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NEWS
July 16, 2014 | By Suzette Parmley, Inquirer Staff Writer
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.
NEWS
September 27, 2011
WILMINGTON - The Roman Catholic Diocese of Wilmington has emerged from bankruptcy with the funding of a $77.4 million trust for victims of priest sex abuse. Attorneys told a Delaware bankruptcy judge that a check deposit and wire transfers had been made in compliance with Monday's deadline for funding of the trust. Under the diocese's reorganization plan, about 150 alleged abuse victims will share proceeds of the trust in return for releasing all legal claims against the diocese, its parishes, and affiliated entities.
BUSINESS
December 17, 1986 | By MARC MELTZER, Daily News Staff Writer
A National Paragon Corp. subsidiary that owns the Home Shopping Cable TV Program yesterday filed for reorganization under federal bankruptcy laws. Paragon, based in Philadelphia, said that Media Arts International Ltd., which owns and produces the shop-at-home program appearing on such cable television services as Black Entertainment Network, Lifetime, Nashville Network and USA Network, had filed for protection under Chapter 11 of the federal bankruptcy code. Media Arts is based in Phoenix, Ariz.
NEWS
August 5, 2009 | By CHRISTINE OLLEY, olleyc@phillynews.com 215-854-5184
The bankruptcy proceedings involving the owner of the Daily News and Inquirer have been assigned to a new judge, according to a filing made yesterday in federal bankruptcy court. Judge Jean K. FitzSimon had been handling the case since the company filed for Chapter 11 bankruptcy protection in February. Stephen Raslavich, chief judge of the Eastern District of Pennsylvania's U.S. Bankruptcy Court, will now preside over the case, according to the filing. Sources said that they believe that the case was reassigned because FitzSimon had health issues.
NEWS
October 3, 1991 | By Michael L. Rozansky, Inquirer Staff Writer
A federal bankruptcy judge yesterday approved an unusual reorganization plan for Suburban Furniture Galleries, a Cheltenham store that shut its doors last fall after taking thousands of dollars in deposits from consumers. The Chapter 11 plan was written by lawyers for customers who contended that they had been ripped off by the store and was designed to maximize the money returned to the consumers. The plan sailed through without discussion. "I think it's a done deal," said U.S. Bankruptcy Court Judge David I. Scholl.
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BUSINESS
September 20, 2014 | By Harold Brubaker, Inquirer Staff Writer
The owners of the $129 million utility plant that heats and cools the shuttered Revel Casino Hotel in Atlantic City warned in a court filing Friday that the plant itself might have to file for bankruptcy. ACR Energy Partners L.L.C., a joint venture of South Jersey Industries Inc. of Folsom, N.J., and DCO Energy L.L.C. of Mays Landing, N.J., has been paid just $2.35 million of the $11.85 million it has billed since Revel filed for its second bankruptcy in June. Before the bankruptcy, Revel was at least $11 million behind on its ACR payments, which include $1.7 million a month in fixed payments for debt service and returns on the $40 million in equity invested by the partners, according to court records.
BUSINESS
September 11, 2014 | By Harold Brubaker, Inquirer Staff Writer
The purge of Atlantic City's weakest casinos continued Tuesday, as Trump Entertainment Resorts Inc. filed for bankruptcy in Delaware, a week before it plans to shut down Trump Plaza. The company also said it expects to pull the plug on Taj Mahal in November if it fails to get concessions from the casino's unionized workers. The Taj Mahal, which employs 2,963, would be the fifth Atlantic City casino to close this year. Despite the threat of closure, Bob McDevitt, president of Unite Here Local 54, said there was little the union could do to help bail out Trump Taj Mahal.
BUSINESS
August 9, 2014 | By Harold Brubaker, Inquirer Staff Writer
With the process of selling the $2.4 billion Revel Casino Hotel after its second bankruptcy cloaked in secrecy, it is difficult to determine what the postponement of its bankruptcy auction until next week really means. But lawyers and other bankruptcy experts - none involved in the Revel case - outlined, in general terms, the factors that may be at play. Such a delay is not unheard of, they said in interviews on Thursday, but it does not mean Revel's investment bankers received so many bids that they could not get through them in time to start the auction on schedule Thursday.
BUSINESS
August 7, 2014 | By Harold Brubaker, Inquirer Staff Writer
There has been no word so far this week on bids for the bankrupt Revel casino, which were due Monday in preparation for an auction Thursday if more than one qualified bid was received. But a U.S. Bankruptcy Court filing Tuesday in Camden by the investment bank Moelis & Co. L.L.C., charged with finding a buyer for Revel, revealed some details. In the filing, Moelis said it was owed $150,000 in fees, plus $5,950 in expenses, for its work on the sale of Revel, which it calls "Project Redwood.
BUSINESS
July 30, 2014 | By Harold Brubaker, Inquirer Staff Writer
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.
NEWS
July 17, 2014 | By Carolyn Davis, Inquirer Staff Writer
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.
NEWS
July 16, 2014 | By Suzette Parmley, Inquirer Staff Writer
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.
NEWS
July 13, 2014 | By Suzette Parmley and Amy S. Rosenberg, Inquirer Staff Writers
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.
NEWS
June 21, 2014 | By Harold Brubaker and Amy S. Rosenberg, Inquirer Staff Writers
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.
BUSINESS
June 6, 2014 | By Harold Brubaker, Inquirer Staff Writer
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.
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