Sonja Morgan’s movie project Fast Flash to Bang Time failed and she was forced to settle a lawsuit for $7 million. You’ll recall that Sonja is one of the stars of the reality show, Real Housewives of New York, RHONY. In her November 2010 Chapter 11 petition, Sonja listed $19.8 million in debt and $13.5 […]
Dorothy Hamill inherited a tradition of American Olympic Greatness: the heir apparent to the immortal Peggy Fleming, Hamill took the world by storm, winning a gold medal at the 1976 Olympics. Hamill’s bobbed hair and pixie smile soon caused the country and the world to fall in love with her, and success, fame and money […]
What do teachers, retailers, heating oil sellers and NFL players have in common? People who choose these professions must anticipate that their income will be concentrated during specific times each year, not delivered weekly, bi-weekly or monthly like most salaried employees. While teachers do receive their income over a nine month period when school is […]
The trial of former Commercial Mortgage & Finance CEO Anthony D’Agostino, who is charged with running a Ponzi scheme, started Monday. The case illustrates a difficult problem for both businesses and prosecutors: what is the line between business failure and fraud? Bankruptcy frequently brings close scrutiny to the assets, liabilities, income and expenses of a […]
For most, bankruptcy is a last resort. Understanding that that the rich and famous also sometimes stumble helps clients overcome feelings of failure and shame. During the year that I’ve been blogging, I’ve written about baseball-star-turned-bankruptcy-felon Lenny Dykstra, Bankrupt Presidents, The Real Housewives of Bankruptcy and the Baseball Bankruptcy Hall of Fame. A former beauty queen […]
Sonja Morgan’s anticipated battles with her newly appointed Chapter 11 trustee may make for great reality storylines when her hit Bravo series, Real Housewives of New York, returns for Season 6. Sonja lost control over her nearly 3-year-old Chapter 11 case when the bankruptcy judge appointed Ian J. Gazes as her Chapter 11 trustee. Sonja […]
Here’s a shock: when you ask someone to do something for you, they usually charge you money. When that someone is a federal court and the something is accepting a document for filing, the charge usually comes in the form of a filing fee. The United States Courts website maintain a list of fees chargeable […]
How did women’s clothier Chadwick’s emerge from a successful Chapter 11 case? By focusing on its core business and shedding debt. Many companies attempt to grow too fast by pursuing ambitions in the marketplace. Growth almost certainly involves taking on debt as companies add equipment, leases, employees and other infrastructure in order to accommodate the […]
Infamous alleged child killer Casey Anthony will testify under oath at her bankruptcy meeting with the trustee on March 4, 2013 at 1:30 p.m. This testimony will break Anthony’s long silence. She did not testify at her murder trial, where she was acquitted of killing her toddler daughter Caylee. In the vast majority of bankruptcy […]
Michael Brown did not seem to be a good candidate for bankruptcy. A prominent Houston hand surgeon, he invented a surgical technique to treat carpal tunnel syndrome and franchised 6 surgical centers in the southwest. His Brown Medical Centers had earned between $25 million to $30 million a year. However, while trying to divorce his […]
