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Loehmann’s files for Chapter 11 bankruptcy

Posted on Monday, December 23rd, 2013 at 4:18 pm    

In mid-December, New York-based Loehmann’s Holdings Inc. filed for bankruptcy in the federal court in Manhattan.

Frieda Loehmann founded the store in Brooklyn in 1921. It has 40 stores in several states nationwide. Loehmann’s sells high-end designer products at discounted rates.

The store, owned by Whippoorwill Associates Inc., filed for Chapter 11 bankruptcy after accruing a debt of $500 million. Like many businesses in the struggling economy, Loehmann’s suffered financially when customers cut personal spending.

The legal team at the Russell Van Beustring P.C., works for business owners in Houston who face financial difficulties. Find out how a lawyer could help you get out of debt today by calling 713-973-6650.

Rapper DMX’s bankruptcy still experiencing issues

Posted on Monday, November 4th, 2013 at 9:43 pm    

According to bet.com, Rapper DMX filed chapter 11 bankruptcy, but a U.S. Trustee discovered inconsistencies in his documentation.

According to reports, U.S. Trustee Tracy Hope will try to reduce the rapper’s Chapter 11 filing to Chapter 7, which means DMX will have to sell his properties to repay his debtors.

On a recent document filed by Hope, she noted that the rapper’s debtors are disappointed with federal actions after DMX failed to appear at a meeting with his creditors last September. Hope also noted that the rapper is deliberately delaying the process. DMX, whose real name is Earl Simmons, filed Chapter 11 last July after he had accumulated a debt of $10 million.

The lawyers at Russell Van Beustring P.C. help Houston residents get out of debt. If you are facing mounting debts, call 713-973-6650 to discuss your legal options, including filing for bankruptcy, today.

Kodak emerges from Chapter 11 bankruptcy

Posted on Thursday, September 12th, 2013 at 6:19 pm    

After it going through the bankruptcy process for almost two years, photography and imaging company Kodak will exit bankruptcy on Thursday, September 5, according to a report from USA Today. The bankruptcy court approved Kodak’s Chapter 11 bankruptcy on August 20.

The company will no longer be overseen by the U.S. Bankruptcy Court or have matters handled by the U.S. Trustee.

As Kodak emerges from Chapter 11 bankruptcy, nine persons will be assigned to its board. The company’s spokesperson Christopher Veronda also said a new trading symbol will be used by Kodak as it gets its stocks on a major stock exchange.

Kodak filed for Chapter 11 bankruptcy in January 2012 after it loses money due to the fall of film.

For many businesses, bankruptcy is the best way to escape financial troubles and burdensome debts. If your business in Houston in facing financial troubles, speak with a lawyer from the Russell Van Beustring P.C. by calling 713-973-6650 today.       

Houston-based Highway Technologies files for bankruptcy

Posted on Saturday, May 25th, 2013 at 3:45 pm    

Houston, Texas-based highway safety services and products provider Highway Technologies Inc. filed for Chapter 11 bankruptcy on May 22 and laid off 740 of its 825 employees all over the country, notifying them of this course of action on May 17.

Fifty-four of the affected Houston employees work at the 6800 and 6811 Dixie Drive location, while 80 are in Fort Worth at the firm’s facility on 7200 Jack Newell Boulevard South, data from the Worker Adjustment and Retraining Notification Act (WARN) documents filed with the Texas Workforce Commission showed. Another 53 are in the company’s Austin location at 12909 Dessau Road.

The WARN documents told of the facilities’ eventual closure.

According to the company’s employees, the firm held on to a core group of people to “wind the business down safely, secure equipment, and handle any remaining administrative items.”

If you are a Houston business that is facing hefty debts that you cannot afford, contact the lawyers at the Russell Van Beustring P.C., at 713-973-6650 to discuss how bankruptcy may be the best course of action.

The Scooter Store to undergo normal operations even after Chapter 11 filing

Posted on Monday, May 6th, 2013 at 9:39 pm    

New Braunfels, Texas-based Scooter Store Holdings, Inc., which is currently undergoing a financial restructuring, is not letting bankruptcy get in the way of its normal, day-to-day operations. However, the company still expects to report some losses.

Facing debts of more than $50 million, The Scooter Store is planning to sell all its assets, which total less than $10 million, but continue selling it’s power wheelchairs.

According to CEO Marty Landon, the purpose of April 15’s Chapter 11 bankruptcy filing was to search for a financially-healthy provider.

The company is going to hold on to its 300-strong workforce, which in earlier years reached more than 2,400.

The Scooter Store’s headquarters was raided by around 150 federal agents last February, saying the company has been the subject of a civil investigation for many months now, in regards to its “former business practices, including billing and reinforcement procedures.”

Chapter 11 bankruptcy can be an extremely helpful way to overcome a large amount of debt. If your company is in such a situation, call 713-973-6650 today to speak with the legal team at the Russell Van Beustring P.C., about your legal options for getting out of debt.

American Airlines-US Airways merger approved

Posted on Wednesday, April 24th, 2013 at 6:30 pm    

Major carriers American Airlines of Fort Worth, Texas and U.S. Airways, based in Arizona, will become the world’s largest airline with the approval of the two companies’ merger.

