Thursday, March 29, 2012

It WAS the Best State Fair in the State

The SFVA Inc., the not-for-profit organization that generates the State Fair of Virginia has recently converted its Chapter 11 bankruptcy to a Chapter 7 bankruptcy filing in Richmond District Court.
As a possible resolution to emerge from the Chapter 11 process, the NPO proposed purchasing the 360-acre Meadow Event Park from the lender group of secured creditors. However, the lender group rejected the offer, refusing requests to produce a counter offer.  Due to the secured creditors’ decision not to accept the offer, SFVA Inc. was forced into the resulting bankruptcy, reported Sandy Allen on www.examiner.com.
Thus, no further events produced by SFVA Inc., including the Strawberry Hill Races, the State Fair of Virginia and the Meadow Highland Games & Celtic Festival, will take place.
G. William Beale, SFVA Board of Directors Chairman and CEO of the Union First Market Bankstated in a press release, “…We worked diligently with multiple parties to present the secured creditors with a reasonable offer to purchase The Meadow, and thus allow the 156-year-old tradition of the State Fair of Virginia to continue.  Unfortunately, that offer was rejected.  Apparently, the secured creditors have other unknown plans for the property.”
The State Fair of Virginia Scholarship Program has awarded 2,439 scholarships and has dedicated over $1.8 million to youth education over the past 20+ years. The funds will, under the administration of a bankruptcy court-appointed trustee, be sent to Virginia Tech’s foundation for administration and distribution.  The scholarship funds were managed separately from the investment portfolio used as collateral to secure the loan to develop The Meadow Event Park.
SFVA, Inc. has reportedly asked that their creditors release the rights to the State Fair of Virginia, the Meadow Highland Games & Celtic Festival and the Strawberry Hill Races.  The ultimate fate for the events as well as the property will be determined by the Chapter 7 process and will be decided upon by the court-appointed trustee.
If you have been thinking about filing Chapter 7 or Chapter 13 personal bankruptcy due to failed real estate investments, contact the attorneys at Macey Bankruptcy Law. We are experienced and knowledgeable in the field of all aspects of personal bankruptcy. Hiring a Macey Bankruptcy Lawattorney to counsel you through the process and provide representation may be the key to your financial freedom.  We have helped hundreds of thousands of consumers like you discharge their debts since 1996.  We offer a free initial phone consultation.  Call us toll-free at 800-260-1402 today or log onto www.maceybankruptcylaw.com for more information.

Texas Debt-Relief Firm Gained Dubious Reputation, Duped Consumers, Filed Bankruptcy

TaxMasters, with their somewhat unrealistic claims of solving taxpayers’ IRS problems, has been making headline news. The alleged debt-relief firm and its CEO, Patrick Cox, has declared Chapter 11 bankruptcy in U.S. Bankruptcy Court in Houston, Texas, listing assets of less than $50,000 and liabilities of between $1 million and $10 million.
In 2010, Texas Attorney General Greg Abbott filed a lawsuit against TaxMasters, averring that some of the company’s claims were false. In an article on www.chicagotribune.com by Nick Brown, Abbott said that the firm “led consumers to believe it would begin working on a case immediately, when in truth it would delay work until a client’s fees were fully paid — even if that meant missing IRS deadlines. The company also hid policy terms, according to Abbott, who reported receiving more than 1,000 customer complaints.”
TaxMasters alleged that they were scheduled to receive up to $25 million in equity financing from a micro-cap financier; however, in a very recent filing with the U.S. Securities and Exchange Commission, TaxMasters said the funding had been ‘unexpectedly delayed’ and that they did know when or if the funds would be forthcoming.
The firm has put four total units into bankruptcy, two of which it plans to liquidate under Chapter 7 bankruptcy.
Your overwhelming debt is a serious matter that you need to deal with now. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law at your side to guide you through every step. Log onto www.maceybankruptcylaw.com or call toll-free Monday thru Saturday and evenings at 800-260-1402 for your free initial consultation.

Gene-Therapy Company Files Chapter 7 Bankruptcy

Neurologix Inc., a developer of gene therapies for disorders of the brain and central nervous system, has recently filed for Chapter 7 in U.S. Bankruptcy Court in Wilmington, Delaware. The New Jersey-based company lists assets of $1.2 million and liabilities of $12.9 million in its bankruptcy filing.
According to an article on www.bloomberg.com by Dawn McCarty, Neurologix hired Global Resource Partners Inc. to provide consulting and financial advice following the resignation of Chief Financial Officer, Marc Panoff.
Neurologix Inc. is owned by Corriente Advisors LLC, General Electric Pension Trust, Palisades Private Partnership LP, DaimlerChrysler Corp. LLC Master Retirement Trust, and ATEC Trust.
The Macey Bankruptcy Law attorneys are an unsurpassed staff of the most knowledgeable consumer bankruptcy attorneys in the country, representing tens of thousands of new clients each year in Chapter 7 and Chapter 13 consumer bankruptcy. Call us toll-free at 800-260-2402 Monday through Saturday as well as evenings to arrange your initial free consultation and log onto our interactive website, www.maceybankruptcylaw.com. Do it for yourself; do it for your family; do it today.

