NEEDHAM, Mass.–(BUSINESS WIRE)–Streambank, LLC today announced that a bid deadline and auction date have been finalized for the sale of intellectual property assets of Whitehall Jewelers Holdings, Inc. Bids may be entered until 4 p.m. EDT, Thursday, September 10. The auction will commence Tuesday, September 15, at 10 a.m. EDT, at the office of Proskauer Rose LLP in New York. Qualified bidders may participate in the auction by phone.

Among the notable IP assets for sale are four trademarks, three service marks and 15 foreign trade and service marks, including Whitehall, Lundstrom and Marks Bros, as well as eight URLs. Also available for purchase is Whitehall’s proprietary Whitestar™ cut of diamond.

“Whitehall Jewelers is nationally recognized, with a brand built over more than a century of providing high-quality engagement and wedding rings, as well as jewelry for other special occasions,” said Gabe Fried, Managing Member and Founder, Streambank, LLC. “We are optimistic about interest in these assets, particularly the well-known Whitestar™ brand.”

Also included in the sale is Whitehall’s customer mailing list, which is available to qualified bidders meeting certain Bankruptcy Court imposed restrictions.

Whitehall was founded in 1895 under the name Marks Bros. Jewelers. The national specialty retailer offered a selection of diamonds, gold, precious and semi-precious jewelry and watches. At the time of the bankruptcy filing, Whitehall reported it operated 373 stores in regional and super-regional malls in 39 states.

Chicago-based Whitehall filed voluntary Chapter 11 bankruptcy petitions in June 2008. A court-ordered liquidation followed unsuccessful attempts to sell the retail chain or obtain additional financing. Streambank was retained in June to undertake the marketing and sales efforts for Whitehall’s intellectual asset portfolio.

Interested parties may contact Streambank at 781.444.4940 to receive a copy of the Asset Purchase Agreement and Bid Procedures, or request additional information about the assets for sale.

About Streambank

Streambank is a financial advisory firm, specializing in intellectual asset valuation and disposition. The firm’s experience spans a broad range of industries including apparel, automotive, consumer products, food, manufacturing, medical technologies, retail and textiles. Through partnerships with brand consultancies, turnaround management firms, attorneys, and finance professionals, Streambank provides sound advice on value maximization strategies and liquidity options. Streambank is headquartered in Needham, MA. For more information, please visit www.streambankllc.com.

PERSONAL FINANCE: FROM PHYSICAL intimidation to possible imprisonment, debt has become a dangerous business. And our antiquated debt-enforcement laws and inadequate consumer protections are not helping, writes CAROLINE MADDEN Irishtimes.com

We’ve all heard the urban legends, such as the high-profile property developer who has had to hire bodyguards because a Polish contractor owed money by him sold his debt on to the Russian mafia. While this is at the extreme end of the spectrum, a criminal element has crept into the booming – and unregulated – debt-collection industry.

Notorious Dublin criminal Martin “the Viper” Foley, for example, is running a thriving debt-collection agency, Viper Debt Recovery and Repossession Services Ltd, and has been accused of using his reputation to intimidate debtors.

“There’s also anecdotal evidence of eastern European criminal types engaged in the purchase of debt and the subsequent collection of that debt,” says Fine Gael spokesman for justice Charlie Flanagan.

In April, Flanagan drafted a Private Members’ Bill that would have introduced a vetting process so that people with serious criminal records or those deemed “unsavoury” would not be allowed to operate as debt collectors.

Unlike in the UK, where agents must go through a rigorous process to obtain a licence from the Office of Fair Trading, there are no barriers here – no licence or authorisation is necessary to set yourself up as a debt collector.

Agents hired by lenders regulated by the Irish Financial Services Regulatory Authority must abide by the Consumer Protection Act but, apart from that, collectors have pretty much a carte blanche.

Flanagan was prompted to draft the Bill because of the number of people contacting him who claimed to have been threatened by the Viper. The Bill was voted down by the Government, however, and Flanagan says the situation with debtor intimidation has escalated in the meantime.

“Since then this has become a real problem,” he says.

