filing for bankruptcy, MC Hammer was known for his ostentatious lifestyle. He spent at ...
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  • Celebrity Bankruptcy: Burt Reynolds Delayed Bankruptcy Filing and Paid The Price

    Posted By admin || 3-Sep-2010

    A mega-star of the 1970's and 80's Burt Reynolds was best known for appearing in hit movies such as "Smokey and the Bandit," "Deliverance," "The Longest Yard" and "Cannonball Run." But all of his success and fame collided with a string of financial crises, bad investments and an expensive divorce from actress Loni Anderson which left him seeking Chapter 11 bankruptcy protection in 1996 with over ...
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  • Blockbuster Bankruptcy Only A Few Weeks Away?

    Posted By admin || 3-Sep-2010

    Once again rumors are buzzing that Blockbuster, the struggling home video rental company, is preparing to file a Chapter 11 bankruptcy in mid-September. Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a "pre-planned" bankruptcy in mid-September, said several people familiar with the situation who ...
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  • Playlist Files Chapter 11 Bankruptcy

    Posted By admin || 2-Sep-2010

    As the recession continues to sweep through the entertainment industry, another on-demand music company files bankruptcy. Playlist, a site which hosts on-demand music filed Chapter 11 bankruptcy with $24 million in debt from unpaid royalty payments to major record labels. Playlist, a site which hosts on-demand music for users to share and generate playlists, is mired in debt. The company owes more ...
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  • The Third Fastest Man In America Files Bankruptcy

    Posted By admin || 1-Sep-2010

    Legendary marathon runner Dick Beardsley and his wife Jill have filed for Chapter 13 bankruptcy, listing assets of $72,509 and liabilities of $176,734. Beardsley and his wife, Jill, filed a petition for Chapter 13 bankruptcy petition on July 20, listing assets of $72,509 and liabilities of $176,734. They owe the Internal Revenue Service $87,616 in taxes from 2006 to 2009, making the IRS the ...
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  • Visteon Bankruptcy Plan Wins Approval

    Posted By admin || 1-Sep-2010

    After settling a dispute with its retirees, Visteon Corp. won support for its reorganization plan from its major shareholders, lenders and the bankruptcy court, and raised more than $1.3 billion by selling stock to bondholders. Visteon retirees had been the one major challenge preventing Visteon from moving forward with its plan to cut $2 billion in debt and exit bankruptcy under the control of ...
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  • "American Pie" Film Producer Warren Zide Files Chapter 7 Bankruptcy

    Posted By admin || 1-Sep-2010

    Film producer Warren Zide best known for his hit movie "American Pie" has filed for Chapter 7 bankruptcy. Zide's Chapter 7 bankruptcy petition did not list all of his specific debts; but it did list that he had $1 million to $10 million in liabilities and $518,630 in back taxes owed to the state of California. The fact that Zide filed Chapter 7 bankruptcy means that he does not make more than the ...
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  • Lessons From Teresa Giudice's Bankruptcy

    Posted By admin || 30-Aug-2010

    If you've been watching the news and following the celebrity blogs then you've probably heard that Teresa Giudice is taking a lot of heat for spending $60,000 on home furnishings after filing bankruptcy. Her bankruptcy attorney is supposedly defending the purchases saying that the money spent was from income earned after the bankruptcy fling and therefore could be legitimately spent for ...
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  • Did Fame Push 'Real Housewives of New Jersey' Star Into Bankruptcy?

    Posted By admin || 26-Aug-2010

    'Real Housewives of New Jersey' star Teresa Giudice and her husband Joe, who owe creditors nearly $11 million are feeling victimized by their fame, according to an unnamed friend. "If she wasn't on the show, this all would be much easier," a friend of Teresa's tells a news publication. "Everything would be settled by now, but because she is now famous everyone is using the situation to get press ...
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  • American Apparel Careening Towards Bankruptcy?

    Posted By admin || 25-Aug-2010

    American Apparel, infamous for its controversial CEO Dov Chamey and its hip, risqué fashions may be facing a possible bankruptcy. American Apparel announced in a securities filing that it "may not have sufficient liquidity necessary to sustain operations for the next 12 months." The retailer is in talks to obtain new financing to shore up its struggling operations, which have been hit by ...
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  • Bankruptcy Trustee Describes Mortgage Company As Giant Ponzi Scheme, Denies Discharge

    Posted By admin || 24-Aug-2010

    Bankruptcy Trustee Steve Nottinger denied a bankruptcy discharge for Scott David Farah and his now infamous company Financial Resources Mortgages Inc., saying the company was nothing more than a giant Ponzi scheme designed to bilk investors out of millions. On Wednesday, the bankruptcy court issued an order that the request to discharge the Farah case was denied -- the usual course when alleged ...
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  • Tribune Co. Bankruptcy Negotiations Collapse

    Posted By admin || 24-Aug-2010

    Tribune Co's Chapter 11 bankruptcy sits in limbo because negotiations regarding its reorganization plan collapsed as the company's biggest creditors balked and decided to negotiate a deal without the debtor's participation. The original management-brokered settlement began to collapse late last month when court-appointed independent examiner Kenneth Klee filed a report evaluating claims that the ...
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  • Teresa Giudice Spent Extravagantly After Bankruptcy Filing According To Court Documents

    Posted By admin || 23-Aug-2010

    Bankruptcy records have revealed that Teresa Giudice spent $60,000 on high-end furniture just days after filing for Chapter 7 bankruptcy last year. The Giudices who are $10.85 million in debt have agreed to have their bankruptcy auction postponed from August 22 nd to October so that the bankruptcy court can reevaluate the value of each of their personal belongings. Bankruptcy Judge Morris Sterns ...
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  • Former "Top Chef" Contestant Cooks Up Bankruptcy Strategy

    Posted By admin || 20-Aug-2010

    Former "Top Chef" contestant, Timothy Dean may place his restaurant, Dean's Prime Steakhouse in Chapter 11 bankruptcy to avoid foreclosure. Adams National Bank, which won a $1.3 million judgment against Dean and the real-estate company that owns the property earlier this year, is holding the auction. Dean said he wants to work with the bank to avoid the foreclosure and instead renegotiate his ...
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  • General Growth's Bankruptcy Exit Threaten By Howard Hughes' Heirs

    Posted By admin || 19-Aug-2010

    General Growth plans to submit their Chapter 11 bankruptcy plan next week to Bankruptcy Judge Allan Grooper and win his approval so they can exit bankruptcy by October. But if the heirs of Howard Hughes have their way, General Growth will need to go back to the drawing board and create a bankruptcy plan that offers the Hughes heirs a larger share of the pie. The Hughes heirs' involvement in ...
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  • Fergie Hits Proverbial Flea Market To Avoid Bankruptcy

    Posted By admin || 18-Aug-2010

    Reports are swirling that the Duchess of York is in a mad dash to pawn off her personal assets in a bid to avoid bankruptcy. According to reports, Fergie is planning to sale a painting, Emma Sergeant's six-foot high depiction of Orpheus in the Underworld, which could fetch approximately £20,000. Reportedly, the Duchess has already pawned off her personal jewelry and wedding gifts in an effort to ...
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  • Bankruptcy Trustee Resigns Amid Debtor's Allegations

    Posted By admin || 18-Aug-2010

    Former Phillies and Mets baseball star Lenny Dykstra's long-running Chapter 7 bankruptcy saga took another dramatic turn when Bankruptcy Trustee Cisneros abruptly resigned "after consultation with the Office of the United States Trustee." Dykstra had requested that Cisneros be removed from the bankruptcy case for failing to disclose the full extent of his business dealings with J.P. Morgan Chase ...
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  • Could MGM Be Forced Into Bankruptcy?

    Posted By admin || 18-Aug-2010

    For months MGM has had ongoing negotiations in its attempt to restructure its debts outside of bankruptcy; but so far they have only met with failure. So much failure has faced MGM's attempts to restructure outside of bankruptcy, that some analysts are predicting that movie studio could be forced into bankruptcy by September 15 th, that's when over $400 million of debt owed by MGM becomes due. ...
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  • Visteon Fails To Reinstate Benefits After Bankruptcy Order

    Posted By admin || 17-Aug-2010

    When Visteon unilaterally terminated the health care benefits of 6,000 retirees without following certain required steps in their Chapter 11 bankruptcy, their actions caused an uproar nationwide. Now the retirees' are embroiled in a drawn out legal battle about whether Visteon should be allowed to terminate retiree benefits especially for those who are terminally ill. With many retirees and their ...
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  • Mighty Blockbuster To File Bankruptcy Next Month?

    Posted By admin || 16-Aug-2010

    Rumors are swirling that Blockbuster is preparing to file bankruptcy in September. According to some in the home entertainment business, Blockbuster is expected to announce a forbearance agreement with select creditors soon as it is prepares to for a possible Chapter 11 bankruptcy filing. Blockbuster's tango with a possible bankruptcy became public in April of 2009 when they revealed that they ...
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  • Why Teresa Giudice And Her Husband Are Just Like The Rest Of Us

    Posted By admin || 7-Aug-2010

    There has been a lot of criticism of the Giudices bankruptcy filing and their extravagant lifestyle which in many ways is understandable. The Giudices bought a $1.7 million mansion, a $1200 a month Cadillac Escalade and flaunted their extravagant lifestyle on national TV. But aren't the Giudices more like the rest of us in ways that we may be reluctant to admit. Let's take a look at the facts: The ...
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  • Details Of Michael Vick's Illegal Pre-Bankruptcy Asset Transfers Come To Light

    Posted By admin || 6-Aug-2010

    Eagles quarterback Michael Vick may be facing new charges in his bankruptcy case alleging that he made illegal transfers of assets to family and friends on the eve of his bankruptcy filing. According to court records, Vick wrote and cashed 67 checks between October 2006 and November 2007 that were made payable to "cash." Records show that the total cash he collected from his 31 bank accounts ...
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  • Greenberg-Ryan Win Texas Rangers' Bankruptcy Auction

    Posted By admin || 5-Aug-2010

    Chuck Greenberg and Nolan Ryan won an auction for ownership of the bankrupt Texas Rangers baseball team after outbidding Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane. Cuban and Crane's top bid of $581.2 million was topped by the Greenberg-Ryan bid of $593 million. But the auction was not without the ordinary level of dramatics that have been ever present in the Chapter 11 ...
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  • Will Tribune Co's Alleged Dishonesty Destroy Their Bankruptcy Reorganization?

    Posted By admin || 4-Aug-2010

    A bankruptcy examiner's report which found dishonesty in Tribune Co's leveraged buyout will remain sealed until the bankruptcy judge resolves confidentiality issues surrounded the release of the report. But a 20-page summary of the report was released this week pending the resolution of confidentiality claims. The report concluded Tribune did not act forthrightly in getting an independent opinion ...
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  • "Real Housewives of New Jersey" Star Bankruptcy Comments All Too Common

    Posted By admin || 4-Aug-2010

    "Real Housewives of New Jersey" star Teresa Giudice's recent comments during her appearance on "The View" reveals a mentality that can often land post-bankruptcy debtors back in financial trouble. When asked about her bankruptcy, Giudice said that she has always lived within her means and that she was unaware that there were financial problems because her husband kept the reality of it from her ...
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  • A-Rod Objects To Texas Rangers' Bankruptcy Auction

    Posted By admin || 4-Aug-2010

    Alex Rodriguez filed an objection in bankruptcy court last week over how the Texas Rangers' bankruptcy auction might be held, stating that he feared that bidders won't make good on deferred payments to him and other former team players. On deadline for such filings before the Aug. 4 auction, an attorney for A-Rod noted that the Yankees third baseman is owed $24.89 million and complained that Hicks ...
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  • Lessons From Dennis Hecker: How To Make Enemies With Your Bankruptcy Trustee

    Posted By admin || 3-Aug-2010

    Dennis Hecker, the former auto tycoon, is still in bankruptcy and seemingly trying his best to make enemies with his bankruptcy trustee. Hecker, who has been embroiled in bankruptcy and a criminal case since 2009 has already been accused of bankruptcy fraud; but as if that was not enough, he has allegedly once again attempted to hide and divert assets from the bankruptcy estate. The asset in ...
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  • Food Share America Files Chapter 11 Bankruptcy - Many Left Without Food

    Posted By admin || 3-Aug-2010

    Food Share America (FSA) has filed Chapter 11 bankruptcy after racking up more than $100,000 in bounced checks and other debts. The food ministry, which operates discount food centers in ten states including Texas, has been drowning in debt since they took over the discount food operation formerly run by Catholic Charities two years ago. FSA President Bill McKnight said that he has done everything ...
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  • Bankruptcy Judge To Consider Creditors Challenge Of Bidding Procedures

    Posted By admin || 2-Aug-2010

    Bankruptcy Judge Michael Lynn has agreed to hear the arguments of creditors this week who are challenging plans for an Aug. 4 auction of the Texas Rangers. They are saying they don't like the bidding procedures and arguing that the lease for the team's ballpark should be severed from the sale. After making some changes to the bidding procedures, the bankruptcy judge approved them last week and ...
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  • MLB's Insistence On Ryan-Greenberg Deal May Threaten Texas Rangers' Bankruptcy

    Posted By admin || 31-Jul-2010

    If you've been following the Texas Rangers Chapter 11 bankruptcy then you probably realize that the MLB has made it clear that they want the Ryan-Greenberg group to purchase the baseball team. Lenders oppose the deal because they say that it is not the best deal and that other potential buyers are offering enough money to repay all of the team's creditors. A matter of fact, even one of Hick's ...
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  • Without Bankruptcy Would The McMahons Have Built Their Wrestling Empire?

