Business Bankruptcy
Solyndra’s Ongoing Bankruptcy
News coverage of the Chapter 11 bankruptcy of the California based solar energy company is focused predominantly on the political ramifications. A government backed company going bankrupt is a great talking point leading up to a presidential election, but what are the realities of the bankruptcy procedures and how are they different here?
Reorganization
Solyndra was funded by both private and public investment. Two major investment groups, one related to the Walton family and the other to billionaire George Kaiser, make up the majority of the private investment, and loans from the Department of Energy make up the public funding. Curiously, and contrary to standard practice, the Department of Energy agreed to a restructuring plan that placed the private investors’ interests ahead of the government’s claims. Normally government loans are given priority over private debts, and it is being debated whether the proposed restructuring is legal. Department of Energy Secretary Steven Chu will likely testify before a House subcommittee concerning the loan restructuring, as indicated by the subcommittee on October 14th.
Trustee
The Department of Justice has also stepped into the proceedings, specifically asking that a trustee be placed in charge of the company, to assure the Justice Department’s access to company records in its ongoing investigation. This differs from the standard procedure of letting the company handle its own day to day operations while reorganizing, but is not unheard of. Solyndra objects to the petition, mainly due to the chilling effect it may have on potential buyers, and the fact that the new trustee would essentially start the restructuring and sale process all over again. A decision by the Bankruptcy Court is expected on Monday October 17th.
Sale
Solyndra is currently trying to sell most of its assets to pay off its debts. Specifically it has hired financial advisors to find potential buyers that would essentially take over the company through the sale of substantially all of Solyndra’s assets. It is important to note that this is an asset sale, which protects against successor liability. In other words, by buying the assets of the company, the buyer does not also purchase the past debt or other legal responsibilities that Solyndra currently has. Solyndra has had difficulty finding any interested buyers given the high profile nature of its bankruptcy proceedings.
Open Range Communications files Chapter 11
Open Range Communications, Inc. sought Chapter 11 bankruptcy protection in early October. The Greenwood, CO based company was formed in 2004 to provide broadband services to approximately 6 million rural customers, and was supposed to operate in 17 states. Open Range initially received loans from the United States Department of Agriculture, but when it became clear that broadband services were not going to be delivered as agreed, the USDA withdrew the loan.
The hard financial times for Open Range came from a series of unfortunate business decisions and complications. Initially the company intended to set up a system of both satellite and ground based distribution for high-speed internet. Open Range contracted with first Globalstar and then Lightsquared for the bandwidth, and more specifically the satellite access necessary to deliver the internet access. Essentially Open Range hope to use WiMAX technology to wirelessly deliver internet access on satellite bandwidth. Unfortunately, Globalstar was never able to get the satellites in orbit, even after petitioning the FCC to relax its restrictions on which frequencies were available for use with the satellites.
A contract was then signed with Lightsquared in March of this year. It was a last ditch attempt for Open Range to lease the bandwidth it needed for the delivery of its broadband internet service. Unfortunately the FCC changed its stance on what bandwidth was available to Open Range, restricting the range, which made it no longer possible for to deliver services as intended.
The company expects to sell of its assets either as a company or piece by piece. A skeletal staff current is running the company, after laying off over 100 staff. The company is optimistic that the asset sale either as business or by individual assets ought to cover its debts. It currently estimates over $114 million in assets, that the sale of should cover the $110 million Open Range has in outstanding liabilities. As a business bankruptcy case under Chapter 11, the option to restructure the debt for future payment is available to Open Range. They are likely not pursuing this option since the company cannot deliver the service it set out to.
Protecting Assets From Bankruptcy
When most people consider filing for bankruptcy, they just assume that they will lose all or most of their assets like real estate properties or vehicles, but an experienced Colorado bankruptcy attorney can help individuals retain assets by protecting them from creditors. The bankruptcy process can be complicated, so individuals should always speak with an attorney before attempting to protect assets on their own. Sometimes, an action that might seem to protect an asset from creditors can result in a denied bankruptcy claim, and an attorney will know the best course of action to take.