Many of the people contacting him are “hard-pressed families” and single mothers feeling threatened by debt collectors. Although he has advised some of them to contact the Garda, people are understandably fearful of doing this.

“There was an incident where a person in the construction industry had a brick through the windscreen of his car,” he says.

“What’s happening is that people are taking the law into their own hands because they feel that the law is cumbersome and lengthy. This is going to continue and the situation is going to deteriorate unless we have a regulatory framework.”

Since the publication of the Bill in April, people from all over the State have contacted Flanagan and, having gathered evidence that it is now a more serious problem than it was in the spring, he intends to pursue the issue again in the Dáil in the autumn.

There are many reputable, well-established debt-collection agencies that do not resort to such practices, and these operators are very much in favour of regulation.

“We’ve been calling for regulation in this whole area for quite a long time,” says Declan Flood, chief executive of the Institute of Credit Management, which represents a number of debt-collection agencies.

“As things become worse and people become deeper in debt, they’re more and more vulnerable and really need more protection.”

Regulation would also protect small businesspeople who get into debt, he says.

Seán Tyrer of the Debt Advice Team, a money management organisation, has noticed a high proportion of sole traders getting into difficulty, particularly those in the construction industry.

Often they owe money to several small building suppliers who, unlike large organisations, do not have proper debt-collection procedures in place and tend to be more aggressive.

“They can cause a lot of distress to individuals,” Tyrer says.

Large organisations generally have their own inhouse debt-collection departments, but in some cases they will outsource the chasing of problem debts.

“The big companies that are most prolific in chasing debt would be the telecommunications companies, the building societies, the credit unions, the banks,” says James Treacy, managing director of credit bureau BusinessPro, which publishes Stubbs Gazette.

But he says they would be “very particular” about who they would take on to do this for them.

“They don’t want to outsource their debt collection to the Viper for example,” he says. “Joe Duffy would have a field day.”

That’s not to say there haven’t been problems, though.

Recently it emerged that the ESB is using a British debt-collection agency, JB Debt Recovery (JBDR), to recover small debts left by former customers who switched to new electricity suppliers.

One former customer received a text message which asked him to “please call JBDR urgently”. When he did so, he was told that legal proceedings would be initiated over his debt of €73 if he did not pay within a very short timeframe.

Dermott Jewell of the Consumers’ Association of Ireland says this problem is not restricted to the ESB – a number of other large companies have hired agents that are frightening customers.

While they don’t resort to threats, they use what Jewell describes as “shock tactics”, and are less amenable to negotiating with customers than the company itself would have been.

In many cases, if a consumer tells the agent they will have trouble paying the debt immediately, they are told, “fine, we’ll see you in court”, and that’s the end of the phone call, Jewell says. The debt-collection agencies “take no prisoners” and adopt a “very hardened approach”, he adds.

“There’s a horrible reality biting very, very suddenly and with very determined intent from collection agencies,” says Jewell.

“I think a number of consumers, unfortunately, have missed out on the reality that if you do make an agreement with ‘your friendly provider’, whoever they are, and it fails, it goes very seriously off the rails.”

Unfortunately, the number of people getting into serious difficulty with debt is growing exponentially, and the free services available to help in these situations are under pressure.

In the first six months of 2009, almost 9,800 new clients were seen by the Government-funded Money Advice and Budgeting Service (Mabs).

Meanwhile, between January and June this year, the Free Legal Aid Centres (Flac) recorded a fourfold increase in debt-related calls to its information and referral phone line, and a doubling of debt-related visits to its legal advice centres around the State.

Due to the soaring demand for debt advice, and perhaps a lack of awareness of the free advice available from the likes of Mabs, a whole industry of private debt consultants has sprung up (many of whom also operate as debt collectors). And, as is the case with debt collection, this industry is completely unregulated, which means there is no guarantee of the level of independence, training or professionalism of these operators.

Tyrer says the Debt Advice Team charges a fixed monthly fee of either €39 or €49 for their services, and warns people against choosing an adviser that operates a percentage-based charging structure.

The percentage is often based on the amount that the person can afford to pay into their new debt-management programme (arranged by the adviser) each month. Therefore, if their circumstances improve and they can afford to pay more into the programme, their adviser’s monthly commission will rise too.

