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Judge Approves Detroit Bankruptcy Plan

Submitted by Anonymous (not verified) on Fri, 11/07/2014 - 23:47

A federal judge ruled in favor of the Detroit bankruptcy plan, finalizing a 16 month process in which the city petitioned to file a Chapter 9 bankruptcy.
U.S. Bankruptcy Judge Steven Rhodes ruled that the Motor City’s complete restructuring plan is rational and achievable. Detroit now has legal authority to cut more than $7 billion in unsecured liabilities and put back $1.4 billion into public services over the next 10 years.

Closing Arguments in Detroit Bankruptcy Trial

Submitted by Anonymous (not verified) on Tue, 10/28/2014 - 22:20

The historic Detroit bankruptcy trial came to a close on Monday when city attorneys gave closing arguments as to why U.S. Bankruptcy Judge Steven Rhodes should approve the city’s bankruptcy plan.
Judge Rhodes is expected to announce his ruling on November 7.
Closing arguments highlighted the necessity to pass the debt-cutting plan, which would free Detroit from $7 billion in debt and open up money to improve city services.

Wyly Bankruptcy: Tycoon Owes $400 Million

Submitted by Anonymous (not verified) on Tue, 10/21/2014 - 22:48

Texas entrepreneur Samuel Wyly has filed for bankruptcy on Sunday, stating he does not own the assets to pay roughly $400 million in penalties for an overseas fraud scheme.
According to the Chapter 11 petition, Wyly stated he had assets and debt between $100 million and $500 million. He attributed his debt to the “massive costs of investigations and then litigation” by the Securities and Exchange Commission.

Colorado Marijuana Business Bankruptcy Case Dismissed

Submitted by Anonymous (not verified) on Fri, 09/26/2014 - 23:30

A U.S. bankruptcy judge has dismissed the case of a Colorado marijuana business owner, stating that while he is in compliance with state law, he is breeching the federal Controlled Substances Act.
Frank Arenas, wholesale distributor and producer of marijuana, was seeking Chapter 7 bankruptcy protection. According to his petition, he owes $556,000 to unsecured creditors.

Detroit Reaches Settlement With Largest Creditor

Submitted by Anonymous (not verified) on Tue, 09/16/2014 - 00:59

Detroit has reached a final settlement with its greatest opponent, bond insurer Syncora Guarantee Inc., this Monday, according to a lawyer for the city.
Under the deal, Syncora will recover roughly 14 percent of money owed, which they've long claimed totals more than $333 million. Syncora will receive two sets of notes from Detroit, a lease to control a tunnel to Canada, land near the tunnel, and the possibility of leasing and controlling a parking structure.

Detroit Reaches a Settlement With Largest Creditor

Submitted by Anonymous (not verified) on Tue, 09/16/2014 - 00:59

Detroit reaches a settlement with its greatest opponent, bond insurer Syncora Guarantee Inc., this Monday, according to a lawyer for the city.
Under the deal, Syncora will recover roughly 14 percent of money owed, which they've long claimed totals more than $333 million. Syncora will receive two sets of notes from Detroit, a lease to control a tunnel to Canada, land near the tunnel, and the possibility of leasing and controlling a parking structure.

Trump Casinos Company Files for Bankruptcy

Submitted by Anonymous (not verified) on Thu, 09/11/2014 - 00:42

Five of Atlantic City’s 12 casinos could close this year, following Trump Entertainment Resorts’ bankruptcy filing this past Tuesday.
The company owns Trump Plaza, a casino slated to close next week. Trump’s Taj Mahal could follow suit in November if the company cannot receive concessions from union workers.

Trump Casinos Company Files for Bankruptcy

Submitted by Anonymous (not verified) on Thu, 09/11/2014 - 00:42

Five of Atlantic City’s 12 casinos could close by the end of this year when Trump Casinos Company files for bankruptcy this month.
The company owns Trump Plaza, a casino slated to close next week. Trump’s Taj Mahal could follow suit in November if the company cannot receive concessions from union workers.

Detroit Bankruptcy Trial Begins

Submitted by Anonymous (not verified) on Thu, 09/04/2014 - 19:56

Testimony in the historic Detroit bankruptcy trial began this morning with the city’s chief financial officer stating fiscal controls were “very, very poor” when he began last year.
John Hill Jr. was the first witness called on September 4. According to Hill, Detroit was unable to fully determine revenue flow for a myriad of reasons, but partly due to a failure to implement a “financial commuter system,” as said by ABC News.

Crumbs to reopen after sale

Submitted by Anonymous (not verified) on Thu, 08/28/2014 - 21:37

Crumbs Bake Shop was granted permission to sell itself to Lemonis-Fischer Enterprises in a New Jersey bankruptcy court on Tuesday, August 26th.

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