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Bankruptcy

Georgia Bankruptcy Blog

Scott Riddle graduated from The University of North Carolina at Chapel Hill with a BSBA in 1987 and received his JD, with honors, in 1991.
By Scott Riddle

Post Frequency: 1.9/day

Last Entry: June 16, 2020 at 14:26:59

MD Ga - Oversecured Creditor Entitled To Post-Petition Attorneys Fees Notwithstanding Failure To Comply With O.C.G.A. § 13-1-11

Posted on October 29, 2008
JP Morgan Chase Bank v. ELL 11, LLC, No. 7:07-CV-158-HL, 2008 WL 4682263 (M.D. Ga. October 21, 2008). The issue before the Court is -- This case presents the question of whether after the filing of a debtor's Chapter 11 petition, an oversecured creditor is entitled to attorney fees actually incurred post-petition when the creditor failed to comply with the notice requirements of O...

American Synthol Files Chapter 11 In Northern District

Posted on October 09, 2008
Lubricant manufacturer American Synthol filed a Chapter 11 petition in the Northern District of Georgia, Ch. 11 Case No. 08-80248. Parker, Hudson, Rainer & Dobbs partner Rufus T. Dorsey IV and associate Tyronia Morrison represent the company, which makes lubricants under the Amerilube brand and private brands...

Chapter 11 Filings In Northern District Of Georgia, October 2008

Posted on October 07, 2008
Today is foreclosure day in Georgia, and as usual, several Chapter 11 cases were filed in the last few days. Also as usual, it is no surprise that many are real estate related (well ... it is foreclosure day). The Chapter 11 cases include the following: Case No...

AtheroGenics Consents to Relief, Moves To Convert To Chapter 11

Posted on October 07, 2008
After an involuntary Chapter 7 petition was filed against it in the Northern District of Georgia, AtheroGenics has consented to relief and yesterday filed a Motion to convert to Chapter 11. From Market Watch - During the bankruptcy proceedings, AtheroGenics expects to sell the Company and/or its key assets...

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Catalyst Natural Gas Files Chapter 11 Bankruptcy Petition In Northern District

Posted on October 04, 2008
Gas Marketer Catalyst Natural Gas, and related companies, filed Chapter 11 petitions in the Northern District of Georgia on October 1, 2008. In re Catalyst Natural Gas, LLC, Ch. 11 Case No. 08-79390, In re Catalyst Energy Group, Inc., Ch. 11 Case No...

Atlanta Business Chronicle - Robert Harris Homes Expected To FIle Bankruptcy Soon; Other Builders Facing Problems

Posted on October 01, 2008
The Atlanta Business Chronicle has an article in the latest edition entitled "Home builder Expected to Liquidate." Robert Harris Homes Inc. in Woodstock, which ranked as metro Atlanta’s 19th-largest home builder according to Atlanta Business Chronicle’s 2007-2008 Book of Lists, closed its doors in July and is making “an orderly wind-down to a liquidation,” said attorney L...

Dan Rather Reports, On HDNET, Reports On Foreclosures In Georgia

Posted on October 01, 2008
If you have DirecTV or another provider that carries HDNet, this week's edition of Dan Rather Reports is about foreclosures in Georgia. The episode is "Dirty Money Down South," and will be on several times in the next week. I recorded it, but have not yet watched it...

Wall Street Journal - Court Orders Credit Bureaus To Remove Discharged Debt

Posted on September 30, 2008
Today's online edition of the Wall Street Journal has an article entitled "Dealing With Debt That Refuses To Die" (free now, but might require sub later). The problem: Old debts, which are typically forgiven by the courts in a bankruptcy filing, are still being reported as active on many consumers' credit reports...

Atlanta Business Chronicle Highlights Atlanta Bar Association's Reaffirmation Project

Posted on September 30, 2008
This week's (Sep. 26th) edition of the Atlanta Business Chronicle has a very good article about the Reaffirmation Project started by the Atlanta Bar Association. Unfortunately, the articles does not appear to be online so I cannot provide a link, but it appears on page 11D of the Law and Accounting section of the print edition...

Bill Heard Chevrolet Files Chapter 11 Bankruptcy In Northern District Of Alabama

Posted on September 29, 2008
On September 28, 2008, Bill Heard Chevrolet filed Chapter 11 Bankruptcy in the United States Bankruptcy Court for the Northern District of Alabama. As discussed in this prior post, the dealership closed its locations last week. Bill Heard is represented in the cases by Derek Meek and Mark Solomon of the Birmingham office of Burr Forman...

