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.
December 17, 2013 |
The bankrupt Atlantic Club Casino Hotel in Atlantic City is on a fast track to be sold this week. Bids are due Monday by 4 p.m., an auction for bidders is scheduled for 11 a.m. Tuesday, and a hearing to approve the sale is on the slate for Thursday. It's not clear how many bidders, if any, will emerge for the Atlantic Club, which has been owned by a California private equity firm since 2005 and has been for sale since at least 2011. Since the Nov. 6 bankruptcy filing, the company's investment bankers have failed to line up a so-called stalking-horse bidder, which would have set a minimum price in the auction.
November 29, 2013 |
A federal bankruptcy judge on Wednesday approved the settlement reached between the Justice Department and American Airlines and US Airways Group, clearing the way for the airlines to close their planned merger Dec. 9 and create the world's largest airline. US Airways and American announced after the ruling that the combined airline, to be named American Airlines Group Inc., would begin trading on the Nasdaq stock market under the ticker symbol "AAL" on Dec. 9. The last day for the airlines' stock to trade separately will be Dec. 6. Bankruptcy Judge Sean H. Lane in New York City ruled that the settlement with the Justice Department, in which American and US Airways agreed to give up dozens of takeoff and landing slots to competitors, was "fair and equitable.
October 21, 2013 |
More than two years after emerging from bankruptcy, Orleans Homebuilders Inc. is targeting move-up buyers with boutique communities and floor plans that feature a new take on the master suite. The Bensalem-based company is building 63 townhouses at its Yardley Walk on North Main Street in Yardley, with options for a first-floor master suite or dual master suites, said John Evans, North Division president. The high-end project caters to multigenerational families interested in a central home, Evans said.
October 13, 2013 |
Founders of the Marathon Grill restaurants, a chain that began as a 10-seat hamburger eatery in 1984, filed for bankruptcy restructuring Wednesday for their largest restaurant at 1818 Market St. The breakfast, lunch, evening Happy Hour, and catering operation will operate "without interruption" during the Chapter 11 process, and "customers will not experience any changes in services or quality," owners Sheryl and Jay Borish said in a statement....
October 2, 2013 |
Last October, Comcast Corp. and two Houston professional sports franchises, the Astros and Rockets, launched a regional sports channel to ride the billion-dollar riches of the TV sports boom. The channel has fizzled amid acrimony among the once-hopeful partners. Comcast on Friday filed a petition seeking to force the troubled Comcast SportsNet Houston, which it lent $100 million, into bankruptcy and said it would bid on the network's TV rights if they are auctioned. Astros owner Jim Crane told the Houston Chronicle on Monday that the baseball team would fight bankruptcy and, in a reference to Comcast/NBCUniversal, said that the Astros "are not going to let those folks bully us around.
September 23, 2013 |
Adam Almore has a slew of medical problems, starting with diabetes and high blood pressure, and a mountain of $20,000 in debt that began to feel like a landslide. After illness cost him his job as a truck driver last year, he lost his home, too. But Almore recently got help from an unexpected place: a lawyer from the Philadelphia firm Duane Morris L.L.P., Rudolph "Skip" Di Massa, who volunteered to help him for free - even if it means helping Almore file for bankruptcy, Di Massa's specialty.
September 14, 2013 |
NEW YORK - A federal bankruptcy judge approved American Airlines' reorganization plan Thursday, including a merger with US Airways Group, conditional on the combination clearing an antitrust challenge by the Justice Department. Judge Sean H. Lane also struck down nearly $20 million in severance payments for Tom Horton, CEO of American's parent AMR Corp. Horton quickly agreed to the move. Lane said he found the arguments in favor of confirmation of American's plan to exit bankruptcy persuasive.