Philadelphia Bankruptcy Lawyer Blog

Friendly's is headed to bankruptcy, says a report by the Wall Street Journal. There is a Friendly's in Malvern, PA (just as Route 30 becomes Frazer, PA) near Route 29/Morehall Road. This Malvern, Pennsylvania bankruptcy attorney once enjoyed some ice cream there. Reports suggest that the 500+ restaurants have been generally plagued by poor service, average-at-best food quality, and rising costs of butter, corn, and other staples all amidst a period of recessed numbers of diners due to the economy.

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Not too long ago, the future looked as bright as the sun (from which the solar panels generated electricity) for Solyndra. Now, like Icarus, its wings have melted. The solar cell manufacturing company from California which was loaned $528 million by the United States government made its first appearance in bankruptcy court today. For full disclosure, the firm is not represented by this blogging King of Prussia bankruptcy lawyer.

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This Norristown bankruptcy attorney is impressed: from the depths of bankruptcy to the depths of the ocean, all to launch a satellite to the heights of space. Less than a year from the conclusion of its bankruptcy case, Sea Launch successfully sent a five-ton telecommunications satellite into orbit on Saturday (September 24, 2011). The orbiting spacecraft, the product of Eutelsat, the Paris-based communications giant, was launched from a converted oil rig in the Pacific Ocean. A 2007 rocket failure on the rig led to the company's bankruptcy restructuring.

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Anyone looking for a Berwyn, PA bankruptcy lawyer will be wise to consider the impact a Chapter 7 bankruptcy will have on their personal assets. Pennsylvania protects its citizens, as does every state to varying degrees, with a list of "exemptions" detailed in the Pennsylvania Code. The word "exemption" is used because those items exempted in the bankruptcy filing are essentially excluded from being considered part of the "bankruptcy estate."

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Pegasus Rural Broadbroad LLC got off the ground, it just cannot stay there. This Bala Cynwyd bankruptcy attorney reports that bondholders owed $60 million are requesting the appointment of a Chapter 11 trustee. It is contended that Xanadoo (the operating name for Pegaus) created an intermediate holding company to frustrate and delay creditors through its taking ownership of various assets and business functions. Pegasus is based in Bala Cynwyd; their bankruptcy case is In Re Pegasus Rural Broadband LLC, number 11-11772.

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He went from college star and first overall draft pick in 2001, to racketeer and felon in 2007, to debtor in a Chapter 11 bankruptcy in 2008, to $100 million dollar man as the starting quarterback for the Philadelphia Eagles in 2011. If only climbing out of the hole was so easy for the rest of us. I guess it just shows that when you have a rocket arm and jelly for legs, you are unique; and people are willing to pay you. His bankruptcy case still puts limits on his spending and lifestyle for some time, but his new deal, if he plays that long, will take him through his 36th birthday.

Continue reading "From Bankruptcy to Multi-millions (Mike Vick signs new deal with Philadelphia)" »