The Dallas Stars hockey team intends to sell their team in bankruptcy for a reported $230 million. The proposed bankruptcy sale will include an auction with Canadian businessman Tom Gaglarid as the favored bidder despite the opportunity for other bidders to enter the fray. "With the Stars, I don't think you'll see a bidding war," said [...]
In September of last year, singer Toni Braxton filed her second bankruptcy with a reported $1.6 million in assets and $18.3 million in debts. Her bankruptcy attorney was recently able to win a bankruptcy discharge for some of her debts. Which debts receiving a discharge have not been revealed by the bankruptcy court records yet. [...]
There's been lots of handwringing and gaping mouths since it was "discovered" that a large portion of Michael Vick's new contract of $40 million will go to his bankruptcy estate to pay creditors. While it may seem that the bankruptcy payout is an unfair deal, the reality is that without bankruptcy Michael Vick could face [...]
The children of Frank Sinatra, a long-time Dodgers fan who has held season tickets for his family since 1958, have filed an official request with the bankruptcy court asking that they and other season ticketholders be allowed to form an official committee in the bankruptcy case. Nancy, Frank Jr. and Tina Sinatra and the other ticket [...]
The Anna Nicole Smith bankruptcy case has extended well beyond the death of the celebrity and may now impact the jurisdiction and power of bankruptcy judges. The central issue raised in the Anna Nicole Smile bankruptcy was whether a bankruptcy judge had a right to decide a non-bankruptcy dispute which impacted the case. Vickie Lynn [...]
Texas Ranger's post-bankruptcy administrator Alan Jacobs has accused former Rangers owner Tom Hicks of outright stealing from the bankruptcy estate and is now suing him for millions. ...the team's post-bankruptcy administrator, who says the wealthy Dallas investor "stole" tens of millions from the major-league franchise to acquire what are now highly lucrative parking lots near [...]
Countrywide seems to be the latest financial giant facing the possibility of bankruptcy due to foreclosure toxic run off. The mortgage company, which was absorbed by Bank of America (BofA) is bleeding revenue fast, causing the nationwide bank to suffer major losses. But financial losses aren't the only troubles plaguing BofA, some asset transfers from [...]
Biovest International, Inc. filed Chapter 11 bankruptcy in 2008 along with its parent company Accentia Pharmaceuticals. Burdened with debt topping $47 million, the company remained in bankruptcy for two years trying to restructure all of its debts and obligations, including contracts, overhead costs, and royalties. But while the company struggled through bankruptcy and the attorneys [...]
After failing to secure a buyer in Chapter 11 bankruptcy, Borders is headed to liquidation closing down 400 bookstores around the nation and putting 11,000 people out of work. Borders was unable to overcome competition from larger rival Barnes & Noble Inc (BKS.N) and from Amazon.com Inc (AMZN.O), which began to dominate book retail when [...]
A group of Borders Group landlords have banded together to object to the proposed Chapter 11 bankruptcy sale of Borders to Direct Brands. The landlords argue that the timing of the proposed sale and the lack of disclosures leave them with too little information and too little time to make an educated decision about the [...]