Bankruptcy

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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Hilbert puts MH management company into Chapter 11

June 15, 2013
Greg Andrews
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.
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FDIC sues executives over Irwin failureRestricted Content

May 25, 2013
Chris O'Malley
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.
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Ruling keeps church ensnared in life insurance nightmareRestricted Content

May 11, 2013
Greg Andrews
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.
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Fair Finance investors still empty-handed as trustee plows on

April 27, 2013
Greg Andrews
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.
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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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