Bankruptcy

Trustee seeks $1B from Fair Finance's lenders

February 8, 2012
Greg Andrews
Fair Finance Co.’s bankruptcy trustee finally has found some deep pockets to go after in his quest to recover money for the small-time Ohio investors who lost more than $200 million when the Tim Durham-led company failed two years ago.
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Latest Fair suits target Kato Kaelin, playmate, many others

February 7, 2012
Scott Olson
A former Playboy playmate, a well-known rapper and local businessmen are among the defendants in a barrage of lawsuits filed by a bankruptcy trustee trying to collect funds for investors of Fair Finance Co., the defunct Ohio firm led by Tim Durham.
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Big-promising donor to area charities coming up emptyRestricted Content

February 4, 2012
Kathleen McLaughlin
A Johnson County man whose home is listed for sheriff's sale and who has filed for bankruptcy protection twice and been convicted of check fraud managed to convince several Indianapolis cultural institutions that he was good for multimillion-dollar gifts.
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Mini Thin maker agrees to $1M bankruptcy settlementRestricted Content

February 4, 2012
Kathleen McLaughlin
Carmel resident Richard Deer, who built a business around Mini Thin dietary supplements, has agreed to pay $1 million in his company’s bankruptcy case.
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Governor's Fair Finance settlement yields just $3,000

January 24, 2012
Greg Andrews
Court papers show the Mitch for Governor Campaign Committee isn't paying more in a settlement with Fair Finance Co.’s bankruptcy trustee because it has just $3,500 left.
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Fair trustee sues Durham's mother for $831,000

January 22, 2012
Greg Andrews
The lawsuit alleges Mitza Durham of Seymour received 58 checks or wire transfers from the indicted financier from February 2006 through November 2009.
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Home-foreclosure hiatus drives down bankruptciesRestricted Content

January 14, 2012
Kathleen McLaughlin
There were 22,754 cases filed in Southern District of Indiana in 2011, compared with 27,394 the prior year.
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Latest Fair Finance suits target Durham associates

December 27, 2011
Greg Andrews
Defendants include companies affiliated with Indianapolis restaurateur Henri Najem, the rapper Ludracis and former Indianapolis Colts quarterback Blair Kiel.
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East-side apartment complex target of $9M foreclosure

December 13, 2011
A Marion Superior Court judge has approved the appointment of a receiver to manage Lexington Park near North Post Road and East 38th Street.
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Failed dental chain lists no assets, $3.6 million debt

November 29, 2011
Associated Press
A New York dental chain that closed offices in 13 states, including eight in Indiana, without warning late last year lists no assets and liabilities of $3.6 million in a bankruptcy filing.
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Brizzi agrees to pay Fair Finance nearly $200K

November 22, 2011
Greg Andrews
The Fair Finance trustee alleged that, in addition to being huge campaign contributors to former Marion County Prosecutor Carl Brizzi, Tim Durham and his companies helped cover Brizzi's personal expenses.
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Suburban-hotel mayhem whipsaws entrepreneurRestricted Content

November 19, 2011
Greg Andrews
Two of Sanjay Patel's hotels landed in bankruptcy in November. Four others filed for Chapter 11 protection last year.
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Bankruptcies decline in Indiana, nation

November 11, 2011
Michael W. Hoskins, Scott Olson
Indiana saw fewer bankruptcies for the fiscal year ending Sept. 30 than it did the year before, with the state improving its national ranking based on case filings.
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Anderson racino emerges from bankruptcy

October 4, 2011
Francesca Jarosz
The parent company of Anderson racetrack and casino Hoosier Park has officially emerged from bankruptcy. The original shareholders of Centaur Inc., about 80 individual Indiana investors, lost their entire investment in the company.
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Jeweler plans massive sale in bid to escape bankruptcy

October 3, 2011
Scott Olson
Hofmeister Personal Jewelers Inc., which sought Chapter 11 reorganization in April, is asking the court to let it bring in a national consultant to oversee a huge sale that would begin next month and last until February.
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Broadband provider Omnicity files for bankruptcy

October 3, 2011
 IBJ Staff
The company, which had big plans to snap up rural broadband systems through the Midwest, has been in a financial slide for months.
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Suit says Irwin Union Bank execs missed snowballing riskRestricted Content

October 1, 2011
Greg Andrews
The bankruptcy trustee's suit against the top three officers of the bank's parent seeks more than $500 million.
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Page Development CFO files for personal bankruptcy

September 30, 2011
J.K. Wall
Paul M. Pittman, one of four principals in a troubled Indianapolis-based condo developer, filed personal bankruptcy this week.
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Homebuilder Estridge files for bankruptcy

September 29, 2011
Anthony Schoettle
Paul Estridge Jr. owes a list of creditors including banks, suppliers and vendors more than $50 million, but has assets of less than $5 million, he said.
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Former partner of Moe & Johnny's owner alleges fraudRestricted Content

September 24, 2011
Greg Andrews
Real estate executive John Bales filed a lawsuit last month accusing Chuck Mack of “willfully and maliciously” misappropriating $200,000 that belonged to him.
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Judge in Ponzi case deals blow to Hoosier developerRestricted Content

September 17, 2011
Greg Andrews
A federal bankruptcy judge in Florida has rejected a settlement that would have extricated former Indianapolis developer Sydney “Jack” Williams from tens of millions of dollars in claims for a mere $334,000.
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New financing may give battered dry cleaner fresh startRestricted Content

September 10, 2011
Greg Andrews
US Dry Cleaning’s September 2008 purchase of Tuchman Cleaners was supposed to end years of financial strain for the 25-store Indianapolis chain, but it didn’t happen.
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Precedent joins ranks of battered developersRestricted Content

July 30, 2011
Cory Schouten
The Precedent Cos.—the local developer of The Precedent Office Park, Mount Comfort Commercial Park and several upscale residential communities in Hamilton and Johnson counties—is winding down operations in an out-of-court restructuring.
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Prospects bright for Borders replacements

July 26, 2011
Cory Schouten
Brokers expect strong demand from other retailers, in part because the failed bookstore chain carefully chose its real estate, opting for locations near concentrations of affluent and educated consumers.
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Jillian’s set to vacate ground floor of downtown building

July 15, 2011
Scott Olson
An unidentified restaurant and bar is set to sign a lease by Sept. 1 to assume the Meridian Street space Jillian's has agreed to relinquish as part of a lease dispute with its landlord. The entertainment complex will continue to operate on the second and third floors.
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