bankruptcy case

Bankruptcy Battle Breaks Out Over Greenwich Village Dev Site

UPDATED April 27, 10:50 p.m.: George Filopoulos gave up on a Greenwich Village building, but the troubled loans left behind have triggered a bizarre legal fight over the property, which is now being offered for sale as a condominium development site.

The drama began when the longtime real estate investor’s LLC was notified in August 2020 that it had defaulted its $9.3 million first mortgage at 307-309 Sixth Avenue.

The LLC — in which Filopoulos says he owned a 10 percent interest in separate from his firm, Metrovest Equities — failed to repay the loan at its maturity date and lender Castellan Capital filed to foreclose.

The case laid quiet during the pandemic and in December of 2021 Castellan sold its loan, according to property records. Filopoulos then transferred its interest in the property in May 2022, according to an attorney for his firm. A court filing does not say who took control of the ownership LLC. Paperwork for the entity was signed by a person named William Schneider, who in November filed project plans for a seven-story, 39-unit building with ground-floor retail and community space.

The judge in the foreclosure case ruled in June that the LLC’s debt had

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May 1, 2023 by ATTORNEY

Attorney ‘cautiously optimistic’ settlement can be reached for Latitude Five25 residents

A bankruptcy hearing for the owners of the vacated Latitude Five25 apartments on the Near East Side has been continued until May 23 so the owners can finalize a deal with the tenants who were forced to leave the apartments on Christmas Day.

The continuance, filed by the Columbus City Attorney’s office, gives Paxe Latitude LP of Lakewood, N.J., more time to show that they have money to help residents, said Graham Bowman, a lawyer with the Legal Aid Society of Columbus, The hearing was to have been Wednesday.

“Essentially, we have retained our own pro bono bankruptcy counsel in New Jersey trying to hammer out a settlement with Paxe Latitude to create a fund for the residents,” Bowman said, to compensate them for what they have endured for four months.

“The misery they’ve been through, the property that has been destroyed, the impact that has had on people, their mental and physical health,” Bowman said.

“People are on the verge of really spiraling and struggling. We need the money as soon as possible,” said Bowman who said he was cautiously optimistic a settlement can be reached.

Pete Shipley, spokesman for Columbus City Attorney Zach Klein, said in a

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April 30, 2023 by ATTORNEY

Alex Jones would get $520,000 salary in bankruptcy plan after $1.5 billion lawsuit

Alex Jones’ media company has proposed a plan in its bankruptcy case to pay the conspiracy theorist $520,000 a year while leaving $7 million to $10 million annually to pay off creditors, including relatives of Sandy Hook shooting victims.

The Sandy Hook families won nearly $1.5 billion in lawsuits last year against the Infowars host, for his calling the 2012 shooting that killed 20 children and six educators in Newtown, Connecticut, a hoax perpetrated by crisis actors. The families also said they were harassed and threatened by Jones’ followers.

But it remains unclear how much money the Sandy Hook families will actually get from Jones and Infowars’ parent company, Free Speech Systems. Jones is appealing the verdicts and has said on his show that he has $2 million or less to his name.

Free Speech Systems, owned solely by Jones, filed a proposed reorganization plan Tuesday in its Chapter 11 bankruptcy case in Houston that predicts it will have $7 million to $10 million annually after expenses to pay creditors from 2023 to 2027. The judge in the case, which was filed last year, would determine who gets that money and how much.

A bankruptcy lawyer for Jones did not

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March 11, 2023 by ATTORNEY

Alex Jones would get $520,000 salary under bankruptcy plan

Alex Jones’ media company has proposed a plan in its bankruptcy case to pay the conspiracy theorist $520,000 a year while leaving $7 million to $10 million annually to pay off creditors, including relatives of Sandy Hook shooting victims.

The Sandy Hook families won nearly $1.5 billion in lawsuits last year against the Infowars host, for his calling the 2012 shooting that killed 20 children and six educators in Newtown, Connecticut, a hoax perpetrated by crisis actors. The families also said they were harassed and threatened by Jones’ followers.

But it remains unclear how much money the Sandy Hook families will actually get from Jones and Infowars’ parent company, Free Speech Systems. Jones is appealing the verdicts and has said on his show that he has $2 million or less to his name.

Free Speech Systems, owned solely by Jones, filed a proposed reorganization plan Tuesday in its Chapter 11 bankruptcy case in Houston that predicts it will have $7 million to $10 million annually after expenses to pay creditors from 2023 to 2027. The judge in the case, which was filed last year, would determine who gets that money and how much.

A bankruptcy lawyer for Jones did not

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March 10, 2023 by ATTORNEY

Software sales trainer Prehired loses bid to keep bankruptcy in N.Y.

(Reuters) – A New York bankruptcy judge on Tuesday transferred the bankruptcy of Prehired LLC to Delaware, ruling that the software sales training company did not have sufficient business ties to New York to file for bankruptcy in the state.

U.S. Bankruptcy Judge Philip Bentley granted the transfer at the request of Delaware’s attorney general, one of several state AGs investigating Prehired for its attempts to collect on payment agreements that allowed students to defer fees for career training.

Prehired filed for Chapter 11 protection in New York in September, citing students’ failure to pay for sales training and state attorney general investigations into its attempt to collect money from former students. Prehired requires its students to pay $30,000 in $500 monthly installments after they land a job in the field of software sales.

Delaware Deputy Attorney General Katherine Devanney argued that Prehired’s bankruptcy case should be heard in Delaware, where the company is incorporated and where it sued 289 former students who did not make payments after completing Prehired’s training.

Prehired’s attorney Christopher Warren argued that the bankruptcy case should remain in New York because its principal assets are contracts based on New York law. The assets are mostly

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October 30, 2022 by ATTORNEY
May 2024
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