The 101-year-old Seattle luggage company Skyway Luggage is embroiled in a legal battle between its owner Henry Kotkins Jr. and the court-appointed receiver Revitalization Partners. The receiver sued Kotkins and two executives alleging financial mismanagement caused the company's decline. Both sides agree the struggling company needs to be sold. The legal dispute will likely result in the end of the Kotkins family's ownership of Skyway Luggage after three generations running the company since 1910.
A Cuyahoga County jury found Chicago commodities broker Rosenthal Collins Group liable for $1.86 million following a Ponzi scheme by former investment adviser Enrique Villalba Jr. Villalba had used Rosenthal Collins to trade securities for his clients while running an unregistered investment scheme that defrauded 26 investors of $29.7 million. While Rosenthal Collins argued it was only a passive broker, the jury determined they should have monitored Villalba more closely under Ohio's securities laws. This case is one of several legal actions against both Villalba, who is now in prison, and Rosenthal Collins over their roles in the Ponzi scheme.
More commercial properties in san antonio confronting negative equity san a...Davidson Gill
The number of commercial properties in San Antonio with mortgages exceeding the property value (negative equity) is rising. In the first half of 2010, 6.7% of commercial foreclosure filings in Bexar County involved negative equity, up from 4.5% in the same period in 2009. As commercial loans from the mid-2000s peak begin to mature over the next few years, more owners may struggle to make payments, leading to additional foreclosures and negative equity situations. While the current 6.7% figure of foreclosures with negative equity seems low to some industry experts, others note that owners' entire portfolios may be underwater even if individual properties are not.
This document is an article from the San Fernando Valley Business Journal that discusses several topics:
1) It reports on two publicly traded companies in Westlake Village - homebuilder Ryland Group and biotech company Kythera BioPharmaceuticals - being acquired within a week of each other by other Southern California companies. While this has led to concerns from economic development officials, the region continues to attract new corporate headquarters.
2) It also examines how the stock prices of some large publicly traded companies headquartered in the San Fernando Valley region have performed in the economic recovery, with Walt Disney Co. and Amgen seeing strong gains while others like MannKind have declined.
3) The article provides an overview of
The 101-year-old Seattle luggage company Skyway Luggage is embroiled in a legal battle between its owner Henry Kotkins Jr. and the court-appointed receiver Revitalization Partners. The receiver sued Kotkins and other executives alleging financial mismanagement caused the company's decline. Both sides agree the struggling company needs to be sold. The legal dispute will likely result in the end of the Kotkins family's ownership of Skyway Luggage after three generations running the iconic luggage brand.
The 101-year-old Seattle luggage company Skyway Luggage is embroiled in a legal battle between its owner Henry Kotkins Jr. and the court-appointed receiver Revitalization Partners. The receiver is suing Kotkins and two executives alleging mismanagement led to the company's financial decline. Both sides agree the struggling company needs to be sold. The legal dispute will likely result in the end of the Kotkins family's ownership of Skyway Luggage after three generations running the iconic luggage brand.
Chicago Daily Law Bulletin - What assets can a creditor attach_Paul Porvaznik
This document summarizes a court case regarding what assets a creditor can attach after obtaining a money judgment against a debtor. It discusses how the debtor transferred his personal assets, including a house, cars, and bank accounts, into a family trust before a money judgment was entered against him. The appellate court ruled that the creditor could not force the sale of the house since it was held in a tenancy by the entirety. However, the transfer of the bank accounts to the trust was deemed fraudulent under the Uniform Fraudulent Transfer Act since the claims arose before the transfer and the debtor was insolvent. The document outlines the key lessons from this case regarding what assets are protected from creditors after a judgment.
A Cuyahoga County jury found Chicago commodities broker Rosenthal Collins Group liable for $1.86 million following a Ponzi scheme by former investment adviser Enrique Villalba Jr. Villalba had used Rosenthal Collins to trade securities for his clients while running an unregistered investment scheme that defrauded 26 investors of $29.7 million. While Rosenthal Collins argued it was only a passive broker, the jury determined they should have monitored Villalba more closely under Ohio's securities laws. This case is one of several legal actions against both Villalba, who is now in prison, and Rosenthal Collins over their roles in the Ponzi scheme.
