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Receivership

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BUSINESS
March 24, 2012 | By Roger Vincent
Los Angeles office landlord MPG Office Trust Inc. said Friday it had consented to put its downtown skyscraper Two California Plaza into receivership. The move was the first step in MPG's plan to quit ownership of the 52-story tower at 350 S. Grand Ave., which is encumbered with $470 million of mortgage debt. “Two California Plaza is an asset that is significantly over-leveraged,” Chief Executive David L. Weinstein said. “While we are disappointed that the company was unable to retain this asset, we were unable to restructure the loan on terms that were in the best interests of our stockholders.” MPG determined that it was more prudent to use its cash to support its remaining downtown office portfolio, he said.
ARTICLES BY DATE
CALIFORNIA | LOCAL
September 6, 2012 | By Chris Megerian, Los Angeles Times
SACRAMENTO — A judge has again rejected the state's request for a speedy end to federal control of prison healthcare. In an order issued Wednesday, U.S. District Judge Thelton Henderson said he would require tougher reviews than the state wanted before agreeing to dissolve the receivership that has run inmate medical care for six years. "Evidence of progress made under the direction and control of the receiver does not constitute evidence of [the state's] own will, capacity, and leadership to maintain a constitutionally adequate system of inmate medical care," Henderson wrote.
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BUSINESS
August 27, 1998 | Reuters
Yardley Group, one of the world's oldest perfume and cosmetics houses, was placed into receivership in a last-ditch move to find a new owner and prevent the company from going under. The British company is to be run by accounting giant KPMG until a new owner can be found. Yardley is carrying $196 million of debt and has had annual losses running to several millions of dollars. KPMG said it plans to contact 20 to 30 possible buyers it declined to name.
BUSINESS
March 24, 2012 | By Roger Vincent
Los Angeles office landlord MPG Office Trust Inc. said Friday it had consented to put its downtown skyscraper Two California Plaza into receivership. The move was the first step in MPG's plan to quit ownership of the 52-story tower at 350 S. Grand Ave., which is encumbered with $470 million of mortgage debt. “Two California Plaza is an asset that is significantly over-leveraged,” Chief Executive David L. Weinstein said. “While we are disappointed that the company was unable to retain this asset, we were unable to restructure the loan on terms that were in the best interests of our stockholders.” MPG determined that it was more prudent to use its cash to support its remaining downtown office portfolio, he said.
BUSINESS
December 6, 1985 | JANE APPLEGATE, Times Staff Writer
A Laguna Hills precious metals company was ordered into receivership late Thursday by a federal judge at the request of the Commodity Futures Trading Commission and the state of California. The government agencies contended that First American Currency Inc. was selling illegal off-exchange futures contracts. U.S. District Judge David V. Kenyon appointed a receiver one day after 35 U.S. Postal Inspectors seized First American's books and records.
BUSINESS
December 23, 1985
A federal judge signed a preliminary injunction prohibiting the Laguna Hills precious metals firm from selling illegal, off-exchange futures contracts and appointed attorney John Cotton to serve as permanent receiver. The company sold about $3 million worth of metal on credit each month for several years to customers across the country. But government officials searched its offices Dec. 5, seized its records and found no inventory of precious metals. Cotton said there appears to be a "$1.
BUSINESS
March 22, 1985
A trading firm that did most of its business among professionals on the New York Commodity Exchange was placed in receivership Thursday after federal officials said they found a shortage of more than $20 million in customer accounts. The ultimate size of the losses in the collapse of Volume Investors Corp. remains unclear and will depend largely on the direction of gold prices, sources close to the case said.
BUSINESS
October 27, 1987 | JANE APPLEGATE
An unlicensed El Toro commodities brokerage raided by state and federal agents on Sept. 29 was placed into permanent receivership Monday by a federal court judge in Los Angeles. Alleging that BROCK International Inc. violated state and federal laws governing commodities trading, the Commodity Futures Trading Commission in late September obtained court orders permitting the seizure of all of BROCK's business records. At the same time, Chief U.S.
CALIFORNIA | LOCAL
September 6, 2012 | By Chris Megerian, Los Angeles Times
SACRAMENTO — A judge has again rejected the state's request for a speedy end to federal control of prison healthcare. In an order issued Wednesday, U.S. District Judge Thelton Henderson said he would require tougher reviews than the state wanted before agreeing to dissolve the receivership that has run inmate medical care for six years. "Evidence of progress made under the direction and control of the receiver does not constitute evidence of [the state's] own will, capacity, and leadership to maintain a constitutionally adequate system of inmate medical care," Henderson wrote.
CALIFORNIA | LOCAL
January 18, 2012 | By Chris Megerian, Los Angeles Times
Reporting from Sacramento -- Federal oversight of prison healthcare in California is nearing an end, a judge said Tuesday, six years after he ruled that abysmal medical conditions were contributing to an inmate death every week. U.S. District Court Judge Thelton E. Henderson said Tuesday that healthcare in state lockups has improved significantly since he seized control of the system, a move that has cost taxpayers billions of dollars. "While some critical work remains outstanding — most notably on construction issues — it is clear that many of the goals of the receivership have been accomplished," Henderson wrote in a three-page order.
