Category: Bankruptcy

CBGB Investors File for Bankruptcy

Recently, in New York City, the group of investors who purchased downtown Manhattan’s famous CBGB filed for Chapter 11 bankruptcy protection. Two years ago, the investor-formed company, CBGB Holdings, LLC, purchased the right to the CBGB name and its intellectual property rights. Its goal was to market and sell the CBGB name to outside markets; […]

Bankruptcy Judge Allows Tribune to Vote for Reorganization Plan

In Delaware, a bankruptcy judge is close to allowing The Tribune Co. to initiate a voting process for a proposed reorganization plan. The company is currently seeking support from creditors for its Chapter 11 reorganization plan. The judge said early next week, he would sign off on documents to solicit help for the plan. Meanwhile, […]

Bill 155 Threatens to Make Bankruptcy Filing Difficult for CA Cities

Los Angeles and other financially hurt California cities have recently received some bad news in the form a bill, on its way to the Governor for approval. The bill was created to clamp down on municipal bankruptcy filings, and if approved, can make filing for Chapter 9 municipal bankruptcy very difficult. Assembly Bill 155 dictates […]

Taxpayers Soon to Bailout Failing US Cities

Some down-and-out US cities are on the cusp of defaulting on their debt, which means financially encumbered states and taxpayers alike, will have to pay dearly. It was recently projected by the National League of Cities, municipal governments will most likely generate $56-$83 billion, between now and 2012, paying for decades of “binge spending.” Municipal […]

Reno Bankruptcy Judge OKs Station Casinos Auction

Reno Bankruptcy Judge, Greeg Zive, recently approved a plan to auction 11 Station Casinos. Judge Zive went on to say he would supervise the sale on August 6th, 2010. The plan entails placing Red Rock Resort, Palaze Station, Sunset Station, Wild Wild West and Boulder Station properties in a holding company run by company lenders, […]

OR Developers of Riverside Luxury Condo File Bankruptcy

Recently in Oregon, developers of a $100 million luxury condo gone badly, Salpare Bay on Hayden Island, will file for bankruptcy by the end of the first week of June. The plan would go into effect just in the nick of time to halt a local sheriff’s auction of the property, in order to meet […]