class=MsoNormal>Video
Update Inc. to
File for
Reorganization
Video Update Inc.
yesterday
announced it would
file
chapter 11 of the
U.S. Bankruptcy
Code, according to
a newswire
report. The St.
Paul, Minn.-based
company will
attempt to
restructure its
operations
for the benefit of
creditors
and shareholders.
Video
Update intends to
continue
to operate
normally during
this restructuring
period
and expects no
interruption
of service to its
customers.
class=MsoNormal>Liberty
Group to Offer
Free Bankruptcy,
Divorce, Credit
Repair Kit
The Liberty Group
announced
that during
Florida Divorce,
Bankruptcy and
Credit Repair
Education Week,
Sept. 18-25,
the company will
give away
free attorney
prepared packets,
according to a
company press
release. These
packets show
how to get a
divorce, file
bankruptcy or
repair credit
without the cost
or help
of an
attorney.
"Our
website
provides easy
access to
a network of
helpful professionals,
independent
paralegals and
document typists,”
said
Matthew See,
President of
The Liberty Group
of America.
“While we
do not
give legal advice,
we are
committed to
taking the
myth, mystery and
misery
out of the
judicial system."
Preparation kits
can be
obtained by
calling The
Liberty Group Inc.
at (202)
298-1023 or by
visiting
href='http://www.TheLibertyGroup.org'>www.TheLibertyGroup.org
and ordering
online.
Ex-Penny Stock
Mogul Pleads
Innocent
Former
penny-stock
tycoon Robert E.
Brennan,
who in 1995 was
ordered to
pay what is now more
than
$78 million for
cheating investors,
pleaded innocent
yesterday
in a New Jersey
state court
to charges of
bankruptcy fraud,
according to a
newswire report.
State
Superior Court
Judge Michael D.
Farren
told Brennan,
who remains
free on bail, not to
expect
a trial before July.
The charges
carry a penalty of
up to 10
years in
prison.
Brennan has
pleaded
innocent to similar
charges
in federal court,
where a
trial is expected to
go forward
toward the end of
the year.
Each of the six
federal charges
Brennan faces
carries a penalty
of up to five years
in prison.
A federal
prosecutor
has estimated that
the likely
federal term will be
27-30
months with no
parole.
class=MsoNormal>The five-count
state indictment
includes
charges that
Brennan failed
to declare money
from more
than $500,000 in
casino
chips and a $5,900
wagering
account that he
maintained
with the New York
Racing
Association. The
federal
indictment charges
him with
making false
statements
in a bankruptcy
proceeding.
Both sets
of charges
were filed after
Brennan
declared
bankruptcy in 1995.
style='mso-spacerun: yes'> Brennan, a New Jersey native who now
claims
Juno Beach, Fla.
as his
residence, became
publicly
known in the 1980s
through
his television
commercials
for his former
flagship
brokerage firm,
First Jersey
Securities Inc. A
well-known
commercial for the
brokerage
firm showed
Brennan stepping
off a helicopter
and urging
viewers to
"come grow
with us."
class=MsoNormal>Holding
Companies for
Specialty
Foods File Chapter
11 as
Part of Previously
Announced
Plan
Specialty
Foods
yesterday
announced that
its affiliated
non-operating
holding companies
filed
chapter 11 in
Delaware,
according to a
newswire
report. The
Deerfield, Ill.-based
business said its
operating
companies —
Mother's Cake
& Cookies,
Archway Cookies
and Andre-Boudin
Bakeries
— are conducting
business
as usual and will
not file
for
bankruptcy.
style='mso-spacerun: yes'> Specialty Foods said the filings are
part of
its previously
announced
financial
reorganization
plan.
style='mso-spacerun: yes'> In June, the company announced that
it had
reached agreement
with its
bondholders for
the distribution
of proceeds from
the sale
of its remaining
businesses.
On Sept. 12,
Specialty Foods
announced an
agreement to
sell Mother's and
Archway
to Parmalat SpA
for $250
million. That
announcement
said completion of
the transaction
is subject to
customary
governmental
approval and
certain conditions
related
to the financial
reorganization
of the Specialty
Foods parent
holding companies.
class=MsoNormal>Bid4Assets.com
to Participate in
FDIC Online
Loan Sale
Pilot
href='http://Bid4Assets.com'>Bid4Assets.com,
the online
marketplace for
buying and selling
high-valued,
distressed assets
from financial,
government and
bankruptcy
sources, yesterday
announced
that it has been
selected
to participate in
an online
loan sale pilot
being conducted
for the FDIC,
according
to a newswire
report. The
loan sale includes
a $12
million pool of
home equity
loans being sold
by the
FDIC as agent for
Goldome
Credit
Corporation.
href='http://Bid4Assets.com'>Bid4Assets.com, based in Silver Spring,
Md.,
was one of two
firms selected
by the FDIC to
participate
in this pilot.
Traditionally,
the FDIC has sold
loan pools
through sealed
bid, offline
auctions. This
loan sale
will be held
online on Oct.
25.
style='mso-special-character:
line-break'>
class=MsoNormal>"Bid4Assets.com
has successfully
maximized
return for
financial asset
sales for the U.S.
Marshals
Service, leading
U.S. financial
institutions and
bankruptcy
estates. We look
forward
to helping the
FDIC maximize
returns,"
said Tom
Kohn, CEO of
href='http://Bid4Assets.com'>Bid4Assets.com. "We believe that
competitive
online auctions
create a
more dynamic
market by opening
the sale to a
larger pool
of buyers and
ultimately
bringing a higher
return."
class=MsoNormal>Daewoo
Creditors Ask for
Fresh
Foreign
Bids
Creditors of
Daewoo Motor
Co. are trying to
reopen
negotiations to
sell the
insolvent company
within
one month, hoping
to restore
investor
confidence in Korea’s
corporate reforms
efforts,
according to
The Wall
Street
Journal.
Six
major creditors
of Daewoo said
they would
request final bids
from
General Motors
Corp. and
Italy’s Fiat SpA,
and DaimerChrysler
AG and its ally
Hyundai
Motor Co. as soon
as possible.
These
companies has
previously
submitted joint,
non biding bids
for Daewoo,
but were rejected
by a selection
committee in June
in favor
of a solo bid by
Ford Motor
Co.
style='mso-spacerun: yes'> Ford, however, decided on Friday not
to make
a final offer for
Daewoo
and said it is
“highly unlikely”
that it will make
another
bid.
