Sunday, April 28, 2013

California City's Bankruptcy Poses Risk to Pensions

A federal judge allowed Stockton, Calif., to restructure its finances under bankruptcy protection Monday, but he signaled it might have to cut payments to its pension fund, possibly setting a precedent for other cities. Stockton, a port and agriculture center of 300,000 residents 80 miles east of San Francisco, filed in June 2012 for Chapter 9 under the U.S. Bankruptcy Code, which allows municipalities to seek protection from creditors by establishing a plan to resolve their debt. It is the largest U.S. city to file for bankruptcy. Judge Christopher Klein of the U.S. Bankruptcy Court in Sacramento on Monday declined a request by the city's creditors that he dismiss the bankruptcy case, saying the city "will not be able to perform its obligations to its citizens relating to such fundamental matters as public safety, as well as other basic governmental services," without bankruptcy powers.read more at:http://online.wsj.com/article/SB10001424127887324020504578396801452133528.html

Janice Dickinson Declares Bankruptcy With Debts To Dermatologist, Anti-Aging Expert Read more at http://www.inquisitr.com/632012/janice-dickinson-declares-bankruptcy-with-debts-to-dermatologist-anti-aging-expert/#PcWWMdZf6eTSkF01.99

Janice Dickinson has reportedly filed for bankruptcy, claiming she is heavily in debt and coming up with a plan to pay back those she owes. One of those debts is reportedly an $8,000 sum Dickinson owes to her dermatologist, which The Huffington Post presumes is for one of the many cosmetic procedures she’s undergone. She also owes thousands of dollars to Dr. Uzzi Reiss, an anti-aging specialist. “I had some trouble, so yes, it is true,” Dickinson said, via Radar Online. “I am upset and taking every step to pay everyone back and I feel terrible about it.” As Janice Dickinson declared bankruptcy, she also revealed that she has unpaid taxes dating back a decade. In total Dickinson owes more than $500,000 to the states of New York and California and to the IRS. After dubbing herself the “world’s first supermodel” in the 1970s and 80s, Dickinson has revived her career in Read more at http://www.inquisitr.com/632012/janice-dickinson-declares-bankruptcy-with-debts-to-dermatologist-anti-aging-expert/#PcWWMdZf6eTSkF01.99

Bankruptcy Laws Receive Inflation Adjustments

he United States Bankruptcy Code has many rules that involve specific dollar amounts, such as the value of exempted assets or the limits on eligibility for Chapter 13 bankruptcy. Every three years, on the 1st of April, those numbers are adjusted for inflation according to the Consumer Price Index for All Urban Consumers and rounded to the nearest $25. “It is important that these figures be adjusted periodically for inflation,” commented Brandon bankruptcy attorney O. Reginald Osenton. “The numbers determine all sorts of allowances, exemptions, and limitations. The adjustments make it a little easier to get a fresh start through bankruptcy.” New figures for 2013 were recently released by The Judicial Conference of the United States. These figures apply to all bankruptcy cases filed after March 31, 2013. “Some of these new numbers apply to bankruptcy cases in Florida, and some do not,” added Mr. Osenton. “Florida has its own limitations on exemptions, for example. Those figures match up with federal numbers in some cases, but not in others.” Individuals filing for Chapter 13 bankruptcy are now permitted to have unsecured debts of up to $383,175 and secured debts of up to $1,149,525. This represents an increase of over $22,000 and $58,000 respectively. The maximum allowable exemption for an individual retirement account (IRA) increased from $1,171,650 to $1,245,475. Floridians enjoy one of the most generous homestead exemptions in the country. The allowable exemption is unlimited as long as an individual owned the property for a minimum of 1,215 days before filing. The federal homestead cap, applicable in Florida cases where the residency minimum is not met, increased from $146,450 to $155,675. read more at: http://www.lawfirmnewswire.com/2013/04/bankruptcy-laws-receive-inflation-adjustments/

Bankruptcy filings in Minneapolis and St. Paul

This is a list of recent business-related bankruptcies filed in U.S. Bankruptcy Court in Minneapolis and St. Paul. The number after the filing date is the case number. A Chapter 7 petition is for liquidation of the business; Chapter 11 (or Chapter 12 for farmers or Chapter 13 for small businesses) gives protection from creditors while the business is reorganized. MINNEAPOLIS The Antioch Co., doing business as Creative Memories, Antioch Agenda, Antioch Publishing, Cottage Arts, Frame of Mind and Webway, St. Cloud, Minn.; filed April 16, 13-41898; Chap. 11; no schedules filed. Chris Veit, CEO. Antioch International, St. Cloud, filed April 16, 13-41899; Chap. 11; no schedules filed. Chris Veit, CEO. read more at: http://www.startribune.com/business/203843621.html?refer=y

Court dismisses bankruptcy case of former Grafton, N.D., farmer

FARGO — The personal Chapter 11 bankruptcy reorganization for former Grafton, N.D., farmer Tom Grabanski and his wife, Mari, has been dismissed, perhaps setting the stage for creditors to move ahead to collect claims that total about $25 million. Thad J. Collins, a U.S. bankruptcy judge, on April 12 dismissed the case “with prejudice,” prohibiting the Grabanskis from filing for bankruptcy for another six months. It is one of three separate but related bankruptcies involving Grabanski, a key figure in failed farming businesses in his hometown of Grafton and in Texas and Colorado. The personal bankruptcy case has accounted for more than 576 docket items, or filings. read more at: http://www.grandforksherald.com/event/article/id/261895/group/homepage/

Hawaii Nui Brewing creditors ask judge to convert bankruptcy to Ch. 7

Three of Hawaii Nui Brewing LLC's creditors, including the Hilo-based beer company's landlord and a form that sold Mehana Brewing Co. to Hawaii Nui, have asked a U.S. Bankruptcy Court judge to convert the company's Chapter 11 bankruptcy reorganization to a Chapter 7 liquidation. The Honolulu Star-Advertiser reports Mehana Investments Inc., Hilo Soda Works Inc. and Dustin Shindo asked in a motion filed Friday for the judge to remove Hawaii Nui's managers and sell the company's assets to pay off creditors. read more at: http://www.bizjournals.com/pacific/blog/morning_call/2013/04/hawaii-nui-brewing-creditors-ask-judge.html

Fisker misses $10M payment, is bankruptcy imminent?

