Company Bankruptcies

Energy Future Holdings Is Fighting to Give Executives at Least $20 Million in Bonuses

As Brantley Hargrove extensively reported for Unfair Park over the previous two years, Energy Future Holdings, the largest electricity generator in Texas, is a mess. Facing $40 billion in debt, the company filed for Chapter 11 bankruptcy in April and is in the process of selling off one of its most ... More >>

Park Place Motorcars Says Preston Hollow Man, Business Partners Stole Dozens of Luxury Cars

The IRS still hasn't said why federal agents raided the Preston Hollow home of Straight Lane Automotive Group founder Jeremy Wiggains in August, ultimately leaving the $3.3-million McMansion toting several boxes of documents. Pretty much all that could be gleaned at the time came from the bankruptcy ... More >>

Energy Future Holdings, Texas' Biggest Power Generator, May File for Bankruptcy This Month

Dallas-based Energy Future Holdings, the electricity giant taken private in the biggest leveraged buyout in history, has been teetering toward bankruptcy for some time. Over-leveraged, with too much debt and not enough revenue in a weak electricity market, sources close to the negotiations tell Bloo ... More >>

Report: Energy Future Holdings Might Be Pushed into Bankruptcy by the End of the Year

It's no secret that Dallas-based utility Energy Future Holdings is headed toward a restructuring of its untenable debt. As part of a potential bankruptcy plan disclosed back in April, senior debt holders would forgive tens of billions of dollars owed by the company's power generation arm, Luminant, ... More >>

Report: Customers Have Forked Over $500 Million to Cover Oncor's Phantom Tax Payments

Dallas-based utility Oncor has collected half a billion dollars from ratepayers to cover federal income taxes it has never paid. Last year alone, customers paid $230 million to reimburse the utility for a "phantom" tax bill, according to a new report from the Texas Coalition for Affordable Power. T ... More >>

Snuffer's to Rebuild Iconic Greenville Location

The original Snuffer's location at 3526 Greenville Ave. is going away soon. But, not to worry your little cheddar fries-laced arteries. The old spot is coming down so a new spot can go up. Late Sunday night Snuffer's announced via their Facebook page plans to rebuild: "In March 1978 we were buildi ... More >>

Hostess: Dead by Murder, Suicide, or Natural Causes? Uh ... Yes?

In this week's cover story, we examine the demise of Irving-based Hostess, purveyor of Wonder Bread, Ho Hos, Twinkies and Ding Dongs -- basically all the stuff you should never put in your body. These days, pretty much everything is political, even the fate of snack food. Can blame for the company' ... More >>

The Strange Case of Jeff Baron, Domain-Squatting Web Pioneer Turned Legal Crusader

On November 9 at a downtown Dallas law office, some 153,000 Internet domain names hit the auction block. The winning bidder was an entity known as Trans, Ltd., which put down $5.2 million and scooped up the names over the objections of their previous owner, Ondova, LLC. That auction never should ha ... More >>

It's Duck Season

Hostess Is Going Bankrupt. Again.

Hostess, the Irving-based maker of beloved school-lunch snacks like the Twinkie and the Ho-Ho, is in financial trouble, according to the Wall Street Journal. A source tells the paper that the processed food giant will file for Chapter 11 bankruptcy protection as soon as this week. Hostess also owe ... More >>

What's the Deal With 500 S. Ervay? Well, Funny You Should Ask. There's a Hearing Next Week.

Photo at left courtesy the Dallas Public Library Texas/Dallas History Division500 South Ervay as it looked in 1955, and a more recent photo on the DCAD website​Speaking of vacant downtown landmarks ...Two weeks ago, a City Hall employee asked if we knew what was up with 500 South Ervay, which sits ... More >>

Downtown-Based Blockbuster to Go on Auction Block. The Opening Bid? A Whole $290 Million.