The first step to protecting assets is getting a clear picture of your financial situation. When you see a Colorado bankruptcy lawyer, you will need to have thorough records of your financials, as well as a complete list of both your assets and your debts. Begin by making a list of your assets. At this point, it can be helpful to know the present sale value of all your assets. To do this, check the Kelly Blue Book value of all cars and look up the current value of any homes or real estate property in your name, and make sure to include these values in your list. You should also bring any paperwork proving these values with you when you visit your bankruptcy attorney so they can get a clear picture of your situation and help you find debt relief.
In general, the way that individuals and attorneys protect assets from creditors is by getting the assets deemed “exempt” from bankruptcy filing. Before you visit your attorney, take the time to look at your assets and determine which ones you can live with losing and which ones you need to keep. Mark the important assets as exemptions to discuss with your legal counsel. Colorado, along with many other states, has caps on the amount of property that can be exempted from bankruptcy, so you may have to give up some assets in order to retain others. As always, your Colorado bankruptcy attorney can best advise you on these kinds of issues during a bankruptcy filing.
Colorado stock prices in the green after Monday’s frightful plummet
Debt has been the topic for nearly everyone these days whether they are individuals, business owners, economists, investors or federal government officials. Most people across the nation have faced the stress of debt in the past few years with record numbers of bankruptcy filings.
After the national debt was downgraded by Standard & Poor this past weekend, the United States stock market experienced one of the largest declines in the past several years of financial struggle. What could be considered a record one-day selloff on August 8, 2011 had nearly everyone with debt on their mind wondering about the future of the economy, including most Colorado business owners.
When stock prices plummet, it is never considered a positive event for a corporation and many business owners could be seen biting their nails after the stressful Monday. Although stock prices are certainly not back to where businesses want them to be, local Colorado businesses were amongst those who saw a small increase early this Tuesday morning.
By 9:00 a.m. Mountain Daylight Time, several Colorado based businesses including Crocs, Liberty Media, Molycorp and TW Telecom saw a slight increase in the prices of their stocks. In fact, the Dow was up 207 points to 11,017, which measures out to about 2 percent. The Nasdaq and S&P 500 tickers also showed numbers printed in green, coming in at over 2 percent.
Although the surprising increase came as a relief to people in Colorado, businesses continue to look for ways to restructure their debt with creditors as an alternative to filing for Chapter 11 and having the court do it for them or for Chapter 7, a complete liquidation of assets.
Source: Denver Business Journal, “Stocks jump in early trading; most Colorado shares rise,” Mark Harden, Aug. 9, 2011
Sick leave: Will Denver businesses be required to pay for it?
Sick leave is the topic of debate in Denver, Colorado at the moment with voting season just around the corner. Employees argue that businesses should be required to offer it, while business owners say that the requirement would “put [them] at a competitive disadvantage.” The sick-time proposal will be on the ballot this upcoming November.
While the new change probably would not directly cause many companies to file for bankruptcy, it is yet another cost that Denver businesses will have to factor during a time when profit margins are not always measuring in the positive range.
The sick-time initiative plans to force businesses to offer nine paid sick days to all of their workers employed full-time with an exception for businesses that have 10 or fewer employees that would only require them to offer five sick days. Part-timers would gain from the promises as well with one hour of paid sick leave for every 30 hours that they are on the clock.
One restaurant owner and its employees were interviewed to get a personal opinion on the issue. While the single moms who waitresses at the restaurant say it would really help with child-related emergencies, the owner said that it could actually have an adverse trickle effect.
According to the owner, requiring paid sick time would force restaurants to schedule more workers at one time to prevent being short-handed, which in turn would cut down on the tips that waitresses are able to earn.
“This is just another way to add on to the expense and discourage small business,” said the owner who regularly allows his employees to go home if they need to.
The Denver Metro Chamber of Commerce sees the initiative as a negative move for the city, but residents will have to wait until November to find out.
Source: Colorado 9 News, “Heated debate begins over Denver sick-time proposal,” Tara Meyer, Aug. 3, 2011
Bankruptcy Judge Postpones Hearing on Colorado Springs Land Sale
The Banning Lewis Ranch, located east of Colorado Springs, was slated to be sold after the landowners filed for Chapter 11 bankruptcy. The bankruptcy judge in Delaware who is overseeing sales of the owner’s assets, including the ranch, ruled recently to postpone a hearing about the proposed sale. When businesses file for Chapter 11, they will often auction off assets in order to pay creditors with the help of a Colorado bankruptcy attorney.
