Tim Durham, the Indianapolis businessman who purchased Akron, Ohio-based Fair Finance Co. eight years ago, is facing up to
the reality he owes the company a bundle and is shoveling over assets. Nevertheless, the FBI seized some Durham vehicles on
June 24.
Beleaguered financier Tim Durham acknowledges owing millions to Fair Finance and is turning over artwork and selling assets
to reduce the loan, according
to an attorney overseeing the company’s bankruptcy.
Beleaguered local businessman Tim Durham’s Geist home is listed for sale with a $5.5 million asking price.
Indianapolis-based Simon Property Group Inc. has withdrawn its offer for General Growth Properties Inc. after a bankruptcy
court judge approved a sale process that gives an advantage to a group lead by rival bidder Brookfield Asset Management Inc.
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process
will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon
Property Group.
Simon Property Group Inc. added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge
from bankruptcy, increasing the plan’s total investment by $1.1 billion.
Unsatisfied with the Hoosier Park owner’s reorganization plan, hedge funds represented by Wells Fargo Bank petition for conversion
of Chapter 11 bankruptcy into Chapter 7.
The suit against Laikin, a longtime friend of Fair Finance CEO Tim Durham, is the first major legal move to untangle the morass
of related-party loans that propelled the company into insolvency.
Shares in General Growth Properties Inc., the second-biggest U.S. mall owner, fell as much as 6.7 percent Monday morning after
a newsletter report that Simon Property Group Inc. may abandon a takeover bid for its smaller rival.
The troubles at U.S. Rubber Reclaiming demonstrate the challenges a bankruptcy trustee faces in trying to recover money for
investors.
Bankrupt Hoosier Park owner Centaur Inc. has offered its creditors a risky reorganization plan. For it to work, dozens of
hedge funds must stay in the game, in return for a chance to buy a big chunk of the company later.
New York-based Moody’s Investors Service has downgraded its credit rating for Indiana Live horse track and casino, a warning
signal that the Shelbyville facility may soon follow its Anderson counterpart Hoosier Park into bankruptcy.
A mix of business and personal woes have pushed Steven Carter Ross, the longtime owner and manager of the Vogue nightclub,
into personal bankruptcy. Now a judge must decide whether Ross can keep the popular Broad Ripple music venue, or if he must
sell it to satisfy his creditors and his estranged wife.
A Bloomington investor bought the sprawling complex out of receivership in 2008, and had hoped
to spend more than $20 million to renovate it.
Indianapolis-based Simon Property Group and its chief rival in the battle to acquire bankrupt shopping mall operator General
Growth Properties Inc. are seeking funding from sovereign wealth funds in the Middle East and Asia, according to the Financial
Times of London.
Borrowers from Tim Durham's bankrupt finance company will face heavy-handed collection tactics.
Shopping mall operator General Growth Properties Inc. will have four more months to sort out its exit from Chapter 11 bankruptcy
and weigh buyout offers–including a $10 billion bid from Indianapolis-based Simon Property Group Inc.
General Growth Properties Inc. may favor a risky bid from Brookfield Asset Management Inc. because of that company’s
agreement with William Ackman’s Pershing Square Capital Management LP, creditors said in court documents. Simon Property
Group also has bid to acquire the bankrupt company.
Brian Bash will need to untangle a web of related-party transactions that have befuddled nearly everyone who has tried to make sense of them.
