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WSJ Pro Bankruptcy: Dr. Phil’s Upstart TV Network Abandons Its Chapter 11 Case
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Merit Street Media, the television network and streaming service backed by TV personality Phil McGraw, is seeking to end its chapter 11 case, saying it can’t pay the legal fees needed to stay under court protection, WSJ Pro Bankruptcy reported. Merit said in court papers on Monday that it can no longer administer its bankruptcy case because of mounting professional fees and inadequate funding to pay those bills. Merit’s lawyers from the law firm Sidley Austin moved to withdraw as bankruptcy counsel, saying they were exposed to “unreasonable and unjustifiable financial burden and risk.” READ MORE
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Bankrupt Jewelry Retailer Claire's to Sell Its North America Business
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Fashion jewelry retailer Claire's said on Wednesday it would sell its North America business to private equity firm Ames Watson for an undisclosed amount, as the company aims to cut losses while navigating ongoing U.S. bankruptcy proceedings, Reuters reported. The retailer operating more than 2,300 stores across 17 countries in North America and Europe, disclosed $690 million in debt in U.S. bankruptcy court filings in Delaware earlier this month, marking its second bankruptcy protection filing since 2018. READ MORE
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Bravo Brio Restaurants Declares Bankruptcy Again
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Bravo Brio Restaurants, the parent of a pair of Italian casual-dining chains, declared bankruptcy on Monday, according to court documents, Restaurant Business reported. The Orlando-based company estimated both its assets and liabilities at between $50 million and $100 million. The largest unsecured creditor listed in bankruptcy documents is the distributor Sysco Corp., at $1.9 million. READ MORE
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Bankrupt Sarasota Business Owner Faces 2 Felony Charges
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The owner of Sash & Sill, a Sarasota window and door company that went out of business and filed for chapter 7 bankruptcy a year ago, has been charged in Charlotte County with two felonies related to work that was never completed, the Florida Business Observer reported. Todd Hoch is charged with two counts of violating state law around “moneys received by contractors,” court documents say. Police contend Hoch accepted a roughly $21,000 deposit from a Punta Gorda homeowner but never did any work nor pulled any permits. In Port Charlotte, authorities say the same thing happened, after a couple issued a $12,000 down payment for work on their home. READ MORE
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Navigating Current Bankruptcy Filing Trends
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A Luxury Real-Estate Builder’s Improbable Comeback Is Starting to Crumble
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A New York developer’s property empire is at risk of crumbling after his multibillion-dollar buying spree, with his ownership of a high-profile luxury hotel and condo project at stake, WSJ Pro Bankruptcy reported. The outcome could derail one of the most improbable comebacks in recent real-estate history. Michael Shvo soon could lose the Raleigh, a $1 billion hotel and condominium project on Miami Beach, where unit sales have been slow and construction has yet to start on apartments six years after he acquired the site. (Subscription required.) READ MORE
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Fed's Bowman Suggests Allowing Central Bank Staff to Own Small Amounts of Crypto Products
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The Federal Reserve's top regulatory official suggested on Tuesday that central bank staff should be permitted to own small amounts of crypto products, arguing experience would better inform their work policing activities in those financial markets, Reuters reported. Fed Vice Chair for Supervision Michelle Bowman said easing restrictions on staff investments may also help recruit and retain expert bank examiners, and de minimus holdings of crypto and other digital assets would help staff develop a working understanding of those products. READ MORE
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Post-Pandemic Office Slump Is Now Hitting Cities’ Tax Coffers
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Five years after the pandemic, a battered commercial real estate sector in many big U.S. cities has yet to recover, the Washington Post reported. The steep plunge of office-building valuations — followed by an incomplete recovery — is now showing up in local government tax rolls. Office buildings across the United States shed nearly $557 billion in value between 2019 and 2023, according to one recent analysis published in the <em>American Economic Review</em>. But since property assessments take years to reflect valuations, the tax impact is becoming clear only now. READ MORE
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Moelis Restructuring Banker Derrough Moves to Jefferies
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| Bill Derrough, a leading banker for corporate restructurings and debt transactions, is leaving Moelis after 17 years at the boutique investment bank to join Jefferies, WSJ Pro Bankruptcy reported. At Jefferies, Derrough will serve as chairman of the firm’s global restructuring practice, the people also said. His departure from Moelis follows the recent decision by Ken Moelis to step down as chief executive from his namesake firm later this year. READ MORE
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