More commercial properties in san antonio confronting negative equity san a...Davidson Gill
The number of commercial properties in San Antonio with mortgages exceeding the property value (negative equity) is rising. In the first half of 2010, 6.7% of commercial foreclosure filings in Bexar County involved negative equity, up from 4.5% in the same period in 2009. As commercial loans from the mid-2000s peak begin to mature over the next few years, more owners may struggle to make payments, leading to additional foreclosures and negative equity situations. While the current 6.7% figure of foreclosures with negative equity seems low to some industry experts, others note that owners' entire portfolios may be underwater even if individual properties are not.
This document is an article from the San Fernando Valley Business Journal that discusses several topics:
1) It reports on two publicly traded companies in Westlake Village - homebuilder Ryland Group and biotech company Kythera BioPharmaceuticals - being acquired within a week of each other by other Southern California companies. While this has led to concerns from economic development officials, the region continues to attract new corporate headquarters.
2) It also examines how the stock prices of some large publicly traded companies headquartered in the San Fernando Valley region have performed in the economic recovery, with Walt Disney Co. and Amgen seeing strong gains while others like MannKind have declined.
3) The article provides an overview of
The 101-year-old Seattle luggage company Skyway Luggage is embroiled in a legal battle between its owner Henry Kotkins Jr. and the court-appointed receiver Revitalization Partners. The receiver sued Kotkins and other executives alleging financial mismanagement caused the company's decline. Both sides agree the struggling company needs to be sold. The legal dispute will likely result in the end of the Kotkins family's ownership of Skyway Luggage after three generations running the iconic luggage brand.
The 101-year-old Seattle luggage company Skyway Luggage is embroiled in a legal battle between its owner Henry Kotkins Jr. and the court-appointed receiver Revitalization Partners. The receiver is suing Kotkins and two executives alleging mismanagement led to the company's financial decline. Both sides agree the struggling company needs to be sold. The legal dispute will likely result in the end of the Kotkins family's ownership of Skyway Luggage after three generations running the iconic luggage brand.
Chicago Daily Law Bulletin - What assets can a creditor attach_Paul Porvaznik
This document summarizes a court case regarding what assets a creditor can attach after obtaining a money judgment against a debtor. It discusses how the debtor transferred his personal assets, including a house, cars, and bank accounts, into a family trust before a money judgment was entered against him. The appellate court ruled that the creditor could not force the sale of the house since it was held in a tenancy by the entirety. However, the transfer of the bank accounts to the trust was deemed fraudulent under the Uniform Fraudulent Transfer Act since the claims arose before the transfer and the debtor was insolvent. The document outlines the key lessons from this case regarding what assets are protected from creditors after a judgment.
The document describes a sale of a yacht by Fancy Yachts to a buyer, Vistas LLC, that did not go through due to the buyer defaulting on payments. This caused Fancy Yachts to incur substantial costs over several years to maintain, modify and eventually sell the yacht to a new buyer. The original buyer, Vistas LLC, had a history of fraudulent behavior and placing liens on the yacht, resulting in legal costs for Fancy Yachts to resolve.
This document is a complaint filed by the Securities and Exchange Commission (SEC) against Gina Champion-Cain, ANI Development, LLC, and American National Investments, Inc. alleging securities fraud. The SEC claims that since 2012, the defendants have raised over $300 million from investors by falsely claiming to offer short-term, high interest loans to finance liquor license applications in California. In reality, the defendants misappropriated investor funds, provided forged escrow agreements, and misled investors about the use and security of their funds. The SEC is seeking to appoint a receiver, permanent injunctions, disgorgement of ill-gotten gains, and civil penalties.
The document provides background information on the Edward J. DeBartolo Corporation (EJDC), a large real estate and shopping mall developer, and its debt restructuring efforts in the late 1980s and early 1990s. It describes EJDC's expansion into retail acquisitions that were financed through large amounts of debt, leading to cash flow issues. It also summarizes Citibank's review of its exposure to EJDC and the bank's efforts to optimize its position through additional collateral or restructuring EJDC's debts before it eventually defaulted on interest payments.
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
1. The document provides details about an award nomination for the turnaround of home furnishings retailer Z Gallerie. It includes information about the nominees, the reorganized company, and key players.
2. Prior to reorganization, Z Gallerie had grown to 86 locations and $236M in annual revenue by 2006 but saw losses of $4.7M in 2008 due to housing market decline. By early 2009 it had $25M in debt and filed for bankruptcy.
3. The turnaround team closed 26 underperforming stores, negotiated rent concessions, obtained exit financing, and developed a plan confirming by September 2009 to save 865 jobs and provide a 50% recovery for unsecured creditors.
