Bankruptcy

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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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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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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