Bankruptcy Blogs

Facing declining enrollment stemming it says from negative publicity about a 2008 foreclosure action, it says, a Brooklyn prep school filed for Chapter 11 bankruptcy Monday.

Adelphi Academy of Brooklyn said that it filed for bankruptcy because it’s been unable to operate profitably after the lowered enrollment that followed 2008 news reports of a foreclosure by its lender, Metropolitan National Bank, which holds a $6.2 million note, according to court documents.

There will be no more standing ovations at San Jose Repertory Theatre.

After 34 years of operation, the nonprofit community theater closed its doors last week and put itself into Chapter 7 bankruptcy. It blamed the move on a drop off in the donations it depends on to mount its annual season of seven shows, a mix of musicals, dramas and comedies.

Identifying which borrowers are likely to repay short-term, small-dollar loans could help lower costs for both consumers and the financial services industry.

LightSquared burned through $59.1 million in May, bringing its total losses to $1.41 billion since Phil Falcone ’s wireless venture filed for bankruptcy in May 2012. Read the Daily Bankruptcy Review article here.