Bankruptcy Headlines

Teri Polo Files Bankruptcy

Teri Polo recently filed for bankruptcy. The star has almost $1 million in debt. A large portion of the debt is to the IRS.

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Read more from EOnline:

Teri Polo has had the unfortunate event of meeting money trouble.

The Meet the Parents star filed for bankruptcy on April 14, according to federal court documents obtained by E! News, claiming she’s buried in a massive amount of debt.

Polo’s filing details various unpaid amounts to the IRS and credit cards, along with attorney fees, which total up to nearly $1 million owed. Her rep has no comment.

The actress is best known for her role in Meet the Parents, Meet the Fockers and Little Fockers. She currently stars in Jennifer Lopez’s ABC Family series The Fosters. Continue reading…

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Genco Shipping & Trading Files Bankruptcy

Genco Shipping & Trading Ltd. filed for bankruptcy this week. The company listed assets of $2.4 billion and debt of $1.5 billion. The decline in charter rates was to blame for the financial problems.

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Read more from Bloomberg:

Peter Georgiopoulos’s Genco Shipping & Trading Ltd. (GNK), an operator of dry-bulk cargo ships, filed for bankruptcy as weakness in charter rates made it difficult for the company to pay its creditors.

The shipping industry has suffered from a glut of vessels after buying too many before the 2008 global recession, driving down rates and saddling companies with debt, said Erik Nikolai Stavseth, an Oslo-based analyst at Arctic Securities ASA. Continue reading…

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Bankruptcies in the News

Coldwater Creek Bankruptcy

Insiders at Coldwater Creek clothing company are predicting that the company will file for bankruptcy soon. The company has been struggling for some time. Employees hope to know more by the middle of this week.

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Read more from Bonner County Daily Bee.com:

Uncertainty is rising and stock prices are falling at Coldwater Creek as business reporters and insiders are predicting the company will soon file for bankruptcy.

In an article published March 31, The Wall Street Journal reported that the Sandpoint-based women’s clothing retailer was preparing to file bankruptcy-court protection in light of its many financial struggles. The information originated from unnamed sources identified only as “people familiar with the matter.”

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The questions only increased Monday when Bloomberg News published an article indicating officials are planning to liquidate its assets after a bankruptcy filing is complete. The news publication also attributed its information to unnamed sources. Continue reading…

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James River Coal Co. Bankruptcy

James River Coal Co. filed for bankruptcy this week. This is the second time the company has claimed bankruptcy. The company listed $818.7 million in debt.

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Read more from Bloomberg:

James River Coal Co. (JRCC), a mine operator in the U.S. Midwest and Appalachia, filed for bankruptcy for a second time, listing $818.7 million in debt, after declining prices caused it to idle a dozen mines.

Booming natural gas output from shale rock in recent years has spurred some electric utilities to switch to using gas. Meanwhile, rising Australian output of metallurgical coal, which is used in steelmaking, has helped create a global surplus and depressed prices.

“The coal markets in the U.S. have changed dramatically during the past several years,” Chief Executive Officer Peter Socha said in a statement yesterday, citing environmental regulations and improved methods to produce gas. Continue reading…

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Substantial Injuries Sustained in Accidents

Construction Accident Injures Two

Two people were injured in a construction accident in Boston this morning. One person had a serious head injury and the other suffered minor injuries. The top floors of a builing that was under construction collapsed.

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Read more from Boston.com:

Emergency personnel responded to a construction accident at 45 Stuart St. this morning, according to the Boston Fire Department.

Boston EMS treated 2 on the scene. One was brought to Tufts Medical Center with a serious head injury, and the other was hospitalized for a minor injury, according to Boston Fire.

The injuries resulted from a partial collapse to the upper floors of a building under construction. 120 workers were in the building at the time of the incident. Continue reading…

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Girl Injured in South By Southwest Concert is Released from Hospital

Multiple people were injured in an accident at the South By Southwest music festival. Rashad Owens was driving drunk when he hit 25 people. One of the victims was able to leave the hospital today.

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Read more from USA Today:

One of the 25 people run down when a suspected drunken driver plowed through a crowd outside a nightclub at the South By Southwest music festival, is out of an Austin hospital and has returned home to Fort Worth.