11th Cir. - Secured Creditor May Still Pursue Deficiency After Surrender of "910 Vehicle"

Posted on September 29, 2008
In re Barrett, Nos. 07-14796, 07-14797 (11th Cir. Sep. 29, 2008) (download opinion here). The issue raised on appeal concerned a pure question of law: "whether a Chapter 13 debtor’s surrender of a “910 vehicle” (i.e., a vehicle purchased for personal use within 910 days before filing for bankruptcy) fully satisfies a creditor’s claim secured by the vehicle and prevents the creditor from filing an unsecured claim for any remaining deficiency...

Creative Loafing Parent Files For Chapter 11

Posted on September 29, 2008
The parent of Creative Loafing, the alternative newspaper/magazine, filed a Chapter 11 petition today. From the company - September 29, 2008 at 1:11 pm by John F. Sugg in Inside CL, News Creative Loafing Inc. — which owns alternative weekly newspapers in Chicago, Washington, Tampa, Charlotte and Sarasota, as well as Atlanta — today filed for bankruptcy protection...

Citi Group To Buy Wachovia With Federal Aid

Posted on September 29, 2008
The FDIC reported this news just a few minutes ago, for $1.00 a share. That is One Dollar. It traded at $10-12 per share last week. (Google Finance WB). The banking landscape continues to change quickly, and it is moving further south...

More Eateries File Chapter 11: Fox & Hound, Hand In Hand

Posted on September 28, 2008
Two related neighborhood pubs filed Chapter 11 petitions. Fox & Hounds, which is located on Collier Road in Atlanta, filed on September 27, 2008. In re Fox & Hounds, Inc., 08-79021-pwb (filed September 27, 2008). A related company, Derek Lawford Ventures, which operates Hand in Hand pub on N...

Wachovia Is Next In Line To Be Purchased?

Posted on September 27, 2008
Wachovia Bank looks to be the next takeover target in the financial industry. The latest reports have Wachovia and Citi discussing a deal, but Wells Fargo is apparently still in the mix, as is Spain bank Banco Santander according to the NY Times post...

Whats Left Of Washington Mutual Files Chapter 11 Bankruptcy

Posted on September 27, 2008
After its bank assets were seized by the FDIC and sold to J.P. Morgan Chase two days ago, Washington Mutual, Inc., the holding company, filed a Chapter 11 petition in Bankruptcy Court in Delaware. Sept. 27 (Bloomberg) -- Washington Mutual Inc...

FDIC Issues Cease And Desist Order To Chestatee State Bank

Posted on September 27, 2008
From the Atlanta Business Chronicle, the FDIC has issued a cease and desist order against Chestatee State Bank. The Bank is NOT closed, but does have to address the issues raised in the Order. The Federal Deposit Insurance Corp. disclosed Friday it issued on Aug...

Biggest Bank Failure In U.S. History: Washington Mutual Siezed Last Night And Sold To J.P. Morgan Chase

Posted on September 26, 2008
In the biggest bank failure in U.S. History, Washington Mutual (note the website has already been changed) was seized by federal regulators last night and immediately sold to J.B. Morgan Chase for $1.9 Billion. See an article here. Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history...

Law School Teaches Bankruptcy, Then Files Bankruptcy

Posted on September 26, 2008
From the Wall Street Journal Legal Blog: Many believe that, some time ago, legal education in the United States arrived at a sorry junction, where it’s been stuck ever since. Schools proliferating without regard to the job market, churning out debt-strapped students with limited ability to repay loans...

Owner Of Atlanta Area Sonny's Real Pit Bar-B-Q Restaurants Files Chapter 11

Posted on September 25, 2008
Greater Atlanta Bar-B-Q, LLC in Norcross, Georgia, filed a Chapter 11 petition in the Northern District of Georgia. In re Greater Atlanta Bar-B-Q, LLC, Ch. 11 Case No. 08-78865. The company, which owns and operates several Sonny's Real Pit Bar-B-Q restaurants in the Atlanta area, is represented by Wendy L...

Bill Heard Chevrolet Closes All Dealerships; Bankruptcy Coming?

