'we Will Have Brighter Days In Trenton': Officials Reflect On Bankruptcy Of City-owned Hotel

Michigan governor seeks to dodge deposition in Detroit bankruptcy case

Palmer said in hindsight he regrets not jumping into action the last time there was a serious offer to purchase the hotel. In 2006, while Palmer was still mayor, Concord Hospitality Enterprises made an offer, but the deal fell through when the hotel board, which operates independently of the city administration and council, did not approve of the bid. Palmer said the city should have accepted the offer, but he said because it was below the $33.8 million they still owed at that time for construction and related expenses it had seemed like a bad deal. Before the Marriott opened, there was no hotel in the city limits, and Palmer said people who lived and worked here were looking for a place to host events. City officials thought the 199-room hotel would bring dollars to Trenton and help to lift up other businesses and spur additional development. Palmer and city businessman Shelley Zeiger, a key promoter, said the $58 million hotel would be the cornerstone to the revitalization of the downtown. Yesterday, Palmer said efforts should be made to keep the hotel operating and that a sale of the business makes good sense. I do believe its critically important that that hotel stay in Trenton, Palmer said during an interview yesterday.
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(KABC Photo) Tags: Report a typo SAN BERNARDINO, Calif. (KABC) -- Bankruptcy protection was granted for the city of San Bernardino Wednesday by a federal bankruptcy judge. The California Public Employees' Retirement System ( CalPERS ) opposed bankruptcy protection for the city over concern the city would cut public-pension money from its debts. CalPERS lawyers had argued the city did not budget wisely and ignored warnings of impending financial crisis. Related Content
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Bankruptcy judge approves Anchor BanCorp's reorganization plan

You will be able to keep your clothing and your household items; however, everything else will be sold. If you decide to continue living in your home, and you are not behind in any of the payments, you will be allowed to continue living in your home, and making the payments. However, if you are behind in your mortgage payments you will be required to relinquish your home as well. When you file for bankruptcy, you will be assigned a monthly payment that you will be required to make each month. That monthly payment will go towards paying off the remainder of your debt. You will make that payment to your bankruptcy trustee who will make sure that the money goes to your creditors.
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Bankruptcy Can Help You Get Out Of Debt

In addition, the U.S. Treasury agrees to wipe out the $139 million Anchor owes on its Troubled Asset Relief Program investment, or TARP, in exchange for about $6 million in new common stock that would be issued under a restructuring plan. The Treasury plans to immediately sell that stock. Anchor has struggled since commercial real estate loans it made before the economy tanked began to unravel, leading to millions of dollars in losses. Anchor BanCorp hasn't posted a profit in its last five fiscal years. Now that the bankruptcy reorganization plan has been approved in court, Anchor BanCorp needs the Federal Reserve's OK before implementing a $175 million recapitalization plan. After Anchor BanCorp's debts are resolved, most of the money will be passed along from the holding company to the bank, strengthening it and enabling it to increase lending.
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Bankruptcy protection granted for city of San Bernardino; CalPERS opposed

read here City Hall exterior is seen in this file photo from Tuesday, July 10, 2012.' style='float:left;padding:5px' /> He cant leave the brides in a lurch; he knows that, Johnson said. However, the store is now under control of an agent of the bankruptcy court, Johnson said. Judice has provided the names and wedding dates to the agent in an attempt to make sure the brides will get their dresses, Johnson said. Creditors, including brides waiting for their dresses, soon will get a notice in the mail from the bankruptcy court with further instructions, Johnson said. Johnson said sales at the boutique struggled to recover after declining sales during the recent recession. Bankruptcy records show Judice owes $50,000 in payroll taxes to the Internal Revenue Service and $10,500 in sales taxes to the S.C. Department of Revenue.
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Columbia bridal boutique, bakery declare bankruptcy

Attorneys for the state, in a motion to quash depositions of Snyder, Michigan Treasurer Andy Dillon and others, said they would not be able to offer testimony relevant to the issue of whether Detroit is eligible to enter Chapter 9 protection. The depositions, if they occur, would happen ahead of the late October start to hearings before U.S. Bankruptcy Judge Steven Rhodes on the eligibility issue. The city filed the largest-ever municipal bankruptcy in U.S. history on July 18.
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