Anna Nicole Smith Tied to Lehman Bankruptcy?

According to an article published by The Wall Street Journal, "Yes, there is a fresh connection between the late Anna Nicole Smith and the bankruptcy case involving the shell of Lehman Brothers. Buckle up. J.P. Morgan and the remains of Lehman Brothers are fighting out in court over charges J.P. Morgan improperly siphoned billions of dollars out of Lehman in its dying days. But J.P. Morgan late Monday said it wants to move the case out of bankruptcy court, citing the precedent of a recent Supreme Court case that involved, yup, Anna Nicole Smith, her long-dead oil tycoon husband J. Howard Marshall and Smith’s former boyfriend and lawyer,...

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Posted in Anna Nicole Smith , bankruptcy court , Celebrity Bankruptcy , Lehman Brothers Bankruptcy

NJ Devils On Thin Ice Facing Possible Bankruptcy

The heavily-indebted New Jersey Devils missed a Sept. 1 loan payment, giving their lenders a breakaway chance to push the three-time NHL champion into bankruptcy, the New York Post reported Monday. It puts the team on thin ice ahead of the opening of training camp Tuesday, with a source saying, "The Devils are blowing up." The attendance-challenged team's financial hardships could also affect Newark's four-year-old Prudential Center, the Devils' home arena. Team-owned Devils Arena Entertainment operates the $375 million building and guarantees the Devils' loans and, therefore, is in danger of also going bankrupt. Two issues were complicating...

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Posted in bankruptcy , Hockey Bankruptcy , NJ Devils

More College Graduates Filing For Bankruptcy

A wedding ring, college degree and a well-paying job: the American dream or a recipe for bankruptcy? Some of the factors often associated with financial success are increasingly becoming correlated with personal bankruptcy filings, a study released Tuesday by the Institute for Financial Literacy found. The study found that from 2006 to 2010, bankruptcy filings increased among college graduates and those earning $60,000 a year or more. What’s more, last year, 64% of bankruptcy filers surveyed were married—a number that also increased from five years ago. “The Great Recession has had a dramatic impact on the bankruptcy filings of American consumers...

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Posted in bankruptcy , bankruptcy filings , college bankruptcy

Kerry Katona - Celebrity Spokewoman for Going Broke??

According to a recent article published in The Sun... KERRY Katona has been slammed for "inspiring" more women than ever to let themselves go bankrupt. The reality TV star, 31, has been branded a "bankruptcy role model" following her well-publicised struggle to organise her finances. And latest figures show that 14,827 women were declared broke in the second quarter of 2011 thanks to being unable to control spiralling credit and store card repayments in their bid to chase a WAG lifestyle. Women now account for a record level of 48 per cent of personal insolvencies, with those aged 18 to 35 overtaking men for the first time. Former...

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Posted in 50 cent bankruptcy , Celebrity Bankruptcy , celebrity debt , Kerry Katona bankruptcy , women in debt

Consumer Bankruptcy Filings Continue to Fall

According to the Association of Credit and Collection Professionals, August consumer bankruptcies decreased 11 percent nationwide from August 2010, according to the American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center. The data showed that the overall consumer filing total for August declined to 113,432, down from the 127,028 consumer filings recorded in August 2010. Each month of 2011 has recorded fewer bankruptcies than last year. "Consumer bankruptcies continue to decline over the past year as households deleverage and consumer credit remains tight,” said ABI Executive Director Samuel J. Gerdano....

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Posted in american bankruptcy institute , bankrupty decline , consumer bankruptcies

US Postal Services Asks Congress for Help

After a front-page story in Saturday’s New York Times, the woes of the U.S. Postal Service are beginning to sink in. In short, the Postal Service will soon default if Congress does not take action. Hoping to encourage legislators to step in, Postmaster Patrick R. Donahoe will address the Senate Homeland Security and Governmental Affairs Committee in a hearing Tuesday. Thomas R. Carper, the Delaware Democrat who serves as chairman of the Senate subcommittee overseeing the Postal Service, spoke with the New York Times about the current situation. "The situation is dire," said Carper. "If we do nothing, if we don’t react in a smart appropriate...

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Posted in post office bankruptcy

Saab Files For Bankruptcy Protection

STOCKHOLM—Saab Automobile AB Wednesday filed for protection from its creditors, in a move that buys time for the Swedish car maker to secure additional short-term funding to restart production. The filing, similar to a Chapter 11 filing in the U.S., wasn't unexpected. Labor unions representing employees at Saab Automobile who weren't paid last month were due Wednesday to consider forcing the company into bankruptcy proceedings so that workers could seek state unemployment benefits. Saab would have to consider filing for bankruptcy if it isn't granted protection from its creditors, it said in its application to the district court in...

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Posted in automobile bankruptcy , Chapter 11 Bankruptcy , Saab bankruptcy

1.2 Billion Dollar Offer for LA Dodgers

Frank McCourt has been offered $1.2 billion to sell the Los Angeles Dodgers to a group backed by Chinese government-owned investment banks, a person familiar with the situation told The Associated Press on Thursday. The bid to buy the team out of bankruptcy, which was first reported by the Los Angeles Times, was being headed by Los Angeles Marathon founder Bill Burke, said the person who requested anonymity because he was not authorized to discuss it publicly. The bid terms, put forth in a letter sent to McCourt this week, call for an all-cash payment to buy the Dodgers, all real estate related to the team and the team's media rights....

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Posted in baseball bankruptcy , LA Dodgers bankruptcy

Oprah Can't Save You From Bankruptcy

Oprah Winfrey can do a lot of things: give you a car, get you to read, inspire a hilarious “Saturday Night Live” skit. But we’ve found one crack in the legendary media maven’s track record of wins. Surprisingly, it seems she can’t save a company from bankruptcy. In 2003, the then-talk show queen bestowed her stamp of approval on the macaroni and cheese served up by Delilah’s at the Terminal, a southern-style eatery located in Philadelphia’s Reading Terminal Market. Oprah deemed it the best mac and cheese in the country, and buzz followed. But even Oprah’s praise and tasty southern delicacies like fried chicken and collard greens couldn’t...

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Posted in bankruptcy protection , Delilahs bankruptcy , restaurant debt

Harrisburg Council Rejects Plan to Address It's Debt Crisis

Aug 31 (Reuters) - Pennsylvania's capital of Harrisburg rejected a rescue plan designed to address its debt crisis on Wednesday, in a move that could prompt a state takeover of its finances. In an 4-3 vote, the Harrisburg City Council rejected a plan put forward by Mayor Linda Thompson. The vote came less than two months after the council rejected another plan presented by a state-appointed advisor. Harrisburg -- a city of 50,000 about 100 miles west of Philadelphia -- is one of a handful of U.S. cities and counties that have teetered toward economic collapse in the wake of the 2007-09 recession. A string of failures could rattle the...

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Posted in bankruptcy , harrisburg debt crisis