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5 unusual facts about bankruptcy


1962 Provincial Speedway League

The league season proved to be disastrous for Bradford and the club folded at the end of the year.

Butler's Hill

The nearby Broomhill park was the former site of Sherwood Zoo, which went bankrupt in 1976

Source code escrow

Bankruptcy laws may interfere with the execution of a source code escrow agreement, if the bankrupt licensor's creditors are legally entitled to seize the licensor's assets – including the code in escrow – upon bankruptcy, preventing the release of the code to the licensee.

Wilfrid Short

In 1890 he joined the Civil Service as a clerk in the Office of the Official Receiver in Bankruptcy.

Zollinger-Harned Company Building

However, like many other major department stores of the time, Zollinger-Harned went bankrupt in 1978 due to suburban shopping malls' increasing popularity and specialized chain retail stores.


2002–03 NHL season

The Buffalo Sabres also entered bankruptcy protection before being bought by New York businessman Tom Golisano.

201 Portage

Having declared bankruptcy and sold its media properties, Canwest has vacated the premises; its main successor Shaw Media will retain only the lease for the 30th floor, where the Global Winnipeg studios are located.

A Human Right

In December, 2010 they launched Buy This Satellite, a fundraising effort to purchase the TerreStar-1 communications satellite, after its owner, TerreStar Corporation, filed for bankruptcy.

American Austin Car Company

The company was founded in 1929, and produced motorcars licensed from the British Austin Motor Company from 1930 through 1934, when it filed for bankruptcy.

American Type Founders

The work was well done, but slow, and only four faces (Wedding Text, Thompson Quill Script, Bernhard Fashion, and T.M. Cleland’s border designs) were ever issued before Kingsley/ATF sought bankruptcy protection in 1993.

Andrew Dexter, Jr.

During the War of 1812 Dexter relocated to Athens, New York, where he lived with his father and brother, who assisted him in using New York's lenient bankruptcy laws to partially satisfy his creditors and rebuild his finances.

Basil Montagu

Appointed by Lord Erskine, 1806–7, to a commissionership in bankruptcy, Montagu set himself to reform the bankruptcy law.

Citroën Type B10

Citroën's survival, following its bankruptcy, under Michelin ownership, as one of the leading French car makers between 1935 and 1974 nevertheless was only possible because they were one of a handful of French automakers that adopted the "all-steel" car body technology.

Clénet Coachworks

Originally started in a garage, the company was moved into an airplane hangar where an assembly line style of production was begun, later to be reborn in a "high tech" facility in Goleta, California (just north of Santa Barbara) where production of Series II continued until the company ran into financial difficulties in 1980, ceased production, and Alain Clénet filed for bankruptcy.

Couderay, Wisconsin

Couderay is home to Al Capone’s northwoods hideaway, a tourist site called "The Hideout." The Hideout was purchased in the spring of 2010 by the Lac Courte Oreilles Indian Tribe after bankruptcy hearings for the previous owners.

Creative Loafing

In 2007 it doubled its circulation with the purchase of the Chicago Reader and Washington City Paper; the $40 million debt it incurred, along with an economic recession, forced the company into bankruptcy one year later.

Crystal Cathedral

Crystal Cathedral Ministries filed for bankruptcy in October 2010 and in February 2012 sold the building and its adjacent campus to the Roman Catholic Diocese of Orange for future use as the diocese's new cathedral.

Culligan

After a takeover battle from Carl Icahn, E-II emerged from bankruptcy in 1993 under the name Astrum International.

Dawnay Day

The liquidator of Hertie claimed the department store chain got into difficulties due to improperly high rent payments to the real estate owners, however as seen in the case of Arcandor's bankruptcy in June 2009, the whole German department store sector experienced severe difficulties during these times.

Death by Chocolate

The trademark in the United States was owned by S&A Restaurant Group, the parent company of Bennigan's restaurants, but with the subsequent bankruptcy of the company the current legal status is unclear.

Divorce in the United States

The IRS established rules on the deductibility of alimony, and federal bankruptcy laws prohibit discharging in bankruptcy of alimony and child support obligations.

Flore Revalles

During her stay in America Revalles appeared in two Broadway productions, Miss 1917, a musical revue that had a fair run at the Century Theatre before the theatre fell into bankruptcy, and the Shubert Brothers’ 1919 hit musical extravaganza Monte Cristo, Jr., playing the multiple roles of Yvonne, Haydee and Diamonda, over its near year long run at the Winter Garden Theatre.

Fort Worth Alliance Airport

It formerly served as a maintenance hub for DFW-based American Airlines, until the bankruptcy filing and subsequent restructuring of its parent AMR Corporation.

Franck Rolling

After his release from Bournemouth, Rolling was briefly on the books of Gillingham F.C. and Wycombe Wanderers F.C., before leaving England to try his luck with SK Vorwärts Steyr of Austria (who went into bankruptcy during the season) and Veria F.C. of Greece.

Friedman's Inc.

Many former employees maintain that when Friedman’s emerged from the 2004 bankruptcy after being purchased by hedge fund Harbinger Capital Partners, an era, albeit a short one, of severe incompetency and ineffectual leadership conducted by the new board of directors, company officers, and other key executives resulted in the 2008 bankruptcy, which ended with the liquidation of both Freidman's and Crescent.

GM Kappa platform

Kappa production ended with General Motors' bankruptcy in July 2009.

Hacienda Luisita

In 1976, First United Bank, the banking concern Pepe built on his own after his ouster from the family owned Bank of Commerce which he saved from bankruptcy decades ago, was sold for an amicable amount to his nephew, Danding Cojuangco, who was then close to President Marcos, with both mothers being Ilocanas notwithstanding.