Chapter 11 is a legal process that reorganizes a business or the assets of a high-income individual. This kind of bankruptcy filing allows a business take care of some of their outstanding debts and be protected from creditors. Some companies may be able to file for Chapter 11 and continue to operate under certain circumstances. If your business is facing serious debt and you still want to be able to run your business, contact a Colorado bankruptcy attorney as soon as possible to discuss your debt relief options.
In cases of Chapter 11, a company will come up with a reorganization plan with the help of bankruptcy attorneys, judges, creditors and a Trustee appointed by the federal government. The U.S. Trustee, the bankruptcy judge decide how assets will be divided and sold in order to pay off debts, and hearings are held to auction off property in order to get the most money for creditors. This is the case with the Colorado Springs Banning Lewis sale.
Among those trying to purchase the Banning Lewis Ranch as part of the bankruptcy liquidation was the City of Colorado Springs. The land would provide acreage for housing developments for the growing city, and the attorney for Colorado Springs hopes that the judge will rule in their favor when bankruptcy hearings resume. Any type of business that needs to find relief from debt should contact a Colorado business bankruptcy attorney to discuss if Chapter 11 is best for their unique financial situation.
Borders Book Stores Filing for Bankruptcy
According to the Business Journal, Borders book stores announces that they’ll start closing Colorado stores on Friday, July July 29 after the company filed for bankruptcy in February of 2011. Companies can file for different types of bankruptcy if they find that they aren’t making enough profit to stay ahead of creditors, and business owners should contact an experienced Colorado bankruptcy attorney if they find that they are having trouble.
The Borders book store chain is currently undergoing a court-ordered liquidation of its assets, where companies bid on a company’s individual assets in order to get more money for creditors. A Manhattan judge recently approved the bid procedure after Borders’ creditors filed a motion to proceed with a liquidation process instead of a corporate buy-out. In court-ordered liquidation, a company must cease to operate and attempt to liquidate or sell off their assets to pay off creditors. If you think your company would benefit from liquidation, call a Colorado bankruptcy attorney today.
In a buy-out, a company can buy another company and continue to operate it, even though the business is bankrupt. A private equity firm was going to take over Borders, but creditors were concerned that they would not see enough money under the proposed buy-out. After the judge approved the liquidation process, companies can now bid on Borders as an entire company and then liquidate their assets instead of continuing to operate the company. Many of the bidders on the book store chain are companies that make a business out of buying failing companies and liquidating assets to get creditors the most money possible.
If you would like to continue to operate your business while also filing for Chapter 11 business bankruptcy, you do have options. Contact a Colorado business bankruptcy attorney today to discuss your options and find out how to save your business while also relieving your debt.
Borders set to ask court for liquidation approval
Borders Group Inc has been under bankruptcy protection since it filed in February, but now it looks as though the bookstore pioneer will have to officially close its doors. News of the possible closure has been passed through the media this entire week, but the corporation will officially ask the bankruptcy court today, Thursday, July 21 for permission to liquidate.
If the liquidation agreement were to be approved, it would provide somewhere between $250 million and $284 million which would be used to pay off as much of the debt owed to creditors as possible. Although the company would be liquidated, Borders Group Inc would retain the rights to its brand name and several leases that they hold. Those assets would then be auctioned off at a later undetermined date.
Liquidation was not the original plan for the company, but after a bidding deadline for the sale of nearly 30 store locations passed and the only possible deal fell through, the company’s hand was forced. The bookstore giant originally hoped that a private-equity firm called Najafi Cos would purchase the business for $215 million in cash and another $220 million in assumed liabilities. After the offer was announced, there was enough negative response and objection from several of the creditors with large amounts of money owed to them that the deal failed to be made.
As one of the largest business bankruptcies of the decade filled with record high filings, consumers and creditors alike await the decision of U.S. Bankruptcy Judge Martin Glenn that could close the 40-year-old business for good.
Source: Reuters, “Borders to seek court’s OK on plan to shut doors,” Nick Brown, 21 July 2011
Increased medical marijuana fees have Colorado businesses fretting
Despite some public opinions, Colorado medical marijuana dispensary owners have struggled to make ends meet. The businesses must comply with a series of strict regulations and requirements that make selling legal marijuana less lucrative as one might think.
A recent Colorado Springs City Council decision has dispensary owners and operators in the area stressing over whether or not they will make it through to the next year. Several have even considered closing their doors as an alternative to filing for bankruptcy.
