South Florida Bankruptcy Lawyer

Medical Staffing Networks, the Boca Raton-based temporary nurse staffing company, has been approved by a bankruptcy judge to be sold to its first-lien creditors.

Medical Staffing filed for Chapter 11 bankruptcy in July.  Earlier this month, a new company, Medical Staffing Network Healthcare Group, won a bid to buy the company for $84.1 million.  The company listed assets of $87.8 million and debts of $140.9 million.  Now, a Florida bankruptcy judge has approved the transfer of ownership to its first-lien creditors who were owed almost $100 million.  The company’s second-lien lenders, who were owed $26.8 million, also approved the sale.

A report from the South Florida Business Journal says that Medical Staffing will continue to operate and be freed of its debts.

If you or someone you know is considering filing for bankruptcy protection, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about your rights.

Last Monday, The Colony Beach & Tennis Club on Longboat Key filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Tampa.  Chapter 11 bankruptcy allows a business to continue operating while they reorganize and create a plan to pay off their creditors.

The bankruptcy was filed by the President of Resorts Management, Inc., Murray J. Klauber.  Klauber is a general partner for the resort.

The resort began facing troubles recently after disputes between hotel owners and its homeowners association over who is responsible for maintenance costs.  The resort has 234 hotel unit owners.  Owners of units at the hotel buy the unit and use it for thirty days out of the year, and rent it out to guests for the rest of the year.

If you or someone you know is considering filing for bankruptcy protection, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about your rights.

MGM still owes its over 100 lenders over $400 million.  MGM is approaching the end of its sixth debt forbearance agreement extension and unless they are able to stretch their time by obtaining a seventh extension, the studio will likely be forced into bankruptcy by mid-September.

The only other option the studio has is for its lenders to find more new equity capital.  Currently, lenders are trying to avoid forcing MGM into bankruptcy because they don’t want to lose rights to an upcoming James Bond film, so they are working hard to provide more capital.

If MGM does face forced bankruptcy, ownership would shift into the hands of its lenders and the studio would most likely no longer work as a film producer and distributor.

If you or someone you know is considering filing for bankruptcy protection, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about your rights.

Recently released data for the month of July from the U.S. Bankruptcy Court in Miami shows mixed statistics for counties in South Florida.

While counties like Miami-Dade and Palm Beach saw rises in personal bankruptcy filings, Broward County actually saw a decrease.  In July, Broward County had 954 personal bankruptcy filings, a significant decrease from the 996 in June.  However, Miami-Dade had 1,697 filings compared to the 1,639 personal bankruptcy filings in June.  Palm Beach had 553 personal bankruptcies filed, compared to the 471 in June.

In the tri-county area, overall bankruptcies were up by 3 percent from the month of June and up 52 percent from July 2009.

If you or someone you know is considering filing for bankruptcy, contact the Boca Raton Chapter 7 & Chapter 13 bankruptcy attorneys of Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about your rights.

The West Palm Beach home builder Majestic Custom Homes has filed for Chapter 7 bankruptcy under the name JPG Enterprises Inc..  Chapter 7 bankruptcy frees a company from its debts, prevents any further lawsuits or collections actions from being filed against it, and does not allow for reorganization.  Majestic Custom Homes listed $1.6 million in assets and $7 million in liabilities.

Majestic builds homes all over South Florida and even built a 2,300 square foot home for an episode of “Extreme Makeover: Home Edition” in 2006.  In the episode, cast and crew worked to build a dream home for cancer patient Dustan Rainford and his family of Riviera Beach, Florida.

According to the Palm Beach Post, clients complained that the company took months and sometimes even years to complete projects, to which Majestic’s president blamed on issues with permits and land surveyors.

If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Boca Raton Chapter 7 bankruptcy attorneys of Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about your rights.