New Beginnings for A & P as They Emerge from Chapter 11 Bankruptcy

The Great Atlantic & Pacific Tea Company Inc., aka A&P, which was once the nation’s largest grocer, has reported that it has emerged from Chapter 11 bankruptcy protection as a private company. The supermarket chain had filed for bankruptcy in 2010, struggling from sluggish sales and huge debts. They reportedly have received funding for operations, refurbished some of their stores and renegotiated agreements with both suppliers and employee unions.
The company has just announced a new management team, naming Raymond Silcock as its chief financial officer, who replaces Frederic Brace, who is resigning from his role as chief restructuring, financial and administrative officer since the company’s bankruptcy process has been completed.
In an article on www.google.com, Sam Martin, A&P’s president and CEO stated, “In just over one year, we have completed a thorough restructuring of A&P’s cost structure and balance sheet to build a strong foundation for the company’s future. With the full support of our financial partners, the new A&P is committed to delivering exceptional value and an enhanced in-store experience to all of our customers.”
The company runs over 300 grocery and drug stores in six states under the A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum names.
A&P, which was founded in 1859, is considered one of the country’s first supermarket chains.
Macey Bankruptcy Law reported on A&P’s Chapter 11 bankruptcy in an earlier blog; we are pleased to be able to report that the company has emerged from bankruptcy and is, once again, a viable and strong U.S. establishment. Bankruptcy often results in a business or individual operating from a stronger financial position and should be thought of as a “new beginning” instead of “the end of the world”. When you call Macey Bankruptcy Law toll-free at 1-800-260-2402, you can get your initial complimentary consultation. Our smart, caring attorneys answer their phones Monday-Saturday and evenings so you can get your initial free consultation at a time that is most convenient for you. And log onto our interactive website at www.maceybankruptcylaw.com for answers to your Chapter 7 and Chapter 13 bankruptcy questions anytime.  Our aggressive representation and extensive experience have earned Macey Bankruptcy Law a national reputation for excellence in the representation of debtors in financial distress. Give us a call; let’s talk about new beginnings.

Massachusetts Businessman Slip Sliding Away-Files Chapter 7 Bankruptcy

Frederick “Rick” McMenimen III, an Exeter, Massachusetts, businessman and a founder of The Rinks at Exeter, has recently filed Chapter 7 bankruptcy, owing $563,192.87 to his creditors and theInternal Revenue Service having an attachment on his property.
McMenimen is also being sued by Susan Wagstaff, a former family friend, for mismanagement of $900,000 in funds. She alleges that McMenimen “abused his position as her financial adviser, using her funds to benefit himself”.
According to the suit, which was filed in Rockingham Superior Court, McMenimen helped Wagstaff set up an irrevocable life insurance trust for the benefit of her three children. At that time, according to the suit, McMenimen worked for Guardian, John Hancock, Prudential Insurance and Custom Financial. The suit also states that, for the last several years, McMenimen worked at a Prudential Insurance-related company, Pruco Securities.
From an article by Aaron Sanborn on www.seacoastonline.com, Wagstaff had received a “significant inheritance” and had shortly thereafter invested in life insurance annuities through McMenimen. He then reportedly informed Wagstaff that she could get a larger return if she made some bigger investments. According to the lawsuit, some of Wagstaff’s larger investments went toPSB, which Wagstaff believed was Prudential Savings and Bond as well as to Custom Financial. The suit states that Wagstaff subsequently discovered that PSB did not stand for Prudential Savings and Bond, but rather a company owned by McMenimen, known as Slapshot Sports.
The suit also alleges that “All of the checks that [Wagstaff] had written to PSB totaling $900,000 did not go into financial investments as she expected, but instead were used for the personal purposes (of McMenimen).” In November, the FBI told her that they were conducting a serious investigation of … Rick McMenimen.”
According to the newspaper story, McMenimen and his attorney, in their response to the suit, deny Wagstaff’s allegations and claim that she did not invest in PSB or Custom Financial.
Wagstaff was recently issued an attachment on McMenimen’s property.
If you have been considering filing Chapter 7 or Chapter 13 personal bankruptcy due to overwhelming debt, contact the lawyers at Macey Bankruptcy Law. We are experienced and knowledgeable in all aspects of personal bankruptcy protection. Call us toll-free at 800-260-1402 for your initial free consultation. Log onto our newly-designed website atwww.maceybankruptcylaw.com for important and up-to-date bankruptcy information. The bankruptcy attorneys at Macey Bankruptcy Law are here for you. Call us today; you will be glad you did.

