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Written by: Timothy McFarlin | Publish date: January 24th, 2012
The Rochester, N.Y.-based company, Eastman Kodak Co. filed for Chapter 11 bankruptcy on Thursday. The company is known for being a pioneer in film and camera development. The 132-year-old company’s bankruptcy filing will effect hundreds of local Kodak employees, contractors, suppliers and retirees. Their Chapter 11 bankruptcy filing, will offer the company protection from their creditors as they move forward with a plan to reorganize their debts, and hopefully improve their financial future. Kodak has obtained $950 million in funding from Citigroup to continue operations during the reorganization. Kodak considers their commercial inkjet printer development the key to the company’s [...]
Written by: Timothy McFarlin | Publish date: January 5th, 2012
Refco Three months after going public, Refco filed for chapter 11 bankruptcy protection. The New York based financial Services company’s financial downfall was attributed to a wide scale financial fraud involving Refco’s CEO and chairman, Phillip Bennett. Bennett hid over $430 million in bad debt. At the time of filing for bankruptcy protection, Refco’s assets were $33.3 billion and their debt totaled $16.8 billion. Lehman Brothers The bankruptcy case of Lehman Brothers, the global financial services firm remains the largest bankruptcy filing in U.S history with $600 billion in assets. The news of their bankruptcy filing caused financial stocks [...]
Written by: Timothy McFarlin | Publish date: December 16th, 2011
BP Clothing, the former Baby Phat apparel line licensee has filed for chapter 11 bankruptcy protection. The Los Angeles apparel company, which is located in Commerce California, held the license to produce the celebrity endorsed Baby Phat clothing line for stores such as; Walmart, and JcPenny until recently. Scott London, Steven Feiner, and investment company Steel Partners founded BP Clothing, in 2003. On December 12th, the company filed for bankruptcy in a U.S. Bankruptcy Court in New York. BP Clothing’s venture was formed around the Baby Phat brand, which was created by Russell Simmons, a music executive and co-founder of [...]
Written by: Timothy McFarlin | Publish date: December 6th, 2011
Like many other lawyers in the Los Angeles California area, a great deal of my clients are filing for bankruptcy. Bankruptcy filings are on the rise, not only in Los Angeles, but all over the U.S. Every day in Los Angeles new businesses are formed. Unfortunately, in our current economical climate, many businesses are also struggling to survive. Los Angeles is a competitive market, making it just that much more difficult for new businesses to survive. Competition is very high in Los Angeles, and it seems as a new business opens another closes. As a Los Angeles Bankruptcy lawyer, I [...]