Fisker Automotive is in serious financial trouble. In early April, the automaker laid off 150 of its 200 employees and rumors began to swirl that Fisker was preparing to file for bankruptcy. Now that Fisker has officially missed a $10 million payment to the Department of Energy (DOE), many are wondering if the filing is imminent. Although Fisker missed the DOE payment, the government is going to receive at least a portion of the nearly $200 million that Fisker borrowed. According to DOE spokeswoman Aoife McCarthy, “The department recouped the company's approximately $21 million reserve account — funds that came from the company's sales and investors, not our loan — and will apply those funds to the loan.” Source: Reuters read more at:http://www.mnn.com/green-tech/transportation/stories/fisker-misses-10m-payment-is-bankruptcy-imminent

Janice Dickinson declares bankruptcy, 'taking every step to pay everyone back'

Janice Dickinson, the self-proclaimed "world's first supermodel," is in some financial trouble, it seems. The New York Post broke the story that Dickinson has declared bankruptcy. Court papers obtained by the publication reportedly show that she has nearly $1 million in debt, ranging from owning the IRS to a plastic surgeon. Reportedly, Dickinson owes both a Beverly Hills dermatologist and a Beverly Hills anti-aging center doctor over $8,000 apiece. She also has unpaid taxes going back over 10 years, totaling over half a million that is reportedly owed to New York, California and the IRS. read more at: http://blog.zap2it.com/pop2it/2013/04/janice-dickinson-declares-bankruptcy-taking-every-step-to-pay-everyone-back.html

Yarway Corp., Industrial Valve Maker, Files Bankruptcy

Yarway Corp., a Tyco International Ltd. (TYC) unit that makes industrial valves, sought bankruptcy court protection in the face of asbestos liability claims. The company, with offices in Boca Raton, Florida, listed more than $100 million each in assets and debts in papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. The bankruptcy “was precipitated by the continuing assertion of claims by personal injury plaintiffs” from alleged exposure to asbestos in gaskets and packing from the 1920s to the 1970s, said Yarway Vice President Kevin Coen in court papers. The company was founded in 1908 by Robert Yarnall and Bernard Waring as Simplex Engineering Co., was sold to Keystone International Inc. in 1986, and in 1997 was bought by Tyco, according to Coen’s account. read more at:http://www.bloomberg.com/news/2013-04-23/yarway-corp-industrial-valve-maker-files-bankruptcy.html

APNewsBreak: Developer Kahn files for bankruptcy

COLUMBIA, S.C. — The president of a major development firm in South Carolina has filed for bankruptcy protection, according to documents obtained Tuesday by The Associated Press. Alan Bruce Kahn filed for Chapter 11 protection on Monday, according to court papers. Bankruptcy papers note that Kahn has fewer than 50 creditors and liability valued between $50 million and $100 million. His assets are estimated between $1 million and $10 million, according to court papers. Since 1968, the Columbia businessman has served as president of the Kahn Development Company, according to the firm's website. He is also chairman of M.B. Kahn Construction Co., Inc., which says online it is the 106th largest U.S. building firm that specializes in industrial, commercial and institutional construction. Read more here: http://www.thestate.com/2013/04/23/2738469/apnewsbreak-developer-kahn-files.html#storylink=cpy

Former TXU Plays for Time To Pursue Bankruptcy Deal

The troubled Texas power company at the center of a record private-equity buyout intends to make debt payments in May that could let it stave off a bankruptcy filing for as long as another 18 months, according to people close to the situation. The former TXU Corp., now called Energy Future Holdings Corp., plans to pay roughly $270 million in interest due on its bonds May 1, these people said. Enlarge Image The Wall Street Journal The Dallas-based company, which employs more than 9,000 people, plans to make the payments partly because its advisers are in talks with creditors on a so-called prearranged bankruptcy plan and need more time to negotiate a debt-restructuring deal, the people said. In a prearranged bankruptcy, a company strikes a deal with its creditors on a reorganization plan before seeking Chapter 11 protection, hoping to streamline court proceedings. read more at:http://online.wsj.com/article/SB10001424127887324345804578422631933287270.html

Restructuring Pushes Srbijagas To Bankruptcy

ELGRADE – The plan to restructure Srbijagas prepared by the Energy Ministry is pushing the public company into bankruptcy, it can threaten the stability of the domestic market and cause problems in the realization of the South Stream pipeline, Srbijagas CEO Dusan Bajatovic said on Thursday.Bajatovic stressed that he is not against the restructuring of Srbijagas, but that he disagrees with the plan proposed by the Ministry and that he requested that the public debate on the proposal be held again. He told a press conference at Tanjug’s Press Club that Srbijagas has been working on a restructuring plan for two years and that the program includes trade unions. The aim is to get an integrated and financially consolidated company which will have divided activities, but under the umbrella of Srbijagas. read more at:http://inserbia.info/news/2013/04/restructuring-pushes-srbijagas-to-bankruptcy/

