In the ongoing legal tussle between the two companies, Downtown Aspen Investments alleged that Aspen Legacy had defaulted on a loan given to it for $9.2 million in October 2008.  Consequently, Downtown Aspen Investments called for a judicial decision to be made on whether to call for receivers to oversee Aspen Legacy’s financial dealings.  A Pitkin County District court judge was supposed to have made a ruling on this matter at a hearing last month.

But the hearing was put off when Aspen Legacy filed for Chapter 11 bankruptcy protection June 23 in the US district court in Denver.  This motion is seen as an attempt to circumvent the move by Downtown Aspen Investments to place Aspen Legacy under receivership.

According to the motion filed by Downtown Aspen Investments, Aspen Legacy’s bankruptcy filing is also invalid because it was done by Edward Dingilian who was dismissed from his position as manager of Aspen Legacy before the filing was done.  Thus he had no authority to file for bankruptcy on behalf of Aspen Legacy.

Dingilian is alleged to have misused about $500,000 of company funds and siphoned out his gains into family bank accounts in New York.  The motion points out that the bankruptcy filing was done less than 24 hours before the judge was due to give judgment at the hearing that would have exposed Dingilian’s embezzlement.

However, Aspen Legacy’s attorney, Shaun A. Christensen said that the company chose to file for bankruptcy because it was more advantageous to the company than receivership, in which it would have to hand over control of its finances to the receiver.  According to Christensen, Aspen Legacy planned to either sell or refinance the Hyman Avenue Buildings which are currently worth $28 million.

But Downtown Aspen Holding’s motion to dismiss contends that Aspen Legacy’s reorganization plan is not feasible.  The revenue it generates from Little Annie’s restaurant and the lease of the parking lot are insufficient even to cover tax and insurance payments, let alone service its loan.  Hence refinancing the property is not viable.

Bankruptcy is a way to resolve your debt crisis provided by the law.  If you or your business are experiencing debt problems, consider filing for bankruptcy to start afresh in your financial status.  Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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The husband, a man without much education, worked for minimum wage at a foundry sweeping floors.  The wife worked before coming down with cancer.  They could not afford the medical bills and were not on any social or welfare program, neither did they have insurance.  As a result, the hospital started garnishing 25% of the husband’s salary.

Eventually, they could not sustain their expenses and filed for Chapter 7 bankruptcy that allowed for complete liquidation of whatever little assets they had to pay for their debts and cancellation of the rest.

The wife’s condition improved but a few years later, she experienced a relapse of the cancer.  This left them with another huge hospital bill and further garnishment of the husband’s salary.  But this time, they could not apply for Chapter 7 again as it had not been 8 years since they had taken it the first time.  This compelled them to apply for Chapter 13 bankruptcy instead that provided for gradual repayment of debts over time up to five years.  But this left them very little to live on after paying for the medical costs in installments each month.

This went on for 2 years.  Then the husband fell ill.  Despite his sickness, he worked for 2 days more before going to the hospital.  He died within a few hours of pneumonia.  He was just 62 years old.  Now his widow was left with no means of support and eventually lost her home, still straddled with about $30,000 in medical expenses she could not pay.  Her attorney who had some documents for her to sign, tried to locate her but she had moved without leaving any forwarding address.  Nobody really know where she is today.

There are those who feel that the new Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) that took effect in 2005 contain lots of inequalities.  For instance, where you live does make a difference.  Judges in Tulsa in the Northern part of Oklahoma would interpret the law differently from those in the Eastern district.  The new law states that only those whose income is below a certain threshold qualify for Chapter 7 while everyone else has to apply for Chapter 13 bankruptcy.  But when you file Chapter 7, all your assets are to be liquidated to pay for your debts.  If you choose to keep some of your assets, you have to take Chapter 13.

In Chapter 13, you have to reaffirm the unsecured debts (like medical expenses) that the judge determines you can repay.  Then 100% of your income that is not required for basic living expenses is utilized to pay off your debts, usually over 5 years.  But the problem is the amount allowed for living expenses does not always commensurate with what your actual expenses are.  For some people, this becomes a very real problem that may be insurmountable.

