Levitz Auction Set For Wednesday
Bankruptcy
New York-based Levitz Furniture, which was forced into bankruptcy by a credit crunch earlier this month, could have new owners as soon as Thursday after Manhattan’s bankruptcy court approved an auction that is set for Wednesday at noon. The winning bid could be approved the following day at a sale hearing overseen by U.S. Bankruptcy Court Judge Robert Gerber.
The order came despite concerns raised by some creditors over moving to an auction just more than three weeks after Levitz filed for Chapter 11 on Nov. 8. It’s the third time since 2001 that Levitz has been in bankruptcy. In 2005, Prentice Capital acquired Levitz in a similar court auction for about $70 million. According to published reports, Levitz has struggled since that time even though more than $200 million has been put into the business by its owners and investors.
The assets for sale could include retail locations, leases, merchandise and intellectual property, and other intangibles. Court motions last week also included provisions for going-out-of-business sales. The retailer has 76 stores in the Northeast and West.
Levitz’s bankruptcy earlier this month was due to “insufficient liquidity to support the company’s current operations.” The company also said the filing was part of its strategy to evaluate its options, including a sale or finding a new financial investor.
According to court documents, the company lists assets of more than $100 million and liabilities of more than $100 million. Its estimated number of creditors is listed as being between 1,000 and 5,000.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.