March 29, 2016
Judith Haraburda, doing business as Catbird Creative, 2032 Race St., Apt. 1F, Philadelphia; Chapter 7; no schedules available. Elliot J. Paul and Diana Paul also known as Diana Murphy, Joseph W. Crescenzo , 1109 Winding Dr., Cherry Hill; Chapter 13; no schedules available. SOURCES: The Legal Intelligencer; U.S. Bankruptcy Court for the District of New Jersey.
March 17, 2016 |
Please Touch Museum, driven into bankruptcy by $60 million in debt used to pay for its 2008 move from Center City to Memorial Hall in Fairmount Park, won a judge's blessing Wednesday to shed that debt for a payment of $11.25 million. "It is a great burden lifted for the organization," said Patricia Wellenbach, who had been an adviser to Please Touch since November and will become chief executive when it formally exits bankruptcy, likely early next week. Wednesday's hearing was a breeze and left U.S. Bankruptcy Judge Jean K. FitzSimon with a smile on her face.
March 12, 2016
By Donald A. Guardian Three summits, two takeover bills, and an emergency manager later, and Atlantic City has not yet seen the assistance it was promised in 2014. Within the past two years, the state has hired a nationally respected emergency manager and put together a world-class team with the promise of restructuring the city's $240 million debt and negotiating a settlement for the $148 million bill from Borgata's tax appeal victories. Unfortunately, the state has neither restructured our debt nor settled the Borgata case.
March 3, 2016
By Peter Binzen and Peter Lindsay During recent debates among Republican candidates, a charge has been leveled against Donald Trump that deserves closer attention. The charge is that Trump had gone bankrupt, presumably for overspending in Atlantic City's casino district. Trump has flatly denied the allegations. "I never went bankrupt," he shouted at one debate in Greenville, S.C. It's true that he has never filed for personal bankruptcy, but he has filed for corporate bankruptcy four times - in 1991, 1992, 2004, and 2009 - all related to over-leveraged casino and hotel properties in Atlantic City, and all intended to keep the businesses going.
March 2, 2016 |
The City of Philadelphia has agreed to give the Please Touch Museum a $550,000 grant toward general operating expenses when the children's museum in Fairmount Park leaves bankruptcy. At the same time, according to a court filing Friday, the city has agreed to give the museum a break on its $638,477 parking-tax claim, reducing it by 16 percent, to $538,022. That reduced claim is due within 90 days of the tax-exempt Please Touch's exit from bankruptcy, expected in March, the filing said.
February 10, 2016 |
The epic bankruptcy of American Business Financial Services Inc., a Philadelphia subprime lender that went belly-up in 2005, foreshadowing the financial crisis of a few years later, is nearing its end. George L. Miller, the trustee who has worked the courts to recoup money for creditors once owed about $1 billion, said Monday he hoped on Feb. 17 to write a $24 million check for eventual distribution to investors who bought ABFS's unsecured notes....
February 8, 2016 |
When Education Plus Academy Cyber Charter closed in December, its officials laid blame at two places: districts that couldn't pay for students because of the state budget crisis, and a bank's decision to pull the charter school's line of credit. But documents Ed Plus filed in federal bankruptcy court show that the Main Line cyber, which got into trouble for operating more like a regular school than an online one, was crippled by much bigger financial problems. Former staffers say that the school that focused on students with learning disabilities was in turmoil for months and that the bankruptcy stemmed from questionable management decisions.
January 30, 2016 |
The property and liquor license for the defunct Coastline Bar & Grill, a popular Cherry Hill landmark, is expected to change hands soon after a federal bankruptcy judge approved the sales. According to court records, Judge Andrew B. Altenburg approved the sale of the liquor license for more than $1 million to the Village at Woodcrest, the company that owns and operates the Woodcrest Country Club and golf course, also in Cherry Hill. Altenburg approved the sale of Coastline's property at 1240 Brace Rd. for more than $2.5 million to Orens Development Inc., which builds senior living facilities.