Bankruptcy Attorneys Columbia

Brink’s Seeks Bankruptcy Protection

jellybellyhoo — Fri, 18 Feb 2011 16:28:22 +0000

The Belgium unit of the armored car company Brink’s Co. has filed for bankruptcy protection. The company reported a loss of $7 million during a nine-month period that ended in September.

Armored car company The Brink’s Co. said Friday that it has exited the cash handling market in Belgium and its subsidiary there has filed for bankruptcy protection.

The Richmond, Va.-based company said it stopped funding its Belgium S.A. subsidiary after an unsuccessful effort to address a noncompetitive business structure.

The company expects to record a fourth-quarter non-cash charge of $15 million to $20 million related to asset impairments.

Through the nine-month period ended Sept. 30, 2010, the Belgium subsidiary had revenue of $32 million and an operating loss of $7 million. The loss includes $3 million in severance costs, which were recognized in the company’s 2009 results.

Brink’s will continue to… continue reading

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Loehmann’s Files For Bankruptcy

jellybellyhoo — Thu, 17 Feb 2011 16:26:48 +0000

The discount retailer Loehmann’s has filed for bankruptcy. This comes after its Dubai owner failed to reach an agreement for a debt extension. The company was just purchased four years ago by the Dubai owner.

Discount retailer Loehmann’s is filing for bankruptcy after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.

Loehmann’s says the Chapter 11 filing Monday in the U.S. Bankruptcy Court for the Southern District of New York is “pre-negotiated,” meaning it could play out faster than a traditional bankruptcy filing.

Dubai’s Istithmar World investment unit bought New York-based Loehmann’s for $300 million in 2006. The 89-year-old retailer sells designer brands at discount prices in 15 states and the District of Columbia.

Istithmar is a subsidiary of troubled state conglomerate Dubai World.

Istithmar’s CEO Andy Watson says the company hopes to achieve a… continue reading

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Owner of “Tacky Lights” Home Faces Foreclosure

jellybellyhoo — Thu, 16 Dec 2010 20:29:44 +0000

In Henrico County, the owner of the popular “Tacky Lights Tour” house could possibly lose his home. The owner’s wife recently lost her job and his overtime hours have been cut, making it difficult to make payments.

HENRICO COUNTY —
For decades, the Phifers of Henrico County have been known for the elaborate Christmas displays at their homes. Sitting next door to each other on Asbury Court in the West End, the two houses owned by the family are fixtures on the “Tacky Lights Tour.” They have even been featured on a national television program.

But this is not a happy holiday season for the man responsible for decorations that fill so many hearts with joy. He’s worried that he might lose his home.

“This may be our last year, against our will,” Bobby Phifer told CBS 6 on Monday night.

Phifer does the decorations outside his home, and his mother’s home next door. He says that his wife recently lost her job, and he has seen his overtime hours cut. Now, the family is facing… continue reading

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Rebuilding After Foreclosure

jellybellyhoo — Wed, 15 Dec 2010 20:20:29 +0000

Going through a foreclosure is very difficult, but there are ways to pick yourself back up afterward and start to rebuild your credit. There are steps to take right away so that you can become a homeowner once again.

If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again. Yes, but it will take awhile.

“It doesn’t mean you’ll never be a homeowner again,” said Linda Davis-Demas, director of housing at Consumer Credit Counseling Service of Greater Dallas.

But you’ll need to examine what caused you to fall behind on your mortgage and take steps to fix the problem.

“You have to look at what were the reasons you didn’t make the payment,” said Davis-Demas. “Was it budgeting? You can modify that type of behavior.”

A foreclosure is a major hit to your credit history and stays on your credit report for seven years.

“Foreclosure is one of the FICO seven deadlies,” said credit expert John Ulzheimer, referring to… continue reading

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Foreclosures High in Birmingham

jellybellyhoo — Tue, 14 Dec 2010 20:13:28 +0000

In Birmingham, the rate of foreclosures rose this fall. However, this is still below the national average for foreclosed homes. The rate is up 1.5% over last year.

Foreclosure rates in the Birmingham metro area rose in September, while remaining lower than the national average, according to a leading real-estate forecaster.

Foreclosures in September were 1.6 percent of outstanding mortgage loans in the Birmingham-Hoover metropolitan statistical area, according to California-based CoreLogic, which sells information and analysis to governments and businesses. The September figure is up from 1.5 percent a year earlier.

Foreclosure activity for Birmingham-Hoover in September remained lower than the national foreclosure rate of 3.29 percent, CoreLogic said.

The research firm also said mortgage delinquencies fell in September for the metro area, with 6.6 percent of loans 90 days or more delinquent… continue reading

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Foreclosed Homes To Be Sold in Tampa

jellybellyhoo — Tue, 14 Dec 2010 20:11:44 +0000

Fannie Mae and Freddie Mac have decided to lift the ban on selling foreclosed homes in Tampa. This will give homebuyers more options, but might drive down the prices of houses currently on the market.