    Posted By admin || 31-Jul-2010

    When we hear about bankruptcy the conversation is usually focused on the debts owed and the lack of income to pay. But what about the success stories after the bankruptcy has ended and the debtors are well on the road to their fresh start? One such story is the journey of Linda and Vince McMahon who filed for bankruptcy over 30 years ago after a series of business failings, bad investments and ...
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  • Michael Vick's Family and Friends May Be Forced To Return $2 Million To Bankruptcy Estate

    Posted By admin || 30-Jul-2010

    Bankruptcy trustee Joseph J. Luzinski is seeking the repayment of at least $2 million to the bankruptcy estate that NFL quarterback Michael Vick doled out to various family members and friends only months before he was sent to federal prison for running a dog fighting operation and eventually filed bankruptcy. A complaint filed in U.S. Bankruptcy Court in Newport News says Vick knew his lucrative ...
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  • "Real Housewives of New Jersey" Star Concealing Assets In Bankruptcy?

    Posted By admin || 30-Jul-2010

    Teresa Giudice one of the stars of "Real Housewives of New Jersey" is facing accusations that she and her husband have been concealing assets in their Chapter 7 bankruptcy filing. Bankruptcy trustee John Sywilok says that the Giudices have allegedly concealed key documents about their finances and business transactions when they filed Chapter 7 bankruptcy this past fall. The assets the Giudices ...
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  • Hecker Loses Bankruptcy Claim Faces New Criminal Charges

    Posted By admin || 29-Jul-2010

    Denny Hecker, former auto tycoon, lost his claim to a $1 million consulting fee in bankruptcy court and now faces new criminal charges in a fresh federal indictment. Bankruptcy Judge Robert Kressel dissolved Hecker's interest in a consulting deal with Midwest Motors after the company sought to end the relationship with Hecker because of the bad publicity surrounded the embroiled former auto ...
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  • Movie Gallery To Liquidate In Bankruptcy

    Posted By admin || 28-Jul-2010

    Movie Gallery Inc. the operator of the Hollywood Video rental chain has filed a plan with a federal bankruptcy court to liquidate its operations and shut down. The move comes five months after Movie Gallery filed for Chapter 11 bankruptcy for the second time in three years. Initially, Movie Gallery had planned to use Chapter 11 bankruptcy to close one-third of its 2,415 U.S. stores and continue ...
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  • Chief Restructuring Officer In Texas Rangers' Bankruptcy Threatened

    Posted By admin || 27-Jul-2010

    As if the Texas Rangers' Chapter 11 bankruptcy case couldn't get stranger, the chief restructuring officer appointed in the Texas Rangers' Chapter 11 bankruptcy case received threatening phone calls that were so serious that security has been increased significantly. But U.S Bankruptcy Judge Michael Lynn tried to downplay the threats. "I am not particularly worried about them," the judge said. ...
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  • Celebrity Bankruptcy: Danny Masterson "That 70's Show" Star Files Bankruptcy

    Posted By admin || 27-Jul-2010

    Danny Masterson who starred in "That 70's Show," filed Chapter 11 bankruptcy for his financially troubled limited liability company after the company was sued by TomatoBank for the balance their loan. Masterson's company took out a loan out for $3.2 million in 2007 and after several extensions on payment, the lender, TomatoBank, eventually sued for $2,807,531 as well as for interest in the amount ...
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  • Appeals Court Rules Bankrupt Visteon Cannot Unilaterally Terminate Retiree Benefit

    Posted By admin || 25-Jul-2010

    A three-judge panel of the 3rd U.S. Circuit Court of Appeals overturned two lower court decisions, and ruled that auto parts supplier Visteon Corp. cannot terminate its retirees' health and life insurance benefits without following certain procedures under bankruptcy law. The court ordered that the benefits, which were terminated May 1, be reinstated immediately, and that any further attempts to ...
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  • Bankruptcy Judge Upsets All Sides In Texas Rangers Bankruptcy

    Posted By admin || 25-Jul-2010

    Bankruptcy Judge Michael Lynn has delayed the reopening of the Texas Rangers' auction until August 12 th, a ruling that has upset both debtors and lenders in the Chapter 11 bankruptcy case that has been mired in controversy since it was filed. Tuesday's courtroom tug-of-war featured the Greenberg-Ryan group's argument that the new auction should occur well before Aug. 12, when its financing ...
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  • Media Company Wins Right To Proceed With Bankruptcy Reorganization

    Posted By admin || 24-Jul-2010

    Bankruptcy Judge Stephen Raslvich denied a request by union leaders to delay the bankruptcy reorganization of The Inquirer and the Philadelphia Daily News pending an appeal brought by the company's pension plans to the U.S. District Court. Unions representing the pension plans have argued that they are owed $174 million in unfunded liabilities which is more than the company's sale price. They have ...
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  • Applejack Art Partners' Rapid Expansion Drives It Into Chapter 11 Bankruptcy

    Posted By admin || 24-Jul-2010

    Applejack Art Partners Inc., which manufactures fine art prints and sells sports memorabilia, filed Chapter 11 bankruptcy after efforts to rapidly expand their company met with a faltering economy. The company which sells everything from Andy Warhol prints to chunks of turf from the Dallas Cowboys' end zone is hoping to sell its assets in Chapter 11 bankruptcy which it says is the only way they ...
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  • Texas Rangers Bankruptcy May Take A Dramatic Turn

    Posted By admin || 23-Jul-2010

    The chief restructuring officer of the Texas Rangers' bankruptcy case, William K. Snyder has stated that he may recommend that the proposed sale agreement of the baseball team to a group headed by Nolan Ryan and Chuck Greenberg be thrown out. The proposed deal with Rangers Baseball Express was for $575 million, but attorneys for lenders in the bankruptcy case have speculated that a better offer ...
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  • Former Kiss Guitarist Vinnie "Wiz" Vincent Loses Bankruptcy Appeal

    Posted By admin || 22-Jul-2010

    After a year of battling it out in bankruptcy court over his songwriting copyrights, former Kiss guitarist Vinnie "Wiz" Vincent, lost his bankruptcy appeal, giving his former band mates the right to sell his Kiss songwriting copyrights so that they can receive payment on a judgment they won against Vinnie. The judgment was in the amount of $82,000 and is the result of attorneys' fees due to Kiss ...
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  • Fraudulent Conveyance Investigation Will Delay Bankruptcy Confirmation Hearing

    Posted By admin || 18-Jul-2010

    An independent examiner investigating claims of "fraudulent conveyance" in the Tribune Co. bankruptcy case last week asked for a 15-day extension for filing his report. The extension is expected to delay the bankruptcy confirmation hearing for the Tribune's reorganization plan which is schedule for the week of August 16 th. The Tribune bankruptcy, which is now in its 19 th month, has suffered from ...
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  • Star Studded Clientele Not Enough To Keep Dealership Out Of Bankruptcy

    Posted By admin || 17-Jul-2010

    Martin Cadillac LLC, known for its ability to attract some of the deepest pockets in the hip-hop industry has filed Chapter 11 bankruptcy after seeing sales nosedive from $72.6 million in 2008 to $60.8 million in 2009. The dealership had benefited from its star-studded clientele, drawing Diddy (whom you may know better as Puff Daddy or P. Diddy) and fellow rapper Fat Joe to a promotional event ...
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  • Bankruptcy Judge Rules Catholic Parishes Must Share $120 Million With Abuse Victims

    Posted By admin || 17-Jul-2010

    In the controversial bankruptcy case of the Delaware Roman Catholic Diocese, bankruptcy judge Christopher Sontchi ruled that a pool of $120 million administered by diocese officials should be considered part of the bankruptcy case and shared with abuse victims. The bankruptcy judge also said that parishes were entitled to file bankruptcy claims against the diocese because they had contributed ...
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  • Largest Bankruptcy Ever Filed About To Get Messy?

    Posted By admin || 16-Jul-2010

    Lehman Brothers Holdings Inc.'s bankruptcy plan is facing its first challenge in what could become a barrage of challenges in the nation's largest bankruptcy ever. A group of creditors who identify themselves as an ad hoc group of Lehman Brothers creditors are objecting to the bankruptcy plan which aims to create a "pot of assets" from which to pay back creditors saying that it's seriously flawed ...
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  • Celebrity Bankruptcy: Rumors Of David Olsen Bankruptcy

    Posted By admin || 16-Jul-2010

    Rumor has it that the father of billionaire twins Mary-Kate and Ashley Olsen has filed for bankruptcy after facing an imminent foreclosure on his home shared with his former secretary, now second wife McKenzie. According to anonymous sources, David Olsen is seeking bankruptcy protection to save his home from foreclosure after falling behind on payments and owing the bank $2.2 million. And this ...
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  • Bankruptcy Update: Texas Rangers To Reopen Bidding For Team's Sale

    Posted By admin || 14-Jul-2010

    In a court motion filed last week, the Texas Rangers plan to reopen bidding and hold an auction for the baseball team's sale this week. The Texas Rangers had initially submitted a bankruptcy plan that included the sale the team to a group led by Pittsburgh attorney Chuck Greenberg and Hall of Fame pitcher and team president Nolan Ryan, but under pressure from creditors, they have now agreed to ...
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  • Bankruptcy Judge Orders Texas Rangers To Revise Bankruptcy Plan

    Posted By admin || 13-Jul-2010

    In a victory for lenders in the Texas Rangers Chapter 11 bankruptcy case, a federal bankruptcy judge said that he would not approve the plan to sell the Texas Rangers unless it was modified. Lenders in the Texas Rangers bankruptcy case had argued for months that the proposed $575 million purchase deal by the Greenberg-Ryan group was significantly less than what others were willing to pay. They ...
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  • CIT Group Makes Profit Post-Bankruptcy Prepays Debt

    Posted By admin || 9-Jul-2010

    CIT Group, the 102 year old financial institution which emerged from Chapter 11 bankruptcy in December, beat analysts' expectations by making a profit in the first quarter of 2010. And despite exiting Chapter 11 bankruptcy with a costly $7.5 billion credit facility, the commercial lending company prepaid 1.25 billion of debt after securitizing receivables and selling assets. The pre-payment made ...
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  • More Details Revealed In NFL Quarterback's Bankruptcy Filing

    Posted By admin || 8-Jul-2010

    Former Jacksonville Jaguars' quarterback Mark Brunell, file for Chapter 11 bankruptcy listing $5.5 million in assets and $24.7 million in debts. And it appears that the footballer's bankruptcy was directly caused by the real estate foreclosure crisis and his personal guarantee of certain loans. Among Brunell's largest debts is a more than $5 million guarantee of a loan to JWB Owner LLC and more ...
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  • NFL Player Mark Brunell To File Chapter 11 Bankruptcy

    Posted By admin || 8-Jul-2010

    Mark Brunell, an 18 year veteran quarterback of the NFL, is filing Chapter 11 bankruptcy after facing multiple lawsuits because of failed real estate and business loans. One of those includes a loan to a partnership called Champion LLC, which included Brunell's former teammates in Jacksonville, Joel Smeenge and Todd Fordham. The three-time Pro Bowler also has a dispute in Jacksonville over a $2.2 ...
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  • Texas Rangers Bankruptcy Drama: Confirmation Hearing Delay Thrown Out

