Oheka Castle, the Gold Coast mansion once famed for hosting lavish weddings and even serving as inspiration for The Great Gatsby, is now the focus of a bankruptcy proceeding in the Eastern District of New York. On this week’s Bald Guys of Bankruptcy, we cover: - A quick lesson in what a single asset real estate case looks like; - An overview of the complex debt history of the property leading up to the bankruptcy filing; - A discussion of the debtor's position for the bankruptcy; - A general update on where the case is now plus some insight on the recent court procedures in connection with the case; and - Speculation on the possible future direction of the case. 🔍 What do you think about this development? Let us know your thoughts in the comments below and be sure to follow Friedman Vartolo LLP for more insights on bankruptcy, restructuring, and real estate law.Timestamps:00:00 – Intro: Welcome Back to The Bald Guys of Bankruptcy00:20 – What Led to Oheka Castle’s Bankruptcy?01:19 – Who Owns Oheka Castle?01:25 – Is This a Single-Asset Real Estate Bankruptcy?01:53 – A Castle in Trouble? Mismanagement or Market Forces02:55 – Why Did the Debtor Want a 2004 Examination?04:11 – Did This Deal Force Them Into Bankruptcy?05:26 – Why Is the Subpoena Relevant in Bankruptcy Court?05:55 – Could the Secured Creditor Be Subpoenaed Next?06:32 – What’s Happening in the Bankruptcy Now?07:30 – Is the Case on Pause While Waiting for Hearings?08:27 – What Happens if They Don’t File a Plan in Time?08:47 – Was This Bankruptcy Filed Just to Issue a Subpoena?09:01 – Is This a Real Bankruptcy or Just a Delay Tactic?09:34 – Can Their Plan to Build Condos Really Work?09:57 – What’s Next for Oheka Castle’s Bankruptcy?10:16 – Closing Thoughts

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What happens when the U.S. importer of Stoli vodka files for bankruptcy, but the global parent company stays standing?In this episode of The Bald Guys of Bankruptcy, attorneys Adam Friedman and Rich Postiglione break down:✅ Why Stoli USA collapsed while Stoli International continues operating✅ How changing tastes—like the rise of ready-made drinks—hurt demand✅ The impact of legal battles in Russia, including the seizure of facilities and loss of trademarks✅ A ransomware attack that deepened the crisis✅ Why a major creditor wants a trustee appointed to take over the businessFrom vodka sales to cybersecurity breaches, this is one of the most unique bankruptcy cases we’ve covered.💬 What do you think—can Stoli USA survive? Drop a comment below!Subscribe for more industry insights: youtube.com/@thedefaultindustry#Bankruptcy #StoliUSA #VodkaBusiness #Cybersecurity #BusinessFailure #LegalTalk #TheBaldGuysOfBankruptcy

In this episode of The Bald Guys of Bankruptcy, hosts Adam Friedman and Rich Postiglione break down 23andMe's bankruptcy filing and the concerning implications for consumer genetic data. From security breaches to potential buyers, we explore what happens when your DNA is part of a bankruptcy sale.TIMESTAMPS:0:05 - 🧬 Introduction to 23andMe's Bankruptcy Filing0:16 - 📉 Why Did 23andMe Fail? Market Saturation and Limited Repeat Business1:26 - 📋 What Information Becomes Public in Bankruptcy Filings?2:50 - 🔐 Security Concerns: What Happens When Your DNA Changes Hands3:48 - ⚠️ The Broader Privacy Implications Beyond 23andMe5:33 - 📆 The Bankruptcy Sale Timeline: From Filing to Auction6:01 - 💼 Critical Vendors and Business Operations During Bankruptcy7:01 - 🔍 Will Historical Customer Data Be Made Public?8:09 - 💰 Is This a Liquidation or Reorganization?9:31 - 🔮 Impact on the Genetic Testing IndustrySubscribe for more insights on bankruptcy cases that affect consumers and businesses alike!#BaldGuysOfBankruptcy #23andMe #BankruptcyLaw #DataPrivacy #CorporateRestructuring