Classical Music Falling on Deaf Ears – New Mexico Symphony Files Chapter 7
Posted on July 7th, 2011
The New Mexico Symphony Orchestra, established in 1932, has recently filed for Chapter 7 bankruptcy. In a report from KOAT , principal cellist Joan Zucker is quoted as saying, “’A lot of us have been playing with the symphony for decades and it means an end to a way of life. It means we’ve got to do something else to earn money…’” Symphony Board vice chairman George Boerigter reported to The Associated Press that the symphony, which has been experiencing financial difficulties for years, will “cease to exist once the bankruptcy process is complete”.The NMSO discontinued health insurance for its employees in September 2009; more recently, musicians and staff worked for four months without getting paid. The combination of the depressed economy and the lack of interest in classical music has led to the problems and closings of symphonies across the U.S., a sad day for Americans of all ages and walks of life.
Tags: Chapter, Mexico Symphony, New Mexico, New Mexico Symphony
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Restaurateur Feeling the Heat – Files Chapter 7 Bankruptcy
Posted on July 6th, 2011
Detroit-area restaurateur and celebrity chef, Matt Prentice, has filed for Chapter 7 bankruptcy. His restaurant business, The Prentice Restaurant Group, was sold in 2009 but, according to www.WXYZ.com, Prentice is still managing it. In the article, Prentice states that “Much of the debt on his Chapter 7 bankruptcy filing appears to be linked to the restaurant group, which suffered from declining business prior to the sale.” He also avers that the filing should not affect the functioning of the firm.
Major creditors include Chase Bank, U.S. Bank Trust, Burton Share Inc., Lipson Neilson Cole Seltzer Garin P.C and Yatooma & Associates.The bankruptcy filing list Prentice’s assets at $256,555 and his debts at $4.9 million. Of that debt, $1.5 million is owed in unpaid federal and state taxes. Assets i
Firefly’s Fails – Files for Bankruptcy
Posted on July 6th, 2011
After a successful ten-year run, the Massachusetts chain of BBQ restaurants, Firefly’s Bodacious Bar-B-Que & Beyond, has filed for Chapter 7 Bankruptcy. Owner Steve Uliss told Sean McFadden of The Boston Business Journal , in 2009 that “the recession was making things tough in the business.”The restaurant, which had three locations – Marlborough, Framingham and Quincy – focused on foods with a southern flair, barbecue ribs, fried chicken and red velvet cake, paired with a casual and affordable dining atmosphere. Uliss reported revenue of $6.8 million in 2007 and $7.7 million in 2008 with goals to hit $8 million in 2009. Despite Uliss’s efforts to reduce overhead and increase special promotions and restaurant-related businesses, the recent economic downturn squashed Firefly’s as it has so many other dining and retail establishments. According to t Read more…
Tags: Bankruptcy
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High Gasoline & Grocery Prices Threaten Retail Rebound
Posted on July 5th, 2011
With the cost of gasoline over $4/gallon across the country and hovering ever closer to $5/gallon in the Chicago-area, both economists and retailers are concerned that the recent upturn in consumer spending will soon turn into a downward spiral.
In an article by Brigid Sweeney in Crain’s Chicago Business, sales tax receipts in Cook County and the five surrounding counties were up last year, indicating that consumers have increased their spending on clothing, automobiles, dining out and pharmaceuticals.
A survey by Deloitte LLP indicated that “three in four consumers are concerned about higher prices and might curtail spending as a result” with 71% responding that higher energy costs were the main source of worry.
However, painting a bit of a rosier picture, the same survey shows that almost 70% of Americans earning six-figure salaries will maintain or increase their spending in 2011. David
Tags: Retail, Retail Rebound
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Thibeault Energy Experiences Power Outage – Files Chapter 7 Bankruptcy
Posted on July 3rd, 2011
Conrad and Vivian Thibeault, founders of the now-shuttered Thibeault Energy in Brunswick, Maine, have filed for Chapter 7 bankruptcy, five months after suddenly closing their business. The company closed in January 2011 when customers complained of not receiving oil deliveries although they had pre-paid contracts.
In an article on www.mainebiz.biz , Mr. & Mrs. Thibeault stated in U.S. Bankruptcy Court documents that they have assets of between $100,000 and $500,000 with liabilities of between $1 million and $10 million to at least 99 creditors. Creditors include Downeast Energy, Brunswick Ford, CN Brown and The Times Record.
If you are considering filing for bankruptcy protection, contact the lawyers at Legal Helpers. We are knowledgeable and experienced in the field of Chapter 7 and Chapter 13 personal bankruptcies. We listen to you and can explain economic plans that will enable you get out of your current financial difficulties.
Kids’ Clothier Files Chapter 7 Bankruptcy
Posted on July 1st, 2011
Children’s clothing company, Hartstrings L.L.C., owned by Maryland private-equity firm American Capital L.P., has declared Chapter 7 bankruptcy and plans to suspend its operations.
The Pennsylvania-based company, with 28 stores across the U.S. as well as a wholesale business, purportedly owes creditors over $39 million, most to American Capital.
According to an article in the Philadelphia Inquirer by Maria Panaritis, the bankruptcy filing came on the heels of the termination of the company’s president and CEO, who earned a total of over $1 million in compensation. It
Tags: Bankruptcy
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Virginia Tech Company Files Chapter 7 Liquidation
Posted on July 1st, 2011
Packet360 Inc., a Virginia technology firm founded in 2001, has abruptly filed for Chapter 7 liquidation, leaving employees in the lurch. The company, which previously ranked 164 on the Inc. 500 list of the fastest-growing companies in the U.S., listed $1 to $50,000 in assets with between $1 million and $10 million in liabilities, according to Louis Llovio writing for www2.timesdispatch.com, .
The business, which supplied technology consulting and systems integration, had posted revenue growth of 1,148% from 2005 to 2008, according to Inc. magazine, when they were first included in the list in 2009. The company, which employed 50 workers in 2009, reported revenue of $25.6 million in 2008, an increase of 125% over that of 2007.
For information on filing for Chapter 7 or Chapter 13 personal bankruptcy protection, please call Legal Helpers toll-free today at 800-260-1402 to speak with a qualified and compassionate bankruptcy attorney .
Tags: Chapter, Virginia Tech
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