Posted on April 28th, 2010
The national mall operating company General Growth Properties Inc. filed a motion this week in federal bankruptcy court in New York seeking consent to emerge from Chapter 11 bankruptcy.
The company, which is based in Chicago, has recently received a $6.55 billion investment from Brookfield Asset Management, Fairholme Capital Management, and Pershing Square Capital Management. This financial backing, along with a $1.5 billion debt issuance, will be used to form a new company.
According to a spokesman for the business, the new company will be called General Growth Opportunities and will oversee a portfolio of real estate assets.
If you are facing financial problems, get on the right track to recovery by contacting the New Orleans Chapter 11 bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on April 20th, 2010
RealtyTrac Inc., a California-based financial tracking firm, reported last week that one in 465 homes in the Houston, TX, area had been foreclosed on in March. This number represents a 29 percent increase from foreclosure numbers in February and a 53 percent increase from March of 2009.
Nationwide numbers follow the same trend. One in 352 homes across the United States received a foreclosure filing in March. These 367,056 properties denote a 20 percent increase compared to February’s foreclosures and an 8 percent increase compared to March last year. RealtyTrac’s U.S. Foreclosure Market Report states that this is the largest number of foreclosures they have tracked since January of 2005.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.
This substantial spike in March has been represented by the final stages of foreclosures in previous years. This year the spike is represented by an aberrant 9 percent quarterly increase in bank repossessions as opposed to the 13 percent quarterly decrease in repossessions seen at this time in previous years.
If you are facing the prospect of a foreclosure filing and need financial advice and legal counsel in how to proceed with a bankruptcy filing, call the New Orleans foreclosure attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on April 12th, 2010
General contractor Brian M. Marshall, who has founded companies such as Fireline Restoration Inc., its successor Initech Restoration Inc., Marshall Aviation LLC, Marshall Investments LLC, and several others, has requested that his latest bankruptcies be dismissed or converted to liquidation under Chapter 7 following a $691,000 loss in equity by Initech.
Marshall has been trying to pay off debts since November of last year, when the Securities and Exchange Commission’s reported that Marshall had created a “fantasy land of fraud” to increase share prices for his various companies. Branch Banking & Trust Co., one of his many lenders, has filed lawsuits to seize real estate and property of Marshall’s amounting to the $21 million he owes in loans. Court records show that BB&T has seized a 45-foot SeaRay and is looking to repossess several of his houses and a Porsche, Ferrari, Bentley, and Land Rover. Marshall’s Gulfstream jet was repossessed by another lender last year.
If you need legal advice regarding filing for Chapter 13 or Chapter 7 bankruptcy, and want to know how to prevent repossession of your property, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on April 9th, 2010
Newspaper publisher Tribune Co. announced Thursday that it has reached an agreement that will clear the way for the company to file a bankruptcy reorganization plan.
Tribuen Co. publishes the Lost Angeles Times, Chicago Tribune, Baltimore Sun and other newspapers. Tribune Co. has been in Chapter 11 protection since December 2008. Tribune creditors that stand to take losses in the case have filed complaints saying the company and lenders knew the $8.3 billion leveraged buyout would pitch the company into insolvency by piling on too much debt.
Tribune announced Thursday that is has come to an accord with one such lender, Centerbridge Partners. Centerbridge holds 37 percent of Tribune’s outstanding bond debt, and would get a 7.4 percent stake in the company, paid in a combination of cash, stock and debt if the court approves Tribune’s plan. The company announced that two other creditors, J.P. Morgan and Angelo, Gordon & Co., stand to take over a 91 percent stake in the company under the plan, and have agreed to the settlement.
If you need legal counsel in regards to personal finances or are seeking advice when it comes to filing for Chapter 13 or Chapter 7 bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., at 504-599-5906.
Posted on April 9th, 2010
Former NBA Superstar Derrick Coleman has filed for bankruptcy.
According to court documents, the former Detroit Pistons player is over $4.7 million in debt. Coleman listed $1 million in assets, including a $50,000 Bentley automobile, five fur coats, and his $168,000 home in suburban Beverly Hills.
In the bankruptcy filing, Coleman says he plans to surrender other properties he owns. The ex-basketball player was forced to close his upscale ‘Sweet Georgia Brown’ restaurant in downtown Detroit because he was unable to pay rent. In the bankruptcy petition, Coleman blamed the poor economy for the restaurant’s failure.
Coleman has been named in a lawsuit filed by the Detroit Economic Growth Corporation, claiming he defaulted a $200,000 loan on another business venture.
If you need legal counsel in regards to personal finances or are seeking advice when it comes to filing for Chapter 13 or Chapter 7 bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., at 504-599-5906.
Posted on April 6th, 2010
In spite of the supposedly burgeoning economy, consumer bankruptcy filings have been increasing at an alarming rate. Consumer filings for Chapter 7 bankruptcy were up 14% this February compared to February of last year,
Debt-stress overhang from years of overspending is finally catching up with consumers, according to Samuel Gerdano, American Bankruptcy Institute executive director. This is the main cause behind this increase in Chapter 7 bankruptcy filings.
Recent bankruptcy laws instituted in 2005 and meant to limit the number of Chapter 7 bankruptcy filings and encourage consumers who do file for bankruptcy to do so under Chapter 13 have not succeeded in doing so. Chapter 13 bankruptcy filings have fallen by 3% when compared to last year.
If you need legal counsel in regards to personal finances or are seeking advice when it comes to filing for Chapter 13 or Chapter 7 bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on April 1st, 2010
After a Chapter 7 case is filed, filers are typically required to take a financial management class. In most cases, the financial management class must be approved by the state of Louisiana.
Upon completion of the class, filers will receive a certificate of completion. The court will typically require filers to present this certificate to receive a bankruptcy discharge.
If you or anyone you know has considered filing for Chapter 7, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., at 504-599-5906.