The unanimous decision by the council to raise fees on medical marijuana business operation by imposing a $2,200 charge is the first of several proposed charges that could follow. The council also discussed extraneous charges of $1,800 that dispensary owners would be forced to pay.
The fee hike has several medical marijuana advocates reeling as they say it is a direct attack on type of business which ironically provides a large amount of revenue for the state. “I think this new fee is ludicrous,” said the President of Coloradans for Cannabis Patient Rights. “These businesses are barely breaking even as it is.”
According to the Colorado advocate, if the businesses are forced to close or go into serious debt as a result of the decision, it could have an effect on the area’s economy. An effect, that she claimed, the city failed to consider in their deliberations.
City officials reported that the new Colorado industry is in a “precarious situation” due to the fact that marijuana is still illegal on the federal level. One council-member said that the city is still figuring out how to handle the industry at all. Operating the industry from the city’s end costs a lot of money, claimed the council-member in support of the increased fees.
Source: The Colorado Independent, “Colorado Springs jacks medical marijuana fees,” Beatrice Santa-Wood, 5 July 2011
CO loved ones can’t R.I.P. until Watson Memorial files bankruptcy
Watson Memorial Co. has crafted and carved headstones for family members across Colorado who wish to honor the memory of their loved ones for over 100 years. The company was founded over a century ago but unexpectedly turned off its phone and shut its doors this week after their financial stresses came to a head.
According to the Denver Better Business Bureau, customers who have placed orders and paid deposits can file a claim but refunds are not a guarantee. Filing for bankruptcy protection is not an option for the corporation until it is in good standing with the state. City tax manager Bruce Moore has tried to contact the business after it was declared delinquent by the secretary of state on October 1, 2008.
“A business cannot file bankruptcy or have any legal proceedings unless they are in good standing with the secretary of state,” said Rich Coolidge, a state spokesman. Watson Memorial owner’s sister hinted at pending litigation in Arapahoe County as a factor in the situation but declined to give any more information.
Several other Denver gravestone businesses have stepped in to help customers who have pending orders. While the neighboring competitors have agreed to match prices or offer discounts to those affected by the closing, headstones are not made in a day. The large stone pieces can take at least three or more months to craft preventing some customers from finding peace during a difficult time.
“There is a lot of anguish and anger right now,” said a competitor when discussing the shut down. “We will try to help those people as inexpensively as possible.”
Source: Denver Post, “Missing owner leaves Watson Memorial Company customers in limbo,” Caitlin Gibbons, 12 July 2011
Denver’s Dish Network set to purchase TerreStar Network for $1.375 billion
Fortune 500 company, Dish Network Corporation, with headquarters in Denver, Colorado, has experienced success despite the recessed economy. The communications corporation has made several large purchases of businesses in financial trouble including DBSD North America earlier this year for approximately $1.4 billion and Blockbuster Inc for nearly $320 million.
According to sources that remain anonymous pursuant to the private sale, Dish Network is at it again. On June 15, 2011 Dish Network submitted a bid for TerreStar Networks Inc, a corporation which filed for bankruptcy protection back in October of this year.
A bidding deadline of 5:00 p.m. passed this Monday, June 27, 2011 with only one offer on the table from Dish Network Corporation for $1.375 billion. TerreStar’s purchasing draw has been their innovation in marketing the first satellite smartphone and their spectrum of approximately 20 megahertz.
Although the billion dollar bid is currently the only one in play, there is a remote possibility that the court could allow another bid to be entered past the Monday deadline. Any new bid, however, would have to be at least $55.5 million over the bid submitted by Dish Network Corporation pursuant to the bankruptcy procedures set out by the bankruptcy court in New York. The higher bid would have to include a $27.5 million “breakup” fee that would have to be paid to Dish Network, the corporation with the “stalking horse” bid.
There is a sale hearing on the bankruptcy court docket for July 7, 2011. Until that point, the definite future of the bankrupt business remains unknown.
Source: Reuters, “Dish stands alone in TerreStar bid,” Nick Brown, 27 June 2011
Thursday kicks off Colorado’s Banning Lewis Ranch bankruptcy sale
We have been following the Banning Lewis Ranch bankruptcy for several months. The 21,500-acre parcel of land is located in Colorado Springs and comprises a large portion of the entire east side of the area. The property was supposed to be the location for a large number of residential homes and smaller commercial businesses.
