Bankruptcy

Atlanta Journal-Constitution Article Discusses Fall Of Cornerstone Ministries

Posted on June 24, 2009
The Atlanta Journal Constitution has an article today entitled "Cornerstone Ministries betrayed them by straying from mission, investors say," by Christopher Quinn.  You can read a little more about the Cornerstone Chapter 11 case by clicking here...

Two More Construction Related Companies File Chapter 11 Petitions In Northern District

Posted on June 23, 2009
Brown Steel, LLC and Case Engineered Lumber, Inc. have filed Chapter 11 petitions in the Northern District of Georgia. From the Deal Watch Blog - Brown Steel, based in Newnan, manufactures and fabricates structural and plate steel for commercial and industrial customers...

Southern Community Bank In Fayetteville Becomes 12th Georgia Bank Closed By Regulators

Posted on June 20, 2009
Southern Community Bank, based in Fayetteville, Georgia, was closed by the Georgia Department of Banking and Finance and the FDIC on Friday.  Its assets were taken over by United Community Bank.  It is the 12th Georgia bank failure in less than a year...

Supreme Court To Hear Case About Discharge Of Student Loans In Chapter 13 Plan

Posted on June 17, 2009
The United States Supreme Court agreed on Monday to  decide whether an individual who owes on a student loan may wipe out a portion of the debt in a bankruptcy without showing that the debt posed an 'undue hardship.' United Student Aid Fund v. Espinosa (08-1134)...

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MD Ga - Stay Lifted For Lender To Repossess Vehicle Even Where Non-Debtor Assets That Served As Collateral Had Value In Excess Of Loan

Posted on June 15, 2009
In re Campbell, 2009 Bankr. LEXIS 833, Ch. 11 Case No. 08-51832-JDW (Bankr. M.D. Ga. March 25, 2009).    Debtor owned a 50% interest in an LLC.  The LLC was indebted to the Bank for more than $5.1 million, secured by the LLC's assets and Debtor's assets, and Debtor personally guaranteed the debt...

Silverton Financial Services, Formerly The Bankers Bank, Files Chapter 7 Petition After Being Closed By FDIC

Posted on June 15, 2009
Silverton Financial Services, Inc., formerly known as The Bankers Bank,  filed a Chapter 7 petition in the Northern District of Georgia on June 5, 2009.  The Bank was closed by the FDIC on May 1, 2009.  The case number is 09-74623-jem...

Six Flags Amusement Parks Files Chapter 11 Bankruptcy Petition In Delaware

Posted on June 13, 2009
From the Wall Street Journal, Six Flags, Inc., which has three parks in metro Atlanta (Six Flags, White Water and American Adventures), has filed a Chapter 11 Bankruptcy petition this morning in the District of Delaware.  Click here for the company news release...

Recent Opinions In The Northern And Middle Districts Of Georgia

Posted on June 13, 2009
In re Taylor, 2009 Bankr LEXIS, 09-63210-PWB (March 25, 2009).  The creditor sought dismissal pursuant to § 521(i)(2) because the debtor failed to file pay advices.  Debtor was self-employed, so the Court observed that the pay advice requirement was not applicable because the debtor had no pay advices "from any employer...

Business Bankruptcies Rise 40% In May

Posted on June 07, 2009
According to an article in Reuters, business bankruptcy cases rose more than 40% over the same period in 2008. There were 7,514 commercial bankruptcy filings for the month, compared with just 5,354 during the same month a year ago, according to Automated Access to Court Electronic Records (AACER), a database of U...

Most Bankruptcy Cases In 2007 Caused By Medical Bills, Study Finds

Posted on June 06, 2009
According to the findings of the American Journal of Medicine, over 60% of consumer bankruptcy cases filed in 2007 were due to medical bills.  You can read the report by clicking here.  A summary of the results -- Using a conservative definition, 62...

Chapter 11 Cases Filed In Northern District In May And June 2009

Posted on June 03, 2009
Chapter 11 filings were up leading up to foreclosure day yesterday.  In other posts, I discussed filings by Caraustar and related entities, and MPI/Highlands apartments. In all, over 50 Chapter 11 cases were filed in the Northern District over the last month...