    Posted By admin || 8-Jul-2010

    Bankruptcy Judge Michael Lynn has agreed to rule on the now twice amended Texas Rangers bankruptcy plan on July 9 th. The confirmation hearing had been postponed until July 22 nd but the bankruptcy judge eventually gave in to the debtors' protests against the delay; but warned that the earlier date would increase the chances of the bankruptcy plan being rejected. The bankruptcy plan includes the ...
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  • Texas Rangers Decry Bankruptcy Delay

    Posted By admin || 7-Jul-2010

    Chuck Greenberg is vowing to fight a bankruptcy court ordered delay of the Texas Rangers' confirmation hearing from July 9 th to July 22 nd. Bankruptcy judge Michael Lynn ordered the delay so that the newly-appointed chief restructuring officer William Snider would have a chance to get up to speed on the Texas Rangers' bankruptcy plan and give him a chance to attend a mediation session that's ...
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  • Bankruptcy Update: Nortel Networks' U.S. Chapter 11 Bankruptcy

    Posted By admin || 7-Jul-2010

    Nortel Networks Corp. which filed Chapter 11 bankruptcy in the U.S., Canada and Europe in January 2009 has recently filed paperwork with the U.S. bankruptcy court requesting that it be allowed to end health care and life insurance benefits on Aug. 31 for more than 4,000 retired people or their dependents, and cut off long-term disability payments to another 280 people. Each of the benefits ...
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  • Texas Rangers' Lenders Given Blocking Power

    Posted By admin || 7-Jul-2010

    Michael Lynn, the bankruptcy judge in the Texas Rangers Chapter 11 bankruptcy case gave lenders some power to block the baseball teams' proposed sale and the team's owner Tom Hicks was prohibited from voting on the deal. The team and MLB still hope to have their plan to sell the club to a group led by Chuck Greenberg and Nolan Ryan approved next month, but that will now largely be in the hands of ...
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  • Michael Jackson's Los Angeles Home Narrowly Escapes Foreclosure

    Posted By admin || 7-Jul-2010

    After Michael Jackson's death brought about a resurgence of interest in the singer, his estate yielded an additional $200 million income, allowing the Michael Jackson estate to pay off many bills and avoid foreclosure on a Los Angeles home where the singer's mother still lives. But will the influx of income be enough to avert bankruptcy or the forced sale of the singer's 50 percent stake in the ...
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  • Painter Of Light's Company Files Chapter 11 Bankruptcy

    Posted By admin || 6-Jul-2010

    Pacific Metro, formerly known as Media Arts and the Thomas Kinkade Co., filed for Chapter 11 bankruptcy protection after facing millions of dollars in punitive damages awarded to gallery owners who successfully pressed fraud claims against the artist's company. But Thomas Kinkade, one of the world's wealthiest artists and his corporate representatives insist that the bankruptcy filing is only due ...
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  • Bankrupt NBA Star To Face Felony Bad Check Charges

    Posted By admin || 4-Jul-2010

    Antoine Walker, former NBA all-star Celtics player, has faced yet another twist after filing bankruptcy with $12.7 million in liabilities and $4.3 million in assets. A judge ordered the NBA player to face trial on a felony bad check charges after he failed to repay nearly $1 million in gambling debts and penalties owed to three Las Vegas casinos. The charges stem from $1 million in casino markers, ...
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  • National Envelope's Chapter 11 Bankruptcy Loan Challenged

    Posted By admin || 3-Jul-2010

    A group of senior secured lenders are challenging a request by National Envelope Corp. to borrow $138.9 million as part of their Chapter 11 bankruptcy restructuring. The senior lenders claim that the bankruptcy loan terms would force the company to quickly sell its assets for less value then they would otherwise get. The lenders--LBC Credit Partners LP, LBC Creditor Partners Parallel LP, Island ...
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  • Blockbuster Unsuccessfully Tries To Stem Bankruptcy Fears

    Posted By admin || 29-Jun-2010

    Blockbuster's CEO Jim Keyes has unsuccessfully tried to stem investor fears that the video rental behemoth is gearing up for an inevitable Chapter 11 bankruptcy filing. But while he insists that Blockbuster has access to several alternatives to bankruptcy, the struggling company has failed to renegotiate $930 million in debt and has watched its cash position reduce from $188.7 million in January ...
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  • Epic Battle Between Senior Bondholders And Bankrupt WAMU Continues

    Posted By admin || 27-Jun-2010

    A group of senior bondholders in the Washington Mutual Inc Chapter 11 bankruptcy has vowed to battle on against the proposed global settlement Washington Mutual reached with the FDIC. The proposed settlement which was submitted in Washington Mutual's revised Chapter 11 bankruptcy plan, calls for the return of $7 billion to creditors and a resolution of claims involving FDIC and JP Morgan. William ...
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  • Ambac Financial Group Considers Prepackaged Bankruptcy

    Posted By admin || 27-Jun-2010

    After determining that it is unlikely the company will receive dividend payments from its bond insurance unit, Ambac Assurance Corp. (AAC), Ambac Financial Group is seriously considering a prepackaged Chapter 11 bankruptcy. Ambac Financial, which is dependent on the dividend payments made by Ambac Assurance says that the company's liquidity and solvency could be threatened by the cessation of ...
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  • One Year After Push For Expansion, Majestic Liquor Stores Files Chapter 11 Bankruptcy

    Posted By admin || 26-Jun-2010

    Majestic Liquor Stores, one Dallas-Fort Worth's oldest and largest liquor store chains, has filed Chapter 11 bankruptcy with between 100 and 199 creditors and between $10 million and $50 million of debt. Majestic which was founded as a lone liquor store in 1942, began expanding in 2005 soon after the death of its founder. In 2009, the company obtained a $16 million loan with intentions of ...
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  • 'Real Housewives of New Jersey' Bankruptcy Drama

    Posted By admin || 26-Jun-2010

    'Real Housewives of New Jersey' star Teresa Giudice and her husband Joe have filed for bankruptcy. The couple who live a lavish lifestyle on their Bravo network reality show, are in reality up to their necks in debt. The couple filed for bankruptcy showing that the owed $10.85 million in debt. Bankruptcy documents reveal that while Teresa Giudice spends thousands of dollars on clothes on her ...
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  • Rare Decision In Fallen Auto Tycoon's Bankruptcy

    Posted By admin || 25-Jun-2010

    In a move that is rarely seen in bankruptcy, bankruptcy trustee Randy Seaver, forced one of Denny Hecker's holding companies into bankruptcy, saying that Chrysler Financial was the legitimate creditor not Cornerstone Bank. In filing the bankruptcy for Seaver, attorney Matthew Burton said: "Technically Cornerstone Bank is not a creditor. They never lent money to this entity." Instead, Hecker, who ...
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  • BP Bankruptcy May Not Stop Most Oil Spill Claims

    Posted By admin || 25-Jun-2010

    While BP has vehemently denies that it is considering bankruptcy, the prospect of a BP bankruptcy is on the minds of many of the analysts following the oil spill disaster. Already BP is facing more than 200 lawsuits and the U.S. is currently estimating the cost of restoring the gulf coast at about $37 billion at least. And many analysts say that even if BP wanted to repay the claims against it in ...
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  • Bankruptcy Judge Rules Winning Bid For MLB Team Need Not Be The Highest

    Posted By admin || 24-Jun-2010

    Bankruptcy Judge D. Michael Lynn ruled last week that the winning bid for the Texas Rangers doesn't need to be the highest bid in order for it to be valid. He added that other factors should be considered when deciding which bid should be approved for purchasing the Major League Baseball (MLB) team. Meanwhile, the Rangers' biggest lenders demanded a right to vote against the proposed sale of the ...
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  • BP Oil Disaster Could Lead To Chapter 11 Bankruptcy

    Posted By admin || 24-Jun-2010

    BP could be on the hook for millions if not billions of dollars in cleanup costs and even punitive damages. But while BP is a large and successful oil company, its pockets are only so deep. Could the mounting amount of liability related to this oil disaster sink BP into a Chapter 11 bankruptcy? You bet it could. It's not like it hasn't happened before. In 1987, Texaco was forced in Chapter 11 ...
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  • Four Reasons Why Chapter 13 Bankruptcy May Be Better Than Debt Consolidation

    Posted By admin || 23-Jun-2010

    Debt consolidation has always been one of the preferred suggestions given to debtors who others want to forgo their bankruptcy options. But the reality is that debt consolidation is not for everyone and may be even be harmful to certain debtors. Below are a few reasons why Chapter 13 bankruptcy may be a better option than debt consolidation: Debt consolidation companies do not have the weight of ...
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  • WAMU Files Revised Bankruptcy Plan But Fall Short Of Paying Creditors By Billions

    Posted By admin || 17-Jun-2010

    Washington Mutual Inc. filed a revised Chapter 11 bankruptcy plan; but says that they are billions of dollars short and are unable to cover all of its debts and reimburse its shareholders. Under the revised Chapter 11 bankruptcy plan, Washington Mutual will establish a liquidating trust that will distribute about $7 billion to creditors, JP Morgan will assume some benefit related liabilities for ...
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  • Texas Rangers Creditors File Involuntary Bankruptcy For Hicks Holding Companies

    Posted By admin || 16-Jun-2010

    Dissatisfied with the pre-packaged bankruptcy plan proposed by the Texas Rangers, creditors have moved to file an involuntary bankruptcy on two holding companies belonging to Tom Hicks. The lenders who filed the involuntary bankruptcy hold about $525 million in debt in the Texas Rangers' equity company which is controlled by Tom Hicks. The creditors say that by filing the involuntary bankruptcy ...
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  • Bankrupt Movie Gallery To Close All Of Its U.S. Stores

    Posted By admin || 3-Jun-2010

    Movie Gallery, which filed for bankruptcy in February plans to close its remaining video rental stores along with all of its Hollywood Video stores, leaving Blockbuster as the sole brick and mortar video rental store in America. When Movie Gallery filed for Chapter 11 bankruptcy in February it was the second time it had filed for bankruptcy is just over two years. The movie rental company had ...
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  • Creditors To Push Texas Rangers Into Bankruptcy?

    Posted By admin || 1-Jun-2010

    Lenders holding $525 million in Hicks Sports Group debt could force the Texas Rangers into bankruptcy if Major League Baseball (MLB) seizes control of the team. "If MLB seizes the Rangers the creditors are left out in the cold because their agreements are with Tom Hicks and his sports group," said Bob Jarvis, a professor in the Nova Southeastern University Law Center that specializes in sports ...
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  • Bankruptcy Judge Grants WaMu Shareholders The Right To Force Annual Meeting

    Posted By admin || 26-May-2010

    Bankruptcy Judge Mary F. Walrath ruled that Washington Mutual shareholders are not automatically barred by bankruptcy law from suing to try to force the company to hold the meeting. The shareholders want to hold an annual meeting so they can replace the board of directors of Washington Mutual which filed bankruptcy in 2008 after being seized by regulators and sold to JPMorgan for $1.9 billion. ...
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  • Former Detroit Pistons Star Rick Mahorn Haunted By Taxes, Bad Investments and Foreclosure

    Posted By admin || 26-May-2010

    Former Detroit Pistons star Rick Mahorn and his wife filed for Chapter 7 bankruptcy back in December 2009 citing failed investments, foreclosure and IRS debts totaling over $200,000. Mahorn is remembered as a member of the Detroit Pistons' 1989 championship team and most recently as a coach for Shock and a color commentator for the Pistons radio broadcasts. The former basketball star and his wife ...
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  • Violation of Automatic Stay Creates Interesting Twist In Bankruptcy Case

    Posted By admin || 24-May-2010

    In the Chapter 7 bankruptcy case of McCarthy, Kevin F.; In re (Colorado East Bank & Trust v. McCarthy) , the bankruptcy court ruled that the plaintiff's claim was not dischargeable in bankruptcy, but that the plaintiff violated the automatic stay by attempting to collect the debt during the bankruptcy process. The details of the bankruptcy case: The Chapter 7 debtor was a 63-year-old ...
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  • Examiner Appointed In Tribune Chapter 11 Bankruptcy

    Posted By admin || 23-May-2010

    Bankruptcy Judge Kevin Carey has appointed an independent bankruptcy examiner to Tribune Co's Chapter 11 bankruptcy case with the agreement of both Tribune and the company's creditors. The bankruptcy examiner will primarily scrutinize Tribune Chairman Sam Zell's controversial 2007 leveraged buyout of the Chicago-based media conglomerate. Junior creditors in the Chapter 11 bankruptcy case accused ...
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  • Tribune Creditors Denied Opportunity To File Competing Bankruptcy Plan