In Southwest Tennessee, many seek bankruptcy debt relief early in 2013

April 27, 2013 /24-7PressRelease/ -- Bankruptcy can be a great way for consumers saddled with burdensome debt to get a fresh financial start. With the economy slowly gaining steam, bankruptcy filings in the U.S. are down overall in the early months of 2013. However, many areas hit particularly hard by the recession are still struggling. Tennessee had the highest per capita rate of bankruptcy filings in the country during the first quarter of 2012. In an analysis of data from the U.S. Bankruptcy Court, Western District of Tennessee, The Daily News found that many residents of Shelby County are still seeking the protections offered by the bankruptcy code. Read more: http://www.digitaljournal.com/pr/1211399#ixzz2RmOM5crq

$19M Claim Put To Bed In River Road Hotel Bankruptcy

The final substantial claims dispute in River Road Hotel Partners LLC's Chapter 11 plan was settled Wednesday, as a $19 million initial claim was dramatically slashed down to $52,500, clearing the way for the liquidating hotel developer to start paying its creditors. The agreement with EREF Mezzanine LLC was filed in the U.S. Bankruptcy Court for the Northern District of Illinois, and comes nearly 18 months after the Chapter 11 plan was approved by the court in late 2011. “We’re satisfied with the settlement and reasonably pleased to be in a position to conclude the River Road bankruptcy saga,” said Stephen T. Bobo of Reed Smith LLP, attorney for liquidating trustee Michael Kayman. The trustee had objected to EREF Mezzanine’s claim in February 2012, arguing that it was not actually against the debtor, but originated from a loan supposedly given to two other mezzanine funds that had partially underwritten River Road Hotel’s operations, according to court records. EREF Mezzanine was seeking $14.4 million, plus $5 million in accrued interest, from River Road Hotel Mezz LLC and River Road Restaurant Mezz LLC, both of which also petitioned for Chapter 11 protection in August 2009 when River Road Hotel and two affiliates filed for bankruptcy, according to court records. read more at: http://www.law360.com/articles/435878/-19m-claim-put-to-bed-in-river-road-hotel-bankruptcy

Moody's says Detroit bankruptcy could mean further downgrades

(Reuters) - Detroit's already low credit ratings could sink further if the city is allowed to file for bankruptcy, Moody's Investors Service said on Wednesday. The credit rating agency said a decision by the city's state-appointed emergency manager and Michigan's governor to authorize a Chapter 9 municipal bankruptcy filing would lead to a restructuring of Detroit's debt that could reduce or delay payments on its outstanding bonds. Moody's, which rates Detroit's general obligation debt deep in the junk category at Caa1 with a negative outlook, also said Detroit could be pushed into bankruptcy if interest rate swap agreements are terminated. While the termination of those agreements has already been triggered, negotiations are ongoing with the swap providers. A termination could cost the city as much as $440 million, or about 22 percent of its annual operating budget. read more at:http://www.reuters.com/article/2013/04/24/idUSL2N0DB1TJ20130424

Turkey's refusal to be brow-beaten highlights political bankruptcy of Israeli blockade

Israel's efforts to isolate the Gaza Strip politically are not working. Not even the recruitment of the US secretary of state has been enough to persuade Turkey's Prime Minister, Recep Tayyip Erdogan, to postpone his visit to the besieged enclave. International opposition to the visit has refocused attention on to the occupied Palestinian territory. Similarly, the pressures exerted on the Spanish government to freeze its decision to open a consulate in Gaza have revived the debate about the legality of the Israeli-led blockade and its political value. Israel's policy is morally and politically bankrupt. The reaction by Ankara and Madrid to Israeli pressure contrasted markedly. Turkey reaffirmed its stand immediately and, indeed, has since hosted Gaza's minister of the interior for an official visit. read more at:http://www.middleeastmonitor.com/resources/commentary-and-analysis/5848-turkeys-refusal-to-be-brow-beaten-highlights-political-bankruptcy-of-israeli-blockade

Big city waste contractor in bankruptcy sale

Synagro Technologies Inc., one of the largest contractors working with city government, filed for bankruptcy Wednesday as part of its planned sale to a European private equity group. Synagro president and chief executive officer Eric Zimmer said the Chapter 11 filing in Delaware would not affect the firm's South Philadelphia plant, which turns human waste into fertilizer and fuel. Houston-based Synagro, which has long been financially squeezed, is owned by another equity firm, Carlyle Group. The bankruptcy is an interim step in Synagro's sale to Sweden's EQT Infrastructure II within the next 90 days. The deal is valued at $455 million, Synagro said. Under EQT's ownership, it will continue to use the name Synagro. Zimmer said there would be no changes in the company's 23-year contract with the city, worth $590 million - one of the largest agreements Synagro has with any municipality. read more at: http://articles.philly.com/2013-04-26/news/38819772_1_synagro-technologies-inc-carlyle-group-sale

Insurers Cite Mississippi Valley Silica's 1997 Bankruptcy in Removing Sandblasters' Suits to Federal Court

JACKSON, Miss – St. Paul, Travelers and other insurers named in several recent silica injury cases in Mississippi have cited the 1997 bankruptcy of one silica supplier co-defendant in removing the cases to federal court. The removal notices came despite assertions in each of the complaints that a final bankruptcy decree in Sept. 1998 in defendant Mississippi Valley Silica Co.'s bankruptcy proceeding allows plaintiffs to pursue claims directly against potential insurers. Each plaintiffs also affirmed that complete diversity does not exist and that no federal statutes are implicated. The insurers noted in their removal notice that they have moved to ... read more at:http://harrismartin.com/article/16132/insurers-cite-mississippi-valley-silicas-1997-bankruptcy-in-removing-sandblasters-suits-to-federal-court/

