Eastern Livestock, one of the largest cattle brokerage companies in the country, filed for bankruptcy on December 6th in the U.S. Bankruptcy Court in Indiana.  Eastern Livestock does business in 11 states across the South, Midwest and West.

According to the filing, Eastern Livestock owes more than $130 million to 743 creditors.  The company’s three largest creditors are Southeast Livestock Exchange LLC, Moseley Cattle Auction LLC and David L. Rings.  All three are owed thousands of dollars for cattle sold.

Officials from Eastern Livestock decided to file for bankruptcy after Fifth Third Bank of Cincinnati filed suit against the company for supposedly issuing between $81 million and $131 million in bad checks.  The bank subsequently closed Eastern Livestock’s account and the company was unable to pay creditors.

Contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 today to set up an appointment to discuss life after bankruptcy.

According to court papers filed last month after the Texas Rangers officially exited from bankruptcy, former Rangers owner Tom Hicks was able to leave his last month with the team in the black.  In July, the Rangers took in a total of $111 million and had a net profit of $3 million.

Rangers executives cited a large number of home games and a jump in ticket sales as reasons for the success.  In July, ticket sales were up by 40 percent from June.  In June, the team saw a loss of $4.8 million.

Court documents also showed that the team has not had to use the $21.5 million loan from the Major League Baseball Association.

If you or someone you know is considering filing for bankruptcy protection, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

Earlier this month, Denton-based Titus Transportation filed for Chapter 11 bankruptcy protection.  Chapter 11 bankruptcy allows a business to continue operating while they make plans to reorganize the company and pay off debts.

Titus is a dry and refrigerated van carrier that has contracted with Dillon Stores since 2008.  Some of Titus’ customers include Coors, Kroger, Wal-Mart, Food Lion, and Sysco.  Titus owes almost $2.2 million to over 200 businesses.  Six of Titus’ creditors are owed over $1 million.

The Hutchinson News reported that Titus owes around $557, 300 in accrued wages and salaries.  Titus asked the court to allow them to pay for employee benefits like health and life insurance.

If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

Mark Cuban, who previously attempted to purchase the Cubs and recently said he was not interested in getting involved with the auction of the Texas Rangers, is expressing a newfound interest in becoming a partial owner of the franchise.

“I want to see the Rangers run … I think Chuck and Ryan deserve a lot of credit and what they’re doing is a good thing, but with the way the deal has been structured, there is some risk there.  And so I offered to help on a bunch of different levels so let’s see what happens,” stated Cuban.

While Cuban has had enormous success in turning around the NBA Mavericks’ franchise, some sports enthusiasts worry that getting involved in another franchise will bring both teams down.

The Rangers are set to go up for auction on August 4th.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

Reports for the month of June show that total bankruptcy claims trading are on the decline for the second month in a row nationwide.

This June, 816 claims were traded, while 917 were traded in May.  In addition, bankruptcy claims trading totaled $2.1 billion in June.  This is a significant decrease from the record high of $3.65 billion reached in April.

Bankruptcy cases with the largest number of claims trading included Flying J Inc., Chemtura Corp., Tribune Co., Smurfit-Stone, and Lehman Brothers Holdings Inc..  Lehman Brothers had the highest number at 224 and almost $2 billion.

If you or someone you know are considering filing for bankruptcy protection, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

The developer of the Falcon Club neighborhood in Amarillo filed for Chapter 13 bankruptcy protection yesterday in U.S. Bankruptcy court.  This is the third time Paul Gillette has filed for bankruptcy protection since 1992.

Chapter 13 bankruptcy allows for presently employed individuals to structure a plan to pay off creditors.

The filing came just hours before an auction of Falcon Club property was to begin.  The total assets and liabilities have yet to be released.

Gillette’s other business, Falcon Club Utility Co., is also facing serious troubles.  The private water provider for the neighborhood has experienced leaks, equipment malfunctions, water pressure fluctuations, and outages in the past few weeks.  Gillette had to suggest that residents of Falcon Club boil their water before  drinking it as it could possibly be unsafe.

If you or someone you know is considering filing for Chapter 13 bankruptcy, contact the La Porte Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

Crescent Resources LLC, a real estate developer in Texas and seven other states, has emerged from bankruptcy after filing for Chapter 11 bankruptcy a year ago with the U.S. Bankruptcy Court in Austin, Texas.  Chapter 11 bankruptcy allows a business to continue operations under the supervision of a court while they reorganize and pay off debts.

At the time the company filed for bankruptcy protection they had debts of at least $3 billion.   So far, Crescent Resources has payed off $1 billion to lenders.   Chief Executive Andrew Hede stated, “With the restructuring behind us, we emerge a much stronger entity, well positioned for future growth and able to deliver the high level of service our customers have come to expect”.

Crescent received $150 million in bankruptcy-exit financing from lenders UBS AG and Aladin Capital.  The money will fund exit costs, provide capital, and refinance their debtor-in-possession loan.

If you or someone you know is considering filing for bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

The Austin-based company Magic Brands, LLC and Fuddruckers Inc. received court approval of the sale of their assets to Texas-based Luby’s, Inc. yesterday.   Luby’s will pay $63.45 million for nearly all of the bankrupt company’s assets.

Luby’s operates 96 restaurants primarily across Texas, and will now own Magic Brands’ 62 restaurants spanning 11 states.

Magic Brands and Fuddruckers filed for Chapter 11 bankruptcy protection in April.  Chapter 11 bankruptcy allows for a business to continue operating under the supervision of a court, while plans are made to restructure the company.   Magic Brands and Fuddruckers were up for auction for nine hours, coming down between Luby’s and Tavistock Ventures, who only bid $40 million.

Transactions are expected to be finalized by July 26th, 2010.

If you or someone you know are considering filing for Chapter 11 bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.