Category Archives: Bankruptcy

Katie Price showed off a new look this week (Picture: Rex; @officialkatieprice/Instagram)

Katie Price has ditched her long dark hair extensions at least temporarily as she showed off a brand new look.

The former glamour model, 41, put her bankruptcy woes to one side as she experimented with a new look, showing off a shorter, lighter hairdo on her Instagram story.

She donned what appeared to be a wig, complete with a heavy fringe as she posted the photo in what seems to be a pretty stressful week.

It comes after Katie was declared bankrupt after failing to repay the 12,000 a month she had agreed to as part of her individual voluntary arrangement (IVA), which would clear off some of her debts within four years.

The mum of five was declared bankrupt during a hearing at the Insolvency and Companies Court in London, and could face losing her mucky mansion, worth an estimated 2million, as her assets are sold.

Katie also had her famous pink Range Rover repossessed despite once being worth an estimated 45million.

As well as her financial troubles, Katies personal life appears to have taken a bit of a hit too, as it was reported that she and Kris Boyson had split up for good.

To add insult to injury, she has also been ordered to pay ex-husband Alex Reid 150,000, after allegedly playing an intimate video of him to a TV studio audience.

The couple had reportedly been on the rocks after having a series of rows, but despite splitting up, Katie is determined to stay friends with Kris.

A source told The Sun: Theyll still stay friends and she will still need his help with the kids, and to stay at his house.

Hes really worried about her and all the pressure shes under so thats why hes not walking away.

Katie says it was never going to work between them and too much has gone on. But theres no point in falling out like she has with almost all of her exes.

Katie and Kris have been together since May 2018, but their relationship has been on and off as well as being hit with claims that Katie cheated on him with another toyboy.

If you've got a celebrity story, video or pictures get in touch with the Metro.co.uk entertainment team by emailing us celebtips@metro.co.uk, calling 020 3615 2145 or by visiting our Submit Stuff page - we'd love to hear from you.

MORE: Katie Price ordered to pay Alex Reid 150,000 over revenge porn claims

MORE: Katie Price splits from Kris Boyson for good one day after being declared bankrupt

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Katie Price shows off a bold new hairdo after bankruptcy and breakup - Metro.co.uk

Bloomberg

November 26, 2019 12:17 pm

LOS ANGELES A storied $125 million mansion in Beverly Hills that was featured in The Godfather is in bankruptcy protection.

Real estate investor and attorney Leonard Ross filed for Chapter 11 bankruptcy protection for the business that holds title to the estate on Sunday, listing $75 million in liabilities. A hearing is scheduled Tuesday in Los Angeles Superior Court where creditors are seeking the appointment of a receiver for the property in a separate lawsuit.

Known as the Beverly House, the mansion was built in 1927 for Milton Getz, executive director of the Union Bank & Trust Co. In 1946, it was bought by William Randolph Hearst, who lived there with Marion Davies until his death in 1951.

The house sits on 3.7 acres and includes a 50-foot entry hall, a living room with 22-foot detailed ceilings, a library with hand-carved woodwork, a billiards room, two projection rooms, 19 bedrooms, and 29 bathrooms, a commercial kitchen, terrace seating for 400, an Art-Deco nightclub, and a seven-bedroom guest house with its own tennis court.

Its where John F. Kennedy and his wife, Jacqueline, spent part of their honeymoon.

And in the 1972 Francis Ford Coppola movie, its where consigliere Tom Hagen visits a Hollywood studio mogul to persuade him to give a movie role to Don Corleones godson, Johnny Fontane. When reason doesnt prevail, the studio boss wakes up in the morning with the severed head of his favorite stallion in his bed.

Ross has been embroiled in a dispute with private lenders who hold a mortgage on the property. He sued them in September, claiming he was manipulated into a loan agreement four years ago. According to his complaint, the lenders took advantage of Ross, 74, when he was going through a personal tragedy after the loss of his daughter.

The lenders filed a cross-complaint and asked for the appointment of a receiver because, they said, the mansion is filled with period furnishings and artwork that is part of the collateral for the loan and is easily removed. The lawsuit will likely be put on hold as a result of the bankruptcy filing.

