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By Steve Kilar, The Baltimore Sun | March 22, 2012
Creditors have filed two objections to the procedures proposed for the sale of Alter Communications Inc., the bankrupt publisher of the Baltimore Jewish Times and Style Magazine. On Wednesday, H.G. Roebuck & Son Inc., a printing company owed money by the publishing house, said that the plan to auction Alter's assets as a single entity will "chill" bids. Instead, Roebuck argues, the company's parts should be offered separately. Lauren Buerger, a stockholder in Alter who is also owed money by the company, filed an objection Thursday that said the proposed auction date is too soon.
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NEWS
By Pamela Wood, The Baltimore Sun | June 21, 2014
Among financial problems facing the Baltimore-based People's Community Health Centers — which plans to close its five clinics that assist low-income people — is a lawsuit filed by the city. Officials say the nonprofit owes $18,607.04 in back rent for an office in a city-owned building at 5225 York Road in the Govans area, according to the suit filed in Baltimore District Court on May 14. People's signed a lease last summer agreeing to pay $2,325.88 per month for the 2,045-square-foot space on the first floor, the lawsuit states.
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BUSINESS
By Ilyce R. Glink and Samuel J. Tamkin | December 21, 2008
Can a company put a lien on your house or property if you're incarcerated? My brother has been in jail for 10 years. He returned his car to the finance company and they in turn auctioned it off for $4,000 less than what he owed on it. Can they sue or take his house? Whether a person is incarcerated or not isn't the issue. If a creditor is able to get a judgment against the person who owed it money, that creditor can then try to satisfy that judgment anyway it can. One of those ways is to go after assets owned by the debtor: his bank accounts, cars and even real estate.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 15, 2014
In a surprising reversal, last week's losing bidder for 1st Mariner Bank got approval Tuesday to buy it — preserving the city's largest independent bank as a Baltimore-based institution. The group of investors, a mix of locals and out-of-state investment firms led by Priam Capital of New York, won over creditors with a last-minute offer to sweeten their deal. They agreed to pay about $17.7 million, $3 million of that up front as a deposit. That bid was roughly $4 million more than the value of competitor National Penn Bank's best offer.
BUSINESS
By Stephanie Strom and Stephanie Strom,New York Times News Service | January 25, 1992
NEW YORK -- Laurence A. Tisch's proposal to rescue R. H. Macy & Co. from its crushing debt load at the expense of its creditors fell through late yesterday, when a major creditor refused to agree to his terms.In a statement issued last night, Loews Corp., of which Mr. Tisch is chairman and chief executive, said it had ended its discussions to buy Macy. "The Loews proposal was conditioned upon the cooperation of various other parties," the statement said, "but was rejected by a major creditor of Macy's this afternoon."
NEWS
By Kim Clark and JoAnna Daemmrich and Kim Clark and JoAnna Daemmrich,Staff Writers | December 24, 1993
Baltimore Comptroller Jacqueline F. McLean, who faced the threat of bankruptcy for more than two months, has moved to pay one of her largest and most pressing debts.Mrs. McLean and her husband, James, recently wrote checks totaling $253,000 to pay off one of their largest creditors, the Development Credit Fund Inc., attorneys for both sides said yesterday.The fund, a Baltimore-based lender to high-risk, minority-owned businesses, expects the McLeans' checks to clear by early next week.Stephen M. Goldberg, an attorney for the fund, said that once the debt is paid, he will lift liens against all of the McLeans' personal and business assets, including the former headquarters their now-defunct travel agency and their Colonnade condominium.
NEWS
By Tricia Bishop, The Baltimore Sun | October 19, 2011
A federal bankruptcy judge has granted a month-long extension to Alter Communications, which publishes the Baltimore Jewish Times and Style Magazine, and creditor H.G. Roebuck & Sons, to "negotiate their differences and file a joint plan of reorganization," according to a court order filed Wednesday. U.S. Bankruptcy Judge James F. Schneider previously ordered the entities to develop and present a plan by Oct. 21 to remove Alter from Chapter 11 proceedings, or said he would appoint a trustee to run the business.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,LOS ANGELES TIMES | August 5, 2001
Now that consumers are able to view their own credit scores, I requested mine, confident that it would be at the higher end of the scale. I was shocked to learn that at 671 mine was considered "below average." The greatest negative, 40 points, was due to a collection matter that took place a number of years ago against my husband. It was a business debt, not a personal debt, but that's not how it was reported. After learning my score, I sent a letter to the creditor's collection attorney trying to enlist his help in removing this from our credit report, but I never heard from him. You expected rather a lot from an attorney hired by your husband's creditor.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | March 4, 2000
Operations are winding down at Eastern Home Products Inc. in Southwest Baltimore after the company announced that it didn't have enough money to continue in business. Eastern Home and its subsidiaries -- Eastern Manufacturing Products Inc., Home and Roam Leisure Products Inc. and Eastern Standard Corp. -- manufacture above-ground swimming pools and window blinds. Its retail stores sell pools, spas and pool tables. About 20 of the company's work force of nearly 200 are working. More than 125 workers were surprised when they were laid off abruptly in late January.
