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Bankruptcy
Area couple's bankruptcy filing lists $18.5M in debt
July 23, 2012
Scott OlsonAn Indianapolis-area couple that operated more than two dozen companies—including one that provided financial counseling—has
filed for bankruptcy, listing $18.5 million in debt that includes unpaid business loans and mortgages for homes in Florida
and Wyoming.
MoreShelbyville racino operator settles with ex-manager Cordish
July 9, 2012
Bloomberg NewsThe operator of Indiana Grand Casino and Indiana Downs horseracing track in Shelbyville has reached a $3.5 million settlement
with the property’s former manager, The Cordish Co., that helps pave the way for its reorganization.
MoreHofmeister files bankruptcy reorganization plan
July 6, 2012
Dan HumanHofmeister Personal Jewelers Inc. plans to pay off its creditors over seven years as part of the well-known Indianapolis retailer’s
bankruptcy restructuring.
MoreShelbyville casino could exit bankruptcy in August
June 22, 2012
Bloomberg NewsA judge on Thursday approved procedures for the potential sale of the property. Bids must be accepted by July 20, and an auction
will be conducted on July 31.
MoreDurham found guilty on all counts
June 20, 2012
Cory SchoutenU.S. Attorney Joseph Hogsett hailed the jury's decision, calling the case "the most significant piece of litigation
the Southern District has seen in a generation." Tim Durham and co-defendants Jim Cochran and Rick Snow were handcuffed
and taken to the Marion County Jail.
MoreDurham trial closing arguments provide clashing accounts
June 20, 2012
Cory SchoutenThe prosecution described Tim Durham as "the mastermind" of a Ponzi scheme, while partner Jim Cochran acted as the
front man who lied "to people's faces," and Chief Financial Officer Rick Snow served as the "backroom numbers
guy."
MoreDefense rests in Durham trial without defendants testifying
June 19, 2012
Cory SchoutenDefense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their
cases Tuesday morning after calling just one witness and introducing a handful of exhibits.
MoreProsecution rests after testimony from Fair Finance trustee
June 18, 2012
Cory SchoutenAttorneys for Tim Durham and his co-defendants are expected to start their defense Tuesday morning and wrap it up in the afternoon.
The jury is expected to begin deliberations Wednesday.
MoreFair Finance CFO staying out of prosecutors' crosshairs
June 16, 2012
Greg AndrewsRick Snow, Fair Finance Co.'s former chief financial officer, isn't accused of collecting insider loans like co-defendants
Tim Durham and Jim Cochran. But he's facing the same felony charges.
MorePurchase offers fail to satisfy creditors of Shelbyville casino
June 16, 2012
Owner of Indiana Grand Casino plans to proceed with recapitalization plan instead.
MoreJury selection set to start in Durham fraud trial
June 8, 2012
Greg AndrewsThe criminal case against Tim Durham and co-defendants Jim Cochran and Rick Snow is set to begin Friday in front of federal
Judge Jane Magnus-Stinson. Prospective jurors in the high-profile trial will be asked whether they can be impartial and not
be influenced by what they have heard, read or seen about the case.
MoreReally Cool Foods plant on auction block
June 1, 2012
Scott OlsonReally Cool Foods closed the 78,000-square-foot facility in November and is searching for a buyer to help repay creditors.
One potential suitor is Sugar Creek Packing Co. of Ohio, which has offered $13 million, according to a bankruptcy filing.
MoreFishers building owner seeks bankruptcy reorganization
May 30, 2012
Lantern Partners LLC owns the Freedom Mortgage Building once occupied by the failed Irwin Mortgage Corp. Lantern's largest
creditor is owed nearly $11.4 million.
MoreHostess says jobs of 856 Indiana workers in danger
May 9, 2012
Scott OlsonThe Irving, Tex.-based company said the job cuts could occur in July if it does not find a buyer or emerge from bankruptcy.
About 340 workers would be affected at five Indianapolis plants.
MoreLocal real estate developer files for bankruptcy
May 1, 2012
Scott OlsonCornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million
in personal debt he attributed to the prolonged slump in the real estate market.
MoreJudge rejects Durham motion to throw out indictment
April 19, 2012
Greg AndrewsThe ruling by federal Judge Jane Magnus-Stinson is a big setback for Durham and his attorney, John Tompkins, who in court
papers had alleged “outrageous government misconduct.”
MoreReal estate exec’s bankruptcy filing lists $13.3M of debt
April 18, 2012
Scott OlsonPhilo Lange, former managing partner of NAI Olympia Partners, lists nearly $12 million in unsecured claims, almost half of
which is owed to PNC Bank, according to court documents.
MoreHofmeister seeks financing to emerge from bankruptcy
April 6, 2012
Scott OlsonDespite objections from unsecured creditors, a federal bankruptcy judge granted the jeweler's request to hire an outside
consultant to help it seek alternative financing to repay the balance of a PNC Bank loan.
MoreEner1 reorganizing; Bright Automotive folds
March 3, 2012
Both firms appeared a few years ago to be poised to hire thousands of workers. But they slid into a tailspin as anticipated
funding failed to materialize and the market prospects for hybrid and electric engines dimmed.
MoreFair bankruptcy trustee alleges complicity by silence
March 3, 2012
Greg AndrewsLawyers overseeing Fair Finance's liquidation charge that, every step of the way, businesspeople who crossed Tim Durham’s
path and witnessed questionable behavior looked the other way—because it was highly profitable for them to do so.
MoreKruse-owned company files for bankruptcy
March 1, 2012
Associated PressA northeast Indiana classic car dealership owned by former auction house owner Dean Kruse and his wife has filed for Chapter
11 bankruptcy.
MoreCourt OKs EnerDel parent's bankruptcy plan
February 29, 2012
IBJ Staff and Associated PressA court has approved Ener1's plan to emerge from bankruptcy, the parent company of locally based EnerDel announced Wednesday.
MoreIndiana Live receives offer from Hoosier Park owner
February 25, 2012
Kathleen McLaughlinIndiana Live is receiving overtures from potential buyers, including the owner of local competitor Hoosier Park & Casino,
its parent company said in a recent bankruptcy court filing.
MoreFair Finance trustee sues former owner for $150M
February 24, 2012
Greg AndrewsThe lawsuit charges Donald Fair knew Tim Durham was looting the business but kept quiet to collect millions of dollars in
payments scheduled to be made from 2002 to 2007.
MoreDowntown Comfort Suites seeks bankruptcy protection
February 24, 2012
IBJ StaffThe hotel, owned by an affiliate of Dora Brothers Hospitality Corp., says its largest creditor is New York-based German American
Capital Corp., which is owed $12 million.
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It's also across the street from Fogo de Chao and Morton's....
Yep, the haters are trying to make good news bad. I guess it is hard to get people to believe the series is dying when they are gaining new sponsors.
David Copperfield! I remember watching his specials on TV when I was little.
Don't forget this is next to an MMA gym, a pawn shop, and some abandoned spaces.
Good project for Zionsville - A group who has owned the property for many years has waited and worked patiently to bring highest and best use development to a major corridor, and mix that in with the great downtown you have. Win Win. All the Best to Pittman Partners and Zionsville.