BUSINESS
December 22, 2009 | By Nathan Olivarez-Giles
The Obama administration's new plan to give a boost to small businesses reflects continued trouble in that sector, which is facing new failures even as much of the nation's economy is stabilizing. As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year. The plight of struggling firms has been aggravated by the reluctance of banks to lend money, said Brian Headd, an economist at the Small Business Administration's office of advocacy.
NEWS
December 27, 1997 | MYRON LEVIN, TIMES STAFF WRITER
Jim Waldorf only made it to 11th grade, but there is no disputing his success. He is chief executive of Lorcin Engineering Co., which, despite its name, is a leading maker of the cheap handguns known as Saturday night specials. He has made up to $900,000 per year and has a multimillion-dollar net worth. He has also written a book, "Landing on Your Feet," that is an evangelical appeal to victims of corporate downsizing to pursue the entrepreneurial path.
BUSINESS
March 6, 2009 | Jim Puzzanghera
In an attempt to ease the foreclosure crisis, the House on Thursday approved a major change to bankruptcy law that would give judges new powers to modify home mortgages. The revision, which was approved 234 to 191 as part of a broader housing bill, would allow bankruptcy judges to reduce, or "cram down," the principal owed on an existing mortgage for a primary residence.
NEWS
July 21, 1998 | LORENZA MUNOZ, TIMES STAFF WRITER
Former Army Pfc. Felicia Hurst repeatedly sought help from the Orange County veterans agency, but all she got for months were notices to drive 55 miles out of her way to get help in Los Angeles County. But this month, things changed. The 28-year-old Westminster resident now can take a much shorter trip to Santa Ana, where the Orange County Veterans Service Office has been rejuvenated with more money after the county's bankruptcy-related budget cuts nearly killed it off.
BUSINESS
October 18, 2008 | David Pierson and Tiffany Hsu, Times Staff Writers
After 59 years in business, the Mervyns department-store chain called it quits Friday -- promising a huge going-out-of-business sale just in time for the holidays. And there is plenty of competition for a close-out Christmas. Linens 'n Things Inc. began a liquidation sale Friday, and Shoe Pavilion Inc. starts one this weekend, according to firms that said they were hired to liquidate the stores. Already gone are the novelty retailer Sharper Image Corp.
BUSINESS
January 22, 1992 | CRISTINA LEE, TIMES STAFF WRITER
As the recession lingered in Orange County last year, bankruptcy filings soared 33% to a record 12,368, new figures show. Bankruptcy filings also increased elsewhere in Southern California last year and affected companies involved in the real estate industry, such as Kimtruss, an Irvine-based building supplies company that has been caught in the real estate slump.
BUSINESS
March 6, 2009 | Roger Vincent and Hanah Cho
Magna Entertainment Corp., the troubled owner of Santa Anita Park in Arcadia and six other major thoroughbred horse racing venues, filed for bankruptcy protection Thursday after defaulting on conditions of a bank loan. The move puts pressure on the Canadian company to sell its storied racetracks, which also include Pimlico Race Course in Baltimore, home of the Preakness Stakes. Magna's financial problems are long-standing.
NEWS
September 8, 1988
Jim Bakker conceded that he has no Greek tycoon to underwrite his bid to buy back the PTL ministry and that he learned Tuesday a businessman who offered to arrange financing for the deal is an ex-convict. Bakker visited PTL headquarters in Ft. Mills, S. C., to speak with bankruptcy trustee M. C. (Red) Benton after he heard a reporter was about to disclose the arrest and prison record of the businessman, Louis Pihakis of Pensacola, Fla.
BUSINESS
February 20, 2009 | Roger Vincent
Venerable Irvine developer John Laing Homes, one of the nation's largest, filed for bankruptcy protection Thursday, joining the growing ranks of residential builders laid low by the collapse of the housing market. WL Homes, which does business as John Laing, listed assets of more than $1 billion and debt of $500 million to $1 billion in Chapter 11 documents filed in U.S. Bankruptcy Court in Delaware.
BUSINESS
December 10, 2002 | Josh Friedman, Times Staff Writer
For investors, UAL Corp. shares now may look like a cheap ticket. But experts warn that taking this ride probably would prove costly. The stock rallied initially Monday as the airline giant filed for bankruptcy protection. The shares opened at 64 cents, soared as high as $1.19, then closed unchanged at 93 cents on the New York Stock Exchange. Stocks of companies in bankruptcy protection often are extremely volatile, and big rallies -- at least in percentage terms -- are common.