March 2024

Ten Retailers Possibly Filing for Bankruptcy in 2024

2024 holds much anticipation. The Fed rate hikes have started to reduce inflation, yet some prices remain high. Unemployment figures persist at record lows despite many large employers cutting back. Continuing supply chain issues persist as China reopens in the face of its COVID crisis. And consumer spending is tightening in preparation for bumps in the year ahead. Will we avoid a recession and have a soft landing? This volatile mix of economic data may lead several retailers to use the bankruptcy process to stay viable.

Following are our top 10 retailers to watch for a possible Chapter 11 filing in the year ahead.

  1. Petco – Is Fido Chasing a Chapter 11 Bone? According to Retail Dive, the company has a high long-term debt load of $1.7 billion. According to iHeart, the company’s FRISK Score at the end of last year was 2 with CreditRiskMonitor, which represents a 4% to 10% chance of bankruptcy in the next 12 months. These factors could lead the 1,500 store chain to think about reducing its footprint through a bankruptcy filing.
  2. JOANN – Crafting a Chapter 11 Plan? Retail Wire reports that Jo-Ann Fabrics, now known as JOANN, continues with declining sales,
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March 8, 2024 by ATTORNEY

State attorney general watching St. Pete special needs trust’s bankruptcy, accusations founder took $100M

TAMPA, Fla. – As a federal court appointed a committee of families impacted by the bankruptcy of a special needs trust fund company in St. Petersburg, the Florida Attorney General’s office confirmed it’s keeping an eye on the case.

In a court filing this week, the U.S. Bankruptcy Court in Tampa named a creditors committee, tasked with following the Center for Special Needs Trust Administration’s bankruptcy case and representing all the families potentially impacted by the situation.

“It just gives us all of a voice and allows us to represent all of the beneficiaries and give them a voice,” said Carol Mulholland, an Orlando mother who is among those appointed to the committee.

RELATED: St. Pete special needs trust fund founder accused of taking $100M becomes target of lawsuit: Court records

The Florida Attorney General’s office, meanwhile, told FOX 13 in a statement that it is following the case, adding, “we are aware, and the appropriate investigative agencies have been notified. We cannot comment further at this time.”

Several families, including Mulholland’s, have said they’ve contacted the FBI.

Last month, the Center filed for bankruptcy, accusing its founder, Leo Govoni, of taking $100 million in unapproved loans from 2009

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March 7, 2024 by ATTORNEY

Iranian Bankruptcy Lawyers & Different Types of Bankruptcy

There are different types of bankruptcy, each designed to address specific financial situations. Iranian Bankruptcy Lawyers play a crucial role in guiding individuals and businesses through the complex legal proceedings associated with bankruptcy. Here are some common types of bankruptcy and how a bankruptcy lawyer may be involved:

Chapter 7 Bankruptcy:
Also known as liquidation bankruptcy, Chapter 7 involves the sale of a debtor’s non-exempt assets to pay off creditors. In Chapter 7 cases, these attorneys help individuals navigate the liquidation process, ensuring that eligible assets are protected and exemptions are maximized.
An Iranian Bankruptcy Lawyer helps clients understand eligibility criteria, exemptions, and guides them through the process of filing the necessary paperwork. The lawyer may also represent the debtor in court and work to protect as many assets as possible through legal exemptions.

Chapter 13 Bankruptcy:
Chapter 13 is a reorganization bankruptcy that allows individuals with a regular income to create a repayment plan to settle their debts over three to five years. In Chapter 13 proceedings, Persian Bankruptcy Attorneys collaborate with clients to craft realistic repayment plans, negotiating with creditors and representing the debtor’s interests in court. They play a crucial role in ensuring that the proposed

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March 6, 2024 by ATTORNEY

Bellevue real estate firm ran a Ponzi scheme, say bankruptcy filings

A Bellevue-based real estate investment firm that allegedly failed to repay hundreds of investors operated a Ponzi scheme, the third-party company now overseeing the firm contends in recent bankruptcy filings. 

Founded in 2011, investment firm iCap raised money promising to invest in Seattle-area real estate projects. But after the firm allegedly extended timelines for repaying investors and stopped paying monthly interest payments, some investors sued iCap last year in King County Superior Court. ICap filed for Chapter 11 bankruptcy in September and the restructuring company Paladin took over.

In bankruptcy court filings late last week, Paladin and attorneys representing iCap investors together asked the court to agree that iCap ran a Ponzi scheme. 

The conclusion “is based on overwhelming evidence,” Chief Restructuring Officer Lance Miller said in a statement to The Seattle Times. “Court recognition of this conclusion will materially expedite and support our ongoing efforts toward a favorable outcome.”

Chris Christensen, who founded the company and stepped down as CEO in September, disputed the description of his business as a Ponzi scheme.

“Mr. Christensen strongly disputes the allegation that iCap operated as a Ponzi scheme,” Christensen’s attorneys said in a statement to The Seattle Times. “Mr. Christensen will

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March 3, 2024 by ATTORNEY

As threats against judges soar, some speak out

A Greenville, South Carolina, man pleaded guilty on Friday for sending a threatening letter to a federal judge that read, in part, “I have watched you leave the courthouse numerous times and plotted to get my revenge.”

Authorities say the handwritten letter goes on to say, “you best to make sure they lock me away for good cause I’m going to kill you or blow that courthouse up.”

That man, Alvin Parks, was already being held at the Greenville County Detention Center on other charges.

Judge Laura Beyer, who sits on the U.S. Bankruptcy Court in Charlotte, North Carolina, told ABC News that the case, while not involving a bankruptcy judge, is a reminder that “these threats are real.”

“I think we all feel pretty protected at the courthouses when we are here, but it’s the unknown threat, when we are away from the federal courthouse,” she said.

The incident, just one of the skyrocketing number of threats to federal judges, underscores just how dangerous the judicial profession has gotten.

The cases before federal bankruptcy court judges, in particular, deal with very personal issues, from divorce proceedings to someone’s business and that could raise someone’s temperature, according to two

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March 2, 2024 by ATTORNEY
March 2024
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