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Home where JFK honeymooned, 'Godfather' filmed in bankruptcy - Boston.com

Prices for milk and cheese are trading roughly 40% higher this year, with the holiday season likely to provide an added boost, after suffering significant declines over the past few years,

The rally, however, didnt come fast enough for dairy farmers, who have seen a spike in bankruptcy filings.

The low milk prices that dairy producers have received over the last three years has significantly reduced farm equity, says Rick Kment, a market analyst at commodity analysis provider DTN.

Farm equity the value of a farms assets excluding debt is forecast to rise by 1.8%, to $2.67 trillion, in 2019, but adjusted for inflation, it would be relatively unchanged from 2018s level, according to the U.S. Department of Agriculture.

The rally in the milk price through the last half of 2019 is too little, too late for some of these dairy farmers, adds Kment.

In the 12 months through September, there were 580 Chapter 12 farm bankruptcy filings, the most since 2011, up 24% from the prior years total, the American Farm Bureau Federation reports. Wisconsin, which was among the top five milk-producing states in 2018, had the highest number: 48.

The bankruptcies you are seeing have been a long time in the making, says Tim OLeary, an independent dairy trader.

Most notably, dairy giant Dean Foods Co. US:DF, the largest U.S. milk producer, recently filed for bankruptcy, citing growth in the popularity of dairy alternatives, such as oat milk and almond milk, and issues tied to debt and pensions.

In addition, the USDA reported that the number of dairy cows on farms in the 24 major states were at 8.8 million head as of September, 11,000 fewer than a year earlier. The change in cow numbers, though small, indicates a change in overall trend in herd size, says Kment, and its directly related to low profitability earlier in the year.

Also, securing operating capital continues to be a challenge for many farmers, he says, adding that this is expected to put financial pressure on many dairy producers.

In January 2018, futures prices for Class III milk DAF20, +0.45%, which is used to make most types of cheese, dropped to as low as $13.07 per hundredweight. That was the lowest since June 2016, according to FactSet. They settled at $20.19 on Thursday, for a year-to-date gain of about 41%. Futures prices for cash-settled cheese CSCZ19, +0.10% stood at $1.979 a pound, up around 43% for the year.

Read: The $39 trillion listed derivatives business is about to get tastier, as CME to launch block cheddar cheese futures

There is seasonal support building in the market, as dairy product prices traditionally move higher in the last quarter of the year ahead of holiday buying, Kment observes. He adds that theres also been increased global demand, particularly in Asia, where dairy products help supplement the amount of protein lost due to African swine fever cutting into the pork production and supply levels.

Milk production, meanwhile, is also starting to trend lower because of the reduction in the number of U.S. dairy cows, Kment observes. Looking ahead, dairy trader OLeary expects cheese, which has traded lower this month, to resume its rally as global output declines, while consumption climbs on the back of growing populations.

Kment expects strong underlying support to develop in cheese and milk prices through the end of 2019, though with the potential for prices to back away from current levels in the coming weeks, after holiday demand wraps up. Still, he predicts the firm market support is likely to hold during early 2020.

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Why farm bankruptcies have climbed, even with milk and cheese prices up 40% this year - MarketWatch

SALT LAKE CITY Provos Treeside Charter School, a K-6 school based on the Waldorf education model, has filed for Chapter 11 bankruptcy, the school announced Wednesday.

The school, which opened in 2017, said that it does not intend to close and hopes the filing will help it resolve issues with creditors and with its landlord. Treeside director Dr. Benjamin Johnson told the Utah State Charter School Board on Thursday that the filing is an effort to stem and stop the shenanigans going on with our landlord.

So we are actually very excited about it, Johnson said.

He characterized the move as a reorganization and said the process has moved quickly. In a letter to the Treeside community posted on social media, the Treeside board said the school and what it stands for will be here for a long time.

Please know that everything at the school will operate as it does right now throughout this process, the letter says. The school remains committed to our students, teachers, and staff.

The Treeside website says the school is influenced by aspects of Waldorf education in alignment with our communitys needs. Treeside students practice yoga and integrate music, nature and the arts into the curriculum, according to the site.

The Utah State Charter School Board also discussed Ogdens Capstone Classical Academy during the Thursday meeting, saying the board has delayed the schools hearing on possible closure until Dec. 9. The decision from that hearing will be discussed during the Charter School Boards Dec. 12 meeting.

