Bankruptcy

E-mails detail Fair Finance partner's money woes

February 17, 2011
Greg Andrews
E-mails filed in bankruptcy court this week show that Fair Finance Co. co-owner Jim Cochran spent money with such abandon that by 2008 he was living off credit cards and imploring CEO Tim Durham to more than double his salary to $1 million.
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UPDATE: Borders files bankruptcy, to close 2 area stores

February 16, 2011
 IBJ Staff and Bloomberg News
Borders will close its downtown-Indianapolis and Carmel stores as part of its plan to shutter about 30 percent of its stores nationally.
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Fair trustee: Durham committed fraud of 'shocking proportions'

February 15, 2011
Greg Andrews
Fair Finance Co.’s bankruptcy trustee alleges Tim Durham perpetrated a fraud of  "shocking proportions,” draining huge sums from the Akron, Ohio, firm for years to mask that his business empire had collapsed.
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Fair Finance trustee sues Indy attorney for $375,000

February 15, 2011
Greg Andrews
The loan from Fair Finance Co. to Stephen and Linda Plopper matured in 2006, but the couple has failed to satisfy the debt despite recent demands for payment, the suit alleges.
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Fair Finance trustee still searching for deep-pocketed saviorRestricted Content

January 29, 2011
Greg Andrews
Trustee Brian Bash and his legal team have yet to publicly implicate anyone who appears to have the cash to substantially reduce the staggering losses.
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Durham car collection fetches $2.2M

January 22, 2011
Greg Andrews
A 1929 Duesenberg once driven by Elvis Presley garnered the largest price—$1.237 million.
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Tim Durham's exotic cars hit auction block

January 21, 2011
Greg Andrews
Fair Finance Co.'s bankruptcy trustee scheduled the Friday auction to raise money for creditors of the defunct company, including more than 5,000 Ohio residents who hold more than $200 million in unsecured investment certificates.
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FedEx fights to overturn jury's $66M award to ATARestricted Content

January 15, 2011
Greg Andrews
ATA charged in the two-year-old breach-of-contract suit that FedEx’s unexpected decision in January 2008 to drop it as a military-charter partner forced it into bankruptcy liquidation that spring.
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Hoosier Park parent set to emerge from bankruptcy

December 28, 2010
 IBJ Staff and Bloomberg News
Hoosier Park Racing & Casino’s parent company could emerge from bankruptcy early next year if creditors approve a reorganization plan that’s set for a court hearing in Delaware on Feb. 1.
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Bankruptcy trustee sues Durham art bidders

November 18, 2010
Jim Mackinnon / Akron Beacon Journal
A Florida art dealer who successfully bid more than $260,000 on artwork that once belonged to Fair Finance Co. co-owner Timothy Durham says he canceled the sale. Now he and another big bidder from Philadelphia are being sued by Fair Finance bankruptcy trustee Brian Bash for nonpayment.
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Moe & Johnny’s owner files for bankruptcy reorganization

November 12, 2010
Scott Olson
Owner Chuck Mack says popular tavern and restaurant Moe & Johnny's, open in Broad Ripple since 1996, is in no danger of closing despite the Chapter 11 filing.
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Owner of city apartment complex files Chapter 11

October 26, 2010
Kathleen McLaughlin
The owner of a 518-unit apartment complex on the northwest side of Indianapolis is seeking Chapter 11 bankruptcy protection as it disputes the amount of its mortgage debt with its lender.
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Developer tied to Ponzi slides into bankruptcyRestricted Content

October 23, 2010
Cory Schouten
Sydney "Jack" Williams earned commissions by persuading dozens of investors, many with Indiana ties, to lend millions of dollars to a business that turned out to be fake.
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Fair Finance artwork fetches more than $400,000 at auction

October 17, 2010
Jim Mackinnon / Akron Beacon Journal
Saturday's art auction of work collected by Fair Finance co-owner Timothy Durham raised more than $400,000 — well above what the Akron company's bankruptcy trustee and even the auctioneer thought would be brought in.
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Durham art auction offers hope for Ohio investors