    Posted By admin || 17-May-2010

    A federal judge overseeing Tribune Co.'s bankruptcy case refused to let a group of creditors file an alternative to the media company's Chapter 11 bankruptcy reorganization plan. The bankruptcy plan proposed by Tribune Co. has come under fire by a group of lenders who claim they are owned more than $3.6 billion under a 2007 secured credit agreement and that Tribune's Chapter 11 bankruptcy plan ...
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  • Lenders Blast Tribune's Chapter 11 Bankruptcy Exit Plan

    Posted By admin || 16-May-2010

    The Tribune Co has proposed a Chapter 11 bankruptcy exit plan that is being blasted by lenders as "unfair.' In a filing in the U.S. bankruptcy court in Wilmington, Delaware, holders of more than $3.6 billion of claims under a 2007 secured credit agreement called Tribune's April 8 announcement that it had reached an accord with creditors "premature and misleading." Tribune had said the agreement ...
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  • Tribune Settles Some Legal Claims In Hopes Of Exiting Chapter 11 Bankruptcy

    Posted By admin || 15-May-2010

    The Tribune Co. announced that it has struck an agreement with some of its creditors in an effort to avoid litigation that could prolong its Chapter 11 bankruptcy case. During its Chapter 11 bankruptcy case several groups of creditors have filed complaints against Tribune saying that the company knew that if it took a $8.3 billion leveraged buyout it would force the company into bankruptcy. ...
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  • Bankruptcy Trustee's Motion To Dismiss Debtor's Chapter 7 Bankruptcy Case Denied

    Posted By admin || 10-May-2010

    In the bankruptcy case of Hunt, Rodger and Zelda; In re, the bankruptcy court denied the bankruptcy trustee's motion to dismiss the debtors' Chapter 7 bankruptcy case. The details of the bankruptcy case: The Chapter 7 debtors were married, but living separately. They had two children, both of whom lived with their mother. The debtors had a combined net monthly income of $5,729 after deducting an ...
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  • Real Estate Developer Files Chapter 11 Bankruptcy

    Posted By admin || 5-May-2010

    The developer and majority owner of The Harbor in Rockwall, Rob Whittle, has filed Chapter 11 bankruptcy in an attempt to restructure the development's mortgage so he can lower rents for retailers. "The hotel, restaurants and Cinemark are doing phenomenal," he said. "The goal is to restructure the mortgage so we can pass on some rent concessions to the retailers." The city took on debt to fund ...
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  • Lehman Brothers Shining Example Of Bankruptcy's Power

    Posted By admin || 29-Apr-2010

    Lehman Brothers Holdings Inc. has filed a bankruptcy plan with the U.S. bankruptcy court to wind down its remaining assets and operations and end the largest U.S. bankruptcy case in history. Under the proposed Chapter 11 bankruptcy plan, a new company called LAMCO would be created to manage Lehman's remaining commercial real estate, mortgages, principal investments, private equity, corporate debt ...
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  • Bankruptcy Settlement Reached In Auto Mogul Case

    Posted By admin || 28-Apr-2010

    Bankruptcy Trustee Randy Seaver ruled that $7678 million in debt will not be forgiven in the fallen auto mogul's bankruptcy case. Hecker's attorney Bill Skolnick estimated the final debt owed would be closer to $400 million after vehicle repossessions and other asset sales are completed. The proposed settlement was not Hecker's idea, but he needed to focus his energies on criminal fraud charges he ...
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  • Popular Las Vegas Monorail Files for Chapter 11

    Posted By admin || 26-Mar-2010

    Down tourism industry causes privately owned Las Vegas Monorail to file for bankruptcy protection. The recent down economy has had a huge impact on Las Vegas, and as a result, Las Vegas Monorail filed for Chapter 11 bankruptcy protection on January 13 th. The monorail is a very popular transportation system that connects several hotels and resorts to each other and the Las Vegas convention center. ...
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  • Bankruptcy Judge Rules That Shareholders Deserve A "Place At The Table"

    Posted By admin || 25-Mar-2010

    Bankruptcy Judge Mary Walrath rejected a request from Washington Mutual that a court- sanctioned committee appointed to represent the interest of shareholders be disbanded, saying that shareholders have a right to a place at the table. The office of the U.S. Trustee, which monitors corporate bankruptcies on behalf of the Justice Department, agreed to appoint a shareholder committee after hearing ...
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  • MGM Mirage Might be Headed to Bankruptcy in 2010

    Posted By admin || 23-Mar-2010

    Experts say that this might be the year that MGM Mirage has to file for Chapter 11 bankruptcy protection. Las Vegas has been at the center of much of the news concerning the recent recession, and one of the major players on the strip is continuing to struggle financially. The MGM Mirage has been surrounded by bankruptcy talks for years now, but after a dismissal fourth quarter some experts are ...
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  • General Growth, Nation's Second-Largest Shopping Mall Operator Looking to Exit Bankruptcy

    Posted By admin || 22-Mar-2010

    General Growth struck a deal with Canada's Brookfield Asset Management that will help the company exit Chapter 11 quickly. Last April, General Growth made headlines for being part of the largest real estate bankruptcy case in U.S. History. General Growth is the second-largest shopping mall operator in the nation, so that's why it owns so much real estate. The company owns or operates 200 malls in ...
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  • Bankruptcy Court Awards Debtor $14,997 Due To Employer's Discriminatory Actions

    Posted By admin || 18-Mar-2010

    In the Chapter 13 Bankruptcy case of Olick, Thomas W.; In re (Olick v. Kearney, et al) the bankruptcy court ruled that the debtor's former employer was liable to him for damages resulting from the debtor's termination. The details of the bankruptcy case: In February 2006, the debtor filed a discrimination lawsuit against his employer and supervisor alleging that they reduced his sales territory as ...
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  • Bankruptcy Judge Rules Debtors Did Not Act In Bad Faith

    Posted By admin || 17-Mar-2010

    In the Chapter 13 bankruptcy case of Quinn, Jonathan P. and Christina E.; In re, 20 the bankruptcy court denied a creditor's motion to dismiss the debtors' case noting that the debtor did not act in bad faith despite the debtors' "offensive" behavior to that particular creditor. The details of the bankruptcy case: The debtors (aka IPR) borrowed money from Michael Ciappa (creditor) to demolish an ...
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  • Michael Jackson's Doctor May Need A Bankruptcy Attorney

    Posted By admin || 4-Mar-2010

    Dr. Conrad Murray, the cardiologist who reportedly was in Michael Jackson's Los Angeles mansion when the entertainer collapsed, is reportedly facing a litany of financial (and legal) problems. Most recently, the doctor who is accused by many of failing to properly care for Michael Jackson, was declared in default on a $132,000 debt related to office medical equipment and services and his home in ...
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  • Flamboyant Restaurant Owner Forced Into Bankruptcy Is Arrested

    Posted By admin || 2-Mar-2010

    Osama El-Atari the flamboyant steakhouse owner who is known for his flashy cars is accused of cheating banks out of tens of millions of dollars and was arrested in Texas as federal prosecutors pursue fraud charges. The restaurant owner was forced into bankruptcy by creditors last year with more than $60 million in claims against him. And his arrest was due to allegedly securing nearly $18 million ...
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  • Kansas City School District Teetering on the Edge of Bankruptcy

    Posted By admin || 1-Mar-2010

    Faced with a dire economic situation, the Kansas City School District is considering closing 30 schools. In bankruptcy news, the Kansas City School District is said to be on the verge of bankruptcy unless major changes are made. On Tuesday February 16 th, the district held meetings letting parents know that the district is considering closing 30 schools within the district. Hundreds of people ...
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  • Morris Publishing Group's Bankruptcy Plan Approved

    Posted By admin || 26-Feb-2010

    Bankruptcy judge John Dalis approved the prepackaged Chapter 11 bankruptcy plan of Morris Publishing Group clearing the way for the company to exit Chapter 11 bankruptcy by March 1, 2010. The restructuring plan approved Wednesday includes a bond swap that trades the company's existing unsecured debt for $100 million in new bonds - erasing $178.5 million owed to creditors. Morris will further ...
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  • Would Borders Benefit From Chapter 11 Bankruptcy?

    Posted By admin || 22-Feb-2010

    Rumors are swirling that Borders Bookstore may need to file for Chapter 11 bankruptcy or even a Chapter 7 bankruptcy if it is not able to make significant changes to its business model that will allow it to compete with electronic rivals. Of course, Borders has vehemently denied speculations that it will need to seek protection from creditors under Chapter 11 bankruptcy. But it is Borders' ...
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  • Bankruptcy Might Be an Option for Famous Pasadena Theater

    Posted By admin || 22-Feb-2010

    The Pasadena Playhouse is slated to close due to unmanageable debts. It is still unknown whether or not the famed Pasadena Playhouse will file for bankruptcy, but the theater will definitely close on February 7 th. In California, the theater is famous for helping launch several famous actors' careers, including Gene Hackman and Dustin Hoffman. The theater's thirty-seven employees were notified ...
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  • Movie Gallery Next Up for Bankruptcy

    Posted By admin || 17-Feb-2010

    Movie Gallery is struggling and it may have to close two-thirds of its 3,000 stores. It seems like every day another well known company is considering bankruptcy, and this time the company is Movie Gallery. No stranger to bankruptcy, Movie Gallery has filed for bankruptcy protection before. Now, the company is struggling to stay afloat, because more and more customers are choosing movie watching ...
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  • Parking Co. Of America Files Chapter 11 Bankruptcy

    Posted By admin || 17-Feb-2010

    Parking Co. of America Airports LLC, which is one of the largest domestic off-site airport parking businesses in the United States, has filed Chapter 11 bankruptcy and plans to sell the company after sales were negatively impacted by the battered airline industry. Parking Co. of America's Chapter 11 bankruptcy filing listed the company's assets at $94 million and its debt obligations at $233 ...
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  • Bankruptcy Update: RH Donnelley and Readers Digest

    Posted By admin || 17-Feb-2010

    Yellow pages publisher R.H. Donnelley Corp has emerged from Chapter 11 bankruptcy as a new company, Dex One Corp. The company emerged from bankruptcy after shedding $6.4 billion in debt and $500 million in annual interest payments. The yellow pages publisher filed for Chapter 11 bankruptcy in May after arranging a prepackaged bankruptcy with its creditors. Reader's Digest Association Inc, ...
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  • Even "The Hulkster" Can't Wrestle With Medical Debt

    Posted By admin || 5-Feb-2010

    Hulk Hogan Files Bankruptcy During wrestling celebrity Hulk Hogan's (Terry Bollea) divorce from Linda Hogan (Linda Bollea) finances were a constant point of battle. His ex-wife accused him of hiding assets and Hulk Hogan claimed that he was drowning in medical debt. Here's a snapshot of just what that battle looked like back in March: Lawyers for Hulk Hogan filed documents requesting $300,000 of ...
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  • Major Casino Operator Set To Emerge From Chapter 11 Bankruptcy

    Posted By admin || 5-Feb-2010

    Tropicana Entertainment is poised as the first major casino company to emerge from Chapter 11 bankruptcy later this month after nearly 2 years of restructuring and negotiations. The company's debt has been discharged and Tropicana's new owner, Carl Icahn is infusing the company with $150 million to pay creditors and upgrade casino properties. The corporation's drop into bankruptcy traces back to ...
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  • MGM Movie Studios May File Chapter 11 Bankruptcy

    Posted By admin || 3-Feb-2010

    MGM Movie Studios Bankruptcy Metro-Goldwyn-Mayer (MGM) may be considering a prepackaged Chapter 11 bankruptcy in addition to a sale of the company. The attempts to sale the company and the consideration of Chapter 11 bankruptcy come after the company ran into difficulty paying $3.7 billion in debt. Many media companies, including Time Warner Inc and Lions Gate Entertainment Corp, have put in bids ...
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  • Massive Apartment Management Company Files Chapter 11 Bankruptcy

    Posted By admin || 25-Jan-2010

    Miles Properties Inc. and 12 affiliated companies filed for Chapter 11 bankruptcy protection due to an involuntary Chapter 7 bankruptcy petition filed against the Miles Properties' owner Daniel J. Miles. Daniel Miles has since converted his case to a Chapter 11 bankruptcy. The 20 largest creditors in the case have claims worth more than $18 million. Wachovia Financial Services, the largest ...
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  • Creditors Battle As Six Flags Prepares To Exit Bankruptcy

    Posted By admin || 18-Jan-2010

    Theme park operator Six Flags has announced that it could exit Chapter 11 bankruptcy as earlier as March under an $830 million financing deal it is arranging with lenders. But already Six Flags' creditors are squabbling about how to hand the bankruptcy reorganization plan. Six Flags' reorganization plan is supported by a steering committee of its secured creditors and led by investment firm Avenue ...
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  • Image Entertainment Inc May File Chapter 11 Bankruptcy

    Posted By admin || 29-Dec-2009

    The independent licensee and distributor of entertainment programming in North America, Image Entertainment Inc., may need to file Chapter 11 bankruptcy after defaulting on a payment under a convertible note. The company defaulted on an installment payment of $4 million due on Dec. 14, for its $15.7 million convertible note. The company also said that the default could adversely affect its ...
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  • Celebrity Bankruptcy: Is Lindsay Lohan Broke?

