Published Tuesday, December 6, 2011 @ 3:32 pm

In a classic case of what goes up, must come down, the world’s forth largest airline is now seeking the safe havens of bankruptcy so that it might once again be “something special in the air.”

According to Reuters, American filed for Chapter 11 bankruptcy protection this week “to cut labor costs in the face of high fuel prices and dampened travel demand, capping a prolonged descent for what was once the largest U.S.…

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Published Thursday, December 1, 2011 @ 6:31 pm

We’ve talked a lot about the recent record-breaking Black Friday, but it was our nation’s President who instead promoted shopping on the second annual “Small Business Saturday,” a day (November 26) devoted to spurring growth and hiring in some of our country’s most hard-hit business sectors.

According to Reuters, “Promoting “Small Business Saturday”, the second annual event to help Main Street merchants in a tough U.S.…

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Published Tuesday, November 29, 2011 @ 8:12 am

Threats of a double-dip recession — a recession, followed by a short-lived recovery, followed by another recession — permeated the headlines in 2011, at a time when there were plenty of signs that this second coming of an economic downturn had begun. Stagnate hiring, a paltry job market and plummeting real estate prices, as well as low consumer confidence, all made another financial reckoning feel less like a fiction and more like a reality.…

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Published Wednesday, October 5, 2011 @ 7:51 am

In what is becoming a “developing” story, financial news outlet Bloomberg is reporting that Eastman Kodak Company is currently weighing the benefits of a bankruptcy filing. The 131-year-old U.S. camera company recently hired law firm Jones Day for restructuring advice, the Wall Street Journal reported. Long known for its wide range of photographic film products, Kodak had recently tried to turnaround years of dramatic declines by refocusing on the major markets of digital photography, digital printing and its planned sale of 1,100 digital imaging patents, which the company said accounted for about 10 percent of its total patent portfolio.…

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Published Tuesday, September 13, 2011 @ 1:21 pm

When President Obama released his eagerly anticipated $45 billion jobs plan last week, many economists were quick to criticize the efficacy of the strategy’s payroll tax cuts.

But many small business owners across the country are praising the plan, saying that these exact incentives would allow them to immediately hire a number of workers they’ve been needing for months, if not years, but formerly had no way of subsidizing.…

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Published Monday, July 25, 2011 @ 11:28 am

Local Businessman Files for Chapter 11 Bankruptcy (And You Can Too)

A North Carolina businessman recently filed sought the safe havens of a Chapter 11 bankruptcy after being hit with two civil complaints in the past year, based on a recent story by the Johnston County’s The Herald. According to the paper, “The Dueas filed for bankruptcy protection on April 29 – about two weeks after a Smithfield cardiologist sued Jody Duea.…

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Published Friday, June 24, 2011 @ 10:08 am

If you’re like so many Americans experiencing tough economic times, you may feel completely overwhelmed by your current financial situation and unsure as to what options actually exist to alleviate it. Maybe you’ve been unable to modify your mortgage, hit with the costs of an unexpected medical situation, dealing with high interest credit cards or are navigating through the pitfalls of unemployment or underemployment with little understanding of how to pull yourself out of the subsequent a financial hole.…

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Published Saturday, May 28, 2011 @ 9:21 am

@font-face { font-family: “Times”; }@font-face { font-family: “ＭＳ 明朝”; }@font-face { font-family: “Cambria Math”; }@font-face { font-family: “Georgia”; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0in 0in It’s that time of year again: baseball season. The smell of freshly-cut grass, the crack of the bat, the seventh inning stretches to the sound of the organ and the smell of a hot dog.…

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Published Wednesday, May 25, 2011 @ 5:50 am

Arts and cultural organizations are not immune to the economic impacts of the recent Great Recession. Falling attendance and rising costs of real estate, overhead and administration marked the decline of many museums, galleries and theatrical venues in recent years.

This same scenario appeared to be problem for the Philadelphia Orchestra, long considered one of the best in the country.…

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Published Saturday, May 21, 2011 @ 7:48 am

It’s that time of year again: baseball season. The smell of freshly-cut grass, the crack of the bat, the seventh inning stretches to the sound of the organ and the smell of a hot dog.

It’s also time for another great bankruptcy metaphor.

