Bankruptcy

Georgia School Superintendent Kathy Cox Files Chapter 7 Bankruptcy Petition In Northern District

Posted on November 22, 2008
Just two months after she won, and gave away, $1 million dollars from the TV game show Are You Smarter Than A Fifth Grader (click here), Georgia School Superintendent Kathy Cox and her husband filed a Chapter 7 Bankruptcy petition in the Newnan Division of the Northern District of Georgia...

Twitter And Facebook Page For Georgia Bankruptcy Law

Posted on November 22, 2008
I am trying to keep up with new media, and finding that many lawyers and other professionals are using Facebook and Twitter for keeping up with new developments and keeping in touch.  I just created a Georgia Bankruptcy Law group on Facebook, which you can access by clicking here...

Directors Quitting As Firms Flounder

Posted on November 22, 2008
The Wall Steet Journal has an article about directors quitting as many corporations are experiencing financial troubles, or failing altogether. See As Firms Flounder, Directors Quit by Joann S. Lublin (sub. required).   These high-profile executives find it hard to handle the heavy board workload for a company in crisis...

Community Bank Of Loganville Seized By FDIC, Assets Go To Bank Of Essex

Posted on November 22, 2008
The Community Bank of Loganville was seized by the Federal Deposit Insurance Corporation yesterday.  See the FDIC notice here. From the Atlanta Business Chronicle: The Bank of Essex in Tappahannock, Va., will assume all of the bank's $611 million in total deposits...

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Liquidation Company Buys Assets of Bankrupt Retailer, Then Files Its Own Bankruptcy Petition

Posted on November 21, 2008
From the Detroit Free Press: BH S&B Holdings, an entity formed to buy bankrupt retailer Steve & Barry's LLC out of bankruptcy for $163 million, sought court protection itself, citing the deteriorating U.S. economy.  BH S&B Holdings, created by hedge funds and former owners of Steve & Barry's, filed for bankruptcy protection today in Manhattan federal court...

Statistics For Bankruptcy Filings In Northern District: Numbers Going Up.

Posted on November 21, 2008
I took a look at the most recent bankruptcy statistics for the Northern District of Georgia, which you can find by clicking here.  Not surprisingly, the numbers are going up.  In October 2008, 4,109 cases were filed in the district.  That is an increase of forty percent over October 2007 (2,884 cases)...

Another Wine Shop Joins The Grape In Chapter 11

Posted on November 21, 2008
The economy seems to have hit the retail wine business.  Several days ago, The Grape filed Chapter 11 petitions in the Northern District.  Yesterday, it was Wine for the Times, located in Cumming, filing in the Gainesville division.  In re Wine for the Times, LLC, Ch...

Fannie Mae And Freddie Mac Halt Foreclosures For Holidays

Posted on November 21, 2008
From Fannie Mae Press Release and  USA Today: Mortgage giants Freddie Mac and Fannie Mae will suspend foreclosures and evictions for owners of occupied homes through the holidays — the latest effort to keep people in their houses. Freddie and Fannie, which were seized by the government in September, announced Thursday that they will contact an estimated 16,000 borrowers who are facing foreclosure or evictions between Wednesday and Jan...

Bill Introduced In Congress Which Would Allow Bankruptcy Judges To Modify Home Mortgages

Posted on November 19, 2008
Obviously, everyone saw this coming after the election, but Illinois Democrat Senator Richard Durbin has not even waited for the run-off elections to be decided or a new Congress seated in January.  He introduced a bill that would allow Bankruptcy Judges to modify home mortgages...

Vubotics, Inc. Files Chapter 11 Petition In Northern District

Posted on November 19, 2008
Vubotics, Inc., (FDBA Halifax International, Inc.; FDBA Christopher Partners, Inc.), filed a Chapter 11 petition in the Northern District of Georgia on November 18, 2008. Ch. 11 Case No. 08-83616-jb (click here for petition). (Google Finance, Yahoo Finance)...