Carlyle’s Synagro files for bankruptcy protection

Synagro Technologies, a Baltimore-based waste recycler owned by the Carlyle Group, filed for bankruptcy protection Wednesday, just days after defaulting on its debt. Carlyle, the D.C.-based private equity giant, borrowed money to take the publicly traded company private in a $772 million deal in 2007. In the ensuing financial crisis, municipalities slashed spending, which caused a significant decline in Synagro’s revenue. read more at: http://articles.washingtonpost.com/2013-04-24/business/38782883_1_carlyle-group-bankruptcy-protection-synagro-technologies

Son of founders buys Entertainment Publications out of bankruptcy for $17.5 million

Troy-based Entertainment Publications LLC announced today that the son of its founders has purchased the 50-year-old company for $17.5 million following a previously announced plan to do so in the wake of a Chapter 7 bankruptcy filing. The price, though, is higher than Lowell Potiker of HSP-EPI Acquisition LLC's initial bid to buy the coupon book company's customer list, records, information, files, data, advertising and promotional materials, its intellectual property and all other major assets. The initial bid was $11.3 million, according to a bankruptcy petition filed in U.S. Bankruptcy Court in Delaware on March 12. It wasn't immediately disclosed how many employees have been rehired, but William Daddi of New York City-based Daddi Brand Communications said the company is in the process of "hiring a majority back." There was one other qualified bidder at the auction, Binghamton, N.Y.-based coupon book producer SaveAround, according to Daddi. Observers say Potiker will be dealt the task of rebuilding a company that has struggled with declining revenue, has been unable to adapt sufficiently to the digital age and has seen rapid turnover of ownership and executives over the past several years. read more at:http://www.crainsdetroit.com/article/20130425/NEWS/130429919/son-of-founders-buys-entertainment-publications-out-of-bankruptcy#

Fisker Edges Closer to Bankruptcy as New Details Emerge

The travails continue for Anaheim, Calif.-based Fisker. Executives at the struggling plug-in-vehicle maker met with Congress Wednesday, and new details emerged on Fisker's government dealings. It goes like this. The U.S. Department of Energy approved $529 million in low-interest loans to Fisker in 2010 as part of its $25 billion Advanced Technology Vehicles Manufacturing program, which met political fire and ceased loans to any companies in 2011. But now the Detroit News reports Fisker received $32 million in program loans in February 2011 under the notion — as required by the DOE — that it had begun to build the Karma plug-in sedan. Karma production did not, in fact, begin until months later. The federal government found out, and in June 2011, after receiving $192 million of the $529 million awarded, Fisker lost its D.C. sugar daddy. read more at:http://blogs.cars.com/kickingtires/2013/04/fisker-post.html

Double Fine, UFC Among Claimants in THQ Bankruptcy Case

Over $200 million in claims against defunct publisher THQ have been filed, with more to come before the bankruptcy case ends in May. THQ is gone and most of its properties have found new homes, but that doesn't mean this story is over. Not surprisingly, the defunct publisher, which filed for bankruptcy late last year, owed a lot of people money, and now those people are seeking what they're owed. Over $200 million in claims have been filed, with Microsoft and Double Fine among those looking to collect. The UK-based THQ Holdings Ltd. filed the highest claim, stating it's owed $39 million after loaning money to THQ. Microsoft filed two different claims totaling over $1 million for third-party peripheral licensing and financing fees. Zuffa, LLC, the UFC's parent company, wants $1.9 million in unpaid royalties; THQ published several UFC games between 2009 and early 2012. Double Fine is looking for the $595,000 in royalties it's owed from the sale of downloadable THQ-published titles Stacking and Costume Quest, as well as PlayStation Plus promotions. And not about to be left out, a Tennessee tax assessor wants $2.98. Read more at http://www.escapistmagazine.com/news/view/123551-Double-Fine-UFC-Among-Claimants-in-THQ-Bankruptcy-Case#qh34FYJFExeu8tAG.99

Synagro Technologies' bankruptcy will bring jobs to Baltimore

A Wednesday bankruptcy filing by Synagro Technologies Inc. means growth and new jobs for the Baltimore area as the waste recycler consolidates its headquarters in White Marsh. The Carlyle Group LP-owned company, which had been co-headquartered in Baltimore and Houston, said Wednesday that it would use bankruptcy to restructure debt and sell its assets to EQT Infrastructure in a $455 million deal. The company filed for a Chapter 11 reorganization of its debts in U.S. Bankruptcy Court in Delaware and said it expects the sale to be completed in two to three months. read more at: http://articles.baltimoresun.com/2013-04-24/business/bs-bz-synagro-bankruptcy-20130424_1_bankruptcy-filing-carlyle-group-synagro-technologies-inc

AMR Seeks $3.25B In Financing To Pad Ch. 11 Exit

Law360, New York (April 26, 2013, 6:21 PM ET) -- AMR Corp. on Thursday asked a New York bankruptcy judge to sign off on $3.25 billion in exit financing that would be secured by American Airlines Inc.'s assets in its Latin American travel routes and provide extra liquidity for its eventual emergence from bankruptcy. read more at:http://www.law360.com/bankruptcy/articles/436598/amr-seeks-3-25b-in-financing-to-pad-ch-11-exit

Bankruptcy court approves antitrust settlements between American Airlines, Orbitz and Travelport