The proposed expansion of the Pikes Peak area has been stalled due to financial strain for several years, but it appears that the property once again has the hope of being developed. The week-long bankruptcy sale of the property essentially began today, the deadline for bids to be submitted for purchasing the property.
According to a bankruptcy court judge, a closing on the property could occur as soon as June 30, 2011 to end the anticipation over who will control the large expanse of land. An advertisement ran on June 1 in the Wall Street Journal that listed the important facts related to the property including the positive aspects like its development growth possibility, having water, roads and other public improvements in place as well as the possible resources available on the property including mineral, oil and gas.
While the natural reserves were listed as an asset, allegedly only bids with proposed development have been submitted. The court has made it clear that bids would be accepted on the undeveloped 2,400 acres to the north where homes have already been built, not just on the 18,000 acres of completely undeveloped land.
Although the deadline for submission of bids will pass today, the future of the huge parcel of real-estate remains unclear.
Source: The Gazette, “Bids on bankrupt Banning Lewis Ranch due Thursday,” Rich Laden, 22 June 2011
Equity firms to buy Borders out of bankruptcy?
As the times change, so does technology. Unfortunately, in order to stay profitable, many industries need to keep up with the changes or they could be left in the dust. Such is the case for Borders Group Inc., which filed for Chapter 11 bankruptcy protection in February of this year.
The bookstore giant’s economic hardships are partly due to the gaining popularity of electronic readers such as the Kindle, by Amazon and the Nook, by Barnes and Noble. After its own failed attempt to release an e-reader and consistent poor sales, Borders closed 237 of its 642 stores in 2011 before filing for bankruptcy protection.
Reportedly, the company had been trying to reorganize its debts under Chapter 11, but after continuous losses it is now being said that the bankruptcy court will hold an auction to sell the company in effort to keep more stores from closing and to keep the business in operation.
Bloomberg reported that there are two private equity firms that are planning to make the opening bids on Borders. One firm is called Najafi Cos., which is based in Phoenix and just purchased French CD and DVD clubs from Bertelsmann AG, the biggest media company in Europe.
The other potential bidder is Gores Group LLC, a private-equity firm out of Los Angeles which is supposedly seeking at least half of Borders’s stores, Bloomberg reported.
“You have to have some strategy for buying Borders. The younger generation doesn’t walk into a bookstore to buy a book,” a Wall Street bankruptcy attorney told Bloomberg.
Regardless of who buys Borders, this might be the best option for the company, which started off as one used book store in Michigan operated by two brothers as they went through college and grad school. Selling the company could appease its creditors so that more stores do not have to be closed.
As you can see, Chapter 11 bankruptcy is much more complex than Chapter 7 bankruptcy and can bring different results for companies with the goal of keeping the business in operation while figuring out a way to pay back creditors.
Source: Bloomberg, “Najafi Said to Be Considering Buying Borders Book Stores Out of Bankruptcy,” Tiffany Kary and Lauren Coleman-Lochner.
Major Craft Manufacturer Files for Bankruptcy Protection
Westrim Crafts, a California based craft manufacturer that has regularly sold items through major retailers like Walmart, Michaels and Jo-Ann Fabrics has officially filed for chapter 11 bankruptcy protection. Westrim has been operating successfully for nearly six decades and sited a massive decrease in profits over the course of the last half decade as the reason for seeking bankruptcy protection. According to documents the increase in competition along with primary retailer strategy changes caused company revenue to decline from $125 million in 2005 to less than thirty million last year.
Any business suffering such a staggering decrease in profits during such a short window of time would most certainly have serious financial difficulties. Though your small business losses may not compare to the nearly one hundred million dollar decline suffered by Westrim your financial struggle to pay your creditors could be every bit as real and every bit as stressful.
At the first sign or financial difficulties with your business you should reach out to an experienced Colorado bankruptcy attorney. A good Colorado bankruptcy attorney will be able to analyze the financial problems that your small business is experiencing in order to determine the best and most appropriate plan of attack for repaying your creditors.
It’s possible that, with the help of an experienced Colorado bankruptcy attorney that you may even be able to keep the doors of your business open as your work toward repaying your creditors. If your business is struggling and creditors and collectors have begun calling reach out to a Colorado bankruptcy attorney to begin discussing your financial situation and developing a plan to get out of debt.