​Blockbuster, which went into voluntary Chapter 11 in September, said in a statement released moments ago that it has agreed to sell to a group of noteholders -- one of whom happened to be named Monarch Alternative Capital, the very same creditors to whom Tom Hicks owed all those hundreds of milli ... More >>

TGI Friday's: No More In NorthPark; Yes More in the Middle East

​T.G.I. Friday's, a place known for its red-and-white stripes and flair for shrugging off the work-week, may be feeling the crunch just like everyone else -- or it may just be changing its game. Within the last week, the location at NorthPark Center shuttered its doors amidst numerous T.G.I. ... More >>

Blockbuster Bankruptcy Suit Asks: What Did Carl Icahn Know and When Did He Know It?

​Blockbuster's slouching toward bankruptcy was easily one of the biggest local business stories of the year; from giant to joke, how the mighty had fallen. But since its Chapter 11 filing early on the morning of September 23, there'd been little to report during its reorganization, save for a noti ... More >>

Once More, Blockbuster to Close Out Year By Closing a Couple Hundred Stores

​It's been exactly a year now since our last extensive sit-down with Blockbuster CEO Jim Keyes, who, at the time, referred to the downtown-based videotailer as "a football team that's rebuilding." At the very same time, Blockbuster was shuttering dozens of stores, including the location at Royal L ... More >>

In Other Rangers News, Mark Cuban and Jim Crane Still Fighting to Get Their Bid Refund

Sam Merten​A few weeks back we noticed that Mark Cuban and Jim Crane wanted their millions back for trying to buy the Texas Rangers out from under Chuck Greenberg and Nolan Ryan (and Ray Davis and Bob Simpson). Long story short: Cuban and Crane, as Radical Pitch LLC, figured they're owed a refund ... More >>

It's Official: Blockbuster Goes Chapter 11. Leader of Shareholders Demands CEO Resign.

​Woke up this morning to find an in-box full of Blockbuster releases, chief among them the downtown-based video-rentalist's announcement that, sure enough, this morning it filed for bankruptcy in a federal court in New York. Says the company, the voluntary, "prepackaged" Chapter 11 filing is the r ... More >>

Wall Street Journal: Blockbuster's Chapter 11 Filing Could Come "In Next Few Days"

​Today could be the day Blockbuster officially files for bankruptcy. So reports The Wall Street Journal, echoing that earlier Los Angeles Times piece that said CEO Jim Keyes had been in Hollywood at August's end briefing studio heads on the inevitable next chapter in the beleaguered Renaissance To ... More >>

Now, About the Sale of those Dallas Stars

​After 15 months of delays, disputes and despair, the Texas Rangers emerged from bankruptcy. The goal now is to keep the Dallas Stars from going down the same pot-holed path. While he further dissolves his once-mighty sports empire by selling Liverpool Football Club in England, Tom Hicks is a ... More >>

Shareholders Make Peace With Blockbuster and Hope for the Best. And: Another TV Ad!

​Last Friday, Blockbuster's higher-ups told Bronx bomber Niko Celentano and his ever-expanding band of shareholders that, well, sorry, but despite their demands for an emergency meeting, that ain't gonna happen. One week later, the shareholders respond to the response. And for the most part, the m ... More >>

This Just In: Greenberg, Ryan Ready to Seal Rangers Deal ... Even If It Means Auction

Sam MertenChuck Greenberg, Tom Hicks and Nolan Ryan​After the jump is a press release that just popped up in the Unfair Park in-box courtesy one Kevin Sullivan, ex-Mavs man and Bush man now doing the talking for Chuck Greenberg and Nolan Ryan, who'll be danged if some auction -- which they agreed ... More >>

Apparently, Judge's Ruling in Rangers Chapter 11 Case is the Rorschach Inkblot of Sports

​Yesterday afternoon, after U.S. Bankruptcy Judge Michael Lynn delayed the sale of the Texas Rangers to Chuck Greenberg and Nolan Ryan's Rangers Baseball Express pending some changes, both the Texas Rangers Baseball Partners and the first lien lendors had their reps send press releases huzzah-ing ... More >>

Judge Agrees With Rangers' Attorney: Hicks Didn't Have to Sell Team to Highest Bidder

Sam MertenIn federal court this morning, Nolan Ryan looked much like he did at the presser announcing the team's prepackaged bankruptcy -- totally defeated.​With his broad shoulders squeezed in tightly next to Chuck Greenberg, Texas Rangers president Nolan Ryan looked like he'd rather be tossi ... More >>

