Another One Bites the Dust, AFL Files Bankruptcy

The Arena Football League (AFL) has filed for Chapter 7 bankruptcy in a Delaware bankruptcy court. The AFL filed its bankruptcy petition a little over a month after suspending all local business operations for its remaining six teams.

Since its inception in 1986, there have been as many as 19 AFL teams in a single season. However, the number of teams dramatically decreased following a Chapter 11 reorganization in 2009. That same year, the league rebranded to Arena Football One.

This year, the AFL’s financial …

July 11, 2016 General

Hogan Pulls Gawker CEO into the Ring, Alleges Undisclosed Loan Amidst Bankruptcy

On Tuesday, July 5, 2016, lawyers representing Hulk Hogan alleged that Gawker Media LLC secretly loaned Nick Denton, Gawker’s founder and CEO, $200,000 to pay for personal bankruptcy counsel. Gawker and Denton are jointly liable for the $140 million judgment in the Hogan case, with Denton personally liable for an additional $10 million in punitive damages. The accusations come as Gawker navigates through Chapter 11 proceedings and the anticipated sale of its assets.

Lawyers for Hogan are seeking to defeat an attempt to convert a …

June 13, 2016 General

Hogan’s $140 Million Award Forces Gawker into Bankruptcy

The bad year continues to get worse for digital news company, Gawker Media. On June 10, 2016, Gawker Media filed for Chapter 11 bankruptcy protection. This occurred following a decision to uphold the $140 million award to Hulk Hogan for invasion of privacy. By filing for Chapter 11, the company postpones paying creditors, including awarded court judgments, until the sale of the company. It also gives the company time to reorganize and restructure. It is uncertain whether the founder and CEO of Gawker, Nick …

November 17, 2015 NHL

Former Coyotes Owner Gets Hit With Bankruptcy Damages

On November 12, 2015, U.S. District Judge G. Murray ruled that former Phoenix Coyotes owner Jerry Moyes is liable to the NHL for attorneys’ fees and other damages that resulted from the team’s bankruptcy back in 2009.

The NHL initiated its action against the former Coyotes owner after he declared Chapter 11 bankruptcy and the NHL purchased the team for $140 million. The suit was brought in 2010 to recover $145.9 in damages, which included more than $112 in operating expenses, $6.5 million in unpaid …

July 15, 2015 Celebrities

50 Cent Finances: Curtis Jackson Files For Chapter 11 Bankruptcy

Rap mogul Curtis Jackson, who also goes by the moniker 50 Cent, filed for Chapter 11 bankruptcy on Monday, July 13 following a $5 million judgment against him in a somewhat bizarre lawsuit. That lawsuit was filed by Lastonia Leviston, the ex-girlfriend of rapper Rick Ross. She claimed that Jackson violated her privacy by posting a sex tape of her on the internet.

Jackson’s attorney, William A. Brewer III said in a statement:

This filing for personal bankruptcy protection permits Mr. Jackson to continue his

January 26, 2015 Litigation / NHL

Bankruptcy Judge Recommends NHL Not Recoup Fees From Coyotes Purchase

On Wednesday, January 21, a U.S. Bankruptcy Court judge recommended that the NHL not be allowed to collect the majority of the $145.9 million it claims from ex-Phoenix Coyotes owner Jerry Moyes.

The lawsuit stems from the NHL’s 2009 purchase of its member team, then named the Phoenix Coyotes. The Coyotes were first purchased in 2006 by Jerry Moyes who realized after two years of operating at a $50 million loss that he could not afford the team. Moyes filed for Chapter 11 bankruptcy …

January 15, 2013 TV

‘McDreamy’ Bests Starbucks in Steamy Auction for Seattle Coffee Chain

Federal Bankruptcy Judge Karen Overstreet in Seattle approved the Chapter 11 sale of Seattle chain Tully’s Coffee for $9.15 million to ‘Grey’s Anatomy’ star Patrick Dempsey. Dempsey successfully out-bid other interested buyers for the chain, including Starbucks.

Starbucks wanted half of Tully’s 47 shops in Washington and California to rebrand as their own, while Philippians-based AgriNuture Inc. sought the rest of Tully’s assets. Together, their bid was worth $10.6 million, more than 13% higher than Dempsey’s bid.

Despite Starbucks’ contentions over the “confusing and non-conclusive,” …