bankruptcy

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Patricia Kluge: Downfall of a Billionaire Socialite

She overspent on an extravagant winery that tanked and lost it all

(Newser) - Patricia Kluge was a wealthy socialite with an exotic past, recipient of gifts from royalty and a rumored $1 billion divorce settlement. Now she’s living in a paltry 6,000 square feet, having auctioned off many of her luxuries before the banks foreclosed on her 960-acre winery and seized...

Cantor: No Bailouts, Bankruptcy for States

States already have tools to fix budget woes, majority leader says

(Newser) - Lawmakers from both sides of the aisle are in favor of changing the rules to allow cash-strapped states to seek bankruptcy protection , but House Majority Leader Eric Cantor is pooh-poohing the idea. Cantor says states already have the power to balance their books through cutting spending, raising taxes, or renegotiating...

Way Out for Struggling States: Bankruptcy?

Idea kept under wraps over market fears

(Newser) - As cash-strapped states scrabble to fix budgets and pay public workers’ pensions, some lawmakers are pointing to bankruptcy as a solution, the New York Times reports. States can't go that route currently because they're technically sovereign entities, but backers say it's a better alternative to what the Times terms "...

Archdiocese of Milwaukee Files for Bankruptcy

Hit stalemate over transparency in sex abuse lawsuits

(Newser) - Overwhelmed by 23 sex abuse lawsuits, the Catholic Archdiocese of Milwaukee filed for bankruptcy yesterday. In so doing, Milwaukee followed seven other dioceses also forced into bankruptcy by the costs of litigating and settling claims against their priests for sexual abuse. The bankruptcy filing followed a failed mediation effort that...

Grocer A&amp;P Files for Chapter 11
Grocer A&P Files for
Chapter 11
Dec 13, 2010 6:34 AM CST

Grocer A&P Files for Chapter 11

Move widely expected from 151-year-old firm

(Newser) - The Great Atlantic & Pacific Tea Co., once the nation's largest grocer, has filed for Chapter 11 bankruptcy protection as it struggles with enormous debt and increased competition from low-priced peers. The 151-year-old company operates 395 stores around the Northeast under the A&P, Waldbaum's, The Food Emporium, Super Fresh,...

Next Financial Crisis: Collapse of States, Cities

Mounting debt, accounting tricks could set up bust among municipalities

(Newser) - Several US states and cities are sitting on fiscal time bombs that could send the country careening into a domestic version of the EU debt crisis, financial experts warn. Pushed to the brink by the downturn, state and local governments are riding trillions of dollars’ worth of debt—much of...

Bankrupt Crystal Cathedral Paid CFO $132K Home Fee

Fred Southard dodged taxes with housing 'allowance'

(Newser) - A US trustee and a creditors committee are challenging Crystal Cathedral's spending habits—including a six-figure housing allowance for the church CFO, who owns a $2.3 million home, as well as mystery payments to officials, according to documents filed with the court. Last year, the megachurch paid Fred Southard...

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...

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