The SEC alleges that Defendants James Patten, Peter Coker Sr., and Peter Coker Jr. perpetrated a fraudulent stock manipulation scheme involving two companies - Hometown International and E-Waste Corp. Specifically, the Defendants took control of the outstanding shares of the two companies and artificially inflated their stock prices through matched and wash trades executed through affiliated nominee accounts. This inflated the market capitalization of the companies to amounts greatly exceeding their actual operations and revenues. The Defendants profited from selling and holding the inflated stock, and also caused the companies to transfer funds to them through purported consulting agreements. The SEC is seeking to enjoin further violations and obtain penalties, disgorgement, and a penny stock bar against the Defendants.
Elizabethan England in the 2010 Global RecessionDavidConaway
The document discusses fraudulent conveyance laws and a recent court case involving their application. It summarizes that in the Crown Stock Distribution case, a bankruptcy court found that a company's pre-bankruptcy sale of assets in exchange for debt it could not repay constituted a fraudulent conveyance. The court ordered the cash from the sale returned to the bankruptcy estate. The document notes unsecured creditors are increasingly pursuing various third party claims, including through fraudulent conveyance laws, to recover funds for creditors in bankruptcy.
In this tutorial, Chris Roush helps you become better acquainted with the inner-workings of bankruptcy court and shows you best practices for identifying stories in documents.
Roush is the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill.
5 Small(er) But Mighty Litigation ShopsSean Gorman
Five relatively small law firms were recognized for their litigation successes over the past year, making the list of top 50 litigation firms despite having fewer than 200 attorneys. These firms were Lieff Cabraser Heimann & Bernstein LLP, Bracewell LLP, Kaye Scholer LLP, Cravath Swaine & Moore LLP, and Kramer Levin Naftalis & Frankel LLP. They achieved victories for clients in high-stakes cases worth millions or billions of dollars through strategic focus on litigation, cooperation between attorneys, and developing expertise in key practice areas. Firm representatives said their litigation-focused models and cultures allowed them to compete successfully against larger firms.
Reliant Resources recently refinanced $6.2 billion in debt to stabilize its operations during a difficult time for the energy industry. Some critics argue these refinancings merely delay inevitable problems by increasing debt levels. Reliant extended $5.9 billion in bank debt and added a $300 million credit line. However, Reliant's CFO states the goal is to improve its credit rating by paying down debt and eventually refinancing on an unsecured basis rather than relying on bank loans. While money is available from distressed debt investors, banks continuing to roll over loans is preventing capital from circulating in the market.
The bankruptcy of Vallejo, California redefined the concept of municipal solvency under Chapter 9. While Vallejo had $136 million in cash reserves, the court determined this was restricted funding with legal obligations and could not be used to address immediate needs, establishing that a municipality can be insolvent prospectively. This precedent gives municipalities leverage in negotiations with unions by establishing bankruptcy as a real option to restructure agreements. Many cities have since implemented two-tier wage systems, outsourced services, or taken other steps to restructure costs in response to the new landscape created by the Vallejo decision.
Chicago Daily Law Bulletin - Complicated case spells out principles on unjusPaul Porvaznik
The appellate court provided guidance on unjust enrichment and constructive trusts through a complicated case involving a commercial tenant's bankruptcy. The landlord had been assigned the approved claim in bankruptcy court but kept the funds rather than assigning them to the lender as stipulated. The court found the landlord was bound by the stipulation and unjustly enriched itself by keeping the funds. A constructive trust was imposed because it would be unfair to allow the landlord to retain possession of funds that should have gone to the lender per the stipulation. The case clarified the elements and application of unjust enrichment and constructive trusts.
Sukuk Has Tremendous Potential in the USA as a Capital Raising Instrumentprcircle
Camille Paldi, CEO of the Franco-American Alliance for Islamic Finance (FAAIF), a US citizen with an MA in Islamic Finance from Durham University (UK), explains sukuk to a US audience at the Chicago Islamic Finance Conference.
The US housing market crashed in the late 2000s, forcing many homebuilders like Tousa Inc. into bankruptcy. Tousa had taken on over $1 billion in debt to fund its rapid expansion. In 2007, Tousa arranged $500 million in new loans from banks like Citigroup and Wells Fargo, using subsidiaries as co-borrowers. Most of the funds paid off prior loans. Within 6 months, Tousa filed for bankruptcy. The court ruled the 2007 loans were fraudulent conveyances under bankruptcy law since the subsidiaries received no value and became insolvent as a result. The court voided $500 million in debt and ordered the banks to return the funds.