A personal bankruptcy can be just like a baseball game.…

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Published Sunday, April 10, 2011 @ 3:45 pm

Not that long ago, green industries like ethanol producers were on par to make a ton of greenbacks, capitalizing on the needs of a public clamoring for cleaner and less costly alternatives to fossil fuels and rising gasoline prizes. But fast forward to 2011, a time when corn prices have more than doubled while ethanol prices refused to keep pace proportionally with these rises in corn prices.…

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Published Tuesday, March 22, 2011 @ 7:28 am

In this additional online accompaniment to the Law Offices of John T. Orcutt website, we strive to cover much of the latest bankruptcy news as well as offer an insider’s guide of the ins and outs of the bankruptcy process. This includes a wealth of pre-bankruptcy considerations, a look at the intricacies of a bankruptcy filing, and sure-fire post-bankruptcy steps to get you back on the road to more financially-rewarding future.…

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Published Wednesday, March 16, 2011 @ 11:24 am

Chicago’s own Giordano’s, one of the most popular purveyors of stuffed pizza, is filing for bankruptcy protection.

It’s not unusual to hear of any business filing for bankruptcy in these tough economic times. During the Recession, less consumer demand and fewer customer orders often caused a rise in inventory, losses in sales margins, and high debts with no solution other than going out of business or restructuring via a Chapter 11 bankruptcy.…

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Published Tuesday, March 15, 2011 @ 12:37 pm

With the resurgence of the nation’s rabid appetite for news and information, the emergence of online shopping, and the advent of e-readers, with their promise of any book, any time, anywhere, as well as cheaper pricing, shoppers are now abandoning bookstores like Borders and Barnes & Nobles as they did music stores more than 10 years ago.…

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Published Monday, February 28, 2011 @ 11:34 am

The recent unrest in the Middle East is creating economic issues for many consumers and small business owners across the country, as insecurity in oil-producing countries causes skyrocketing gas prices here at home. Specifically, struggling companies that thought they had survived the worst of the Recession are now faced with soaring oil prices and no solution to handle this sudden need for more cash assets.…

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Published Tuesday, February 15, 2011 @ 8:40 pm

The publishing industry is undergoing some pretty dramatic changes in recent years, with many of these changes reflected in brick and mortar bookseller bankruptcies. And Borders Group Inc. (BGP) is likely the most recent victim of the increasing movement towards e-books and digital media.

According to The Wall Street Journal, the Ann Arbor, Michigan-based national chain which made its major imprint with physical shelf-space for literary best-sellers and popular music CDs, is set to file for bankruptcy this week.…

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Published Monday, December 13, 2010 @ 10:19 am

The recession seems to just keep coming. Most recently, the country’s widespread, historic economic struggle has taken as victim The Great Atlantic & Pacific Tea Co.

More commonly known as A&P Grocery, the struggling business filed for Chapter 11 bankruptcy in New York last week. The company also owns Waldbaums and Super Fresh.…

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Published Wednesday, September 1, 2010 @ 10:07 am

In an era of meteoric unemployment rates, looming layoffs and job uncertainty, income can be a tough thing to talk about these days.

But for those men and women seeking the priceless protections of a bankruptcy—many for the same unfortunate economic reasons listed above—talking about income is at the very core of a successful bankruptcy filing.…

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Published Thursday, July 15, 2010 @ 4:58 pm

Unless you’ve been under a sludge-soaked rock for the past several months, you are well-aware that the Gulf of Mexico oil disaster is taking a heavy environmental toll on the U.S. coastline and a deep financial toll on British-based global energy company (and chief blame-holder), BP. What you may not know is that this economic and environmental catastrophe is also reaping a boat-load of less obvious financial effects—economic landmines targeting average Americans just like you in the coming weeks, months, and even years.…

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Published Wednesday, June 16, 2010 @ 8:23 am

There is no shortage of bright, shiny signals alerting us that the world of technology is changing faster than we can measure. At one time, shopping on the Internet was considered a decision that could put your entire financial wherewithal at risk. Now, if a company doesn’t have an online shopping cart, it’s outdated.…

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Published Thursday, April 1, 2010 @ 10:48 am

Are you feeling too broke to break out of debt? For those ready to end the cycle of debt, it is important to understand that bankruptcy is not a one-size-fits-all solution, and bankruptcy filings are complex cases catering to your individual economic needs.

Bankruptcy, like so many areas of the law, is in a constant state of evolution, having been refined and redefined over the decades and through several important pieces of legislation.…

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Published Sunday, February 28, 2010 @ 9:26 pm

Bankruptcy is one of the most important decisions you may ever have to make. It’s not a decision to take lightly, and our office understands that you and your family have a lot of questions. While many of the same laws apply to many cases, rarely is your financial situation the same as another person’s.…

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Published Wednesday, February 24, 2010 @ 9:50 am

We sure do like to shop in America.