General Motors Begs For Support Of Government Bailout To Avoid Bankruptcy

Posted on November 18, 2008
It looks like GM really wants the government bailout and is going as far as begging its customers for support.   Dear [GM Customer], You made the right choice when you put your confidence in General Motors, and we appreciate your past support...

Westminster Ceramics, LLC FIles Chapter 11 In Northern District Of Georgia, Will Liquidate

Posted on November 15, 2008
Westminster Ceramics, LLC, (dba "BananAppeal" and "Innercore"), based in Stone Mountain, filed a Chapter 11 petition in the Northern District of Georgia on November 14, 2008. In re Westminster Ceramics, LLC, Ch. 11 Case No. 08-83408 (Bankr...

Land Resource, LLC, Developer At Cumberland Island, Files Chapter 11 In Florida

Posted on November 15, 2008
Land Resource, LLC, and related entities filed Chapter 11 Petitions in the Middle District of Florida on October 30, 2008.  See bottom of post for case information.   A description of the entities and facts can be found in the Declaration in Support of First Day Pleadings by J...

Michael Vick's House And Other Property For Sale Under Bankruptcy Plan

Posted on November 14, 2008
Former Atlanta Falcons Quarterback, and current resident of a federal prison, Michael Vick is selling his house in Sugarloaf in Gwinnett County.  See the Deal Watch Blog for the report. The disclosure statement and plan of reorganization filed with the Bankruptcy Court also assume that creditors will be paid, at least in part, by Vick's future earnings in the National Football League...

Introsul, Inc., Designer And Installer Of Bathrooms And Fixtures For Hotel Industry, Files Chapter 11 Petition In Middle DistrictOf Georgia

Posted on November 14, 2008
Introsul, Inc., which according to its website offers "innovative solutions in bathroom design and installation to make life better for innkeepers and their guests all over North America," filed a Chapter 11 petition in the Middle District of Georgia on November 11, 2008...

US News & World Report: More Bankruptcies Coming

Posted on November 13, 2008
Rick Newman at U.S. News and World Report believes that more big bankruptcies are coming -  Here Comes a Bankruptcy Boom.  So far in 2008, there have been a few name-brand bankruptcies—like the recent Circuit City filing, Linens-n-Things, Frontier Airlines, and Mrs...

Delaware Bankruptcy Courts Are Busy - ECF Website Crashes For Several Days

Posted on November 13, 2008
From Bloomberg - Nov. 13 (Bloomberg) -- Web site failures at one of the busiest bankruptcy courts in the U.S. have forced attorneys to return to the oldest tool in their arsenal: paper. The Web site used to view cases in the U.S. Bankruptcy Court in Delaware was shut down for nearly three days...

General Growth Properties, Owner Of Several Atlanta Malls, May Seek Bankruptcy Protection

Posted on November 13, 2008
From the Atlanta Business Chronicle: General Growth Properties Inc., which owns Cumberland Mall, Perimeter Mall, North Point Mall, Southlake Mall in metro Atlanta, said it may be forced to seek protection from its creditors as it struggles to refinance debt...

Amended Bankruptcy Rules And Forms Effective December 1, 2008

Posted on November 12, 2008
  NOTICE 1. Regarding new and amended Federal Rules of Bankruptcy Procedure that are effective December 1, 2008. Click HERE for a copy of this notice. Click HERE to see related General Order No. 9-2008. 2. Regarding new and amended Bankruptcy forms that are effective December 1, 2008...

What Would Happen If General Motors Was Not Bailed Out By Congress, And Instead Filed Chapter 11?

Posted on November 12, 2008
A new article in Business Week discusses the fate of GM: The Threat of Bankruptcy GM's senior management, business experts, and some members of Congress think letting the automaker go Chapter 11 would be a disaster. Bankruptcy lawyers say the automaker could benefit from a prepackaged bankruptcy, which would be a reorganization that is worked out among the automaker's creditors before the case ever gets to a bankruptcy court judge...

"Bloodbath" Coming To Buckhead Because Of Overbuilding?

