The Washington Post announced last Friday that Ritz Camera has filed for Chapter 11 bankruptcy protection, just three years after it emerged from its first bankruptcy filing. Officials say stiff competition with cellphone cameras has caused Ritz to struggle. The film and camera business plans on closing 128 of its 265 retail locations and laying [...]
An examiner has been appointed by a bankruptcy judge to investigate Residential Capital LLC's bankruptcy case following allegations that financial transactions between ResCap and Ally, a potential buyer of its assets, prior to its filing were improper. Reports by Reuters state that Warren Buffet's Berkshire Hathaway Inc. urged the investigation. Berkshire owns most of ResCap's [...]
Tribune Co. is nearing the end of its three-year bankruptcy proceedings after it submitted its second reorganization plan last week. The failing newspaper, radio and television station company filed for Chapter 11 protection in 2009. Under its plan, Tribune would leave bankruptcy protection with all of its assets. Should it be approved by the court, [...]
Former NFL player Jamal Lewis has asked the court to change his Chapter 11 bankruptcy filing to Chapter 7 in order for him to sell off his assets to pay off his debts. The former Baltimore Ravens running back filed for bankruptcy in April. According to Reuters, Lewis listed $10.6 million in liabilities and $14.5 [...]
One of the largest law firms in the United States, Dewey & LeBoeuf LLP, has filed for Chapter 11 bankruptcy protection this week in Manhattan. The New York-based firm has listed $193 million in assets with $245 million in liabilities. Dewey & LeBoeuf, which advised the Los Angeles Dodgers during its bankruptcy process, decided to [...]
Tennessee rapper Young Buck, 31, was evicted from his mansion following a judge's order that his home be sold to pay back the debt he owes in unpaid taxes. Young Buck, whose real name is David Darnell Brown, owes $334,000 to the IRS. Brown initially filed for Chapter 11 bankruptcy protection to put his debt [...]
Nadya "Octomom" Suleman's Chapter 7 bankruptcy filing has been thrown out of court by a judge after Suleman failed to file the necessary paperwork, the Washington Post reports. Suleman failed to provide the current paperwork to prove she owes more than $1 million. Bankruptcy court notified the mother of 14 on Monday that she needed [...]
The educational publishing company Houghton Mifflin Harcourt filed for bankruptcy protection last week in order to eliminate its $3.1 billion debt. The publisher's financial woes began in 2006 and 2007 when Education Media and Publishing Group borrowed heavily to acquire the company. So far more 70 percent of its creditors have approved of the proposed [...]
Last Friday a Delaware bankruptcy judge approved Tribune Co.'s request to pay up to $45 million in bonuses to its top 425 managers and executives. Tribune says the bonuses are appropriate and reasonable, and there has been no objections from creditors. Tribune, which owns the Chicago Tribune, the Los Angeles Times, and several other newspapers [...]
Earlier this week Nadya "Octomom" Suleman filed for Chapter 7 bankruptcy in order to pay off her more than $1 million in debt. According to her court filing, Suleman has about $50,000 in assets. Suleman owes money to her father, DirecTV, the city's water department, her children's school, and at least $30,000 in unpaid rent. [...]
The former business manager for the Black Eyed Peas filed for Chapter 7 bankruptcy last week in Los Angeles, claiming he owes between an estimated $500,000 and $1 million. Sean Larkin, 41, was fired by the Black Eyed Peas after they learned he had not filed tax or federal tax returns for several years. Larkin [...]
The Los Angeles Dodgers baseball team emerged from Chapter 11 reorganization last Friday after nearly ten months. A bankruptcy court approved the sale of the team to a private group for $2 billion, a record price for any North American sports franchise. In the private group is LA Lakers star "Magic" Johnson, CEO of Guggenheim [...]
Former NFL star Warren Sapp filed for Chapter 7 bankruptcy protection in Florida earlier this month. Sapp claims he has $6.7 million in liabilities but only has $6.45 million to his name. According to court documents, Sapp owes more than $900,000 to the IRS, hundreds of thousands of dollars in child support and alimony payments [...]
AFA Foods, one of America's largest ground beef processing companies, filed for bankruptcy this week after it claims the "pink slime" controversy significantly changed the meat market. The pink slime, which is an ammonia-treated beef filler, created a major uproar that critics say should be banned. The backlash has caused many U.S. supermarket chains to [...]
In an attempt to resolve their bankruptcy, Eastman Kodak Co. has said that they plan to stop providing health care benefits to retired, former employees who are over the age of 65-years-old because these individuals would be eligible for health insurance through Medicare. In addition, the change would only affect retirees who retired after October [...]
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