The coffee shop chain Fika opened in New York City in 2006. The company was known for its sleek modern ambience, and its shops became very popular. 10 years after it opened, Fika had 17 locations in the city, and its owner was telling people that the company intended to expand into more U.S. cities and countries overseas
Previous posts here have discussed New York's statutory exemption of an owner's equity in a homestead from creditors' claims in a bankruptcy proceeding. In order to fully understand this topic, a review of the automatic bankruptcy stay is also important.
In a recent post about the status of the Sears bankruptcy, the efforts by the company's CEO Eddie Lampert to secure financing for a purchase of the company's assets received significant attention. The other shoe has apparently fallen, because recent reports from the bankruptcy that occurred on Jan. 14 indicate that Lampert's hedge fund ESL Investments has submitted a revamped bid for most of the company's stores and assets. The bid must still receive approval from the bankruptcy court in White Plains, N.Y., but Lampert appears to be the clear front-runner in efforts to feast on what is left of the formerly giant retailer.
Personal bankruptcy can be a smooth process that can provide significant relief from overburdening debt. Occasionally, however, the real world intervenes, and the bankruptcy process becomes extremely tangled. Paul Teutel, the host of the Discovery Channel's popular program "American Chopper," is embroiled in a personal bankruptcy in the Southern District of New York that involves at least two significant complications.
Sears has several stores in Rockland County and elsewhere in downstate New York. The court handling the closely-watched business bankruptcy set a recent deadline for the submission of bids to buy the company. If no qualifying bids were submitted, the court stated that it would begin the process of dissolution. According to reports, only one bid was submitted, and it has several problems.