Blog Posts in July, 2011

Troubled Block 37 on Market After Foreclosure Fight

The new Block 37 mall on State Street is officially going up for sale after a long and hard-fought foreclosure battle. The bank group that now owns the shopping center has hired Eastdil Secured LLC to ...
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Bankrupt Fraudster Fugitive Heading to Jail

For six years, Brent Farris eluded U.S. authorities by passing through many countries across several continents after pleading guilty to bankruptcy fraud. On July 15, 2011, a U.S. judge sentenced ...
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Owner of Wrigley Field Rooftop Building Suffers Losing Streak

The curse of the Loveable Losers is affecting The Lakeview Baseball Club, a three-story building that overlooks the right field at Wrigley. The building is heading to a sheriff's auction after ...
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Fannie Mae Moves to Foreclose on Apartment Building in Chicago Ridge

Fannie Mae has filed a $6.1 million foreclosure suit against an 84-unit apartment building located in Chicago Ridge. The owners of Ridgeland Court failed to keep up with their end of the bargain. The ...
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Desperate Housewife Eva Longoria in Desperate Bankruptcy Trouble over Nightclub

The closing of the nightclub Eve, partly owned by "Desperate Housewives" star Eva Longoria, has set off a new round in the legal battle for control of its bankrupt parent company, Beso, LLC. The ...
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Crystal Cathedral Interested in New Bidders for Church Property through Bankruptcy Auction

The famous Crystal Cathedral church filed for bankruptcy in October 2010, listing more than $50 million in debt as the main reason for filing. Greenlaw Partners of Orange County placed an offer for ...
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Bankrupt Owner of Spiegel Brands Runs into Trouble with Bidding Procedure

Signature Styles, owner of Spiegel Brands and other clothing companies, has run into trouble with their Chapter 11 bankruptcy. The trustee in the case told a bankruptcy judge that Signature Styles ...
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Joint Venture of Microsoft and Apple Win 6,000 Nortel Patents in Bankruptcy Auction

A joint venture of Apple and Microsoft, called Rockstar Bidco LP, won permission from bankruptcy court to purchase the patent portfolio of Nortel Networks Corp. for $4.5 billion, outbidding Google in ...
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Las Vegas' "Original Celebrity Chef" Files for Bankruptcy Protection

Andre Rochat, owner of Alize' and Andre's in Las Vegas, filed chapter 11 bankruptcy for himself and three businesses to reorganize millions of dollars in debt. Rochat's restaurant-management company, ...
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Singer of "I Believe I Can Fly" Brought Down by Foreclosure

Award-winning R&B artist R. Kelly is facing a $2.9 million foreclosure suit on his mansion in Olympia Fields. The music artist has not made a payment on his mortgage since June 2010 according to a ...
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50-year-old Evergreen Plaza Losing its Vibrancy, Faces Foreclosure

A lender filed a foreclosure suit against Evergreen Plaza and placed its $20 million loan up for sale. The suit is an attempt to end a long-running loan dispute with the owner of the mall. Real estate ...
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Data Center Can't Stop Foreclosure Virus on Building

A data center southwest of downtown Chicago is undergoing the foreclosure process after missing mortgage payments since February 2011. Cole Taylor Bank says the owners of the 107,000-square-foot data ...
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Think Global Electric Car Company Files for Bankruptcy

Electric carmaker Think Global AS, who launched its North American operations in Elkhart, Indiana, filed for bankruptcy on June 22, 2011. The company filed in its home country of Norway. Think North ...
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Fashionable Deb Shops File for Chapter 11 Bankruptcy

Deb Shops, a retailer of young-women's clothing, filed for Chapter 11 bankruptcy protection on June 27, 2011. The senior lenders are taking over operations, nearly four years after the company was ...
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Cancer Survivors Face Rising Odds for Filing Bankruptcy

A study compared federal bankruptcy court records to cancer registry data from almost 232,000 adult cancer cases in Western Washington over a 14-year period has found that survival has a hidden cost. ...
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Sex Abuse Victims of Milwaukee-Area Clergy get More Time to File Claims

U.S. Bankruptcy Judge Susan V. Kelly has agreed to allow survivors of clergy sex abuse more time to file claims while the Milwaukee Archdiocese is under Chapter 11 bankruptcy protection. A forensic ...
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Congress Proposes Legislation to Allow Private Student Loans to be Dischargeable in Bankruptcy

A poor economy and high student loan balances are financially crippling recent graduating classes. Estimates claim that the average debt for a 2009 bachelor's degree recipient is $24,000. Those who ...
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Divorce Settlement Line Drives the Dodgers into Chapter 11 Bankruptcy

Owner Frank McCourt filed for Chapter 11 bankruptcy protection in an answer to Major League Baseball Commissioner's denial of a television contract. The rejection of the contract invalidated a divorce ...
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Patricia Kluge Blows Through $1 billion and Files for Bankruptcy

Patricia Kluge, divorcee', ex-belly dancer and owner of a checkered past, has filed for chapter 7 bankruptcy after spending her entire divorce settlement. She left her marriage with a settlement that ...
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MetroWest Building in Naperville Facing Foreclosure

The owner of the Helmut Jahn-designed building missed paying off a $23.5 million loan that came due on May 1. The building is controlled by a joint venture led by General Investment and Development ...
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