Boat Company Under Water, Files Chapter 7 Bankruptcy

T&G Boat Sales and Recovery LLC has recently filed for Chapter 7 bankruptcy in New Jersey, listing between $0 and $50,000 in assets and up to $500,000 in estimated liabilities, owed to between one and 49 creditors, reports www.tradeonlytoday.com (Daily News for Marine Industry Professionals).  
 On its website, T&G, which has also gone by the names T&G Boat Sales and T&G Boat Sales and Marine Services over the last eight years, describes itself as the “leading recovery and liquidation company of the Northeast.”
If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy, do not proceed without an experienced and knowledgeable bankruptcy attorney from Macey Bankruptcy Law at your side. To schedule your free initial consultation, please call 800-260-1402 Monday through Saturday and log onto our easy-to-navigate site, www.maceybankruptcylaw.com, for vital and timely information about filing bankruptcy. It could be the key to your financial freedom. Attorneys from Macey Bankruptcy Law have helped hundreds of thousands of consumers since 1996 discharge their debt. We may be able to help you, too. Give us a call today.

Medical Records Firm Suffers Break-In, Files Bankruptcy

Impairment Resources LLC, a California-based, national medical records company, has filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware. The bankruptcy came on the heels of a break-in at its San Diego headquarters that precipitated an electronic breach of detailed medical information for approximately 14,000 people.
Company executives were required by law to report the breach to state attorneys general as well as the Department of Labor’s Office of Inspector General. To-date, the investigation is ongoing and no one has been arrested for the crime.
According to an article by Katy Stech on www.wsj.com (The Wall Street Journal), a company spokesman explained the reason for the bankruptcy filing, stating, “The cost of dealing with the breach was prohibitive”. Impairment Resources listed its assets at approximately $226,000, an amount that, even after money comes in from liquidating sales, “likely won’t be enough to pay lender Insurance Recovery Group and its $583,000 loan.”
The company also faced the threat of even more debt with customers and individuals threatening to sue over the privacy breach.
If you are contemplating filing Chapter 7 or Chapter 13 personal bankruptcy, don’t wait to call theMacey Bankruptcy Law experts. Our compassionate and experienced bankruptcy attorneys are available for mini-phone consultations Monday through Saturday and evenings to answer your financial debt questions. The skilled Macey Bankruptcy Law experts have over 440 years of combined experience in all aspects of Chapter 7 and Chapter 13 bankruptcy relief.  Since 1996, we have helped hundreds of thousands of clients eliminate over $500,000,000 in debt, including reducing principal balances on underwater second mortgages!  With over 100 offices across the U.S., many clients have walk-in access to the legal help they need. With Macey Bankruptcy Lawflexible payment plans, we will work within your budget. Call us toll-free at 1-800-260-1402. Let’s talk and see if our skilled bankruptcy pros can help you and your family realize a brighter and more secure financial future. For Chapter 7 and Chapter 13 bankruptcy answers anytime, please go towww.maceybankruptylaw.com.