    Posted By admin || 28-Dec-2009

    Reportedly Lindsay Lohan is facing serious financial problems and can't seem to get a hold on her spending. Since she hasn't made a movie since the 2007 box office flop "I Know Who Killed Me" the starlet reportedly said that she is even struggling to pay the mortgage on her Los Angeles area home. Could there be a foreclosure in her future? I know many of us don't believe some of our favorite ...
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  • Pilgrim Pride's Bankruptcy Exit Plan Approved

    Posted By admin || 21-Dec-2009

    Pilgrim's Pride's Chapter 11 bankruptcy exit plan was approved this week paving the way for the poultry processor to become part of a large Brazilian beef company. Under the Chapter 11 bankruptcy, all creditors with allowed claims will receive full repayment, which is rare during bankruptcy. While the company plans to actually exit bankruptcy by the end of 2009, Pilgrim must still close a deal ...
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  • CIT Group Emerges From Chapter 11 Bankruptcy - Taxpayers Lose Bailout Money

    Posted By admin || 11-Dec-2009

    When the government offered direct bailouts to banks during the first half of this recession, many taxpayers and homeowner advocates doubted that the aid money would "trickle down" to ordinary Americans or even be repaid. CIT Group, which filed for Chapter 11 bankruptcy just a few months ago has become the first bank to materialize critics' fears. The 101 year old commercial bank received a $2.3 ...
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  • Girls Gone Wild Owner Facing Bankruptcy?

    Posted By admin || 9-Dec-2009

    Girls Gone Wild owner Joe Francis, may be facing bankruptcy after the IRS placed a lien against him for $34 million and seized his bank accounts worth approximately $100 million. The IRS claims that Joe Francis has failed to pay taxes for 2001, 2002 and 2003; but the Girls Gone Wild owner claims that he owes the IRS nothing. The tax lien came just weeks after Francis agreed to a plea deal to ...
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  • Couple that Snuck into White House Controls a Winery that Filed for Bankruptcy in February

    Posted By admin || 2-Dec-2009

    Call them brave, crazy, resourceful, or whatever you chose, but Tareq and Michaele Salahi somehow outsmarted the White House Secret Service enough to not only get into the White House, but also to get close enough to the president to meet him and shake his hand. The story is a weird one for sure, and it's not often that you can mention President Obama, aspiring "The Real Housewives of D.C." stars, ...
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  • Creditors Call Freedom's Bankruptcy Plan Immoral and Wicked

    Posted By admin || 1-Dec-2009

    According to an article in Reuters, unsecured creditors of Freedom Communications Holdings Inc. called the company's bankruptcy plan "immoral and wicked." The article said: "Freedom's proposed bankruptcy plan would give secured bank lenders almost all of the reorganized company's equity and $325 million in new notes. In return, secured lenders including JPMorgan Chase & Co, SunTrust Banks Inc ...
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  • Bankruptcy Update: General Growth Properties Wins Creditor Approval

    Posted By admin || 24-Nov-2009

    Mall operator General Growth Properties Inc., which filed Chapter 11 bankruptcy in April with over $27 billion, has won the approval of its lenders to restructure $8.9 billion in shopping mall mortgage loans. The lenders agreed to extend the due dates on the loans to between January 2014 and as far off as 2018. But in return, they will be getting back what they originally were owed, plus interest ...
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  • CIT Group Officially Entering Bankruptcy

    Posted By admin || 18-Nov-2009

    Businesses not subject to means test After announcing an influx of loans and financial support from various sources, including a $1 billion loan from Carl Icahn, CIT Group has officially filed for bankruptcy protection. They are seeking protection under Chapter 11 bankruptcy which is designed for reorganization, not complete discharge of all debts. In order to avoid bankruptcy, CIT Group has ...
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  • Advanta Files Chapter 11 Bankruptcy

    Posted By admin || 16-Nov-2009

    According to the Star-Telegram, the small business credit card lender Advanta Corp. has filed for Chapter 11 bankruptcy protection. The bankruptcy filing comes five months after the company announced that it was shutting down its credit card lending business in an effort to preserve cash as its loan losses increased. The article said: "[Advanta Corp.] said it has nearly $100 million in cash on ...
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  • Will CIT Group Survive Chapter 11 Bankruptcy?

    Posted By admin || 6-Nov-2009

    After filing Chapter 11 bankruptcy on Sunday, CIT Group is hoping that it will fair better than previous financial companies who have filed bankruptcy. According to an article in the Star-Telegram, most financial companies who file for bankruptcy are usually liquidated or sold. The article said: "But the real test will come from CIT customers, who could decide to take their business elsewhere... ...
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  • Does Jon and Kate Plus 8 Equal Bankruptcy?

    Posted By admin || 3-Nov-2009

    We've all seen them on TLC's hit show "Jon and Kate Plus 8" but what many didn't know is that under the veneer of a happy family life were the underpinnings of a messy divorce and brewing financial disaster. And according to an article in Sawf News, it isn't just Jon and Kate's marriage that's on the rocks. Many sources suspect that the couple may need to file bankruptcy to get relief from the ...
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  • Retirement Community Files Chapter 11 Bankruptcy

    Posted By admin || 30-Oct-2009

    According to an article in the Star-Telegram, the Erickson Retirement Communities have filed for Chapter 11 bankruptcy and has agreed to be purchased by Redwood Capital Investments LLC. The article said: "Erickson spokesman Mel Tansill says the bankruptcy filing in Dallas and the agreement with Redwood took place on Monday. He says Erickson must restructure its debt to complete the sale. Tansill ...
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  • CIT Group Inc. Prepares For Possible Chapter 11 Bankruptcy

    Posted By admin || 29-Oct-2009

    According to an article in the Star-Telegram, CIT Group Inc., is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection. The article said: "The troubled New York-based lender had launched the restructuring effort Oct. 1 with the hope that it will trim at least $5.7 billion from its near-term debt." CIT Group, which has ...
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  • Should Southwest Airlines File Chapter 11 Bankruptcy?

    Posted By admin || 27-Oct-2009

    According to an article in the Dallas Morning News, Southwest Airlines Co. has reported a loss of $16 million in the past three months. Southwest CEO, Gary Kelly cited special items such as employee reductions and fuel hedging as the cause of their financial losses. The article said: "The results included $66 million for the costs of an early-out program in which 1,400 employees accepted an offer ...
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  • Debts Incurred Due To Unjust Enrichment Not Dischargeable In Bankruptcy

    Posted By admin || 25-Oct-2009

    In the bankruptcy case of Roe, Paul E. and Tara L.; In re, the debtor was denied a bankruptcy discharge of $35,000 of debt because of unjust enrichment. The details of the bankruptcy case: "The debtor had a relationship with the plaintiff since childhood. The plaintiff was 48 years old, had an IQ of 56 and the mental capacity of a six year old according to a clinical psychologist. Because of this, ...
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  • Chapter 11 Bankruptcy Saves Retirement Home From Creditor "Death Grip"

    Posted By admin || 25-Oct-2009

    Earlier this week we discussed the Erickson Chapter 11 bankruptcy filing; but an article in the Wall Street Journal has revealed a lot of the sordid details of what took place before the bankruptcy filing. Apparently Erickson felt forced into bankruptcy because of strong-arm tactics being used by their creditors that threatened the health and safety of the retirement development's 23,000 senior ...
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  • Dallas-Fort Worth's Margaux Development Files for Chapter 11 Bankruptcy

    Posted By admin || 21-Oct-2009

    According to an article in the Star-Telegram, Margaux Development has filed for Chapter 11 bankruptcy in an attempt to reorganize its real estate partnerships, including Margaux Westover Partners which owns the 35-acre Margaux Westover Village at the southeast corner of Green Oaks Road and Texas 183. In its bankruptcy filing, Margaux Westover Partners lists its assets and liability between $10 ...
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  • Chicago Cubs Files Chapter 11 Bankruptcy

    Posted By admin || 20-Oct-2009

    According to an article in the Star-Telegram, the Chicago Cubs is filing Chapter 11 bankruptcy in an effort to make it easier to sell the sports team. The article said: "The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts... ...
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  • Motorsports Authentics At Risk Of Bankruptcy

    Posted By admin || 13-Oct-2009

    According to an article in the Business Journal, Motorsports Authentics may be forced into Chapter 11 bankruptcy if it fails to win extensions needed to pay off royalties and to renegotiate contracts with various teams. Motorsports Authentics holds the rights to sell clothing, diecasts and other merchandise for many of the top drivers and teams in the sport, including Dale Earnhardt Jr., Hendrick ...
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  • CIT Battles To Avoid Chapter 11 Bankruptcy--Again

    Posted By admin || 7-Oct-2009

    According to an article in the Star-Telegram, CIT Group, Inc. is battling to avoid filing Chapter 11 bankruptcy--again, as it struggles to survive the credit crunch and economic crisis. The commercial lender is attempting to finalize a deal that would cut its debt by as much as 40 percent while giving its bondholders a large equity state in the company to avoid bankruptcy. The article said: "CIT ...
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  • Frontier Airlines Emerges From Chapter 11 Bankruptcy

    Posted By admin || 6-Oct-2009

    According to an article in the Star-Telegram, Frontier Airlines emerged from Chapter 11 bankruptcy under the new ownership of Republic Airways Holdings, Inc. Republic gained control of the bankrupt airline with a $108.8 million bid in bankruptcy court, which included a plan for the cancellation of the airline's old shares. But despite the bankruptcy buyout, Frontier still has a tough fight in its ...
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  • Bankruptcy Court Approves $24 Million Chrysler Settlement

    Posted By admin || 5-Oct-2009

    According to an article in About Lawsuits, a bankruptcy judge approved a $24 million settlement for the family of a California longshoreman who brought a wrongful death lawsuit against Chrysler before the company went bankrupt. The article said: "The Chrysler wrongful death lawsuit was filed by the family of Richard Mraz, who was 38 years-old when he was killed in April 2004 when his 1992 Dodge ...
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  • Creditors May Force MGM Into Chapter 11 Bankruptcy

    Posted By admin || 30-Sep-2009

    According to an article in the NYPost, feuding creditors are threatening to force movie studio Metro-Goldwyn-Myer (MGM) into bankruptcy if their demands are not met. The article said: "Both sides staked out their positions during two conference calls Wednesday afternoon that lasted a combined six hours, according to a half-dozen sources on the call. They described the calls, led by Zolfo Cooper ...
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  • Jilted Nortel Employee Vows Revenge

    Posted By admin || 30-Sep-2009

    When Nortel Networks filed for Chapter 11 bankruptcy protection, they left many employees who were right at the cusp of retirement with shattered dreams and unmet obligations. One of those jilted Nortel employees was Linda Amick, who worked for the company for 24 years, according to an article in the Huffington Post. The article said: "It was really a great place to work," Amick told the ...
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  • Mattress Maker Simmons Files For Chapter 11 Bankruptcy Protection

    Posted By admin || 29-Sep-2009

    According to an article in the Dallas Mornings News, Simmons Co., the maker of Beautyrest mattresses plans to file for Chapter 11 bankruptcy protection in a move to place new owners in charge of the bedding unit and significantly lower the company's debt load. The article said: "The plan, which will not affect the company's operations, is expected to reduce its total debt from about $1 billion to ...
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  • Pilgrim's Pride Submits Chapter 11 Bankruptcy Plan

    Posted By admin || 23-Sep-2009

    According to an article in the Star-Telegram, Pilgrim's Pride Corp. submitted a Chapter 11 bankruptcy reorganization plan to the bankruptcy judge as the first step in obtaining court approval for a sale of the company to Brazilian beef producer JBS SA. The article said: "The Pittsburg, Texas-based chicken producer filed its plan and a plain-English explanation of it, called a disclosure statement, ...
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  • Six Flags Noteholders Stage Bankruptcy Coup

    Posted By admin || 22-Sep-2009

    According to an article in the Bloomberg, Six Flags Inc. noteholders presented a competing bankruptcy plan to reorganize the bankrupt Six Flags theme park, accusing the Six Flags' management team of creating a plan that only looks out for their interests. The article said: "Noteholders, who are collectively owed $1.3 billion, would split the company among themselves and fully pay off Six Flags ...
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  • Is Blockbuster Heading To Chapter 11 Bankruptcy?

