Shelbyville casino could exit bankruptcy in August
A judge on Thursday approved procedures for the potential sale of the property. Bids must be accepted by July 20, and an auction will be conducted on July 31.
A judge on Thursday approved procedures for the potential sale of the property. Bids must be accepted by July 20, and an auction will be conducted on July 31.
U.S. Attorney Joseph Hogsett hailed the jury's decision, calling the case "the most significant piece of litigation the Southern District has seen in a generation." Tim Durham and co-defendants Jim Cochran and Rick Snow were handcuffed and taken to the Marion County Jail.
The prosecution described Tim Durham as "the mastermind" of a Ponzi scheme, while partner Jim Cochran acted as the front man who lied "to people's faces," and Chief Financial Officer Rick Snow served as the "backroom numbers guy."
Defense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their cases Tuesday morning after calling just one witness and introducing a handful of exhibits.
Attorneys for Tim Durham and his co-defendants are expected to start their defense Tuesday morning and wrap it up in the afternoon. The jury is expected to begin deliberations Wednesday.
Owner of Indiana Grand Casino plans to proceed with recapitalization plan instead.
Rick Snow, Fair Finance Co.'s former chief financial officer, isn't accused of collecting insider loans like co-defendants Tim Durham and Jim Cochran. But he's facing the same felony charges.
The criminal case against Tim Durham and co-defendants Jim Cochran and Rick Snow is set to begin Friday in front of federal Judge Jane Magnus-Stinson. Prospective jurors in the high-profile trial will be asked whether they can be impartial and not be influenced by what they have heard, read or seen about the case.
Really Cool Foods closed the 78,000-square-foot facility in November and is searching for a buyer to help repay creditors. One potential suitor is Sugar Creek Packing Co. of Ohio, which has offered $13 million, according to a bankruptcy filing.
Lantern Partners LLC owns the Freedom Mortgage Building once occupied by the failed Irwin Mortgage Corp. Lantern’s largest creditor is owed nearly $11.4 million.
The Irving, Tex.-based company said the job cuts could occur in July if it does not find a buyer or emerge from bankruptcy. About 340 workers would be affected at five Indianapolis plants.
Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million in personal debt he attributed to the prolonged slump in the real estate market.
The ruling by federal Judge Jane Magnus-Stinson is a big setback for Durham and his attorney, John Tompkins, who in court papers had alleged “outrageous government misconduct.”
Philo Lange, former managing partner of NAI Olympia Partners, lists nearly $12 million in unsecured claims, almost half of which is owed to PNC Bank, according to court documents.
Despite objections from unsecured creditors, a federal bankruptcy judge granted the jeweler's request to hire an outside consultant to help it seek alternative financing to repay the balance of a PNC Bank loan.
Both firms appeared a few years ago to be poised to hire thousands of workers. But they slid into a tailspin as anticipated funding failed to materialize and the market prospects for hybrid and electric engines dimmed.
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.
A northeast Indiana classic car dealership owned by former auction house owner Dean Kruse and his wife has filed for Chapter 11 bankruptcy.
A court has approved Ener1's plan to emerge from bankruptcy, the parent company of locally based EnerDel announced Wednesday.
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.