November 19, 2015 |
A consultant - who is also the girlfriend of the lead bankruptcy lawyer for the Please Touch Museum - has been hired as a strategy adviser to the museum and will take over as its CEO when it comes out of bankruptcy. In a court filing at the end of October, Lawrence McMichael, of the Dilworth Paxson firm, said Patricia Wellenbach and the museum would not move forward with the plan until "the impact of the potential hiring on my disinterestedness has been resolved. " The museum announced at a news conference Monday that an anonymous donor had pledged $3.25 million to its fund-raising effort, and that Wellenbach would eventually takeover as CEO. Earlier, in a court filing on Friday, the Office of the United States Trustee in Philadelphia, which oversees bankruptcies, said it had no problem with Wellenbach's hiring, so long as Dilworth does not charge for any legal services related to her employment.
October 16, 2015 |
Her money danced away If you're going to hide money when you declare bankruptcy, you can't be rich. You have to be very, very, very rich. "Dance Moms" star Abby Lee Miller found that out the hard way and has been charged with hiding $775,000 worth of income from her Lifetime network reality show and spin-off projects during her Chapter 11 bankruptcy. This is what hedge-fund managers call chump change. Federal prosecutors in Pittsburgh on Tuesday announced the bankruptcy-fraud indictment against Miller, formerly of Penn Hills.
October 14, 2015 |
Musicians of the Philadelphia Orchestra on Monday approved a labor deal - an unusual 12-month contract that leaves in its wake some unfinished business and the promise of more labor talks soon. The pact and a related agreement are in part a manifestation of frustrations and disappointments on the part of musicians. The contract, which must still be approved by the orchestra board, increases the size of the ensemble, but only by one, to 96 members plus two librarians in 2016-17 rather than the 97 negotiators had sought, to help make up for deep cuts made during the 2011 bankruptcy.
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.