Orchestra Sets Sites on Becoming Profitable Again After Filing Bankruptcy
It has barely been a month since the world renowned Philadelphia Orchestra filed for chapter 11 bankruptcy protection, but plans are already in motion for the musicians to continue entertaining. The orchestra, which filed for bankruptcy protection in the middle of April citing a nearly fifteen million dollar deficit in the budget for 2011 and funds that would presumably run out by mid-year, has developed a new plan and seems to have a laser like focus on becoming profitable again in the near future.
The plan for restoring public interest in the orchestra is called “Listen with Your Heart” and will include public awareness events, fundraisers and other public events in hotels, restaurants and stores throughout the city. The orchestra is an iconic part of the city of Philadelphia and by raising awareness they hope to continue on delivering the incredible performances they have become known for over the course of a long and storied history.
It’s difficult to say for sure if the efforts of the Philadelphia Orchestra will result in a full recovery, but this is certainly the type of attitude and ethic needed for any business to recover from a bankruptcy. Financial problems are difficult to deal with on many levels, but with a solid plan even those businesses with major financial issues can work their way back to profitability.
If your business is suffering from financial problems you should reach out to an experienced Colorado bankruptcy attorney as soon as possible. A Colorado bankruptcy attorney can help you to determine the most suitable course of action for your financial recovery and help you to develop a sound plan of action for repaying your creditors and becoming financially stable again.
Colorado businessman sweeps bankruptcy auction for Windstar Cruises
Ambassador International, a prominent maritime travel company, filed for bankruptcy in December 2010. Recently, the company announced that it will be using the Chapter 11 process to sell Windstar Cruises to a wealthy Colorado business owner, Phillip Anschutz. Anschutz and his family have a long legacy in the Colorado ranching and oil-drilling industries. Anschutz Corp. is reportedly buying Windstar Cruises for almost $40 million dollars.
The deal was finalized last week as Anschutz Corp. unexpectedly entered the Windstar Cruises bankruptcy auction. Other companies, such as Whippoorwill Associates had also expressed interest in the company, but the Bankruptcy Court judge believed that Anschutz’s bid was in the best interest of the Windstar’s creditors, customers, and employees.
When a cruise line goes bankrupt, the Federal Maritime Commission can provide a total of $1 million dollars to cover refunds for pre-paid passengers. However, this amount is almost never sufficient to cover all of a line’s customer liabilities, leaving many disgruntled consumers out of luck.
Reports show that if Windstar needed to cancel their service, they would owe up to $19 million dollars in deposits and claims. The Bankruptcy Court judge overseeing Windstar’s auction felt that Anshcutz Corp.’s stable financial state would prevent the need for a mass customer refund.
Anschutz Corp. has created a new company called TAC Cruises to manage Windstar’s assets. Although it remains unclear whether or not TAC Cruises will make significant changes to the Windstar line, it appears as though no trips will be canceled during the transition. TAC Cruises also made an announcement clarifying its promise to fulfilling Windstar’s outstanding commitments to the company’s creditors and customers.
Source: Fox Business, “Favorable Tailwinds for Windstar Cruises.” Paul Motter, 20 May 2011
Banning Lewis Ranch debate continues as bankruptcy sale is approved
As part of our blog, we’ve been following the Banning Lewis Ranch bankruptcy story. Banning Lewis Ranch is a large 21,500-acre complex in Colorado Springs. The companies Banning Lewis Ranch Co and Banning Lewis Ranch Development I and II submitted a Chapter 11 bankruptcy petition last October in Delaware where the businesses are incorporated. Late last year, we discussed the efforts by Colorado Spring officials to have the bankruptcy case relocated to Colorado in light of the large role the ranch plays in the community.
Although Colorado Springs officials never succeeded in moving the bankruptcy case to Colorado, the petition has made significant strides through the Delaware Bankruptcy Court. Last April, facing growing pressure from its creditors, Banning Lewis Ranch Co. petitioned the court for permission to sell the Colorado Springs property through a bankruptcy auction. This week a Delaware judge approved the petition, but must still consider an objection filed by the city of Colorado Springs which aims to block the sale.