Friday, March 16, 2012

Financial Planner’s Finances Go Awry

John E. Matheny, a financial planner with $35 million in assets under management, filed for Chapter 7 bankruptcy following a divorce, unexpected surgery and the crash of the Florida real estate market, in which he was heavily invested. His bankruptcy led the Certified Financial Planner Board’s Disciplinary and Ethics Commission to suspend his right to use the CFP certification marks.
In a recent article on www.financial-planning.com by Miriam Rozen, Matheny stated that he was not discouraged by his bankruptcy and that it would make him a better, more empathetic financial planner. “…I can understand a lot more about people not wanting leverage and debt anymore,” he averred.
Edward Mora, who served on CFP’s Board’s Disciplinary and Ethics committee for five years, says financial planners who file for bankruptcy may indeed receive valuable and cautionary lessons from their insolvency that ultimately they could teach clients. “If they are up front when clients ask them about the bankruptcies, it could be a story of redemption. I can see it being very useful as a learning experience,” he opined.
The article goes on to say that some leaders in the financial-planning profession maintain that the client-advising abilities of some planners who have filed for bankruptcy may actually improve once they emerge from their personal financial woes. This is definitely a consideration since the CFP Board states that the number of its members who filed for bankruptcy increased to 48 last year from 28 cases in 2010, and up from eight in 2009.
Based on current regulations, a financial planner who declares bankruptcy and reports it to the CFP Board, as required, activates an automatic disciplinary investigation. Investigators from the CFP Disciplinary and Ethics Commission will determine if circumstances made the bankruptcy filing impossible to avoid or if the bankruptcy indicates that the planner is unfit to manage clients’ finances. Depending on its findings, the CFP Board may issue a formal admonition or suspend or revoke a member’s certification.
However, with bankruptcies becoming more common, the CFP board is considering whether to replace the current disciplinary approach to cases involving a single bankruptcy with a policy that would require financial planners to only disclose a bankruptcy filing publicly. The rule change would mean the CFP Board will no longer investigate a member just because they identify on a certification application or certification renewal application that they have filed a single bankruptcy.
In the same article, Michael Shaw, a managing director for the CFP Board who supervises both the professional standards and legal departments, said that “[People] are either very much in favor of the notion that, if you are a CFP professional, you should never file a bankruptcy or that a bankruptcy is something a client doesn’t need to know about, that just because you filed a bankruptcy doesn’t mean you wouldn’t do a good job for your clients.”
With his bankruptcy court case completed but his certification suspension still pending, Matheny works helping a group of financial planners at Invest Financial Corp. He avers that he gives people the same level of care and advice as he did previously, but does not hold himself out as a certified financial planner. He maintains, “’I don’t think that bankruptcy has a negative impact on the quality of the advising that I will be doing as a financial planner.’”
Your overwhelming debt is a serious matter that you need to deal with now. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law at your side to guide you through every step. Log onto www.maceybankruptcylaw.com or call toll-free 800-260-1402 for your free initial consultation.

Not All Sweetness and Light as Missouri Company Files Chapter 7

A federal bankruptcy court has ordered Mamtek U.S., an artificial sweetener manufacturer, to file Chapter 7 bankruptcy, according to a disclosure notice from UMB Bank, the trustee for the $39 million in municipal bonds used to finance the huge project.
The recently-released disclosure notice stated that Mamtek did not respond to an involuntary bankruptcy suit filed by UMB and four of Mamtek’s creditors, so the U.S. Bankruptcy Court for the Western District of Missouri ruled Mamtek must file its bankruptcy schedules by March 12.
From an article on www.moberlymonitor.com by Benjamin Herrold, the bankruptcy filing is not a guarantee that the equipment from the partially completed artificial sweetener factory in Moberly, Missouri, will be liquidated; finding another company to purchase and complete the project would be more preferable.
The project, which would have created hundreds of jobs in the area, stalled when Mamtek was unable to make the bond payment due to bondholders last September. The bonds were annual appropriation bonds; the city maintains that it has no legal obligation to pay off the bonds and does not plan to do so. This action caused an event of default that caused all the principal and interest accrued on the outstanding bonds to come due
According to an article on www.stltoday.com by Jason Hancock, questions of shaky financing and the efficacy of the Chinese company that was involved with the project has been suspect for almost two years.
Macey Bankruptcy Law employs some of the most knowledgeable consumer bankruptcy attorneys in the country, representing tens of thousands of new clients each year in consumer bankruptcy matters. The attorneys of Macey Bankruptcy Law are current on the new Chapter 13 and Chapter 7 bankruptcy laws across the country. Our attorneys answer their phones Monday thru Saturday so you can get your initial complimentary consultation at a time that is most convenient for you. Our aggressive representation and extensive experience have earned Macey Bankruptcy Law a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 1-800-260-2402 and log onto our newly designed, easy-to-navigate, interactive website atwww.maceybankruptcylaw.com.

Chapter 7 Bankruptcy Miami Style

William H. Holly, a South Florida commercial real estate broker, has recently filed for Chapter 7 bankruptcy. Holly reportedly experienced financial difficulties while a real estate developer in the beleaguered South Florida area.
In an article by Paul Brinkmann in the South Florida Business Journal, Holly began his career at the Codina Bush Group and was a director at Cushman & Wakefield before establishing the Miami office of Insignia/ESG. The realtor then went back to Cushman & Wakefield in Miami after working for himself for several years.
His recently filed bankruptcy petition declares specific debt of $3.2 million and a number of other debts listed as ‘amount unknown’. Most of the debt on the bankruptcy filing is $2.85 million owed toACG-Miami Green LLC, a company related to the development of Holly’s signature office building,Miami Green. The filing also lists credit card debt as well as a $190,000 judgment from Capital Bank.
Holly is a founding shareholder of Coral Gables Trust and serves on its board of directors. He is also a founding shareholder of Fort Myers-based Florida Gulf Bank.
If you are contemplating filing Chapter 7 or Chapter 13 personal bankruptcy, don’t wait another day to call the Macey Bankruptcy Law experts. Our compassionate and experienced bankruptcy attorneys are available for mini-phone consultations Monday through Saturday to answer your financial debt questions. Macey Bankruptcy Law attorneys have over 440 years of combined experience in all aspects of Chapter 7 and Chapter 13 bankruptcy relief.  Since 1996, we have helped hundreds of thousands of clients eliminate over $500,000,000 in debt, including reducing principal balances on underwater second mortgages!  With Macey Bankruptcy Law’s flexible payment plans, we will work within your budget. Call us toll-free at 1-800-260-1402. Let’s talk and see if our skilled bankruptcy pros can help you and your family realize a brighter and more secure financial future. Log onto our newly-designed, easy-to-navigate website atwww.maceybankruptcylaw.com for important and timely bankruptcy information.

