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The history of bankruptcy law in the United States refers primarily to a series of acts of Congress regarding the nature of bankruptcy.As the legal regime for bankruptcy in the United States developed, it moved from a system which viewed bankruptcy as a quasi-criminal act, to one focused on solving and repaying debts for people and businesses suffering heavy losses.
On April 13, 1989, American Continental Corporation filed for Chapter 11 bankruptcy. [4] It was liquidated by the court in December 1990. [5] The loss of investors' life savings in Lincoln became one of the key events of the 1980s Savings and loan crisis and the core of the Keating Five political scandal.
The early 1980s saw a recession along with high interest rates, which stressed both thrift and other banking institutions considerably. [7] Negative net interest margins, due to the low interest earned on assets with high deposit interest expenses needed to retain deposits, caused a wave of thrift failures between 1981 and 1983. [1]
County Seat – founded in 1973, the denim-focused mall retailer expanded in the 1980s to nearly 500 stores. It filed for bankruptcy in 1996 and shuttered stores, and another bankruptcy in 1999 put the company out of business. [55] Cygnet Shops – women's fashion store that closed in 1975
The bank's collapse coincided with the 1980s oil glut and Penn Square was the first of 139 Oklahoma banks that failed in the 1980s. The insolvency was the subject of two best-selling books and led to a two-year prison term for the bank's energy-lending chief, Bill Patterson.
That year A&P filed for Chapter 11 bankruptcy, and all stores closed. ... that was one of the stores that was closed in april or may of 2017. picture is from the late 1980s or early 90s.
The filing was made in bankruptcy court in the Southern District of Texas, according to court documents obtained by CBS News. ... in party supplies and was founded in the mid-1980s, has more than ...
In tough economic times, mortgage fraud runs rampant -- but in Chicago, it rules. John and Eloise Smith purchased their home on the South Side of Chicago in the early 1980s for $54,000, and lived ...