The Financial Regulator is against the idea of paying for debt advice. “Consumers do not have to go through a third party to manage debt issues or concerns,” a spokeswoman says.

“They can contact their lenders directly to discuss any issues and discuss alternative repayment plans.”

Another option is to approach Mabs, which is free. “If you are finding it difficult to get a one-to-one appointment with Mabs and you are unsure of your options or what you can afford to repay, you can still get information from their website, www.mabs.ie, or their helpline 1890-283438,” she advises.

This raises the question as to whether people are paying for debt advice elsewhere because Mabs is overstretched.

Due to a rapid increase in its workload, waiting lists developed in some Mabs offices in 2008 and 2009.

However, it was recently announced that five additional full-time and 14 part-time advisers are to be taken on by Mabs offices around the State, which will help it to deal with the surge in demand for its services.

Flac has said the appointment of the new staff will not be enough, however. Greater co-operation is needed between Government departments and agencies to offer a full range of supports to people in desperate straits, Flac director general Noeline Blackwell said earlier this month.

“The Government must provide comprehensive protection for those who are overindebted,” she said.

In a report published last month on the treatment of debtors by the justice system, Flac said Mabs “is being asked to work on behalf of indebted clients with one hand tied behind its back” because of the outdated legal system, which put 276 people in prison for non-payment of debt in 2008.

“Under current rules, judges may make instalment orders for payment without knowing the current income or circumstances of the debtor and without the debtor ever attending court,” the report said.

In addition to calling for an end to prison terms for debtors, Flac advised that all creditors (not just the banks that have voluntarily signed up to the new Mabs/Irish Banking Federation debt management protocol) should be obliged to refer customers in debt to Mabs, and to “engage in meaningful negotiations with money advisers on affordable repayments” before considering legal action.

In the meantime, the best advice for distressed debtors is to resist the natural urge to bury their head in the sand, and to contact their creditors as early as possible, before the debt collectors and solicitors get involved.

This article appears in the print edition of the Irish Times

For those who have little or no knowledge concerning the bankruptcy / Insolvency laws, then we would advise you of the need to look for a insolvency practitioner to help you understand your options.

When You Meet With an Insolvency Practitioner

There are many aspects of bankruptcy / insolvency that you may not understand as well as a insolvency practitioner will. It is advisable to at least consult a insolvency practitioner when thinking of bankruptcy as an option. The insolvency practitioners are well versed regarding loopholes and legal parameters of bankruptcy / insolvency. The insolvency practitioner will also help individuals to find their way out of the mess as well as represent them in court if needed. Good representation is essential in order to let your sentiments regarding the situation be understood by the courts and your creditors.

You will need to get a insolvency practitioner when you feel that you are in over your head in trying to declare yourself bankrupt. Trying to skimp and save your money by trying to do things on your own might get you in bigger trouble especially when you have no idea what to do and where to start.

The Role of a Insolvency Practitioner

The insolvency Practitioner should be able advise you of your options and to guide you, his client, through the many intricacies of filing for bankruptcy as well as the options for paying off debts. The practitioner must also support you, his client, in such a way that your debts be discharged to suit your needs and also that of your creditors.

For more help and FREE advice visit www.ukadvice.com and speak with an expert.

Source: ONE News

A $3 million initiative established by an expat Kiwi businessman was launched by the Auckland Business School on Thursday night as a way of helping small and medium enterprises (SMEs) step up their growth.

The Bidwill Entrepreneur Challenge, funded by British based Charles Bidwell, will see a series of three $1 million loans given to the fund’s successful applicants to further their endeavours.

Business School dean Professor Greg Whittred says the money is not start-up cash, but a loan for companies that have been in business for a little while, with a likely turnover of around $2 million.

He says the loans will be made on favourable terms with an interest rate to be negotiated on a case by case basis.

Cheshire-based chain needs 75% of creditors to back plan.

By David Bentley

FANS of the Terminator films are wondering about the future of the franchise after producers filed for bankruptcy in Los Angeles.

Three companies belonging to Derek Anderson and Victor Kubicek filed for Chapter 11 bankruptcy last Monday, according to the Los Angeles Times.

