August 16, 2007
Jeffrey Klein, a Newport Beach developer, has won an auction to take over the lease of the Queen Mary, the world-famous ocean liner harbored in Long Beach. Klein, who formed the "Save the Queen" group to bid on the ship in bankruptcy court, won with an offer of $43 million. The other final contender for ownership of the Queen Mary, a Santa Monica-based real estate developer called O&S Holdings, withdrew from the bidding Tuesday. Queen's Seaport Development Inc., which held the lease to the Queen Mary for 14 years, filed for bankruptcy in 2005.
February 15, 2001
Law firm Graham & James is on the way out of town. The firm, forced into bankruptcy last year by creditors, is in the midst of leaving its plush Center Tower offices. The firm held a lease for the 21-story building's sixth floor but was subleasing most of the space to other attorneys. Nearly a dozen firms had leased space on the floor. The most well known is Watergate figure and Corona del Mar resident Donald Segretti. Those lawyers were jolted Wednesday when those still moving out came to work to find the phones cut off. The lease was seized as a result of Graham & James filing for Chapter 7 on Dec. 21. Creditor Mellon Bank forced the firm into bankruptcy.
May 25, 2001
Mathis Winkler NEWPORT BEACH -- Denver billionaire Philip Anschutz and a Los Angeles-based capital management company will take control of Edwards Theaters Circuits Inc. if a bankruptcy court judge approves the deal in June. Officials for the financially ailing Newport Beach movie theater company announced Thursday that Anschutz and Oaktree Capital Management LLC will receive preferred stock and 51% of Edwards' shares in return for a $56-million investment.
July 24, 2001
Mathis Winkler NEWPORT BEACH -- Inching closer to a takeover of Edwards Theaters Circuit Inc., lawyers for creditors in the company's bankruptcy proceedings announced Monday that they have reached a deal with Edwards and its likely new owners. The company, based in Newport Beach, filed for bankruptcy protection in the U.S. Bankruptcy Court in Santa Ana in September. At the time, Edwards officials cited a public demand for state-of-the-art stadium megaplexes and a drop in attendance at older theaters as the reason for money problems.
June 28, 2001
Paul Clinton JOHN WAYNE AIRPORT -- With the dissolution of Trans World Airlines, the Board of Supervisors have handed over the airline's two daily departures to American Airlines on an interim basis. The board unanimously approved the transfer Tuesday. American, which paid $742 million for TWA after the airline filed for bankruptcy protection in April, can use the flight slots until Sept. 30. At that time, Airport Director Alan Murphy is expected to determine what to do with the flights.
April 5, 2010
A federal judge sentenced a Newport Beach man to five years in prison Monday for “extreme greed” in defrauding several government institutions out of millions of dollars through mortgage, tax and bankruptcy fraud from 1995 to 2001. Lorenzo Espinoza, 43, a Newport Coast resident, pleaded guilty in 2006 to defrauding the Department of Housing and Urban Development, two counts of bankruptcy fraud, one count of money laundering and one count of failing to pay 10 years’ worth of taxes to the Internal Revenue Service.
March 14, 2003
Two couples accused of fraud Orange County federal prosecutors over the last month have filed charges against 13 defendants, including two Newport-Mesa couples, accused of committing bankruptcy fraud, officials said. Mark Steven Manderson, 49, and his wife, Leslee Jean Conner Manderson, 44, of Newport Beach, were charged with concealing substantial assets and making false statements in connection with their bankruptcy case, according to a news release issued by the U.S. attorney's office on Thursday.
March 24, 2005
Ralph Rodheim Since Orange County's bankruptcy 10 years ago, I have been interested in the county's financial strength and its plan to repay the debt and avoid huge interest payments. I now understand that the county has an opportunity to refinance the debt in order to repay it approximately 10 years earlier than was originally forecast. Depending on interest rates, the proposed refinancing would save the county at least $70 million, which could be used to address critical issues and the need for vital county services.
September 9, 1999
Noaki Schwartz NEWPORT BEACH -- The story of the Newport Beach International Film Festival bankruptcy has all the makings of a cinematic mystery itself. Seemingly successful, after four years of increasing entries and attendance, the annual event's reported demise has baffled many in the city. "I'm sorry to hear about the current state of affairs," said Todd Quartararo, former publicist for the festival, who just heard the news from a Daily Pilot editor.
March 10, 2010
Orange County Treasurer Tax Collector Chriss Street has been ordered by a federal bankruptcy judge to pay more than $7 million in damages related to trustee work he performed for a bankrupt company, according to published reports. U.S. Bankruptcy Judge Richard M. Neiter found that Street, a Newport Beach resident, “breached his fiduciary duty five years ago when he served as a trustee for a bankrupt truck-trailer company,” the Orange County Register reported. The judge then directed Street to pay more than $7 million in damages to End of the Road Trust, according to the newspaper.