In 1988, Colorado Springs officially created an annexation agreement with the Banning Lewis Ranch, which explains the city officials’ strong interest in the future of the property. The original agreement states that owners of the ranch have certain responsibilities to the city-such as providing roads and public services on their property-but a sale may alter these provisions.
Colorado Springs officials claim that 180,000 city residents could eventually reside on the Banning Lewis Ranch. The recent ruling permitting the sale of the ranch does not address the city’s concerns, but some observers believe that a Delaware bankruptcy judge will rule on the matter if the new owners attempt to change the original annexation agreement.
Source: The Gazette, “Judge gives green light to Banning Lewis Ranch sale.” Rich Laden, 24 May 2011
More Music Related Bankruptcy News
It isn’t just the city of brotherly love where the arts are having a difficult time making ends meet. The very popular and incredibly talented Syracuse Symphony just filed for chapter 7 bankruptcy protection early last week. The bankruptcy seems to be moving forward and a meeting with creditors, including season ticket holders for the concert series, is already scheduled. In light of the terrible news of the bankruptcy filing and a number of lay offs the musicians are still trying to make the best of what seems to be a very bad situation by attempting to schedule shows during the summer to fill the musical void that will be created by the absence of the symphony.
Businesses, individual, celebrities, athletes and major organization are all susceptible to suffering financial problems. Bankruptcy isn’t always the best possible solution for every situation where financial problems exist though. Taking quick action and consulting with an experienced Colorado bankruptcy attorney as soon as financial problems become evident is the best way to solve financial problems before they become a full blown crisis.
An experienced Colorado bankruptcy attorney will likely be able to provide you with a number of potential options for clearing up your personal of business related debt. By hiring a qualified financial professional like a Colorado bankruptcy attorney at the very first sign of financial problems you will be able to ensure that you embark on the very best possible path for clearing up your financial problems and that you’ll will be free of excessive financial obligations and problems as soon as possible.
Even Professional Sports Teams Aren’t Safe from Bankruptcy
You would think that with ticket prices ranging from around twenty dollars to well over fifty dollars a piece in a park that seats tens of thousands of people and outrageous amounts of merchandise being sold at the stadium, in stores and online that sports teams would make more than enough money to remain profitable. Apparently even the largest titans of professional sports can’t always escape financial problems though as the owner of the Los Angeles Dodgers is considering taking the team into bankruptcy in order to retain control of the franchise.
Financial problems can affect just about any type of business or any individual at any given time and if those problems aren’t handled promptly and appropriately they can quickly get out of control. The best approach for dealing with financial problems is to consult an experienced Colorado bankruptcy attorney as soon as problems become evident.
An experienced Colorado bankruptcy attorney will be able to evaluate your financial situation in order to determine the most appropriate plan of attack to resolve your debt. It doesn’t matter if you are an individual, a couple or a small or medium sized business – an experienced Colorado bankruptcy attorney will be able to suggest viable options for eliminating your financial problems.
Bankruptcy may very well be your best option when your finances start going south, but there is also a chance that other solutions could prove more effective. Reach out to an experienced Colorado bankruptcy attorney in order to get information on all of the potential options so you can make the most educated decision regarding your finances.
Keeping Operations Going During Bankruptcy
The Philadelphia Orchestra has been struggling financially for sometime, so much so that musical mainstay in the city of brotherly love has filed a petition for chapter 11 bankruptcy protection. The amazing musicians may be down financially, but recent actions prove that they are certainly not out. The Orchestra will continue playing concerts for the remainder of the 2011 season despite the fact that the final curtain may close once the bankruptcy proceedings have been finalized.
Filing a petition for bankruptcy doesn’t always necessarily mean that a business will have to cease operations. Depending upon the specific details of the situation, the level of secured and unsecured debt and the level of income some business may be eligible to continue on with operations while taking the necessary steps to clear up debt with their creditors.
If your business is experiencing financial difficulties you should reach out to an experienced Colorado bankruptcy attorney as soon as possible. A Colorado bankruptcy attorney will carefully examine every detail of your business and personal debt in an effort to provide you with every possible avenue of debt resolution. Once all of the possible options are presented your Colorado bankruptcy attorney will help you weigh the pros and cons of each so you can select the most appropriate course of action for making your business debt free. With a Colorado bankruptcy attorney you’ll ensure that you are on the fastest and most effective path for repaying your creditors and that you’ll be debt free in as little time as possible.