Thursday, March 15, 2012

Minneapolis Man Files Bankruptcy Again, Again & Again

In February, Jim Hoffman pleaded guilty in Minneapolis to federal charges of defrauding over $5 million from mortgage lenders. A few weeks later, he filed a Chapter 7 bankruptcy petition seeking to liquidate personal debts of between $50,000 and $100,000. It is Hoffman’s third personal bankruptcy filing since 1986.
According to an article by Dan Browning on www.startribune.com, Hoffman stated in his bankruptcy petition that he has not been employed during the preceding 60 days. However, federal investigators alleged that he had raised approximately $400,000 for a business development in Muscatine, Iowa. The FBI contended that Hoffman spent most of that money on personal expenses, including a $6,500-a-month rental home.
Hoffman pleaded guilty to one count of money laundering and one count of tax evasion in an agreement that excludes his 24-year-old son from criminal charges related to the Muscatine deal. Hoffman’s wife pleaded guilty to a single count of tax evasion as part of the agreement.
In January, the Star Tribune reported about complaints and fraud allegations against Hoffman over the past thirty years, although none resulted in criminal charges until he was indicted last October.
Hoffman’s bankruptcy filing, which remains incomplete, does not address the nearly $2 million in Minnesota court judgments levied against the Hoffmans since 2006.
Hopefully, your situation is not as serious as the Hoffmans, but you should not take your overwhelming debt lightly. Filing for Chapter 7 or Chapter 13 personal bankruptcy is a complicated legal matter. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law advising you every step of the way. Log onto our new interactive website,www.maceybankruptcylaw.com or call us toll-free at 800-260-1402 for your free initial consultation. We answer our phones Monday-Saturday and evenings so you can get answers when you need them. Don’t wait, call us today.

Not Your Daddy’s Credit Card

So, just what is this ‘chip-and-pin’ credit card system and why should I care? By the end of next year, your MasterCard and Visa will, most likely, no longer use magnetic stripes to share data with merchants. Instead, they will utilize the much-more-secure system that is the norm throughout Europe.
OK, so how does this ‘chip-and-pin’ system operate? It actually works a lot like your debit card; when you slide your card into the reader, NFC or RFID chips verify the legitimacy of the card.  A keypad then appears where you enter your four-digit PIN (Personal Identification Number).  For the transaction to go through, the PIN and the card both have to be verified as legitimate.
Why are the major credit card companies spending so much time and money switching to this new system? One word—fraud. According to an article on www.creditcards.org by Dan Seitz, credit card fraud costs about $2 billion a year in this country alone.  Of course, the chip-and-pin system will not prevent online credit card fraud.  However, the new system has been shown to substantially reduce “face to face” fraud, where someone can copy down your card information when you relinquish it at a restaurant, gas station or any business where you do not actually see the transaction take place. It also is shown to make it more difficult for thieves to use so-called ‘skimmer devices’ that fit over a credit card slot and copy the magnetic stripe, allowing them to “clone” your card.
Second word–competition. Visa and MasterCard, the giants of the bank card world, are looking to retain that position. This is no easy task, with such high-tech rivals as Google Wallet, Square andPayPal in the fray. Add in cell phone companies that are attempting to totally bypass any sort of direct- contact payment and you have major competition for cashless payment.
Although there will likely be some hiccups as the transition is made from magnetic card readers to the new ‘chip and pin’ system, the conversion should be relatively smooth. If it helps prevent credit card fraud, it will be well worth the change.
If you are contemplating filing Chapter 7 or Chapter 13 personal bankruptcy due to overwhelming credit card debt, don’t proceed without an experienced and trustworthy bankruptcy attorney fromMacey Bankruptcy Law at your side. For your free initial consultation, call us Monday thru Saturday at 800-260-1402 or log onto our new interactive and easy-to-navigate website atwww.maceybankruptcylaw.com.