    Posted By admin || 21-Sep-2009

    According to an article in the Dallas Business Journal, movie and video game retailer Blockbuster Inc. as announced that it plans to close as many as 960 stores by the end of 2010, prompting some analysts to suspect a future Chapter 11 bankruptcy filing by the retailer. The article said: "Earlier in the year, Blockbuster denied that it was considering a bankruptcy filing after hiring law firm ...
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  • American Companies At High Risk Of Bankruptcy

    Posted By admin || 21-Sep-2009

    According to an article in Reuters, many U.S. companies in the airline, automobile, television and publishing industries are about four times more likely to file for Chapter 11 bankruptcy in the next year than companies in other industries, according to a study by Audit Integrity. The article said: "Among companies with more than $1 billion in market capitalization, the study showed that No. 3 ...
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  • Hospital Files Chapter 11 Bankruptcy To Escape HMO Contracts

    Posted By admin || 19-Sep-2009

    According to an article in the LATimes, Downey Regional Medical Center filed for Chapter 11 bankruptcy, stating that it would use bankruptcy to get out of "money-losing" HMO contracts. They article said: "The private, not-for-profit, 199-bed hospital said that it expected to emerge from bankruptcy within a year and that all services would remain open...It also plans to emerge with a new business ...
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  • Can GM Make It?

    Posted By admin || 18-Sep-2009

    The Dallas Morning News (via the Associated Press) recently ran a story on the super quick exit General Motors took from bankruptcy protection on Friday. The beleaguered car company is now full of hope and ambitions to make money and build cars people will line up to buy. Of course, whether that dream will become reality still remains to be seen. GM DOES have several positives in its favor now. ...
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  • Frontier Airlines' Chapter 11 Bankruptcy Plan Approved

    Posted By admin || 16-Sep-2009

    According to the Business Journal, Frontier Airlines won approval for their Chapter 11 bankruptcy reorganization plan. The airline filed for Chapter 11 bankruptcy in April 2008 after its primary credit card processor First Data Corp failed to release money earned from the sales of tickets to customers, which threatened Frontier's liquidity. The article said: "This is an extremely proud day for ...
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  • Fraudulent Transfer Voids Homestead Exemption

    Posted By admin || 13-Sep-2009

    In the bankruptcy case of Littleton, William L.; In re, the bankruptcy court rejected the debtor's homestead exemption. The details of the bankruptcy case: "The Chapter 7 debtor owned no real property when he filed for bankruptcy. He disclosed that he transferred 6.64 acres of land in Tennessee about two months prior to filing for bankruptcy. After the trustee successfully had the transfer set ...
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  • Baseline Oil and Gas Corp. Files Chapter 11 Bankruptcy

    Posted By admin || 13-Sep-2009

    According to an article in Reuters, an independent oil and natural gas company Baseline Oil & Gas Corp filed for Chapter 11 bankruptcy protection in a Texas bankruptcy court due to their inability to pay creditors, declining commodity prices, disappointing development drilling results and the U.S. economic decline. The company has $13.6 million in debt and only $3 million in assets. The debtor ...
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  • Many Well Known Companies Bankrupt

    Posted By admin || 11-Sep-2009

    Several household-name companies are falling victim to the current economic downturn. According to CNNMoney.com, some big name companies have either headed to bankruptcy court or are about to. You may have seen some of them on the news already, but grouping them all together puts a different feel to it. Check out the following list of some big names. First up is Six Flags. Six Flags actually had a ...
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  • Samsonite Co. Stores Files Chapter 11 Bankruptcy

    Posted By admin || 11-Sep-2009

    According to an article in Bloomberg, Samsonite Co. Stores, the retail division of the luggage-maker Samsonite Corp., filed for Chapter 11 bankruptcy protection. The article said: "The recession has caused a severe decline in consumers purchasing travel-related goods and the company has responded to this critical situation with a substantial restructuring program," Kyle Gendreau, chief financial ...
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  • Freedom Communications Files Chapter 11 Bankruptcy

    Posted By admin || 8-Sep-2009

    According to an article in the Star-Telegram, Freedom Communications has filed Chapter 11 bankruptcy and agreed to give their creditors a majority stake in the business in exchange for forgiving a substantial portion of their debt. The article said: "The filing by Freedom Communications Holdings Inc. was part of a prepackaged plan approved by a majority of the company's lenders, which should ...
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  • Michael Vick's Chapter 11 Bankruptcy Plan Approved

    Posted By admin || 6-Sep-2009

    According to an article in the Washington Post, a bankruptcy judge approved Michael Vick 's bankruptcy plan to repay creditors. Michael Vick's creditors, who are owed more than $20 million in total, ratified the bankruptcy plan to repay them based on his future earnings and the sale of his assets. The article said: "Vick signed a contract with the Eagles that pays him $1.6 million this season, ...
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  • American Airlines Job Losses

    Posted By admin || 5-Sep-2009

    According to an article in the Dallas Morning News, American Airlines in implementing job losses as it attempts to avoid bankruptcy and dig itself out of a financial hole. Approximately, 921 flight attendants at American Airlines will face unemployment, while 228 other employees will be furloughed. Already, 224 employees have taken two-month involuntary leaves in lieu of job losses. In June, ...
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  • Creditor Reveals Debtors' Personal Information in a Proof of Claim

    Posted By admin || 2-Sep-2009

    Proof of Claim Reveals Debtors' Personal Information In the bankruptcy case of Killian, William E. and Rose Mary; In re (Killian v. Green Tree Servicing LLC) the bankruptcy court dismissed two debtors claim that they were harmed by a creditor when the their personal information was included in a proof of claim. The details of the bankruptcy case: "The debtors alleged that Green Tree Servic­ing ...
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  • Despite the Debtor's Mishaps Bankruptcy Court Grants Stay

    Posted By admin || 2-Sep-2009

    In the bankruptcy case of (DiGiovanni, Peter W.; In re), the bankruptcy court grants a debtor's motion to impose stay despite several mishaps that nearly landed him in jail. The details of the bankruptcy case: After the debtor (who is also a non-bankruptcy lawyer) was removed as the executor of the estate, the state court found the debtor in contempt of court because he failed to turn over the ...
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  • More Airline Bankruptcies in 2010?

    Posted By admin || 30-Aug-2009

    According to an article in the Star-Telegram, we may be see more airlines filing bankruptcy in 2010. Already nine of the nation's largest airlines have lost $600 million in the 2nd quarter of this year and more losses are expected as revenue drops in the fall and winter. The article said: "The nation's airlines have been in a defensive crouch for two years. They've cut flights and fired workers - ...
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  • Texas Attorney General Battles Debt Relief USA

    Posted By admin || 24-Aug-2009

    According to an article in the Dallas Morning News, Texas Attorney General Greg Abbott successfully argued that Debt Relief USA's bankruptcy case should be converted from a reorganization to a liquidation, increasing the chances of recovering $4.6 million owed to former customers of Debt Relief USA. The article said: "Debt Relief USA promised to help consumers with large debts by having customers ...
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  • Bankruptcy Court Conceals Debtor's Identity Due to Medical Disclosures

    Posted By admin || 12-Aug-2009

    In the bankruptcy case of L.K.; In re, (Bankr. E.D.N.Y. 2009), a debtor's request to seal her records due to sensitive medical information revealed during the proceedings was denied; but the bankruptcy court agreed to conceal her identity in court records. The details of the bankruptcy case: A Chapter 7 bankruptcy debtor asked the bankruptcy court to seal her records because an adversary ...
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  • Michael Jackson's Doctor Facing Foreclosure

    Posted By admin || 31-Jul-2009

    According to an article in the Star-Telegram, Michael Jackson's personal physician is more than $100,000 behind on his mortgage payments and is facing a possible foreclosure on his $1.1 million mansion in the exclusive Red Rock Country Club. The article said: "Murray's lawyer in Houston, Edward Chernoff, issued a statement acknowledging the cardiologist's home was in "pre-foreclosure" and blaming ...
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  • Stephen Baldwin Files Bankruptcy

    Posted By admin || 26-Jul-2009

    According to an article in the Dallas Morning News, actor Stephen Baldwin (along with his wife Kennya Baldwin) is millions of dollars in debt and has filed for Chapter 11 bankruptcy. The article said: "A filing Tuesday in federal court in New York shows that Baldwin owes $1.2 million in two mortgages on a property about 30 miles north of New York City valued at $1.1 million. The document shows he ...
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  • GM Has Emerged From Bankruptcy Free of Massive Debts, So Can You...

    Posted By admin || 10-Jul-2009

    According to an article in the Star-Telegram, General Motors has emerged from bankruptcy free of massive debt and burdensome contracts that would have sunk the automaker outside of bankruptcy. But many "old" GM employees won't need to pack their traveling bags because they won't be joining the new GM. The article said: "Henderson said the company would reduce its overall U.S. salaried employment ...
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  • Franchise of 56 Dunkin Donuts Files Chapter 11 Bankruptcy

    Posted By admin || 9-Jul-2009

    According to an article in Forbes, a franchisee of 56 Dunkin Donuts restaurants has filed for Chapter 11 bankruptcy due to an extreme decline in sales revenue and massive debt obligations. The article said: "The franchisee, Kainos Partners Holding Company LLC of Greer, S.C., operates 56 Dunkin' Donuts locations in New York, South Carolina and Nevada and employs about 700 people, according to court ...
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  • Investors Seek Bankruptcy Liquidation of Miller Commercial

    Posted By admin || 8-Jul-2009

    According to an article in the Dallas Morning News, real estate investors who say commercial real estate broker Henry S. Miller Commercial has refused to pay $9 million in court judgments against him and they are seeking to force the broker into bankruptcy. The article said: "The case revolves around the planned sale of eight apartment complexes and one office building owned by the BNC Real Estate ...
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  • Pizza Franchise CiCi's Files Bankruptcy

    Posted By admin || 8-Jul-2009

    According to an article in the Star-Telegram, the largest CiCi's Pizza franchisee, with 53 outlets has filed for Chapter 11 bankruptcy and expects to emerge as a viable new company. The article said: "Dallas-based Marwin Group has territories in eight states, including the Houston market in Texas. Marwin's pizza management firm, Winmar Pizza, reported liabilities of $19.65 million, including ...
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  • Auto Parts Maker Files Chapter 11 Bankruptcy

    Posted By admin || 7-Jul-2009

    According to an article in the Star-Telegram, struggling automotive parts supplier Lear Corp. has filed for Chapter 11 bankruptcy. Lear which had $13.6 billion in sales in 2008 is a key automotive parts supplier for General Motors and Ford Motor Co. Of course GM has filed bankruptcy and Ford is still struggling financially despite avoiding a bankruptcy filing. Lear is the first major automotive ...
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  • High-End Restaurant Files Chapter 11 Bankruptcy

    Posted By admin || 7-Jul-2009

    According to an article in the Dallas Morning News, Oceanaire Inc. a high-end seafood restaurant has filed for Chapter 11 bankruptcy protection in Dallas but will keep its Galleria location open. The article said: "The company said its moves will improve the chain's cash flow and should allow it to emerge from court protection by the end of the year. "During our restructuring, we expect to conduct ...
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  • Bankruptcy Court Approves GM Sell

    Posted By admin || 6-Jul-2009

    According to an article in the Star-Telegram, a bankruptcy judge has approved the General Motors' sell of its assets to a new company. The article said: "U.S. Judge Robert Gerber said in his 95-page ruling late Sunday that the sale was in the best interests of both GM and its creditors, whom he said would otherwise get nothing..."As nobody can seriously dispute, the only alternative to an ...
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  • New GM May Soon Emerge from Chapter 11 Bankruptcy

    Posted By admin || 1-Jul-2009

    According to an article in the Dallas Morning News, General Motors Corp., is asking a bankruptcy judge to approve its plan to restructure itself into a new automaker, mostly owned by the U.S. government. Under the proposed bankruptcy plan, the old GM and its remaining assets will be liquidated and shareholders are expected to be wiped out. Also, some consumers who have claims against the bankrupt ...
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  • Michael Jackson--Could Bankruptcy Heal a Legacy of Debt?