October 13, 2010
Cory Schouten
The eclectic art collection of disgraced financier Tim Durham will hit the auction block Saturday in a sale that could help restore a small portion of the money lost by investors in Ohio's Fair Finance.
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Developer of Binford Medical Complex files for Chapter 11

October 12, 2010
Cory Schouten
The developer of an unfinished medical office complex on Binford Boulevard has filed for Chapter 11 bankruptcy protection in hopes it can retain control of the property and resume construction later this year.
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Local environmental contractor declares bankruptcy

October 8, 2010
Indianapolis-based ESI Environmental Inc. filed for Chapter 7 liquidation in U.S. Bankruptcy Court. The firm was the area's second-largest environmental contractor based on revenue, according to the most recent IBJ statistics.
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Williams Realty founder pleads the Fifth in Ponzi case

September 11, 2010
Cory Schouten
A former Indianapolis developer accused of luring more than a dozen Hoosiers into a $900 million Ponzi scheme invoked the Fifth Amendment more than 850 times when questioned under oath in Florida.
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Lauth revival hinges on judge approving settlementRestricted Content

September 4, 2010
Cory Schouten
The deal with financial backer Inland American Real Estate Trust would leave Lauth Group with fewer properties but a more manageable debt load.
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Casino operator Centaur aims to exit bankruptcy much leaner

August 21, 2010
Scott Olson
Centaur plans to sell a casino west of Denver and a stalled casino development near Pittsburgh.
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Fair Finance trustee finds lots of debts, few assets

August 14, 2010
Greg Andrews
Tim Durham, Fair’s co-owner and CEO, burned through staggering sums on a lavish lifestyle, loans and gifts to friends, and loans to businesses he partly owned that performed dismally.
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Tim Durham closes New Castle restaurant

August 13, 2010
Greg Andrews
A sign on the door of Durhams Ristorante says the moderately priced Italian eatery will be "closed until further notice."
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Lawmaker wants Durham donations returned

August 12, 2010
 IBJ Staff and Associated Press
State Rep. Ed DeLaney of Indianapolis said Thursday that contributions of more than $800,000 by Indianapolis businessman Timothy Durham should be sent to a bankruptcy trustee for Ohio investment firm Fair Finance Co., which was forced into bankruptcy earlier this year.
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Trustee pressing Daniels, others to return Durham's donations

August 5, 2010
J.K. Wall
Trustee Brian Bash has sent letters to politicians who he says received a total of $900,000 in funds Durham had borrowed from the coffers of Fair Finance, a now-bankrupt investment firm based in Ohio.
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Trustee: Durham used Fair funds for gambling, donations

August 3, 2010
Greg Andrews, Associated Press
The bankruptcy trustee said Durham spent $2.8 million on gambling and resorts, $3.3 million on interior decorating and $14 million on real estate.
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  1. Why should I a home owner pay for this"car sharing" ????

  2. By the way, the right to work law is intended to prevent forced union membership, not as a way to keep workers in bondage as you make it sound, Italiano. If union leadership would spend all of their funding on the workers, who they are supposed to be representing, instead of trying to buy political favor and living lavish lifestyles as a result of the forced membership, this law would never had been necessary.

  3. Unions once served a noble purpose before greed and apathy took over. Now most unions are just as bad or even worse than the ills they sought to correct. I don't believe I have seen a positive comment posted by you. If you don't like the way things are done here, why do you live here? It would seem a more liberal environment like New York or California would suit you better?

  4. just to clear it up... Straight No Chaser is an a capella group that formed at IU. They've toured nationally typically doing a capella arangements of everything from Old Songbook Standards to current hits on the radio.

  5. This surprises you? Mayor Marine pulled the same crap whenhe levered the assets of the water co up by half a billion $$$ then he created his GRAFTER PROGRAM called REBUILDINDY. That program did not do anything for the Ratepayors Water Infrastructure Assets except encumber them and FORCE invitable higher water and sewer rates on Ratepayors to cover debt coverage on the dough he stole FROM THE PUBLIC TRUST. The guy is morally bankrupt to the average taxpayer and Ratepayor.

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