Despite the rise of Internet browsing, there are still few environments more attractive to a modern-day capitalist than a shopping mall during the holidays. Even in down-times, like the last two major holiday periods, just about any mall appears packed with people as diverse as the brand names on the bags that dangle from their wrists.…

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Published Tuesday, January 19, 2010 @ 2:56 pm

No doubt in the last several years you’ve heard the phrase “Too Big to Fail” more than once. This oft-used phrase refers to the regulatory idea that many of the largest and most interconnected businesses are, in fact, so large that a government cannot allow them to fail because their failure would have a disastrous effect not only on the business itself, or even the larger industry, but also to the greater economy.…

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Published Thursday, January 7, 2010 @ 9:24 am

Well, this isn’t really good news: the number of bankruptcy filings by businesses in the U.S. is officially rising faster than the rate at which individuals file.

The less stability in the business world, the less stability in the job market. In turn, meaning that those on the brink of serious financial trouble, may soon go beyond the brink.…

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Published Wednesday, January 6, 2010 @ 7:22 am

It’s been a very rough year for media companies, particularly newspaper publishers. An ongoing decline in advertising revenue, huge debt and a continuing inability to obtain additional credit have threatened the industry at large. It should come as no surprise, then, that a number of newspaper publishers have sought protection from creditors through Chapter 11 bankruptcy filings and have been sorting out their financial affairs under the oversight of U.S.…

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Published Wednesday, December 30, 2009 @ 10:49 am

You don’t have to be Chrysler or GM to consider bankruptcy. Maybe you are a small business owner with just a few employees and are struggling to keep everyone on the payroll while you fight off creditors, waiting for the next big contract to come through. You’re not alone. Here are the things you might consider as you look down the road.…

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Published Sunday, December 13, 2009 @ 10:39 am

The nation’s third largest radio broadcasting company is preparing to hand over the reins of the organization to its creditors as part of a chapter 11 bankruptcy plan. The Citadel Broadcasting Corporation took on a rather sizable debt in its efforts to acquire Walt Disney Company’s ABC radio station (but not ESPN or Radio Disney) back in 2006.…

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Published Monday, December 7, 2009 @ 12:57 pm

The rise of mega-bankruptcies in the last two years has literally changed the face of how our financial system works, incorporating new precedents for pre-arranged Chapter 11 filings and instituting new standards of government intervention. Now the results of these sweeping insolvencies are being translated into legislative activity.

For a number of weeks, lawmakers have been considering a new method by which to systematically dismantle struggling companies that if allowed to crumble under current laws, would pose a significant risk to the economy.…

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Published Wednesday, November 4, 2009 @ 10:31 am

For many Americans, the news of a credit card company declaring bankruptcy would be welcome news. However, before any corks are popped, those celebrating should look a little deeper into what Advanta Corp.’s Chapter 11 filing means for the economy.

Advanta Corp. provides credit cards to small businesses, which they can use to buy general business items and support operations.…

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Published Saturday, August 22, 2009 @ 7:42 pm

Back in July, Lenny Dykstra, one of Major League Baseball’s most recognized center fielders for several years, filed for Chapter 11 bankruptcy protection. Like many retired professional athletes, Dykstra prospered in off the field activities as well, becoming as recognized for his financial wisdom as he was for his batting average.…

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Published Friday, August 21, 2009 @ 10:04 am

It’s official: Making Home Affordable isn’t owning up to its namesake.

After months of simmering frustration with the federal program designed to financially encourage lenders to be more cooperative with economically-challenged mortgage holders, it seems that the national media has finally created an outlet for the hundreds of thousands of Americans trying to sort it all out.…

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Published Tuesday, August 18, 2009 @ 5:54 pm

Reader’s Digest, the coffee-ringed, literary staple of grandparents’ coffee tables, recliner-side book stacks and flea market “all-you-can-grab” tables, is filing Chapter 11 bankruptcy. Clearly a sign that even the most family-friendly print media stalwarts are not immune from the impact of Internet news and YouTube versions of “drama in real life,” the company’s bankruptcy has been pre-arranged and if approved by a bankruptcy judge, will cut what it owes from $2.2 billion to $550 million.…

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Published Friday, July 31, 2009 @ 2:46 pm

The Tribune Company, which owns the iconic Chicago newspaper of the same name, has almost completed the process of relinquishing ownership of another Chicago icon. To the tune of $900 million, the Chicago Cubs, famously consistent losers and one of baseball’s most beloved clubs, is being purchased by Tom Ricketts, who had won exclusive negotiating rights as early as January of 2009.…

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Published Saturday, July 25, 2009 @ 2:01 pm

Sometimes, corporate bankruptcies can have a lasting, devastating impact on people. However, it’s not always because of a loss of stock dividends, employment benefits or monthly paychecks. Sometimes the pain is literal.

