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By Staff Report / Tuesday, April 1st, 2014 / Banking & Finance, South Coast, Top Stories / 1 Comment
The Select Staffing Family of Companies, the Santa Barbara-based staffing services giant, filed a pre-packaged Chapter 11 bankruptcy on April 1 listing between $50 million and $100 million in debts and $100 million to $500 million in assets.
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By Tom Bronzini / Friday, February 21st, 2014 / Central Coast, South Coast, Top Stories, Tourism, Tri-County Economy, Wine & Viticulture / Comments Off on Sanford, free of debt, looks to future at Alma Rosa Winery
Richard Sanford, free of a crushing debt burden, says he is excited about the future of Alma Rosa Winery and Vineyards and his role there, even though he has lost ownership.
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By Stephen Nellis / Friday, November 1st, 2013 / Real Estate, South Coast, Top Stories, Tourism / Comments Off on Court launches bids for eight Nesbitt hotels
Montecito hotel magnate Pat Nesbitt could lose as many as half of his Embassy Suites properties under a recently approved bankruptcy reorganization plan.
Nesbitt and his company, Windsor Capital Group, parked a portfolio of eight Embassy Suites hotels in Chapter 11 bankruptcy, listing more than $100 million in debts, after being unable to work out a deal with his servicer, New York-based Torchlight Investors. Nesbitt’s Embassy Suites properties in Lompoc and San Luis Obispo were not involved in the case.
Court documents filed in U.S. Bankruptcy Court in Santa Barbara indicate the eight hotels in the bankruptcy are now slated to go to the auction block.
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By Stephen Nellis / Friday, October 25th, 2013 / Banking & Finance, Law, Real Estate, Top Stories / Comments Off on Montecito investor gets sentencing date as ex-wife seeks bankruptcy
David Prenatt, the Montecito real estate investor who took in $18 million from more than a dozen people and then used the cash to support what a bankruptcy trustee called “lavish spending habits,” is headed for a sentencing in federal criminal court on Dec. 9.
Prenatt struck a deal with federal prosecutors this summer and pleaded guilty to giving false loan application information to Lompoc-based CoastHills Federal Credit Union. Prenatt’s creditors forced him into an involuntary bankruptcy proceeding in 2009. Earlier this fall, his former wife Maria Prenatt filed for personal bankruptcy claiming $27.1 million in debts.
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By Stephen Nellis / Friday, October 4th, 2013 / Banking & Finance, Law, Top Stories / Comments Off on Nordman Cormany opts for private liquidation
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By Stephen Nellis / Friday, July 26th, 2013 / Banking & Finance, Banking Industry, Law, Technology, Top Stories / Comments Off on Make It Work creditors demand $150K from defunct firm
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By Stephen Nellis / Friday, October 19th, 2012 / Top Stories / Comments Off on Ch. 7 liquidation clouds Melchiori creditors’ path
Creditors to Santa Barbara-based Melchiori Construction Co. face a potentially long and complicated path to recovering any of the millions of dollars they loaned the firm. The general contractor filed for Chapter 7 bankruptcy protection at 9:02 a.m. on Oct. 16 and listed assets of $50,000 or less and debts between $1 million and $10 Read More →
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