bankruptcy

Sbarro Reports $6.3 Million Net Loss for May

06/28/11

On Friday, Sbarro, Inc. and its affiliates filed their consolidated monthly operating report for May 2-29, 2011 with the bankruptcy court. The companies filed pre-arranged chapter 11 cases in the Southern District of New York on April 4, 2011. They operate a chain of over 1,000 “Italian quick service restaurants” and generated over $300 million [...]

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IRT Partners, L.P. and Equity One, Inc. v. Winn-Dixie Stores, Inc.: Opinion Affirming Denial of Motion to Amend Bankruptcy Claims Post-Confirmation

06/28/11

The Eleventh Circuit Court of Appeals affirmed a district court decision (which had, in turn, affirmed a bankruptcy court decision) sustaining the debtors’ (Winn-Dixie Stores, Inc. et al.) objections to the appellants’ (IRT Partners, L.P. and Equity One, Inc.) attempt to amend their claims post-confirmation of the debtors’ plan of reorganization. The claims arose in [...]

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Filing Bankruptcy Without an Attorney

06/28/11

According to the state bar, 40-50% of Arizona bankruptcy filings occur without an attorney (“pro se” in legalese).  Most individuals who file for bankruptcy are at rock bottom, and do not believe they can afford an attorney, or that it will be necessary to a successful outcome of the proceedings. However, the importance of an [...]

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I Filed Bankruptcy, Now I Want Out…

06/28/11

Dismissing a Bankruptcy Case While bankruptcy has the ability to provide great relief to those facing financial difficulty, it is not always a bed of roses. There are things that can go wrong with a bankruptcy case. Many debtors learn the hard way that bankruptcy can be a messy place once the motions and objections [...]

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Signature Styles (Spiegel, Newport News & Shape Fx Brands) Update for Customers: Official Creditors’ Committee Asks Bankruptcy Court to Force Companies to Honor Gift Cards & Merchandise Credits At Least Temporarily

06/28/11

The Official Committee of Unsecured Creditors has asked the bankruptcy court to force Signature Styles/Spiegel/Newport News/Shape Fx to honor gift cards, merchandise credits and other customer programs, as well as to actively participate in the sale process.  To learn more about the Committee’s request, please visit our newest article on this case: Signature Styles (Spiegel, [...]

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Billionaire Bankruptcies?

06/27/11

As reports surface that wealthy socialite Patricia Kluge has filed for Chapter 7 bankruptcy protection, many have wondered:  how can you file for bankruptcy when you are a billionaire? When United State bankruptcy laws were drafted, the focus was pro-debtor.  The idea was to provide a fresh start for people who had suffered under the [...]

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Equity Committee Appointed in HearUSA Bankruptcy Case

06/27/11

The United States Trustee filed a bankruptcy court notice last Wednesday in the HearUSA, Inc. chapter 11 case.  In the notice, the U.S. Trustee disclosed that it has appointed an Official Committee of Equity Security Holders in the bankruptcy cases.  The members include two individual investors and three institutions: Arcadia Opportunity Master Fund, Ltd.; Sherleigh Associates Inc., [...]

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Depression, Financial Ills and Bankruptcy

06/24/11

Recently in San Diego, two extreme examples of apparent financial woes have led to tragic ends. http://www.signonsandiego.com/news/2011/jun/07/services-held-two-familie... http://www.signonsandiego.com/news/2011/jun/22/court-documents-show/ I am not trained in the matters of the impact of financial burdens on one’s mental health. I am a counselor, however, a counselor at law. As such, one of my primary duties is to listen to [...]

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Owners of The Georgian Building in Silver Spring, Maryland File for Chapter 11 Bankruptcy Protection

06/23/11

On Wednesday, two related companies – Stellar GT TIC LLC and VFF TIC LLC – voluntarily filed for chapter 11 protection in the bankruptcy court in Greenbelt, Maryland with a pre-negotiated plan of reorganization.  The companies own an 891-unit multi-family high rise property (consisting of two 14-story apartment buildings) located at 8750 Georgia Avenue in [...]

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Assessing Your Financial Situation Pre-Bankruptcy

06/22/11

Often, people wait too long to file bankruptcy.  Considering bankruptcy to be a last resort is probably a wise thing to do, and there are often many things an individual can do to prevent bankruptcy.  However, waiting too long can mean that bankruptcy protects less of your assets than it might otherwise be able to, [...]

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