U.S. Bankruptcy Judge Sean Lane has approved two antitrust settlements between American Airlines Inc., Orbitz Worldwide Inc. and Travelport Ltd., ending a two-year legal battle. In April, American and Orbitz settled their legal dispute over ticket distribution. In March, American settled claims that Travelport colluded with other reservation systems to stifle competition in providing flight data to travelers and agreed to a new distribution agreement. Both settlements required approval of the bankruptcy court in American and its parent AMR Corp.’s Chapter 11 bankruptcy reorganization. Terms of the settlements were not released. And Lane granted AMR’s request to seal the settlements and Travelport agreement and redact the confidential information from the Travelport agreement,” according to court documents filed yesterday. read more at: http://aviationblog.dallasnews.com/2013/04/bankruptcy-court-approves-antitrust-settlements-between-american-airlines-orbitz-and-travelport.html/

Ex-Delta exec Parker takes aim at bankruptcy committee of creditors

The latest battlefield in the personal bankruptcy case of accused inside-trader oilman Roger Parker took on a different dimension when the former Delta Petroleum exec took aim at the creditors committee overseeing his case. In a court filing last week, Parker noted how the three creditors that make up the committee are actually the biggest and most antagonistic to his financial well-being. They are: • Kirk Kerkorian-owned Tracinda Corp., which bought into Delta and is at the heart of an insider-trading case the U.S. Securities and Exchange Commission filed against Parker and others. It also loaned Parker $7.6 million and has been trying to collect. • Delta Petroleum General Recovery Trust, the remnant of Delta's bankruptcy that wants Parker to give back his interest in a lucrative oil/gas lease. Read more:http://www.denverpost.com/business/ci_23110230/ex-delta-exec-parker-takes-aim-at-bankruptcy

Hostess Bakery To Reopen This Summer, Hire 250 After Bankruptcy Cost More Than 500 Jobs

EMPORIA, Kan. -- Hostess Brands LLC says it will reopen its eastern Kansas bakery this summer, with the hiring of an initial 250 people already underway. The announcement was made Thursday by the investment partnership that bought Hostess Brands' snack cake product lines. Twinkies should be back on the shelves this July, executive vice president of Hostess Brands Michael Cramer told NBC News Thursday. More than 500 people lost their jobs when Hostess, then in bankruptcy proceedings, closed the plant in Emporia last November following a strike by union bakers. Hostess Brands LLC paid $410 million for the rights to the Hostess and Dolly Madison snack cake brands, along with five plants. But Emporia City Commissioner Jon Geitz tells KVOE-AM that the reopening of the local plant hadn't been assured until read more at:http://www.huffingtonpost.com/2013/04/26/hostess-reopen-kansas-bakery-250-jobs_n_3161597.html

New bankruptcy court judge named

Keith L. Phillips has been named a judge in the Richmond division of U.S. Bankruptcy Court for the Eastern District of Virginia. He will fill a vacancy being created by the retirement of Judge Douglas O. Tice Jr., who was appointed to the court in September 1987 and will retire effective June 30. Phillips is expected to take the bench in the fall. read more at:http://www.timesdispatch.com/business/economy/new-bankruptcy-court-judge-named/article_c4966292-c329-5549-912a-742604be3e87.html

What Are My Chance of Buying a Home After Bankruptcy?

I am a widow now and need to purchase a home I went through bankruptcy at the end of 2005/2006 and want to know what are my chances of getting a loan to purchase a home. I have purchased a car in 2007 and have paid good. No other credit. the last time I had my credit report checked was in Feb of this year and the score was 640. Also, what are my chances of getting a good interest rate. read more at:http://www.wral.com/what-are-my-chance-of-buying-a-home-after-bankruptcy-ruth/12381603/

Feds: Bankruptcy scam freed impounded vehicles

he scam was perhaps as crafty as it was criminal. A Chicago man was arrested Thursday for soliciting payoffs from drivers whose vehicles had been impounded by the city. The scheme involved filing phony bankruptcy petitions to avoid paying the often hefty auto pound fees, federal prosecutors alleged. The bankruptcy filing put an automatic hold on fines and triggered the release of the vehicle read more at: http://articles.chicagotribune.com/2013-04-25/news/chi-feds-bankruptcy-scam-freed-impounded-vehicles-20130425_1_bankruptcy-city-pound-revenue-office

Bujak, Canyon County may reach bankruptcy settlement

After former Canyon County Prosecutor John Bujak filed his $1.3 million bankruptcy, the bankruptcy trustee sought to recover $171,000 Bujak had paid the county shortly before he resigned. Bankruptcy law allows trustees to seek return of any money the debtor paid in the three months previous to filing bankruptcy documents. The bankruptcy trustee sought not only the money Bujak paid the county, but other proceeds from the nearly $600,000 annual contract Bujak had to handle Nampa misdemeanor cases. County leaders countered that Bujak left office still owing the county about $300,000 from that contract. The two sides reached a proposed $20,000 settlement in March 2012, but a federal judge rejected that deal, saying it could be selling the bankruptcy estate short. The matter was scheduled for trial next week. Now the two sides are asking a judge to approve a new compromise. Read more here: http://www.idahostatesman.com/2013/04/26/2553536/bujak-canyon-county-may-reach.html#storylink=cpy

Intrago files for bankruptcy

ntrago Corp., a Boulder-based company formed in 2005 to rent out Segways and electric bikes in U.S. urban areas and campuses, has filed for chapter 7 bankruptcy in federal court in Denver. The business listed $3.6 million in liabilities against $4,263 in assets. Intrago aimed to rent out Segway electric vehicles and electric bikes from charging stands in public spots around city centers, corporate and college campuses, large convention centers and other locations where low-speed, emissions-free transportation might be attractive. read more at: http://www.bizjournals.com/denver/news/2013/04/26/intrago-files-for-bankruptcy.html

