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CEO leaves Six Flags after Chapter 11 reorganization

Posted on May 13th, 2010 No Comments

Six Flags announced on Wednesday that CEO Mark Shapiro would be leaving the company after four years with the theme park operator.

Shapiro was picked for the job by Washington Redskin’s owner Daniel Snyder after he obtained control of the company in 2005. Snyder also took over the $2.4 billion of debt that came with the theme parks. Intending to centralize his entertainment ventures around Six Flags, Snyder was unable to achieve his ambitions, and Six Flags filed for bankruptcy.

News of Shapiro’s departure comes after less than two weeks of Chapter 11 reorganization. In the reorganization process, Shapiro exited from a position as a director on the company’s board, and Snyder declined reappointment to the board. With this, Snyder lost his equity investment with the company, which, at one time, was about 5 percent of the company.

Alexander Weber Jr. took over as interim CEO on Wednesday, although the company announced that they will be looking for a permanent candidate to hold the position. Six Flags operates at least 20 parks in North America, and was joined to Dick Clark Productions through Snyder’s holdings.

If your business is facing severe financial problems, your best option may be to file bankruptcy. Contact the Boston Chapter 11 bankruptcy lawyers at Joshua Spirn & Associates by calling 800-975-5346, and discuss your legal options today.

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Bonuses Allowed for Tribune Execs Despite Bankruptcy Filing

Posted on January 28th, 2010 No Comments

A $45 million dollar incentive program for executives of the now bankrupt Tribune Corporation was approved by a bankruptcy judge on Wednesday, despite the objections of the bankruptcy trustee and a union affiliated with the company.

The incentive program covers 710 managers and 10 of the company’s top executives. The company filed for bankruptcy protection in December of 2008, claiming $7.6 billion in assets and $13 billion dollars in liabilities.

If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on commercial bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 today.

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Boston-based Uno Chicago Grill Files for Bankruptcy

Posted on January 20th, 2010 No Comments

On Monday, the Boston-based Uno Restaurant Holdings Corporation, owners of the Uno Chicago Grill restaurants, filed for bankruptcy after claiming losses of $22 million dollars in the 2009 fiscal year. The company claimed assets of $144.6 million versus liabilities of $171.8 million dollars.

The company released a statement saying that seventeen of it’s restaurants had been shut down prior to the bankruptcy filing, and more restaurants may be closed if favorable lease terms cannot be negotiated.

If you are a business owner and are considering filing for bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today.

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Ski Market Files for Chapter 11 Bankruptcy

Posted on January 14th, 2010 No Comments

The Ski Market LTD, a winter sports retailer, has filed for Chapter 11 bankruptcy.

The company, which is based in Wellesly, Mass., said that they have been losing money for a long time now. The last two years has been especially rough. Only seven of the companies 16 stores remain open for business. They plan on keeping their current employees. The company has been around since the 1950s.

If you need assistance with your commercial bankruptcy filings, the Boston bankruptcy attorney of Joshua Spirn & Associates can help you with your bankruptcy case. Please contact us at 800-975-5346 today.

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Medical Equipment Maker Files for Chapter 11

Posted on December 28th, 2009 No Comments

The Burlington, Massachusetts based medical equipment maker HyperMed, Inc. has filed for Chapter 11 bankruptcy protection in the District Court of Massachusetts. The company, which owns more than 40 patents for equipment used in medical procedures listed $1.1 million dollars in assets, and debts of nearly $2.4 million.

The Boston bankruptcy attorneys of Joshua Spirn & Associates are here to help you with your commercial bankruptcy case. If you need assistance with a commercial bankruptcy filing, contact us at 800-975-5346 today.

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Georgetown Country Club Files Chapter 11

Posted on September 29th, 2009 No Comments

The Georgetown Club, a private country club located 35 miles north of Boston has closed its doors. After a Chapter 11 business reorganization filed in Boston Bankruptcy Court was dismissed, the club was put into foreclosure by Sovereign Bank, which holds a $4.5 million mortgage.