New York-based U.S. bankruptcy judge Sean Lane approved of the airlines’ merger Wednesday, March 27, as a form of restructuring plan for AMR Corp., parent company of American Airlines, which has been in a state of bankruptcy since November 2011.

U.S. Airways chairman and CEO Doug Parker said the public can expect more flights and destinations, in addition to no fare increases.

The next step in the restructuring process is to have the Justice Department approve of the merger. If everything goes according to plan, American Airlines is predicted to be out of bankruptcy by September.

Facing bankruptcy as a business can be daunting, unless you have the guidance of a skilled lawyer from the Russell Van Beustring P.C. Understand your options and how you can potentially keep your company while addressing debts by calling 713-973-6650.

Former Houston surgeon nixes bankruptcy claim

Posted on Wednesday, March 27th, 2013 at 8:54 pm    

Court-embattled, Houston ex-surgeon Michael Brown retracted his Chapter 11 bankruptcy filing February 24, a month after having made the initial bankruptcy claim.

According to Brown’s attorneys, Brown was led to believe that the reorganization of assets that accompanies a Chapter 11 bankruptcy filing, made on January 23 in a Miami federal court, would result in a closure of “divorce-related issues” that he was having with his estranged wife, Rachel.

The bankruptcy filing also “endangers the business and leaves it vulnerable,” as a team of doctors and the former president of Brown Medical Center, Inc. are in a legal battle with Brown, Brown’s lawyers added.

A group of doctors accuses Brown of purchasing expensive real estate and two yachts while still owing them significant sums of money.

Facing financial and professional difficulties as a company can put a lot of pressure on you. However, filing for Chapter 11, while perhaps not the best course of action for Brown, may be the best solution for you and your company. Call 713-973-6650 today to speak with the legal team at the Russell Van Beustring P.C., today about how bankruptcy may benefit you.

ATP unsecured creditors demand either trustee or liquidation with the company’s bankruptcy

Posted on Monday, February 25th, 2013 at 2:58 pm    

Houston-based ATP Oil and Gas Corp.’s unsecured creditors petitioned a bankruptcy court in Houston to either delegate a trustee to manage the Chapter 11 bankruptcy proceedings of the company or to have the case changed to a Chapter 7 liquidation.

The motion, which is set to be heard on Feb. 21, states that ATP “now finds itself in a death spiral from which it cannot escape” and that “…rather than preserving value for the benefit of the creditors, management’s (in)actions have diminished the value from which creditors may ultimately seek recovery on their claims.”

ATP filed for Chapter 11 bankruptcy with the Southern District of Texas in July 2012. The company is also facing a lawsuit filed by the U.S. Department of Justice on February 11 for allegedly violating the Clean Water Act on account of discharging oil and chemical dispersant into the Gulf of Mexico.

Not only can filing for bankruptcy be complicated, especially as a business, but it can also be difficult to choose what type of bankruptcy is best for your business’s situation. Speak with a knowledgeable Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., today about your options when facing financial difficulties by calling 713-973-6650.

After Filing Bankruptcy, Lon Morris College Campus Finally Sold

Posted on Friday, February 1st, 2013 at 7:47 pm    

Lon Morris College, an accredited two-year junior college, has been sold in an auction after filing for bankruptcy in 2012.

Said to be the oldest private junior college in Jacksonville, East Texas, Lon Morris was auctioned off after two weeks of bidding under the facilitation of Ameribid.

With bids totaling up to $2.2million, much of the school’s property went to the Jacksonville school district and a local office supplier, 11 X 17, Inc. The administration building and sports grounds was acquired by the Jacksonville school district, while large parts of the academic buildings, chapel and school dormitory went to 11 x 17, Inc.

Proceeds from the auction will go to the creditors and former employees, according to Lon Morris chief restructuring officer Dawn Ragan, provided the sale is approved by the bankruptcy court.

Undergoing bankruptcy as a business can be a confusing, although extremely beneficial, process. Get the help you need when facing financial difficulties by calling the business bankruptcy attorneys at Russell Van Beustring P.C., at 713-973-6650.

College’s charitable funds at risk in bankruptcy court

Posted on Wednesday, November 28th, 2012 at 8:35 pm    

Lon Morris College in Jacksonville, a liberal arts school located less than 120 miles southeast of Dallas, filed for bankruptcy in July with only $11 million in assets from endowment money. Now, bankruptcy attorneys want the court to use its charitable funds to pay off its bills to creditors. The college, the only United Methodist-affiliated school, is fighting to keep the money.

According to the Wall Street Journal, a lawsuit has been filed by the Texas Methodist Foundation, the holders of the endowments, to protect the money. The foundation argues that the individuals who donated their funds in wills or family trusts did not intend for the money to be spent on creditors. However, where the money goes after bankruptcy is not clearly defined in the Bankruptcy Code.

Similar conflicts arose in the late 1980s and 1990s. The court ruling over Bishop College’s bankruptcy case in 1987 denied bankruptcy attorneys from using the school’s charitable money to pay for its debts, claiming the money was not part of the bankruptcy estate. However, in 1996, a hospital in bankruptcy was forced to use charitable donations to cover expenses.

If your business is considering filing for Chapter 11 bankruptcy, a bankruptcy lawyer can explain your options and legal rights. The legal team at the Law Office of Russell Van Beustring can help you through the bankruptcy process to ensure that you are making the right decisions for you and your company.


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