Tish Davis finds some comfort knowing her friends are nearby, and that she is in her home.

“Now that I’m in Fort Worth, I feel good,” she said.

Two people died March 13 when police say Rashad Owens, 21, of Killeen, Texas, crashed through a barricade closing the downtown street to vehicle traffic. A third person died Monday from injuries sustained in last week’s crash. Owens is accused of driving drunk, fleeing from police and intentionally driving into a crowd of festival-goers. Continue reading…

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Roach Infested Restaurants

St Pete Restaurant Closed Again for Roach Infestation

The Salty Rim restaurant in St Pete Beach was shut down in December 2013 for health violations. Now the restaurant is facing new violations and another shutdown. Health inspectors found roach activity on the food line and in the the soap dispenser.

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Read more from a local news source:

A popular waterfront restaurant shut down by state health inspectors at the end of last year is having problems again.

10 News first investigated The Salty Rim back in December. The restaurant is located on Blind Pass Road on the very north end of St. Pete Beach.

Last year, owners told us the restaurant had “implemented new procedures that have addressed and resolved the issues.” Continue reading…

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Panera Bread with Roach Infestation

A Panera Bread in Boca Raton was recently shut down after live roaches were found by a health inspector. The inspector found 34 live roaches. Panera Bread claims the problem was due to a hole in an interior wall.

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Read more from WPTV:

The Consumer Watchdog didn’t even get to the door of the Panera Bread on State Road 7 in Boca Raton before an employee came running out with a statement.

The restaurant was recently shut down after an inspector found 34 live roaches. The majority of them were behind the ovens.  They were also near the bread prepping table in the back room and the front counter by the soup and egg station.  Inspectors temporarily closed the place until the problem was fixed.  Continue reading…

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Rodent News

Rats as Big as Sheep

Scientists think rats could one day become larger mammals. The rodents could become increasing larger as other mammals become extinct. Some scientists believe they could grow to be as large as sheep.

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Read more from The Independent:

Scientists believe rats could eventually grow to the size of sheep or even bigger as they evolve to fill vacant ecological niches.

The scenario could become a reality as super-adaptable rats take advantage of larger mammals becoming extinct, an expert predicts.

“Animals will evolve, over time, into whatever designs will enable them to survive and to produce offspring,” said geologist Dr Jan Zalasiewicz, from the University of Leicester. Continue reading…

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Man Arrested For Torturing Rodents

Michael Semens of Chicago faces charges for torturing and killing a rat and a mouse. Semens made a video of himself harming the rodents and posted it to youtube. He is being charged with animal cruelty.

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Read more from NBC Chicago:

A Chicago man faces animal cruelty charges after prosecutors said he posted video to YouTube showing him torturing and killing a rat and a mouse.

Judge Donald Panarese Jr. on Saturday allowed Michael Semens, 24, to be released on a $10,000 individual recognizance bond. Semens must remain on electronic monitoring while awaiting trial.

Semens allegedly posted one video showing him cutting off a portion of a live rat’s tail and later cut off both of the rat’s ears with surgical scissors, according to a police report. Continue reading…

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Bankruptcy Headlines

Diocese Files Bankruptcy Protection

The Roman Catholic Diocese of Helena is filing for bankruptcy protections this week. The Diocese filed the bankruptcy as part of a settlement for a large lawsuit. The Diocese was sued in 2011 by 362 people for abuse that took place at the hands of clergy and that was later covered up by the church.

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Read more from FoxNews:

The Roman Catholic Diocese of Helena, Mont., is filing for bankruptcy protection amid lawsuits that claim clergy members abused 362 children over decades.

Diocese spokesman Dan Bartleson said in a statement Friday the Chapter 11 bankruptcy reorganization case will help resolve the abuse claims.

The diocese covers western Montana and employs about 200 people.

The two lawsuits filed in 2011 claim clergy members abused the children from the 1930s to the 1970s. They claim the diocese shielded the offenders and knew or should have known the threat they posed. Continue reading…

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Detroit’s Debt-cutting Plan

As part of Detroit’s debt cutting plan the suburbs will control a new regional water system. The cost to the suburbs would be $1.88 billion. The preliminary plan is 99 pages long but still lacks many details. Not all members of the board have signed on to the plan.

