Bankruptcy

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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Greenwood golf course reorganizing under bankruptcy

June 17, 2011
Scott Olson
Renamed Dye's Walk Country Club in 2007, the private golf course's original nine holes were the first designed by legendary course architect Pete Dye. The Greenwood course has fallen on financial hard times and is hoping to emerge under new ownership.
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Arizona project bankrupts local developer BodnerRestricted Content

June 11, 2011
Cory Schouten
Bruce Bodner, a quiet but prolific local developer who in the late 1990s bought and revitalized two of downtown’s most recognizable buildings, has filed for bankruptcy after making a doomed bet in Arizona.
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Shrunken Lauth emerges from reorganization

May 31, 2011
J.K. Wall
Lauth Investment Properties, which holds the remains of the real estate empire of Lauth Group, has emerged from Chapter 11 bankruptcy, with about $25 million and a portfolio of properties valued at $35 million.
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Indiana Downs owner halts lawsuit amid bankruptcy

May 18, 2011
Bloomberg News
Cordish Cos., a real-estate developer trying to build a casino near Baltimore, must temporarily halt a defamation lawsuit against the chief executive officer of Shelbyville casino owner Indianapolis Downs LLC, a federal judge said Tuesday.
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Indiana Live makes staff reductions

May 13, 2011
Francesca Jarosz
Indiana Live laid off about 30 members of its 800-person staff this week as the race track and casino’s owners sort through Chapter 11 bankruptcy.
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Bosma to return $10,000 Durham donation

April 29, 2011
Greg Andrews
Fair Finance's trustee says Bosma has agreed to return a $10,000 contribution from Durham. Meanwhile, Carl Brizzi, another big recipient of Durham donations, is in settlement discussions with the trustee.
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Local developer seeks bankruptcy protection

April 29, 2011
Scott Olson
Platinum Properties LLC, an Indianapolis upscale residential real estate developer, sought Chapter 11 protection on Monday, listing several huge debts to prominent local businesses and business people.
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Greenwood Shoppes seeks bankruptcy reorganization

April 22, 2011
Scott Olson
The shopping center on U.S. 31 is the third Broadbent-operated strip mall to fall into bankruptcy and its second in Greenwood to claim financial problems.
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Indiana Live owners using big-buck firms in Chapter 11 caseRestricted Content

April 16, 2011
Francesca Jarosz
Indianapolis Downs LLC, owner of Indiana Live racetrack and casino, has hired top-tier national investment banking and law firms to represent it in Chapter 11 proceedings in U.S. bankruptcy court in Delaware.
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Landlord seeking to evict Jillian's over unpaid rent

April 15, 2011
Scott Olson
The landlord of the downtown building that houses Jillian's, which filed for bankruptcy protection earlier this week, wants the restaurant and entertainment complex out of its building, alleging the tenant owes nearly $700,000.
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Hofmeister jewelry business files Chapter 11

April 15, 2011
The northeast-side retailer listed assets of nearly $3.8 million and liabilities of $5.4 million. Much of the debt includes a bank loan and money owed to suppliers for inventory.
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Downtown Jillian’s restaurant owner files Chapter 11

April 13, 2011
Scott Olson
Locally based FB&F Entertainment LLC, which operates downtown restaurant and entertainment complex Jillian's, lists no assets and liabilities of nearly $2.2 million.
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Portrait Homes parent files for bankruptcy

April 11, 2011
Kathleen McLaughlin
Chicago-based Pasquinelli Homebuilding is seeking bankruptcy liquidation for all its business entities, including Portrait Homes Indiana, which built hundreds of homes in the Indianapolis area.
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Residential developer declares bankruptcy

April 6, 2011
Scott Olson
John Swinehart, a former executive of Bruce Gunstra Builders Inc. who was involved in the Monon on Main project in Carmel, is seeking Chapter 7 bankruptcy protection. He lists liabilities of $8.3 million.
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Indy lawyer pays $371,000 to settle Fair Finance lawsuit

March 31, 2011
Greg Andrews
Fair Finance's bankruptcy trustee says attorney Stephen Plopper and his wife are paying the full amount due under a loan that matured in 2006.
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Bank seeks to foreclose on Polo Club restaurant

March 28, 2011
The south-side steakhouse is named in lawsuit stemming from a $1 million loan made to the former owners of a Steak & Ale restaurant at the location on South East Street.
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Fair Finance investors likely to recover little money

March 17, 2011
Scott Olson
Authorities say Fair Finance, led by indicted businessman Tim Durham, owes 5,200 investors $230 million. But they're likely to recoup just a "teeny-tiny" fraction.
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