July 29, 2014 |
A New Jersey investment firm has agreed to pay $30.25 million for Northeast Philadelphia's Deer Meadows Retirement Community, which filed for bankruptcy protection in April. Investment 360 L.L.C., of Lakewood, will function as a "stalking horse bidder" at an auction next month, setting a baseline price, according to a bankruptcy court filing. U.S. Bankruptcy Judge Eric L. Frank on Monday scheduled a hearing for Aug. 11 on a proposed breakup fee that would pay 2.5 percent of the purchase price, or $756,250, to Investment 360 if the deal does not close or a higher bidder emerges.
July 17, 2014 |
The man who flailed and failed at turning an old Norristown shopping center into a movie studio has filed for bankruptcy, a move that places on hold Montgomery County's lawsuits it filed to recoup some of the $24.5 million it lost in the development deal. The county's efforts to recover money from developer Charles Gallub will shift to U.S. Bankruptcy Court in the District of New Jersey. That is where Gallub, whose business is based in Bellmawr, N.J., filed for Chapter 11. His attorney could not be reached for comment.
July 16, 2014 |
ATLANTIC CITY - With the Trump Plaza Hotel & Casino's expected closing, Donald Trump, whose name is emblazoned on the casino and who once owned three of the gambling palaces here, said he can't help but feel bad for the resort he helped build. In an interview Monday, Trump also predicted that an oversaturation of casinos would mean more closings in other places, including the Philadelphia area. Trump endured multiple bankruptcies as head of Trump Entertainment Resorts Inc., and he and his name will always be linked with Atlantic City even if his share of the casinos is now only about 10 percent.
July 13, 2014 |
ATLANTIC CITY - The list of casinos closing or expected to close here just keeps growing. Trump Plaza Hotel & Casino will shut its doors for good in mid-September, according to state officials who were briefed Friday by lawyers for the casino. "I believe Sept. 16 is the targeted closure date that we were told," said Assemblyman Vince Mazzeo (D., Atlantic). Mazzeo said he and State Sen. Jim Whelan (D., Atlantic) received a phone call late Friday afternoon from a Trump Plaza lawyer. Atlantic County officials also were briefed, he said.
June 21, 2014 |
The Revel Casino Hotel in Atlantic City, a $2.4 billion property that has operated at a loss since opening in 2012, filed for its second bankruptcy Thursday. The new filing came about 13 months after the company wiped out $932 million in debt and cut yearly debt payments by 96 percent in bankruptcy last year. Despite the massive debt relief, the casino at the north end of the Boardwalk continued losing money on an operating basis before debt payments. The loss was $21.75 million in this year's first quarter.
June 6, 2014 |
A bankruptcy judge in Philadelphia showed a trace of impatience with creditors of Deer Meadows Retirement Community at a hearing Wednesday. "I really expect there to be a settlement here, from the facts that I've heard," said Chief Judge Eric L. Frank after a session that included an hour-long recess punctuated by testy exchanges among lawyers. "I find it astounding that there is no agreement on this," he continued, before scheduling another hearing in the case Monday. Specifically, Frank was referring to the conditions under which Deer Meadows, where nearly 500 elderly live, including many in a nursing home, is allowed to spend cash that also functions as collateral for lenders.
June 4, 2014 |
FORMER Philadelphia newspapers CEO Brian Tierney is coming back to advise the new ownership of the Daily News, the Inquirer and Philly.com on gaining more advertising - one of a flurry of personnel moves announced yesterday in the wake of the private-jet crash that took the life of co-owner Lewis Katz. H.F. "Gerry" Lenfest, co-owner and interim publisher, announced Tierney's return in an email to staffers, saying that Tierney will work directly with him in an effort to woo advertisers.
April 3, 2014 |
PHILADELPHIA The partnership behind the failed Foxwoods Casino project in South Philadelphia filed Monday for bankruptcy court protection, citing claims of $23.6 million from 14 creditors. In addition, Citizens Bank, the largest creditor, is owed an unspecified amount, according to the court petition. People familiar with the situation say the bank lent the project about $75 million. The partnership last week sold its largest asset, a vacant 16.5-acre lot on South Columbus Boulevard between Tasker and Reed Streets.
January 20, 2014 |
Credit-card debt can sneak up on you. If you think $20,000 in such debt is no biggie, you're wrong. If you think you'll never have to deal with that kind of number, better think again. For all but a few of those facing it, living with a credit-card debt of $20,000 or more is a major life problem. A Credit.com online survey this month found 5 percent of respondents had such debt - and a significant portion of that group thought most people were like them. The most common reason for running up such debt, the post says, is that people "don't have sufficient income to cover their expenses.
January 2, 2014 |
Margery Neuman Reed, 59, of Bryn Mawr, a bankruptcy attorney and partner at the Duane Morris law firm, died of cancer Monday, Dec. 30. Mrs. Reed, who was recognized as an authority in her field, served as a fellow of the American College of Bankruptcy, a group of top bankruptcy lawyers. Though she spent the last four years battling advanced thyroid cancer, Mrs. Reed remained an active and skilled lawyer, said John Soroko, Duane Morris' chairman and CEO. Until recently, "she was frankly buoyed by thinking about the firm, thinking about clients, working on things related to the practice of law. She felt a lot of satisfaction out of doing that, right up until the very end. " Mrs. Reed was a graduate of Vassar College and Villanova University School of Law. She joined Duane Morris as a summer associate while still in law school and never worked anywhere else.