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Bankruptcy

NEWS
May 12, 2005
These days it seems there are so many laws, it's impossible not to break one at some time or other. But when it comes to that, Newport Beach Assemblyman Chuck DeVore has got your back. A bill DeVore wrote, passed by the Assembly last week, would mean drivers no longer have to notify police when they hit a parked car, provided they leave their insurance and contact information. The law now says the police must be notified immediately, but many drivers don't call them -- which means they're guilty of a misdemeanor.
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NEWS
By Joseph Serna | July 9, 2012
Police arrested a Costa Mesa man Sunday after he allegedly shot his former business partner in the Redwood Avenue home they shared. Thomas Michael Wilhelm, 48, was booked on suspicion of murder and is being held in Orange County Jail in lieu of $1-million bail. Just before 6:30 p.m. residents reported hearing a possible episode of domestic violence at the home in the 2900 block and called police, authorities said. Neighbors reporting hearing several gunshots before officers arrived.
BUSINESS
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.
NEWS
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.
NEWS
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.
NEWS
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.
NEWS
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.
LOCAL
By Joseph Serna | 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.
NEWS
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.
NEWS
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.
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