    Posted By admin || 29-Jun-2009

    According to an article in the Chronicle, Michael Jackson died with over $400 million in debt, despite his superstar status, platinum albums and the millions of dollars he earned each year. According to the article he was only paying $4.5 million a year (as of 2006) to service his debt, but it wasn't nearly enough. The article said: "The New York Times reported in 2006 that the previous year ...
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  • 100,000 Corporate Bankruptcies...And Counting

    Posted By admin || 26-Jun-2009

    According to an article in Business Week, the number of business bankruptcies have increased by 40% in May and there are no signs that the bankruptcy numbers will decline anytime soon. More than 100,000 American companies have filed bankruptcy since the recession began 18 months ago. That's one in every 270 American businesses in bankruptcy. The combination of sagging sales, contracting credit and ...
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  • Debt Relief USA, Inc. Files Bankruptcy

    Posted By admin || 24-Jun-2009

    According to an article in the Dallas Morning News, Debt Relief USA Inc., filed for Chapter 11 bankruptcy this week and has ceased all operations. That's bad new for debtors who were working with this company because they may not get all of their money back. The article said: "Debt Relief USA anticipates sending written instructions to its customers, most former customers, creditors and known ...
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  • Some Chrysler Dealerships Appealing Bankruptcy Decision

    Posted By admin || 24-Jun-2009

    According to an article in the Star-Telegram, two former Chrysler LLC dealership owners have filed an appeal of a bankruptcy judge's order terminating their franchises and those of more than 700 other dealerships as part of Chrysler's bankruptcy plan. The article said: "Tarbox Motors Inc. of North Kingstown, R.I., and Tarbox Chrysler Jeep LLC of Attleboro, Mass. filed a notice in bankruptcy court ...
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  • Bankruptcy Attorney Reed Allmand on "Money for Breakfast" Show

    Posted By admin || 19-Jun-2009

    Bankruptcy attorney Reed Allmand spoke about bankruptcy this week on the Fox News show, "Money For Breakfast." The question posed to interviewees was "Is Bankruptcy the easy way out for businesses?" Mr. Allmand pointed out that although many businesses absolutely need bankruptcy to regain profitability, there are some businesses, such as GM, who have filed bankruptcy and crammed down debt owed to ...
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  • Retailer Eddie Bauer Files Chapter 11 Bankruptcy

    Posted By admin || 17-Jun-2009

    According to an article in the Star-Telegram, clothing retailer Eddie Bauer filed Chapter 11 bankruptcy today. Eddie Bauer is the most recent casualty in a line of retailer bankruptcy filings caused by the recession. Circuit City, Linens 'N Things, Mervyns and other retail chains have all filed bankruptcy because of falling sales during this recession. The article said: The company said in its ...
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  • Airlines Working Hard to Avoid Bankruptcy

    Posted By admin || 17-Jun-2009

    According to an article in USA Today, airlines are taking a financial beating as the recession worsens and many travelers cutback due to job loss fears. The article said: Leisure travelers have been worried about losing their jobs. To lure nervous vacationers, carriers have slashed summer fares, and experts report some of the cheapest travel prices in years. All the major U.S. carriers except ...
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  • What You Should Know About Chapter 11 Bankruptcy

    Posted By admin || 16-Jun-2009

    With a rising number of companies filing Chapter 11 bankruptcy, many people are wondering exactly how a company is affected by filing Chapter 11 bankruptcy. Well first of all a Chapter 11 bankruptcy operates much like a Chapter 13 bankruptcy in that it stops creditors from collecting from the debtor (temporarily) and allows the debtor to restructure and repay its debts under reasonable terms. A ...
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  • Six Flags Files Chapter 11 Bankruptcy

    Posted By admin || 16-Jun-2009

    According to an article in the Dallas Morning News, Six Flags filed Chapter 11 bankruptcy in an effort to shed $1.8 billion in debt which is financially crippling the company. Six Flags which operates 23 theme parks in North America, including Six Flags Over Texas, Hurricane Harbor in Arlington and Six Flags Fiesta Texas in San Antonio, is struggling with massive debts that threaten to financially ...
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  • Extended Stay Hotels LLC Files Chapter 11 Bankruptcy

    Posted By admin || 16-Jun-2009

    According to an article in the Star-Telegram, Extended Stay Hotels LLC filed for Chapter 11 bankruptcy protection on Monday due to massive debt and declining business travel. The article said: "The tightening credit markets, the reduction in construction activity and increased unemployment have decreased the demand for extended-stay accommodations, as fewer construction sites, consulting ...
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  • More Auto Supplier Bankruptcy Expected

    Posted By admin || 16-Jun-2009

    According to an article in the Star-Telegram, more auto suppliers may be headed to bankruptcy after GM and Chrysler temporarily close factories for three months. The article said: Now, though, many are at risk of trouble again with GM and Chrysler temporarily shutting down some factories for up to three months due to growing inventories. If the factories aren't running, suppliers have no income, ...
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  • Texas Attorney Generals Challenges GM Bankruptcy Plan

    Posted By admin || 15-Jun-2009

    According to an article in the Dallas Morning News, Texas Attorney General Greg Abbott is challenging post-bankruptcy plans GM has for its car dealerships. Abbott says he objects to GM bankruptcy plans for its dealerships because the plans violate Texas laws regulating dealer competition. The article said: Abbott said his concerns relate to GM's proposed dealership agreements, which dealers must ...
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  • More Retailers May File Bankruptcy In 2009

    Posted By admin || 12-Jun-2009

    According to an article in Reuters, many retailers are on the brink of Chapter 11 bankruptcy and this year's back-to-school and Christmas season may send them over the edge. The article said: "I expect that the numbers of bankruptcies are going to increase throughout the year as retailers now have to start spending money to increase inventory for Back-to-School and the Christmas season and they ...
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  • Bankrupt Automakers Close Dallas-Fort Worth Dealerships

    Posted By admin || 10-Jun-2009

    According to an article in the Dallas Morning News, some GM and Chrysler dealerships in the Dallas-Fort Worth area are preparing to close. GM and Chrysler, who are both in bankruptcy have slated hundreds of underperforming dealerships for closure. There are 8 Chrysler dealerships in Dallas-Fort Worth and 50 throughout Texas who will shutter by next week. Many dealership owners expressed their ...
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  • How Will The GM Bankruptcy Affect You?

    Posted By admin || 2-Jun-2009

    General Motors, America's largest automaker has filed for Chapter 11 bankruptcy and a lot of Americans are wondering just how the bankruptcy will affect their life. Well let's look at the basics: If you work for GM, you may face job losses or reduced salary or benefits during the GM bankruptcy. If you are a GM retiree, you pension is safe, for now; but dental and vision benefits will be cut ...
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  • General Motors And The Power Of Bankruptcy

    Posted By admin || 2-Jun-2009

    The General Motors bankruptcy filing is probably very scary for its current employees, creditors and bondholders; but for General Motors bankruptcy has empowered the beleaguered automaker to get fresh financial start. With bankruptcy, GM is instantly protected from its creditors and has new powers to sever old agreements and discharge debts that would have otherwise sunk the automaker. According ...
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  • Retirees Keep Pension Lose Some Health Benefits In GM Bankruptcy

    Posted By admin || 2-Jun-2009

    According to an article in the Star-Telegram, General Motors' retirees will lose dental and vision coverage and be forced to pay higher healthcare co-payments starting in July due to the GM bankruptcy. But the automaker's retiree pension plan seems to be safe, at least for now. The article said: The federal Pension Benefit Guaranty Corp., which guarantees pensions up to certain limits, noted ...
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  • General Motors Files Chapter 11 Bankruptcy

    Posted By admin || 1-Jun-2009

    According to an article in the Dallas Morning News, General Motors filed for Chapter 11 bankruptcy today in an effort to shrink the automaker to a sustainable size. As a part of the GM bankruptcy, the automaker will, close plants, dealerships and implement over 21,000 job losses, losing about 34 percent of its workforce. In an effort to avoid a post-bankruptcy filing sales slump or panic, GM has ...
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  • GM Bankruptcy Seems Imminent

    Posted By admin || 1-Jun-2009

    According to an article in the Star-Telegram, a General Motors bankruptcy seems imminent as the automaker deadline for moves closer. It's expected that GM will file Chapter 11 bankruptcy on Monday and is preparing a package of concessions designed to help the company move through the bankruptcy process quickly. One of the main concessions is a union approved agreement that will cut GM's labor ...
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  • Auto Parts Supplier Visteon Corp. Files Chapter 11 Bankruptcy

    Posted By admin || 28-May-2009

    According to an article in the Star-Telegram, auto parts supplier Visteon Corp., along with some of its U.S. units filed Chapter 11 bankruptcy because of reduced demand from automakers. The article said: "During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment," said Donald J. Stebbins, ...
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  • Commercial Real Estate Developer Files Bankruptcy, More To Come?

    Posted By admin || 15-May-2009

    According to an article in the Dallas Morning News, the commercial real estate developer of the Heritage at the Stoneleigh Dallas, a luxury residential development in Dallas' Uptown area, has been forced into involuntary bankruptcy by five of its creditors. The article said: AP-Prescott Stoneleigh Residences LP owes $4.7 million primarily to Turner Construction Co. and it subcontractors for work ...
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  • Dallas-Fort Worth Dealerships Hit By Chrysler Bankruptcy

    Posted By admin || 15-May-2009

    According to an article in the Dallas Morning News, the bankrupt automaker Chrysler intends to eliminate a 789 of its 3,200 dealerships in the U.S., including eight in the Dallas-Fort Worth area. Chrysler announced in a court bankruptcy filing that it has more dealerships than its business can support and seeks to cancel the contracts of some of the weaker dealerships. Dallas-Fort Worth ...
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  • General Motors Cuts 1100 Dealerships As Automaker Faces Possible Bankruptcy

    Posted By admin || 15-May-2009

    According to an article in the Dallas Morning News, General Motors notified 1,100 of its U.S. based dealerships that they will terminate their contracts late next year. GM, which is facing a possible bankruptcy targeted the most "underperforming" dealers with weak sales and uncompetitive markets for termination. The article said: The cuts are part of a larger GM plan to drop 2,600 of its 6,200 ...
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  • Auto Suppliers Next To Go Bankrupt?

    Posted By admin || 14-May-2009

    According to an article in the Star-Telegram, auto suppliers are appealing to the government for help as many face the prospect of closure (or bankruptcy) as automakers struggle to survive. The article said: Several suppliers said they would be left vulnerable by Chrysler's decision to idle all of its plants in the U.S. until it completes its sale to Italian automaker Fiat Group SpA. GM, which ...
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  • General Motors Still Battles To Avoid Bankruptcy Amid Slumping Sales

    Posted By admin || 7-May-2009

    According to an article in the Star-Telegram, General Motors Corp. lost $6 billion in the first quarter after suffering a 50 percent loss in revenue from slumping car sales. The article said: "The concern about bankruptcy is having an impact on our sales," Young told reporters Thursday morning... Revenue dropped from $42.4 billion to $22.4 billion because of declining sales worldwide, mainly in ...
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  • Chrysler Files For Bankruptcy

    Posted By admin || 30-Apr-2009

    According to an article in the Dallas Morning News, the struggling automaker Chrysler will file for Chapter 11 bankruptcy because it was unable to settle debt with lenders. The article said: The filing comes after some of the company's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker owed them. The Chrysler bankruptcy won't necessarily mean ...
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  • More Bankruptcy Property Transfer Woes

    Posted By admin || 23-Apr-2009

    In the bankruptcy case of Grueneich, James B.; In re (Doeling, Trustee, v. Grueneich) the bankruptcy court voided a property transfer from the debtor to his parents because the court ruled that the transfer was fraudulent/in bad faith. The details of the bankruptcy case: The debtor approached his parents about buying the property for less than it was worth when he ran into financial trouble and ...
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  • Will We See Car Dealership Bankruptcies In The Near Future?

