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As the assets of Hostess Brands, Inc. gets ready to be sold through the bankruptcy court, Northbrook-based Hilco has been selected to handle the auctions.  Four Hilco companies, each handling a different aspect of the process including security, will work on the liquidation process.  Hilco has been in the liquidation business since it was found in 1987 by Jeffrey Hecktman.  Hilco will be selling Hostess’ real estate, machinery and equipment.  The auctions are expected to be completed by … [Read more...]

VTE Philadelphia LP, a Donald Trump affiliated company, filed for relief under Chapter 11 this week to avoid a foreclosure sale by one of its creditors.  The company, based in Philadelphia, is constructing a luxury hotel and condominiums.  VTE owns land along the Delaware River that was supposed to become Trump Tower PA.  US Bank, the creditor foreclosing on VTE, is the only secured creditor.  VTE hopes to find investors so it can complete the building project. For more read, “Trump Tower … [Read more...]

The alternate-revenue bond allows villages and cities to borrow money without taxpayer approval. It also allows villages to borrow more money than allowed under current property tax caps.  Some villages at the detriment to taxpayers are abusing the chapter of Illinois law that provides this borrowing power.  If the village cannot make the payments on the loans, then property taxes automatically increase to cover the payments. For more on this story read, “Small suburbs exploit tax loophole.” … [Read more...]

The reorganized and restructured Tribune Co. that has finally emerged from bankruptcy protection may still be based in Chicago but the people running the company are far from Chicagoans.  The seven members on the board are all based in California and most are in the entertainment business.  It is believed that the new owners will sell the company’s newspapers, including the Chicago Tribune, as they are not making much of a profit. For more details about the Tribune Co. read, “Chicago’s … [Read more...]

The last second deal approved by Congress is only the beginning of the battle being waged during 2013 between the White House and congressional Republicans.  Even though the settlement reached this week will prevent most Americans from seeing deep cuts into their income, it does not address entitlement reform and the nation’s debt ceiling.  Senator Corker of Tennessee expressed the upcoming battle as “much uglier to me than the tax issue … this is going to be about entitlement reform." To get … [Read more...]

Residents of Illinois got more than a new calendar on January 1 - - they received 150 new laws to worry about in 2013.  While the new laws may not be as numerous as past years, they do bring with them increased taxes, higher rates and added surcharges.  Taxpayers and commuters will want to check the new laws to see how they will affect their wallets. For more about the new laws you can read “A New Year Brings 150 New Laws to Illinois” and view a complete list of the laws for yourself. … [Read more...]

With the fiscal cliff just days away, taxpayers are wondering how the government’s failure to compromise will affect their budgets.  Tax increases and federal spending cuts are scheduled to take affect January 1 and will effect consumer spending.  Middle-income families could see a $3,500 loss of income due to the increased taxes caused by going over the “fiscal cliff.” In addition to income taxes, the fiscal cliff will affect unemployment benefits, federal spending and the debt ceiling.  For … [Read more...]

Chicago can now take another national title - - the most expensive place to park your vehicle.  In another annual increase authorized by the 2008 lease of the city’s meters, the loop rates will go up another seventy-five cents on January 1.  Drivers will now pay $6.50 an hour to park.  Neighborhoods near the loop will see a quarter increase in parking rates bringing the hourly rate to four dollars.  Officials stated they hope to have all meter boxes adjusted by the end of February. For more … [Read more...]

The Chicago Teachers Union filed a lawsuit in the U. S. District Court for the Northern District of Illinois alleging discrimination on behalf of three former teachers.  The teachers were fired in the latest round of school closings and turnarounds.  The suit alleges that more than half of the teachers that lost their jobs under Mayor Emanuel’s push to reform underperforming schools were African-American.  It alleges that the while schools in minority neighborhoods are being closed, new nonunion … [Read more...]