Bankruptcy Information

According to the Administrative Office of U.S. Courts, bankruptcies decreased by 19.7 percent in Florida’s Middle District in 2011. In total, 53,555 bankruptcies were filed at the U.S. Bankruptcy Court for the Middle District of Florida from January 1, 2011 through December 31, 2011. In 2010, 66,689 bankruptcies were filed at the court.

The district includes Fort Meyers, Tampa, Orlando, and Jacksonville divisions. 2,389 of the bankruptcies filed in the district in 2011 were commercial bankruptcies. 1,718 of these bankruptcies were small business liquidations under Chapter 7 bankruptcy and 496 were Chapter 11 reorganizations. Also, 17 Chapter 12 bankruptcies were filed at the court, as well as 157 Chapter 13 filings.

A total of 51,166 consumer bankruptcies were filed in the Middle District of Florida. These were divided between 88 Chapter 11 bankruptcy filings, 12,872 Chapter 13 filings, and 38,206 Chapter 7 bankruptcies.

Tags: 2011, Florida’s Middle, Florida’s Middle District, Middle District

Eastman Kodak Company (EKDKQ) is showing the in with the new model it wants to operate in.  Frankly, this implosion as a future turnaround just doesnt seem much better in bankruptcy compared to before bankruptcy. How Antonio Perez is still in charge is a total mystery. 

As part of its ongoing strategic review process and commitment to drive sustainable profitability through its most valuable business lines the company notes these changes:

• Phase out its dedicated capture devices business in the first half of 2012, comprising digital cameras, pocket video cameras and digital picture frames. Kodak will instead expand its current brand licensing program, and seek licensees in these categories.
• Kodak’s Consumer Business will include online and retail-based photo printing, as well as desktop inkjet printing. 
• Kodak says that it will continue to honor all related product warranties, and provide technical support and service for its cameras, pocket video cameras and digital picture frames.  Good luck.
• Kodak expects annual operating savings of more than $100 million, and it will incur a separation benefits charge of about $30 million as it exits these.
• The Commercial Businesses segment includes the Digital and Functional Printing, Enterprise Services and Solutions, and Graphics, Entertainment and Commercial Films units. Kodak

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Tags: Eastman Kodak, Ekdkq

Tax legislation signed last week by Minnesota Gov. Mark Dayton will enable employers to offer coverage to employees’ adult children up to age 26, as they are required to do under federal law, without employees being taxed on the coverage.

The measure, H.F. 20, conforms Minnesota tax law to the federal health care reform law. The federal law requires such an extension of coverage to employees’ children up to age 26, and subsequent Internal Revenue Service rules said the coverage can be extended on a tax-free basis through the end of the year in which the child turned 26.

Previously, the U.S. Tax Code allowed tax-free coverage of employees’ children up to age 19, or 24 if the child was a full-time college student.

A health care coverage tax conformity provision was included in a tax bill, H.F. 42, passed by Minnesota lawmakers. But that measure was vetoed by Gov. Dayto

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Tags: Federal, Federal Health

Yesterday, actor Gary Busey filed for Chapter 7 bankruptcy in California.  The 67-year old starred in movies for 45 years before appearing on reality television shows like “Celebrity Rehab,” “Celebrity Apprentice,” and “Celebrity Wife Swap.”

According to Busey’s Chapter 7 filing, he owns less than $50,000 in assets and has between $500,000 and $1 million in debt.  Creditors named in the actor’s bankruptcy include UCLA Medical Center, the IRS, Wells Fargo, L.A. County Waterworks District, and several attorneys.

A statement from Busey’s publicist reads, “As with many great institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary’s filing is … the start of a new and clear path toward peace, happiness, and success with his career.”

If you or someone you know is considering filing for personal bankruptcy, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 to learn more about how filing for Chapter 7 bankruptcy can benefit your future.

Tags: Actor Gary, Actor Gary Busey, Bankruptcy, Gary Busey

Nearly 10 potential buyers have come forthminister

Local minister does not deny SOCAR interest

By Emma Farge

NEUCHATEL, Switzerland, Jan 30 Switzerland’s Cressier refinery, owned by ailing independent oil firm Petroplus, has attracted as many as 10 interested parties, Thierry Grosjean, economy minister of the Swiss canton of Neuchatel, told Reuters on Monday.

Petroplus is filing for insolvency after battling with high debt and poor refining margins, leaving the fate of five European plants unclear.

“I’ll say that there are between five and ten . More like ten, than five,” Grosjean said of the Swiss refinery.

Asked to confirm speculation that Azeri state oil firm SOCAR was among the potential bidders for Cressier, Grosjean said: “There’s no smoke without fire. It’s not false.”

The Azeri company is seen as a likely candidate as it is has previously expressed interest in the European downstream and because Azeri crude oil accounts for around a third of Swiss imports.

Also, SOCAR already has a foothold in the Alpine country through its its Genevabased trading arm.

But the wide interest in the plant comes as a surprise at a dismal time for the European crude processing industry where falling demand and strict environmental regulations have crushed margins.

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Tags: Cressier, Cressier Plant