Oh Baby

The United States division of Maclaren has filed for Chapter 7 bankruptcy. The manufacturer, known for its prestigious line of baby strollers, had its reputation as well as its bottom-line damaged when, in 2009, a million of its baby carriages were recalled after a reported 149 toddlers had their fingertips amputated or otherwise severely injured in the hinges of a foldable model. The company’s creditors include at least seven families whose children were injured and who have filed lawsuits.
The company, which has separate divisions in Europe and Asia, filed bankruptcy in Federal Bankruptcy Court in Connecticut at the end of December 2011; the announcement appeared on such popular parenting blogs as daddytypes.com and babygizmo.com, at the end of February 2012. In its bankruptcy filing, Maclaren USA, whose corporate name is American Baby Products, says that it has just $45,413 in assets and $15.9 million in liabilities.
According to an article on www.dealbook.nytimes.com by Peter Lattman and Andrew Martin, some bankruptcy lawyers have opined that the Maclaren filing was unusual in several respects. Since Farzad Rastegar, the owner of Maclaren seems to control all divisions of the company around the world, “it is unusual to put just one division of a company into Chapter 7 liquidation”.
Maclaren was founded in Britain by Owen Maclaren, who initiated the lightweight, collapsible baby carriage in the mid-1960s. Rastegar, an Iranian-born businessman, acquired Maclaren in the late 1990s after it had been in the British equivalent of bankruptcy.
According to the story in The New York Times, many creditors in the case appear to be individuals and/or entities associated with the company’s principals. Documents show that Maclaren USA owes the company’s Chinese affiliate, Maclaren (HK) Limited, approximately $13 million; $1.6 million is also shown to be owed to Rastegar or to companies that are affiliated with him.
One of Maclaren’s largest creditors is NettoCollection, which, according to bankruptcy records, is owed $1.1 million. David Netto, NettoCollection’s founder, is a well-known interior designer in affluent New York and Hollywood circles. Netto had designed a successful line of celebrated baby furniture that garnered popularity with such celebrities as Gwyneth Paltrow and Christy Turlington.
“The bankruptcy filing has raised some red flags that the [bankruptcy] trustee believes merit some further investigating,” according to the proposed counsel for the bankruptcy trustee assigned to the case.
As of the end of February 2012, Maclaren merchandise was still being sold on a number of websites as well as in a Maclaren showroom in Manhattan.
Your overwhelming debt is a serious matter that you need to deal with now. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law to guide you through every step. Log ontowww.maceybankruptcylaw.com or call toll-free 800-260-1402 for your free initial consultation. It could be the key to your financial freedom. We have been helping Americans eliminate their debt since 1996. We may be able to help you, too.

Friday, March 2, 2012

Private Healthcare Company Files Chapter 7 Bankruptcy

Just two months after filing for personal bankruptcy, former SynCare LLC chief Stephanie DeKemper has filed for Chapter 7 bankruptcy protection for the corporation. SynCare listed assets of $125,854 and more than $5.6 million in liabilities according to papers filed with the Indianapolis Federal Bankruptcy Court.
Nearly $2 million of that debt is owed to Centene, the corporation that provided seed money DeKemper used to purchase SynCare in early 2010, reports Steve Giegerich onwww.stltoday.comFifth Third Bank, holding outstanding loans totaling $850,000 joins Centene as the corporation’s largest creditor. Bank of America is reportedly owed $676,964 for a letter of credit secured by Centene.
SynCare received a contract from the Missouri Department of Health and Senior Services to supervise health care services for the state’s 50,000 homebound Medicaid patients. The state terminated the agreement last autumn, barely four months after it went into effect, stating that SynCare failed to deliver the services in the agreement.
With one exception, the article states, the corporate petition parallels the personal bankruptcy papers filed on behalf of DeKemper at the end of last year. The personal bankruptcy names almost 150 SynCare employees from Missouri who are seeking back wages and reimbursement for business-related expenses. The corporate Chapter 7 bankruptcy, conversely, lists compensation owed to 13 people who had been employed at SynCare’s Indianapolis headquarters.
If you are contemplating filing Chapter 7 or Chapter 13 personal bankruptcy, don’t wait another day to call the Macey Bankruptcy Law experts. Our compassionate and experienced bankruptcy attorneys are available for mini-phone consultations six days a week and evenings to answer your financial debt questions. The skilled Macey Bankruptcy Law experts have over 440 years of combined experience in all aspects of Chapter 7 and Chapter 13 bankruptcy relief.  Since 1996, we have helped hundreds of thousands of clients eliminate over $500,000,000 in debt, including reducing principal balances on underwater second mortgages!  With over 100 offices across the U.S., many clients have walk-in access to the legal help they need. With Macey Bankruptcy Lawexperts’ flexible payment plans, we will work within your budget. Call us toll-free at 1-800-260-1402. And log onto www.maceybankruptylaw.com for current information on filing your personal bankruptcy. Let’s talk and see if our skilled bankruptcy pros can help you and your family realize a brighter and more secure financial future.

