The sports agent who inspired the 1996 film Jerry Maguire might take a cue from actors Tom Cruise and Cuba Gooding, Jr. and start repeatedly shouting, "Show me the money!" The agent, who has struggled with alcoholism for years, filed for Chapter 7 bankruptcy in Santa Ana on Wednesday. more ›

It's actually not as outrageous as it may sound: Former L.A. Lakers star Magic Johnson could be among those interested in the Dodgers, if the team goes up for sale, suggests the CBS Sports blog Eye on Baseball. During a recent L.A. Times forum event, Johnson admitted he wouldn't rule out taking the helm, but says now isn't the time for such talk. more ›

In the throes of bankruptcy proceedings, the Los Angeles Dodgers have been delivered a big old strike out, as a Delaware judge rejects their proposed $150 million financing plan. The decision was part of an eight-page document released by the judge following two days of hearings about the Dodgers' plan and Major League Baseball's plan. more ›

Sometimes bankruptcy works, and sometimes it's just time for a total liquidation. Borders, the big box bookseller who hit financial woes and began shutting down select locations recently, is throwing in the towel, and closing up all of their remaining 399 stores. more ›

A creditors committee was named for the Dodgers bankruptcy case today, and among those included in the group is the family of Bryan Stow, the San Francisco Giants fan who was brutally beaten on opening day at Dodger Stadium. more ›

News that the Los Angeles Dodgers have filed for Chapter 11 bankruptcy protection inspired a multitude of reactions yesterday from fans, civic leaders, other ball teams, and media talking heads, however today one of the big'uns has spoken. Major League Baseball has formally objected to the bankruptcy filing. more ›

Today the Los Angeles Dodgers filed for Chapter 11 bankruptcy protection, with owner Frank McCourt claiming that the cause was Major League Baseball Commissioner Bud Selig's unwillingness to approve the proposed television deal with Fox, according to the L.A. Times. more ›

Diners in some parts of SoCal seeking a reliably delicious pie courtesy of standby Marie Callender's may be forced to turn elsewhere -- the company is filing for chapter 11 bankruptcy protection, reports the Daily Breeze. Blaming the economy, the owners of Marie Callender's, who also own Perkin's Family Restaurants, said that the company couldn't survive in the current financial climate. more ›

Borders bookstores are closing up all over, including several in the SoCal region, with more shut-downs just announced. In Pico Rivera, the Borders at the city's Towne Center is one of the first-round stores to get the ol' bankruptcy boot, but, as the Whittier Daily News reports, the bill for bringing books for sale to the community is still unpaid. more ›

More Borders bookstores will soon be closing the chapter on their retail residencies in 28 more locations, including in Los Angeles at Sunset and Vine. The Hollywood location, an anchor at the mixed-use development, will join the Glendale, Sherman Oaks, Pasadena, Valencia, and Oxnard locations in closing up shop for good in May, reports the Daily News. Currently the stores are in liquidation mode, and selling all their stock at a discount. more ›

The most common complaint from Blockbuster Video customers over the years was probably the exorbitant late fees, which were eventually curtailed in favor of a subscription-based model. But now late fees are threatening to break the bankrupt video rental chain itself. Universal, 20th Century Fox, and Summit Entertainment filed a claim for tens of millions in unpaid fees owed by Blockbuster this week. more ›

Going once, going twice, sold to...well, no one yet. But Blockbuster Inc. (you know, where you used to go an rent those huge rectangular plastic cartridges with a movie on them) is about to go up for sale as part of their bankruptcy process, according to the LA Times. The opening "stalking horse" bid: $290 million. more ›

What looked like a possibly just a few days ago became a reality today. "Crystal Cathedral Ministries, an Orange County landmark and megachurch founded by television evangelist Robert H. Schuller, filed for Chapter 11 bankruptcy Monday morning," reports the OC Registar. more ›

After two months of reorganization, the famed and historic Pasadena Playhouse has emerged triumphant from Chapter 11 bankruptcy, and has just announced plans for their new season, reports the Star-News. more ›

Dark since February of this year, the historic Pasadena Playhouse has announced they have filed for bankruptcy, and hope to reorganize and re-open, according to the SGV Tribune. Despite having a $1-per-year lease from the city of Pasadena, the theatre, open in 1917, has been in dire financial straits in recent years. When they reached their breaking point a few months ago and closed up, all the staff except "[Executive Director Stephen] Eich, Artistic Director Sheldon Epps, an accountant and an assistant were laid off." At that time, they had $500,000 in bills in addition to $1.5 million owed in loans, and funds that could only be used to refurbish the structure. more ›