If you are faced with insurmountable debts, consider filing for bankruptcy before things get worse.  Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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According to Station CEO Kevin Kelly, the fireworks display has been an annual event for the company for sometime already.  They use this event to drive new and existing customers to their 18 casinos located at Las Vegas, Henderson and North Las Vegas.  As such, the marketing effort will not affect the bankruptcy procedures and vice versa.

Station Casinos filed for bankruptcy protection in July last year citing almost $6 billion in corporate debts.  Every month, the company spends some of its money for marketing purposes, and the fireworks display is part of such efforts.  CEO Kelly reiterated that despite the company having poor corporate structure they are committed to conducting their business and generating income.  Not all the Station Casino entities are experiencing bankruptcy.  Some of the outlets are doing brisk business and creating cash flow quite well.

The annual Independence Day fireworks show is a brainchild of Kelly himself when he was General Manager of Texas Station.  He collaborated with George Maloof who was then the owner of another competing casino, the Fiesta Rancho to put up the fireworks display as a means to draw the crowds to their respective casinos in North Las Vegas on the Fourth of July.  The idea became a hit and eventually Station Casinos expanded the annual affair to cover all nine of its casinos throughout the valley.

This year, however, the company decided to put up a scaled downs version of the fireworks celebration that began at 9 p.m. at only five of its outlets namely Aliante Station, Green Valley Ranch Resort, Fiesta Rancho, Texas Station and Red Rock Resort.  A musical score accompanied the display on four radio stations.  The fireworks were supplied by Grucci of New York.

The Station Casinos management declined to reveal the costs of putting up the fireworks display, save only to say that it was not trivial.  CEO Kelly stated that the display, besides being a business move, was also something the company does for the community.  According to him, their customers and the community had come to count on it every year.

In the meantime, Station Casinos’ bankruptcy plan is being deliberated in court and a confirmation is expected soon.  11 Station Casino entities are to be auctioned off August 6 while 5 others are expected to be taken over by lenders, co-owned and managed by the new Fertitta Gaming.

If your business is struggling to stay afloat under a burden of debt, consider filing for bankruptcy to give it a new start.  Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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However, month-on-month, the June statistics indicate a glimmer of hope.  It is the third consecutive month where the bankruptcy rate has fallen.  The number of bankruptcy filings in June came up to 127,000, down more than 7% compared to May.  But this number is higher compared to June 2009 by more than 8%, according to the National Bankruptcy Research Center.  The ABI expects another 1.6 million individuals and companies to file for bankruptcy before the year is out, according to its Executive Director, Samuel J. Gerdano.

Statistics in a report by Professor Ronald Mann of the Columbia Law School in Alaska show that among the states, Nevada recorded the highest bankruptcy filing rate of 16,000 filings for each one million households (this is more than double the national average of 6,800 filings per million) whereas South Carolina and Washington D.C. came in the least with  less than 40% of the national average.  The regions most hard hit by bankruptcies are the South East and South West of the country.  While most states have increased in the number of bankruptcy filings, Tennessee and Alabama and some other Southern states have shown lower filings.

Even some people in public office have not been spared.  Part-time mayor for Layton, a city of 67,000 residents, filed for bankruptcy in March this year after winning the election to a second term in November 2009.  Steve Curtis, mayor of Layton, the largest city in Davis county, Utah lost his job due to downsizing.  Curtis said that bankruptcy was something he tried very hard to avoid as it was something he felt was distasteful.

Yet Curtis intends to fulfill his duties as mayor as he had not broken any law and should not have to resign.  Curtis added that he was very humbled to receive the support of many residents facing the same experience due to layoffs.  He receives an annual salary of $21,800 and a monthly travel allowance of $800.  In addition, he also receives a small stipend as a director of Wasatch Integrated Waste Management district that encompasses Layton’s landfill and burn plant.