Posted on November 12, 2008
An article in the Atlanta Journal discusses the current real estate market in Atlanta, specifically Buckhead, and some people believe a crash is imminent.  See Atlanta a poor choice for real estate investment, report says; City is overbuilt, ‘bloodbath coming’ in construction-crazy Buckhead, Urban Land Institute says, by Kevin Duffy...

Middle District Changes To ECF Definitions

Posted on November 12, 2008
From the Middle District of Georgia Clerk of the Bankruptcy Court - CMECF DICTIONARY CHANGES EFFECTIVE NOVEMBER 24, 2008 Motion to Release Unclaimed Funds: This is a new event in the motions category. Trustee’s Response: This was formerly called “Trustee’s Approval/Objection Letter...

Upcoming CLE: Bankruptcy And Commercial Law Year In Review

Posted on November 10, 2008
Bankruptcy and Commercial Law Year in Review The Section's Most Popular, Useful and Informative Seminar! Tuesday, December 9, 2008 9:00 am - 3:30 pm The Capital City Club - Downtown 7 Harris Street (at Peachtree Street) 5 CLE Hours Faculty: Hon...

Circuit City Files Chapter 11 Petition

Posted on November 10, 2008
It is certainly not a surprise that Circuit City filed a Chapter 11 petition in the Eastern District of Virginia.  See the press release here. Last week the company announced it was closing many stories, and pulling out of Atlanta entirely.  According to this article, the company hired Skadden Arps a few weeks ago.

More Chapter 11 Filings: The Grape Files Chapter 11 In Northern District

Posted on November 06, 2008
 The Grape wine bar and shop, with locations in Atlanta and Florida, filed Chapter 11 petitions in the Northern District today.  The cases are:   Case No. Ch Party Info 08-82818-reb 11 The Grape Enterprise Group, Inc...

Recent Chapter 11 Filings For Northern District

Posted on November 04, 2008
Here are most of the Chapter 11 filings since the last update in early October. It appears as though fewer cases were filed in the days leading up to foreclosure day (today).   Case No. Related Case Info Party Info Date Filed 08-80235-mhm Letap Management, LLC Filed: 10/07/2008 Entered: 10/07/2008 08-80248-reb American Synthol, Inc...

Atlanta Journal - Chapter 11 Filings In Northern District Increase

Posted on November 01, 2008
From the Atlanta Journal, an article entitled North Georgia Bankruptcy Filings Surge  by Margaret Newkirk.   Chapter 11 filings are up between 50 percent and 70 percent over all of last year, depending on how they’re counted.   They’re also up significantly from any of the past 20 years —- and there are almost 10 weeks left in 2008...

Did 2005 Amendments To Bankruptcy Code Lead To Failures Of Financial Institutions?

Posted on November 01, 2008
An article in the Financial Times entitled Wall Street ‘Made Rod For Own Back’,  by Francesco Guerrera, Nicole Bullock and Julie MacIntosh, discusses the 2005 amendments ("BAPCPA") and its (unintended) consequences:   Wall Street unwittingly created one of the catalysts for the collapse of Bear Stearns, Lehman Brothers and American International Group by backing new bankruptcy rules that were aimed at insulating banks from the failure of a big client, lawyers and bankers say...

Integrity Bank Files Chapter 7 In Northern District Of Georgia

Posted on November 01, 2008
Integrity Bank, seized by federal regulators on August 29, 2008 (read here and here), filed a Chapter 7 Bankruptcy petition on October 10, 2008.  In re Integrity Bankshares, Inc., Ch. 7 Case No. 08-80512-pwb (October 10, 2008).   Robert M...

Recent Articles Of Interest

Posted on November 01, 2008
I am catching up after a trip to Spain, and the Atlanta Business Chronicle has several articles of interest in recent issues that are related to bankruptcy or the econonomic downturn.  Legal Eagles Swooping in on Foreclosure Work. Banks Face Environmental Fines from Foreclosed Subdivisions...

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