Everything the Texas Rangers Want You To Know About The Team's Bankruptcy In One Spot

When you're owed $25 million by a bankrupt ballclub, you get to sit at the head of the creditors' committee table.​I'm sitting here doing what I do every Saturday -- catching up on my Texas Rangers bankruptcy docs -- when I notice this buried in a hearing order filed by the court at week's end: "C ... More >>

The United States Trustee Breaks Down (And Tears Apart) the Rangers' Bankruptcy Filing

Sam MertenChuck Greenberg, Tom Hicks and Nolan Ryan at Monday's press conference formally announcing the Chapter 11 filing on Monday​Below you'll find one of many docs submitted to the federal bankruptcy court this week concerning Your Texas Rangers' voluntary Chapter 11 filing, done with the inte ... More >>

In-N-Out With Some High-N-Tight End-of-the-Day Follow-Ups to Which We Plead Guilty

​Where to begin? Let's go with Your Texas Rangers, who were back in bankruptcy court in Fort Worth for the second day of "first day" proceedings following Monday's voluntary Chapter 11 filing. Reports the Associated Press, U.S. District Judge D. Michael Lynn finally decided after a bidding war bet ... More >>

Your Texas Rangers Unveil Plan to Complete Sale of Team to Chuck Greenberg, Nolan Ryan

​Moments ago, John Blake, exec veep of communication for Your Texas Rangers, sent word that there is, at long last, a plan in place that will finally give Chuck Greenberg and Nolan Ryan's Rangers Baseball Express control of the team. And, yes, it does involve "a voluntary, 'prepackaged,' court-sup ... More >>

Despite SEC Filing Warning of Possible Chapter 11, Blockbuster Remains Defiant

​At this late date, is there even any need to recount Blockbuster's myriad woes? They are innumerable, but to the list add this one: the possibility of having to file for Chapter 11. CEO Jim Keyes says that's so much nonsense, the doing of attorneys who have to give fair warning. But in the 148-pa ... More >>

The Inland Port Files For Chapter 11 -- But, Look, "It's a Balance Sheet Problem," K?

​Speaking of financial obligations ...Schutze will be along shortly to explain what this means, exactly -- after all, he's the expert when it comes to all things related to Richard Allen, the man behind the Inland Port, and he just got off the phone with Allen. The reason: The breaking news that D ... More >>

Richard Allen on Logistics Hub's Chapter 11: "It's a Good Project. It's Just a Timing Issue."

Richard Allen​Over the last year, whenever I have spoken with Richard Allen, CEO of The Allen Group, he has been open at times, guarded at others. But I have to say today, when he and I talked about his entry into Chapter 11 bankruptcy, he sounded better than he has in some time -- more confidant ... More >>

Fairfield Residential LLC, Owner of Six DFW Apartment Complexes, Files For Chapter 11

Vista at Victory​A Friend of Unfair Park sends word that Fairfield Residential LLC -- which has offices in San Diego and Grand Prairie -- filed for Chapter 11 reorganization yesterday in the District of Delaware, with the first hearing scheduled for tomorrow. Says the notice posted today on Fairfi ... More >>

1600 Pacific Avenue May Still Get Do-Over

The old LTV Tower on 1600 Pacific Avenue, still in need of a do-over​When last we heard, plans to redo the old LTV Tower at 1600 Pacific Avenue were indefinitely put on hold when developer Curtis Lockey filed for Chapter 11 bankruptcy protection a few months ago. But City Hall was determined not t ... More >>

They Liked It So Much They Bought the Place: Bob's Steak & Chop House Gets New Owners

​In the end, anyone paying the slightest bit of attention to the bankruptcy of Bob's Steak & Chop House on Lemmon Avenue thought that the eatery would most likely wind up in the hands of Bob Sambol's former partner, Bill Lenox. He made no secret of his desire to buy the joint out of Chapter 11 ... More >>

