Tag Archives: bankruptcy

Jul 28 2010

Forfeiture of Carolina Furniture Mart blow to manufacturing industry in North Carolina


More jobs lost, more companies closing, is hurting North Carolina and many other states and Barack Obama and the democrats keep on spending like crazy. If all the unemployed vote against the democrats that are responsable for this mess they would make up a big bloc of voters. Lets clean out Congress in November and the White House in 2012!

Vornado Realty Trust is opting to forfeit a 2 million-square-foot furniture mart in High Point, N.C., to holders of its $191 million securitized mortgage.

Furniture marts are showcases where manufacturers and wholesalers display their wares for retailers and other buyers.

Vornado started skipping mortgage payments earlier this year as the High Point property’s cash flow no longer covered its interest costs.

The forfeiture is another blow to the manufacturing industry in the Carolinas. The region’s textile and furniture industries have suffered from low-cost, overseas competition. SOURCE

Jul 18 2010

The Bankrupt Real-Estate Magnate Feds Won’t Talk About

I would also smell a rat as Trustee James Rigby says he does in this Mastro bankruptcy case. A 7,000-square-foot Medina waterfront mansion, purchased in 2006 for $15 million cash along with the $333 million in claims that unsecured creditors have filed would cause me to smell something wrong.

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Trustee James Rigby smells a rat. He’s responsible for finding and liquidating Mastro’s assets, then distributing the proceeds to his creditors.
Rigby looks at the Mastros’ lifestyle in bankruptcy and suspects more of the same: that Mastro is hiding assets that rightfully belong to the banks and the individual investors most local, many Italian American like Mastro, many elderly who entrusted him with millions. SOURCE

The Mastro bankruptcy timeline from Sept. 30, 2008 to April 14, 2010

July 10, 2009: Columbia State Bank, First Sound Bank and Venture Bank file a petition to force Mastro into Chapter 7 bankruptcy, contending he owes them a total of $9.7 million and is not paying debts as they come due.
Sept. 9, 2009: Mastro files first financial statements with bankruptcy court, indicating liabilities exceed assets by more than $300 million.
March 3, 2010: The Office of the U.S. Trustee, a branch of the Justice Department, sues to block bankruptcy court from issuing a “discharge” order that would relieve Mastro of the obligation to repay his debts — the reason most people file for bankruptcy protection. U.S. Trustee contends Mastro has concealed assets and made false statements.
April 14, 2010: Mastro agrees not to seek discharge order. U.S. Trustee drops suit. SOURCE

Feds won’t talk about their investigation of Mastro

The U.S. Attorney’s Office is conducting an investigation of the former Seattle real-estate kingpin, but won’t talk about it.
When he first confirmed the government probe in February, Frush, a former federal prosecutor, characterized it as routine. Federal officials were almost required to look at Mastro, he said, given the magnitude of his creditors’ losses and allegations against him by state regulators. SOURCE

Jul 16 2009

Colorado bankruptcy filings has soar in 2009

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Heavy mortgage debts and a tough economy pushed Colorado bankruptcy filings up 38 percent in the first half of the year.

The U.S. Bankruptcy Court for Colorado recorded 13,041 new filings in the first half of the year, compared with 9,470 in the same period of 2008.

“I’ve been doing this long enough to see four recessions, and this is the worst I’ve seen in the last 24 years,” said Stephen Berken, a Denver bankruptcy lawyer.

Berken, who filed four cases Wednesday, said unmanageable mortgage debts are behind more filings. Historically, high medical bills, divorce and job losses trigger filings.
People with businesses in real estate, construction and mortgages are showing up in increasing numbers, said John Turner.
Small businesses, especially retailers, are hurting Read More

Hang on there people in Colorado you have seen nothing yet until all of Obama’s tax increases hits home to pay for his socialist healthcare and Cap and Trade bills. Wait until the inflation of the dollar comes because of Obama printing money that we don’t have. Oh yes its going to get much worst in Colorado and all the States! Thats what you get when you elect a socialist president with radical policies!

LINKS:

(1) Socialized health care and the death of choice

(2) Video: Health rations and you

(3) Small Business Lender in Danger of Bankruptcy