Blog Posts in June, 2011

Marie Callender and Perkins Restaurant Chain File Chapter 11 Bankruptcy

The owner of Perkins and Marie Callender restaurant chains filed for bankruptcy on June 13, 2011. Court documents show that the company plans to shutter 65 of its 600 locations and eliminate 2,500 ...
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Founder of Failed New Century Bank Faces Foreclosure on Personal Condo

Faye T. Pantazelos, founder of New Century Bank, has failed to make payments on her condominium loan since December 2010. There is no mention of her seeking foreclosure help or a short sale. Her bank ...
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Battle for Control of Rookwood Pottery Takes a Surprising Turn

Rookwood Corporation filed an involuntary chapter 11 bankruptcy in May, 2011, forced into filing by their creditors. Shareholders voted on June 21, 2011 for a change in leadership and restore former ...
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Spiderman Sued by Bankruptcy Trustee for Poker Winnings

Bankruptcy trustee Howard Ehrenberg is suing Tobey Maguire, star of "Spiderman," in a claw back effort to reclaim more than $300,000. Ehrenberg is the trustee in the bankruptcy case of Bradley ...
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Bankruptcy Judge Authorizes Sale of Aston Martin Owned by Peter Madoff

A 1958 Aston Martin once owned by Peter Madoff, brother of Bernard Madoff, is to be sold at auction to help pay former investors who suffered losses from the brother's Ponzi schemes. The trustee ...
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Bankruptcy Judge Declares Defense of Marriage Act Unconstitutional

A bankruptcy judge for the Central District of California declared DOMA unconstitutional in a ruling on June 13, 2011. 19 other bankruptcy judges in the district signed the ruling in consensus. The ...
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Illinois Bankruptcy Court Facing Eviction from Will County Courts

The Northern District of Illinois Bankruptcy Court is looking at possible eviction from their courtrooms in Joliet. Will County has seen an increase in court cases because of population growth, and ...
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Owner of Giordano's Pizza Makes Strange Decisions during Bankruptcy

Giordano’s owner, John Apostolou, has made inexplicable decisions during the chapter 11 bankruptcy of his pizza chain. His actions have caused the court to bar him from his restaurants and hire ...
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Vacant Lots Owned by Gas City to be Auctioned by Bankruptcy Court

Gas City, LTD is putting five vacant properties up for auction in June 2011. The company filed for Chapter 11 bankruptcy protection in October of 2010. The properties going for auction range in size ...
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Minnesota Auto Dealership Mogul Claims Bad Bankruptcy Advice put Him in Prison

It has been two years since Denny Hecker filed for personal chapter 7 bankruptcy. Hecker says he filed because his lawyers told him it was the only way to get the "gorilla" off his back. The "gorilla" ...
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Five Charged in Mortgage Fraud for North Shore Development

Three partners in a failed North Shore development project, a loan officer, and a title company executive were charged in a federal indictment unsealed on June 5, 2011. The charges allege that the ...
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Florida Couple Forecloses on Bank of America

A couple from Collier County, Fla foreclosed on Bank of America after the bank would not pay for legal fees they owed the couple. The problems started when Warren and Maureen Nyerges purchased a home ...
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Borders Gains More Time to Handle Its Bankruptcy Case

On June 2, 2011, a bankruptcy judge gave Borders more time to work on organizing its Chapter 11 case. A lawyer for the bookseller said the company hopes to have a plan in place to sell all of the ...
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Site Owner of LTH Forum Files for Personal Bankruptcy

Gary Wiviott, owner of LTH Forum has filed for chapter 7 personal bankruptcy. The actual filing was done in November 2010, but has only recently become known due to the trustee putting one of the ...
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Delinquent Homeowners Stay in their Homes up to 15 Months

Illinois homeowners who are facing the foreclosure process have up to 494 days to stay in their homes before eviction. The time between filing and eviction has increased since the first quarter of ...
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Foreclosures Represent 29 Percent of Home Sales in the First Quarter

Almost 30 percent of all homes sold in Illinois during the first quarter were foreclosures. This number is down considerably from the first quarter of 2010. The 5,529 homes were sold as foreclosures ...
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Industrial Surfacing Corp. of Urbana Files for Chapter 11

Industrial Surfacing Corp. of Urbana, Ill has filed for Chapter 11 bankruptcy protection. The business is a rock surfacing company that works with electrical and petroleum firms to provide drainage ...
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Illinois Attorney General Expands Probe of Foreclosure "Robosigners"

The Illinois Attorney General's office is expanding its probe of alleged "robosigning" of mortgage foreclosure documents. On May 25, 2011, the office announced subpoenas to two Florida-based mortgage ...
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Wisconsin Ethanol Pioneers File Bankruptcy with a Debt Load of $100 Million Plus

Two Wisconsin brothers who pioneered ethanol production in the state now have outstanding debts of over $100 million after their agricultural holdings fell apart. Paul and David Olsen owe money to ...
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Lincolnwood's Purple Hotel is Facing Foreclosure

The owner of the infamous Purple Hotel in Lincolnwood is facing foreclosure, adding to already existing legal problems. The lender, First Midwest Bank, has filed a $4.2 million foreclosure suit. ...
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Investor Pays Pennies on the Dollar for Portfolio in Chapter 7 Case

The investment firm of Smith Rothchild Financial Co. has reached a key agreement in their Chapter 7 bankruptcy case. An Indiana investor has agreed to purchase a portfolio containing 125 loans and ...
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Bankruptcy Restructuring of North Pier Moving Forward

Developer Dan McLean has proposed paying a Texas vulture investor approximately 40 cents on the dollar to settle a $39 million mortgage on North Pier Terminal that is in arrears. The North Pier ...
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