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Ex-owner of Beaudry files for bankruptcy

The former owner of Beaudry Motorsports, a Post Falls motorcycle dealer, filed for bankruptcy, listing debts of $7.6 million.

Stephen and Stephanie Beaudry, who live in Hayden, filed a Chapter 7 bankruptcy recently in Idaho’s U.S. Bankruptcy Court for the District of Idaho.

The couple operated another Post Falls business as well, Beaudry Motors. Neither business is currently operating.

Among their listed creditors is Wells Fargo Bank, which won a $2.1 million judgment against the Beaudrys last year for failing to repay loans.

The couple’s bankruptcy filing claims they have assets equaling $1.2 million.

Home foreclosure filings increase in May

LOS ANGELES – Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales – scenarios that could further weigh down home values in coming months.

Default or scheduled-home-auction notices were filed for the first time against 109,051 homes last month. That’s an increase of 12 percent from April and up 16 percent versus May last year, foreclosure listing firm RealtyTrac Inc. said today.

The company monitors documents filed on properties with mortgages that have gone unpaid. Once that process begins, homes can end up foreclosed-upon, sold at auction or via a short sale. A short sale is when the bank agrees to accept less than what the borrower owes on the mortgage.

May was the first month since January 2010 that the number of homes starting on the foreclosure path rose on an annual basis. But the trend has been visible in the monthly numbers, with four out of the first five months of this year recording increases over the preceding month.

Saab’s new owner aims to build electric cars

STOCKHOLM – Swedish automaker Saab Automobile was Wednesday rescued from insolvency when an Asian consortium sealed a deal to buy the brand’s main assets with the aim of making electric cars.

The price tag for Saab’s assets, which includes the main parts of the automobile manufacturing division, was not made public.

The buyer, National Electric Vehicle Sweden AB, is owned to 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC. It was recently formed with the purpose of bidding for Saab.

At a hastily called news conference at Saab’s manufacturing plant in Trollhattan, in western Sweden, NEVS said it would initially focus the sale of its electric cars on the Chinese market, but that it also has wider plans to expand more globally in the long-term.

The carmaker’s Saab Parts unit was not included in the agreement and the intellectual property rights for the Saab 9-5 car model, owned by General Motors Corp., were also excluded.

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