This document is a complaint filed by the Securities and Exchange Commission (SEC) against Chalala Academy LLC, Lendvesting Academy Corp., and Alexandra Robert for violations of federal securities laws related to an alleged fraudulent investment scheme. The SEC alleges that from May 2020 to August 2021, the defendants raised approximately $900,000 from around 80 investors, mostly members of the Haitian and Haitian-American community in South Florida, by falsely promising guaranteed high returns of up to 48% through unregistered investment programs. The SEC claims the defendants misrepresented key facts to investors and misappropriated around $200,000 of investor funds, using other funds to make "Ponzi-like" distributions. The SEC is
This verified complaint was filed in the Court of Chancery of the State of Delaware by Joint Stock Company Commercial Bank PrivatBank against Igor Valeryevich Kolomoisky, Gennadiy Borisovich Bogolyubov, and various entities owned or controlled by them. The complaint alleges that Kolomoisky and Bogolyubov used their control of PrivatBank to orchestrate fraudulent schemes, referred to as the Optima Schemes, to launder hundreds of millions of dollars in improperly issued PrivatBank loans into the United States to acquire assets for their own benefit. The complaint brings claims including alter ego liability, unjust enrichment, fraudulent transfer, violations of Ohio's RICO statute, and civil conspiracy.
1) The Madoff Ponzi scheme emphasizes the need for thorough due diligence when investing, as Madoff was able to exploit the lack of transparency in hedge funds.
2) The economic downturn has significantly impacted company-sponsored retirement plans, with many seeing large declines in asset values. Plan sponsors need to monitor investment performance and educate employees.
3) Taxpayers defrauded by Madoff may be able to claim theft losses or recover taxes paid on fictitious income reported by his fund. Plan sponsors also need to understand fiduciary responsibility and hardship withdrawal rules.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART KALYAN CHART
The document describes a sale of a yacht by Fancy Yachts to a buyer, Vistas LLC, that did not go through due to the buyer defaulting on payments. This caused Fancy Yachts to incur substantial costs over several years to maintain, modify and eventually sell the yacht to a new buyer. The original buyer, Vistas LLC, had a history of fraudulent behavior and placing liens on the yacht, resulting in legal costs for Fancy Yachts to resolve.
This document is a complaint filed by the Securities and Exchange Commission (SEC) against Gina Champion-Cain, ANI Development, LLC, and American National Investments, Inc. alleging securities fraud. The SEC claims that since 2012, the defendants have raised over $300 million from investors by falsely claiming to offer short-term, high interest loans to finance liquor license applications in California. In reality, the defendants misappropriated investor funds, provided forged escrow agreements, and misled investors about the use and security of their funds. The SEC is seeking to appoint a receiver, permanent injunctions, disgorgement of ill-gotten gains, and civil penalties.
The document provides background information on the Edward J. DeBartolo Corporation (EJDC), a large real estate and shopping mall developer, and its debt restructuring efforts in the late 1980s and early 1990s. It describes EJDC's expansion into retail acquisitions that were financed through large amounts of debt, leading to cash flow issues. It also summarizes Citibank's review of its exposure to EJDC and the bank's efforts to optimize its position through additional collateral or restructuring EJDC's debts before it eventually defaulted on interest payments.
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
1. The document provides details about an award nomination for the turnaround of home furnishings retailer Z Gallerie. It includes information about the nominees, the reorganized company, and key players.
2. Prior to reorganization, Z Gallerie had grown to 86 locations and $236M in annual revenue by 2006 but saw losses of $4.7M in 2008 due to housing market decline. By early 2009 it had $25M in debt and filed for bankruptcy.
3. The turnaround team closed 26 underperforming stores, negotiated rent concessions, obtained exit financing, and developed a plan confirming by September 2009 to save 865 jobs and provide a 50% recovery for unsecured creditors.
The SEC alleges that Defendants James Patten, Peter Coker Sr., and Peter Coker Jr. perpetrated a fraudulent stock manipulation scheme involving two companies - Hometown International and E-Waste Corp. Specifically, the Defendants took control of the outstanding shares of the two companies and artificially inflated their stock prices through matched and wash trades executed through affiliated nominee accounts. This inflated the market capitalization of the companies to amounts greatly exceeding their actual operations and revenues. The Defendants profited from selling and holding the inflated stock, and also caused the companies to transfer funds to them through purported consulting agreements. The SEC is seeking to enjoin further violations and obtain penalties, disgorgement, and a penny stock bar against the Defendants.
