… U.S. Bankruptcy Court for the Southern District of New York granted a bankruptcy petition for Ellen Tracy LLC forcing the company into an involuntary Chapter 7 bankruptcy. The Chapter 7 bankruptcy filing means that the company will be liquidated. The bankruptcy petition was filed by three creditors/manufacturers of the company who are seeking $4 million in claims.  Ellen Tracy LLC is the former licensee of Ellen Tracy the fashion label; however the license to use the name was …

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In the bankruptcy case of Smith, Philip J. and Tracy K.; In re, the bankruptcy court denied confirmation of the debtors’ plan because the purchase of a leased vehicle created a new transaction subject to the anti-modification protection.

The details of the bankruptcy case:

“On Jan. 2, 2004, the debtor-husband leased a new 2004 Toyota Sienna minivan. The lease called for 48 monthly payments of $525.27. The debtor had the option of …