Georgia Bankruptcy Blog

Georgia Bankruptcy Blog

Category Archives: Miscellaneous Cases

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Individual Liability For Unpaid Federal Withholding Taxes

It is not uncommon for financially distressed businesses to get behind on payroll taxes, especially when the company does not have a payroll service that handles the payment of all taxes and automatically deducts the full amount from the company’s bank accounts.  Chapter 11 cases often have significant unpaid payroll taxes scheduled as a priority… Continue Reading

When Are 529 Educational Funds Property Of The Bankruptcy Estate?

Section 529 Plans are tax advantaged savings plans intended to encourage saving for future college costs. There are two types of qualified tuition programs: a prepaid tuition plan or a college savings plan They are authorized under Section 529 of the Internal Revenue Code (26 U.S.C. § 529).  Click here for a basic summary of 529 Plans. Are… Continue Reading

Bailey Banks & Biddle Parent Files Chapter 11

Finlay Enterprises Inc., the parent company of jewelry retailer Bailey Banks & Biddle, filed their petition in New York yesterday. There are three Bailey Banks & Biddle stores in Atlanta: Lenox Square Mall, Perimeter Mall and Mall of Georgia. From the Atlanta Business Chronicle, the company announced plans to sell the business and assets at auction.… Continue Reading

Crunch Fitness Files Chapter 11 In New York

Crunch Fitness, which has a location on Piedmont Road in Buckhead, filed a Chapter 11 petition in New York today.  From Bloomberg – Crunch Fitness, a gym operator with 73,000 members and clubs in six U.S. cities, filed for bankruptcy protection from creditors in New York, citing slowing membership and overpriced leases for some locations.… Continue Reading

General Growth Properties, Owner Of Four Atlanta Malls, Files Chapter 11 Petition

From Reuters, General Growth Properties, which owns Comberland, North Point, Perimeter and Southlake Malls in Metro Atlanta, field a Chapter 11 Bankruptcy petition in the Southern District of New York.  General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S.… Continue Reading

Theme Parks Suffering With Economy? Six Flags May Be Filing Chapter 11 Bankruptcy And Ghost Town Already Has

Six Flags Theme Parks, which includes Six Flags Over Georgia, Six Flags White Water, and American Adventures parks in the Atlanta area, is experience significant financial difficulties and there is speculation that a Chapter 11 Bankruptcy filing might be in its future. From the Associated Press: Shares of Six Flags Inc. fell in premarket trading… Continue Reading

S&K Menswear Files Chapter 11 In Virginia

S&K Famous Brands., Inc., doing business as S & K Menswear, filed a Chapter 11 petition today.   The company has stores in Georgia and the Southeast. From Reuters: S & K Famous Brands Inc, which operates men’s clothing stores mostly in mid-Atlantic states and the Carolinas, filed for Chapter 11 bankruptcy protection on Monday,… Continue Reading

Atlanta Based Spectrum Brands Files Chapter 11 In Texas

Spectrum Brands, Inc., the Atlanta-based manufacturer of Ray-o-vac, Remington, Spectracide, Cutter, Repel and other well-known brands, has filed a Chapter 11 petition in the Western District of Texas. Click here for the company’s press release: ATLANTA–(BUSINESS WIRE)–Spectrum Brands (PINK SHEETS: SPCB – News) today announced that it has reached agreements with noteholders representing, in the aggregate,… Continue Reading

Goody’s, Already Liquidating, Files Chapter 11 Again

Discount Clothing Retailer Goody’s Family Clothing decided last week to liquidate and close its remaining stores, after emerging from Chapter 11 only a few months earlier.  Now it has filed Chapter 11 again. From Reuters – Goody’s LLC, a privately held family apparel retailer that emerged from bankruptcy in October, has filed for Chapter 11 protection again, and… Continue Reading

Nortel Networks FIles Chapter 11 In Delaware

From Reuters:  Nortel Networks, the maker of telephone equipment, filed for bankruptcy protection on Wednesday, a day before it was scheduled to make an interest payment of about $107 million. Nortel and a number of its affiliates filed for Chapter 11 bankruptcy protection in federal bankruptcy court in Delaware. “Based on this filing, the board of… Continue Reading

Shane Company, A Jewelry Retailer With Atlanta Area Locations, Files Chapter 11 – Most Creditors Are Customers

Shane Company, a jewelry retailer with four locations around Atlanta according to its website, filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Colorado.  Chapter 11 Case No. 09-10367.   Hear the announcement from Tom Shane himself. From Reuters: Shane Co, a privately held jewellery retailer, filed for Chapter 11 bankruptcy protection… Continue Reading

Bankruptcy Court Pleadings Show How Michael Vick Spent Millions Of Dollars

Alan Judd at the Atlanta Journal has an article about Michael Vick’s spending in the time leading up to his imprisonment, including millions of dollars transferred just before his incarceration.  This information was contained in pleadings filed in his Bankruptcy case.   Click here for the article. Among the highlights from Alan’s article: The day he… Continue Reading

Poultry Producer Pilgrim’s Pride, Parent Of Atlanta-Based Goldkist, Files Chapter 11 In N.D. Texas

From the Atlanta Business Chronicle – Chicken processor Pilgrim’s Pride Corp., which in 2007 acquired Atlanta-based Gold Kist Inc., confirmed Monday it has filed a voluntary petition for Chapter 11 bankruptcy protection. The filing, which was made in the U.S. Bankruptcy Court for the Northern District of Texas, if approved, will enable the company to… Continue Reading