Elizabethan England in the 2010 Global RecessionDavidConaway
The document discusses fraudulent conveyance laws and a recent court case involving their application. It summarizes that in the Crown Stock Distribution case, a bankruptcy court found that a company's pre-bankruptcy sale of assets in exchange for debt it could not repay constituted a fraudulent conveyance. The court ordered the cash from the sale returned to the bankruptcy estate. The document notes unsecured creditors are increasingly pursuing various third party claims, including through fraudulent conveyance laws, to recover funds for creditors in bankruptcy.
In this tutorial, Chris Roush helps you become better acquainted with the inner-workings of bankruptcy court and shows you best practices for identifying stories in documents.
Roush is the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill.
5 Small(er) But Mighty Litigation ShopsSean Gorman
Five relatively small law firms were recognized for their litigation successes over the past year, making the list of top 50 litigation firms despite having fewer than 200 attorneys. These firms were Lieff Cabraser Heimann & Bernstein LLP, Bracewell LLP, Kaye Scholer LLP, Cravath Swaine & Moore LLP, and Kramer Levin Naftalis & Frankel LLP. They achieved victories for clients in high-stakes cases worth millions or billions of dollars through strategic focus on litigation, cooperation between attorneys, and developing expertise in key practice areas. Firm representatives said their litigation-focused models and cultures allowed them to compete successfully against larger firms.
Reliant Resources recently refinanced $6.2 billion in debt to stabilize its operations during a difficult time for the energy industry. Some critics argue these refinancings merely delay inevitable problems by increasing debt levels. Reliant extended $5.9 billion in bank debt and added a $300 million credit line. However, Reliant's CFO states the goal is to improve its credit rating by paying down debt and eventually refinancing on an unsecured basis rather than relying on bank loans. While money is available from distressed debt investors, banks continuing to roll over loans is preventing capital from circulating in the market.
The bankruptcy of Vallejo, California redefined the concept of municipal solvency under Chapter 9. While Vallejo had $136 million in cash reserves, the court determined this was restricted funding with legal obligations and could not be used to address immediate needs, establishing that a municipality can be insolvent prospectively. This precedent gives municipalities leverage in negotiations with unions by establishing bankruptcy as a real option to restructure agreements. Many cities have since implemented two-tier wage systems, outsourced services, or taken other steps to restructure costs in response to the new landscape created by the Vallejo decision.
Chicago Daily Law Bulletin - Complicated case spells out principles on unjusPaul Porvaznik
The appellate court provided guidance on unjust enrichment and constructive trusts through a complicated case involving a commercial tenant's bankruptcy. The landlord had been assigned the approved claim in bankruptcy court but kept the funds rather than assigning them to the lender as stipulated. The court found the landlord was bound by the stipulation and unjustly enriched itself by keeping the funds. A constructive trust was imposed because it would be unfair to allow the landlord to retain possession of funds that should have gone to the lender per the stipulation. The case clarified the elements and application of unjust enrichment and constructive trusts.
Sukuk Has Tremendous Potential in the USA as a Capital Raising Instrumentprcircle
Camille Paldi, CEO of the Franco-American Alliance for Islamic Finance (FAAIF), a US citizen with an MA in Islamic Finance from Durham University (UK), explains sukuk to a US audience at the Chicago Islamic Finance Conference.
The US housing market crashed in the late 2000s, forcing many homebuilders like Tousa Inc. into bankruptcy. Tousa had taken on over $1 billion in debt to fund its rapid expansion. In 2007, Tousa arranged $500 million in new loans from banks like Citigroup and Wells Fargo, using subsidiaries as co-borrowers. Most of the funds paid off prior loans. Within 6 months, Tousa filed for bankruptcy. The court ruled the 2007 loans were fraudulent conveyances under bankruptcy law since the subsidiaries received no value and became insolvent as a result. The court voided $500 million in debt and ordered the banks to return the funds.