Hackney South by-election, 1912

In May 1912, Horatio Bottomley, the controversial Liberal MP for Hackney South, was forced to his resign his seat when he was declared bankrupt.

Helping Families Save Their Homes Act of 2009

The stated purpose of the act, a product of the 111th United States Congress, was to allow bankruptcy judges to modify mortgages on primary residences, among other purposes; however, that provision was dropped in the Senate and is not included in the version that was eventually signed into law.

Hemne og Orkladal Billag

To save the company from bankruptcy the Orkla owned Chr. Salvesen & Chr. Thams's Communications Aktieselskab (S&T), Kredittkassen and the Municipality of Hemne went inn with NOK 8 million to save the company, and sold all non-transport related activities.

Houlihan Lokey

During this period the firm advised on almost 1000 restructuring transactions (including 12 of the 15 largest bankruptcy cases), special situations or Distressed M&A, with aggregate debt claims in excess of $1.5 trillion, including cases such as Lehman Brothers, WorldCom, Enron, General Motors and CIT Group.

Jamie Byng

When Canongate was on the verge of bankruptcy in 1994, Byng, then in his mid-20s, instigated a buyout, aided by his business partner Hugh Andrew, his stepfather (former BBC chairman Sir Christopher Bland) and then father-in-law (co-chairman of the multinational investment bank Salomon Smith Barney).

Joe Ochoa

Edinburg Stadium Edinburg Roadrunners file for bankruptcy after failing to pay rent to City of Edinburg for use of stadium.

John Thomas Copenhaver Jr.

He was in private practice in Charleston, West Virginia from 1951 to 1958, and a referee in bankruptcy, Southern District of West Virginia from 1958 to 1973.

Juliet Cariaga

She was named, along with Alexandria Karlsen as one of several women connected with Philadelphia businessman Andrew Yao, who was convicted of bankruptcy fraud, and later plead guilty to ten counts of fraud and money laundering for lying about and concealing gambling expenditures and extravagant gifts to former Playboy and Penthouse models.

MAIR Holdings

Mesaba, which operated as a Northwest Airlink regional airline, filed for Chapter 11 bankruptcy on October 13, 2005, a result of downsizing occasioned by the earlier bankruptcy of Northwest Airlines.

Maldives Airways

Like in the Air Maldives bankruptcy, a great part of the blame is put on former president Maumoon Abdul Gayoom's wish of having a Maldivian prestige international airline at any cost, regardless of the company's shady financial operations.

Michael Mastro

In May 2013 it was reported that the bankruptcy trustee, James Rigby, had filed an 82 page report which valued of all jewelry seized from the Mastros at $3 million.

Mounir El Hamdaoui

However, due to the financial issues AZ was having because of the bankruptcy of sponsor DSB Bank, it was clear that the striker would have to be sold to reduce the burden of his wages on the budget balance.

MS Salamis Filoxenia

In July 2009, following the bankruptcy of Club Cruise, Van Gogh was sold in an auction at Eleusis, Greece to the Cyprus-based Salamis Cruises for $ 6.5 million.

Naval Air Warfare Center Warminster

The U.S. Navy purchased the grounds to establish this facility from the Brewster Aeronautical Corporation following its bankruptcy in the 1940s.

Østerfælled Torv

PBU sold the residential share of the project to Schaumann Investment for DKK 1,5 billions in 2006, a transaction which later contributed to the bankruptcy of Roskilde Bank in the light of he financial crisis and the decreasing prizes on the housing market.

Pat Bowlen

The Bowlen Family, including his two brothers John Bowlen and Bill Bowlen, and sister Marybeth Bowlen, purchased the team from Edgar Kaiser in 1984 and saved the team from possible bankruptcy.

Powder Horn Mountain

The project was founded by developer Bob Horne, and included a golf course, riding stables and trails in nearby Wilkes County, but after undergoing bankruptcy and foreclosure it was divided and sold separately.

Private equity

By the end of the 1980s the excesses of the buyout market were beginning to show, with the bankruptcy of several large buyouts including Robert Campeau's 1988 buyout of Federated Department Stores, the 1986 buyout of the Revco drug stores, Walter Industries, FEB Trucking and Eaton Leonard.

ReplayTV

SONICblue was fighting a copyright infringement suit over the ReplayTV's ability to skip commercials when it filed for bankruptcy.

SCO OpenServer

On September 14, 2007 the SCO Group filed for Chapter 11 protection in U.S. Bankruptcy Court.

Søren Colding

Colding has been the general director for handball club AG København but left the club on 30 July 2012, just one day before the club filed for bankruptcy.

Tamarack Resort

Tamarack property owners are now part of a multi-billion dollar lawsuit with lender Credit Suisse led by bankrupt Yellowstone Club founder Timothy Blixseth and his son Beau Blixseth who claim Tamarack's bankruptcy was caused by a "loan to own" scheme between the bank and resort developers.

Tite Street

Whistler instructed Edward William Godwin to build the White House here, but due to his bankruptcy after his legal case with John Ruskin, he was never able to occupy it; the building was demolished in 1968.

Tremont Group

In December 2010, Irving Picard, the court-appointed trustee in the Madoff bankruptcy, sued Tremont over $3 billion in customer money that Tremont lost by investing with Madoff.

Voluntary redundancy

Delta Air Lines, in the aftermath of its bankruptcy filing, offered a programme that included limited flight benefits for a set period after voluntary resignation.

William Thomas Grant

By that time his nationwide empire of W. T. Grant Co. (Grants) and Grant City stores had grown to almost 1,200, although the company failed in 1975 and was soon liquidated.


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