Charter School Board chair Kristin Elinkowski said the delay will give Capstone Classical Academy more time to address enrollment and financial viability issues.

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Provo charter school files for bankruptcy but says it will not close - KSL.com

Its no secret that the past few years have been disastrous for the American farming industry.

Freak weather, oversupply, trade wars, pesticide damageits been a perfect storm, on top of all the regular storms, for American farmers. The American Farm Bureau Federation, commonly just called the Farm Bureau, released a study examining the end result of all of that damage: bankruptcies.

The Farm Bureau, a lobbying group that typically leans to the corporate side of farming, analyzed statistical data from the US Courts concerning bankruptcy filings. For the year leading up to September 2019, American farm bankruptcies were up by a whopping 24 percent compared to the year before. During this mostly-2019 period, there were 580 Chapter 12 bankruptcy filings.

Chapter 12 is a form of bankruptcy filing that was first passed in 1986, specifically for farms or fishing operations. The restrictions are brutal, requiring millions of dollars of debt, so its even more concerning that so many farmers qualify.

The Farm Bureaus data analysis drills down further, finding that the highest number of bankruptcy filings were in Wisconsin, followed by Georgia, Nebraska, and Kansas. Wisconsins 48 bankruptcies in 2019 are likely high because of the dairy industry; an estimated 40 percent of dairy farms in the state nicknamed Americas Dairyland have gone out of business in the past decade, according to NPR.

The number of farm bankruptcies over the past few years is still not quite at the heights of the 1980s farm crisis, where a combination of a Soviet embargo, record supply, and an extreme drop in the value of farmland led directly to the creation of Chapter 12 bankruptcy in the first place. But the pattern is alarming, with the trade war continuing and a sudden brutally cold stretch of weather affecting harvests. The USDA is attempting to address these problems with bailout money, but uneven distribution and timing issues may mean that funding is too little and too late to save many farm businesses.

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Farm Bankruptcies Are Way Up This Year - Modern Farmer

Its been over a dozen years since Susanne LeClair of West Palm Beach, Florida was first diagnosed with cancer and shes been fighting ever since. Now she, like many other Americans facing life-threatening illness, is bankrupt despite having health insurance.

Before her first cancer-related surgery, LeClair was told by the hospital they accepted her employer-based health insurance.

I paid my $300 copay. After the surgery, I started receiving all these invoices and came to find out the only thing covered was my bed because the hospital was out of network, said LeClair. My bills were hundreds of thousands of dollars, so I had no choice but to file bankruptcy.

LeClair is on the verge of having to file for bankruptcy a second time due to the mounting medical debt she has accrued for additional cancer-related surgeries, regular appointments, medications and supplies related to her recovery, despite having health insurance and paying as much as she can out of pocket for copays, deductibles and premiums to maintain insurance.

My medical bills are at $52,000. Ive done everything from credit cards to consolidation loans, I just keep simply paying one credit card with another interest-free one until I can pay the next one, LeClair added. Its the side of cancer most people dont understand or know about and its never-ending. It just keeps adding up and adding up and before you know it youre back in debt that you cant believe again.

Bankruptcy can also make it difficult to find employment given that many employers will disqualify a candidate with a bankruptcy filing found from a background check.

According to a study published in February 2019, about 530,000 bankruptcies filed annually are because of debt accrued due to a medical illness. The study found that even the Obama administrations landmark Affordable Care Act (known as Obamacare) has failed to change the proportion of bankruptcies caused by medical debts, with poor health insurance cited as one of the main culprits.

Republicans and Democrats are currently at loggerheads over Trump administration plans to further weaken Obamacare by making it easier for states to opt out of certain requirements and offer cheaper plans that could further exacerbate the situation. And health insurance has emerged as one of the signature issues of the 2020 election, and the fight for the Democratic presidential nomination with senators Bernie Sanders and Elizabeth Warren promising a total overhaul and Joe Biden and others pledging milder reforms. What all sides admit is that the current system is broken.

Health insurance that we have today is a defective product, said Dr David Himmelstein, distinguished professor of public health at City University of New Yorks Hunter College and a lecturer in medicine at Harvard Medical School.