This document is a complaint filed by the Securities and Exchange Commission (SEC) against Chalala Academy LLC, Lendvesting Academy Corp., and Alexandra Robert for violations of federal securities laws related to an alleged fraudulent investment scheme. The SEC alleges that from May 2020 to August 2021, the defendants raised approximately $900,000 from around 80 investors, mostly members of the Haitian and Haitian-American community in South Florida, by falsely promising guaranteed high returns of up to 48% through unregistered investment programs. The SEC claims the defendants misrepresented key facts to investors and misappropriated around $200,000 of investor funds, using other funds to make "Ponzi-like" distributions. The SEC is
This verified complaint was filed in the Court of Chancery of the State of Delaware by Joint Stock Company Commercial Bank PrivatBank against Igor Valeryevich Kolomoisky, Gennadiy Borisovich Bogolyubov, and various entities owned or controlled by them. The complaint alleges that Kolomoisky and Bogolyubov used their control of PrivatBank to orchestrate fraudulent schemes, referred to as the Optima Schemes, to launder hundreds of millions of dollars in improperly issued PrivatBank loans into the United States to acquire assets for their own benefit. The complaint brings claims including alter ego liability, unjust enrichment, fraudulent transfer, violations of Ohio's RICO statute, and civil conspiracy.
1) The Madoff Ponzi scheme emphasizes the need for thorough due diligence when investing, as Madoff was able to exploit the lack of transparency in hedge funds.
2) The economic downturn has significantly impacted company-sponsored retirement plans, with many seeing large declines in asset values. Plan sponsors need to monitor investment performance and educate employees.
3) Taxpayers defrauded by Madoff may be able to claim theft losses or recover taxes paid on fictitious income reported by his fund. Plan sponsors also need to understand fiduciary responsibility and hardship withdrawal rules.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
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𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
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1. Sale likely for Skyway Luggage as owner, receiver battle in court - Puget Sound Business... Page 1 of 6
From the Puget Sound Business Journal: http://www.bizjournals.com/seattle/print-
edition/2011/12/16/sale-likely-for-skyway-luggage-as.html
Sale likely for Skyway Luggage as
owner, receiver battle in court
Premium content from Puget Sound Business Journal by Jeanne Lang Jones,
Staff Writer
Date: Friday, December 16, 2011, 3:00am PST
Related:
Banking & Financial Services, Legal Services, Bankruptcies
Jeanne Lang Jones
Staff Writer - Puget Sound Business Journal
Email
Prominent Seattle businessman Henry “Skip” Kotkins Jr. is embroiled in a
multimillion-dollar legal battle with the receiver he selected to sell his family’s
struggling Skyway Luggage Co. and its assets to satisfy creditors.
The legal dispute arose out of a financial crisis that has hobbled the 101-year-old
Seattle company credited with popularizing the wheeled suitcase.
The receiver, Revitalization Partners LLC, in early November filed a lawsuit in King
County Superior Court accusing Skyway Luggage CEO Kotkins and other company
executives of “excessive wages” and “failures … to exercise any management or control,”
among other things, according to the complaint. The lawsuit also accused Kotkins of
“unjustly enriching” himself with $14.9 million in personal loans.
Kotkins denied the allegations, arguing that the company was dragged down by market
conditions, a dramatic industry consolidation, and that the temporary loans he received
were common practice for a family owned business.
2. Both sides agree that the company’s financial condition deteriorated and it needs to
be sold.
http://www.bizjournals.com/seattle/print-edition/2011/12/16/sale-likely-for-skyway-lugga... 12/16/2011
3. Sale likely for Skyway Luggage as owner, receiver battle in court - Puget Sound Business... Page 2 of 6
Seattle-based Revitalization Partners, acting on behalf of Skyway Luggage’s creditors,
is seeking at least $39.9 million from Kotkins, as well as at least $6 million each from
two other company executives, according to the lawsuit.
Kotkins, who chairs the Seattle Metropolitan Chamber of Commerce and is a director
for the Seattle Branch of the Federal Reserve Bank of San Francisco, told the Puget
Sound Business Journal he has done nothing wrong.
“I know what I did and why I did it, and I did not do anything wrong or illegal,” he said.
“If I had, I wouldn’t have chosen to go into receivership. Why expose myself to any
public document scrutiny if I had done anything wrong?
“I have lived my whole life as an upstanding, contributing part of the
community. Everyone knows me and my reputation is strong.”
Kotkins’ attorney, John Rizzardi of Seattle law firm Cairncross & Hempelmann PS, said his
client denies the allegations.
The receiver’s attorney, Michael Nesteroff, of Seattle law firm Lane Powell PC, declined
to comment on the case.
Whatever the outcome, the dispute is probably the beginning of the end of the Kotkins
family’s ownership of Skyway Luggage, which was founded by Kotkins’ grandfather in
1910 and survived the Great Depression. Three generations of the Kotkins family have
managed the company, which is now owned by Skip Kotkins and a family trust.
In recent years, the company made luggage under its own brand and under
a manufacturing licensing agreement for retailer Eddie Bauer, among others.
