Bankruptcy

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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Fair Finance trustee sues former owner for $150M

February 24, 2012
Greg Andrews
The 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.
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Downtown Comfort Suites seeks bankruptcy protection

February 24, 2012
 IBJ Staff
The 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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Wiretaps suggest Durham tried to sugarcoat Fair's woesRestricted Content

February 18, 2012
Greg Andrews
Transcripts of phone conversations capture Fair Finance CEO Tim Durham discussing ways to recast company financials to mitigate Ohio securities regulators’ concerns about massive insider loans.
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More Fair suits target Durham family members

February 14, 2012
Scott Olson
Those named in the latest lawsuits include Tim Durham's ex-wife, Joan SerVaas; B.J. Durham, SerVaas' biological son who was adopted by Durham; and the financier's sister, Courtney Durham.
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