Owners of Highlands Apartments Files Chapter 11 Petitions In Northern District

Posted on June 02, 2009
The owners and managers of several related apartment complexes in Norcross, Georgia filed Chapter 11 petitions in the Northern District of Georgia, apparently as a result of the real estate market.  The filings were precipitated by the filing of a suit in Fulton County by Regions Bank to appoint a receiver...

Caraustar Industries And Related Companies File Chapter 11 Petitions In Northern District

Posted on June 02, 2009
Caraustar Industries, one of the nation's largest manufacturers of recycled paperboard and related products, and related entities, filed Chapter 11 petitions in the Northern District of Georgia yesterday. From the Atlanta Business Chronicle: Caraustar (NASDAQ: CSAR) also reached agreement with debt holders to reduce the company's debt obligations by $135 million...

Another County Faces Loss Of School Accreditation, And Potentially Severe Financial Repurcussions

Posted on May 14, 2009
While only indirectly related to Georgia or bankruptcy, it appears another county school system is going down the same road as Clayton County, Georgia.  The Burke County Board of Education in neighboring North Carolina has received a notice from Southern Association of Colleges and Schools Council on Accreditation and School Improvement (SACS CASI) (based in Decatur, GA) that its accreditation is at risk...

Atlanta Turnaround Management Association Seminars

Posted on May 12, 2009
 The Atlanta Turnaround Management Association presents…   A Series of Interdisciplinary Educational Programs For Lenders, Attorneys, Turnaround Consultants, Investment Bankers and other Professionals   When: June 3, 9, 16 and 23, 2009, from 6:00 to 8:15 p...

Bankruptcy Seminar and Pollard Award Luncheon on May 21, 2009

Posted on May 07, 2009
  Bankruptcy Seminar and Pollard Award Luncheon honoring Harry W...

Crunch Fitness Files Chapter 11 In New York

Posted on May 06, 2009
Crunch Fitness, which has a location on Piedmont Road in Buckhead, filed a Chapter 11 petition in New York today.  From Bloomberg - Crunch Fitness, a gym operator with 73,000 members and clubs in six U.S. cities, filed for bankruptcy protection from creditors in New York, citing slowing membership and overpriced leases for some locations...

Chapter 11 Cases Files In May 2009

Posted on May 06, 2009
Yesterday was foreclosure day in Georgia, and several new Chapter 11 cases were filed. Here are the cases filed in the last month, through yesterday May 5, 2009.   Case No. Ch Party Info Dates 09-11246-whd 11 Jack Benjamin Griffin Filed:  04/06/2009 Entered:  04/06/2009 09-21414-reb 11 MVP Building Group, LLC Filed:  04/06/2009 Entered:  04/06/2009 09-68826-mhm 11 G & T Restaurant, Inc Filed:  04/06/2009 Entered:  04/06/2009 09-68845-jem 11 Seventy Spruce Street, LCC Filed:  04/06/2009 Entered:  04/06/2009 09-69003-crm 11 Ronald Lynn Pearcey Filed:  04/06/2009 Entered:  04/06/2009 09-69020-mhm 11 McGhee Holdings, LLC Filed:  04/06/2009 Entered:  04/06/2009 09-69030-mhm 11 SEC Enterprise, LLC Filed:  04/06/2009 Entered:  04/06/2009 09-69036-jem 11 Vail Group, LLC Filed:  04/06/2009 Entered:  04/06/2009 09-69042-crm 11 First Atlanta, LP Filed:  04/06/2009 Entered:  04/06/2009 09-69049-mhm 11 The Sword Believers, LLC Filed:  04/06/2009 Entered:  04/06/2009 09-21492-reb 11 West Family Restaurant, Inc...

Title Lender TitleMax Files Chapter 11 In Southern District Of Georgia

Posted on April 21, 2009
From Deal Watch Blog - TitleMax, one of the largest title-lending companies in the U.S. and a frequent advertiser on Atlanta television stations, filed for bankruptcy in Savannah on Monday...The bankruptcy filing was triggered by the maturity of a $165 million loan from Merrill Lynch Mortgage Capital Inc...

