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Bankruptcy

NEWS
January 2, 2014 | By Kristen A. Graham, Inquirer Staff Writer
Margery Neuman Reed, 59, of Bryn Mawr, a bankruptcy attorney and partner at the Duane Morris law firm, died of cancer Monday, Dec. 30. Mrs. Reed, who was recognized as an authority in her field, served as a fellow of the American College of Bankruptcy, a group of top bankruptcy lawyers. Though she spent the last four years battling advanced thyroid cancer, Mrs. Reed remained an active and skilled lawyer, said John Soroko, Duane Morris' chairman and CEO. Until recently, "she was frankly buoyed by thinking about the firm, thinking about clients, working on things related to the practice of law. She felt a lot of satisfaction out of doing that, right up until the very end. " Mrs. Reed was a graduate of Vassar College and Villanova University School of Law. She joined Duane Morris as a summer associate while still in law school and never worked anywhere else.
BUSINESS
December 17, 2013 | By Harold Brubaker, Inquirer Staff Writer
The bankrupt Atlantic Club Casino Hotel in Atlantic City is on a fast track to be sold this week. Bids are due Monday by 4 p.m., an auction for bidders is scheduled for 11 a.m. Tuesday, and a hearing to approve the sale is on the slate for Thursday. It's not clear how many bidders, if any, will emerge for the Atlantic Club, which has been owned by a California private equity firm since 2005 and has been for sale since at least 2011. Since the Nov. 6 bankruptcy filing, the company's investment bankers have failed to line up a so-called stalking-horse bidder, which would have set a minimum price in the auction.
NEWS
November 29, 2013 | By Linda Loyd, Inquirer Staff Writer
A federal bankruptcy judge on Wednesday approved the settlement reached between the Justice Department and American Airlines and US Airways Group, clearing the way for the airlines to close their planned merger Dec. 9 and create the world's largest airline. US Airways and American announced after the ruling that the combined airline, to be named American Airlines Group Inc., would begin trading on the Nasdaq stock market under the ticker symbol "AAL" on Dec. 9. The last day for the airlines' stock to trade separately will be Dec. 6. Bankruptcy Judge Sean H. Lane in New York City ruled that the settlement with the Justice Department, in which American and US Airways agreed to give up dozens of takeoff and landing slots to competitors, was "fair and equitable.
REAL_ESTATE
October 21, 2013 | By Alison Burdo, Inquirer Staff Writer
More than two years after emerging from bankruptcy, Orleans Homebuilders Inc. is targeting move-up buyers with boutique communities and floor plans that feature a new take on the master suite. The Bensalem-based company is building 63 townhouses at its Yardley Walk on North Main Street in Yardley, with options for a first-floor master suite or dual master suites, said John Evans, North Division president. The high-end project caters to multigenerational families interested in a central home, Evans said.
BUSINESS
October 13, 2013 | By Linda Loyd, Inquirer Staff Writer
Founders of the Marathon Grill restaurants, a chain that began as a 10-seat hamburger eatery in 1984, filed for bankruptcy restructuring Wednesday for their largest restaurant at 1818 Market St. The breakfast, lunch, evening Happy Hour, and catering operation will operate "without interruption" during the Chapter 11 process, and "customers will not experience any changes in services or quality," owners Sheryl and Jay Borish said in a statement....
BUSINESS
October 2, 2013 | By Bob Fernandez, Inquirer Staff Writer
Last October, Comcast Corp. and two Houston professional sports franchises, the Astros and Rockets, launched a regional sports channel to ride the billion-dollar riches of the TV sports boom. The channel has fizzled amid acrimony among the once-hopeful partners. Comcast on Friday filed a petition seeking to force the troubled Comcast SportsNet Houston, which it lent $100 million, into bankruptcy and said it would bid on the network's TV rights if they are auctioned. Astros owner Jim Crane told the Houston Chronicle on Monday that the baseball team would fight bankruptcy and, in a reference to Comcast/NBCUniversal, said that the Astros "are not going to let those folks bully us around.
BUSINESS
September 23, 2013 | By Jeff Gelles, Inquirer Columnist
Adam Almore has a slew of medical problems, starting with diabetes and high blood pressure, and a mountain of $20,000 in debt that began to feel like a landslide. After illness cost him his job as a truck driver last year, he lost his home, too. But Almore recently got help from an unexpected place: a lawyer from the Philadelphia firm Duane Morris L.L.P., Rudolph "Skip" Di Massa, who volunteered to help him for free - even if it means helping Almore file for bankruptcy, Di Massa's specialty.
BUSINESS
September 14, 2013 | By Linda Loyd, Inquirer Staff Writer
NEW YORK - A federal bankruptcy judge approved American Airlines' reorganization plan Thursday, including a merger with US Airways Group, conditional on the combination clearing an antitrust challenge by the Justice Department. Judge Sean H. Lane also struck down nearly $20 million in severance payments for Tom Horton, CEO of American's parent AMR Corp. Horton quickly agreed to the move. Lane said he found the arguments in favor of confirmation of American's plan to exit bankruptcy persuasive.
BUSINESS
July 31, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The Philadelphia region is home to some well-respected municipal-bond-investing experts, among them David Kotok, chief investment officer of Cumberland Advisors in Vineland, N.J., and Tom Kozlik, of Janney Montgomery Scott in Center City. We checked in with them to find out the skinny on investing in munis right now, after Detroit's bankruptcy filing sounded a wake-up call across the market. In recent days, Kotok has been advancing a war of words with the Cassandra of muni bonds, Meredith Whitney, who famously appeared on 60 Minutes in 2010 predicting an avalanche of bankruptcies across American cities.
NEWS
July 23, 2013
Mayor's accuser files lawsuit SAN DIEGO - Mayor Bob Filner's former communications director has filed a sexual-harassment lawsuit against the leader of the nation's eighth-largest city. Irene McCormack said Monday that Filner had asked her to work without underpants, demanded kisses, and dragged her around in a headlock while whispering sexual advances. McCormack said she resigned in June at a staff meeting. On July 10, prominent former supporters claimed Filner sexually harassed more than one woman and urged him to resign.
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