Dr. Peter Wojtkun, a managing partner of the club said it was “doing well until the economy crashed last year.” More than 100 members had left the club in recent months and fifteen weddings were cancelled in the last year.

The Club “will be sold at a foreclosure auction,” said Wotjkun. “We had hobed to reorganize and open again next season.” Wotjkun called the club a “business that has run into severe financial crisis.”

If your business is considering filing for Chapter 11, contact the Boston Bankruptcy Lawyers of Joshua Spim & Associates at 800-975-5346.

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Group of investors attempt to buy Sun-Times Media Group out of bankruptcy

Posted on September 18th, 2009 No Comments

Newsroom employees at the Chicago Sun-Times and other Sun-Times Media Group newspapers rejected contract plans earlier this week that would have allowed a group of investors to buy the Sun-Times Media Group out of bankruptcy.

The group of investors, STMG Holdings LLC, offered to purchase the media group, which is in Chapter 11 bankruptcy with $5 million in assets and $20 million in liabilities. The head of the group said the investing group will keep the bid on the table for a short time, but the workers’ union could continue to stall the negotiating efforts, according to a spokesperson at Sun-Times Media Group.

If your business is considering filing for Chapter 11, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346.

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MA Turnpike Authority Settles with Lehman

Posted on December 23rd, 2008 No Comments

The Massachusetts Turnpike Authority has gotten out of a “swaption” deal with Lehman Brothers what both parties entered into in 2002. Because swaptions are so risky, the Authority obtained $35 million in cash but also exposed itself to extreme long-term risk.

Lehman Brothers’ chapter 11 bankruptcy earlier this year, however, allowed the Transportation to end the risky deal with a payment of $3.4 million. As a result the turnpike basically made $31 million.

Bankruptcy can change personal as well as business situations dramatically. If you face bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates. Call us at 1-800-975-5346 or send us a message from our website.

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Chapter 11 and Liquidation for KB Toys

Posted on December 16th, 2008 No Comments

KB Toys, a Massachusetts-based toy-retailer, has filed for chapter 11 bankruptcy. The company has debts totaling $190 million. This is the second time KB Toys is filing for bankruptcy once again, like it did in 2005. This time, however, KB Toys faces liquidation. As a result, in its total of 461 stores it will be having going-out-of-business sales.

Like many other business, KB Toys was hit very hard by the economic downturn. In the first half of 2008 it was staying afloat despite tough market conditions. As those conditions worsened, however, KB Toys’ sales took a nosedive of 20%. That was more than the company could sustain.

If your business faces bankruptcy, contact the Boston bankruptcy attorneys and lawyers of Joshua Spirn & Associates at 800-975-5346 or here.

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Lenders’ Right to Forclose Being Challenged

Posted on December 3rd, 2008 No Comments

Two lenders who have not completed paperwork proving they own mortgages have had their right to foreclose on these mortgages challenged in court.

The lawsuit has been filed in Suffolk Superior Court on behalf of two women whose homes have been foreclosed on. The defendants, GMAC Mortgage LLC of Fort Washington, Pennsylvania and Deutsche Bank National Trust Co. of Santa Ana, California bought the mortgages on the secondary market.

Unfotunately, the two companies haven’t completed the paperwork that proves the mortgages are theirs, as required by Massachusetts law. Lawyers for GMAC Mortgages are reviewing the lawsuit while Deutsche bank did not answer any questions.

The recently filed case shows the increasing disorganization of financial firms that buy, package, and sell mortgages to third parties. The process is frequently invisible to homeowners and the public.

The lawyers handling the case seek class action status to buy people time to take part in a federal rescue plan.

If you are considering filing for bankruptcy to prevent foreclosure on your home, contact the Boston Chapter 13 bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346 to discuss your case.

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