A joint venture bought the New Energy Corp. plant at auction last week for $2.5 million. New Energy had hoped the auction would cover the company’s $54 million in debt. A large portion of that debt is owed to the U.S. Department of Energy, which guaranteed the original loans.
The owner of Castleton Square Mall is suing its former tenant for $471,031 following the restaurant’s closing late last month.
Many Indianapolis developers know the feeling. In good times, few industries generate an adrenalin rush like real estate development. But it’s a highly leveraged business built upon certain assumptions that proved flimsy when the financial crisis hit.
The Indiana Court of Appeals affirmed Christopher White’s 2009 conviction, resulting from a $500,000 bad check he wrote as he tried to save his real estate development firm.
Private equity firm Propel Equity Partners is acquiring Fundex following a court-ordered auction in which a surprise bidder surfaced, driving up the price of the company.
Plainfield-based Fundex Games Ltd., which filed for bankruptcy protection in September, said Poof-Slinky Inc. is the only potential purchaser that has shown interest in acquiring the company’s assets.
Convicted Ponzi schemer Tim Durham and two accomplices will find out Friday whether they will spend the rest of their lives in prison.
SC Design Inc. lists debt of $1.5 million. Most of it is owed to Fair Finance, formerly co-owned by convicted fraudster Tim Durham, through a claim filed by a trustee seeking to recover investor funds.
Twinkies, Ho Hos and Wonder Bread are up for sale now that a bankruptcy judge cleared the way for Hostess Brands Inc. to fire its 18,500 workers and wind down its operations.
Other companies are interested in bidding for at least pieces of Hostess because of the high brand recognition and $2.5 billion in annual revenue. Twinkies alone have brought in $68 million in revenue so far this year.
One of the city’s best-known retail developers is alive and kicking again after a harrowing real estate downturn and protracted legal battle with two lenders.
James M. Carr of the Indianapolis law firm Faegre Baker Daniels LLP has been appointed to a 14-year term effective Jan. 1. His selection follows the recent appointment of Marion Superior Court Judge Robyn Moberly.
The automaker had claimed in a complaint to the state that Duke acted in "draconian" fashion by holding onto the seven-figure deposit for service at its Kokomo plant since 2009.
Hostess Brands Inc., the maker of Twinkies and Wonderbread, has received the go-ahead from a U.S. bankruptcy court judge to lower wages for thousands of bakery workers, affecting more than 400 employees in Indiana.
A judge dismissed a lawsuit filed by Irwin Financial Corp.'s bankruptcy trustee, saying the only party with the right to bring suit was the bank’s receiver, the Federal Deposit Insurance Corp. It didn't do so by last month's deadline.
The nightmare that culminated with the Plainfield-based company’s recent Chapter 11 bankruptcy filing began in the depths of the financial crisis, when the company’s lender yanked its more-than-$10-million line of credit.
Central Indiana’s two racetrack-casinos may consolidate under a single owner after Indianapolis-based Centaur Holdings LLC submitted a winning bid of at least $500 million for Indiana Grand Casino in Shelbyville.
The once high-flying Fundex is seeking to reorganize under the protection of bankruptcy as the lawsuits against the Plainfield-based company continue to pile up. Fundex lists assets of nearly $1.5 million and liabilities of $8.9 million.
Abound Solar Inc., the bankrupt solar-panel maker that had hoped to hire up to 1,200 people in Indiana by the end of next year, will have its assets sold at auctions this month and in October.
Things have suddenly taken an ugly turn for veteran Indianapolis attorney Jim Knauer and his legal advisers at Faegre Baker Daniels, who are under attack by parties that want them bounced from the massive bankruptcy case for Eastern Livestock Inc.
