Knoxville Bankruptcy Attorney Says Solyndra Lite Here in Jefferson County
“In a bankruptcy filed for a Jefferson County Truck stop we see evidence of Solyndra Lite,” says Knoxville bankruptcy attorney Dan Scott. Sure, it’s not $583 Million but it is nearly half a Million Dollars lost!
The bankruptcy filing in the Eastern District of Tennessee was picked up by the Nashville Tennessean which just published a story about the bankruptcy […]
You’ve likely heard of the high profile Chapter 11 bankruptcy case of Myrtle Beach lawyer and real estate developer Harry Pavilack. He filed his Chapter 11 case as a defensive measure when he was no longer able to service over $70 Million in debt. In a Chapter 11 case the debtor has an opportunity to propose a Plan of Reoganization to repay its debts over time.
In Pavilack’s case because of numerous questions that arose early in his case the bankruptcy court took the unusual step of appoint a Trustee. The Trustee […]
Bankruptcy is often the natural path when a retailer’s sales go from $1.3 Million in 2009, to $890,000 in 2010 and then on track to do less than $700,000 in 2011. That’s what happened with The Gallery at Belle Meade in the Green Hills area of Nashville. The Gallery sells art, upscale furniture and accessories.
When it filed for Chapter 7 bankruptcy, the retailer stated that it had about $380,000 in assets and over $2.7 Million in debts. Now many of those assets are being auctioned off online from August […]
Reuters is reporting that perhaps next week shopping mall food court favorite Sbarro may seek bankruptcy protection as it obtains over $30 Million of financing. The financing would be available for operations while Sbarro restructures its indebtedness.
Lenders sometimes condition loaning operational money upon the filing of a Chapter 11 case and then obtaining court approval of what is know as debtor-in-possession financing. Most of the Chapter 11 cases filed in Knoxville don’t see this type […]
A long and deep recession claimed another victim this week. Stirling Sotheby’s International Realty, a well known and respected real estate brokerage company with over 100 agents filed Chapter 11 bankruptcy a few days ago. No doubt the Florida real estate market was the first to experience the huge downturn, but other locales including East Tennessee have long been feeling the pressure of no buyers and no lenders willing to finance buyers.
When a company like Stirling files bankruptcy, it makes one wonder will Knoxville real estate firms soon follow. For most real estate brokerage companies […]
Nashville arms dealer Sabre finds itself in the midst of a fight over who will end up with the company’s assets. Its principals have been indicted for gun trafficking and are awaiting extradition from the UK.
Not to worry, while the officers may be fighting criminal extradition, the battle rages for the actual assets of the company. Nashville’s daily newspaper, The Tennessean, reports that an Alabama company is ready to purchase the assets for $2.3 Million. E
I reported on this site a month ago that big time book seller Borders was on the verge of filing bankruptcy. The Wall Street Journal reported Saturday that it is likely that Borders will file a Chapter 11 on Monday or Tuesday.
It’s likely that the case is being filed sooner rather than later because the Chapter 11 process has the possibility of giving certainty to their status visa vie other creditors. Businesses often consider a Chapter 11 for benefits such as:
1. Stopping penalties on tax […]