No one is exempted from the effects of the economic crisis.  It has driven countless people into debt.  If you have been drowning in debt, consider bankruptcy as a way out.  Many may not realize that bankruptcy actually protects you from your creditors and gives you the chance to discharge your debts.  Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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The plan came under heavy objections from some of the shareholders and holders of unsecured trade claims but the judge overruled them.  The judge also scheduled a plan confirmation trial to proceed on September 28, while giving creditors until July 30 to vote on the plan.

Under Visteon’s reorganization plan, unsecured bond holders would become 95% stakeholders in the reorganized company after they buy over $300 million worth of stocks and raising a further $950 million by backing a stock rights offering to pay off secured creditors who hold $1.6 billion in debt.  These secured creditors are fighting the unsecured bond holders for control of the company.  In the event that the bond holders fail to raise the money, Visteon will revert to an earlier plan where the secured creditors take up 85% ownership of the reorganized company and the rest of the equity be given to the bond holders.

But should the controlling stake be held by the unsecured bond holders, the present shareholders of the company could be left with nothing and the trade creditors could 50 cents or less for every dollar they are owed.  The trade creditors are claiming a total of $48 million.  Their attorneys contend that the disclosure statement outlining Visteon’s reorganization plans did not present sufficient information on the company’s valuation and that the plan itself could not be confirmed because of the way it treats various groups of creditors.

On the other hand, Visteon’s lawyers claim that the objections to the disclosure statement were baseless and that they should be brought up at the plan confirmation trial, which is expected to stretch over two weeks.  Judge Sontchi ruled that the valuation information in the disclosure statement was “more than adequate and exhaustive”.

Another point of contention has to do with the fees incurred in the entire process.   The fees for arranging and purchasing the stock rights offering amount to more than $60 million, payable to the bond holders.  Visteon’s financial adviser, Rothschild, would be paid $62.5 million.  This led to objections from the lenders and objecting shareholders that Visteon’s deal with the bond holders could cost the company more than $100 million in unnecessary fees.

Visteon was a former subsidiary of Ford Motor Co. and one of its top suppliers of parts based in Van Buren, Michigan, filed for bankruptcy in May 2009 after automakers cut production due to the recession.

Filing for bankruptcy has saved Visteon and it can save your personal finances or company business also.  Call us for a free consultation at (813) 200 4133 or visit http://tampabankruptcy.pro.

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Even though the South-Central region has posted a lower jobless rate for the third consecutive month in May, the rate did not change very much from previous months.  The Twin-Falls micropolitan area and its surrounding regions experienced a one-tenth percentage point rise in its unemployment rate to 7.8% whereas in the Burley micropolitan area, the rate was 7.2% after a rise of three-tenth of a percentage point.

The state-wide unemployment rate stood at around 9%, the highest since 1983 according to the Idaho Department of Labor.  Among the sectors that have shown improvements in unemployment rates year-on-year are the professional and business services, healthcare and private education.  The construction and manufacturing industries have not yet recovered to pre-recession levels.

Nationwide, the high-tech manufacturing industries suffered a drastic decline in job growth from 2008 to 2009.  In 2008, high-tech jobs declined by 2% while in 2009, it plunged 11% largely due to layoffs in big corporations like Dell, Hewlett-Packard and Micron Technology.  This has had a spin off effect in Idaho where 7,000 people lost their jobs in this sector from a high of 17,300 in November 2006.

This year, the increase in the number of bankruptcies was not as drastic as it was from 2008 to 2009, although the 2010 level is still high.

Is a recovery on the cards?  Analysts say it’s hard to tell just by the results of one quarter.  Come the end of 2010, the picture will become clearer.  By then, most people in financial distress would have worked through the bankruptcy process already.

Some analysts feel that the economy is not the only factor causing bankruptcies.  Other pertinent causes are the slow job creation process and the fact that legislators are not renewing the unemployment extension.  The rising cost of medical care has contributed to another form of bankruptcy – medical bankruptcy.  When people lose their jobs, they forfeit their employment medical insurance and this further exacerbates the situation where they cannot afford proper medical care when an emergency takes place.