    Posted By admin || 23-Apr-2009

    The auto industry has been showing some serious downward trends. The big three automakers facing bankruptcy, banks less likely to lend for new cars and car dealerships becoming ghost towns as customers holdback fearing job losses Although the new car sales numbers are dismal, a 36.4 percent drop in Dallas-Fort Worth, an article in the Dallas Morning News has found the silver lining: Since then, ...
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  • GM Bankruptcy Rumors Confirmed As Probability

    Posted By admin || 23-Apr-2009

    According to an article in the Dallas Morning News, General Motors Corp. Chief Executive Fritz Henderson confirmed rumors that a GM bankruptcy is probable; but he emphasized that bankruptcy is not preferred by the giant automaker. The article said: In a conference call with reporters, Henderson said GM is working on two parallel plans: one that involves bankruptcy and one that doesn't. ...
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  • Automakers Facing Bankruptcy Worries Retirees

    Posted By admin || 16-Apr-2009

    According to an article in Freep, many GM and Chrysler LLC retirees are anxious about what would happen to their pensions if the automakers filing bankruptcy. The article said: As the specter of bankruptcy looms large over General Motors Corp. and Chrysler LLC, retirees from the two automakers, especially those younger than 65, fear the rules of their retirement might be abruptly changed, cutting ...
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  • Tax Scam Lawsuit

    Posted By admin || 16-Apr-2009

    According to an article in the Star-Telegram, Texas Attorney General Greg Abbott is filing a lawsuit against JK Harris & Co. accusing the South Carolina-based company of misrepresenting its ability to help consumers resolve unpaid tax debts. The article said: A lawsuit contends that JK Harris & Co. misstated employees' expertise, overstated its ability to clear up debts to the Internal ...
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  • GM Bankruptcy By June 2009?

    Posted By admin || 16-Apr-2009

    According to an article in the Dallas Morning News, there are rumors that GM is preparing to filing bankruptcy as early as June of this year. The article said: The goal is to prepare for a fast, "surgical" bankruptcy, the people who had been briefed on the plans said. GM, which has been granted $13.4 billion in federal aid, insists that a quick restructuring is necessary so its image and sales are ...
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  • GM Bankruptcy Rumors Intensify

    Posted By admin || 10-Apr-2009

    According to an article in Edmunds, General Motors is rumored to be in "intense" preparations for a possible bankruptcy filing. The article said: "GM will take whatever steps are necessary to successfully restructure our company," said GM spokesman Tom Wilkinson. "Our focus remains on accelerating the speed of our operational restructuring and reducing liabilities and debt on the balance sheet. As ...
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  • Automakers Facing Bankruptcy Offer To Pay For Your Car

    Posted By admin || 1-Apr-2009

    According to an article in the Dallas Morning News, Ford Motor Co. and General Motors Corp. are offering payment protection plans to consumers who are hesitant about buying a new car because of possible job losses in the future The article said: Ford said Tuesday it will cover payments of up to $700 each month for up to a year on any new Ford, Lincoln or Mercury vehicle if consumers lose their ...
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  • GM's New CEO: GM Bankruptcy More Probable

    Posted By admin || 1-Apr-2009

    According to an article in the Star-Telegram, General Motors Corp.'s new CEO Fritz Henderson announced that more plant closures (which means more job losses) may be necessary to meet tougher requirements to receive taxpayer backed loans. The article said: In his first press conference as CEO, Fritz Henderson said he expects the company would "need to take further measures" in terms of plant ...
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  • GM Not Granted Another Bailout

    Posted By admin || 1-Apr-2009

    According to an article in the Dallas Morning News, President Obama refused further long-term federal bailouts for General Motors and Chrysler, two automakers struggling to avoid bankruptcy. The Obama administration is demanding that the nearly bankrupt automakers win more concessions from unions and creditors before more taxpayer funded loans are granted. The article said: GM failed to make good ...
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  • GM Workers Sign On To Buyout/Early Retirement Package

    Posted By admin || 1-Apr-2009

    According to an article in the Star-Telegram 7,500 General Motors Corp. workers, approximately 12 percent of the automaker's U.S. hourly work force have signed up for buyout and early retirement incentives to leave the company which is struggling to avoid bankruptcy. The article said: GM offered $20,000 cash and a $25,000 voucher to buy a car to all of its 62,400 hourly U.S. employees in an effort ...
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  • Debtors Not Required To Make Equal Payments

    Posted By admin || 1-Apr-2009

    The bankruptcy case Hernandez, Rey J.; In re, (Bankr. N.D. Ill. 2009) denied a secured creditors objection to the confirmation of a debtor's Chapter 13 repayment. The creditor in this bankruptcy case, GMAC objected to the amount of amount of their monthly payments ($426 a month) and the fact that they would not receive "equal monthly payments." The details of the case: The Chapter 13 debtor's ...
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  • GM Bankruptcy, Highly Probable?

    Posted By admin || 23-Mar-2009

    According to an article in the Star-Telegram, bondholders of General Motors Corp. sent a letter to the U.S. government warning that if the administration does not accept the company's restructuring plan, GM will likely go bankrupt. The article quoted a portion of the letter: "The result of such a failed exchange would likely be a bankruptcy that would have dire consequences for the company, the ...
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  • Bad Advice Hooks Debtor For $75,000

    Posted By admin || 20-Mar-2009

    In the bankruptcy case of Kosinski, Alan D.; In re (Douglas v. Kosin¬ski), (Bankr. D. Mass. 2009) a bankruptcy court ruled that an investor's claim could not be discharged in bankruptcy. The case involved a debtor who described himself as the "go-to-guy when it comes to achieving real estate riches in any market" and an investor who loaned money to the debtor based on false information. The ...
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  • Good News For Homeless Debtors

    Posted By admin || 20-Mar-2009

    According to a ruling in the bankruptcy case Villarreal, Gregorio and Estela; In re, (Bankr. S.D. Tex. 2009) a bankruptcy court allowed debtors to claim the business as their exempt homestead. That's the good news. The bad news is that because the noteholder was unaware of the business being used as a residence, the debtor could not assert the exemption against the noteholder. The is a case where ...
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  • Is Liquidation Imminent In GM Bankruptcy?

    Posted By admin || 18-Mar-2009

    According to an article in the Star-Telegram, General Motors' CEO Rick Wagoner warned the Obama Administration that liquidation would be imminent if GM was forced into a Chapter 11 bankruptcy. The article said: Wagoner said a 30- or 60-day prepackaged bankruptcy might not work, according to an audio recording obtained by The Associated Press. "If it doesn't, you'd need in the end a long period of ...
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  • Would American Airlines Be Better Off If It Filed Bankruptcy?

    Posted By admin || 12-Mar-2009

    American Airlines is in the news again, competing with other airlines who have filed for bankruptcy such as Delta, Northwest, United and US Airways has been a struggle. According to an article in the Dallas Morning News, many analysts are wondering aloud about whether or not American Airlines would be better off filing for Chapter 11 bankruptcy. Tom Horton, the CFO of American Airlines gives a ...
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  • Senator John McCain Demands GM Bankruptcy

    Posted By admin || 9-Mar-2009

    There's an interesting article at FoxNews which talks about top Republicans demanding that the ailing automaker General Motors file for Chapter 11 bankruptcy. The article said: Sen. John McCain, R-Ariz., said the best thing for the ailing automaker to do would be to go into Chapter 11 to reorganize some of its business agreements and come out stronger than before. "I think the best thing that ...
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  • General Motors May Seek Bankruptcy Protection

    Posted By admin || 5-Mar-2009

    According to an article in the Star-Telegram auditors expressed serious doubt about General Motors' ability to continue operations. The article said: "The corporation's recurring losses from operations, stockholders' deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern," ...
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  • Spansion Files For Bankruptcy

    Posted By admin || 4-Mar-2009

    According to an article in the Star-Telegram, Spansion Inc. one of the world's largest makers of chips used in digital cameras, cell phones and high-definition television, filed for Chapter 11 bankruptcy over the weekend. The company has also slashed it's workforce by 35 percent sending 3,000 employees to the unemployment line. As the economy has contracted the demand for electronic devices has ...
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  • General Motors May Be Nearing Bankruptcy

    Posted By admin || 27-Feb-2009

    According to an article in the Star-Telegram, General Motors Corp.(GM) reported a $30.9 billion loss of revenue for the year of 2008 and burned through $6.2 billion in cash in the last three months of 2008. Facing the worse auto sales climate since 1982, GM is wondering out loud whether they can survive and avoid bankruptcy. The article said: GM and its auditors must determine whether there is ...
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  • Zale Corp. Job Losses

    Posted By admin || 25-Feb-2009

    According to an article in the Dallas Morning News, Zale Corp., a jewelry retailer has reported a net loss of $23.6 million and is implementing 245 job losses and closing 115 unprofitable stores. They are also cutting inventory in a effort to stop the bleeding and avoid bankruptcy. As we have mentioned several times on this blog, the retail sector is being hit by step sales declines and job losses ...
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  • Bailed Out Banks Reduce Lending

    Posted By admin || 18-Feb-2009

    According to an article in the Star-Telegram, 20 of the largest banks receiving government bail out funds slightly reduced their lending to consumers and businesses in the last three months of 2008. The article said: The Treasury Department said the banks reduced their mortgage and business loans by a median of 1 percent each, while credit-card lending rose by a median of 2 percent. The median is ...
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  • Today Is D-Day For Nearly Bankrupt Automakers

    Posted By admin || 18-Feb-2009

    According to an article in the Star-Telegram, General Motors Corp. and Chrysler LLC are running up against the clock of today's deadline to submit their restructuring plans to the Federal government. The article said: Both automakers were making progress in concession talks with debt holders and the United Auto Workers Union, and negotiations between GM and the union ran all night into Tuesday ...
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  • Automakers Being Encouraged To File Bankruptcy

    Posted By admin || 15-Feb-2009

    According to an article at FREEP.com, Thomas Donohue, the head of the U.S. Chamber of Commerce is encouraging U.S. automakers (Ford, GM and Chrysler) to file bankruptcy. Donohue said: "If it were me, I would play that card...(referring to bankruptcy) I said it because maybe they can't say it. If all else fails, they are not going to have a choice." We all know that bankruptcy can help individuals ...
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  • Sirius XM Radio Bankruptcy Rumors Fly

    Posted By admin || 12-Feb-2009

    According to an article in the Star-Telegram, there are rumors that Sirius XM Radio who has over 20 million subscribers is preparing for bankruptcy as they struggle to pay off $175 million in debt due this week. Many analysts predict bankruptcy for the radio satellite provider whose merger with XM was mired in controversy and who has yet to make a profit since its inception. And to make matters ...
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  • Circuit City Bankruptcy Will Be Felt Throughout The Economy

    Posted By admin || 9-Feb-2009

    It's final, Circuit City will be completely liquidated in bankruptcy and more than 40,000 workers will experience job losses, shopping centers will lose rental income, already struggling newspapers will lose advertising revenue and many suppliers and vendors will go bankrupt because they simply will never get paid. According to an article in the Dallas Morning News, the Circuit City bankruptcy is ...
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  • Car Dealers Facing Bankruptcy Stick Consumers With Huge Debt

    Posted By admin || 3-Feb-2009

    Just when you thought it couldn't get worse, now car dealers facing bankruptcy are putting already struggling consumers deeper into debt. According to an article in the Star-Telegram, many car buyers who traded in an older vehicle for a newer one are finding out that their old car loan has not been paid off by the car dealer. Many car dealers are going bankrupt and are failing to fulfill their ...
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  • Flying The Nearly Bankrupt Skies -- Again?

    Posted By admin || 28-Jan-2009

    Delta, the world's biggest airline carrier announced a 1.4 billion loss in the final three months of 2008, according to an article in the Star-Telegram. Delta, which recently emerged from bankruptcy, lost a total of $8.9 billion for the entire 2008 fiscal year. Air travel demand has fallen sharply as consumers face job losses, bankruptcy and foreclosures and airlines such as Delta may be headed ...
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  • Automakers Still On Life Support And Barely Avoiding Bankruptcy

    Posted By admin || 27-Jan-2009

    Although Chrysler has taken out over $4 billion in government bail out loans just to avoid bankruptcy, the Vice Chairman and President Jim Press offered "good news" about the future of the company according to an article in the Star-Telegram. The article said: A top Chrysler LLC executive says the automaker should be viable by springtime because of its restructuring, introduction of new and ...
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  • Bailout Number 3 -- The Airlines?

    Posted By admin || 26-Jan-2009

    According to an article in the Star-Telegram, Southwest Airlines " recorded one of the worst financial performances in the company's history during the fourth quarter, with a $56 million loss driven by fuel hedging contracts. " This is clearly an "understatement." The Dallas-based airline actually posted a profit for $178 million for 2008. Sounds good, right? Not when you realize what they earned ...