• 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 company president and CEO Chris Rose as a director.

    Current CEO Chip DeMois laughed when he was asked to comment on a news release which states that he has been removed from his position by shareholders.

    DeMois said he is still at Rookwood and the current team is “firing on all cylinders and continuing to move forward.”

    Rookwood Pottery is experiencing growth, having increased the amount of employees by 50 percent since January. It has recently received its first international order and increased the production capacity by 200 percent. Rookwood saw its first profit in May, 2011, the first in many years.

    Majority owners Martin and Marilyn Wade tried to avoid filing for bankruptcy by planning an auction of the company’s assets. They hoped to reorganize under a new corporate structure. However, creditors Alfred Berger Jr., Sharri Ramelsberg and Rose forced the involuntary bankruptcy. They say they are owed almost $260,000 in total.

    The Wades fired Rose in December, 2010 and hired DeMois in January, 2011.

    If you are considering filing for bankrupty and would like to obtain bankruptcy information, about the process, contact a Chicago bankruptcy attorney.

  • 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 liquidating Bernard Madoff’s firm in New York won permission from U.S. Bankruptcy Judge Burton Lifland to sell the car. Bernard Madoff’s U.K. firm bought the 1958 Aston Marton MK III Drophead Coupe for his brother in 2008 for $267,000. According to trustee Irving Picard, Peter Madoff never reimbursed the firm for the purchase.

    RM Auctions is selling the Drophead Coupe at auction in California in August 2011.  The company sold a similar car for $330,000 in 2011.

    Liquidators of Madoff’s U.K. firm sued Peter Madoff in 2009 for allegedly enriching himself unjustly by taking the Aston Martin. The liquidators transferred ownership of the car to the trustee on May 4, 2011.

    Trustee Irving Picard sought a total of $198.7 million from Peter Madoff and other members of Bernard Madoff’s family. To date, he has recovered about $7.6 billion for investors who lost more than $17 billion in Madoff’s schemes. Most of the money is not available for distribution as of this time.

    If you are looking into filing for bankruptcy and would like to learn more about the process, contact a Chicago bankruptcy attorney for more information.