BUSINESS
By A Sun Staff Writer | May 6, 1995
Taverna Athena, the Greek restaurant in downtown Baltimore's Harborplace, has sought protection from its creditors under Chapter 11 of the federal bankruptcy code.In the filing Wednesday in U.S. Bankruptcy Court in Baltimore, the restaurant lists liabilities of more than $390,000 and said its assets are worth $169,661.The bankruptcy code's Chapter 11 section allows companies to reorganize their debts while continuing to operate and serve customers. Taverna Athena's owner, Spyros Stavrakas, and its lawyer, Joel Denning, did not return phone calls seeking comment.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 9, 2013
The nearly two dozen creditors of payroll firm AccuPay Inc. who jammed a hearing room in Baltimore's federal courthouse Tuesday left with no more answers than when they arrived. Bel Air-based AccuPay, which filed for Chapter 7 bankruptcy in March, is being investigated for allegedly defrauding clients, many of whom run small businesses in Harford County, by failing for years to remit their tax payments to federal and state tax collectors. The creditors meeting at the Edward A. Garmatz Federal Building, a routine step in the bankruptcy process, offered the first chance since the allegations came to light for creditors to get answers from owners of AccuPay, which shut down abruptly at the end of February.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 25, 2013
When a warrant for his arrest arrived at his mother's house, Bryan Bookman went to the district court in Essex to clear up the matter. "That's when I was handcuffed and shackled, right on the spot, like I was a common criminal," said Bookman, who didn't have the money to post bail and spent the night in the Baltimore County Jail in Towson. His crime? Failure to show up in court for a small claims case. Debtors' prison, where people are incarcerated for owing money, seems like something out of another century.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 14, 2013
A Bel Air payroll company under investigation for allegedly not forwarding clients' tax payments to tax collectors has filed for bankruptcy. AccuPay Inc. filed a petition for a Chapter 7 bankruptcy Tuesday in U.S. Bankruptcy Court in Baltimore, listing 95 creditors and debts of between $100,001 and $500,000. Chapter 7 allows for an orderly liquidation of a company's assets to pay off creditors. A bankruptcy attorney for the company's owners said Wednesday that his clients believe they will have funds available to pay creditors.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | February 20, 2013
Several creditors of Commerce Corp. filed an involuntary bankruptcy petition against the Maryland-based distributor of lawn and garden supplies. In the petition filed last week, five creditors claim they are owed a combined $1.73 million from the Curtis Bay distributor and want it placed in a Chapter 7 bankruptcy liquidation. The creditors are DeWitt Co. Inc. in Missouri; Franklin Electric Co. Inc. of Indiana; Dramm Corp. of Wisconsin; and Premier Horticulture Inc. and J.R. Peters Inc., both of Pennsylvania.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | February 1, 2013
Unsecured creditors in the RG Steel bankruptcy case withdrew Friday their request to sue the company's billionaire founder. The Official Committee of Unsecured Creditors had in January asked the U.S. Bankruptcy Court in Wilmington for permission to go after Ira Rennert, alleging that his decisions in the months before RG Steel collapsed were aimed at worsening the company's finances to shore up his own. The committee said it might be able to recover...
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 18, 2013
Bankrupt RG Steel's unsecured creditors are seeking permission to sue Ira Rennert — the billionaire who created the company to buy Sparrows Point — for allegedly worsening the steel mill owner's financial situation in order to improve his own. The Official Committee of Unsecured Creditors told the U.S. Bankruptcy Court in Wilmington, Del., that it might be able to recover more than $238 million if allowed to pursue claims against Rennert for...
BUSINESS
March 21, 2000
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15. I have a great aunt who borrowed some money from me several years ago, and never repaid any of it. I didn't get a note or anything signed by her, and she died, which makes the debt uncollectible. Is there any way I can deduct this from my income taxes? Generally, if someone owes you money that you cannot collect, you may be able to deduct the loss in the year the debt became uncollectible, as a bad debt.
BUSINESS
By Jane Bryant Quinn | November 4, 1996
MEMO TO THE thousands of people who've struggled to fix an error on their credit reports: A new set of amendments to the Fair Credit Reporting Act (FCRA) will take effect 11 months from now. They'll expand your rights and make it easier to enforce the rules.The credit bureaus have already put many of these reforms into force. Some were adopted on a voluntary basis. Others were instituted at gunpoint, after the states or the Federal Trade Commission accused the bureaus of violating the law."
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | June 21, 2012
The Sparrows Point steel mill will have more time to find buyers — two to four weeks extra — under an agreement hammered out Thursday in the bankruptcy case. Owner RG Steel's unsecured creditors had contended that the July 27 deadline to close a deal, just two months after the company filed for bankruptcy protection, was so tight that it would harm the chances of finding a buyer to pay fair value and restart the facilities being idled. The terms of the new deadline were outlined in court papers Thursday.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | June 19, 2012
The speedy bankruptcy auction planned for the Sparrows Point steel mill and other assets held by its cash-strapped owner has come under fire from unsecured creditors, who say the timeline is so short that it reduces the possibility of a buyer paying fair value and restarting the facilities now standing idle. RG Steel LLC, which owns the Baltimore County mill, filed for bankruptcy protection at the end of May. It is in the midst of laying off nearly 2,000 employees at Sparrows Point — almost the entire workforce — as it shuts down division after division.
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