On the Bob's Steak & Chop House Hotline, Bankruptcy and Criminal Cases Collide

​A couple of weeks back, we mentioned that the U.S. Trustee handling Bob's Steak & Chop House's Chapter 11 reorganization wanted Judge Harlin D. Hale to appoint a Chapter 11 trustee to replace owner Bob Sambol. Because, see, as far as Willliam Neary's concerned, Sambol -- operating here as Sil ... More >>

U.S. Trustee in Charge of Bob's Bankruptcy Isn't Very Happy With His Steak

It's been almost two months since Silveroak Holdings, Ltd. -- better known as Bob's Steak & Chop House -- filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Dallas; on this otherwise slow news morning, well, it seemed like a good time to check in. Which, as you'll see from the doc b ... More >>

Despite Bankruptcy Filing, Proposed LTV Tower Redo Too "Important" For City to Let Go

The LTV Tower, as presented in redo plans dating back to '07We've written a couple of times in recent months about developer Curtis Lockey's plans to redevelop the old LTV Tower on Pacific Avenue, but, truth is, the city's been working on making this a go project since at least 2007. And it hasn't b ... More >>

On the Bob's Steak & Chop House Line, a Chapter 11 Filing to Restructure Massive Debt

Yesterday in U.S. Bankruptcy Court in Dallas, Silveroak Holdings, Ltd. -- better known as Bob's Steak & Chop House -- filed for Chapter 11 reorganization. Bob Sambol and his attorney, Mark Ralston, say the bankruptcy filing has nothing to do with Lee Thompson's claim that Sambol owes him $300,00 ... More >>

Sports Economics Prof Says Your Dallas Stars "Could Be the Second Team in Chapter 11"

This morning, the Toronto Star finds an economics prof who specializes in moneyball tomes to speculate that Your Dallas Stars may well wind up in Chapter 11. Because, after all, it was but one month ago that Tom Hicks willingly defaulted on $525 million in loans related to the Texas Rangers and Star ... More >>

No More Friday Night Lights, as Plano Newspaper Paper Ditches Its Saturday Edition

By now, perhaps you've heard that earlier this week, Addison-based American Community Newspapers --publisher of the Plano Star Courier, the McKinney Courier-Gazette and the Frisco Enterprise among dozens of papers scattered across four states -- filed for Chapter 11 bankruptcy protection. The compa ... More >>

Wonder-Ful News: Interstate Bakeries, Home of the Twinkie, Is Moving Its HQ to Dallas

Dallas is now home of the Twinkie. Interstate Bakeries Corporation, the Wonder Bread and Hostess host that had been in Chapter 11 since September 2004, is no longer in bankruptcy -- or, for that matter, its longtime home of Kansas City, where IBC started baking in 1930. It's moving its HQ to Dallas, ... More >>

At Harold's, Everything Must Go

Hard to believe, as Harold's has been a part of the local retailing landscape since forever, but four days after announcing it had filed for Chapter 11 bankruptcy protection, the Dallas-based chain is, indeed, shuttering all 43 of its stores, it was announced today -- including its four Dallas-Fort ... More >>

Closing Up the Storehouse

Noticed here yesterday that Storehouse, which has 12 locations in Texas (three of which are in Dallas area), is going outta business. Says nothing else about it on the Web site, save that everything must go for 15 to 30 percent off, which is cheap, but, then, so's the furniture. But, like Tower Reco ... More >>

Needling the Camel

Whit Meyers is trying to make sure Green Room and Jeroboam and the Gyspy Tea Room don't go the way of Trees. After reviewing the Chapter 11 bankruptcy reorganization plan put forth last month by the Entertainment Collaborative's bankrupt Gypsy Tea Room, Green Room and Jeroboam, we can safely say we ... More >>

A Blue Note

Things are only getting worse for Brook Mays. First the company goes into Chapter 11. Now, the companies to whom the 105-year-old local musical instrument-supplying institution owes millions want it to go into Chapter 7. Brook Mays owes $41 million on a loan it took out from JP Morgan Chase Bank to ... More >>

Going Liquid?

Chapter 7 isn't the EC's lucky number

The Chopping Block

Is legendary music venue Trees taking the phrase "out with the old" literally at the start of 2006?

Odds & Ends

Changing Chapters

Sipango sees another chef shift