Indiana senator to push for municipal bankruptcy law
A northwestern Indiana lawmaker says he will push a measure next year that would change state law to allow local governments to file for bankruptcy like Detroit did in July.
Bankruptcy
Articles
Big Anderson church files for Chapter 11 bankruptcy
The Madison Park Church of God bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured on July 12 and couldn't be repaid.
Fair Finance trustee to continue pursuit into 2014
The attorney charged with recovering some $200 million for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into next year.
Hilbert puts MH management company into Chapter 11
The move, the latest fallout from the executive's feud with hardware king John Menard, puts on hold a Wisconsin lawsuit that sought millions of dollars from the company.
FDIC sues executives over Irwin failure
The Federal Deposit Insurance Corp. has filed suit against four former officers of defunct Irwin Financial Corp. banks, alleging they “closed their eyes to known risks” in approving loans that contributed to the banks’ 2009 takeover by regulators.
Ruling keeps church ensnared in life insurance nightmare
A federal bankruptcy judge has slapped down an Anderson church that attempted to blame its bank for a failed scheme to finance church upgrades by buying life insurance policies on its elderly members.
Fair Finance investors still empty-handed as trustee plows on
Many of the defendants pursued by Brian Bash and his team have few, if any, assets. And those that do have the wherewithal to fight litigation for years.
Bank of Indiana parent files Chapter 11, to sell branches
The bankruptcy of Bank of Indiana's parent and the planned sale of its branches bring to a close management's quest to turn around an institution that was buffeted by borrower defaults during the financial crisis.
Centre Properties puts 3 strip centers into Chapter 11
The Indianapolis developer said the bankruptcy filings are intended to prevent lender Bank of America from forcing the sale of RiverPlace Shops in Fishers, Raceway Market Shops in Indianapolis and Greenwood Crossing in Greenwood.
Tangle with Huntington Bank could fell ‘Peanut King’
The company, which roasts nuts and sells concession equipment, filed for bankruptcy to stave off Huntington National Bank, which had filed to foreclose on its real estate.
Bankruptcy stops condos’ auction
An Indianapolis developer’s last-minute bankruptcy filing halted the auction of a struggling downtown condominium project.
Judge OKs sale of Indiana’s oldest ethanol plant
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.
Simon unit suing Stir Crazy chain for unpaid rent
The owner of Castleton Square Mall is suing its former tenant for $471,031 following the restaurant’s closing late last month.
Real estate developers’ exhilaration turns to pain in bankruptcy
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.
Developer loses fraud appeal
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.
Slinky maker’s owner buys bankrupt Fundex for $1.7M
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.
Slinky maker hoping to purchase bankrupt Fundex
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.
Durham fate rests in judge’s hands
Convicted Ponzi schemer Tim Durham and two accomplices will find out Friday whether they will spend the rest of their lives in prison.
Local designer’s bankruptcy tied to Fair Finance
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.
Judge OKs plan to close Hostess, sell brands
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.