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.
Posted on Friday, April 20th, 2012 at 7:58 pm
Earlier this week it was announced that the San Antonio Opera plans to file for liquidation bankruptcy in less than three weeks. According to its lawyer, the organization has no assets and no staff.
The San Antonio Opera’s financial woes have only gotten worse now that a local musicians union, the American Federation of Musicians, has filed a federal lawsuit against it. The union claims the San Antonio Opera still owes musicians money from a canceled production of Donizetti’s “The Daughter of the Regiment.”
Problems arose after the founder and artistic director left the organization. Two months later, when the company could not longer make payroll, its doors closed.
If your organization has fallen on hard times, contact the business bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.
Posted on Tuesday, April 17th, 2012 at 5:50 pm
Last Friday a bankruptcy court approved the sale of the Los Angeles Dodgers baseball team to a private group of investors for a record price of $2 billion, the largest in American sports franchise history.
Among the group of buyers include former LA Lakers player “Magic” Johnson, CEO of Guggenheim Partners Mark Walter, and former executive of the Atlanta Braves and Washington Nationals Stan Kasten. The selling of the team helped it emerge from Chapter 11 reorganization.
The Dodgers’ financial troubles began when owner Frank McCourt and his wife filed for divorce. For years, the couple fought for ownership of the team until the MLB took over last April.
If your business is on the brink of bankruptcy, contact the business bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 to learn about your options.
Posted on Tuesday, February 28th, 2012 at 7:05 pm
Dippin’ Dots, the novelty ice cream maker, filed for bankruptcy last year and now Regions Bank, its largest creditor, is demanding that CEO Curt Jones step down. Regions Bank has refused to loan the company any more money until Jones is ousted.
The ice cream maker is in need of at least $2 million to pay its bills until the summer, when business usually picks up. The bank wants the courts to appoint a third party trustee to take over during the bankruptcy proceedings because it believes Jones acted in his own self-interest when he sold a majority of the company to avoid having it sold in bankruptcy court.
Dippin’ Dots has listed its liabilities at $12 million and its assets at $20.2 million.
If your business is struggling with overwhelming debt, contact the business bankruptcy lawyers of the Law Offices of Russell Van Beustring, P.C. by calling 713-973-6650.
Posted on Thursday, February 16th, 2012 at 11:55 pm
This week General Motors announced it had made record profits last year, knocking Toyota Motors down to be the world’s largest automaker. In 2011, Toyota beat GM’s seven-decade reign as the best-selling car maker in the world.
GM emerged from bankruptcy two years ago following the highly controversial government bailout. In 2011, GM sold 9 million vehicles world wide, a 7.6 percent increase. The company’s profit increased 62 percent to $7.6 billion. This is the first time in nearly eight years that Ford Motor, Chrysler Group, and GM have all been profitable at the same time.
In lieu of the good news, GM’s stock has increased by six percent today to $26.42 a share.
If your business is on the brink of bankruptcy, contact the business bankruptcy lawyers at the Law Offices of Russell Van Beustring, P.C. by calling 713-973-6650 today.
Posted on Thursday, January 26th, 2012 at 11:56 pm
Compared publicly traded company bankruptcy filings in 2010, last year marked a 17 percent drop in both Chapter 7 and Chapter 11 bankruptcy filings.
A total of 88 publicly traded companies filed for bankruptcy, compared to 106 companies in 2010 and 211 in 2009. 2011 marks the third consecutive year of business bankruptcy rates declining. Experts expect, however, for corporate bankruptcy filings to increase in 2012. MF Global Holdings Inc. was the largest business to file for bankruptcy last year and marked the eighth largest bankruptcy filing in U.S. history.
The drop in businesses filing for bankruptcy also mirrors the drop in personal bankruptcy filings. According to the National Bankruptcy Research Center, personal bankruptcy filings dropped by 12 percent last year.
If your business is struggling with overwhelming debt, contact the Houston business bankruptcy lawyers of the Russell Van Beustring P.C., today at 713-973-6650.