Digital Federal Credit Union, in the case of In re Evans, 2008 WL 427259 (Bankr.E.D.N.C. 2008), repossessed the debtor’s vehicle seven months after the case had been filed. The debtor’s lawyer called to get the vehicle returned and was told that it would be done by the end of the day. In spite of repeated phone calls to Digital, the vehicle was not returned for a full month.
So what did the lawyer do? He did the right thing - he filed a motion for sanctions against Digital for violating the automatic stay.
Read more
If you enjoyed this post, make sure you subscribe to my RSS feed!
I don’t usually post about big corporate bankruptcy cases, but this one hit home. Fortunoff, a major Long Island-based retailer, said today it has filed for bankruptcy protection and agreed to be acquired for $100 million by the owners of Lord & Taylor. This is the second change in ownership for the Westbury-based home furnishing and jewelry chain in the past two years.
This seems to indicate that Fortunoff is somehow on the downward spiral, having failed to net the last owner enough profit to keep things going.
One step closer to liquidation of another local retailer? I’m no seer, but this doesn’t look good at all.
If you enjoyed this post, make sure you subscribe to my RSS feed!
