May 20, 2009
S&K will close stores and liquidate its assets
Going-out-of-business sales are expected to begin tomorrow at the 105 remaining stores of the menswear retailer.
May 15, 2009
LandAmerica pensions to be fully funded
LandAmerica Financial Group Inc. and a federal agency that earlier this week moved to take over the bankrupt company’s pension program have agreed to a plan to ensure it is fully funded.
Judge agrees to LandAmerica mediation plan
LandAmerica Financial Group Inc. and a subsidiary are heading to mediation over a $68.2 million claim made in U.S. Bankruptcy Court in Richmond. So, too, are four test-case plaintiffs that filed complaints against subsidiary LandAmerica 1031 Exchange Services Inc. Judge Kevin R. Huennekens agreed to a mediation plan yesterday, nearly six months after both companies filed for Chapter 11 bankruptcy protection.
May 11, 2009
Bankruptcy could be inevitable for GM, experts say
Automaker received $15.4 billion in federal aid and faces a June 1 government deadline to complete its restructuring plan.
May 08, 2009
Judge rules customer funds belong to LandAmerica
Money placed with LandAmerica 1031 Exchange Services Inc. belongs to the estate and not the customers who entrusted their funds to the now-bankrupt company. U.S. Bankruptcy Court Judge Kevin R. Huennekens ruled yesterday that customers who gave their money to the company to hold temporarily as a way to defer capital-gains taxes have no ownership over the funds.
May 06, 2009
Lender group objects to Chrysler sale to Fiat
A dissident group of Chrysler LLC lenders objected yesterday to the sale of the bulk of the automaker’s assets to Italian automaker Fiat, saying that the proposed sale process is designed to prevent competitive bidding. Meanwhile, the bankruptcy court judge overseeing the case ruled that the identities of the group’s members do not need to be sealed, despite the group’s lead attorney saying that death threats were made against some of them.
April 17, 2009
GM CEO says bankruptcy probable but not preferred
Fritz Henderson said GM is working on two parallel plans: one that involves bankruptcy and one that doesn’t.
April 16, 2009
Mall operator with Va. properties files for bankruptcy
The nation’s second-largest shopping mall owner, General Growth Properties, is responsible for such properties as Tysons Galleria, Landmark Mall in Alexandria, Lynnhaven Mall in Virginia Beach and Piedmont Mall in Danville.
April 08, 2009
Greenbrier resort readies for bankruptcy hearing in Richmond on Wednesday
The posh playground for the prominent and rich, The Greenbrier Resort, has nearly $142 million worth of assets, including a $3,823 potato peeler, a $205 fudge warmer and Beretta white onyx shotguns worth $6,666, according to financial statements filed in advance of a federal bankruptcy hearing today. Assets also include a couple of machines that dry out swimsuits in seconds costing $2,182 each, a $3,740 pig cooker and two white-tail deer heads worth a total of $500.
April 04, 2009
Judge rejects Vick plan to emerge from bankruptcy
Fallen NFL star Michael Vick told a bankruptcy judge yesterday that he became a changed man in prison and is determined to do all the right things upon his release, including repaying his creditors with the millions he hopes to resume earning in professional football. But after more than three hours of testimony in which Vick laid out what he called his “exit strategy,“ U.S. Bankruptcy Judge Frank J. Santoro rejected it. Santoro told Vick to draft a new Chapter 11 plan, one with more certainty.
April 03, 2009
Vick has construction job lined up upon release
An agent for suspended NFL star Michael Vick told a bankruptcy court yesterday that he hopes the former All-Pro quarterback could return to the league by September.
April 02, 2009
Vick expected to testify today in Newport News
Suspended NFL quarterback Michael Vick is expected to testify today at a hearing on his bankruptcy-reorganization plan, which relies heavily on a quick return to a lucrative pro-football career. Vick, 28, has been transported from federal prison in Kansas, where he is serving the final months of a 23-month term for dogfighting, to appear before U.S. Bankruptcy Judge Frank J. Santoro in Vick’s hometown of Newport News.
March 31, 2009
Vick to pay Falcons $6.5 million in bankruptcy case
Michael Vick has agreed to pay the Atlanta Falcons $6.5 million as part of his bankruptcy case, clearing the way for the team to release him before training camp, a person familiar with the settlement said today.
S&K pays off credit line
S&K Famous Brands has paid off a credit line used in bankruptcy and can continue operating without the looming threat of liquidation—for now. The Henrico County-based menswear retailer also is actively looking for a buyer or investor who could help the company emerge from bankruptcy court protection. The company filed for Chapter 11 bankruptcy Feb. 9.
Company offers to buy claims from LandAmerica unit’s creditors
A New Jersey company is offering to buy claims against a bankrupt subsidiary of LandAmerica Financial Group Inc. for pennies on the dollar. Hain Capital Group has been calling and mailing letters to creditors of LandAmerica 1031 Exchange Services Inc., which filed for bankruptcy protection in late November along with its parent company.