The lawsuit and related documents, along with several interviews with Kotkins and other
parties to the dispute, paint the picture of a third-generation owner who put his struggling
company into receivership, only to have the receiver sue him and other executives for
damages.
Kotkins said he put his own company into receivership in June, after Skyway Luggage
foundered under the onslaught of a “perfect storm” of business reversals. The
recession battered the company’s sales, one of its largest customers couldn’t pay its
bills, and the company struggled with its main Chinese manufacturer over quality
issues, he said. The recession has claimed a number of other wholesale luggage
makers that have either closed or been sold to competitors as the industry
consolidates.
The receiver, Revitalization Partners, specializes in business turnarounds,
receiverships and bankruptcy and crisis support.
Similar to a bankruptcy filing, receiverships in Washington state put litigation and
collection proceedings on hold, but the procedure does not follow the same strict
timelines as bankruptcy, allowing the receiver greater flexibility in selling assets.
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Kotkins said he concluded that Skyway Luggage was worth more as a going concern,
and should be sold as an intact business.
“Skyway going it alone as an independent company did not make sense,” Kotkins said. “It
needed to be part of a larger operation. And, at my age and stage in life, it made sense
to be a seller.”
But the lawsuit filed by the receiver painted a different picture of what was behind the
company’s financial struggles.
Revitalization Partners alleged in its lawsuit that it “was appointed due to Skyway’s
mounting financial difficulties arising from the diversion of its working capital to fund
excessive wages to Kotkins” and two other executives, William H. Wilhoit, the chief
operating officer and president; and Jennifer Carmichael, the executive vice president and
secretary. Carmichael is Wilhoit’s daughter. Wilhoit, who joined the company in 1990, was
appointed president in 2003. According to Kotkins, Wilhoit oversaw much of the
company’s day-to-day management.
Skyway Luggage’s performance was also compromised, the lawsuit alleged, by “personal
loans” to Kotkins, as well as by “the failures of Kotkins, Wilhoit and Carmichael each to
exercise any management or control over the corporation’s business.”
“The company now faces potential liquidation because of its lack of working capital
and inability to access credit,” the lawsuit said.
The attorney for Wilhoit and Carmichael, Chris Nicoll, of Nicoll, Black & Feig PLLC in
Seattle, said, “Bill and Jennifer are capable and competent executives. They sought out
and relied upon the advice of professionals and we will be providing our defense in due
course.”
Kotkins said of the allegations: “Anybody can say anything they want in a complaint,
and they usually do.”
Revitalization Partners is asking for a judgment of at least $25 million against Kotkins and
$6 million each against Wilhoit and Carmichael, alleging breaches of fiduciary duty, waste
of assets and unjust enrichment.
The receiver is also seeking a judgment of $14.9 million for amounts owed on a series
of loans Kotkins obtained from the company between 2006 and 2010.
In detailing its claims against Kotkins, Wilhoit and Carmichael, the receiver put forth
its scenario of the company’s decline.
Between 2006 and 2010, the company’s gross sales plunged 69 percent — from $46.6
million to $14.6 million — and the company became insolvent, the receiver contends in its
lawsuit.
In his answer to the complaint, Kotkins denies the company was insolvent in 2007,
claiming it had a net worth of close to $20 million at that time. He admitted that Skyway
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Luggage’s financial condition deteriorated between 2007 and 2010, but denied that the
decline was the result of his taking loans from the company. Instead, he said “the
greatest cause of Skyway’s deteriorating financial condition … was the drop in value of
Skyway’s marketable securities portfolio,” which was “the primary contributor to
Skyway’s inability to pay its vendors.”
The securities portfolio was later surrendered to the company’s bank.
Kotkins also “denies that he failed to exercise appropriate supervision and control
over Skyway’s officers and employees,” his answer to the complaint said.
Meanwhile, the receiver claimed the company paid $5.3 million in dividends to
Kotkins that was used to pay off unspecified prior loans, according to the lawsuit.
Kotkins’ lawyer, Rizzardi, points out that for Subchapter S corporations, such as Skyway
Luggage, shareholders are responsible for paying the company’s taxes and that
distributions are commonly made for that purpose.
In October, Revitalization Partners told the court it had a plan for selling Skyway Luggage
and its assets, and had received an offer on one of the company’s properties.
Revitalization Partners’ Al Davis said he believes the Skyway Luggage brand name
will survive.