For many, the General Motors and Chrysler bankruptcies mean that a number of defective automobile lawsuits will not see the light of day or at the very least, will be delayed for years while those injured continue to live in pain and with life-altering disabilities.…

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Published Friday, July 10, 2009 @ 8:10 am

While details of super-sized corporate failures, like GM and Chrysler, are being splashed across front pages of newspapers and websites, grabbing our attention and garnering an inordinate amount of debate, the reality is that the vast majority of commercial bankruptcies are filed by entrepreneurs and small-business owners. The first five months of this year have shown a 52% increase in the total number of commercial bankruptcy filings.…

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Published Tuesday, June 16, 2009 @ 5:04 pm

Chapter 11 bankruptcy has received a lot of discussion of late. From General Motors to Chrysler to even Six Flags amusement parks, corporate reorganization has been the talk of Wall Street. Most of the conversation has been about the impact on jobs, cars, stock markets and CEO pay.

Unfortunately, a lot of this news fails to educate the general consumer about the benefits and nuances of bankruptcy.…

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Published Monday, June 15, 2009 @ 10:41 pm

One of the most popular amusement park companies in the world, Six Flags, is experiencing a financial rollercoaster of it’s own, having just filed for Chapter 11 bankruptcy. But it looks the company will come out of the economic corkscrew all smiles.

If the company’s plan is approved by the court, it will be owned primarily by its creditors.…

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Published Friday, June 12, 2009 @ 4:14 pm

It’s been a trying week for defamed NFL quarterback Michael Vick. He has been officially released from the team that drafted him, the Atlanta Falcons, and on Tuesday, a United States bankruptcy judge gave him a deadline of July 2 to submit a revised Chapter 11 plan. Vick has been ordered to repay a multitude of creditors that he owed prior to his confinement in federal prison for backing a multi-state dog fighting ring.…

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Published Wednesday, June 3, 2009 @ 1:10 am

You’ve undoubtedly been following the news of GM’s steady march toward bankruptcy – whether you intended to or not. The media blitz on this issue has been intense, and relentless. They’ve been recycling the same questions: Will GM be forced to file? If so, when? Will the taxpayers foot the bill?…

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Published Tuesday, June 2, 2009 @ 8:55 am

It happened.

After months of speculation, one of the largest companies in the world, General Motors, filed for bankruptcy. A giant bow was just tied around the recession and the gift of ownership in a grossly mismanaged industrial icon was granted to the American taxpayer, putting the final touches on a nicely enveloped national economic crisis.…

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Published Wednesday, May 27, 2009 @ 4:52 pm

A large number of interesting financial stories have hit the wires in the last 18 months. From giant companies crumbling, like General Motors and Bear Stearns, to the erosion of the middle class dream of home ownership and suburban comfort. However, few tales of economic setback reflect better the furious, credit-based spending free-for-all of the last several years more so than the bankruptcy of The Yellowstone Club, a private ski resort community near Bozeman, Montana.…

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Published Thursday, May 14, 2009 @ 4:11 pm

A combination of ownership debates, threats to relocate the team, and seriously deep debt is creating quite a scramble for the puck as it relates to the recent Chapter 11 bankruptcy filing by the Phoenix Coyotes, one of the NHL’s most challenging franchises. If someone isn’t knocked into the boards soon, this has the potential to go on longer than the league playoffs.…

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Published Thursday, April 30, 2009 @ 5:45 pm

Following the breakdown bondholder negotiations with their debt reduction deadline fast approaching, Chrysler officials and the Obama administration announced that Chrysler will file for Chapter 11 Bankruptcy. The Obama auto task force successfully negotiated with four major banks that hold 70% of Chrysler’s debt. The four banks agreed to accept $2 billion in cash in exchange for forgiving their share of Chrysler’s debt.…

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Published Friday, April 24, 2009 @ 12:05 pm

The second largest shopping mall owner in the country has filed for Chapter 11 bankruptcy protection, putting yet another stamp of certification that America is indeed waist-deep in a recession.

General Growth Properties, a publicly traded REIT (Real Estate Investment Trust) which according to the Associated Press has a financial position in 200 shopping centers throughout 44 of our 50 states, filed bankruptcy as part of an effort to restructure $27 billion in debt.…

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Published Tuesday, April 21, 2009 @ 11:31 pm

There is no shortage of excess in Las Vegas. Quite literally, the entire city is built on money.

For most tourists, the mammoth gambling compounds are more appealing for their sheer physical magnitude than the lure of potential fortune they so overtly represent. Even those who visit from our nation’s largest cities marvel at the architectural scope of the Sin City strip.…

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