Richmond lawyer named federal bankruptcy judge

RICHMOND — Richmond bankruptcy attorney Keith Phillips has been chosen to succeed retiring U.S. Bankruptcy Judge Douglas Tice Jr. The judges of the 4th U.S. Circuit Court of Appeals named Phillips to the 14-year term Thursday. Tice is retiring effective June 30, and Phillips will take the bench in the fall. Phillips has represented debtors, creditors, trustees and creditors' committees in bankruptcy proceedings. He also has served as a mediator, a trustee and state court receiver. He has been a frequent lecturer on bankruptcy matters for various bar organizations. The Richmond native received his undergraduate degree from the College of William and Mary and his law degree from the University of Richmond. read more at:http://www.timesdispatch.com/news/local/city-of-richmond/richmond-lawyer-named-federal-bankruptcy-judge/article_ee2dbe92-ae69-11e2-b29f-0019bb30f31a.html

The Different Types of Bankruptcy

U.S. federal law provides for six different types of bankruptcy, of which three are the most common: Chapter 7, Chapter 11, and Chapter 13. Before we discuss the details, I’d like to explain why we use such odd names. In order to do so, I need to digress for a moment to explain how U.S. federal laws are organized. (Actually, you may find this interesting in its own right.) Harley Hahn The sheer number of federal laws is so large as to defy understanding. Not only are countless laws already on the books, but there are many changes every year. In fact, every time Congress passes, modifies, or repeals a law, someone has to keep track of the changes. This job is so important that there exists an entire government department devoted to this task. This organization is the “Office of the Law Revision Counsel of the U.S. House of Representatives” (usually referred to as the “LRC”). read more at: http://www.independent.com/news/2013/apr/28/different-types-bankruptcy/

San Bernardino is making progress against bankruptcy

For the past seven years, the City Attorney's Office, along with the council members from the Seventh and Fifth wards, have been the most vocal critics and opponents of the direction in which San Bernardino was moving. On Aug. 23, 2010, our office predicted the city would go bankrupt if the pending budget was adopted. Those same two council members agreed. Not only were our collective concerns ignored, but a specific group of individuals, mostly non-residents, claimed we were being divisive and not "team players." Later that year, members of this group backed a charter amendment to make the city attorney an appointed rather than an elected office. That effort failed. The following year, when we refused in writing to sign off on that year's budget because it was not balanced, this same group recruited an out-of-county attorney to move in and run, unsuccessfully, for city attorney. Today that same group demands replacing all elected city officials with candidates they have chosen. They boast they will put up the money to accomplish this, their takeover of our city read more at: http://www.sbsun.com/opinions/ci_23116279/san-bernardino-is-making-progress-against-bankruptcy

Primacy of pensions in city bankruptcy may be issue for U.S. court in July

A U.S. judge in July could take up the issue of whether a bankrupt city can shield workers' pensions while inflicting heavy losses on bond holders and other creditors, a lawyer for California's pension fund for public employees said on Friday.Since filing for bankruptcy last year, the California city of Stockton has made a point of maintaining payments to the California Public Employees' Retirement System, or Calpers, while targeting creditors for steep losses. Whether Stockton may press on with that approach could be taken up in coming weeks by U.S. Bankruptcy Judge Christopher Klein, who did not take up the matter during a three-day trial last month on Stockton's eligibility for bankruptcy. read more at: http://www.reuters.com/article/2013/04/27/stockton-calpers-idUSL2N0DD33220130427

Harrisburg mayoral candidates on bankruptcy: Avoid it, 4 of 5 say

HARRISBURG — Just one of four mayoral candidates running in the May 21 primary has been a staunch supporter of proceeding with bankruptcy to deal with the capital city’s financial struggles. As time passes, however, some Harrisburg residents are warming to that option, because they’ve not seen compelling evidence that progress has been made toward reaching an out-of-court solution. In the meantime, they were hit in January with earned-income taxes up to 2 percent from 1 percent. And as they fork over more of their money, the city’s police and fire rosters keep shrinking despite recruitment efforts, sinkholes continue to close roads and prompt boil water advisories, more than 300 blighted structures stand, and trash piles sit untouched for months. read more at: http://www.pennlive.com/midstate/index.ssf/2013/04/harrisburg_mayoral_candidates_11.html

Thursday, April 25, 2013

Fisker Tells Congressional Hearing It Is Considering Filing For Bankruptcy

The House Oversight and Government Reform Committee recently released new documents according to which the struggling plug-in hybridautomaker was facing deeper quality and financial issues than those previously known. The documents also show that the Energy Department knew about these problems and still offered Fisker a loan $192 million, before it halted in June 2011 the rest of the money until $529 million, the government planned to offer the automaker. read more at: http://www.autospies.com/news/Fisker-Tells-Congressional-Hearing-It-Is-Considering-Filing-For-Bankruptcy-75785/

United States: Yarway Files For Bankruptcy, Citing Asbestos-Related Litigation

On Monday, April 22, 2013, Yarway Corporation filed a chapter 11 petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to papers filed by Yarway with the Bankruptcy Court, the company's origins go back to 1908 when it started manufacturing pipe clamps, steam traps and valves. See Yarway's Affidavit in Support of First Day Pleadings (the "Decl."), at *1. The company was privately owned until 1986, when it was sold to Keystone International, Inc.. Keystone was purchased by Tyco International Ltd. in 1997. Decl. at *2 read more at: http://www.mondaq.com/unitedstates/x/235980/Insolvency+Bankruptcy/Yarway+Files+For+Bankruptcy+Citing+AsbestosRelated+Litigation

