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Bankruptcy Foreclosure News

• Homeowners Illegal Foreclosure Resolved - A family whose property was mistakenly and illegally foreclosed on in Altadena, California is breathing a sigh of relief after the situation was finally resolved.


• Blackstone agrees to $10M Settlement in Extended Stay Bankruptcy Law Case - The Blackstone Group LP has agreed to a $10 million settlement in a lawsuit filed over complicated bankruptcy law issues that arose following the sale of the Extended Stay hotels chain by Blackstone.


• Hedge Fund Pushes Hotel Into Bankruptcy to Avoid Lawsuit - MSR Hotels & Resorts Inc., the real estate investment trust (REIT) that is a part of billionaire investor John Paulson’s hedge fund, has filed a Chapter 11 petition in the Manhattan Bankruptcy Court in a bid to escape liability arising out of a lawsuit filed against MSR executives by a lender.


• Bill Sizemore Seeks Bankruptcy Law Protection - Oregon-based anti-tax activist Bill Sizemore has sought protection under bankruptcy law in order to avoid paying $21 million in legal judgments that he owes to two unions.


• Costner’s Prince of Thieves Lawsuit Ends Up in Bankruptcy Court - Morgan Creek Productions has filed a lawsuit against Kevin Costner in the Bankruptcy Court in New York.


• Peabody and Patriot Coal Face Protests Over Bankruptcy Law Strategy - Bankruptcy law by definition provides protection from creditors, but Patriot Coal (NYSE: PCX) and its former parent Peabody Energy stand accused of creating a company specifically with the intention of letting it go bankrupt.


• Casey Anthony Seeks Legal and Financial Refuge in Bankruptcy Law - Casey Anthony is looking to get rid of her remaining legal and financial woes by seeking protection under bankruptcy law.


• Marriott Facing $400M Lawsuit for Forcing New York Hotel into Bankruptcy - Madison 92nd Street Associates LLC, which owns a Courtyard by Marriott hotel on 92nd Street in Manhattan, sought bankruptcy protection in Aug 2011 to avoid foreclosure and gain some time to work out a refinancing deal.


• New England Compounding Center Takes Refuge Behind Bankruptcy Law - Framingham, MA-based New England Compounding Center, whose steroid medication resulted in a nationwide meningitis outbreak, is taking legal and financial refuge behind bankruptcy law.


• Upper Crust Pizza Chain Bankruptcy Auction Raises More Legal Issues - Boston, MA-based pizzeria chain Upper Crust Pizza outlets were purchased by a slew of buyers at a bankruptcy auction. That does not end the company’s financial and legal troubles, because four of the properties were purchased by Ditmars Ltd., a private equity firm which has connections to Upper Crust Pizza owner Jordan Tobins.


• Digital Domain CEO Faces Lawsuits After Using Bankruptcy Law to Protect Company - In the wake of Digital Domain Media Group’s remarkably fast and successful exit from bankruptcy, a lender and other interested parties are now going after DDMG CEO John Texter to recover monies owed by the company.


• Creditors’ Strategy for Archdiocese of Milwaukee Bankruptcy - The creditors committee of abuse victims who have won lawsuit awards against the Archdiocese of Milwaukee has outlined a multi-pronged strategy they plan to pursue to get past the bankruptcy filing by the archdiocese.


• Upper Crust Pizzeria Files for Bankruptcy Protection - Upper Crust Pizzeria, which defaulted on its loan to TD Bank late last month, said it owes at least $3.4 million, including over $500,000 to a Brookline construction corportation.


• GM Faces $3B Lawsuit for Forcing Saab Into Bankruptcy - GM had acquired a 50 percent stake in Swedish company Saab Automobile AB in 1989. They acquired the entire company in 2000.


• Class-Action Lawsuit in Ohio by Foreclosure Victims - A law firm in Ohio has filed a class-action lawsuit in the Cuyahoga County Court of Common Pleas on behalf of foreclosure victims.


• JP Morgan Chase Sued for Causing Wrongful Death by Foreclosure - Harry Engel, a retired minister and resident of Grand Prairie, TX, passed away in July 2010. His wife and children have now filed a wrongful death claim against JP Morgan Chase and two other defendants in Dallas County Court.


• CSI Star Gary Dourdan Alleges Foreclosure Fraud Against Ban - Gary Dourdan knows a thing or two about Crime Scene Investigation, but apparently not much about managing his personal finances.


• Park Pointe Facility Files for Bankruptcy - The CEO and owner of Prism Healthcare Group’s two older facilities in Morris has declared Chapter 11 bankruptcy protection for one of them.


• Banks Settle Foreclosure Fraud Cases - Five of the biggest banks in the nation and government officials in all 50 states have come to an understanding about how to settle a huge investigation into defective and deceitful foreclosure proceedings.


• Larry Fila, Owner of The Fila Academy Declare Bankruptcy After Court and Jury Grant $540,000.00 in Monetary Compensation - Larry Fila, owner of The Fila Academy of Glen Burnie, Maryland, filed for bankruptcy on December 20, 2011, in the United States Bankruptcy Court. 


• Kodak Attempting to Avoid Bankruptcy Filing - In an effort to avoid filing for bankruptcy and seek out other options, Eastman Kodak Co. has rearranged its restructuring advisers.


• American Airlines Files for Bankruptcy - In an effort to cut down on expenses related to rising fuel prices and labor costs, American Airlines has announced its decision to file for bankruptcy.


• Foreclosed Homeowners Fight Back By Taking Legal Action - So many property owners in foreclosure are standing upfor themselves that a mortgage-litigation index has gone through the roof during the second quarter.


• Bankruptcy Filings Reshape the Airline Industry - Bankruptcy has changed the airline industry so drastically that lately, despite traditionally high fuel costs and a declining economy, only AMR Corp.(AMR_), the parent corporation of American Airlines, is viewed as a possible bankruptcy contender.


• Bankruptcy Can Hurt Credit Score For Several Years After Case is Filed - The negative repercussions of bankruptcy don’t go away when the Untied States Bankruptcy Court has made a decision on an individual or corporation’s bankruptcy filing

Do you have questions or concerns regarding filing bankruptcy? If so, contact a bankruptcy attorney in your area to discuss your legal options.