Race is Run – California Racetrack Company Files Chapter 7 Bankruptcy

Irwindale Speedway LLC, the management group that runs the Irwindale Speedway auto racing track, has recently filed for Chapter 7 bankruptcy; the 2012 racing season has also been canceled.
Bankruptcy filings at the United States Bankruptcy Court, Central District of California, show the racetrack owners owe creditors $331,773.11. The largest amount is $150,000 owed on a personal-injury claim, writes Tim Haddock on www.espn.go.comNu-Way Industries Inc., the company that owns the property where the track and offices are built, is also owed $55,000 in back-rent. Monies are also owed to the Irwindale Police Department, the Golden State Water Company and the San Gabriel Valley Tribune.

According to documents obtained from the Los Angeles County Treasurer and Tax Collector, there are four buildings on the Irwindale Speedway property that are owned by Nu-Way Industries, valued at an estimated $31 million.
Mike Atkinson, the chief steward at Irwindale Speedway, said news of the bankruptcy was a surprise.  In the article Atkinson stated, “I didn’t know there was a bankruptcy until yesterday. I wasn’t informed of anything. Things are up in the air, but I’m trying to stay positive.”
The promoters of one of the races held each year at the track since 1999, the United State Auto Club Turkey Night Grand Prix, are reportedly looking for a new venue. “It’s unlikely you’re going to see any racing at Irwindale,” USAC Western director of operations Tommy Hunt said.
The Formula Drift Series had a date scheduled at Irwindale Speedway this fall. According to John Pangilinan, the media director with the series, Irwindale Speedway has not contacted them about honoring the race date.
Irwindale Speedway has been adversely affected by “poor attendance, small car counts and dwindling sponsorship”. Toyota, who bought the naming rights to the track in 2008, did not renew their title sponsorship at the conclusion of last year’s racing season.
The NASCAR All-Star Showdown, a nationally televised event pitting the top drivers and teams from the K&N Pro Series East and West, was canceled last August. The racetrack was not on the NASCAR K&N Pro Series West schedule when it was released in December. Irwindale Speedway hosted at least one West Series race since the track opened in 1999.
Recently, grandstands seats in the pit area were removed and offices were cleared out.
Your overwhelming debt is a serious matter that you need to deal with now. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law at your side to guide you through every step. Log onto www.maceybankruptcylaw.com or call toll-free 800-260-1402 for your free initial consultation. It could be the key to your financial freedom. We have been helping Americans eliminate their debt since 1994. We may be able to help you, too.

Door-to-Door is No More

It may be hard to believe, especially for Americans of a “certain age” but Fuller Brush Co., has filed for Chapter 11 bankruptcy. The iconic door-to-door cleaning supply company was founded in 1906, 106 years ago! They filed for bankruptcy protection less than two months after saying the company had “completely rebooted itself”.
The Great Bend, Kansas, company listed assets and debt of as much as $50?million each in bankruptcy documents recently filed in U.S. Bankruptcy Court in New York. Fuller Brush’s parent company, CPAC Inc., has also sought court protection from creditors.
According to an article on www.dispatch.com, Fuller Brush did not disclose reasons for the bankruptcy. In a rather enigmatic statement, the company said that 2012 would be a “landmark year” as it introduced a new marketing campaign, products and distribution channels. It seems it will, indeed, be a landmark year, just not for the reasons the company had hoped.
Company founder Alfred C. Fuller was born in Nova Scotia, Canada, in 1885 and moved at 18 to Boston, where he sold brushes door-to-door. At aged 21, with a $375 investment, Fuller started making brushes based on feedback from customers and hired crews to help with sales nationwide.
Fuller Brush expanded to a $109 million business by 1960. Its factory near Great Bend manufactured over 2,000 products.
When considering filing Chapter 7 or Chapter 13 bankruptcy, it is imperative that you have the best legal advice and representation available. The bankruptcy attorneys at Macey Bankruptcy Law are familiar with all aspects of personal bankruptcy. We have over 440 years of combined bankruptcy law experience and 100 law offices across the United States, we will give you the best possible advice on your Chapter 7 or Chapter 13 bankruptcy filing. If you are fed up with piles of unpaid credit bills and late car payment notices, call the compassionate and experienced bankruptcy lawyers atMacey Bankruptcy Law. We have helped hundreds of thousands of people just like you start a new financial life since 1996. Call us Monday thru Saturday and evenings toll-free at 1-800-260-1402. And log onto www.maceybankruptcylaw.com for vital bankruptcy information in a user-friendly, interactive format.

