Page Development CFO files for personal bankruptcy
Paul M. Pittman, one of four principals in a troubled Indianapolis-based condo developer, filed personal bankruptcy this week.
Bankruptcy
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Suit says Irwin Union Bank execs missed snowballing risk
The bankruptcy trustee's suit against the top three officers of the bank's parent seeks more than $500 million.
Homebuilder Estridge files for bankruptcy
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.
Former partner of Moe & Johnny’s owner alleges fraud
Real estate executive John Bales filed a lawsuit last month accusing Chuck Mack of “willfully and maliciously” misappropriating $200,000 that belonged to him.
Judge in Ponzi case deals blow to Hoosier developer
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.
New financing may give battered dry cleaner fresh start
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.
Precedent joins ranks of battered developers
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.
Prospects bright for Borders replacements
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.
Jillian’s set to vacate ground floor of downtown building
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.
Judge approves Borders auction, liquidators open bid
Borders Group, the nation's second-largest bookstore chain that once operated over 1,000 stores, appears headed for liquidation after a judge on Thursday approved its motion to auction itself off with an offer from a team of liquidators as its opening bid.
Greenwood golf course reorganizing under bankruptcy
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.
Arizona project bankrupts local developer Bodner
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.
Shrunken Lauth emerges from reorganization
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.
Indiana Downs owner halts lawsuit amid bankruptcy
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.
Indiana Live makes staff reductions
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.
Bosma to return $10,000 Durham donation
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.
Local developer seeks bankruptcy protection
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.
Greenwood Shoppes seeks bankruptcy reorganization
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.
Landlord seeking to evict Jillian’s over unpaid rent
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.
Hofmeister jewelry business files Chapter 11
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.