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Follow on Google News | Gems TV, NYC OTB, Orleans Homebuilders: Some in Bankruptcy, Some Not.(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Westland Devco in New Filings; Lehman and Barclays in Other Updates; Icahn’s Trump Entertainment in Briefly Noted; rental vacancy rates in Statistics
By: HPM, LLC By Carla Main April 6 (Bloomberg) -- Gems TV (USA) Ltd., the television retailer of gemstone jewelry products, yesterday sought Chapter 11 protection from creditors, citing as much as $500 million in debt. The television retailer of gemstone jewelry products, sought bankruptcy protection to sell its assets, after shutting down operations last month. In papers filed in U.S. Bankruptcy Court in Wilmington, Delaware, the Reno, Nevada-based company listed less than $50 million in assets and said DirecTV was one of its largest unsecured creditors, owed $2.67 million. DirecTV, based in El Segundo, California, the largest U.S. satellite-TV provider, asked a federal court last month to partially freeze Gems TV assets, the retailer said in a statement. The company is seeking “an orderly liquidation of its assets,” Gems TV President Diane Schneiderjohn said in bankruptcy papers filed yesterday. Schneiderjohn said the company’s “troubles were exacerbated this past year as nationwide economic conditions resulted in decreased discretionary spending.” The case is In re Gems TV (USA) Ltd., 10-11158, U.S. Bankruptcy Court, District of Delaware (Wilmington) For more, click here. New Filings New Mexico Developer Westland Devco Files Bankruptcy Westland Devco LP, a New Mexico real estate developer, sought bankruptcy court protection after its lenders sued to foreclose on its assets. The company, based in Albuquerque, New Mexico, listed assets of $361 million and debt of $198 million as of Dec. 31, in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Westland owns 55,000 acres of real estate in Albuquerque, which it planned to develop into residential lots, according to court documents. The company hoped to subdivide about 19,000 acres of that land into 40,000 parcels to sell to homebuilders over the next 20 years. Barclays Capital Real Estate Inc., a unit of London-based Barclays Plc, sued Westland in December, seeking to foreclose on the project. The case is In re Westland Devco LP, 10-11166, U.S. Bankruptcy Court, District of Delaware (Wilmington) Other Updates New York Racing Appeal from Order Allowing OTB to File Chapter 9 The New York Racing Association has filed a notice of appeal from a March 22 order by U.S. Bankruptcy Judge Martin Glenn in Manhattan that granted the New York City Off-Track Betting Corp., or NYC OTB, permission to file for relief under Chapter 9 of the U.S. Bankruptcy Code, according to court files. The Racing Association had objected to the request for Chapter 9 protection, saying in court papers that NYC OTB could not meet the requirements for a Chapter 9 filing. Chapter 9 allows a municipality to file for protection and reorganization of its assets. Unlike Chapter 11, it doesn’t provide for the liquidation of the debtor’s assets for distribution to creditors. The OTB has been in a “downward spiral” for “the last 10 years,” Glenn wrote in the March 22 order and opinion, in which he said the NYC OTB is eligible to reorganize under Chapter 9. There is almost no secured debt in the case. The NYC OTB, which filed for Chapter 9 protection in December, has said it will halt operations on April 11 unless the state Legislature acts. The case is In re New York City Off-Track Betting Corp., 09-17121, U.S. Bankruptcy Court, Southern District of New York (Manhattan). Orleans Homebuilder Objects to Homeowner’s Request for Trustee Orleans Homebuilders Inc., the bankrupt builder of homes and condominiums in seven states, has objected to a request by a creditor for the appointment of a Chapter 11 trustee or examiner to oversee its affairs, according to court papers filed in the U.S. Bankruptcy Court in Delaware. A hearing on the request for a trustee appointment was scheduled for today. Last month, a motion was made by homeowner Mona F. Mustafa to appoint a trustee for Orleans. The company should be taken over by a Chapter 11 trustee or have an examiner appointed, Mustafa said in court papers. Mustafa’s request is “procedurally and substantively infirm and replete with misrepresentations,” Bankruptcy law requires a bankruptcy judge to appoint an examiner whenever one is sought in a Chapter 11 case with more than $5 million in unsecured debt for borrowed money. The bankruptcy judge nonetheless retains the ability to control the scope of the examination and cap the examiner’s fees. The case is In re Orleans Homebuilders Inc., 10-10684, U.S. Bankruptcy Court, District of Delaware (Wilmington) Barclays Says Lehman Contract Entitles It to Disputed Assets Barclays Plc, fighting a lawsuit seeking the return of an alleged “secret” $11 billion profit on the purchase of Lehman Brothers Holdings Inc.’s brokerage, said it wants to be paid money it was promised. Britain’s second-largest bank said in a court filing late yesterday it was entitled to funds including $769 million in securities held in Lehman’s customer reserve account and asked for an order for it to be given all undelivered assets. The bank said it “would not have agreed” to a purchase with the conditions the bankruptcy trustee is now seeking, it said in the filing in U.S. Bankruptcy Court in New York. The British bank said it faced exposure for losses of more than $1.1 billion on proprietary options it took over, rejecting claims by the trustee that they were “a market opportunity.” Separately, Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG and other banks objected to Lehman’s plan to build its real estate unit into an asset-management business. The business would be “a reorganization plan for debtors’ employees and management separate, apart and ahead of the reorganization plan for creditors,” the banks said yesterday in a court filing. A unit called Lamco, staffed by current employees and managers, would run the defunct investment bank’s real estate and private-equity assets, also taking on business from outside, Lehman said in March. Lehman filed the largest bankruptcy in U.S. history, listing $639 billion in assets. The bankruptcy case is In re Lehman Brothers Holdings Inc., 08-13555, and the Barclays case is James W. Giddens v. Barclays Capital Inc., 09-01732, U.S. Bankruptcy Court, Southern District of New York (Manhattan). For more about the Barclay’s suit, click here. For more about the reorganization plan and objections to it, click here. Dekabank Deutsche Asks Court to Dismiss Hotels Union Square Case Dekabank Deutsche Girozentrale asked the U.S. Bankruptcy Court in Delaware to dismiss the Chapter 11 filing of Hotels Union Square Mezz 1 LLC and bar it from filing again for six months because the filing was made “in bad faith,” according to statements made by the bank in court papers. To contact the reporter on this story: Carla Main in New Jersey at cmain2@bloomberg.net. To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net http://www.debtlawhelp.com THE REST OF THE STORY http://www.debtlawhelp.com/ # # # We specialize in SEO Website Design, SEO, SEM, Organic Traffic, PPC, PPA for a particular niche industry or something searched heavily like real estate or mortgages. http://www.twitter.com/ End
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