Fremont Bankruptcy Attorney Discusses Sacramento-Based Tower Records Sold At Bankruptcy Auction To Liquidation Firm Great American Group
Fremont Bankruptcy Attorney Discusses Sacramento-Based Tower Records Sold At Bankruptcy Auction To Liquidation Firm Great American Group
On October 6, Tower Records was sold to Great American Group for $134.3 million at a bankruptcy auction. Great American Group plans to sell all of Tower’s inventory, and going-out-of-business sales are already taking place at all 89 Tower stores.
Tower Record’s website Tower.com, Pulse! Magazine and its 33rd Street Records, however, are being bought by Norton LLC of San Francisco for $3.8 million.
Tower Records owes $200 million to creditors and in August had filed for bankruptcy for a second time.
Bankruptcydata.com lists the 15 largest bankruptcy filings since 1980:
Worldcom, Inc.:
2002 - $103,914,000,000
Enron Corp:
2001 - $63,392,000,000
Conseco, Inc.:
2002 - $61,392,000,000
Texaco, Inc.:
1987 - $35,892,000,000
Financial Corp. of America:
19'88 - $33,864,000,000
CA-CRefco Inc.:
2005 - $33,333,172,000
Global Crossing Ltd.:
2002 - $30,185,000,000
Pacific Gas and Electric Co.:
2001 - $29,770,000,000
UAL Corp.:
2002 - $25,197,000,000
Delta Air Lines, Inc.:
2005 - $21,801,000,000
Adelphia Communications:
2002 - $21,499,000,000
MCorp.:
1989 - $20,228,000,000
Mirant Corporation:
2003 - $19,415,000,000
Delphi Corporation:
2005 - $16,593,000,000
First Executive Corp.:
1991 - $15,193,000,000
The Law Offices of Scott Sagaria works with clients throughout the San Francisco Bay Area, including San Mateo, Alameda, Santa Clara, Contra Costa, in all areas of bankruptcy law and business formation matters. This includes bankruptcy proceedings, collections and repossessions, reorganizations and restructuring, collections and repossessions, creditors' rights and matters, the discharge of debt, and workouts. Your personal and financial interests are important to us. Contact the Law Offices of Scott Sagaria for a free consultation.
Tower Records' Inferno: Liquidation Order In Bankruptcy Court, Mercurynews.com, October 15, 2006
Farewell To Tower Records, Davisenterprise.com, October 11, 2006
The 15 Largest Bankruptcies: 1980 - Present, Bankruptcy Data.com
Related Web Resource:
Bankrupty Statistics, US Trustee Program, US Department of Justice