Thursday, March 1, 2012

Unemployment Claims Drop to 4-Year Low

The U.S. Labor Department announced that first-time jobless claims decreased by 15,000, to 358,000, during the first week of February. Although week-to-week changes are not necessarily a true indicator of employment, the average of a four-week period can be far more reliable. For that time period, mid-January thru mid-February 2012, the figure for first-time unemployment compensation fell to 366,000, the lowest number since April 2008. One year ago, initial jobless claims averaged 418,000 for the same period.

The Labor Department has also reported an increase in job openings, with employers across industry borders adding some 243,000 new jobs, the most in nine months. Undue celebration should, however, be put on hold since last winter’s employment growth was negated by the summer of 2011’s job melt-down.

These statistics pointing to a stronger labor market surprised many economists and lead to cautious optimism. Michael Strauss, chief economist at Wilford, Connecticut-based Commonfund, stated in a Chicago Tribune article by Don Less, “’We are getting better employment growth and are seeing some signs that we are getting some self-sustaining aspects of economic activity.’”

The Federal Reserve has indicated that it plans to keep U.S. interest rates low for at least three more years; the economy still has a very long way to go to regain the jobs lost during the recent recession. Latest data showed that almost 13 million people were officially unemployed this January. About 7.7 million Americans are receiving state and federal unemployment benefits, a decrease from 9.4 million one year ago.

If you are facing piles of unpaid credit card bills, medical bills and deficiencies on foreclosed mortgages or repossessed cars due to long-term unemployment, filing for Chapter 7 or Chapter 13 personal bankruptcy with a Macey Bankruptcy Law attorney at your side may be the key to your financial freedom. For your free initial consultation, call 800-260-1402 Monday-Saturday and log onto www.maceybankruptcylaw.com for up-to-date information on filing your personal bankruptcy. We have helped hundreds of thousands of clients discharge their debt since 1996.

Help for Victims of Housing Crisis?

The Obama administration has recently announced a deal to help the 1.75 million victims of the housing crisis. This is the largest ever joint state-federal settlement and is intended to correct some of the abuses in the mortgage lending industry that have hurt many U.S. homeowners and may be the primary cause of the current economic crisis. The $25 billion agreement with the five largest mortgage services -- Ally Financial (formerly GMAC), Bank of America (BofA), Citigroup, JP Morgan Chase and Wells Fargo -- should bring $1.5 billion in cash payments to 750,000 former mortgagees who have lost their homes to foreclosure and up to $20 billion in assistance to help current homeowners remain in their properties.

Here is how the settlement will affect three groups, reports Mary Ellen Podmolik for The Chicago Tribune.

·        - Consumers whose mortgages were serviced by one of the above-mentioned banks, with loans held by Fannie Mae or Freddie Mac, and who lost their homes to foreclosure between 1/1/08 and 12/31/11 are eligible to receive $1,500-$2,000 each. Those consumers should contact their former servicer with their current address. Those who lost their homes following a short sale or deed-in-lieu agreement with their mortgage servicer are not eligible.

·         -Delinquent borrowers who are at least 30 days behind on their mortgage or who can demonstrate that they are at imminent risk for default and have a mortgage held by one of the five banks in question or by a private investor may be able to get some relief on first mortgages (although they will still be ‘underwater’). Write-downs on second mortgages are also possible. The borrower’s mortgage must be less than $417,000; homeowners whose mortgages are not 20% or more underwater will probably not be considered. Homeowners should contact their mortgage servicer to find out who actually holds the mortgage.

·        - Current borrowers whose mortgages are held by the five banks, who are underwater, are paying more than 5.25% interest and are unable to refinance their loans, may be able to refinance their loan to a lower rate, determined on a case-by-case basis. Borrowers who have been delinquent during the last twelve months, have filed bankruptcy in the past 24 months, have had a mortgage modification in the last 24 months or hold a loan by Fannie Mae or Freddie Mac are not eligible. Eligible borrowers should receive notification from their mortgage servicers.

For more information, consumers should go to www.nationalforeclosuresettlement.com and for more information on how to file personal Chapter 7 or Chapter 13 bankruptcy, log onto www.maceybankruptcylaw.com.

If your family is struggling with everyday financial difficulties or if you are facing possible foreclosure of your home, filing Chapter 7 or Chapter 13 personal bankruptcy could help you make a fresh start. For experienced and knowledgeable bankruptcy assistance, trust the attorneys from Macey Bankruptcy Law.  Please log onto our new interactive, easy-to-navigate website at www.maceybankruptcylaw.com for up-to-date information on filing your personal bankruptcy. Call toll-free 800-260-1402 today for your initial free consultation or come into one of our 100 sites across the country. Attorneys from Macey Bankruptcy Law have helped hundreds of thousands of consumers eliminate their debt. We may be able to help you, too