Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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June 2009

June 30, 2009

Grede Foundries, Inc. Files For Chapter 11


Grede Foundries, Inc. filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Western District of Wisconsin.  The debtor, based in Milwaukee, listed $144 million in assets and $148 million in debts on its petition.  Additionally, the petition lists a $33.7 million claim belonging to the Grede Employee Retirement Plan as the largest unsecured claim.

The debtor is a producer of iron and specialty metal parts serving the automotive industry.

Search for other Chapter 11 filings at www.chapter11library.com

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Southern Home Builders, LLC Files For Chapter 11


Southern Home Builders, LLC, of Murfreesboro, TN, filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Middle District of TN.  The homebuilder's petition lists between $10 and $50 million in assets and liabilities.

Need to follow new Chapter 11 filings in your industry?  Contact Ken at ktroubh@nationwideresearch.com to learn about our case monitoring service.

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Global Safety Textiles Holdings LLC Files For Chapter 11


Global Safety Textiles Holdings LLC filed for chapter 11 bankruptcy today at the United States Bankruptcy Court in Wilmington, DE.  The automotive safety textile manufacturer's petition lists assets and liabilities as between $100 and $500 million.

Court filings for the Greensboro-based debtor list Dow Corning Corporation and Bradford Industries as the largest unsecured creditors.

Search our database of over 4400 cases at www.chapter11library.com


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June 29, 2009

Babuski LLC Files For Chapter 11


Las Vegas based, Babuski LLC filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court for the District of Nevada.  The real estate investment firm's petition lists assets and liabilities as between $10 and $50 million.

See article below from the June 23, 2009 edition of the Las Vegas Sun for a related story.

 

Tue, Jun 23, 2009 (1:47 p.m.)

Click to enlarge photo

Jean Marc Eljwaidi

State security officers served a search warrant today at the office of a man charged with senior exploitation, as more victims continue to come forward in an investigation of a real estate scam.

Five more potential victims of Jamal Eljawaidi, also known as Jean Marc, came forward after Secretary of State Ross Miller issued an arrest warrant for him last week. Eljawaidi is still at large, Miller said.

Eljawaidi initially was sought for elder exploitation in December 2004, said Miller. The recent victims say they fell for investments with the real estate developer from 2005 through 2008.

In one case Eljwaidi took $400,000 from a 67-year-old man, who has been diagnosed with several mentally incapacitating conditions. Investigators said that Eljwaidi told the man he would be an equal partner in a commercial real estate venture.

Instead, Eljwaidi used up to $600,000, including the man's money, to live a lavish lifestyle while leaving the elderly man destitute.

Investigators said Eljwaidi and his employees called potential investors to offer them high interest payments if they would invest in short-term loans in a shopping center project on 9.23 acres of land near Russell Road and the 215 Beltway in the southwest Las Vegas Valley, Miller said.

The shopping center, hotel, theater and restaurant complex was supposed to be completed in October 2009, but so far it is an empty desert lot, Miller said. It is next to Eljwaidi's office, he said.

With evidence gathered by investigators with the search warrant, Eljwaidi could face new charges including securities fraud, sale of unregistered securities, obtaining money under false pretenses and racketeering, Miller said.

Eljwaidi's attorney, Steve Wolfson, also a Las Vegas City councilman, said in Justice Court recently that his client was out of the country. However, the Nevada Attorney General's Office said it has information that he is in the United States.

Anyone who knows where to find Eljwaidi or who invested with him or his companies, Babuski LLC and JKG Development, or anyone who believes they may have been a victim, is asked to call the Secretary of State's Office in Las Vegas at 486-2440, or (775) 688-1855 in Carson City.

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