The company that owns Spanish Peaks, a private golf and ski resort, has filed for Chapter 7 bankruptcy on Friday.

Spanish Peaks Holdings II filed in a Delaware court just days after announced that the ski resort will be closing and its employees were to be laid off. Spanish Peaks has had multiple legal issues and financial trouble in the past.

According to the bankruptcy filing, the company has between 100 and 199 different creditors, many of them are local businesses. Chapter 7 bankruptcy often prevents creditors from suing  you, garnishing wages and demanding payment through phone calls. The company has between $1 million and $5 million in liabilities.

If you or a loved one has been in considering filing for bankruptcy, you need representation on your side that will help you answer all of your questions. Contact the New Orleans chapter 7 bankruptcy lawyers of the Law Office of David D. Kervin Jr., LLC by calling 504-599-5906 today.

A bankruptcy court has granted Litchfield, Illinois-based sporting goods company Schutt Sports the approval to sell most of its assets to a unit of Platinum Equity LLC.  Kranos Intermediate Holding Corp. is set to purchase the bulk of Schutt Sports’ assets for approximately $33.1 million.

Judge Kevin J. Carey said that he would approve the sale as soon as the companies showed him a final agreement.  This decision follows a complaint by the Rawling Sporting Goods Co., which claimed it was unfairly denied additional bids for Schutt Sports’ assets.

The deal was concluded after 20 hours of auctioning.  Kranos will keep about 400 employees.  Employees in Illinois will be kept for at least 12 months, and employees in Pennsylvania will be kept for at least three.

If you are considering filing for bankruptcy, the New Orleans Chapter 7 bankruptcy attorneys at the Law Offices of the Law Office of David D. Kervin, Jr., LLC, may be able to help.  Contact us today by calling 504-599-5906.

Last week, a U.S. bankruptcy court judge ordered Bank of America Corp to pay around $90 million in interest to Lehman Brothers Holdings Inc in addition to the $501.8 million in deposits that the bank has already been ordered to return.

The ruling comes a scant three weeks after the ruling against Bank of America wherein Judge James Peck found the bank had violated federal law in “brazenly” seizing $500 million of Lehman’s deposits in the summer of 2008.

A spokeswoman for the bank told reporters that they were disappointed with the decision and were considering seeking an appeal.

The court decision is a victory for Lehman as it attempts to repay the hundreds of billions of dollars owed to creditors following its Sept. 15, 2008 bankruptcy.

If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.

Constellation Energy Group was given permission to purchase five Boston Generating LLC power plants for $1.1 billion this week by a U.S. bankruptcy court.

Boston Generating, a unit of the US Power Generating Co, originally arranged the sale to Constellation Energy as part of their bankruptcy plan, but were waiting for the court’s approval to go ahead with it.

The five Boston-area plants together provide a combined 2,950 megawatts, making them the third-largest power generating unit in New England.

Boston Generating was forced to file for bankruptcy protection in August after being unable to generate sufficient cash to service its debt and fund operations.

If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.

Bensalem, Pennsylvania-based Orleans Homebuilders this week sought court approval this week for a $155 million loan. The company filed for bankruptcy protection last March after defaulting on a credit facility.

The loan would facilitate the company’s emergence from Chapter 11 bankruptcy and be composed of a $125 million term loan and a revolving credit of $30 million.

JPMorgan Securities LLC is the sole lead arranger and bookrunner for the financing.

If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.

According to a report issued last week by the Administrative Office of the U.S. Courts, U.S. bankruptcy filings have reached their highest levels since 2005.

The report showed that there were 422,061 bankruptcy filings between April and June this year, an increase of 9 percent from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.

For the year ending June 30, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.

“We know the causes of bankruptcy are principally job losses and health care, with the overlay of the foreclosure crisis,” said Deborah Thorne, an associate professor of sociology at Ohio University. “It feels very unsettled, and I’m not surprised the numbers are going up. Until we get our feet on the ground, provide decent-paying jobs, and do something with the housing crisis, bankruptcies will continue to go up.”

If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.

The U.S. Federal Reserve’s latest Beige Book survey, released Wednesday, suggests that the economies of District 12 West Coast states have expanded “modestly” in the past six weeks

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The information in the Beige Book is anecdotal rather than statistical, and is collected from a sample of business executives in various key industries in each district. The 12th district is based in San Francisco and includes Washington, Idaho, Oregon, California, Nevada, Arizona, Utah, Alaska and Hawaii. Each district released its own Beige Book Wednesday.
Pressure on wages and prices was limited, and retail sales/services saw mixed results but grew on balance. Manufacturing sector activity grew, especially in the areas of information technology and demand for energy resources.
Unfortunately, housing markets in these areas continued to slide, as major cities found themselves struggling with foreclosures and falling values.
Commercial real estate markets remained weak. “Demand for commercial real estate remained at very low levels, as reflected in elevated vacancy rates and subdued leasing activity for office and industrial space in many parts of the district,” according to the Fed.
There is no shame in bankruptcy during this difficult economic time. If you are facing the possibility of bankruptcy, contact the New Orleans bankruptcy lawyers of the law office of Kervin Young, LLC by calling 504-599-5906 today.

Nationwide bankruptcy filings reached their highest levels of the last five years between April and June, according to government data released last Wednesday. This represented an increase of 11 percent from the same time period in 2009.

422,061 bankruptcy filings were reported during that time period this year as opposed to 381,073 during the same time frame in 2009. Filings between January and March of this year numbered 388,148.

Quarterly filings have not exceeded 400,000 since a record 667,431 were filed in the fourth quarter of 2005.

Consumer bankruptcies jumped 21 percent, to 1.51 million, from the same time last year.

If you find yourself in this unfortunate position, contact the New Orleans Chapter 7 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 as soon as possible to discuss your financial options.

The first new public park to be made in New Orleans in the last 20 years is underway after a film production company went bankrupt, leaving the Trust for Public Land to bid for it.  The park-building project is expected to cost approximately $3.8 million and it will be 18 acres large.  The park is being built along the Lafitte Corridor in the Mid-City neighborhood of New Orleans.  A community development block grant is funding the build.

The Louisiana Institute of Film Technology went bankrupt after the man who headed the organization was sentenced to five years in prison starting in April.   He was sentenced for allegedly being involved in a scheme to bribe the former Louisiana film commissioner in exchange for movie tax credits. The property was purchased by the Trust for Public land after bankruptcy proceedings concluded.

If you are considering filing your company for bankruptcy, trust the competent and professional New Orleans bankruptcy attorneys of the Law Offices of the Law Office of David D. Kervin, Jr., L.L.C.  Contact them by calling 504-599-5906 today.

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.