style='mso-layout-grid-align:none;text-autospace:none'>Public
Comment on Financial Privacy,
Bankruptcy
Extended to Sept. 22
The
deadline for submitting public
comment
on privacy protection and the
treatment
of sensitive financial
information in
consumer bankruptcy cases has
been extended
from Sept. 8 to Sept. 22,
according to
a release from the Department of
Justice.
The deadline was changed
in response
to requests for more time to
complete
comments.
On April 30, the president
directed the
Department of Justice,
Department of the
Treasury, and Office of
Management and
Budget to conduct a study to
enhance consumers’
financial privacy, including a
study of
privacy needs of debtors in
bankruptcy.
The study will consider
how the
privacy interests of debtors in
personal
bankruptcy cases are affected by
the public
availability of information
about them
in those cases. It will also
consider
the need for access to this
information
and accountability in the
bankruptcy system.
Finally, it will consider how
changes
in business practices and
technology may
affect all of these interests.
Questions and comments should
be sent
to Leander Barnhill, Office of
the General
Counsel, Executive Office for
United States
Trustees, 901 E Street, NW,
Suite 780,
Washington, DC 20530.
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Electronic submissions
should be
sent via e-mail to
href='mailto:USTPrivacyStudy@usdoj.gov'>USTPrivacyStudy@usdoj.gov.
Submissions
should include the submitter's
name, address,
telephone number, and if
available, fax
number and e-mail address. All
submissions
should be captioned
"Comments on
Study of Privacy issues in
Bankruptcy
Data."
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10.0pt'>
Trend-Lines to Sell Its Golf
Retail Stores
style='mso-bidi-font-size:10.0pt'>Trend-Lines Inc. and its subsidiary,
Post Tool
Inc., both pending chapter 11
proceedings
in the U.S. Bankruptcy Court for
the District
of Massachusetts, have made a
determination
to divest themselves of their 78
Golf Day
retail stores and inventory of
golf equipment
and supplies with a retail value
of approximately
$50 million, according to a
company press
release.
They have filed motions
with the
bankruptcy court seeking approval
of the
terms for and conditions of the
sale of
their Golf Day assets.
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style='mso-bidi-font-size:10.0pt'>In connection with the Golf Day
divestiture,
Trend-Lines and Post Tool have
filed motions
for authority to enter into the
Agency
Agreement with
Schottenstein/Bernstein
Capital Group LLC and Great
American Group
to assist with the potential
liquidation
of the golf inventory at their
retail
stores and distribution
center. Also up for sale is one or more of their Golf Day stores
as a "going
concern," including
assignment of
the leases for the store
locations, the
golf inventory in each store and
each
store's furniture, and fixtures
and equipment.
Trend-Lines is also
offering for
sale its entire golf inventory
located
in its distribution center.
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Pathmark to
Exit Chapter
11
Regional supermarket chain
Pathmark Stores
Inc., which filed for chapter 11
bankruptcy
in July, said on Friday that a
federal
court has approved a
restructuring plan,
setting the stage for its
emergence from
bankruptcy, according to a
Reuters report.
The U.S. Bankruptcy Court
in Wilmington,
Del. approved the plan, which
stipulated
that the company will eliminate
its nearly
$1 billion of bond debt.
style='mso-spacerun: yes'> The plan is expected to become
effective on
or about Sept. 12, at which
point Pathmark
will formally exit chapter
11.
style='mso-spacerun: yes'> Pathmark, based in Carteret, N.J.,
has received
a commitment for $600 million of
financing
from The Chase Manhattan Bank.
No Bidders for Bankrupt APB
Online
No bidders emerged Friday for
APB Online
Inc., the operator of crime news
website
href='http://APBnews.com'>APBnews.com,
forcing a bankruptcy court
auction to
be postponed until next week,
according
to a Reuters report.
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The auction will resume
on Thursday.
The company filed for
bankruptcy
protection from its creditors in
July,
after spending some $30 million
in less
than two years.
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Last week, an expected
white knight,
href='http://SafetyTips.com'>
style='text-decoration:none;text-underline:none'>SafetyTips.com,
withdrew
its bid to buy the company's
assets for
$950,000 — the level at which
the court
started bidding for the
company's assets.
The Waltham, Mass.-based
security information
firm said last week it was
withdrawing
its bid after inspecting APB
Online's
books.
style='mso-spacerun: yes'> It said it would leave it to the
court auction
to determine the value of the
assets.
When the auction resumes,
the court
will again attempt to sell off
all of
the company's assets as a
package.
If no bidders emerge, it
will then
proceed to sell off the assets
in bits
and pieces.
