bankruptcy

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So Long, 20th Century: Columbia House Files Chapter 11

Ex-mail-order giant just couldn't compete with digital music, streaming

(Newser) - Nearly everyone with a penny and a PO box who came of age in the final part of the 20th century built up their CD—or gasp, cassette tape—collections with the help of mail-order giant Columbia House. But what the Verge calls the "Spotify of the '80s"... More »

What 50 Cent Really Spends His Money On

$5K on gardening sounds necessary

(Newser) - 50 Cent might have stretched the truth a bit in court when he told a lawyer all his Lamborghinis, Bentleys, and Rolls Royces were rented . New bankruptcy filings show he actually owns seven cars, including a Rolls Royce and three Chevy Suburbans, worth $500,000, report People and Page Six... More »

50 Cent Shares Truth of His Bling: My Watch Is Plastic

Rapper testifies in court

(Newser) - Rapper 50 Cent is one of hip-hop's five richest artists, according to Forbes. He tried to paint a much different picture in court yesterday. The multiplatinum-selling artist, born Curtis Jackson III, appeared in Manhattan state Supreme Court in a proceeding to decide possible additional punitive damages in an invasion-of-privacy... More »

RadioShack Is Hawking Its Name, Your Data

Hedge fund puts in $15M bid

(Newser) - The name that brothers Theodore and Milton Deutschmann came up with for their ham radio store in 1921 is up for sale—and, more controversially, so are the email addresses and other customer data RadioShack collected before filing for bankruptcy in February. The current top bid is $15 million and... More »

Judge: 'New GM' Not Liable for Death, Injury Claims

Bankruptcy shields it from pre-2009 ignition switch claims

(Newser) - A 2009 bankruptcy order shields General Motors from billions of dollars in death and injury claims tied to defective ignition switches in older small cars, a federal judge ruled yesterday. But Judge Robert Gerber—who handled GM's government-funded bankruptcy case six years ago—also ruled that plaintiffs who claim... More »

RadioShack Files for Chapter 11

Electronics store had tried to stave off bankruptcy

(Newser) - Struggling electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and says it will sell up to 2,400 stores. The Fort Worth, Texas company said today that it was also having discussions to sell all of its remaining assets . RadioShack Corp. introduced one of the first mass-market personal... More »

No More Garden Yetis? SkyMall Files for Bankruptcy

In-flight magazine no longer has a captive audience

(Newser) - It was just a matter of time : The company behind SkyMall, the inflight magazine that pitched air travelers stuff they didn't need, has filed for bankruptcy. It could go no longer compete now that people are allowed to fire up their smartphones and tablets on the plane, especially against... More »

Giudice Sues Ex-Lawyer: Jail Sentence Is Your Fault

She wants $5M from James Kridel

(Newser) - Teresa Giudice is apparently unhappy that she's headed to prison for 15 months—so unhappy that the reality star is suing her former attorney for $5 million, claiming it's his fault. The New Jersey Real Housewife says James Kridel, who handled the family's original 2010 bankruptcy filing,... More »

NHL Star Bankrupt, Thanks to Parents

Columbus Dispatch reveals plight of Jack Johnson

(Newser) - That a professional athlete who rakes in millions of dollars a year has to declare bankruptcy isn't all that unusual. That his parents are mostly to blame is a little more so. Such is the plight of the Columbus Blue Jackets' Jack Johnson, reports the Columbus Dispatch . The 27-year-old... More »

Insured Woman Treated at 'Wrong' Hospital Billed $50K

In a coma, she couldn't tell paramedics to take her to hospital up the road instead

(Newser) - After suffering a heart attack that nearly killed her at age 29 last year, Megan Rothbauer would love to be celebrating being alive, not to mention planning her wedding and future family. Unfortunately for her, she was in a coma when paramedics arrived and could not ask them to take... More »

Judge's Doodle Was Key to Detroit Bankruptcy Deal

Words 'art' and 'pension' and a few arrows did the trick

(Newser) - The plan approved by a judge yesterday to get Detroit out of bankruptcy is, as you'd expect, a complicated thing. But both the New York Times and the Wall Street Journal say the deal had the simplest of origins:
  • Journal: It "started with a doodle on a legal
... More »

Trump's Onetime Boardwalk Empire Is Bankrupt

Trump Entertainment Resorts Inc. files for bankruptcy

(Newser) - Atlantic City's Trump Taj Mahal Casino Hotel and the Trump Plaza Hotel and Casino met their likely ends this morning in Delaware bankruptcy filings, Reuters reports. Trump Entertainment Resorts Inc.—associated with the billionaire and reality star Donald Trump basically only in name , as per CNBC —operates... More »

Many Parents Have to Pay Off Dead Kids' Student Loans

Families often have little legal recourse in these cases

(Newser) - Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one. That's what happened to pastor Steve Mason, who found himself saddled with a $100,... More »

Mt. Gox Is Gone for Good

Company files for liquidation

(Newser) - Mt. Gox has given up its bid to rebuild itself, and appears headed for liquidation after a Tokyo court rejected its rebuilding plan. The court appointed provisional administrator Nobuaki Kobayashi to take control of the company's assets from CEO Mark Karpeles, Reuters reports. Karpeles is likely to be investigated... More »

9 Stars Who've Filed for Bankruptcy

Some of them have even filed twice

(Newser) - Being famous doesn't guarantee you'll never go broke, as these celebrities rounded up by Radar prove. A sampling:
  • Burt Reynolds: He filed for bankruptcy in the 1990s after his divorce; he was $10 million in debt at the time.
  • Toni Braxton: She's declared bankruptcy not once but
... More »

Sbarro Ready for Chapter 11, Round 2

Exiting bankruptcy in 2011 didn't appear to take

(Newser) - If at first you don't succeed, try, try, again: Probably not advice you'd want from your bankruptcy attorney, but Sbarro is getting ready to undergo its second round of Chapter 11, reports the Wall Street Journal . The pizza chain, which is carrying some $140 million in debt and... More »

Mt. Gox Goes Bankrupt

Company says it lost 750K of customers' bitcoins

(Newser) - Mt. Gox is filing for bankruptcy protection, CEO Mark Karpeles announced at a press conference today, saying the bank may have lost 750,000 of its customers' bitcoins ("essentially all of them," reports the New York Times ), along more than 100,000 of its own. At current... More »

Pension Cuts, Blight Fixes Highlight Detroit Plan

Some retirees face cuts of up to 34%

(Newser) - So how does a city $18 billion in debt go about ending the biggest municipal bankruptcy in US history? Detroit's emergency manager, Kevyn Orr, offered the broad strokes of the city's "adjustment plan" today:
  • Pension cuts: General city retirees face cuts of up to 34%, while police
... More »

Pharmacy Behind Meningitis Outbreak to Pay $100M

New England Compounding Center to set up fund for victim compensation

(Newser) - The pharmacy most prominently linked to last year's national meningitis outbreak has reached a preliminary agreement on a settlement that would require it to create a $100 million victim compensation fund, attorneys for the company's creditors announced today. The Massachusetts-based New England Compounding Center has already given up... More »

Casey Anthony $792K in Debt, but Won't Have to Pay

Judge eliminates most debts in her bankruptcy case

(Newser) - A bankruptcy judge ruled this week that Casey Anthony doesn't need to pay most of her $792,000 in debts, the Orlando Sentinel reports. Anthony filed for bankruptcy in January; most of the debts are to Jose Baez, her defense attorney in her murder trial. But the case is... More »

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