News and Events

Yumkas, Vidmar, Sweeney & Mulrenin in the News...

Clark Turner homes files for Chapter 7 Bankruptcy
Clark Turner Homes LLC has filed for voluntary Chapter 7 bankruptcy protection, a turnaround for the Harford County developer that once hoped to gain from a projected population boom around Aberdeen Proving Ground amid the military's Base Realignment and Closure program. (full article)

Community groups reach settlement over Wizig vacants
Six community groups that had been battling companies connected to a Texas businessman and dozens of vacant properties in Baltimore said Thursday they had reached a settlement. (full article)

Yumkas, Vidmar, Sweeney & Mulrenin Establish Columbia Law Office
Yumkas, Vidmar, Sweeney & Mulrenin, LLC, has established its primary office in Downtown Columbia and relocated its Annapolis operations. (full article)

First Mariner Bank Auction Set for April
A bankruptcy judge approved First Mariner Bancorp's request to auction off its Baltimore bank quickly, a process that drew heated objections from creditors and the U.S. Trustee, the Baltimore Sun reported today. (full article)

First Mariner Bancorp Files for Bankruptcy in Buyout Deal
First Mariner Bancorp the holding company for Maryland community bank 1st Mariner, filed for Chapter 11 bankruptcy Monday in order to sell its bank subsidiary. (full article)

Local investors trump original winning offer for 1st Mariner
1st Mariner Bank will remain in local hands after a last-minute deal Tuesday resulted in a reopened auction and the initial winning suitor withdrew. (full article)

First Mariner Enters Ch. 11 To Sell Bank Unit for $100M
Baltimore-based First Mariner Bancorp, the holding company for 1st Mariner Bank, entered bankruptcy Monday for the purpose of selling off its bank subsidiary to a group of private equity funds for $100 million. full article)

Facing Lead Paint Suits, Baltimore's City Homes Files for Bankruptcy
City Homes Inc., which rents more than 300 Baltimore apartment units to low-income tenants and faces a wave of lead paint lawsuits, filed for Chapter 11 protection. (full article)

Bel Air payroll company AccuPay files for bankruptcy protection
A Bel Air payroll company under investigation for allegedly not forwarding clients' tax payments to tax collectors has filed for bankruptcy. (full article)

Wisp Emerges from Bankruptcy
A downturn in the real estate market forced Wisp Resort to enter Chapter 11 bankruptcy protection in the Fall of 2011, but thanks to a new ownership structure, the Maryland ski area has emerged from bankruptcy and is charging forward. (full article)

Wisp Emerges from Bankruptcy Under New Operator

After 14 months in Chapter 11, Wisp Resort has emerged from bankruptcy protection with a new ownership structure and an infusion of capital and experience. (full article)

Maryland's Wisp Acquired Out of Bankruptcy; Plans to Open Dec. 14
A bankruptcy court judge in Greenbelt, Maryland, approved the sale of Wisp, the state's only ski resort, for $23.5 million. The buyer was Entertainment Properties Trust (EPT) Ski Properties. Wisp plans a Dec. 14 opening. (full article)

Judge OKs sale of Wisp resort to Kansas group
A bankruptcy court judge has approved the sale of Maryland's only ski resort to a unit of a Kansas City-based real estate investment trust for $23.5 million. (full article)

Carr Hospitality this week assured members of the Waterfront Plan Work
Carr Hospitality this week assured members of the Waterfront Plan Work Group that it is a "well-capitalized" company after allegations were made that the firm was linked to bankrupt properties. (full article)

Wisp Resort owners file for Chapter 11 bankruptcy protection
The owners of a ski resort near Deep Creek Lake have filed for Chapter 11 bankruptcy law protection while they try to resolve financial difficulties related to another business.

DC Development LLC, which owns Wisp Resort in Garrett County, announced the filing Sunday. (full article)

Wisp Resort's fortunes have gone downhill
Maryland's only ski resort has fallen victim to the collapse of the real estate market, as its owners filed for bankruptcy on Saturday after defaulting on a $23.5 million loan.

D.C. Development of McHenry, owner of Wisp Resort in Garrett County, and related companies filed the Chapter 11 petition in U.S. Bankruptcy Court in Greenbelt, citing $50 million to $100 million in assets and $10 million to $50 million in debts. ( full article)

Bankruptcy Law: Five Things Every Lawyer Should Know
by Lisa Yonka Stevens, Esquire
The Advocate, Young Lawyers Section-Maryland State Bar Association, Volume 26, Number 2, Winter 2010 (full article)

Kimpton buying part of B&O Building
Transaction will keep Hotel Monaco Baltimore and B&O American Brasserie open

Kimpton Hotels & Restaurants, the management company for the 202-room Hotel Monaco Baltimore and B&O American Brasserie — which have been tenants of the historic B&O Building since 2009 — has agreed to buy the portion of the structure occupied by the hotel and restaurant for approximately $33 million.

