Marc Barnes, owner of failed Love Nightclub and The Park at Fourteenth, and his wife Anne filed Chapter 11 last week. Love Nightclub is up for sale and in order to keep their creditors at bay and sell the mega-club without any problems, Barnes filed bankruptcy.
“By the filing, [Love] sought to protect its real estate holding, which consists of a parcel of commercial property, currently the subject of a contract of sale,” said bankruptcy attorney Kim Y. Johnson in court papers. “The debtor has several secured and unsecured creditors who prior to the petition date were unwilling to work with the debtor to modify the loans in order to allow for the closing of the aforementioned sale.”
The Park, according to documents, has approximately $50,000 in assets and between $1 million and $10 million in debts. Still, Barnes and Love reported assets and debts each in the range of $1 million to $10 million.
Barnes’ creditors include Citi Cards, Countrywide Homes Loans, GMAC Mortgage, Honda Finance Exchange Inc., the Internal Revenue Service and Saks Fifth Avenue.
Barnes’ has been a fixture on DC nightlife for more than a decade often bringing A-list celebrities and musicians to his clubs including Jay-Z, Beyonce and Drake.
Note: The Park at Fourteenth will still be in operation and is, according to court documents, current on bills.
Smart Move… Marc is always a Step Ahead… Im sure this Was Done For a Reason Not by Force…
by
dude is broke face the facts . what smart move. should have sold love long time ago after that accident.
by dudeisbroke
Marc B is far From Broke , I’m going to set up some Biz 101 Classes for the DMV.
by
Right, Marc Barnes is FAR from Broke. …and anyone who thinks he is because he filed Bankruptcy obviously has never had much money or assets, and they probably need a Business 101 class.
by Darnie C
“Barnes’ creditors include Citi Cards, Countrywide Homes Loans, GMAC Mortgage, Honda Finance Exchange Inc., the Internal Revenue Service and Saks Fifth Avenue.”
Ok genius, break it down for me. Please explain why it was smart of him NOT to pay his taxes, home mortgage, and Saks Fifth Avenue bill? please. lol
by A
When you file Chapter 11, it modifies the payment schedule in which you repay your bills. By doing this, Marc does not have to pay the full amount of his loans while he is attempting to sale Love. Why make the entire monthly payment when you don’t have to? File Chapter 11, reduce your monthly payments until Love is sold.
by B
B might be somewhat correct, but when you file for chapter 11 it affects your credit history and score for 7-10 years.
by Jump
Credit is only important in business if you don’t have cash! Cash is a lot more important than credit.
by bjenkins
The folks defending them have a point. The article was saying how filing bankruptcy will also protect said creditors from coming after his personal and familial assets like homes, cars, other businesses, etc.
Still though, why such large bills for Saks and Neiman lol?
by Reg
Hahaha… the bill at Saks and Neiman… have you ever met Marc? He has fresh ones on every day, every single day…
by Back Then
WOW! I must be the last person to hear about this? I do think it’s safe to say he is not caked up like he was a few years back, but far from broke. Those millions dollar weekends don’t happen at Park, especially because he is renting Park, vs. his ownership of Love. This is clearly a biz move. He is protecting his personal assets from Love’s creditors during the sale……..common practice. I WISH HIM AND HIS FAMILY THE BEST OF LUCK AS THEY NAVIGATE THRU THE SALE OF LOVE!!!!
by DC Socialite
If he was really “caked up” as some of you are saying, he wouldn’t have been able to file for bankruptcy. The bankruptcy trustee looks at all of your income whether it be personal or for your business. It’s based on a calculation, and if someones tries to hide income or “fenagle” the numbers, they risk jail time. Just ask the Real Houswives of New Jersey vast member Theresa. And unless the uniforms for the employees at Park and Love were purchased at Saks and Neimans, I’m not sure why those were included in the bankruptcy.
by DCbox
The people on here trying to spin this as some sort of “positive” are either ignorant or on crack. You file bankruptcy because you are unable to pay your bills…simply as that. It is not a “plus” or some type of Machiavellian business move. Your creditors/tax man are on your ass, because you they are not getting paid. The situation is compounded by the fact that no one wants to risk doing business with you due to the obvious reasoning: ” He apparently doesn’t have the business acumen to keep his current businesses profitable, so why should I risk throwing my lot in with him?”. I know you professional Marc Barnes jockers find it hard to process…but it really is that simple.
by Mike Brown
Mr. Barnes has not been paying his bills, so this was his last resort. I “hope” he kept his personal assets separate from this other business holdings. Anyway, it appears that he kept Love open to keep Park afloat.
by WTF
How many of you on here even keep your own business YOUR OWN BUSINESS? How many of you commentators(hahaha) have more assets then liabilites?( and assets are not your income) You fools. MYOBusiness(financials) This man filed bankruptcy, able to keep 2 night clubs a float in the D.C area as long as he did and bet will keep creating businesses.It is gamble sometimes but you would only know the real art to it if you did it yourself. You Fools -The Financial Diva-Check it!
by YouFools
when you mess with a child of God you go down. I bet you a sorry now
by rosetts gray
[…] Dream then The Park at Fourteenth, Barnes has also had to fight the fact that he’s broke (filing for bankruptcy last year) and that the D.C. nightlife scene has […]
by Taz Wube on Marc Barnes: “His run is kind of done.” :: The Fab Empire
Good! F that clown. I used to work for him and “no-class Taz”. They were always so obnoxious, rude, and downright dumb and cocky. What goes around comes around. Yea, he probably has some cash left, but you are an idiot to have so much debt, when he had all that bar money …straight cash every day. But like most of us (not me anymore) ,…we need to be flashy and live above our means.So busy living the rap video life…its a message to those watching: Live below your means and stop trying to look so damn important. Make wise investments and stay under the radar. Duh! FU Marc and your pusse-bitch Taz. I dont even go to ‘Urban’ clubs no more. Everyone got an ego…even the damn bouncers, like they are running things. U so busy flexin’, now you broke fool. Looking dumb as hell.
by keba
Keba you hit it right on the head. The man is a true asshole and deserves everything that is coming to him. For all you jock riding fools why don’t you lift up the rock that is Marc Barnes and see what truly lies beneath. I bet you will be surprised or disapointed depending on who you are.
by Bill South