Posted on September 25, 2008
With new car sales slumping with the economy, Bill Heard Chevrolet closed down suddenly. (Atlanta Business Chronicle article). The company began in Columbus in 1919, founded by W.T. Heard Sr. It developed into the country’s biggest Chevrolet dealer for years and runs dealerships in Georgia, Alabama, Florida, Tennessee, Texas and Nevada...

I am Twittering !

Posted on September 25, 2008
I don't know why, or what it really means, but I am jumping on the bandwagon and joining Twitter, and you can follow me right here (or @sbriddle in Twitter lingo). Other lawyers seem to think it is a benefit. See here and here. But NOT here...

Krispy Kreme Ice Kreme?

Posted on September 23, 2008
Off topic (though it does involve a company trying to overcome years of financial problems), but Krispy Kreme is going to sell ice cream ... or is it "ice kreme?" If someone had the bright idea to throw the oreo factory rejects and unbaked cookie dough into ice cream mix, why not mix in the superior flavor, and maybe a few chunks, of The Kreme? I note that the other great flavor of the Carolinas, Cheerwine, is already available in ice cream, but not around here...

Atlanta Business Chronicle: Builder Says Bankruptcy Process Was Great Learning Experience

Posted on September 22, 2008
In a previous post, I mentioned the bankruptcy case of Atlanta builder/developer Stephen Macauley. See also this post about his business partner Brian Jordan. Macauley filed a Chapter 7 petition reflecting that he had $131 million in personal debt, ,uch of which was business related debt...

Atlanta Business Chronicle: Home Builders and Developers Opt For Chapter 7 Instead Of Reorganization

Posted on September 20, 2008
Lisa Schoolcraft of the Atlanta Business Chronicle has an article in the September 19th edition entitled Home Builders at the End of the Line (subscription required for full article). In the article, Lisa discusses the reality that a reorganization is simply not an option for most builders and developers in today's market...

Involuntary Chapter 7 Bankruptcy Petition Filed Against AtheroGenics, Inc.

Posted on September 18, 2008
Creditors filed an Involuntary Chapter 7 Bankruptcy Petition against Alpharetta based AtheroGenics, Inc. (AGIX: Google Finance). In re AtheroGenics, Inc., Involuntary Ch. 7 Case No. 08-78200-jem (filed September 15, 2008). According to its website, AtheroGenics is "a pharmaceutical company focused on the discovery, development and commercialization of novel drugs for the treatment of chronic inflammatory diseases, including diabetes and coronary artery disease (atherosclerosis)...

Big Week On Wall Street: Two Giants To Disappear?

Posted on September 15, 2008
The news hit over the weekend that Lehman Brothers intended on filing a Chapter 11 petition in the Southern District of New York. See their announcement here. ( WSJ Legal Blog). Additionally, Bank of America is buying Merrill Lynch (WSJ article)...

SEC Investigates Incorrect Rumors Of New United Airlines Bankruptcy Filing

Posted on September 12, 2008
In the past few days, incorrect rumors of a new bankruptcy filing by United Airlines have circulated over the internet. It turns out that it was a story from 2002 that was recirculated. According to this story in the Wall Street Journal, the Securities and Exchange Commission has now opened an investigation to see if the release of the old story was an attempt to manipulate the market...

Bankr. M.D. Ga. - Debtor's Equity Of Redemption Extinguished When High Bid Made At Foreclosure Sale, Even If Deed Under Power Not Recorded Until After Bankruptcy Petition Filed

Posted on September 12, 2008
In re Williams --- B.R. ----, 2008 WL 4168151 ( Bkrtcy.M.D.Ga., September 04, 2008) (J. Hershner). In a motion to set aside a foreclosure sale, the Court held that a debtor's equity of redemption was extinguished when the highest bid was made at a foreclosure sale, even if the deed under power was not recorded until after the debtor's bankruptcy petition was filed...

U.S. Trustee Has Until Conclusion Of First Meeting Of Creditors To File Presumption Of Abuse Statement; But, Failed To Show Cause To Extend Deadlines For Motion To Dismiss Or Objection To Discharge

Posted on September 12, 2008
In re Molitor, --- B.R. ----, 2008 WL 4155283 (Bkrtcy.S.D.Ga. Sep. 5, 2008) (J. Barrett). The first issue was whether the United States Trustee (“UST”) was required to file the § 704(b) presumption of abuse statement within 10 days of the “Commencement” or “conclusion” of the § 341 meeting of creditors...

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