The present owner, Baltimore & Charles Associates, spent about $65 million to buy and renovate the B&O Building from 2007 to 2009. (full article)

Hotel Monaco Baltimore to be sold to Kimpton
A U.S. bankruptcy court judge approved a plan by the owner of Baltimore's Hotel Monaco to liquidate the property.

The approval allows Baltimore & Charles Associates, managed by Philadelphia's Arc Wheeler, to convert the downtown property into three separate parcels and sell them individually. The company spent around $65 million to acquire and renovate the property.

As part of the restructuring plan, an affiliate of Kimpton Hotels plans to buy the hotel portion at 2 N. Charles St. for $33 million. Kimpton manages the 208-room hotel, located inside the historic B&O Building. (full article)

Kimpton Hotel near deal to buy Baltimore's Hotel Monaco site
The owners of the historic B&O Building in downtown Baltimore have reached a tentative deal to sell part of the structure to its marque tenant, Hotel Monaco, to pay off a portion of the debt they took on to buy and renovate the building.

Baltimore & Charles Associates LLC, which filed for Chapter 11 bankruptcy protection in July, has asked the U.S. Bankruptcy Court in Baltimore to sell the hotel portion of 2 N. Charles St. to the Hotel Monaco's parent company, the Kimpton Hotel & Restaurant Group. (full article)

Baltimore's B&O Building could hit the auction block
Lender seeks permission to force property's sale

Another prominent Baltimore building could soon be sold at a foreclosure auction, adding to a swelling number of distressed commercial properties ranging from shopping malls and offices to hotels and vacant property. Utah's Capmark Bank has asked the U.S. Bankruptcy Court in Baltimore for permission to sell the historic B&O Building at 2 North Charles Street, where a Hotel Monaco opened in July 2009. (full article)

Court Grants Correlogic's Motion to Reject OvaCheck Licensing Agreements with Quest and LabCorp
The company had moved to reject the agreements as part of its July 16 Chapter 11 bankruptcy filing, claiming that uncertainty over the validity of the agreements was an impediment to obtaining new investment and was hampering its reorganization efforts.

A bankruptcy court this week granted Correlogic Systems' motion to reject licensing agreements with Quest Diagnostics and Laboratory Corporation of America for its protein biomarker-based ovarian cancer test OvaCheck. Correlogic moved to reject the agreements as part of its July 16 Chapter 11 bankruptcy filing, claiming that uncertainty over the validity of the agreements was an impediment to obtaining new investment and was hampering its reorganization efforts. (full article)

Developers of 2 downtown hotels file for bankruptcy
Auctions of two downtown Baltimore office buildings that were undergoing conversion to hotels have been canceled after the developers filed for Chapter 11 bankruptcy court protection.

The buildings that are no longer up for auction are the former Keyser Building on Redwood Street that was being converted into the Hotel Indigo, a $24 million project with 130 rooms, and the former Jefferson Building on Charles Street that was being converted into a 100-room Staybridge Suites in a $22 million project. (full article)

Hotel Indigo files Chapter 11 to avoid foreclosure
The Hotel Indigo, at the corner of Calvert and Redwood streets, is 98 percent done, according to the attorney for its owners.

Owners of Hotel Indigo, a 10-story boutique hotel in downtown Baltimore that has remained stalled and vacant for nearly a year, have filed for Chapter 11 bankruptcy protection. The bankruptcy filing on Friday in U.S. Bankruptcy Court cites several creditors that are owed more than $14 million for work on the luxury hotel located in the Kaiser Building at 207 Redwood Street. (full article)

Correlogic filed for Chapter 11 to shed contracts
Germantown-based Correlogic Systems filed for Chapter 11 bankruptcy earlier this month so that the diagnostic testing company can shed contracts with two major laboratory test suppliers that it says deter investors.

Though the circumstances of Correlogic's filing are unique, its struggle points to a larger issue for many biotech companies: securing enough money to work their way through the development process in hopes of bringing a product to market. That can take years, even decades, as companies juggle scientific tests and clinical trials with government regulation. In an anemic economy, in which investments are only beginning to pick up after falling to their lowest level in more than a decade, long-term financing can be hard to come by. (full article)

Hotel Monaco developer files for Chapter 11 bankruptcy protection
The owner-developer of downtown Baltimore's historic B&O building has filed for Chapter 11 bankruptcy stemming from its conversion of the property into a boutique Hotel Monaco. (full article)

Correlogic regroups, files for Chapter 11
Germantown company develops cancer tests

For the second time in a month, a Maryland bioscience company has filed for bankruptcy. But unlike Cyto Pulse Sciences of Glen Burnie, which filed for Chapter 7 liquidation, Correlogic of Germantown has filed for Chapter 11 protection and plans to soldier on with its cancer test candidate.

The company, which develops software for blood assays that look at multiple biomarkers for cancer, recently won approval from European regulators for its OvaCheck early detection test for ovarian cancer. Executives are negotiating deals with European labs to use the test. (full article)

Leading Lawyers 2014 (full article)