Bankruptcy

Solar panel maker Abound to auction off assets

September 10, 2012
 IBJ Staff and Bloomberg News
Abound Solar Inc., the bankrupt solar-panel maker that had hoped to hire up to 1,200 people in Indiana by the end of next year, will have its assets sold at auctions this month and in October.
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Faction turns on trustee in Eastern Livestock bankruptcyRestricted Content

August 25, 2012
Greg Andrews
Things have suddenly taken an ugly turn for veteran Indianapolis attorney Jim Knauer and his legal advisers at Faegre Baker Daniels, who are under attack by parties that want them bounced from the massive bankruptcy case for Eastern Livestock Inc.
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Area couple's bankruptcy filing lists $18.5M in debt

July 23, 2012
Scott Olson
An 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.
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Shelbyville racino operator settles with ex-manager Cordish

July 9, 2012
Bloomberg News
The 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.
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Hofmeister files bankruptcy reorganization plan

July 6, 2012
Dan Human
Hofmeister Personal Jewelers Inc. plans to pay off its creditors over seven years as part of the well-known Indianapolis retailer’s bankruptcy restructuring.
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Shelbyville casino could exit bankruptcy in August

June 22, 2012
Bloomberg News
A 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.
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Durham found guilty on all counts

June 20, 2012
Cory Schouten
U.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.
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Durham trial closing arguments provide clashing accounts

June 20, 2012
Cory Schouten
The 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."
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Defense rests in Durham trial without defendants testifying

June 19, 2012
Cory Schouten
Defense 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.
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Prosecution rests after testimony from Fair Finance trustee

June 18, 2012
Cory Schouten
Attorneys 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.
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Fair Finance CFO staying out of prosecutors' crosshairsRestricted Content

June 16, 2012
Greg Andrews
Rick 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.
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Purchase offers fail to satisfy creditors of Shelbyville casinoRestricted Content

June 16, 2012
Owner of Indiana Grand Casino plans to proceed with recapitalization plan instead.
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Jury selection set to start in Durham fraud trial

June 8, 2012
Greg Andrews
The 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.
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Really Cool Foods plant on auction block

June 1, 2012
Scott Olson
Really 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.
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Fishers 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.
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Hostess says jobs of 856 Indiana workers in danger

May 9, 2012
Scott Olson
The 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.
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Local real estate developer files for bankruptcy

May 1, 2012
Scott Olson
Cornelius 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.
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Judge rejects Durham motion to throw out indictment

April 19, 2012
Greg Andrews
The 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.”
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Real estate exec’s bankruptcy filing lists $13.3M of debt

April 18, 2012
Scott Olson
Philo 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.
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Hofmeister seeks financing to emerge from bankruptcy

April 6, 2012
Scott Olson
Despite 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.
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Ener1 reorganizing; Bright Automotive foldsRestricted Content

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.
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Fair bankruptcy trustee alleges complicity by silenceRestricted Content

March 3, 2012
Greg Andrews
Lawyers 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.
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Kruse-owned company files for bankruptcy

March 1, 2012
Associated Press
A northeast Indiana classic car dealership owned by former auction house owner Dean Kruse and his wife has filed for Chapter 11 bankruptcy.
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Court OKs EnerDel parent's bankruptcy plan

February 29, 2012
 IBJ Staff and Associated Press
A court has approved Ener1's plan to emerge from bankruptcy, the parent company of locally based EnerDel announced Wednesday.
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Indiana Live receives offer from Hoosier Park ownerRestricted Content

February 25, 2012
Kathleen McLaughlin
Indiana 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.
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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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