General Growth Properties, Owner Of Four Atlanta Malls, Files Chapter 11 Petition

Posted on April 16, 2009
From Reuters, General Growth Properties, which owns Comberland, North Point, Perimeter and Southlake Malls in Metro Atlanta, field a Chapter 11 Bankruptcy petition in the Southern District of New York.  General Growth Properties Inc, the second largest U...

ND GA - Court May Consider Reaffirmation Agreement Where Debtor's Attorney Refuses To Provide Certification

Posted on April 10, 2009
In In re Goodman, Ch. 7 Case No. 08-41521, 2009 WL 936910 (Bankr.N.D.Ga. Apr 06, 2009), the debtor proposed a reaffirmation agreement with her auto lender.   However, although her attorney represented her in the negotiations of the agreement, and continued to represent her in the other matters in the case, the attorney refused to sign the certification  11 U...

Chapter 11 Cases Files In March And April 2009

Posted on April 07, 2009
Today  is foreclosure day in Georgia, and here are the Chapter 11 filings through today.     Case No. Ch Party Info Dates Other Info 09-66184-mhm 11 Greg Holland, Inc...

Omni National Bank Becomes 10th Georgia Bank Failure

Posted on March 27, 2009
Omni National Bank was seized by the FDIC today, becoming the tenth Georgia bank failure in the last few months. Click here for NASDAQ announcement.  From the Atlanta Business Chronicle - The Federal Deposit Insurance Corp. has taken over as receiver for Atlanta-based Omni National Bank, which was battered by rising losses stemming from souring real estate loans...

Supermarket Chain Bi-Lo Files Chapter 11 In South Carolina

Posted on March 23, 2009
Supermarket chain Bi-Lo  filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court, District of South Carolina.  According to its website, the chain has several stores in Georgia.  From the Associated Press - Details of the credit agreement terms were not immediately available but the company said it has met all the loan's terms so far...

Ninth Georgia Bank Goes Down: FDIC Closes FirstCity Bank In Stockbridge

Posted on March 20, 2009
FirstCity Bank in Stockbridge was closed by the FDIC today.  It is the ninth Georgia bank closed in the last seven months.  Unlike the previous closings, the FDIC did not find a buyer for the Bank.  More information is available at the FDIC website...

Record Number Of Georgia Foreclosures Scheduled For April

Posted on March 17, 2009
The Atlanta Journal has an article about the record number of foreclosures scheduled for April in Georgia.   The foreclosure problem in metro Atlanta appears to be worsening. More than 10,000 lender-owned properties are scheduled to be sold on courthouse steps next month, according to EquityDepot...

Atlanta Bar Association Elections

Posted on March 17, 2009
If you are member of the Atlanta Bar Association, you  received an email about the upcoming elections (click here for the elections information page).    I am a candidate this year for the Members at Large Board of the Atlanta Bar Bankruptcy Section...

Theme Parks Suffering With Economy? Six Flags May Be Filing Chapter 11 Bankruptcy And Ghost Town Already Has

Posted on March 14, 2009
Six Flags Theme Parks, which includes Six Flags Over Georgia, Six Flags White Water, and American Adventures parks in the Atlanta area, is experience significant financial difficulties and there is speculation that a Chapter 11 Bankruptcy filing might be in its future...

House Considers Changes To Chapter 11 To Help Major Retailers

Posted on March 12, 2009
 From the Wall Street Journal Bankruptcy Beat - The House Judiciary Committee's Subcommittee on Commercial and Administrative Law is holding a hearing this afternoon on the collapse of Circuit City and how recent changes to the Bankruptcy Code may be hurting the ability of companies to restructure under court protection...

Ritz Camera To Liquidate Boater's World And Sell 400 Camera Shops

Posted on March 11, 2009
As mentioned in this post, Ritz Camera, owner of Wolf Camera, filed a Chapter 11 petition last month.  Ritz also owns Boater's World stores, with two locations in Georgia.  According to the article, Ritz will liquidate Boater's World Stores and close half of its 800 camera stores...

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