January 23, 2014 |
Vince Young made $34 million in his six years as an NFL quarterback. Last week, the 30-year-old Young filed for Chapter 11 bankruptcy protection. “[Young] invested in private, illiquid investments, and he overspent,” said Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes. “He's ultimately responsible for all his decisions, but the people around him should have taken better care of him. The petition, filed in a Houston federal bankruptcy court, lists his estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million.
January 17, 2014 |
Bombarded by lawsuits and under federal investigation, the chemical company that spilled a dangerous solvent into a West Virginia river and fouled the drinking water of 300,000 people filed for federal bankruptcy protection Friday. Freedom Industries Inc., owner of a storage tank that ruptured Jan. 9 and spilled 7,500 gallons of a coal-treatment foaming agent called MCHM into the Elk River, sought protection from creditors under a Chapter 11 filing by its parent company, Chemstream Holdings Inc. of Pennsylvania.
January 10, 2014 |
SCRANTON, Pa. - When Detroit filed for bankruptcy, hundreds of residents took to the streets to protest what they saw as a drastic approach to fixing the city's budget problems. But in this hilly town of 76,000 in northeastern Pennsylvania, residents have a different view of Chapter 9: They want the city to declare bankruptcy. And soon. "The silent majority would like to see bankruptcy," said Bob "Ozzie" Quinn, president of the Scranton and Lackawanna County Taxpayers Assn.
December 25, 2013 |
DETROIT - He'd heard stories of ruin and blight, but that didn't prepare Oliver Kearney for what he saw: Prostitutes roaming the streets at 8 a.m., rubble-strewn parking lots overrun with weeds, buildings taken over by bright pink graffiti, the message scrawled on blackboards in deserted schools: "I will not write in vacant buildings. " He took 2,000 photographs his first day. "No other American city has seen decline on this scale," Kearney said. "It's really a once-in-a-lifetime thing you're going to see. " And he saw it all on a tour.
December 19, 2013 |
Works of art at the Detroit Institute of Art have been valued as high as $867 million in a report from the auction house Christie's that was officially delivered to the city Thursday. The valuation only covers those pieces that were purchased by the city, or roughly 5% of the museum's collection of 66,000 works. Christie's said in its report that the fair market value of city-owned art at the museum has a range of $454 million to $867 million. The report covers approximately 2,800 pieces of art in the DIA collection.
December 17, 2013 |
Loehmann's, the Bronx-based discount retailer that has been around for nearly a century, has filed for the third time for bankruptcy protection and plans to shut down its business. In a Chapter 11 filing in federal Bankruptcy Court in Manhattan, the chain said it will sell its assets - which include 39 stores in 11 states and Washington, D.C. - at a Dec. 30 auction. A collective that includes SB Capital Group, Tiger Capital Group and A&G Realty Partners has agreed to put in the first bid, which includes $19 million in cash.