bankruptcy

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Crystal Cathedral Megachurch Bankrupt

Chapter 11 is all part of God's plan, pastor says

(Newser) - California megachurch Crystal Cathedral Ministries has filed for bankruptcy protection amid a flood of lawsuits from unpaid creditors and a steep drop in donations. Officials of the Orange County church, best known for its Hour of Power telecast, say the filing was necessary because creditors refuse to prolong a moratorium...

Blockbuster Files for Bankruptcy

Stores will remain open

(Newser) - Troubled video-rental chain Blockbuster filed for Chapter 11 protection today, saying it plans to keep stores and kiosks open as it reorganizes. In a submission to the US Bankruptcy Court, the company said it reached an agreement with bondholders on a recapitalization plan.

Sale of Philly's Inquirer Falls Apart

It and the city's Daily News are in limbo

(Newser) - The sale of the Philadelphia's two major newspapers has come to an abrupt halt. Creditors were expected to close today on a $139 million bankruptcy sale of the Inquirer and the Daily News, but the deal fell apart when the Teamsters balked at changing their pension plan, reports Bloomberg . The...

Bankrupt Gay Site Agrees to Destroy Customer Data

But situation raises a new privacy worry

(Newser) - Bankruptcy laws still haven't caught up with our brave new world, raising a new wrinkle in online privacy concerns, warns the Electronic Frontier Foundation . Let's say you provide personal information to a website, even after carefully reviewing the site's rules. What happens if the site goes bankrupt? The rules are...

Fergie: 'I'm Not Going Bankrupt'

Duchess denies report she's on the brink

(Newser) - Sarah Ferguson, the Duchess of York, says she is doing everything she can to avoid declaring bankruptcy over business debts. The former wife of Prince Andrew said in a statement today that she has paid off all her personal debts. The statement was issued in a response to a front-page...

Bankrupt Housewife's Junk Up for Auction

Oh my gawd

(Newser) - Fuhgeddaboutit, spitfire Teresa Giudice might say now about her foreclosed home. But it's gotta hurt when the Jersey mom of four watches her over-the-top glitzy Italian palazzo furniture auctioned off next month to pay off her family's creditors. A trustee in their bankruptcy case last month charged that the Real ...

Investors Bet Big On BP Default
 Wall St. Bets Big on BP Default 
odds shoot up to 39%
Jun 16, 2010 7:28 AM CDT

Wall St. Bets Big on BP Default

Credit-default swaps predict 39% chance of failure

(Newser) - Wall Street oddsmakers think BP has a 39% chance of defaulting on its credit in the next five years, based on the skyrocketing price of the company’s credit default swaps. A month ago, investors had priced in just a 7% risk of default. “There’s still so much...

'Painter of Light' Busted on DUI Suspicion

Bankrupt Thomas Kinkade impaired but 'very polite': cops

(Newser) - "Painter of Light" Thomas Kinkade was arrested Friday on suspicion of DUI after being pulled over near his California home. Kinkade is having a rough month, Scripps Howard notes—his company has filed for bankruptcy in the wake of a multimillion-dollar federal fraud claim against him. "Tom is...

Buy a Broke Housewife 's Home for $3.99M!

 Buy a Broke Housewife's 
 Home for $3.99M! 
waterfall included
Jun 11, 2010 9:51 AM CDT

Buy a Broke Housewife's Home for $3.99M!

They'll even throw in the schadenfreude for free

(Newser) - The bad news: Real Housewives of New Jersey star Teresa Giudice is bankrupt . The good news: That means you can buy her ridiculous house for a mere $3.99 million! The 10,000-square-foot, six-bedroom, five-and-a-half-bathroom monstrosity also includes “schadenfreude enough to cover the grounds,” writes Gina Serpe on...

Shopaholic NJ Housewife Teresa Bankrupt
 Shopaholic 
 NJ Housewife 
 Teresa Bankrupt 
HOW TO BLOW A WAD
Jun 8, 2010 3:00 AM CDT

Shopaholic NJ Housewife Teresa Bankrupt

Economy sucked, Teresa Giudice points out

(Newser) - Oops. Looks like those multi-thousand-dollar shopping sprees with her little daughters finally caught up with Real New Jersey Housewife Teresa Giudice. The mom of 4 and her hubby, Joe, are officially bankrupt since revealing in court documents that they racked up nearly $9 million in debt with only $2 million...