Power Broker Energy Futures Holdings Proposes Bankruptcy Plan

Energy Future Holdings Corp. has reached a tentative agreement to file a pre-packaged bankruptcy plan, according to a report from Bloomberg News. Sources say the power producer, which was the target of a private sale six years ago that led to the largest leveraged buyout in American history, is particularly concerned with the $32 billion debt of its subsidiary, Texas Competitive Electric Holdings. Texas Competitive’s massive debt is one of the primary reasons for its parent's decision to file for bankruptcy, according to sources. If all goes to plan, Energy Future will send Texas Competitive, which sells energy to wholesale markets, and a few other units into Chapter 11 bankruptcy. read more at: http://www.totalbankruptcy.com/bankruptcy-news/bankruptcy-help/energy-futures-holdings-800935442.aspx

Former supermodel Janice Dickinson files for bankruptcy

Janice Dickinson has filed for bankruptcy, the self-proclaimed world's first supermodel confirms. "I had some trouble, so yes, it is true," Dickinson confirmed to Radar Online on Monday. "I am upset and taking every step to pay everyone back and I feel terrible about it." Court documents obtained by the New York Post allege that the former "America's Next Top Model" judge has racked up nearly $1 million in debt not only to the government but to plastic surgeons and comestic-procedure professionals who have enabled her penchant for looking youthful. read more at:http://www.latimes.com/entertainment/gossip/la-et-mg-janice-dickinson-bankruptcy-20130423,0,4905874.story

Hilo Brewery Faces Bankruptcy Battle

Less than two weeks after a Hilo-based craft brewery filed for bankruptcy protection to reorganize its assets, the move is coming under fire from three of its largest creditors, including its landlord. Hawaii Nui Brewing LLC, makers of Mehana and Hawaii Nui beer brands, filed for Chapter 11 bankruptcy on April 10. At the time, it cited assets between $100,000 and $500,000 and debts between $1 million and $10 million. read more at:http://bigislandnow.com/2013/04/25/hilo-brewery-faces-bankruptcy-battle/

Stockton, Creditors Tell Judge Bankruptcy Talks Will Resume (1)

Stockton, California, the biggest U.S. city to file for bankruptcy, intends to restart talks with creditors while it develops a plan to adjust debt and exit court protection by year’s end. Lawyers for the city and creditors told a federal judge yesterday that they want to try to negotiate an end to the Chapter 9 case after a months-long fight over whether Stockton should be thrown out of bankruptcy. read more at: http://www.businessweek.com/news/2013-04-24/stockton-creditors-say-debt-talks-will-be-restarted-1

Kit Digital Files for Bankruptcy After Shareholder Accord

a developer of software for managing digital video, filed for bankruptcy after reaching an agreement with some shareholders on a prepackaged restructuring plan. The company, based in New York, listed assets and debt of more than $10 million each in Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. Kit said April 16 that it would file for bankruptcy on April 24 with a debt plan supported by three of the largest shareholders. Kit indicated in the petition that a plan will be filed, though it hasn’t yet been posted on the docket. read more at: http://www.bloomberg.com/news/2013-04-25/kit-digital-files-for-bankruptcy-after-shareholder-accord.html

The Daily Docket: Synagro Enters Bankruptcy

Waste processor Synagro Technologies Inc. filed for Chapter 11 bankruptcy protection Wednesday with an offer in hand to be acquired by an affiliate of Swedish private-equity firm EQT. Read the Daily Bankruptcy Review article here. (Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”) With top executives’ pay a hot-button topic, some companies in Chapter 11 are simply keeping the information out of the view of creditors and anxious employees. Read the DBR article via The Wall Street Journal. The company that bought the Twinkie, Ho Ho and Ding Dong brands out of bankruptcy is gearing up to reopen plants and hire workers, but it won’t be using union labor, DBR reports via WSJ. read more at:http://blogs.wsj.com/bankruptcy/2013/04/25/the-daily-docket-synagro-enters-bankruptcy/

Feds: Bankruptcy scam freed impounded vehicles

The scam was perhaps as crafty as it was criminal. A Chicago man was arrested Thursday for soliciting payoffs from drivers whose vehicles had been impounded by the city. The scheme involved filing phony bankruptcy petitions to avoid paying the often hefty auto pound fees, federal prosecutors alleged. The bankruptcy filing put an automatic hold on fines and triggered the release of the vehicle. Authorities announced charges against Daniel Rankins, 30, and alleged that others were involved in the scheme as well. The investigation continues, they said. read more at: http://www.chicagotribune.com/news/local/breaking/chi-feds-bankruptcy-scam-freed-impounded-vehicles-20130425,0,2232213.story

Types of bankruptcy

In our society today, revisions to the bankruptcy laws and changes in consumer attitude toward bankruptcy have fostered a climate in which individuals and businesses many times regard bankruptcy as a more plausible remedy for financial problems than disciplined financial management. A revised Bankruptcy Code, enacted in 1978, took effect on October 1, 1979. The Code consolidated some chapters of previous laws pertaining to business reorganizations and sought to streamline the administration of the bankruptcy courts, but its most sweeping changes involved personal bankruptcy. This revision made bankruptcy a more attractive option for both personal and business debtors, primarily because it increased the amount of assets that could be exempt from liquidation. The revised Bankruptcy Code generally accommodated and regulated three primary kinds of bankruptcy: corporate, personal, and farm reorganization. read more at: https://www.crown.org/Library/ViewArticle.aspx?ArticleId=577