“Our objective always is to maximize the value of the assets, and Skyway is an iconic
brand,” he said. “I believe we will be successful in having it survive.”
In mid-November, with the holiday shopping season nearing, the court authorized
the receiver to sell certain Skyway inventory for approximately $1.3 million.
Kotkins and his company face other challenges.
In July, Kotkins and his wife, Jacqueline, gave Columbia State Bank their home
in Seattle’s Magnolia neighborhood with a deed in lieu of foreclosure.
Kotkins said the couple, as empty nesters, had wanted to downsize to a smaller residence.
They had been trying to sell their home for 16 months and had dropped the price by 40
percent when they contacted the bank about taking the deed, he said.
“We initiated that idea and they agreed,” said Kotkins. “We are very pleased that this
allowed us to move to a smaller residence, as so many couples do at our stage in life.”
The house is currently listed for sale for $4.9 million, according to the online listing
service Zillow.com.
In November, Wells Fargo Bank sued Kotkins personally for $9.5 million in King County
Superior Court, claiming he unconditionally guaranteed a series of loan agreements
between Skyway Luggage and Wells Fargo that were not repaid.
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Wells Fargo’s attorneys did not return calls for comment on that case. Rizzardi said it
was “unfortunate” that Wells Fargo took legal action rather than being willing to wait for
the assets to be sold.
Skyway Luggage’s main manufacturer and largest unsecured creditor, Suzhou Harmony
Travelware Co. Ltd. in China, claims it is owed about $6 million, said Harmony’s
attorney, Dean Messmer of Seattle law firm Lasher
Holzapfel Sperry & Ebberson PLLC.
According to a declaration that’s part of the court file in the receiver’s lawsuit, Skyway
Luggage made its last payment to Harmony in May, when the Chinese manufacturer
stopped shipments. At the time, Harmony claimed it was owed about $4.4 million for
shipped orders.
“We are waiting to see the results of the receiver’s liquidation of assets and the
receiver’s lawsuits against Mr. Kotkins and the other officers of the company,” said
Harmony’s attorney Messmer. “If he is successful, my client will be repaid in full.”
Rizzardi said Harmony’s claims are in dispute.
“Our understanding is the receiver wants to complete the receivership as quickly as
possible,” Rizzardi said. “It will sell the assets, possibly resolve the lawsuit in mediation
and obtain a decision on the disputed Harmony claim in coming months.”
Meanwhile, Kotkins is working on selling his family’s company with Davis, the
receiver, who is simultaneously suing him in King County Superior Court.
Davis said: “This is a business problem. It is not a personal problem.”
“It is a strange situation,” Kotkins said. “I’ve got someone who is suing me and I’m
working closely with them every day.”
JLJ@BIZJOURNALS.COM | 206.876.5426
A Three-Generation Endeavor
The legal battle between Henry “Skip” Kotkins Jr. and the court-appointed receiver for his
business, Skyway Luggage Co., is the greatest challenge yet for a family that has
weathered crises through three generations.
The Seattle-based company was founded in 1910 by Kotkins’ grandfather, Abe Kotkins, a
Lithuanian immigrant, as Seattle Suitcase, Trunk and Bag Manufacturing Co., according
to a history on the Skyway Luggage website.
Abe Kotkins built the business for a quarter century, then struggled to keep it afloat
during the Great Depression. He died of a heart attack at the age of 49, reportedly
having worked himself to death.
His son, Henry Louis Kotkins, was a year out of law school when he stepped in to save the
family business in 1936. He was an innovator, renaming the company Skyway Luggage to
capture the excitement of the growing airline industry. He rolled out colored luggage at a
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time when most baggage was a somber black or brown.
Henry Louis Kotkins also had an active civic life. He served as a Port of Seattle
commissioner for 13 years, helping forge a relationship with China. That nation has since
become one of Washington state’s largest trading partners. He was a devoted Rotarian
and on the committee that helped stage the 1962 Seattle World’s Fair. He died in 2002,
according to newspaper obituaries.
His son, Henry “Skip” Kotkins Jr., joined the company full time in 1972 and became CEO and
chairman of the company in 1980. He, too, has a long résumé in civic affairs. Henry “Skip”
Kotkins Jr. is currently chairman of the Seattle Metropolitan Chamber of Commerce and a
director for the Seattle Branch of the Federal Reserve Bank of San Francisco. He is also past
president of the Rotary Club of Seattle, past chair of the Washington Council on International
Trade, and a former trustee of the Fred Hutchinson Cancer Research Center.
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