In the middle of a pandemic, Gov. Gavin Newsom signed off on Pacific Gas and Electric Corp.’s $57.65 billion bankruptcy reorganization plan Friday, after winning shareholder concessions and governance changes that he declared would be “the end of business as usual” for the state’s largest utility. The company agreed to a number of changes, notably […]
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Awash in Debt, Loleta Cheese Factory is Shuttered After 38 Years
The Loleta Cheese Factory has closed amid a foreclosure on its property and a bankruptcy case that has stretched five years. The local attraction, which drew nearly 65,000 tourists annually to Loleta and once employed dozens of people, is now referring customers to grocery stores for what is left of its cheese inventory. The foreclosure […]
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Benbow Inn Files for Bankruptcy Protection, Blames U.S. Bank
The Benbow Historic Inn filed for a Chapter 11 bankruptcy protection yesterday after going into debt to bring the Humboldt County landmark up to meet federal Americans with Disability Act standards, according to John Porter, managing partner for Benbow Valley Investments. “We just filed for reorganization,” he said, characterizing the situation as a large national […]
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Squireses Set to Step Back From Their Rentals, at Least for Now
A federal bankruptcy judge has approved an agreement forged — if somewhat begrudgingly — between landlords Floyd and Betty Squires and the city of Eureka that will essentially remove the couple from their property rental business, at least for the time being. Long story short, an “examiner with special powers” will be appointed to oversee […]
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Squireses Put H Street Building Up for Sale
Interested in buying a fixer upper as an income property? This new listing for an apartment building in Eureka might just fit the bill: “Fourteen units that are mostly in poor condition currently, but owner will refurbish with new electrical, plumbing, and paint.” The asking price is $875,000. But there’s just one catch, well, actually, […]
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Bid to Alter Squireses’ Bankruptcy Case Cites ‘Gross Mismanagement’
A federal judge is set to consider a motion Wednesday to lift Floyd and Betty Squires’ Chapter 11 bankruptcy protection or convert the couple’s case to Chapter 7 based on claims of “gross mismanagement of the estate.” The request is being made by the Office of the U.S. Trustee, part of the Department of Justice, […]
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Judge Allows Squireses’ Building to Be Condemned, Sets Hearing On Process
Judge Dale Reinholtsen today declined to block the city of Eureka’s order to vacate a dilapidated apartment building owned by Floyd and Betty Squires, meaning the 15 tenants of 833 H St. will need to be out by Monday. The Squireses had requested a temporary restraining order to restrict city officials from entering any of […]
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Eureka to Shutter H Street Squires Property
If you perused this week’s map and slideshow of properties owned by Floyd and Betty Squires, you swiped or paged by 833 H St. Yesterday, according to a press release from the Eureka city manager’s office, that property got a notice to be vacated by Jan. 22, at which time it will be boarded up. […]
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Squireses File for Bankruptcy as Auction Looms
Eureka’s most notorious landlords Floyd and Betty Squires filed for Chapter 11 bankruptcy protection this week in an apparent bid to prevent more than two dozen of their properties from hitting the auction block later this month. According to the bankruptcy forms, the couple owes between $1 million and $10 million — the same as […]