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Georgia Bankruptcy Blog

Scott Riddle graduated from The University of North Carolina at Chapel Hill with a BSBA in 1987 and received his JD, with honors, in 1991.
By Scott Riddle

Post Frequency: 1.9/day

Last Entry: June 16, 2020 at 14:26:59

Key Delaware Corporate Decisions of 2008

Posted on January 11, 2009
Francis G.X. Pileggi, Esq. has compiled a summary of key corporate and commercial decisions in Delaware for the year 2008. You can view the summary (as well as links to key decisions of prior years) by going to his Delaware Corporate and Commercial Litigation Blog...

11th Cir. - Trustee Can't Avoid Security Deed When BFP On Inquiry Notice Prior To 90-Day Reachback

Posted on January 11, 2009
Watts, Ch. 7 Trustee v. Argent Mortgage Company, LLC, No. 07-14615, 2008 WL 5257157 (11th Cir. December 18, 2008). The facts are as follows: On July 8, 2004, debtor Santrice Hunt purchased a house from Bellwood Homes. At closing, Bellwood gave her a warranty deed to the property, and she, in turn, executed and gave Argent two notes and two security deeds...

Atlanta Business Chronicle: Georgia Bank Failures Could Reach One A Month In 2009?

Posted on January 10, 2009
Joe Rauch of the Atlanta Business Chronicle has an article in the current edition entitled Bank Failures Could Reach One A Week. 2008 ranked as one of the worst years for Georgia banking since the Great Depression. 2009 may become the worst ever...

Chapter 11 Filings In Northern District Of Georgia For December 2008 - January 2009

Posted on January 07, 2009
Chapter 11 Filings in the Northern District of Georgia for the last half of December 2008 and through Foreclosure Day, January 2009. Case No. Related Case Info Ch Party Info Dates Other Info 08-85718-reb 11 EDC, INC...

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Wall Street Journal Wealth Blog Discusses Country Club Crashes, References Georgia Bankruptcy Blog

Posted on January 07, 2009
The Wall Street Journal Wealth Blog has a post today entitled The Country Club Crash. The post discusses the problems country clubs are having in these economic times, and the article references the posts here about Gold Creek Golf Club and Cherokee Run Club...

Former Clayton County Sheriff Victor Hill Files Chapter 7 Bankruptcy Petition

Posted on January 01, 2009
Former Clayton County Sheriff Victor Hill, whose term ended on December 31, 2008, filed a Chapter 7 bankruptcy petition on Tuesday. In re Victor Hill, Ch. 7 Case No. 08-86567-crm (filed Dec. 30, 2008) (download petition here). Click here for Fox5 Atlanta report...

If You Are Reading This Blog On Microsoft Internet Explorer

Posted on December 16, 2008
... Stop.

Another Georgia Bank Seized: Duluth-Based Haven Trust Bank

Posted on December 13, 2008
From the Atlanta Business Chronicle, "Duluth-based Haven Trust Bank was seized by state and federal bank regulators late Friday, as the fifth failure in Georgia this year and the second in as many weeks. Winston-Salem, N.C.-based BB&T Corp...

District Court: Bankruptcy Court Must Appoint Examiner If Requirements Of �1104(c)(2) Are Established

Posted on December 12, 2008
The District Court held that the language of 11 U.S.C. §1102 requires the appointment of an Examiner if certain facts are established. The Bankruptcy Court's Order denying the US Trustee's Motion to Appoint an Examiner was reversed...

Atlanta And North Georgia Housing Market Hitting "Depression" Level?

Posted on December 11, 2008
Kevin Duffy of the Atlanta Journal discusses the North Georgia and Atlanta housing market. See Experts: North Georgia housing market in depression; Banks starting to turn against builders, lawmakers told at hearing. The housing market is so bad that some banks and builders that had been business partners are now adversaries, and experts are using the dreaded “D” word...

Retailer KB Toys, With Several Georgia Locations, Files Chapter 11 In Delaware After Drop In Sales

Posted on December 11, 2008
Update: KB Toys to close and quickly liquidate for the Christmas rush, according to a Court filing and this Wall Street Journal article: The company plans to quickly start going-out-of-business sales at hundreds of its stores, "in order to take advantage of the last two weeks of the holiday selling season," KB Toys said in a filing with the U...

