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Van Horn Law Group Blog

50 Cent Settles Bankruptcy for More than 50 Cents

Posted by Chad Van Horn on Feb 21, 2017 8:45:32 AM

Image credit to Alex Const

This may be my last Fitty blog post. You see, rapper Curtis Jackson – known as 50 Cent - has exited bankruptcy with his death discharged. Thus ends a long strange trip that began with Curtis Jackson on the losing end of a lawsuit that he lost to Lastonia Leviston after being found liable for damages of $7 million in a sex tape case. Ms. Leviston has agreed to drop her $7 million dollar award for a lump sum payment of $6 million – with the caveat that the sum must be in 30 days or the original sum will be reinstated. All told, the settlement will pay out $23 million dollars on nearly $30 million owed to creditors from around $8 million on hand and a nearly $14 million settlement in a legal malpractice case.

 

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Topics: Get Out of Debt, Bankruptcy, Business

When to Wind It Down: Closing Retail Business

Posted by Chad Van Horn on Feb 7, 2017 8:12:38 AM

Retail is taking a beating. Over the past three years bankruptcies have accelerated, from mall staples to anchor stores. While others simply continue to close more stores and hope for the best in their online sales. Even Walmart has closed over 150 stores in the last year and now focuses on its supercenter and e-commerce sales. It’s easier for a large business with resources on hand to decide when to close up shop. For a small business, the decision is both more emotional and difficult. It is possible to retrench and become a predominantly e-commerce operation, but that takes a lot of time, effort, and a serious amount of expenditures on web presence, advertising, and website.

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Topics: Bankruptcy, Business

Another Big Retailer Files Bankruptcy Leaving Thousands Jobless

Posted by Chad Van Horn on May 31, 2016 7:59:19 AM

The Economy has Recovered! Not Really

Fairway Markets have had a troubled few years, so perhaps this one is not much of a surprise. After going public in 2013, the 15 store chain with stores in New York, New Jersey, and Connecticut was unprepared for the public spotlight. After losing money for its first three quarters as a public offering, the chain of upscale grocers was slapped in 2014 with many suits seeking class action status for misleading investors. The company’s position was not helped by heavy market competition from national players like Whole Foods, Trader Joe’s, and even bulk buyer stalwart Costco began to court upmarket buyers. The court declined to dismiss in 2015, finding that that the plaintiffs had supported their allegations adequately and that the motion to dismiss was denied.

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Topics: Bankruptcy, Chapter 11, Business

Aeropostale Files for Chapter 11 Bankruptcy

Posted by Chad Van Horn on May 11, 2016 8:07:55 AM

Image credit: Raysonho (Wikimedia Commons)

Aeropostale followed more mall stalwarts of the 90’s and 00’s into bankruptcy court, seeking a reorganization. Such once must-have brands such as Wet Seal, Delia’s, American Apparel, and Pacific Sunwear have sought reorganizations as teen shoppers forsake the mall experience for online shopping, fast fashion along the lines of H&M, and hunt for deals to stretch their clothing dollars farther. As location retail seems to be hollowing out from the squeeze on the middle class and from avid deal-hunting on the internet, malls and mall brands are taking a hit.  The phenomenon has even led to a real estate term called “dead mall syndrome.” The once-popular shopping areas that shaped teen culture from the 1970’s through the early 2000’s are losing tenants and anchor stores, becoming destinations only for UrbExers in search of content for their YouTube channels.

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Topics: Bankruptcy, Chapter 11, Business

Fallen Idol, Core Media Facing Chapter 11 Bankruptcy

Posted by Chad Van Horn on May 3, 2016 7:49:33 AM

Reality show producer Core Media is facing some reality of its own. The company behind American Idol, So You Think You Can Dance, Man v. Food, and other offerings seems to be feeling the chill now that American Idol is taking its final bow after 15 seasons. The show that produced recording stars such as Jennifer Hudson, Adam Lambert, Chris Daughtry, Carrie Underwood, and Kelly Clarkson is looking at a few financial issues now that its top show is retired.

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Topics: Chapter 11, Business

How Long Does it Take to File for Bankruptcy as a Small Business?

Posted by Chad Van Horn on Feb 10, 2016 7:11:35 AM

For a small business owner, a bankruptcy can be a heartbreaking end of years of work and effort, or a chance to reorganize and get back on a firm financial footing. Either way, it’s a way to discharge your debts and protect your personal assets as well as those of the business. It can be a hard decision, but it one worthy of consideration when you can’t find another way to get on top of your debts.

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Topics: Bankruptcy, Business

Chapter 7 Bankruptcy for Businesses Q&A

Posted by Chad Van Horn on Nov 9, 2015 7:30:00 AM

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Topics: Chapter 7, Business

Chapter 11 Bankruptcy for Businesses Q&A

Posted by Chad Van Horn on Nov 5, 2015 7:30:00 AM

Bankruptcy is not a bad word. When you need it, the federal courts are there to help you get out of a jam. When you’re struggling to stay afloat and don’t have enough money to pay your creditors, but do have a plan to pay your debts, you can file a Chapter 11 bankruptcy. This type of bankruptcy is a reorganization as opposed to the liquidation of a Chapter 7, and means that your business will stay alive – albeit on life support and under scrutiny from creditors and the court.

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Topics: Chapter 11, Business

Clearing Your Name: Removing False Online Reviews

Posted by Chad Van Horn on Oct 28, 2015 9:02:12 AM

You already know how important online reputation management is to keeping your business afloat; a Berkeley study reported by LA Weekly shows that a rating increase of one star (out of a five star rating) can offer an increase in revenue close to 10 percent. Likewise, the other side of the coin could spell absolute disaster for your business through a decrease in sales and a loss of trust among current and prospective clients.

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Topics: Business

You Can’t Please Everyone: Dealing with Online Negative Comments

Posted by Chad Van Horn on Sep 28, 2015 7:59:01 AM

It’s tough business being your own boss, and tougher still dealing with criticism. In today’s digital age, unfortunately, it’s easy for unhappy customers to let their displeasure be known to the general public with little to no effort thanks to online reviews.

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Topics: Business

 

About Chad Van Horn

Chad_Van_Horn

Chad T. Van Horn, Esq. is a South Florida business leader and founding partner attorney of Van Horn Law Group, P.A. Through a combination of dedicated philanthropy, spirited entrepreneurship and legal expertise, he applies his resources and network to helping people. Learn more about Chad Van Horn.

 

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