Estes enters as serious financial backer in Yellow bankruptcy

Yellow Corp. has received an offer from rival less-than-truckload giant Estes Express Lines that would fund its short-term efforts to wind down its operations via Chapter 11 bankruptcy proceedings. An attorney for Nashville-based Yellow, which was No. 6 on the 2023 for-hire FleetOwner 500, said on Aug. 11 that the Estes Express “financing proposal [had] continued to gel” late last week.

Richmond, Virginia-based Estes Express (No. 11 on the for-hire FleetOwner 500) surfaced earlier last week as a possible source of so-called debtor-in-possession (DIP) funding for Yellow, which filed for protection from its creditors on Aug. 6 and is looking to sell off its equipment and real estate in the next two months. Yellow has an estimated $1.5 billion in debt, but its assets to sell are substantial: 12,700 tractors (about 1,000 of them leased) as well as 42,000 trailers (of which 7,200 are leased), 169 terminals, and six warehouses run by its Yellow Logistics subsidiary. And the entry of rival Estes Express as a financial backer has introduced complications and interest in the fate of Yellow’s holdings.

See also: Fleet failures playing role in fueling used-truck market surge

Yellow executives and their attorneys have said since filing Chapter 11

… Read the rest
August 18, 2023 by ATTORNEY

Metro Home Builders Inc. files for Ch. 7 bankruptcy

Metro Home Builders Inc. files for Ch. 7 bankruptcy
metro–home–builders-inc-files-bankruptcy/metro-van/” data-orig-file=”https://winknews.com/wp-content/uploads/2023/08/Metro-van.png” data-orig-size=”1197,670″ data-comments-opened=”0″ data-image-meta=”"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"” data-image-title=”Metro van” data-image-description=”<p>Metro Home Builders Inc. van. CREDIT: WINK News</p> ” data-image-caption=”” data-medium-file=”https://winknews.com/wp-content/uploads/2023/08/Metro-van.png?w=300″ data-large-file=”https://winknews.com/wp-content/uploads/2023/08/Metro-van.png?w=1024″/

A home builders group goes bankrupt, and their downfall is leaving customers in limbo.

The bankruptcy filing shows that Metro Home Builders Inc. had nearly 60 construction contracts uncompleted.

An attorney WINK News spoke to said that customers should be expecting a letter in the mail in a few days.

The letter outlines the next steps, the most important one being filing a proof of claim.

Former client Rosa Paz Vieira was so close to having her dream retirement home. Instead…

“No landscaping, no septic, no driveway, no irrigation, no vegetation removal, no ac units, no toilets, no hardware,” Viera said.

For four months, nobody came to work on her home.

“They kept ignoring our emails. Nobody would ever reply to anything. So, we went to the main office, and that moment we were confronted with a new owner saying Metro Home Builders is no longer in business. They have sold their property,” Viera said.

Viera had just one of the nearly 60 construction contracts that have now been left in limbo.

“We’re about 65-70% complete,” Viera

… Read the rest
August 17, 2023 by ATTORNEY

Sandy Hook Families Say Alex Jones Cannot Hide Behind Bankruptcy

Lawyers for the Sandy Hook families who won historic defamation damages against the Infowars conspiracy theorist Alex Jones told a federal bankruptcy judge in Houston on Tuesday that Mr. Jones should not be allowed to use his Chapter 11 filing to evade $1 billion-plus verdicts made against him.

The families asked that the judge, Christopher Lopez, order Mr. Jones to pay them the full damage awards, with no possibility of a trial or a forced settlement over a lesser amount — in legal terminology, to make Mr. Jones’s debts to the families “non-dischargeable” through bankruptcy. If the judge rules in the families’ favor, Mr. Jones would likely be working the rest of his life to pay the debt.

Mr. Jones spent years spreading lies that the 2012 shooting that killed 20 first graders and six educators at Sandy Hook Elementary School in Newtown, Conn., was a hoax aimed at gun control. Families of 10 victims sued him for defamation, and in trials in Texas and Connecticut were awarded about $1.4 billion in damages. As the cases went to trial, Infowars declared bankruptcy, and Mr. Jones declared personal bankruptcy late last year.

The families have been fighting him in bankruptcy court

… Read the rest
August 16, 2023 by ATTORNEY

Purdue Pharma bankruptcy plan halted by SCOTUS

The U.S. Supreme Court on Thursday temporarily blocked Purdue Pharma’s plan to emerge from bankruptcy that shielded the founding Sackler families from liability in the nation’s opioid epidemic.

The application for a stay, brought by the U.S. Department of Justice, was presented to Justice Sonia Sotomayor and referred by her to the wider court, which agreed to hear argument on whether the nation’s bankruptcy laws allow a court to approve, as part of a plan of reorganization under Chapter 11, a release from litigation for third parties who are not themselves filing for bankruptcy.

A bankruptcy court judge had approved the reorganization plan for Purdue Pharma that reconstituted the company under another name while paying out billions of dollars to cities, states and Native American tribes afflicted by the opioid crisis — and insulated the descendants of the founding Sackler brothers from liability claims.

A federal judge in New York initially blocked the reorganization, however, ruling that bankruptcy laws do not allow liability shields to be given to parties that aren’t actually filing for bankruptcy.

An appellate court disagreed, reinstating the bankruptcy plan, and the DOJ asked the U.S. Supreme Court to intervene.

In a statement, Purdue Pharma

… Read the rest
August 12, 2023 by ATTORNEY

Bankruptcy Unveiled: Demystifying the Process and Exploring the Road to Financial Resurgence

Bankruptcy Unveiled: Demystifying the Process and Exploring the Road to Financial Resurgence

Bankruptcy Unveiled: Demystifying the Process and Exploring the Road to Financial Resurgence

Bankruptcy is a legal process that can help individuals and businesses struggling with overwhelming debt to regain control of their finances.

While the word “bankruptcy” often carries negative connotations, it is essential to understand that it is not the end of the road, but rather a fresh start towards financial resurgence. In this article, we will demystify the bankruptcy process, shedding light on its different types, procedures, and the road to financial recovery.

Understanding Bankruptcy: A Fresh Start

Bankruptcy, at its core, is a legal mechanism designed to provide debtors with a fresh financial start when they are unable to repay their debts. It offers protection and relief from creditors, allowing individuals and businesses to reorganize their finances or obtain debt discharge, depending on the bankruptcy chapter they file under.

Chapter 7 Bankruptcy: Liquidation and Debt Discharge

Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” involves the sale of non-exempt assets to repay creditors. However, it’s important to note that not all assets are subject to liquidation, as certain exemptions are in place to protect necessary items like a primary residence, personal belongings, and retirement accounts. Once the liquidation process is complete, eligible debts are typically discharged,

… Read the rest
August 11, 2023 by ATTORNEY
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31