Tribune Company Files Chapter 11 Bankruptcy Petition In Delaware

Posted on December 08, 2008
From the Wall Street Journal - Tribune Co. filed for bankruptcy protection Monday, in a sign of worsening trouble for the newspaper industry. In recent days, as Chicago-based Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired investment bank Lazard Ltd...

Early Registration Open For Southeastern Bankruptcy Law Institute

Posted on December 07, 2008
Join more than 500 attorneys from the Southeast and across the country for the SBLI's 35th Annual Seminar on Bankruptcy Law and Rules. APRIL 23 – 25, 2009 The Economy at Sea: New Rules of Engagement Featuring Consumer Toolbox and Breakout Sessions LEADING EXPERTS – This nationally recognized seminar brings the nation's bankruptcy experts, including judges, professors and practicing attorneys together to help you and thereby your clients navigate the Bankruptcy Laws...

Bankruptcy Court Pleadings Show How Michael Vick Spent Millions Of Dollars

Posted on December 07, 2008
Alan Judd at the Atlanta Journal has an article about Michael Vick's spending in the time leading up to his imprisonment, including millions of dollars transferred just before his incarceration. This information was contained in pleadings filed in his Bankruptcy case...

WSB TV And Radio Financial Advisor Mike Kavanaugh Passes Away

Posted on December 07, 2008
Mike Kavanaugh, a financial advisor and radio show host on WSB, passed away of a heart attack. From WSB WSB Radio) - News/Talk 750 WSB mourns the death of Money Matters Radio Talk Show host Mike Kavanagh. His passing was sudden and unexpected. He suffered a heart attack in his suburban Atlanta home Saturday...

A Favorite Shop Of "Real Housewives Of Atlanta" Files Chapter 11 In Atlanta

Posted on December 06, 2008
Blue Genes, a retail fashion store at Lenox, has filed a Chapter 11 petition in the Northern District of Georgia. In re Blue Genes, Inc., Ch. 11 Case No. 08-84980 (filed December 3, 2008). Apparently, this is a favorite of a group of people known as the "Real Housewives of Atlanta which, according to news reports might be experiencing other financial difficulties (see "Real Housewife NeNe Evicted From Big Home")...

Freddie Mac And Fannie Mae Four Loan Limit - Will It Chill Foreclosure Buying And Real Estate Market

Posted on December 05, 2008
From the AJC, many people believe that imposing a four loan limit on Freddie Mac and Fannie Mae mortgages will lead to fewer buyers of foreclosed properties and an extension of the recession. See Freddie Mac Bulletin. Real estate investors decry four-loan limit; New rule restricts number of loans backed by Fannie Mae, Freddie Mac, by D...

FDIC Seizes First Georgia Community Bank

Posted on December 05, 2008
From the Atlanta Business Chronicle, the Federal Deposit Insurance Corp. (FDIC) seized the assets of First Georgia Community Bank late today. See the FDIC Release by clicking here. Zebulon, Ga.-based United Bank will assume all of the deposits of Jackson, Ga...

Pure Med Spa Files Chapter 11 Petitions In Northern District Of Georgia

Posted on December 05, 2008
Pure Med Spa has filed Chapter 11 bankruptcy petitions in the Northern District of Georgia. The filing entities are below. According to its website, Pure Med Spa "is a leading international provider of laser aesthetics, skin rejuvenation and anti-aging solutions such as Botox®, Restylane™ and Laser Hair Removal...

Final Nail Is In The Coffin At Tweeter - They Abruptly Close And Convert To Chapter 7

Posted on December 04, 2008
Tweeter Home Entertainment, the parent of HiFi Buys (which had several locations in Atlanta), first filed a Chapter 11 petition in June 2007 (click here). It was bought by an investment firm and operated as Tweeter Opco, LLC, but that entity filed another Chapter 11 in November 2008 (click here)...