Nationally, the number of job vacancies rose in April to its highest in 16 months, which is a good sign indicating private employers may hire more people in the coming months.  The number of jobs advertised in the country rose by 2.8 million to 3.1 million from the end of April last year to March 2010.

Times are certainly bad.  You deserve some respite from your debt problems.  Bankruptcy can give you that respite.  Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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According to a Credit Suisse report, BP’s liability might come up to $37 billion in damages and clean up costs on the 5 states (Florida, Louisiana, Texas, Alabama and Mississippi) affected by the oil spill that has threatened wildlife, wetlands, fishing and tourism. The potential liability for BP has been so high that analysts have predicted bankruptcy as one of the ways out. But while filing for bankruptcy would cancel some debts, it will not enable BP to evade having to pay for most damages and cleanup costs. Bankruptcy lawyers feel that it is unlikely that any claim would be too large of itself for BP to pay.

The oil giant itself has categorically denied it would seek bankruptcy protection. At the same time, BP shares fell today to its lowest price in 13 years, down by 48% from the day the Deepwater Horizon oil rig blew up, where 11 employees perished. The cost to protect $10 million of BP debt for a year reached $695,000. This rose from only $29,000 on April 30. The shares fell 13.45 pence to 342 pence in London trading, the lowest price since April 1997.

In the meantime, the US government has stepped in to dictate certain matters. President Obama has gotten an assurance in writing from BP CEO Tony Hayward that they will bear the full cost of restoration and cleanup of the environment. White House advisor David Axelrod has called upon BP to set up an escrow account to pay for the legal claims pertaining to the spill.

U.S. Senate Majority Leader Harry Reid asked the oil company set up a $20 billion fund to be administered by an independent trustee. There are also suggestions that the government insists that BP be put under receivership bearing in mind that bankruptcy is a possibility.

While bankruptcy would not absolve BP from paying for the cleanup, it may provide the company with a single venue from which to pay claims quickly. The alternative to bankruptcy protection would be a nightmare 5 to 10 years as BP deals with each lawsuit.

If you are struggling with insurmountable debts, consider filing for bankruptcy as a means to solve your debt problems. Bankruptcy protects you from your creditors and enables you to repay your debts by either liquidation of assets or a payment plan over a period of time. Call (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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In the meantime, European Union (EU) chiefs have begun talks aimed at arranging for the bailout of Spain which is anticipated to run into hundreds of billions of pounds. Greece has already accepted a bailout package amounting to £650 billion. John Monks, the head of the European TUC, expressed his personal shock at Barrosso’s prediction. According to Monks, Barrosso sees no other alternative except for these countries to embrace austerity measures, however painful they might be.

If Spain, Portugal and Greece fail to adopt austerity measures, then there is a very real possibility of a takeover by the militaries which might then usher in a dictatorship. Bearing in mind the recent riots and popular uprisings in Athens and Malaga and elsewhere, a military coup is not too far-fetched a notion in these three countries. They do have a history of military uprisings and themselves only became democracies in the 1970’s.

Greece has already had its share of street protests as interest rates and taxes soared and public spending was drastically cut. Similarly, Portugal and Spain have announced austerity measures to avoid defaulting on their national debts. Likewise, other European countries that have had similar incidents of riots and protests include Hungary, Italy and Romania where public sector employees’ salaries are to be cut by 25%.

Mr Barroso’s warning exposes the concern of the EU that that the economic crisis could also lead to the collapse of the beleaguered euro and the unraveling of the EU itself.

On the other hand, Mr. Monks feels that the austerity measures themselves could push the EU back to the 1930s during the time of the Great Depression. He revealed that union chiefs throughout the EU are preparing for a coordinated ‘Day of Action’ to protest the cuts on September 29.

Meanwhile, EU leaders are meeting to discuss a rescue package for Spain. It is expected to come up to at least £100 billion to start with, although this figure could very well balloon as the economic crisis deepens.

