Blog Posts in August, 2011

Suburban Exodus Regions Now Among Hardest Hit By Housing Downturn

While property values in Chicago have suffered, the housing market is also suffering in the distant suburban markets that were once among the fastest-growing in the United States. An August 22, 2011, ...
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Austin Seeks Inclusion In Emanuel Foreclosure Program

The chairman of the Westside Ministers Coalition and spokesman for the Community Reinvestment Organizing Project (COP) has demanded that Chicago’s Austin community be included as a targeted area ...
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Man Sentenced To More Than 17 Years In Mortgage Fraud Scheme

A former South Holland man will spend more than 17 years in federal prison after directing a mortgage fraud scheme that cost lenders about $16 million for properties on the South Side, according to ...
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Foreclosure Fraud in California Shut Down

The California Department of Justice and the State Bar of California recently sued a group of California lawyers for taking millions of dollars from homeowners by promising them relief on home loans ...
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Emanuel Hopes $20 Million Loan Program Can Help Hardest-Hit

Mayor Rahm Emanuel unveiled a $20 million loan pool on August 17, 2011, with a goal of bringing new ownership to 2,500 foreclosed homes in "small sub-sections" of nine Chicago neighborhoods. With a 20 ...
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General Growth Says It Didn't Default

A lawyer for General Growth Properties Inc said the No. 2 mall owner in the United States is planning to fight two court rulings ordering the company to pay about $100 million in additional interest ...
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Illinois Home Foreclosures Down In July

There were 46 percent fewer foreclosure filings in July than there were last year, a report from Irvine, Calif.-based RealtyTrac showed. Released on August 11, 2011, the report showed Illinois with ...
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Giordano's Owner Alleges Plot Against Business

The owner of the Giordano’s pizza chain filed a lawsuit of more than $100 million against several franchisees, his bankers and his former lawyers on August 4, 2011, claiming that they had a ...
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Trustee for Lehman Bankruptcy Hopes to Pay Customers in Full

The bankruptcy trustee winding down Lehman Brothers Holdings Inc's brokerage wants to repay customers what they're owed in full. However, he is expecting a shortfall in paying back $47.5 billion owed ...
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Jackson Hewitt Wins Approval from Court to Exit Bankruptcy

Jackson Hewitt Tax Service Inc. received court approval for their reorganization plan on August 8, 2011, which the company hopes will allow for its exit from bankruptcy before the week is over. U.S. ...
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Sbarro Pizza Chain Files Plan to Restructure and Exit Bankruptcy

Sbarro Inc has proposed a restructuring plan that would give ownership of the chain to senior lenders. The pizza restaurant chain entered bankruptcy in early 2011. The plan would reduce its debt by 73 ...
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Former University of Georgia Coach Jim Donnan Reaches Bankruptcy Settlement

Jim Donnan, ex-ESPN analyst and former football coach at University of Georgia, has reached a settlement agreement in his ongoing bankruptcy case. The settlement has him returning millions of dollars ...
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Two South Loop Condo Projects on the Brink of Foreclosure

The battered South Loop residential real estate market is taking another hit as Amalgamated Bank sues to foreclose on a condo project. Amalgamated Bank, a union-owned lender, is moving to foreclose on ...
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Defunct Indoor Football Team File for Chapter 7 Bankruptcy

The Oklahoma City's Bricktown Brawlers filed for Chapter 7 bankruptcy liquidation on July 27, 2011. The filing comes a month after former Brawler player Jason White sued the team for breach of ...
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Hooters Casino Hotel in Las Vegas Files for Bankruptcy

The Hooters Casino Hotel filed for Chapter 11 bankruptcy protection in an attempt to reorganize its debt. The filing is for the casino/hotel in Las Vegas and does not affect any of the over 430 ...
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Ex-Football Punting Star Auctions Super Bowl Rings as Part of Bankruptcy

Former punter Ray Guy is auctioning the Super Bowl rings he won while playing for the Raider's in the 1976, 1980 and 1983 National Football League seasons. The auction is part of a Chapter 13 ...
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Rhode Island Municipality Files for Bankruptcy

Central Falls, Rhode Island, has entered bankruptcy, driven by an overwhelming burden of pensions. The filing is somewhat ironic when considering the city's motto of "a city with a bright future." ...
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Chapter 11 Bankruptcy Pops Balloon Distributor

Money issues have deflated a Chicago balloon distributor, sending the business to file for bankruptcy. The 100-year-old balloon distributor M.K. Brody & Co. consistently turns a profit, but ...
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Lofty Evanston Mansion Falls in Cook County Sheriff's Sale

A controversial mansion in Southeast Evanston is scheduled for auction in August 2011. It once had a price tag of $9 million before heading into foreclosure. The auction of the 11,000-square-foot ...
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Developer of New City YMCA Property Facing Lawsuits on Other Building Sites

A Chicago developer with plans to develop the ex-YMCA property on Clybourn Ave. and Halsted St. is fighting foreclosure lawsuits on two nearby properties. PNC Bank filed three foreclosure suits ...
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Greektown Loft Office Property Returns to Bankruptcy Chapter 11

A Greektown building defaulted on its first mortgage of $18.4 million barely one year after emerging from Chapter 11 bankruptcy. The venture owned by a husband-and-wife team from Wisconsin has missed ...
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TD Bank Sued by Bankruptcy Trustee Liquidating Rothstein Law Firm

The bankruptcy trustee in charge of liquidating the Rothstein Law Firm has sued Toronto Dominion Bank for allegedly assisting a $1.2 billion Ponzi scheme run by the former law firm chairman. Scott ...
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