TAMPA – Mortgage giants Fannie Mae and Freddie Mac have lifted their ban on selling foreclosed homes, which could potentially double the number of these homes available for sale in the region.

That could be good news for home buyers who now have a lot more options. But flooding the fragile real estate market with distressed homes will further push down prices, some industry leaders say, and make it more difficult for traditional home sellers to compete.

Some question whether buyers will even want the foreclosed homes.

With allegations of foreclosure fraud still unsettled, can buyers trust they’re getting these homes free and clear? Do they have to worry that later – even years later – the previous homeowner could sue to get the… continue reading

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Euro Drops in Price

jellybellyhoo — Mon, 13 Dec 2010 20:09:57 +0000

The Euro has fallen against both the dollar and the yen in wake of the financial problems plaguing Europe. Even with the rescue package to Ireland, fears about the EU’s economy are still rising.

NEW YORK—The euro fell below the $1.30 mark and slid against the yen to levels last seen on Sept. 15 as investor confidence in the economic health of the euro zone continued to erode.

A 67.5 billion euros aid package to address Ireland’s fiscal stresses has failed to ease fears of contagion spreading in the euro zone, with investors increasingly focused on the prospects of future aid for other debt-laden countries in the euro area. The risks of contagion were spreading as investor confidence in Italy ebbed.

“Rising bond spreads in the euro zone are the key driver and they are a key barometer for investor appetite in the euro,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

Italy’s 10-year government bond yield spreads over German bunds rose more than 0.2 percentage points to 2.15 percentage points, according to Tradeweb, a… continue reading

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Bankruptcy Tied To Killings

jellybellyhoo — Sat, 11 Dec 2010 20:07:18 +0000

In Oakland, California, a killing has been linked to bankruptcy. A man who is accused of killing a journalist claims he was just trying to save a business from bankruptcy.

OAKLAND, Calif., Nov. 29 (UPI) — Prosecutors say an Oakland, Calif., man accused of killing a journalist did so in a desperate attempt to save a bakery business from bankruptcy.

Former Your Black Muslim Bakery leader Yusuf Bey IV and bakery employee Antoine Mackey, both 24, will stand trial early next year on three counts of murder for the deaths of Chauncey Bailey, editor of the Oakland Post, and two other victims in 2007, the Bay City News Service reported.

The bakery was founded by Bey’s father, Yusuf Bey, who died of cancer in October 2003 while awaiting trial on charges of child molestation and forcible rape.

Prosecutors say Bey IV ordered the killing of Bailey to stop him from writing stories about the elder Bey and negative stories about… continue reading

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Palm Harbor Homes Bankrupt

jellybellyhoo — Fri, 10 Dec 2010 20:02:58 +0000

The nationwide factory-made homebuilder, Palm Harbor Homes Inc., is filing for bankruptcy protection. The company also has plans to sell off its assets in the stakeholders’ best interest.

Palm Harbor Homes Inc., a nationwide factory-made home builder, filed for bankruptcy to sell its assets after saying it might need court protection from creditors due to liquidity constraints.

The company, based in Addison, Texas, today listed $321.3 million in assets and $280.3 million in debt as of Oct. 29 in U.S. Bankruptcy Court in Wilmington, Delaware. Five affiliates also filed.

Palm Harbor will sell all or part of the assets, a step it said in court papers is in stakeholders’ best interest. The company has entered an asset-purchase agreement with an affiliate of Cavco Industries Inc. for an undisclosed amount, it said.

Christopher A. Ward, a lawyer for Palm Harbor, wasn’t immediately available for comment.

“Prolonged poor industry conditions have depleted the liquidity of Palm Harbor Homes despite management’s ongoing efforts to improve and scale back operations as prudent and restructure our… continue reading

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Shoppers Spending Less

jellybellyhoo — Thu, 09 Dec 2010 01:16:26 +0000

This season, holiday shoppers are expected to spend less and be a little more careful with their money. Even with the economy looking better this year, people are not planning on overspending this Christmas.

BUFFALO, N.Y. (WIVB) – When it comes to holiday spending, shoppers are expected to be cautious.

138 million Americans are expected to hit the malls on Black Friday to officially kick off the holiday retail season. But even with the economy looking a little better this holiday season than last, a new survey indicates that shoppers still plan to spend cautiously.

When it comes to holiday spending, the overall outlook is a little more merry and bright. The annual holiday survey from the Consumer Federation of America and the Credit Union National Association says, consumers plan to spend slightly more than they did last year.

23 percent of those surveyed say their financial situation has improved over the last year, up from 19 percent in 2009.

Ten percent say, they’ll spend more than they did last year, while 41 percent say they’ll… continue reading

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