On Wednesday, former Mayor Richard Riordan released a scathing op-ed in the Wall Street Journal explaining why Los Angeles was on the brink of bankruptcy and what the city should do to fix it. The problem with L.A., Riordan said, was pension reform and new employee hires. more ›

In the face of "declining advertising revenue" and with plans to "restructure its hefty debt load," the country's third-largest radio broadcasting company, Citadel Broadcasting Corp., "filed for Chapter 11 bankruptcy protection on Sunday," reports the Press-Telegram. Of Citadel's 224 radio stations is our KABC 790 AM, a talk radio-format station that airs syndicated programming such as Don Imus' show, as well as local talkers Frosty, Heidi, and Frank, and Dodgers' game broadcasts. Citadel's bankruptcy paperwork indicates they have "total assets at Oct. 30 of $1.4 billion and total debt of $2.46billion." A deal agreed to by 60 percent of their lenders "would erase about $1.4 billion of debt in exchange for control of the company." more ›

The company contracted by Los Angeles to install, maintain and monitor cameras that record drivers running red lights, eventually prompting a costly traffic ticket by mail, has filed for a court receivership, an alternative to bankruptcy. Now city officials are looking at what options they have when the contract expires with Nestor Traffic Systems, which could go out of business or be purchased by a another company. more ›

Looks like the roller coaster riders at the many theme parks operated by Six Flags, including our Magic Mountain, aren't the only ones experiencing some topsy-turvy twists and turns; "Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt," reports the Huffington Post. Despite what reps hail as a "great" 2008, with "25 million visitors" and "record revenues," the $2.4 billion in debt is signaling a load too great to carry. But the company's CEO "says the move won't affect the operation of its 20 theme parks in the U.S., Mexico and Canada." So for now, it's all systems go for thrill junkies boarding Colossus, the Riddler's Revenge, Viper, or the Terminator Salvation ride. more ›

In early November of last year, electronics retailer Circuit City announced they were filing for Chapter 11 bankruptcy and would be closing down some of their stores and launching sales to help bring in much-needed revenue. But yesterday the struggling chain revealed they were pulling the plug altogether, and shutting down all 567 of their US stores. more ›

The owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties has $13 billion in debt. more ›

According to the Wall Street Journal, media mega-corp Tribune, parent of our Los Angeles Times, has sought legal counsel recently that would help the fumbling company "for a possible trip through bankruptcy court." The filing, some speculate, could happen as soon as this week. The WSJ explains:

Tribune has been on wobbly footing since last December, when real-estate mogul Sam Zell led a debt-backed deal to take the company private. Tribune so far has stayed ahead of its $12 billion in borrowings with the help of asset sales, but now dwindling profits are tightening the noose. The company's cash flow may not be enough to cover nearly $1 billion in interest payments this year, and Tribune owes a $512 million debt payment in June.

Police released the name of the swordsman who was shot dead Sunday afternoon by a security guard at the Scientology Celebrity Centre on Franklin Ave. in Hollywood. Mario Majorski, who was involved in the church, possibly as early as 1990, according to an anti-Scientology website, went to UCLA in 1993 and was a plaintiff in a two suits against UCLA and a school professor. more ›

Electronics retailer Circuit City announced recently that they were going to close 155 stores nationally in efforts to curtail their financial woes. According to a November 3 press release, "the stores identified for closure are located in 55 U.S. media markets, of which Circuit City will exit 12 U.S. media markets." Although not exiting California, they are planning on closing 24 stores in the state, including ones locally in Industry, Compton, Foothill Ranch, Thousand Oaks, Riverside, North Fontana, Pomona, Santa Maria, and Santa Barbara. more ›

A visit to Lincoln Memorial Life's website - (one of the insurance companies owned by the Cassity family/Forever Network) explains why my property-owner friend was stopped and made to sign in at HF's gate, as I reported yesterday: more ›

Just weeks after announcing the addition of more flights from Burbank Airport, discount airline Skybus is closing down today and plans to file for Chapter 11 bankruptcy. The shutdown was revealed late yesterday; all flights were completed Friday, but the airline had flights scheduled through to September 2, reports the Daily News. more ›