On the same day, the pair sued their primary investor, Santa Barbara hedge fund Pacifor.

Anderson and Kubicek are owners of the Terminator franchise rights and producers of Terminator Salvation, which was released in the USA in May and in the UK in June and starred Christian Bale and Sam Worthington (pictured above).

By Daily Mail Reporter

Former teenage lottery millionaire Callie Rogers is said to be facing bankruptcy after blowing all of her £1.9million jackpot. 

However, Miss Rogers, 22, who is living with her mother and has taken three cleaning jobs to make ends meet, claims she is glad to be poor. 

Her life lurched from one crisis to the next after she won her fortune at 16 and she attempted suicide twice.

But she has now told a friend: ‘My life is a shambles and hopefully now it has all gone I can find some happiness. It’s brought me nothing but unhappiness. It’s ruined my life. 

‘I’ve just wanted to make people happy by spending money on them. 

‘But it hasn’t made me happy. It just made me anxious that people are only after me for my money.’ 

Miss Rogers drives a second-hand VW Golf and is selling her £180,000 house in Whitehaven, Cumbria.

She is believed to need the cash to pay a £3,000 solicitor’s bill and could face bankruptcy proceedings if she cannot raise enough cash.

Jackpot: Callie Rogers with her winnings in 2003

Her parents Jeff Rogers and Susan Jenkinson, who live separately in High Harrington, Cumbria, yesterday refused to comment on the claims.  The mother of two children, aged four and one, became the second youngest person to win the lottery
jackpot in July 2003. But her life has turned full circle since she hit the headlines six years ago.

She bought and furnished four homes for herself, her parents and her grandmother for £550,000, and spent £200,000 on luxury holidays.

Around £265,000 was blown on expensive cars, gifts and loans to family members.
She spent more than 450,000 on designer clothing, partying and having her breasts enhanced.

Other expenses include £188,000 in gifts to boyfriends and legal fees of around £70,000. She also set up a sixfigure trust fund for her children.

Miss Rogers began a stormy relationship with criminal Nicky Lawson and they had a son and a daughter.

But she tried to kill herself with an overdose of tablets over allegations that he tried to steal her cash and had slept with her younger sister.

Then in December last year her boyfriend Ryan Thompson was arrested for dealing cocaine at her home and having a stun gun. He was later jailed for two years. 

Miss Rogers, a former Co-op shelf stacker, was also arrested but was released without charge. 

Shortly before the arrest she is said to have slashed her wrists.  Four years ago she told how her windfall had led to her first suicide attempt. She said: ‘Until you win such a large amount of money at such a young age, you don’t realise the pressures that come with it. 

‘I did it because winning the lottery has ruined my life.  ‘I wish I had never won. I haven’t been able to cope with it  -  and I was convinced I’d be better off dead.’

Alan O’Sullivan, This is Money

The UK is at risk of bankruptcy tourism as indebted people turn to Britain to take advantage of its leniency, an insolvency expert claims.

The practice, termed ‘forum shopping’, involves potential bankrupts from other European countries setting up a temporary address in Britain and filing for bankruptcy here, where they may be debt-free after only one year.

The UK’s leniency is highlighted by comparison to the penalty period in Germany of seven years and in Ireland of 12 years.

EU rules mean any bankruptcy ruling in the UK must be recognised by the other countries in the European Union. This allows a foreigner becoming bankrupt in the UK to benefit from the one-year rule on return to their own country.

In the year to March, 59 foreigners filed for bankruptcy in the UK after residing here for less than 12 months, where all or most of their debts were abroad, according to figures obtained by This is Money from the Government-backed Insolvency Service.

But Neil Smyth, insolvency expert and partner at law firm Taylor Wessing, believes the figures for forum shopping will rise as the recession wears on, driving up the cost of bankruptcy for genuine debtors in the process.

Of the 59 foreigners filing for bankruptcy after less than 12 months of residence, 21 were found to be a fraudulent and the Insolvency Service has so far had seven of these annulled.

Despite the small numbers involved relative to the number of people filing for bankruptcy in the UK – almost 19,000 people went bankrupt between April and June this year – Smyth believes this could be the tip of a potential iceberg.