CALIFORNIA | LOCAL
January 18, 2012 | By Chris Megerian, Los Angeles Times
Reporting from Sacramento -- Federal oversight of prison healthcare in California is nearing an end, a judge said Tuesday, six years after he ruled that abysmal medical conditions were contributing to an inmate death every week. U.S. District Court Judge Thelton E. Henderson said Tuesday that healthcare in state lockups has improved significantly since he seized control of the system, a move that has cost taxpayers billions of dollars. "While some critical work remains outstanding — most notably on construction issues — it is clear that many of the goals of the receivership have been accomplished," Henderson wrote in a three-page order.
BUSINESS
March 3, 2011 | By Roger Vincent, Los Angeles Times
One of the largest industrial buildings near John Wayne Airport in Orange County has been purchased out of receivership by Alliance Commercial Partners for $23.1 million. The building at 2001 E. Dyer Road in Santa Ana had been used as corporate headquarters by GT Bicycles and 3 PL Global. It is now mostly empty. Alliance paid about half of the previous sale price for the building, said Bob O'Neill, director of acquisitions for the Lakewood, Colo., real estate investment company.
OPINION
October 19, 2010 | By David J. Aleshire
In his Oct. 12 Times Op-Ed article, "Fixing Bell," respected Ventura City Manager Rick Cole calls on Atty. Gen. Jerry Brown to request a court-appointment receiver to manage the troubled Los Angeles County city. One of the online comments to the article says, "While you're at it Jerry, appoint one for the state as well for the recent budget fiasco. " Exactly. The state is not a model of governance for California. Bell should not expect salvation from Sacramento. The solution for Bell is within view, as residents are in the process of recalling four discredited City Council members.
CALIFORNIA | LOCAL
September 22, 2010 | Kim Christensen and Rong-Gong Lin II
The arrests of most of Bell's elected leaders Tuesday brought cheers and dancing in the streets in the small, working-class city, but added to the already deep uncertainty about its future. With four of Bell's five City Council members facing corruption charges, the Los Angeles County Board of Supervisors voted to push for a court order to seize authority from them and turn day-to-day management over to an appointed receiver. Run for nearly two decades under the tight control of City Administrator Robert Rizzo, who was among those charged Tuesday, Bell now faces a possible recall election and an effort by state Atty.
OPINION
July 30, 2010 | By Rick Cole
In the uncapped gusher of municipal corruption pouring out of the tiny city of Bell, only one thing is surprising: that it's taken this long to be noticed. For decades, the municipalities of southeast Los Angeles County have been notorious. Many of them are too small and too poor, cut off from resources in neighboring cities because of archaic boundary decisions made 100 years ago. They were destined, by accidents of history, to be vulnerable targets for opportunists to seize and exploit.
BUSINESS
April 28, 2009 | David Colker
Isaac Larian, the outspoken entrepreneur who made a fortune off the popular Bratz dolls, was ordered by a federal court judge late Monday to hand control of his company to a temporary receiver. In addition, MGA Entertainment Inc., based in Van Nuys, can no longer produce or distribute the sassy dolls. That's because U.S. District Court Judge Stephen Larson in Riverside also lifted his stay of an order giving archrival Mattel Inc. control of the Bratz assets.
BUSINESS
May 29, 1989
Two Houston S&Ls in Receivership: The Federal Home Loan Bank Board placed Commonwealth Savings Assn. and University Savings Assn., both of Houston, in receivership and transferred all deposits, offices and substantially all assets and certain liabilities to two newly created federal mutual institutions. Depositors are not affected in any way by the transaction and can continue to conduct business as usual. The Bank Board said the action was taken to conserve the associations' assets and to minimize the eventual cost to the Federal Savings and Loan Insurance Corp.
CALIFORNIA | LOCAL
March 19, 2008 | Christian Berthelsen, Times Staff Writer
The Orange County treasury is struggling to recover an $80-million investment in a complex British fund that was forced into receivership last month after it defaulted on payments to creditors, the county treasurer told the Board of Supervisors on Tuesday. Under a decision by a British judge overseeing the fund's affairs, the earliest investors are to be repaid before more recent investors, which include Orange County, Treasurer Chriss Street told the board.
BUSINESS
March 24, 2006 | From the Associated Press
A judge said Thursday that Death Row Records would be placed in receivership unless label founder Marion "Suge" Knight appeared at a debtor hearing next month. Los Angeles County Superior Court Judge Ronald M. Sohigian ruled in a lawsuit by an imprisoned drug dealer seeking half of a $107-million award to the inmate's ex-wife, who said that she helped start the rap record empire and that Knight owed her the money.
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