Price Tag for Tulleys Coffee to Exceed 9 Million

Lawyers for the Tulley's estate filed suit to force the buyers to pay about $550,000 worth of additional post-filing costs. The suit filed in Seattle US Bankruptcy Court argued that the investor group, Global Baristas LLC owes them additional monies after modifying the terms of purchase. The group which beat out Starbucks at a 13-hour auction, won the bid at 9.1 million, however, fine print terms allowed for the price to change. According to court documents, "Tully’s coffee shops filed for bankruptcy in October 2012, blaming its financial hardship on “the economic downturn that affected Seattle and San Francisco, at a time when the market...

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Former Politician and Convenience Store Mogul Files Bankruptcy

Controversial convenience store magnate Christy Mihos' bankruptcy filing is the latest fallout from his financial and domestic tailspin in the past several years. First Mihos' adhamently denied assaulting his wife, now he is facing accusations from more than a dozen creditors who say Mihos' owes them money.   The former Massachusetts Turnpike Authority vice chairman and gubernatorial candidate  filed Chapter 7 bankruptcy for Hyannis-based Christy's of Cape Cod LLC on Jan. 31 in U.S. Bankruptcy Court in Boston, according to court documents. He cited between $1 million and $10 million in debt owed to more than a dozen...

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Posted in business bankruptcy , Chapter 7 Bankruptcy , christy mihos , US Bankruptcy Court

Worlds Most Valuable Poster Sold in Bankruptcy Court

What is thought to be the world's most valuable movie poster along with eight others sold to a film memorabilia collector for $1.2 million. The Metropolis poster by German Expressionist Heinz Schulz-Neudamm was purchased as part of a lot in a Los Angeles bankruptcy court Thursday. Schulz-Neudamm created the poster in 1927 for the German Expressionist science-fiction film of the same title by Fritz Lang. New Jersey resident Ralph DeLuca, who owns film memorabilia company Movie Archives Inc., won the bidding over three other bidders, Reuters reports. Bidding for the poster started at $700,000. "I honestly feel that the 'Metropolis' poster...

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Posted in Bankruptcy Auction , Bankruptcy Memorabilia , Metropolis Poster Bankruptcy Auction , Movie Archives

Federal Judge Allows Popular PA Ski Resort to be Sold at Auction

Scranton, PA -  A federal bankruptcy judge had the final say, allowing bankruptcy trustee Gary Seitz to solict bids for the purchase of Northwestern Pennsylvania'a Sno Mountain to satisfy its creditors. The Ski Resort's finances were a slippery slope themselves, as the resort has accumulated over $24 million dollars in debt and nearly $420,000 in tax liens. The list continues with over $400,000 due to the IRS and a bill more than double that size owed to the Commonwealth of Pennsylvania. The resort filed for Chapter 11 bankruptcy protection in October, and court records list the resort with assets of only $171,562.00. The sale...

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Posted in business bankruptcy , Chapter 11 Bankruptcy , pennsylvania bankruptcy , ski resort bankruptcy , sno mountain bankruptcy

Bankruptcy Trial for Former Telatron Owners Getting Closer

According to GoErie, The former owners of a bankrupt Erie telemarketing business are getting closer to a trial in U.S. Bankruptcy Court in Erie over claims that they engaged in a multimillion-dollar fraud while they ran the company. Chief U.S. Bankruptcy Judge Thomas P. Agresti last week rejected a proposed settlement that would have ended the case against the two top officials of what had been the Telatron Marketing Group Inc. Agresti, who cited a clerical error in turning down the proposal, has scheduled a trial for Dec. 13-14 at the federal courthouse in Erie. Some of the claims against Telatron are related to an affiliate debt-collection...

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Posted in bankruoty filing , bankruptcy trial , Erie PA Bankruptcy , Judge Thomas Agresti , Telatron Bankruptcy , Trustee Melaragno , U.S. Bankruptcy Court

According to a recent article published by Go Erie, Erie's Community Country Day School have filed for Chapter 11 bankruptcy protection, citing hundreds of thousands of dollars in debt and unpaid taxes that accumulated as the school lost donations and grant funding. Community Country Day School is a private school, founded in the late 1960's with an enrollment of approximately 140 students grades K-12. The school specializes in providing mental health services for students. According to documents filed in U.S. Bankruptcy Court in Erie on November 9th, the school owes the IRS approximately $175,000 in back taxes and that is just the beginning.... $600,000 owed to Northwest Savings Bank $60,679 in Pennsylvania unemployment compensation $41,455 to Awareness Ministries $30,000 to...

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Posted in Chapter 11 Bankruptcy , Erie Bankruptcy , Erie Bankruptcy Court , Erie Community Country Day School , Judge Thomas Agresti , U.S. Bankruptcy Court

Manhatten Federal Bankruptcy Court Will Re-Open

(Reuters) Federal bankruptcy court in Manhattan reopened  Yesterday after being closed for more than two weeks due to flooding and other damage caused by Hurricane Sandy, according to its website. The court, which had been without steam, Internet and phone connection, is "now operational," according to an announcement on the site on Monday. For large companies restructuring under Chapter 11 in New York, like Patriot Coal Corp and American Airlines parent AMR Corp, it means returning to normal after days of postponed or relocated court hearings. The court, a major hub for corporate restructurings and liquidations, is...

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Posted in AMR Corp Bankruptcy , Federal Bankruptcy Court , Hurricane Sandy , NYC Bankruptcy Court , Patriot Coal Corp