Longtime restaurateur and celebrity chef Matt Prentice, the CEO of Bingham Farms-based Trowbridge Restaurant Group, has filed for Chapter 7 bankruptcy . The bankruptcy filing listed Prentice's assets at $256,555 and his debts at $4.9 million. Of that debt, $1.5 million is owed in unpaid federal and state taxes. According to the filing, Prentice's assets [...]
An independent film distributor, Summit Distribution, is putting the pressure on Blockbuster to pay up or convert their Chapter 11 bankruptcy into a Chapter 7 bankruptcy liquidation. Summit, the distributor of "The Twilight Saga," says that the rental chain owes them $1.6 million so far but that amount could rise if they continue to miss [...]
Everyone seems to be distressed about a possible bankruptcy filing by Borders Group Inc. But why? It seems that when you speak of bankruptcy many only look at it as a negative, some indicator of impending doom. But the reality is that bankruptcy is often the lifesaver that debtors need. For businesses such as Borders, [...]
Rep. Ruben Hinojosa, an eight-term Democrat from Texas, has filed Chapter 11 bankruptcy after a $2.6 million arbitration award was leveled against him. "I have filed for bankruptcy protection under Title 11, Chapter 11 of the United States Code," Hinojosa said in a carefully worded statement. "My filing for bankruptcy was the result of the [...]
In a recent bankruptcy case of Caribbean Petroleum, the bankruptcy court was faced with deciding whether a Puerto Rico based franchisee could object to the termination of their contract based on the fact that the bankruptcy notices they received were in English only. The bankruptcy court ruled that the franchisee could not object based on [...]
A controversy is brewing in regards to the unsealing of Mets' bankruptcy records which are related to illegal profits Mets owners allegedly received from the Madoff scheme. Right now Universal Inc. and The New York Times Company are demanding that the bankruptcy records related to Madoff profits be unsealed because they say it is in the [...]
Val Kilmer, the 'tough guy' actor, who is known for his roles in "Batman Forever," "The Doors" and "Top Gun" is battling with the IRS over yet another tax lien. The lien for $498,165 in unpaid taxes from 2008 listed property that Kilmer has been trying to sell, including a ranch in New Mexico that [...]
Robert E. Brennan is reportedly working at an athletic shop after spending nearly a decade in prison for bankruptcy fraud. But this bankruptcy fraud convict's troubles with the law are far from over. The bankruptcy court that administered the Brennan case are now considering reopening his bankruptcy case so that they can go after an [...]
Publishers Balk At Borders' Request As Bookstore Inches Closer To Bankruptcy--Image via Wikipedia A Borders bookstore Chapter 11 bankruptcy may be difficult to avoid as publishers balk at the company's request that they accept an interest bearing promissory note in lieu of payments. Borders says that it can avoid bankruptcy if the bookstore is able [...]
General Motors Co. which is one-third owned by the U.S. Treasury Department, announced that it is withdrawing an application for $14.4 billion of government loans to develop fuel-efficient vehicles as the company works to reduce its debt. The low-interest U.S. Energy Department loans aren't needed because GM is in a strong financial position and can [...]