Bankruptcy

Fair Finance judge throws out $33M Dan Laikin judgmentRestricted Content

August 30, 2014
Greg Andrews
The ruling is a big setback for bankruptcy Trustee Brian Bash, who has yet to provide any recovery to the more than 5,000 Ohio residents who lost more than $200 million when the Tim Durham-led company collapsed in 2009.
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Two HDG Mansur creditors seek liquidation of the firm

August 26, 2014
Scott Olson
The firms claim in court filings that HDG Mansur has no hope of reorganizing under Chapter 11 and is stalling to avoid paying a $5.8 million judgment.
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Builders Estridge and Davis rebound from bust, run own firms again

August 23, 2014
Scott Olson
Brad Davis and Paul Estridge Jr. belong to a select fraternity. They’re prominent Indianapolis homebuilders whose companies faltered during the housing downturn, only to re-emerge in another incarnation.
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ITT cash crunch has analysts raising spectre of bankruptcy

August 5, 2014
J.K. Wall
Carmel-based ITT Educational Services no longer has a margin of error, as it tries to dig out from a scuttled real estate deal, tightened rules from lenders and the feds, and its CEO's pending resignation.
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Well-known east-side Mexican eatery closes

July 21, 2014
Scott Olson
El Sol de Tala, a staple on East Washington Street for several decades, shut its doors earlier this month amid a court dispute between the restaurant's owner and his landlord.
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Durham victims wait and wait, as quest for cash continues

July 5, 2014
Greg Andrews
The bankruptcy trustee who has been trying to scrape together money for victims of Indianapolis financier Tim Durham’s Ponzi scheme just struck two lawsuit settlements that underscore the daunting obstacles he faces.
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Lender to bankrupt country club puts on suitor’s cap

June 7, 2014
Greg Andrews
The lender for the Hawthorns Golf & Country Club is an affiliate of California-based Concert Golf Partners, which hopes to convert its debt into ownership of the Fishers club.
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HDG Mansur affiliates file Chapter 11 to halt $5.8M judgment

May 23, 2014
 Bloomberg News and IBJ Staff
The judgment in a New York court stems from allegations by a Sharia fund that the affiliates stole funds. HDG argued that it charged the additional fees to rectify a billing error.
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Indiana Limestone gets back to work under new owner

May 14, 2014
Indiana Limestone Co. technically closed and laid off all its workers earlier this month to fulfill a bankruptcy plan, then a few days later reopened with the new owners and rehired employees.
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Deca Financial to wind down after trustee opts for liquidation

April 15, 2014
Chris O'Malley
The Fishers debt collection agency had been forced into bankruptcy by creditors. On Monday, a judge approved a request to terminate the once-promising firm.
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Collection firm Deca accused of not paying bills

March 7, 2014
Chris O'Malley
Creditors are trying to force the company, which just two years ago was touting ambitious expansion plans, into bankruptcy.
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Champps restaurants likely to survive parent's bankruptcy

January 31, 2014
 IBJ Staff and Bloomberg News
The bankruptcy of a Kansas restaurant company has cast uncertainty over the future of its five Indianapolis-area restaurants—three Chammps Americanas and two Fox and Hounds.
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Hawthorns Golf Club in Fishers files for bankruptcy

January 27, 2014
 IBJ Staff and Bloomberg News
The move comes after a lender filed a $4.8 million foreclosure lawsuit on the club and asked a Hamilton County court to appoint a receiver.
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Local attorney, developer Page files bankruptcy

January 8, 2014
Scott Olson
Paul J. Page was one of four principals of troubled Indianapolis-based condo firm Page Development, which spearheaded the Villagio at Page Pointe project at the south edge of downtown.
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Indiana church expected to repay creditors fully in 25 years

December 17, 2013
Bloomberg News
The Madison Park Church of God in Anderson has a green light to exit bankruptcy under a Chapter 11 plan approved by an Indianapolis judge late last week.
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Lender to buy training firm Adayana in bankruptcy case

December 13, 2013
 IBJ Staff and Bloomberg News
Indianapolis-based Adayana Inc. received permission this week from U.S. Bankruptcy Court in Indianapolis to sell the business to a secured lender in exchange for millions of dollars in debt.
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Suit slams ex-insiders of Bank of IndianaRestricted Content

December 7, 2013
Chris O'Malley
Racketeering, fraud and “negligent oversight” are juicy ingredients in any lawsuit. But a recently filed complaint against Bank of Indiana may take the trophy in the otherwise sound-but-sleepy world of Indiana banking, not just for the nature of the allegations but that they’re aimed at the boardroom.
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Still nothing for investors, as Fair Finance legal fees balloon

November 23, 2013
Greg Andrews
The Cleveland law firm representing the bankruptcy Trustee Brian Bash is seeking approval for more than $11 million in fees.
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Durham family members agree to settle trustee claims

November 8, 2013
Attorneys for the Fair Finance trustee said Tim Durham's ex-wife, Joan SerVaas, has agreed to pay $100,000 and Bernard Durham, his adopted son, $10,000 to settle a lawsuit charging they accepted nearly $300,000 from the disgraced financier.
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Training firm Adayana seeks bankruptcy protection

October 16, 2013
Jeff Newman, Bloomberg News
Indianapolis-based training firm Adayana Inc. said it sought Chapter 11 bankruptcy reorganization this week after two years of unsuccessfully trying to restructure its debts out of court.
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Durham backers who exited early now taking financial hitRestricted Content

September 21, 2013
Greg Andrews
A group of elite Indianapolis investors who cashed out before Tim Durham's financial empire collapsed have reached a settlement with a bankruptcy trustee requiring them to give most of their money back.
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Dispute over Uptown Business Center in SoBro gets messier

August 7, 2013
Scott Olson
The dispute started in October when the lender tried to take possession of the building at the southwest corner of 49th Street and College Avenue. Now the owner has filed Chapter 11 to delay foreclosure proceedings.
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Indiana senator to push for municipal bankruptcy law

August 3, 2013
Associated Press
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.
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Big Anderson church files for Chapter 11 bankruptcy

July 16, 2013
 IBJ Staff and Bloomberg News
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.
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Fair Finance trustee to continue pursuit into 2014

June 21, 2013
 IBJ Staff
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.
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  1. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

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