August 4, 1996 |
As their home-building empire began crumbling, brothers Alfred and James Baldwin at least were able to look to their private estates in tightly guarded Emerald Bay for sanctuary. It's the Baldwin Co., after all, that's been in bankruptcy for 13 months, not the brothers. But the Baldwins' sanctuary was invaded last week as Orange County marshals hauled an estimated $1 million worth of artwork and antiques out of the brothers' side-by-side homes to help satisfy a $2.
May 3, 1996 |
Brothers James and Alfred Baldwin lost control of their Baldwin Co. residential development firm Thursday as creditors of the financially crippled business won a Bankruptcy Court order installing a trustee to oversee the company. The move clears the way for a new $8-million operating loan for the Newport Beach-based company, which has been without funds for several months. The prospective lender, an arm of the giant Merrill Lynch & Co.
May 4, 1996 |
After nine months of litigation, James and Alfred Baldwin lost control of their construction company to a trustee Friday. David Gould, a Los Angeles lawyer, took control of the Newport Beach-based Baldwin Co., which filed a Chapter 11 bankruptcy petition in July in Santa Barbara. "They are out," a creditors' attorney, David Frauman, said of the brothers. "They did not contest the trustee," said Annette McCluskey, a Baldwin spokeswoman.
September 23, 1995 |
Brothers Alfred and James Baldwin, owners of the bankrupt Southern California home building company that bears their name, agreed Friday to cut their $975,000 salaries almost in half to quiet the protests of outraged creditors. The Baldwins had received raises of $845,000 each just weeks before putting their Newport Beach-based Baldwin Co. into a Chapter 11 bankruptcy reorganization in mid-July. Under an agreement that the creditors' committee submitted Friday to U.S.
May 7, 1996 |
Pressure on developers James and Alfred Baldwin keeps mounting as the brothers, ousted last week from command of their Baldwin Co. home building firm, now find themselves fighting a two-front war against creditors in Los Angeles and San Diego counties. The Baldwins, who control thousands of acres of prime Southern California residential land through their privately owned Village Development Co. and a number of partnerships not involved in the Baldwin Co.'
August 7, 1996 |
Seeking to avoid a court examination of their assets and the forced auction of their art and antique collections, Newport Beach builders James and Alfred Baldwin paid $2.2 million to a former company executive late Monday to settle a court-ordered judgment. The decision to pay means that $1 million worth of art and collectibles seized from the brothers' Emerald Bay residences on July 29 now will be returned to them.