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Read more from Detroit News:

The suburbs would control a new regional water system and pay $1.88 billion for the privilege under Detroit’s preliminary debt-cutting plan for exiting bankruptcy court, according to a copy obtained by The Detroit News.

The 99-page plan — stamped “Privileged and Confidential” — serves as a roadmap for Detroit to restructure more than $18 billion in debt and prescribes treatment of various creditors, including municipal retirees, bondholders and the Detroit Institute of Arts’ collection.

The city also told creditors that in the event it doesn’t win agreement from all classes of creditors it will seek a “cram down” — asking U.S. Bankruptcy Judge Steven Rhodes to approve the plan any way. Continue reading…

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Bryant Talks Injury

Many NBA fans are concerned about the state of Kobe Bryant’s health. Some worry that his recent injuries will cause him to retire. He just recovered from an injury to his Achilles heel and has already suffered a knee injury.

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Read more from ESPN:

Lakers star Kobe Bryant says his knee injury was not caused by him returning to the lineup too quickly from an Achilles injury in the same leg.

“I don’t think one had anything to do with the other,” Bryant said Wednesday in his first media session since being diagnosed with the fracture last week. “We’ve evaluated it pretty extensively. The fact of the matter is any of us can get hurt at any moment and the key for us as an athlete is to block that fear out.”

Bryant, speaking before the Lakers’ 101-95 loss to the Miami Heat, said he has no plans to shut it down for the season and is as determined as ever to play despite suffering a fracture of the lateral tibial plateau in his left knee just six games into his return from the Achilles tear. Continue reading…

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NBA Star Vows Injury Won’t Change Him

Derrick Rose plays for the Chicago Bulls but recently had surgery on a torn meniscus. He is only 25 and is supposed to be the team’s star player, but was out all last season with an injury. Now he is out for the rest of the season with this knee injury.

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Read more from The New York Times:

Ten minutes into his news conference, Rose, 25, was asked what he might say to people who think the Bulls ought to reconsider his role as the centerpiece of the franchise, given his injury history. He missed all of last season recovering with a torn anterior cruciate ligament in his left knee and played in just 39 games during the shortened 2011-12 season. The Bulls ruled him out for this season when they announced his operation.

Rose paused, pondering the question. He scratched his chin thoughtfully. Then he said: “You can be a fool if you want to. I know I’m going to be all right.”

While fans in Chicago and plenty of others around the N.B.A. fret about Rose’s future, the former most valuable player remained defiant in the wake of his latest setback, assuring everyone that he would be back — again. Continue reading…

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News About Bankruptcy

Judge To Rule On Bankrupt Airline’s Merger Proposal

American Airlines filed for bankruptcy and is now proposing to merge with US Airways in order to exit bankruptcy. The judge overseeing this case promises to rule quickly on the matter. This issue revolves around a federal antitrust lawsuit.

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Read more from dallasnews.com:

A federal judge expects to rule this week on whether American Airlines can exit bankruptcy and merge with US Airways.

U.S. Bankruptcy Judge Sean Lane must decide whether recent modifications to the merger substantially changed the reorganization plan. The modifications were made to settle a federal antitrust lawsuit.

Separately, he must decide whether plaintiffs in a private antitrust lawsuit deserve a temporary restraining order.

“Here’s what I’m going to do,” Lane said after a hearing Monday. “I’m going to take everything under advisement and issue a decision very quickly. We may be able to do that as soon as this afternoon, but it may take another 24 to 36 hours. In any event, it will be done by Wednesday.” Continue reading…

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Detroit Bankruptcy Judge To Rule December 3

A ruling on whether or not Detroit is eligible for bankruptcy will be made by December 3. The federal bankruptcy judge overseeing Detroit’s case says he will hear opinions that morning and then rule shortly thereafter. The issue deals with the city’s restructuring plan.

