The move comes after a lender filed a $4.8 million foreclosure lawsuit on the club and asked a Hamilton County court to appoint a receiver.
The Madison Park Church of God in Anderson has a green light to exit bankruptcy under a Chapter 11 plan approved by an Indianapolis judge late last week.
Indianapolis-based Adayana Inc. received permission this week from U.S. Bankruptcy Court in Indianapolis to sell the business to a secured lender in exchange for millions of dollars in debt.
Racketeering, fraud and “negligent oversight” are juicy ingredients in any lawsuit. But a recently filed complaint against Bank of Indiana may take the trophy in the otherwise sound-but-sleepy world of Indiana banking, not just for the nature of the allegations but that they’re aimed at the boardroom.
The Cleveland law firm representing the bankruptcy Trustee Brian Bash is seeking approval for more than $11 million in fees.
Attorneys for the Fair Finance trustee said Tim Durham's ex-wife, Joan SerVaas, has agreed to pay $100,000 and Bernard Durham, his adopted son, $10,000 to settle a lawsuit charging they accepted nearly $300,000 from the disgraced financier.
A group of elite Indianapolis investors who cashed out before Tim Durham’s financial empire collapsed have reached a settlement with a bankruptcy trustee requiring them to give most of their money back.
The dispute started in October when the lender tried to take possession of the building at the southwest corner of 49th Street and College Avenue. Now the owner has filed Chapter 11 to delay foreclosure proceedings.
A northwestern Indiana lawmaker says he will push a measure next year that would change state law to allow local governments to file for bankruptcy like Detroit did in July.
The Madison Park Church of God bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured on July 12 and couldn't be repaid.
The attorney charged with recovering some $200 million for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into next year.
The move, the latest fallout from the executive's feud with hardware king John Menard, puts on hold a Wisconsin lawsuit that sought millions of dollars from the company.
A federal bankruptcy judge has slapped down an Anderson church that attempted to blame its bank for a failed scheme to finance church upgrades by buying life insurance policies on its elderly members.
Many of the defendants pursued by Brian Bash and his team have few, if any, assets. And those that do have the wherewithal to fight litigation for years.
The bankruptcy of Bank of Indiana's parent and the planned sale of its branches bring to a close management's quest to turn around an institution that was buffeted by borrower defaults during the financial crisis.
The Indianapolis developer said the bankruptcy filings are intended to prevent lender Bank of America from forcing the sale of RiverPlace Shops in Fishers, Raceway Market Shops in Indianapolis and Greenwood Crossing in Greenwood.
The company, which roasts nuts and sells concession equipment, filed for bankruptcy to stave off Huntington National Bank, which had filed to foreclose on its real estate.