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Bankruptcy

NEWS
March 18, 1986 | By DAVE RACHER, Daily News Staff Writer (Staff writer Kevin Haney contributed to this report.)
A new chapter was written in the Ron Perlstein case yesterday - Chapter 11 of the federal bankruptcy laws. Attorneys for the discount diamond dealer filed a petition yesterday that will protect Perlstein's assets from creditors. The case has been assigned to Judge William A. King Jr. According to the bankruptcy petition, filed on behalf of Perlstein Enterprises Inc., the store at 8th and Sansom streets owes at least 21 creditors some $700,000. Perlstein is awaiting a preliminary hearing in state court on charges that he cheated 213 customers by misrepresenting the weight, color and sizes of diamonds.
SPORTS
October 14, 1998 | FROM INQUIRER WIRE SERVICES
The Pittsburgh Penguins filed for Chapter 11 bankruptcy protection yesterday while they battle four major lawsuits, including one by hall of famer Mario Lemieux. Co-owner Roger Marino cited losses of $37.5 million over the last two seasons and an inability to negotiate a more favorable lease at the Civic Arena, which will soon be the NHL's oldest. The Penguins also filed for bankruptcy in 1975 after the IRS padlocked team offices. That resulted in the NHL seizing the team and forcing a sale to new owners.
NEWS
May 2, 1995 | By Julie Stoiber, INQUIRER STAFF WRITER
Melvin Lashner, a bankruptcy lawyer in Center City for four decades, died Sunday after becoming ill at his Meadowbrook home during a party he and his wife were throwing to celebrate publication of a son's book. Mr. Lashner, who died at Abington Hospital, would have been 67 this Saturday. "He was always on the side of the guy who was in trouble," said William Lashner, who practiced law with his father until he became a fiction writer full time. Among Mr. Lashner's clients were union workers in the After Six Inc. bankruptcy.
BUSINESS
October 1, 1990 | By Glenn Burkins, Inquirer Staff Writer
Just when Thomas A. O'Neill thought he had seen it all, in walked a man with credit-card bills totaling $225,000. "That was a record for me," said O'Neill, president of the Consumer Credit Counseling Service in Philadelphia. "That, obviously, was not a normal example, but it is an actual case. " In a dramatic way, the debt-laden man illustrated a problem that O'Neill has preached for years: Too many U.S. consumers have not learned to curb their credit spending. And that problem, O'Neill said, is partly to blame for another dubious trend in America: the alarming rate at which families are going bankrupt, or at least filing for bankruptcy protection.
REAL_ESTATE
August 24, 1990 | By Robert J. Bruss, Special to The Inquirer
About four years ago I lost my job because my employer went broke. I fell about $3,500 behind on my credit-card payments and other bills. I stupidly filed for bankruptcy after seeing a lawyer's ads on television. However, he failed to warn me that bankruptcy stays on my credit report for 10 years. It has made it virtually impossible for me to obtain credit. Now I have enough for a 20 percent down payment on a home but can't get an 80 percent loan, even though I have an excellent job. I advise your readers to avoid bankruptcy.
BUSINESS
March 6, 1991 | The Inquirer Staff
Southland Corp., parent of the 7-Eleven convenience-store chain, emerged from Chapter 11 bankruptcy yesterday after two Japanese companies pumped $430 million in cash into the retailer by buying 70 percent of its stock. The stock purchase by Ito-Yokado Group and Seven-Eleven Japan Co. marked the final step in Southland's emergence from bankruptcy. The Dallas company entered bankruptcy five months ago with a "prepackaged" plan to restructure its debts. An overload of debt from a leveraged buyout in 1987 had caused the losses that forced Southland into bankruptcy.
NEWS
October 21, 2010
GARDEN GROVE, Calif. - Capitalizing on the emerging car culture of Southern California in the 1950s, the Rev. Robert H. Schuller started a drive-in church and built it into an international televangelist empire. Now Schuller's life's work is crumbling. The organization declared bankruptcy this week in a collapse blamed by some on its inability to keep up with the times and a disastrous attempt to hand the church over to Schuller's son. The church's failure to adapt to a changing landscape is ironic, considering that Schuller, now 84, was considered a theological radical during the Eisenhower years when he started preaching about the "power of positive thinking" at a drive-in theater.
BUSINESS
January 22, 2005 | By Todd Mason INQUIRER STAFF WRITER
American Business Financial Services Inc. filed for protection from creditors late yesterday in U.S. Bankruptcy Court in Delaware, addressing an 18-month cash crisis. The Philadelphia mortgage lender listed $1.08 billion in assets and $1.07 billion in debts, including $490 million owed to investors who bought unsecured notes from it through newspaper advertisements. American Business Financial, which expects to keep operating in a Chapter 11 reorganization, said it had secured a $500 million bankruptcy financing package.
BUSINESS
July 18, 1987 | The Inquirer Staff
A federal judge yesterday upheld the last remaining aspect of the massive Manville Corp. reorganization plan. U.S. District Judge Whitman Knapp ruled that a bankruptcy judge had not erred in declining to appoint an official shareholders group to participate in the bankruptcy proceedings, a hotly contested issue in the Denver-based corporation's five-year bankruptcy law proceedings. On Wednesday, Knapp denied four other appeals of the Manville reorganization by shareholder groups, asbestos health claimants and others.
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