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Read more from USA Today:

Rhodes conducted a nine-day bankruptcy eligibility trial, ended Nov. 8, in which lawyers argued over whether the city meets the U.S. government’s specific legal criteria for Chapter 9 bankruptcy.

It’s not clear why the judge opted to schedule a hearing to discuss his ruling verbally before issuing a written opinion. Most people involved in the case were expecting a written opinion, perhaps without warning.

“It’s unusual,” said Laura Beth Bartell, a bankruptcy law professor at Wayne State University. “I have never heard of this. I don’t know why he is doing that.” Continue reading…

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Creditors Revealed In Fisker Bankrupcty

Fisker Automotive is a now bankruptcy green electric carmaker. In the company’s bankruptcy papers, a number of high-profile creditors have been revealed. The list of creditors is estimated to be between 5,000 and 10,000.

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Read more from gigaom.com:

Beleaguered electric car maker Fisker Automotive finally filed for bankruptcy late on Friday, many months after expected, and over a year since it made its last car. While the bankruptcy has been expected for a long time, this is one of the first times the public has been able to see Fisker’s very long list of creditors — 669 pages long, with an estimated 5,000 to 10,000 creditors.

Creditors are individuals and companies to which Fisker owes money, so the list includes vendors as well as investors. It could also include people that put down deposits for cars and never received a car, or people who bought a car from Fisker and for whatever reason are still owed money. At this point it’s hard to tell which creditors are involved with what part of the business and for how much, but what we do know is that there are a lot of well-known names on that creditor list. Continue reading…

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Bankruptcy Headlines

Final Testimony Heard in Detroit Bankruptcy Trial

A police union leader was the last to testify in the Detroit Bankruptcy trial today. Now it’s up to a judge to determine if the city is eligible for Chapter 9. Many unions and pension funds believe the emergency manager was not interested in negotiations.

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Read more from ABC News:

A police union leader who was the last witness in a trial to determine Detroit’s next step in bankruptcy testified Thursday that city officials were not interested in give-and-take negotiations before the historic filing.

Detroit wants to slash billions of dollars of debt in the largest bankruptcy in U.S. history. But before any numbers get crunched, it must prove to a judge that it’s eligible for Chapter 9 by passing several key steps, including evidence of good-faith talks with creditors early last summer.

Unions and pension funds claim emergency manager Kevyn Orr and his legal team planned bankruptcy for months and really had no desire to strike a deal. They are also pointing to the Michigan Constitution, which says public pensions can’t be altered. Continue reading…

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Another Atlantic City Casino Files Bankruptcy

The 6th Atlantic City casino filed Chapter 11 protection this past week. The Atlantic Club Casino plans to remain open and to operate a normal schedule. The co-cheif operating officer wrote that the company does not have enough funds to meet obligations for an extended time period.

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Read more from ABC News:

The struggling Atlantic City casino market reached a dubious milestone this week: Half of its 12 casinos have filed for bankruptcy protection in the past six years.

The most recent was The Atlantic Club Casino Hotel, which filed for Chapter 11 bankruptcy protection late Wednesday. The casino formerly known as the Atlantic City Hilton says it will remain open as it seeks a buyer.

Its first hearing in federal bankruptcy court could be held as soon as Friday.

Michael Frawley, the casino’s chief operating officer, said its strategy of offering low-priced gambling, food and entertainment has been working but not fast enough. About 70 percent of the casino’s floor consists of penny slot machines. Continue reading…

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Michigan Treasurer Defends Roll in Bankruptcy

Michigan’s former treasurer said that the cost of retiree health care not pensions was the reason for Detroit’s bankruptcy. Dillon said the $6 billion retiree health care was a much bigger problem than the $3.5 billion pension problem. Dillion recommended the July 18th filing.

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Read more from USA Today:

The cost of retiree health care, not pensions, was the core reason Detroit filed for bankruptcy, Michigan’s former treasurer said Tuesday in the seventh day of the city’s bankruptcy trial.

Despite a bitter dispute over whether Detroit emergency manager Kevyn Orr can reduce pensions, former Treasurer Andy Dillon said the city’s nearly $6 billion unfunded retiree health care liability was more concerning than its $3.5 billion pension shortfall. Continue reading…

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