Declaring bankruptcy can devastate your credit, and it will be important to rebuild your credit rating once you’ve completed the bankruptcy process. One of the most frequently-recommended methods of reestablishing credit is the secured credit card. Secured credit cards work much like “regular,” unsecured credit cards; however, there are some key differences. To open a secured credit account, you will need to open a separate savings account with the bank or lending institution. You will be required to pay up to 200% of the credit limit in the form of a deposit. For example, if you apply for a card…Read More
Archives for January 2012
First bids for MLB’s Dodgers submitted
The Wall Street Journal reports that the first round of bidding for the bankrupt Los Angeles Dodgers has been completed. The club’s financial advisers approved around 10 of the bids. A second round of bidding will now take place among those 10 bidders. The bidders selected to participate in the second round include groups of investors led by former professional basketball player Magic Johnson and former Major League Baseball manager Joe Torre. Also among the prospective owners are a hedge-fund manager, and a group headed by a cable investor and a financier. An anonymous source said that Mark Cuban, owner…Read More
Judge requests information from owner of MLB’s Astros in Jefferson County bond settlement
The consequences of the bankruptcy case of Jefferson County, the largest such case in U. S. history, have extended well beyond Alabama’s borders. A judge has ordered Jim Crane, now owner of Major League Baseball’s Houston Astros, to furnish the court with certain details of his settlement with J. P. Morgan Chase. According to Wall Street Journal, Crane had purchased $35 million worth of bonds from Jefferson County in 2008. The bonds were auctioned off by Jefferson County in order to raise funds for its sewer system. As the purchase was a personal investment, public disclosure of the details are…Read More
Young no longer on Jefferson County payroll
John S. Young, the court-appointed receiver once tasked with administering Jefferson County’s sewer system on behalf of bondholders, is no longer accruing billable hours. County Commissioner Jimmie Stephens and W. Patton Hahn, Young’s lawyer, both confirmed that Young is effectively no longer on the county’s payroll. According to The Birmingham News, Young has been paid over $1 million, at a rate of $500 per billable hour, since his appointment in September of 2010. When Jefferson County filed for Chapter 9 bankruptcy last November, Young’s authority to continue administering the sewer system was thrown into question. Earlier this month, U. S….Read More
Judge limits receiver’s authority in Jefferson County bankruptcy
Judge Thomas B. Bennett ruled on Friday that operating expenses for Jefferson County’s sewer system must be paid before receiver John S. Young can distribute revenues to bondholders. The ruling imposes new limits the power of the receiver, who had previously been granted a greater degree of authority by the state court that appointed him. In explaining his ruling, Bennett noted that the elected officials responsible for prior mismanagement had since been replaced, and that the new crop of officials was not “of the same ilk.” Commissioner Jimmie Stephens, head of the finance committee, welcomed the decision as a victory…Read More
CEO of Center Stage Alabama parent company steps down amid bankruptcy
The CEO of Center Stage Alabama’s parent corporation has stepped down. Resorts Development Group II LLC announced the departure of CEO Jeff Rubin in a recent statement. The statement also addressed the company’s decision to file for Chapter 11 bankruptcy in order to remain open for business. The entertainment venue, which includes restaurants, concert facilities and a bingo hall, re-opened in July of 2011 after closing in January of 2010. However, Center Stage Alabama incurred large amounts of debt as a result of the closure, prompting its parent company to seek relief through restructuring and bankruptcy. In addition, Center Stage…Read More