Bally Total Fitness Files Chapter 11 (Again) In New York And Seeks Buyer

Posted on December 03, 2008
Bally Total Fitness has filed Chapter 11 for the second time in a little over a year. The website lists eight clubs in Metro Atlanta. From Reuters: NEW YORK, Dec 3 (Reuters) - Bally Total Fitness Holding Corp, which operates 347 health clubs serving more than 3...

11th Circuit En Banc Reverses Panel : 11 U.S.C. �303 Is Not Subject Matter Jurisdictional And Can Be Waived

Posted on December 03, 2008
Trusted Net Media Holdings, LLC v. The Morrison Agency, Inc. (In re Trusted Net Media Holdings, LLC), No. 07-13429 (11th Cir. Dec. 2008) (click here for .pdf opinion). The issue in this case is "whether the requirements in 11 U.S.C. § 303(b) for commencing an involuntary bankruptcy petition are elements of subject matter jurisdiction...

NASCAR Could Be Victim Of Financial Problems Of Big Three Automakers

Posted on December 02, 2008
I have not commented much on the possible Bankruptcies of the Big Three Automakers, simply because articles can be found every day, but Fox News has an article on the financial hit NASCAR will take. Since NASCAR is a major presence in the South, and in recent years, nationwide, it could ave a huge trickle down impact on jobs...

Recent Chapter 11 Cases In Northern District Of Georgia

Posted on December 02, 2008
As foreclosure day is today, here are the recent Chapter 11 cases filed in the Northern District of Georgia. Yesterday was a relatively light day for the day before foreclosure, with only five cases filed. I will update with any cases filed later today...

Poultry Producer Pilgrim's Pride, Parent Of Atlanta-Based Goldkist, Files Chapter 11 In N.D. Texas

Posted on December 01, 2008
From the Atlanta Business Chronicle - Chicken processor Pilgrim’s Pride Corp., which in 2007 acquired Atlanta-based Gold Kist Inc., confirmed Monday it has filed a voluntary petition for Chapter 11 bankruptcy protection. The filing, which was made in the U...

Cherokee Run Country Club, Host Of 1996 Olympic Events, Files Chapter 11 In Northern District

Posted on November 26, 2008
Cherokee Run Country Club in Conyers, Rockdale County, filed a Chapter 11 petition in the Northern District of Georgia on November 25, 2008. In re Cherokee Run Country Club, Inc., Ch. 11 Case No. 08-84120-jb (click here for petition). Estimated assets and liabilities are listed as $1 to 10 million...

As Retailers Go Bankrupt, Discounters Moving In On Atlanta

Posted on November 25, 2008
Retailers Circuit City, Goody's, Whitehall Jewelers, Linens N' Things are either gone already, or will be soon. According to data from CoStar Group Inc. and DJM Realty LLC, those stores combined take up space larger than Cumberland Mall...

Report: Bankrupt Companies More Likely To Face SEC Enforcement Action For Financial Statement Fraud

Posted on November 24, 2008
From Marketwatch: Deloitte Forensic Center Study Highlights Correlation Between Bankruptcy and Fraud: Companies Filing for Bankruptcy More Likely to Face SEC Enforcement Related to Fraud According to a new study published by the Deloitte Forensic Center, "Ten Things About Bankruptcy and Fraud," companies filing for bankruptcy protection are three times more likely than non-bankrupt companies to face enforcement action by the Securities and Exchange Commission relating to alleged financial statement fraud...

Add CitiGroup To The Government Bailout List?

Posted on November 24, 2008
From the Wall Street Journal (sub req'd): The federal government agreed Sunday night to rescue Citigroup Inc. by helping to absorb potentially hundreds of billions of dollars in losses on toxic assets on its balance sheet and injecting fresh capital into the troubled financial giant...

Fine China Manufacturer Lenox Group Files Chapter 11 Petition

Posted on November 24, 2008
Another well-known business feels the crunch. Fine China and collectible manufacturer Lenox Group, Inc. filed a Chapter 11 petition in the Southern District of New York. From Yahoo (AP): The Eden Prairie, Minn., company will continue to conduct "business as usual," Chief Executive Marc Pfefferle said in a statement...

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