The VLW Blog

Restructuring – or getting approval to reject – its contracts with nine labor unions is a key to the Chapter 11 petition filed today by The Greenbrier.
That is evident in an affidvait filed in the bankruptcy by Michael McGovern, chief financial officer of Greenbrier Hotel Corp., which also makes it clear that finding a buyer [...]

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An official with the beleaguered Peanut Corp. of American disclosed today that the company has product liability coverage from two policies totaling $12 million.
The information came during a creditors meeting in bankruptcy court in Lynchburg.  As reported by The News & Advance, federal officials have linked the company to 650 salmonella cases.  Scores of lawsuits [...]

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The U.S. Bankruptcy Court in Lynchburg is holding a hearing today in the case of the Peanut Corp. of America.
The defunct peanut company filed for Chapter 7 protection on Feb. 13, reports the The News & Advance. The company has been linked to more than 650 cases of salmonella and may be connected to [...]

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The embattled Peanut Corp. of America has filed for bankruptcy in the Western District of Virginia.
The Lynchburg-headquartered company is facing a federal criminal investigation and an expected flood of lawsuits over peanut products allegedly tainted with salmonella bacteria. PCA’s insurance company recently filed suit in Lynchburg, asking a judge to limit the insurer’s exposure [...]

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Major creditors in Michael Vick’s bankruptcy case object to his disclosure statement, saying the statement lacks detail on his finances and on his prospects of returning to the NFL.
The Daily Press reports that the disclosure statement, submitted last month, showed millions in unexplained cash withdrawals and transfers over the last two years.
“With such large [...]

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Richmond-based LandAmerica Financial Group Inc., the country’s third largest title insurer, is filing for Chapter 11 protection.
As part of the Chapter 11 plan, the company expects to sell its two principal underwriting subsidiaries, Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Company, to Fidelity National Title Insurance Company and Chicago Title Insurance Company [...]

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Circuit City Stores Inc., the Richmond-based electronics giant, filed for Chapter 11 bankruptcy this morning.
The company’s action comes after stiff competition from Best Buy Co. and losses of $320 million last year. Circuit City said it hopes to remain open during the holiday season, as it puts together a restructuring and reorganization plan. In its [...]

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Lawyers for Michael Vick have asked a federal bankruptcy judge to appoint a mediator to help settle his financial obligations with creditors.
As reported by the Associated Press, Judge Frank J. Santoro told a representative of several creditors to make sure mediation would be acceptable to them before he appoints a mediator.
If he makes it back [...]

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Michael Vick’s efforts to reorganize his finances through bankruptcy continues to be bogged down by difficulty in determining just what he has – and where it has gone.
The Daily Press has an account of yesterday’s hearing, which raised the possibility that family members will have to return money and gifts from Vick in the two [...]

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That seems to be a key question for U.S. Bankruptcy Judge Frank Santoro as he seeks to make sense of Michael Vick’s financial affairs.
As reported in The Atlanta Journal-Constitution, Santoro has ordered a hearing on Sept. 5 to explore the quarterback’s finances.  Questions have arisen about the reliability of both Vick’s “trusted advisor” and his [...]

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