A 20-year-old cabinet maker is reorganizing its debt under Chapter 11 bankruptcy protection, and a bankruptcy tile company filed for Chapter 7 liquidation a couple of years after going out of business, according to public records. Custom Designed Cabinetry & Construction of South Beloit filed Chapter 11 on April 22. The company was founded in 1988 and operates in South Beloit. The company has $1.66 million in liabilities and $1.59 million in assets. The vast majority of the assets are tied up in the company’s buildings at 964 Washington Ave., South Beloit, and the former Gia’s Italian Grille & Cafe building, 7784 Forest Hills Road, Loves Park.
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10/19/2007 Associated Press
A bankrupt resort that failed to sell at auction this week remains for sale, a lawyer said Friday.
J. Scott Rose, a lawyer for unsecured creditors seeking repayment from Lajitas, The Ultimate Hideout, said lawyers in the case will continue trying to negotiate a sale of the 25,000-acre, 92-room resort development through the weekend.
“I remain optimistic that something will happen,” Rose said.
The auction, held at law office in San Antonio, was suspended Thursday without an acceptable offer. One bidder walked out of the sale, according to Mark Petrocchi, a lawyer for Lajitas.
The resort, built by Austin multimillionaire Stephen R. Smith, filed bankruptcy this summer after defaulting on a $12.5 million loan from a Connecticut lender.
Dallas Morning News | News for Dallas, Texas | Texas/Southwest
Published on Tuesday, September 25, 2007 By Tiffany Kary
NEW YORK, USA (Bloomberg): Two bankrupt Bear Stearns Cos. hedge funds were granted continued protection from US lawsuits while they liquidate in the Cayman Islands, as long as they return $8 million to the US, a judge has ruled.
Bear Stearns, the fifth-largest US securities firm by market value, must return the funds, which were transferred to the Cayman Islands, or post an equal amount as bond, US Bankruptcy Judge Burton Lifland said at a hearing on Monday in Manhattan federal court. Lifland reprimanded the New York-based firm for allowing the US accounts to end up in the Cayman Islands.
“If they are forced to bring that money back, then it might leave them with no money to pay for attorneys fees and costs in the Caymans,” said Jay Westbrook, a professor at the University of Texas Law School in Austin who helped write a 2005 law related to Chapter 15 bankruptcy.
Bear Stearns shares fell 3.7 percent. The firm placed the funds in bankruptcy July 31, citing volatility in the subprime-lending market and subsequent margin calls. They sought court protection after the firm granted one of the funds $1.6 billion in emergency financing, the biggest hedge-fund bailout since the collapse of Long-Term Capital Management LP in 1998.
Caribbean Net News: US judge allows time for hedge funds’ bankruptcy in Cayman Islands
The West Texas getaway for rich went bankrupt and never did catch on
LAJITAS — A federal court has ordered an Oct. 18 auction for the bankrupt Lajitas Resort, a 25,000-acre West Texas development that has yet to catch on as an exclusive desert getaway.
The 92-room resort and surrounding property, called the Ultimate Hideout resort, have been appraised by the Brewster County Appraisal District at about $16 million. The property also includes a jet strip and is home to a famous beer-drinking goat, Clay Henry III, that serves as the town’s mayor.
U.S. Bankruptcy Court Judge Ronald King ordered the sale last week to satisfy more than $16 million owed to creditors. The auction will be in San Antonio.
“There are quite a few interested parties, and we’re pretty optimistic there will be significant bids, high enough so that everyone will be paid,” said Stephen Pezanosky, a lawyer representing Prime Asset Funding, a Connecticut firm trying to recover about $14 million from a loan it made to the resort last year.
Associated Press
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