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Bankruptcy

BUSINESS
April 15, 2016 | By Harold Brubaker, STAFF WRITER
Lawyers for the defunct Foxwoods casino project in South Philadelphia lost their bid in bankruptcy court to recoup the $50 million license fee Foxwoods paid in 2007. In a 64-page ruling Friday, U.S. Bankruptcy Judge Magdeline D. Coleman rejected the Foxwoods group's arguments under bankruptcy code and said she did not have jurisdiction over certain other counts, which belong in state court. A lawyer for the Foxwoods group - formally known as Philadelphia Entertainment & Development Partners L.P. - said he would recommend that his client appeal the bankruptcy issues to U.S. District Court for the Eastern District of Pennsylvania.
BUSINESS
April 12, 2016
Daniel J. Green, doing business as Green Financial Inc. and Susan F. Green, 204 Providence Forge Rd., Royersford; Chapter 7; no schedules available. Melvin Breslow, formerly doing business as BB Sales Rep Inc. , 814 Nathaniel Trail, Warwick; Chapter 7; no schedules available. Ruby's Floral Factory Corp. , Reading; Chapter 7; no schedules available. Robert D. Harper, doing business as Bob Harper Chimney Service, doing business as Speciali, doing business as Heartham Specialties and Marie D. Harper , 713 Edmonds Ave., Drexel Hill; Chapter 7; no schedules available.
NEWS
April 4, 2016 | By Andrew Seidman, TRENTON BUREAU
South Jersey lawmakers warned the state Assembly speaker Sunday that his refusal to consider a state takeover of Atlantic City would result in "a catastrophic knock-down blow to the people of Atlantic City, Atlantic County and the region. " The letter from South Jersey's Democratic legislators, including Assembly Majority Leader Louis D. Greenwald (D., Camden), to Assembly Speaker Vincent Prieto (D., Hudson) was sent as Atlantic City is set to run out of money this week, possibly closing government for nonessential employees.
BUSINESS
March 17, 2016 | By Harold Brubaker, Staff Writer
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.
NEWS
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.
NEWS
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.
BUSINESS
March 2, 2016 | By Harold Brubaker, STAFF WRITER
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.
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