A lot of people, a little over 60%, are filing bankruptcy at least in part because of medical bills. Most of them are insured. Its clear that despite health insurance, there are many, many people incurring costs not being covered by their insurance, said Himmelstein. Medical debt is incredibly common, its the main cause of calls from collection agencies, and the vast majority of people with it have insurance, said Himmelstein, lead author of the study Medical Bankruptcy: Still Common Despite the Affordable Care Act.

One out of every six Americans has an unpaid medical bill on their credit report, amounting to $81bn in debt nationwide, while about one in 12 Americans went without any medical insurance throughout 2018. Even as many Americans struggle to afford health insurance coverage in the first place, those that have it are not insulated from facing massive debt due to medical bills.

I have insurance through my job but it has a high premium and high deductible. I have to pay $450 a month. When you think about living paycheck to paycheck, $450 is a lot of money. Im barely making it. Some bills dont get paid every month, said Mary Cross of Detroit, Michigan, who has filed for bankruptcy twice since early 2013 when she was admitted to the hospital for pneumonia, required lung surgery and was diagnosed with sarcoidosis, an inflammatory disease.

Im currently struggling to stay afloat now due to having surgery this past January, added Cross, 51. Ive been getting constant calls from the billing department at the hospital where I had surgery.

In Savannah, Georgia, a 35-year-old man who requested to remain anonymous to avoid being associated with a bankruptcy, recently found himself homeless and jobless due to prolonged hospital stays and hundreds of thousands of dollars in medical debt.

A type 1 diabetic for years, he had to reduce his work hours for a cellular retail store when trouble regulating his blood sugar resulted in a toe amputation in April 2019.

I had to cut my work hours so bills were harder to pay. But in July 2019 I was admitted to the hospital again and I was fired from my job because I was in the hospital. I lost my insurance. They amputated my leg, which means I still cant work, he said.

When he lost his job due to the prolonged hospital stay and leg amputation, his employer offered Cobra, a health insurance program for employees who lose their job or have a reduction in work hours, but he couldnt afford it. He is currently working on trying to file bankruptcy to release the medical debt hes accrued from amputations this year and he lost his house in October 2019 as a result.

I have amassed over $400,000 in medical bills I need to pay, and still have at least six months before I get a disability hearing. So I owe over $400,000 in medical bills, have lost my house and I live on the street now, with no end in sight, he said.

Just outside of Chicago, Illinois, Jessica Hillman filed for bankruptcy in 2016 due to medical debt accrued from battling a seizure disorder, despite having health insurance coverage for the majority of her treatment.

I had thousands of dollars in various medical debt which made the majority of my claim. The last bill I got that really pushed me toward the bankruptcy was for a routine lab test that my insurance refused to approve because of a billing mistake. That bill was about a thousand dollars, Hillman said. I couldnt work and had no way to pay these.

At the time, Hillman was receiving several collection notices in the mail for past hospital stays and tests amounting to several thousand dollars, often having no knowledge of the bills that health insurance didnt cover until receiving the collection notices.

One of the biggest hurdles you face as a patient is just the sheer confusion of the process. You think you just show up and present your card, sometimes pay a copay, and thats it. You dont expect all these plan limitations and authorizations, Hillman added. What are you going to do if your authorization gets denied? You dont really have a choice to not go get care. All these processes that are in the finest of fine print. And sometimes it feels like you are literally paying for nothing.

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'I live on the street now': how Americans fall into medical bankruptcy - The Guardian

BUILDING PERMITS

(Listed by owner, tenant or building. This weekly update lists new commercial construction, expansions and enlargements of more than $50,000. Information from initial applications is subject to change. Dollar amount for alterations is valuation provided by applicant.)

19-040043 Sheridan Express Car Wash, 4528 S. Sheridan Road, new, $1,393,405.82.

For those who care about business and this community, we have a deal for you. Start a digital subscription for only $0.99. Sign up now at tulsaworld.com/subscribe.

19-030415 South Tulsa Skilled Nursing Facility, 8720 S. 101st East Ave., new $15,535,240.

19-044007 Institute of Emerging Technologies, 6565 S. Yale Ave., alteration-priority, $127,466.

