Billionaire Tom Gores, whose Platinum Equity firm was rebuffed in an attempt to buy auto supplier Delphi Corp. out of bankruptcy in 2009, has set his sites on another struggling Motor City franchise: the Detroit Pistons basketball team. According to reports out of Motown, Gores has an exclusive 30-day window to negotiate the purchase of the National Basketball Association team from Karen Davidson, the widow of longtime Pistons owner Bill Davidson. Gores, a Beverly Hills, Calif., financier, has emerged as the lead bidder for the team after Davidson apparently broke off talks with pizza mogul Mike Ilitch. The team is thought to be financially sound as it owns its Auburn Hills, Mich., arena and the valuable luxury box, concessions and parking rights that go with it. But the Pistons have faltered on the court this season as their ownership has been in flux. The team has posted a 12-25 record,…
Read More »
PITTSBURGH TRIBUNE-REVIEW – Steelers backup quarterback Charlie Batch is struggling with personal and business debt after years of working to redevelop properties in the Steel Valley, where he grew up. Batch has filed for bankruptcy protection from creditors, listing $8.29 million in liabilities and $2.3 million in assets. Batch Development Co. Inc., of which he is the sole shareholder, had 25 properties turned over to a court-appointed receiver earlier this month after defaulting on a $1.15 million mortgage with Dollar Bank, court documents show. “I can’t comment,” Batch said Friday, although he stressed that the matters have no impact on his Batch Foundation or on a former Homestead bakery that he is renovating. The foundation is a sports and education organization for children. In its complaint, Dollar Bank said Batch has been managing the properties, but they haven’t generated enough rent to pay the mortgage that dates to 2008. The…
Read More »
WSJ – Desperate Housewives’ star Eva Longoria’s Las Vegas restaurant and nightclub filed for Chapter 11 bankruptcy protection Thursday, a little more than one year after its grand opening. Court papers show that Longoria holds a 32.33% stake in Beso LLC, which operates the Beso restaurant and Eve nightclub in MGM Resorts International new CityCenter development in Sin City. Longoria and her co-investors teamed up with well-known chef Todd English to open the first Beso (which means “kiss” in Spanish) in Hollywood in 2008, and they debuted the Vegas location in December 2009. According to Beso’s website, the restaurant’s menu takes its inspiration from Longoria’s Latin heritage, specializing in such dishes as ceviche. In its Chapter 11 petition, filed with the U.S. Bankruptcy Court in Las Vegas, Beso reported $2.5 million in assets and $5.7 million in debts. None of its debt is secured. Longoria is one of Beso’s top…
Read More »
*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
© 2010–2024 The Sader Law Firm
Book an
Email
Directions
