September 13, 2015 |
AFTER TWO years of languishing under the weight of $60 million in bond debt, the Please Touch Museum has filed for Chapter 11 bankruptcy. The museum reached a settlement with its bondholders yesterday, according to a release issued by the museum's board. "Today's filing puts Please Touch Museum on a path toward even greater success," said Sally Stetson, the board's chair. Stetson stressed that the museum, housed in Memorial Hall off Parkside Avenue in West Philly, will remain open as it works to find "stable financial ground.
September 4, 2015 |
The developer of the luxury Parke Place townhouse project in the 1300 block of Bainbridge Street has filed for Chapter 11 bankruptcy protection but says he remains "100 percent committed" to completing the work there. In an interview Wednesday, Donovan Clarke, of Clarke Real Estate Development L.L.C., of Philadelphia, attributed his decision to file for Chapter 11 reorganization to a "timing issue" with his lender. The bankruptcy follows mortgage-foreclosure actions by Clarke's original financial partner, the Dietz & Watson Defined Benefit Pension Fund for workers at the Northeast Philadelphia cold-cuts company, which resulted in listing several of the Parke Place properties for sheriff's sale.
July 22, 2015 |
The Great Atlantic & Pacific Tea Co., better known as A&P, filed for Chapter 11 bankruptcy Monday in U.S. Bankruptcy Court for the Southern District of New York - its second such petition in five years. The Montvale, N.J.-based company currently operates 296 stores, primarily in the highly competitive northeastern U.S. market, under the banners of the Pathmark, Super Fresh, Food Basics, A&P, Best Cellars, Food Emporium, and Waldbaum's chains. For now, business at those stores will continue as usual, A&P said in a statement Monday.
July 15, 2015 |
IN AN ITEM that can only be described as a headline writer's dream, 50 Cent (a/k/a Curtis Jackson) filed for federal bankruptcy protection yesterday in Hartford, Conn. So just call him 50, because he has no cents. Or he may have a lot of sense. Last week a jury ordered him to pay $5 million in an invasion-of-privacy lawsuit. Mr. Cent filed in Hartford because he owns a 50,000-square-foot mansion in nearby Farmington. For those of you who are not very good with size and space, that is a very big house.
May 18, 2015 |
After Asia, the Philadelphia Orchestra's 2015 Tour of Europe might seem easy. In contrast to last year's 1,800-mile Macau-to-Tokyo hop, the orchestra's Tuesday to June 7 tour's longest stretch is 714 miles between Vienna and Amsterdam, and involves venues that have been hosting orchestras for decades, even centuries. Yet music director Yannick Nézet-Séguin laughs indulgently at the suggestion that 14 concerts in 17 days will be a breeze. "It's a totally different challenge.
May 10, 2015 |
ATLANTIC CITY - Behind closed doors in the mayor's office, parties interested in the fate of the former Showboat casino hotel met Friday to try to resolve a tangled legal impasse. But when the meeting at City Hall was over, no one - including Mayor Don Guardian and Florida developer Glenn Straub - would say what had transpired, citing confidentiality. Also in attendance were representatives of Stockton University, which bought the shuttered Boardwalk casino with a plan to turn it into a campus, and of Trump Entertainment Resorts.
April 29, 2015 |
ATLANTIC CITY - Kevyn Orr, the bankruptcy attorney whose Detroit credentials set off alarms on Wall Street when he was appointed by Gov. Christie as part of an Atlantic City emergency management team, is leaving the post, the governor's office said Monday. Orr's role was described as "counsel" to Kevin Lavin, the full-time emergency manager, whose duties to date have been mostly those of a super-auditor of the city's finances. Lavin is being paid $135,000 a year; Orr's compensation, billed by the hour, has not been made public.
April 15, 2015
ISSUE | CABLE Wrong signal Both Verizon and Comcast must pay rent to municipalities to do business because their cables must run over public rights-of-way ("3 groups seeking local-access TV revival in Montco," Feb. 22). Part of their rent payment is providing communities with so-called PEG channels: public, educational, and governmental access. Lower Merion Township is considering giving away its public channel to a much smaller township, Radnor. But giving our rent to another landlord makes no sense and does not serve Lower Merion residents at all. |Perry Hamilton, Wynnewood Free the Phillies Now that Comcast's city franchise is being reviewed, part of that process should examine why the satellite companies do not have Comcast SportsNet as part of their programming.
March 25, 2015 |
Gov. Christie may not make an announcement on running for president until early summer, he said Monday on a radio show, during which he also forecast a tough solution for reviving Atlantic City. Christie said on NJ101.5's Ask the Governor that he would announce whether he would run by "late spring or early summer. " Earlier Monday, Texas Republican Sen. Ted Cruz announced that he would run in 2016, becoming the first major candidate to officially enter the race. Christie said it was "very early" in the race, and dismissed any notion that he would have trouble netting commitments from donors if he waited to declare his intentions.
March 15, 2015 |
The bankruptcy case of Atlantic City's Revel Casino Hotel hit another pothole Friday when U.S. Bankruptcy Judge Gloria M. Burns declined to approve the sale of Revel to Florida developer Glenn Straub for $82 million. Burns said from a Camden courtroom that it was not within her jurisdiction to approve the amended sale order because her January order approving the sale to Straub for $95.4 million was under appeal. Burns said she saw two possibilities for the Revel, built for $2.4 billion, which closed in September.