Prominent exec pulled into wife’s legal woes
The trustee in former Banc-Serv CEO Kerri Agee’s bankruptcy is suing her husband, Indianapolis businessman Ben Crawford, in an effort to recoup more than $1.4 million.
Bankruptcy
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Celadon auctioning off equipment from east-side headquarters
Indianapolis-based Key Auctioneers will be handling the sale of office furniture, computers, truck parts and other items from Celadon’s east-side headquarters as the trucking company liquidates its assets in bankruptcy.
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CEO leaving bankrupt Celadon for new logistics job
Celadon CEO Paul Svindland, who joined the company in 2017 and tried to turn around the troubled trucking company, is departing for a CEO job at another logistics company.
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Celadon selling Andy Warhol prints as part of bankruptcy
The Warhol screen prints, four brightly colored pieces depicting tractor trailer trucks, hung in the trucking company’s corporate offices.
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Bankrupt Celadon plans to sell 102-acre campus
Most of Celadon’s real estate holdings in Indianapolis are on the east side, where available industrial land is in short supply. So, observers say, the anticipated divestiture should attract plenty of attention.
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Articles
Recovery for Durham fraud victims hinges on high-stakes trial
A federal judge in northern Ohio has set aside three weeks for the jury trial, which pits Fair Finance Co.’s bankruptcy trustee against one of Fair’s former lenders, the Fortune 500 firm Textron Inc.
UPDATE: Pier 1 files for bankruptcy protection, to close 7 Indiana stores
The retailer, led by the former CEO of HHGregg, has been struggling with increased competition. It plans to close seven stores in Indiana.
UPDATE: Future of Boy Scouts uncertain after massive bankruptcy filing
The Chapter 11 filing in federal bankruptcy court in Wilmington, Delaware, sets in motion what could be one of the biggest, most complex bankruptcies ever seen. Scores of lawyers are seeking settlements on behalf of several thousand men who say they were molested as scouts by scoutmasters or other leaders decades ago.
Celadon alleges North Carolina company is holding its vehicles for ‘ransom’
The trucking firm won a temporary restraining order against the repo company on Thursday.
Tennessee company seeks to buy 20-acre Celadon site
If other bidders emerge for the property, an auction will be held Jan. 22 at the New York City office of Celadon’s bankruptcy counsel, DLA Piper LLP.
Warren’s new bankruptcy plan could spark a clash with Biden
Sen. Elizabeth Warren is promising to remake the nation’s consumer bankruptcy system if elected president, returning to her political roots while also potentially picking a fight with a top rival for the Democratic nomination, former Vice President Joe Biden.
Presidential candidate Sen. Elizabeth Warren and on Tuesday unveiled a plan she said would make the process of declaring bankruptcy easier and cheaper for many Americans with debts they can’t pay.
Celadon shutdown to create shipping headaches for Fortune 500 firms
The company moved goods for many well-known companies, including Alcoa, General Electric, John Deere, Philip Morris, Procter & Gamble, Target and Walmart.
UPDATE: Celadon ceasing operations, eliminating nearly 4,000 jobs
CEO Paul Svindland said challenges in the trucking industry, along with fallout from what prosecutors allege was a massive accounting fraud engineered by prior management, proved impossible to overcome.
Fishers ag-tech firm that had big growth plans files for bankruptcy
Fishers-based Aggressively Organic Inc., an agricultural technology company that focuses on alleviating food insecurity, announced plans in 2017 to hire 200 people by the end of 2021.
No. 1 milk company declares bankruptcy amid drop in demand
Dean Foods, America’s biggest milk processor, filed for bankruptcy Tuesday amid a decades-long drop-off in U.S. milk consumption blamed on changing trends and a growing variety of alternatives.
Wise says restaurant chain’s failure led to personal bankruptcy
Former Scotty’s Brewhouse owner Scott Wise and his wife, Amy, filed for Chapter 13 bankruptcy protection last week in U.S. Bankruptcy Court for the Southern District of Indiana.
Forever 21 fashion chain files for Chapter 11 bankruptcy
Indianapolis-based Simon Property Group counts Forever 21 as its sixth-largest mall tenant, excluding department stores, with 99 outlets covering 1.5 million square feet, as of March 3.
Retailer Forever 21 prepares for potential bankruptcy filing
A bankruptcy filing would help the company shed unprofitable stores and recapitalize the business. The retailer has four Indianapolis-area stores.
Fashion accessory retailer Charming Charlie going out of business
The 15-year-old chain, which has stores in Carmel, Noblesville and Greenwood, plans to close all 261 of its locations after filing for Chapter 11 bankruptcy.
SteadyServ sold to largest creditor after no other bids
RBE Investments LLC, the company’s biggest secured creditor, made a nearly $5.8 million credit bid to purchase the seven-year-old company and its assets after a turnaround plan for the company failed.
Indy credit union pays a price to put ITT nightmare to rest
Elements Financial, formerly the Eli Lilly Federal Credit Union, is among seven credit unions that collectively agreed to pay $7.5 million to settle a lawsuit brought by ITT Educational Services' bankruptcy trustee.
CNO stuck in nightmare over alleged hedge fund fraud
CNO is mired in lawsuits related to the hedge fund's collapse—both as a plaintiff and as a defendant—that likely will take years more to play out.
Majority owner of bankrupt Scotty’s plans to oust operating partner, focus on basics
The chain's performance declined after founder Scott Wise sold it in December 2016, and in recent months it has closed four restaurants and announced plans to close a fifth.
Tech veteran Becker fights to save SteadyServ
A longtime tech leader has stepped in to try to turn around one of the most-ballyhooed startups in state history but one that has perennially underachieved and burned through $30 million in capital.