Golden Restaurants Files Bankruptcy
July 29, 2009
A portion of the country’s largest Hispanic owned businesses filed for Chapter 11 bankruptcy in Fort Worth recently. Golden Restaurants, which operates 50 Golden Corral restaurants in six states, is seeking protection in bankruptcy court in order to keep the business open and running, according to an article in the Dallas Morning News.
The company, controlled by CG Management which is owned by Guillermo Perales, follows other franchises owned by the management company into bankruptcy court.
Attorneys for the restaurant companies say that the filing comes to protect the businesses from a judgement that stemmed between an assault that occurred at a Burger King in Euless in 2004. A jury awarded the victim in that case $800,000 in 2007, and Metro Restaurants, which owned the Burger King, filed a Chapter 7 liquidation bankruptcy in July of last year.
Evander Holyfield Saves Atlanta Home From Foreclosure
July 23, 2009
I know that hearing about Evander Holyfield saving his home from foreclosure doesn’t do much to ease your financial worries. The truth is he saved his home by negotiating with the mortgage holder. The truth is he only delayed the foreclosure until August, and that is only if he can pay.
If you are facing foreclosure on your home, filing Chapter 13 bankruptcy in Fort Worth can stop the foreclosure proceedings. It will allow you to restructure your back payments and allow you to pay them off over a 3 to 5 year period.
There is no reason to lose your home. Contact a Fort Worth bankruptcy attorney to find out how to stop foreclosure on your home.
Beware Loan Modification Companies
July 20, 2009
I have recently come across several articles about so called “loan modification companies” that claim that they can help you renegotiate your bad mortgage and stay in your home.
In some cases, like this one noted in the New York Times, the same people who created the sub-prime mortgage you are seeking relief from will be negotiating a new mortgage for you.
If you have fallen behind on your house payment and the lender is threatening to foreclose, you may be better off filing a Chapter 13 bankruptcy case to save your home.
Bankruptcy can help you stop a foreclosure and allow time to negotiate an acceptable way to keep your home.
Insider Trading Charge Against Maverick’s Owner Tossed
July 17, 2009
CNBC is reporting that insider trading charges filed last year against Dallas Maverick’s owner Mark Cuban have been tossed out by U.S. District Judge Sidney A. Fitzwater.
The charges stemmed from Cuban’s sale of stock he owned in Mamma.com after having a conversation with the president of the company, who was requesting an additional investment.
Cuban’s attorneys successfully argued yesterday that an “insider” is someone with a pre-existing fiduciary responsiblity or existing relationship with the company, not just an investor.
GM Set To Exit Bankruptcy
July 9, 2009
After following rival carmaker Chrysler Corporation into bankruptcy, General Motors won approval to move out of bankruptcy and continue selling off some of its divisions. A spokesman for the company expects the sale of the assets for the new GM will be completed today, making the companies 39 days in bankruptcy the shortest time on record for a company its size.
Of course the company was helped along by the federal government, which provided its bankruptcy financing.
The new GM will include only four nameplates, Chevrolet, Buick, Cadillac and GMC. The company is in the process of selling its Hummer, Saab, Saturn and Opel units. It will discontinue the Pontiac brand by years end.
Many have criticized the company’s trek into bankruptcy and are calling the new company “Government Motors”. The federal government will own a majority stake in the new GM, but Obama administration officials have said repeatedly that they will not participate in the daily operation of the company. (Yeah right!)