Mr Smyth said: ‘This problem can only get worse with time as more and more people become unemployed across Europe and realise the disparity in bankruptcy laws between member states.

‘We have even heard about companies setting up in Germany that set clients up with a temporary address and help them to jump through the various hoops to become bankrupt over here.’

Bankruptcy currently involves a £150 court fee and a £360 paid to an ‘official receiver’, who handles all the paperwork and investigations pertaining to each case. However, the costs of investigation is much higher when involving a foreign bankrupt as foreign assets and creditors need to be assessed.

Mr Smyth’s explanation is supported by a report on the Insolvency Service’s website, which states debtors may use addresses ’supplied by agents assisting with the petition for bankruptcy’.

This means foreign bankrupts may be able to file for bankruptcy in Britain, as all they have to prove is that their ‘centre of main interests’ is in the UK. This may mean proof of an address used several times a year, that the majority of a person’s business activities are in the UK or the majority of their creditors are here.

Kiran Mistry senior partner with WMProserv a firm of Insolvency practitioners and Accountants say’s with the credit crunch biting in deeper than ever people are getting into financial difficulties. Many believe that the only way out of their situation is through formal court proceedings such as an Individual Voluntary Arrangement or even a bankruptcy order. The reality is that there are other choices open to you and “debt management” is one such option. There are many advantages to this method over other debt solutions.

What is “debt management”?

Debt Management Plans are arranged by specialist debt management companies in order to agree reduced repayment terms with your creditors. Debt management companies agree reduced monthly repayments with your creditors on your behalf as well as negotiating with creditors to freeze the interest on your debts.
The idea is that a structured repayment plan is put into place that is both affordable to you on a monthly basis and agreeable to your creditors. You typically have to have at least two creditors and over £1,000 worth of debt to apply.

How can it help me?

There are many advantages to arranging a debt management plan through a debt management company. The first is that it simplifies your monthly commitments and removes the need for you to deal with each individual creditor. The debt management company will arrange for one affordable monthly payment to be made directly to them and they deal with all your various creditors on your behalf by allocating your monthly payment fairly between them. These monthly payments can also be altered quickly as and when your circumstances change.

Another main advantage of debt management is that it avoids the need for court action. Once a plan is in force it may stop the need for creditors to lodge “county court judgements” for unpaid debts and it also means that you do not have to obtain either an Individual Voluntary Arrangement or bankruptcy order through the courts.

What else should I know?

One of the main criticisms levelled at debt management plans is that they can run for long periods meaning it may be some years before you are fully out of debt. The interest payments on such plans can also be quite high meaning that the debts may not be repaid as quickly as through other methods.

Debt management plans are also not legally binding and so it is therefore possible for a creditor to change their mind and back out of an agreement at any time. It is rare that this happens however as most companies realise that professional debt management plans are affordable, realistic and sustainable.

Other disadvantages

When considering approaching a debt management company to discuss a repayment plan, be aware of the fee structure of the companies you are approaching. Many debt management companies charge an administration fee of between 10% and 18% of your monthly repayment although some aim to reclaim these fees from the creditors. There are organisations and charities that offer free debt management facilities so you must carefully research the options available to find the most appropriate scheme for you.

Moe Nawaz a leading business turnaround consultant view on is that, If you are struggling to keep up your repayments on loans or other debts there are many different options available to you. By speaking to a debt management professional or a Insolvency Practitioner it may be possible to agree an affordable monthly repayment plan with your creditors rather than having to suffer through court proceedings to tackle your debt issues.

Kiran Mistry (Insolvency Practitioner)
Moe Nawaz (Turnaround Consultant)
Kiran Mistry and Moe Nawaz have a combined experience of over 30 years in the Insolvency and Turnaround business. They have helped and advised 10,000’s of business owners in the UK.

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Kiran Mistry (Insolvency Practitioner)
Moe Nawaz (Turnaround Consultant)
Kiran Mistry and Moe Nawaz have a combined experience of over 30 years in the Insolvency and Turnaround business. They have helped and advised 10,000’s of business owners in the UK.