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.
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.
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.
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.
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.
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.
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.
Timothy S. Durham (pictured at far left), James F. Cochran and Rick D. Snow were all arrested on Wednesday following a grand jury indictment.
Beleaguered local businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. have been indicted on felony charges of wire fraud, securities fraud and conspiracy to commit wire fraud and securities fraud. The Securities and Exchange Commission also filed a complaint against the men in federal court.
Two racetrack owners have signaled they’re interested in buying Indiana Live racetrack and casino in Shelbyville as the facility begins to sort out its massive debt.
Total bankruptcy filings in the Southern District of Indiana, which encompasses Indianapolis and the surrounding counties, ticked down last year. Business bankruptcies in Indiana dropped 3.2 percent.
Fair Finance Co.’s bankruptcy trustee is getting inquiries from parties interested in buying National Lampoon Inc., the Los Angeles-based comedy business led by embattled Indianapolis businessman Tim Durham.
Hoosier Park Racing & Casino owner Centaur LLC last week won court approval of its plan to cut debt by about $636 million and exit bankruptcy.
Shopping center on East 82nd Street lists nearly $10.4 million in liabilities and about $7.6 million in assets. The Chapter 11 filing follows a request to foreclose on the property from the center’s lender.
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.
Borders will close its downtown-Indianapolis and Carmel stores as part of its plan to shutter about 30 percent of its stores nationally.
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.
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.
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.
A 1929 Duesenberg once driven by Elvis Presley garnered the largest price—$1.237 million.
