No Whining on the Yacht
Post Marine Co. Inc., a yacht maker based in Mays Landing, New Jersey, has recently filed for Chapter 7 bankruptcy protection. The company, which has been building luxury watercraft since 1957 lists $1.4 million in assets including valuable property and $150,000 worth of boat-making machines, equipment and material. Court documents show Post-Marine has $5.4 million in liabilities.Just ten years ago, Post-Marine was one of Atlantic County’s larger private employers, employing 85 people. According to Brian Lanieri reporting for www.boattest.com, company CEO William Schell has declined to comment on the bankruptcy filing.In a possibly-related legal action, co-plaintiffs Post Marine and Viking Yacht Co. Read more…
Consumers May Gain From Lower Credit Card Swipe Fees
Every time you use a debit or credit card at a retailer, your bank takes a healthy transaction fee. These so-called swipe fees take a serious bite into stores’ bottom lines and raises prices for consumers.
But good news may be on the way. Recently passed legislation has lowered the amount of “swipe fees” banks can take to 21 cents per transaction. This is a significant drop from the previous rates, which ran between 44 and 47 cents per swipe.
The legislation ended a couple years of fierce debate between lobbyists for banks and advocacy groups for consumers and retailers. Here are the potential consequences for debit and credit card users:
- The Good News: Retailers have long used high swipe fees as an excuse to pass those costs onto consumers. With less money lost per transaction, stores may be able to slightly lower their prices (although whether they actually will remains to be seen).
Chapter 7 Bankruptcy for Furniture Manufacturer
Home Line Inds., a 40-year-old Pennsylvania furniture manufacturer and importer, has been forced into involuntary Chapter 7 bankruptcy by three creditors: Global Link Logistics, Max Point Design and TLC Consultants for claims totaling $854,405. Galasso Trucking is also alleging in cross claims that Home Line stole contents of certain shipping containers that were in its possession.
According to the article on www.furnituretoday.com by Heath E. Combs, Home Line is allegedly not paying its debts; Global Link Logistics has a case seeking damages from Home Line alleging breach of contract, fraud and deceit. Officials with Home Line have said the claims, filed in U.S. District Court in Eastern Pennsylvania, are false.
Home Line has indicated in a recent internal memo that it is currently liquidating its inventory and planning to close. The memo said the four partners in the family business had decided the move was necessary.
Historic Appalachian Cinema Owner Files Chapter 7 Bankruptcy
The Appalachian Cinema in Boone, North Carolina, opened in 1938, was gutted by a fire in 1950 and closed in November 2007 when it was operated by Carmike Cinemas.The historic movie-house was purchased in 2008 by embattled entrepreneur and now former owner, Frank Mongelluzzi. Although Mongelluzzi had promised to renovate the celebrated cinema, he has recently filed for Chapter 7 bankruptcy protection. The Appalachian Cinema is valued at $578,300 in its tax listing; its future should be decided sometime this summer.Jess McNeil, a theater consultant hired to discover the building’s history, related how he and his team had spent a year researching the premises, finding such relics as color lithographs of the period and “war bonds” signs. Although frustrated by the abrupt cessation of activity and the closing of the building, McNeil, at least, was able to cash his paycheck, which some of his team was unable to do.According to an article on www2.wataugademocrat.com by Lauren K. Ohnes Read more…
Tom Neyer, Jr. Files Chapter 7 Bankruptcy
Real estate developer and former Hamilton County commissioner, Tom Neyer Jr., owner of Neyer Holdings Corp., has filed for Chapter 7 bankruptcy, listing $69 million in liabilities and $1.4 million in assets. Liabilities include a $50 million debt from a personal guarantee to Bank of America, which is associated with the mired Kenwood Towne Place, an office and retail project in which Neyer Holdings has a 12.5% stake.
In an article on www.bizjournals.com , “other debts are identified as ‘disputed potential contingent liabilities’ with Bear Creek Capital and Bear Creek Construction. Bear Creek is the developer of Kenwood Towne Place.”
Neyer’s bankruptcy petition also includes over two dozen LLCs and other entities in which Neyer has an interest. In his co