Friday, April 12, 2013

Former Macon doctor indicted in federal bankruptcy fraud case

Federal grand jurors have indicted a former Macon podiatrist on four counts of bankruptcy fraud, according to the U.S. Attorney’s Office. Dr. George Robert Vito allegedly made false statements under oath by filing documents in his Chapter 7 bankruptcy case in which he intentionally omitted certain financial details, including his financial interests as well as control and ownership of a number of corporations, according to a news release. Vito also filed an amendment in his case in which he allegedly intentionally left out certain assets including cash, income, furniture, jewelry, real property and corporations, according to the release. The indictment, filed Thursday, also alleges Vito knowingly made a false assertion that his bankruptcy petition and supporting documents were “true and correct” and that he provided false testimony at a creditor’s meeting, according to the release. Read more here: http://www.macon.com/2013/04/12/2435943/former-macon-doctor-indicted-in.html#storylink=cpy

Assured Seeks New Ruling on Stockton Pre-Bankruptcy Talks

Assured Guaranty Corp., fighting to avoid losses in the bankruptcy case of Stockton, California, asked a judge to reverse a ruling that it and other creditors failed to negotiate in good faith with the city. The insurer asked U.S. Bankruptcy Judge Christopher M. Klein in Sacramento to reverse his April 1 finding that so- called capital markets creditors acted as a “stone wall” during pre-bankruptcy negotiations with the city. Assured and other creditors had argued that the city should be thrown out of bankruptcy because it failed to negotiate with them in good faith. The judge rejected their arguments and found that the creditors were the ones who failed to negotiate seriously because they “voted with their feet” by quitting the talks, which the company denied in court papers. read more at: http://www.bloomberg.com/news/2013-04-12/assured-seeks-new-ruling-on-stockton-pre-bankruptcy-talks.html

Surviving bankruptcy in the medical boom time

Joseph Cece, founder and CEO of AeroCare Medical Transport System, had no intention of filing for Chapter 11 bankruptcy protection in March 2012 — but then, no business owner ever does. The Chicago-based air ambulance company, which has had a Scottsdale operation since 2005, wasn’t able to work out payments with lenders and was forced into bankruptcy. read more at: http://www.bizjournals.com/phoenix/blog/health-care-daily/2013/04/surviving-bankruptcy-in-the-medical.html

Bankruptcy deal adds $5.5 million from GM to clean up Ley Creek, Onondaga Lake

Washington -- Federal prosecutors said today they have reached a deal that will provide an additional $5.5 million from the assets of the old General Motors Corp. to pay for environmental restoration work along Ley Creek and Onondaga Lake. The latest deal means that almost $80 million will be set aside for Ley Creek cleanup work from the $899 million federal trust fund established by the federal government and the old GM as part of the auto company's bankruptcy and federal bailout. The trust fund will pay for cleanup and redevelopment of 89 former GM properties across the nation, including the GM Inland Fisher Guide plant in Salina that closed in 1993, eliminating 1,300 jobs. GM left behind PCBs, heavy metals and other chemical waste on the land surrounding its Salina plant, including the old Salina Landfill and Ley Creek, a tributary of Onondaga Lake. read more at: http://www.syracuse.com/news/index.ssf/2013/04/bankruptcy_deal_adds_55_millio.html

Alabama county fires attorney in largest municipal bankruptcy

Birmingham, Alabama (Reuters) - Alabama's Jefferson County fired its attorney for not working in its best interests, weeks before the county is expected to present a plan to emerge from the nation's largest municipal bankruptcy. Jeff Sewell, who was placed on administrative leave earlier this week, had been in the legal department for 25 years. More than 800 workers have been let go since the county filed for bankruptcy in 2011. The county commissioners said the dismissal on Friday was due to directions given by Sewell to the county's outside attorneys "that were not in the best interests of Jefferson County." They added that the termination would not affect the recovery plan, which would detail how the county intends to fix its debt to exit municipal bankruptcy. read more at: http://news.yahoo.com/alabama-county-fires-attorney-largest-municipal-bankruptcy-214642295.html

Bankruptcy judge: No $20M payout for AMR CEO

DALLAS (AP) — A federal bankruptcy judge has denied a proposed $20 million severance payment for the CEO of American Airlines as part of the company's merger with US Airways. The judge ruled late Thursday that the proposed payment to CEO Tom Horton exceeded limits that Congress set for bankruptcy cases in 2005. TRAVEL: Ruling isn't expect to sidetrack the merger The U.S. trustee's office, part of the Department of Justice, had objected to Horton's compensation. Judge Sean Lane declined to approve the payment during a hearing on March 28, but he didn't issue a ruling until Thursday. read more at:http://www.usatoday.com/story/money/business/2013/04/12/judge-denies-20m-severance-for-amr-ceo/2076901/

Bankruptcy estate of meningitis-linked pharmacy to battle states

BOSTON (Reuters) - The bankruptcy estate of the pharmacy linked to a deadly U.S. meningitis outbreak plans to battle nearly 30 states to preserve its right to redeem several million dollars worth of insurance policies for creditors. The insurance policies are key assets in New England Compounding Center's bankruptcy estate. Paul Moore, the trustee for NECC's bankruptcy estate, requested court approval to hire Collora LLP, a Boston law firm known for its high-profile defense work, according to documents filed on Friday. Collora would battle pharmacy board regulators from at least 28 states and contend with an ongoing, previously disclosed investigation by the U.S. Justice Department, according to the trustee. raed more at: http://news.yahoo.com/bankruptcy-estate-meningitis-linked-pharmacy-battle-states-222013473.html