19-046420 Hero Practice, 602 S. Utica Ave., alteration-priority, $120,000.

19-044073 Bank of America, 15 W. Sixth St., alteration, $150,000.

19-029117 Raising Canes #488 Tulsa, 1019 W. 71st St., new, $1,500,000.

BUSINESS BANKRUPTCIES

(Filings classified as business in the U.S. Bankruptcy Court for the Northern District of Oklahoma, and which also list business as nature of debt on bankruptcy document.)

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For the record: Building permits and bankruptcies | Work & Money - Tulsa World

In a landmark judgment, the Supreme Court has upheld the supremacy of the Committee of Creditors comprising the financial creditors of the bankrupt firms over the distribution of claims.

The order will finally pave the way for resolution of Essar Steel, one of the oldest cases in the IBC process. It was one of the original Dirty Dozen referred by the RBI to NCLT for Corporate Insolvency Resolution Process under the IBC Code.

Following this verdict, steel tycoon Lakshmi Mittal can now finally bring his global giant ArcelorMittal to India to set up shop here.

Deciphering the verdictThe Supreme Court quashed the earlier NCLAT order which brought parity between financial and operational creditors of Essar Steel in matters of distribution of proceeds.

Peeved with the NCLAT ruling, the financial creditors had approached the apex court saying that the NCLAT order exceeds the scope of the IBC. They also argued that secured creditors have the first right over funds, an argument that had been used to deny Standard Chartered the same treatment as other financial creditors. With the Supreme Court finally upholding CoC's primacy over distribution of funds, a major area of concern has been addressed.

A faster IBC resolutionThe delay in the resolution of bankrupt firms occurs due to litigation mostly on account of operational creditors expressing their unhappiness over the distribution of funds. Their stance is that they get a raw deal from the IBC process and have to take steep haircuts.

The Supreme Court's verdict will put those concerns to rest as it said that even though the Committee of Creditors will have a final say on apportioning the funds received, it has to take care of the interests of the operational creditors as well. This ruling is premised on the fact that no concern can function without 0perational creditors.

The 330-day deadlineThe Supreme Court has done away with the 330-day mandatory deadline for the resolution of insolvency and bankruptcy cases after which liquidation will be invoked.

The 330-day deadline was brought in through amendments by the government this year with the purpose of bringing down litigation time. The original window of 270 days had been breached in many cases on account of litigation. Courts treated the time spent in litigation as outside of the 270-day window, thereby causing major delays to the resolution process.

The 330-day deadline included time spent on litigation. The Supreme Court has given the adjudicating authority the powers to decide if it needs more time to decide on a specific case.

The Waterfall MechanismIBC follows a waterfall mechanism which essentially delineates the order in which the liquidation proceeds will be distributed among the different categories of creditors.

According to this formula, secured financial creditors hold the first right over the distribution of funds followed by unsecured financial creditors and operational creditors, in that order.

According to an ET report, the government which is considering a fixed proportion for operational creditors in order to cut down on frivolous litigations will have to factor in the waterfall mechanism because CoCs may favour liquidation in the event of them taking a more steeper haircut.

The Road ForwardThe IBC's biggest USP was its time-bound resolution of bankrupt firms and allowing them to remain as going concerns; companies are referred for liquidation only in extreme cases.

A faster IBC resolution is in the interest of all stakeholders as it will relieve the banking sector of the stress it is currently facing in terms of NPAs. This is important for improving India's business climate and ease of setting up new businesses.

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ET Explains: How Essar Steel verdict changes the rules of the game for future bankruptcy cases - Economic Times

RIYADH (Reuters) - The merit of Saudi Arabias new bankruptcy law, part of efforts to help the kingdom attract investors, should become clearer in about a year after courts handle initial cases, a World Bank representative and senior government official told Reuters.

FILE PHOTO: Saudi Arabia's Crown Prince Mohammed bin Salman speaks during talks with Russian President Vladimir Putin in Riyadh, Saudi Arabia, October 14, 2019. Alexander Zemlianichenko/Pool via REUTERS/File Photo

A lack of modern bankruptcy regulations had created difficulties for struggling companies seeking to restructure debt with creditors since the 2009 global financial crisis and the more recent dip in oil prices.