Even huge countries can suffer financial calamities, what more ordinary citizens and companies? If you or your company are faced with financial problems, consider filing for bankruptcy. It is your right under the law to seek bankruptcy protection from your creditors. Bankruptcy gives you the chance to start anew financially. Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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Icahn who owns almost 19% of the movie company that produced well-known movies like ‘Saw’ and ‘Mad Men’, accused Lions Gate of overspending. He has also made a $7 per share offer for a controlling stake in the mid-sized Hollywood studio.

Any shareholder who owns more than 20% of Lions Gate could trigger a technical default. This is in accordance to the movie company’s $340 million credit facility agreement. Icahn has received tenders for another 3.7% of the company’s shares. In addition on Thursday, billionaire shareholder and Dallas Mavericks owner Mark Cuban, who owns a 5.4% stake in the company, said he will likely tender to Icahn.

According to an open letter Icahn had recently written to the Lions Gate board, if they fail to find alternative funding or persuade lenders to waive defaults, it “may find it necessary to pursue a voluntary bankruptcy filing.” In the letter, Icahn goes on to say, “As one of the largest – and, I believe, soon to be the largest – shareholder of Lions Gate, I am extremely concerned about this possible eventuality and I would imagine that other shareholders are similarly afraid of having their equity wiped out.”

The company in its reply to Icahn’s letter, claimed that they are actively in discussions with creditors to seek a waiver or amendment to its credit facilities to prevent a default and are confident they will be successful in obtaining what they seek in the near future if necessary.

There has also been conflicting claims from both parties. Icahn claimed that he offered a bridge financing facility to Lions Gate to enable it to refinance its debt but the movie studio ignored it. On the other hand, Lions Gate denied ever coming across such an offer and stated that it would “welcome the opportunity to review the actual terms of a proposed bridge facility.”

With regards to Icahn’s $7 per share offer, Lions Gate’s stand is that it was too low. Icahn has been a Lions Gate shareholder since 2006 and has often been critical of its management seeing that the value of its stock has fallen from $12 in 2007 to around $7 today.

Many people have a wrong concept of bankruptcy and do not realize its benefits. Bankruptcy is your right under the law and it offers you protection from the hassles of creditors while you sort out your debts. Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.

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Recently yet another sell-out of BP shares in New York that wiped out more than $82 billion in value from its stocks as it hit a 13 year low. BP trades in the US as depositary shares. President Obama got BP CEO Tony Hayward to put in writing BP’s commitment to pay for the cost of the entire cleanup of the Gulf of Mexico. Industry observers believe that the company would not be able to sustain paying for the lawsuits, cleanup and other expenses and would eventually file for Chapter 11 bankruptcy protection.

However, BP itself states that it is unaware of the reasons for the loss of value in its shares. The company insists that it is able to weather the storm adding that it has assets of more than 18 billion barrels of proved reserves and 63 billion barrels of resources as at the end of 2009. Despite BP’s confidence, it is widely believed that the company is teetering. Many believe that BP will emerge out of this with a new minority equity partner and a changed ownership structure. However, there are various parties that believe otherwise. These include most analysts including those at respected global banking giant, Barclays Capital.

BP’s total financial liability could very likely exceed $20 billion due to a slew of lawsuits and the Justice Department’s criminal probe which could result in hefty fines. Some estimates of the payout go as high as $40 billion assuming the leak continues till the end of summer and gets worse due to hurricanes.

It is likely that BP would end up having part of its equity bought over by a Chinese oil company like PetroChina or Sinopec, which are state-run oil giants because a similar takeover by another Western oil company like Shell or Exxon Mobil seems out of the question. This is due to anti-trust laws and the amount of liability in question.

The BP CEO was scheduled to hold an emergency meeting of shareholders last Friday to reassure them of the company’s balance sheet said to be worth $100 billion.

Whether large corporations or small companies, everyone is affected by the economic crisis. If you are faced with huge debts, consider bankruptcy as a means of discharging your debts. Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.