business debt
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
Another orchestra to play its way out of bankruptcy
Recently, we discussed how after filing Chapter 11 bankruptcy in April, the Philadelphia Orchestra announced that it has a new plan to keep entertaining and bring in a profit. Now it has been reported that the 75-year-old Louisville Orchestra has also submitted a bankruptcy exit plan after filing for Chapter 11 protection in December of last year.
Reportedly, the plan was submitted to United States Bankruptcy Court on Monday, one day before an extended deadline from the court had made it due. The plan describes how the orchestra plans to pay off its creditors, including contributions to its musicians’ pension plans, overdue rent to the Kentucky Center and two bank lenders.
Specifically, the orchestra has proposed paying the close to $43,500 it owes in contributions to the pension plans in full and paying $2,000 a month for 12 months for its use of the Kentucky Center. One lender, Chase Bank, has said that it will forgive half of its $350,000 secured claim and will take cash for the rest, and the other lender, Fifth Third Bank, will forgive most of its $155,000 secured claim.
Additionally, all unsecured creditors would receive 50 cents to every dollar they are owed under the plan. Attorneys for the orchestra said in court papers that this is the “best restructuring option available to the debtor and its creditors.”
“Any alternative, including any of which would force the debtor to remain in Chapter 11 for an extended period of time or to liquidate its assets, would seriously damage the value of the debtor’ business and could result in substantially lower recoveries for creditors,” the court papers said, according to the Wall Street Journal.
As you can see, there is hope for businesses after filing Chapter 11 bankruptcy. With the help of an experienced attorney, it is possible to come up with an effective plan to regain control over finances and become profitable once again.
Source: The Wall Street Journal, “Louisville Orchestra Files Exit Plan, Continues Union Talks,” Jacqueline Palank, 5/31/2011.
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.
Chrysler Profitable Again Following Bankruptcy
It only took two years after having filed for bankruptcy protection for the Detroit based auto manufacturer to post a profit. After losing nearly two hundred million dollars in the first quarter of 2010 and posting losses of more than six hundred and fifty million total in 2010, Chrysler posted earnings of just over one hundred and fifteen million dollars in the first quarter of this year. In addition to this being the first quarter that the auto manufacturer posted a profit in a quarter since the bankruptcy protection filing it is the first quarterly profit posted since 2006.
While most small businesses can’t even fathom posting earnings of over a hundred million dollars or losses exceeding six hundred million, this news from Chrysler does show one thing – that success after bankruptcy is a possibility. Going through financial problems with your business can be utterly devastating, but it doesn’t always necessarily mean the end of the road.
If you are going through financial problems with your small business you should reach out to an experienced Colorado bankruptcy attorney as soon as possible. By enlisting the help of an experienced Colorado bankruptcy attorney early on you can work to eliminate your business debt before it becomes an even larger problem.
When it comes to dealing with business debt it is much better to attack the issue with the help of an experienced professional, like a Colorado bankruptcy attorney, rather than hoping the situation will rectify itself. By hiring a professional you can ensure that your debt resolution will be handled properly and that your business will be debt free as soon as possible.
Coping with the Possibility of Bankruptcy
A quick look at both the current and past headlines of bankruptcy news will let you know that almost no one is completely safe from the possibility of financial problems. Major book sellers, millionaire moguls, major supplement manufacturers, clothing retailers and even world famous orchestras have all had issues with finances and been involved in bankruptcy filings.
Going through personal or business related financial problems can present a very scary scenario, but it is much easier to deal with your problems if you decide to take action sooner rather than later. Contacting an experienced Colorado bankruptcy attorney during the early stages of your financial difficulties may be able to help you work things out and resolve the bulk of your debt prior to having to take any drastic actions.
Some financial situations can be difficult to figure out. If you are a small business owner who hasn’t been diligent about keeping your personal and business finances separate, determining the best course of action can be a challenge without the help of an experienced professional. Your Colorado bankruptcy attorney will be able to take stock of your debt, income and assets in order to develop the clearest possible picture of your debt and the best possible way to go about solving it.
If, after reviewing your unique financial situation, your Colorado bankruptcy attorney determines that filing for bankruptcy protection may be the best method of clearing up your debt he will help to guide you through the entire process with the fewest possible headaches or problems along the way.
Eliminating Debt in the Smartest Way Possible
There is any number of viable reasons that your business could be experience financial difficulties, but once you’ve fallen deep into debt what matters is finding the best possible way to eliminate that debt in order to get back on your feet. Rather than wasting time or running the risk of making poor decisions that force your ailing company farther into debt, you should reach out to a qualified professional in order to help you accurately determine the best course of action for paying off creditors.
An experienced Colorado business bankruptcy attorney will examine every facet of your business finances in order to ensure that you are presented with every available option for working to eliminate your debt. Your Colorado business bankruptcy attorney will be able to provide a detailed explanation of the potential benefits of each type of business bankruptcy that you may be eligible for and help you to determine which route will lead to debt resolution in the fastest and most convenient manner.
Even the hardest working business owners and the smartest business people can run into financial problems. Rather than letting the stress of financial duress consume you as your business debt continues to climb you should reach out to an experienced Colorado business bankruptcy attorney who will be able to help you sort through all of the confusion of your current financial situation and present the most clear cut and effective route for you to follow in order to clear up your business debt.