Legislation introduced in 2018 is part of broader efforts to overhaul the economy of the worlds top oil exporter to entice foreign investment, create jobs for young Saudis and diversify into non-oil industries.

They have started on insolvency, said Simeon Djankov, World Bank senior research director and founder of the Doing Business report, which on Thursday ranked Saudi Arabias business climate the most improved over the previous year.

The law has been passed, secondary legislation was already passed. Now we need to see whether the courts actually understand how to implement it.

Djankov said only three cases had been settled and around a dozen others are currently in the courts. Several dozen more, expected to be resolved over the next year, should provide enough evidence to evaluate the laws success, he added.

The two main open cases involve conglomerates Saad Group, owned by indebted billionaire Maan al-Sanea, and Ahmad Hamad Algosaibi and Brothers (AHAB), which defaulted on about $22 billion in combined debt in 2009.

Resolving insolvency was an area of improvement for Saudi Arabia, climbing 30 places to 62nd in the World Bank report which showed sharp improvement in other Gulf countries and a lag in Latin America.

Eiman al-Mutairi, who heads Saudi Arabias National Competitiveness Center, said she expects further advances next year as the bankruptcy law and other reforms come fully on line, including a building code law and planned amendments to licensing regimes.

Are we there yet? No. Do we want to do more? Absolutely, said Mutairi, who is one of the highest-ranking women in the Saudi government. Hopefully this is only the beginning.

She attributed the jump in Saudi Arabias standing to authorities efforts to cater their reforms to the private sectors concerns.

Maybe weve worked with investors many years ago but sometimes we just dont listen to them, she said. Lets face it: we did not listen to the investor.

Reporting by Stephen Kalin, Editing by William Maclean

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Saudi Arabia's new bankruptcy law faces key test in the courts - Reuters

Yet even as its errors abroad became clear, Mr. Chang and his real estate counterparts bet on even more United States stores. An internal playbook from 2015 described the retailers plans for a new strip mall chain called F21 Red that would target mothers under 35. Its $1.80 camisoles and $7.80 jeans were meant to swipe at the Irish retailer Primark, which entered the United States that year.

The playbook showed that six stores were already open, and that Forever 21 planned to open 35 more that year, including in regular malls, which was a surprise to the employees who had planned F21 Red. By 2017, several new F21 Red stores were posting sales that were around 50 percent below company projections, internal sales reports show.

That year, Forever 21 also introduced a beauty chain, Riley Rose, that was viewed as the companys next wave of growth and sought to capitalize on the boom in Korean skin care products. It was created by Linda and Esther Chang and called ground-breaking in the bankruptcy filing, which grouped its sales with the slumping international division.

While former employees praised the sisters work ethic, they said that Riley Rose, which had 15 stores this year, was an expensive gamble in high-priced malls and struggled to maintain vendor relationships. The company told The Times last month that Riley Rose may end up as a store within Forever 21 locations. It has filed to reject leases for nine previously planned Riley Rose locations.

Mrs. Changs side of the business was also making errors with the sprawling store base. Merchandising was based on the previous years sales, and Forever 21 bought too little inventory in 2017, then too much in 2018, the filing said. It also duplicated merchandise by designing for styles like weekend or work looks, rather than categories like tops or dresses.

Forever 21 had about 6,400 full-time employees and 26,400 part-time employees when it filed, numbers that will likely shrink throughout the bankruptcy process. Forever 21 said that it would change how it merchandises, winnow its operations to the United States, Mexico and Latin America, aim to increase e-commerce sales to more than just 16 percent of the business and take other cost-cutting measures. When it filed, the company owed $347 million to its vendors.

And the Chang family will be listening to new voices. Its board of directors will grow from three members Mr. Chang, Linda Chang and Mr. Ok to six, including Forever 21s former head of real estate, a lawyer and the former chief executive of Things Remembered. It also said that it had added several new managers in recent months, including a new chief financial officer. Mr. Chang remains the chief executive.

Forever 21 has basically been a one-trick pony, Mr. Cohen said. The founder and his wife did remarkably well until the business got too big for them to continue to do remarkably well by themselves.

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One Family Built Forever 21, and Fueled Its Collapse - The New York Times