Articles

Indiana bankruptcies soar

Indiana bankruptcies are rising toward levels not seen since Congress tightened filing rules three years ago, and experts
say stretched consumers and businesses probably won’t reap benefits of an improved economy for at least a year.

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Filing in legal battle over telecom company hints at criminal probe of officers

Former insiders of One Call Communications appear to be targets of a Justice Department criminal inquiry, according to a filing by the defunct company’s court-appointed receiver. Pittsburgh-based Meridian Group said it was served a subpoena Sept. 19 from the U.S. Attorney for the Western District of Pennsylvania to testify before a grand jury on Oct. 21 on matters involving One Call.

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Three failed businesses sink former Carson foe Dickerson

Former car dealer and congressional candidate Eric Dickerson has filed for personal bankruptcy after three failed businesses
left him saddled with more than $1 million in debt. Dickerson says he is virtually broke save for a $101,000 inheritance he
is set to receive from the estate of his late mother.

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Bankrupt ATA may sue ex-partner FedEx

ATA Airlines Inc. largely blames FedEx Corp. for knocking it out of business this spring. Now, the bankrupt airline is preparing
to fight back by suing the Memphis cargo giant, charging it wrongfully canceled a military-charter contract that generated
hundreds of millions of dollars in revenue for ATA.

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ATA plan ticks off terminated pilots, attendants

Former ATA Airlines employees are trying to comb the wreckage of the bankrupt carrier, looking to grab their financial belongings
before managers and lenders cart off what little is left. Pilots and flight attendants are opposing retention bonuses for
managers who will spend the next several months turning out the lights of the 35-year-old carrier.

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Symons puts biz into Ch. 11, undercutting rival’s court win

Alan G. Symons’ company, Fast Tek Group LLC, lost a court fight with Fishers-based competitor Product Action International
LLC in February. So Symons pushed Fast Tek into Chapter 11 bankruptcy protection in June–a move that clears the way for a
suitor to buy the assets without being saddled with the liabilities.

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Post-bankruptcy turnaround not taking off for ATA

More than 18 months after flying out of a bankruptcy reorganization that unloaded $1 billion of debt and costly aircraft leases,
the parent of ATA Airlines still finds landing a profit elusive. Indianapolis-based Global Aero Logistics posted a loss of
$46.1 million in the first half of 2007, according to documents it filed with the Securities and Exchange Commission.

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Once-hot cooler company’s new owners trying to rejuvenate business

After almost 60 profitable years that saw Elliott-Williams Co. install walk-in refrigerators and freezers in almost every
Indiana school, hospital and hotel, the venerable firm was brought to its knees last year. But an unlikely savior, a new locally
based venture capital firm, bought EW out of bankruptcy for $507,000, about the cost of 10 EW walk-ins.

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Winona Hospital litigation fizzles

A court-appointed trustee in charge of Winona Memorial Hospital’s bankruptcy says he believes former owners fleeced it for
more than $4 million. But he has little to show from his two-year quest to recover money for creditors and now is winding
down the case.

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