Bankrupt Companies Now Look Like Great Bargains

Improving economy pulls companies from the brink

(Newser) - For big, public companies, it's a good time to be bankrupt. With earnings skyrocketing—77% of the S&P 500 has beaten expectations so far this quarter—a lot of companies that had been left for dead suddenly have life, and their shareholders have a fighting chance of keeping their...

Stephen Baldwin Needs Your Money to Spread the Gospel and Not Be Bankrupt - Stephen Baldwin - Gawker
 Stephen Baldwin 
 Is Broke! Donate Now! 
because he loves jesus!
Apr 23, 2010 10:32 AM CDT

Stephen Baldwin Is Broke! Donate Now!

Bankrupt star needs our help, website contends

(Newser) - Stephen Baldwin—the Baldwin brother whose, er, hefty résumé includes playing Barney Rubble in The Flintstones: Viva Rock Vegas—is bankrupt. He’s also a born-again Christian. And because of that, his supporters have come up with an innovative way to restore him to his former glory: We should...

Loan-Finder Firm Sues Leibovitz for $800K

Photog owes fee for $40M loan: company

(Newser) - An investment firm that claims it saved celebrity photographer Annie Leibovitz from financial ruin is now suing her for failure to pay the company $800,000 in service and finder fees. Brunswick Capital Partners wasn't paid after finding a private equity group to advance a $40 million loan to bail...

Acorn Ready to File Bankruptcy
 Acorn Ready to File Bankruptcy  
Mar 20, 2010 8:29 AM CDT

Acorn Ready to File Bankruptcy

Funding dried up in wake of pimp scandal

(Newser) - When James O'Keefe can convince your workers that he's a pimp and elicit all sorts of ill-advised advice, it's probably not an indicator that business is booming. And indeed, insiders tell the New York Times that Acorn will announce its pending bankruptcy this weekend. At least half of the group's...

3 Things That Killed Blockbuster
 3 Things That  
 Killed Blockbuster 
ANALYSIS
Mar 17, 2010 7:17 PM CDT

3 Things That Killed Blockbuster

Netflix takes leading role in company's imminent bankruptcy

(Newser) - With Blockbuster, once the dominant US video-rental chain, on the verge of bankruptcy, Daniel Indiviglio takes a look at three crucial factors in the demise of an outfit whose “fate was mostly sealed by its failure to embrace technology quickly enough.”
  • Netflix: “Its business model merged technology,
...

Runaway Calif. Prius Driver Has Sketchy Past

Bankruptcy, bad real estate deals have some thinking scam

(Newser) - The driver of the Toyota Prius he says went haywire and took him on a 94mph terror ride earlier this week has a checkered past that leads some to doubt his story. “Immediately I thought this guy has an angle here,” a dissatisfied client of real estate agent...

Lehman Post Mortem Bares Shady Tricks

Execs may land in court for disguising bad investments

(Newser) - Lehman Brothers tried to buy itself time by manipulating accounting gimmicks to disguise its bad investments, according to a court-ordered report on the firm's demise. The exhaustive, 2,200 page report found that execs, including former CEO Richard Fuld, could be held legally liable for the "materially misleading" attempt...

Ansel Adams' Family Sues Museum Over Prints

Fresno Met trying to sell prints to pay off debt

(Newser) - Ansel Adams’ family is suing the bankrupt Fresno Metropolitan Museum over its attempts to auction off six prints the photographer donated before he died. The museum closed in January and is now furiously trying to sell off artwork to pay off its estimated $4 million in debt. But Adams' relatives...

Record $5.4B NYC Apartment Complex Lost to Creditors

Stuyvesant Town project collapses under debt

(Newser) - The record-setting sale of a New York residential property for $5.4 billion in 2006 was a deal made at the height of the boom—and it's now a casualty of the collapsed real estate market. Tishman Speyer, the property company that bought the 56-building, 11,000-unit Peter Cooper Village...

Air America Going Off the Air

Liberal radio network will cease live broadcasts today

(Newser) - Tough week for the left: First, Ted Kennedy's seat goes Republican, and now Air America has gone bust. The liberal radio network will stop live broadcasts as of 6pm EST today. It will feed affiliates reruns through Monday, then cease operations altogether after 6 years. Air America, which gave a...

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