/raid1/www/Hosts/bankrupt/TCR_Public/160830.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, August 30, 2016, Vol. 20, No. 243
Headlines
531 TUNXIS HILL: Hires Joel Hausman as Real Estate Broker
8241 PINNACLE: Hires Berens Kozub as Counsel
A & E TWO ASSOCIATES: Case Summary & 19 Top Unsecured Creditors
ABC DENTISTRY: Asks Court for Permission to Use $200,000 Cash
ABC DENTISTRY: Case Summary & 20 Largest Unsecured Creditors
ABC DENTISTRY: Files for Bankruptcy as $24M Judgment Looms
AEROPOSTALE INC: Loses Bid to Rein in Sycamore
ATLAS RESOURCE: Reorg. Plan Confirmed, Set to Emerge on Sept. 1
BEEBE DIVERSIFIED: Case Summary & 20 Largest Unsecured Creditors
C.H.I.R. CORPORATION: Taps Richard Robles Law Firm as Attorney
CAESARS ENTERTAINMENT: Wins Delay in Bondholders' Litigation
CJ HOLDING: Hires AlixPartners as Restructuring Advisor
CJ HOLDING: Hires Kirkland as Attorney
CONTROL COMMUNICATIONS: Hires Caler Donten as Accountant
CSM BAHIA: Proposes to Sell Property for $2.9MM to Fund Plan
DESVONNA ENTERPRISES: Sept. 1 Auction for Robeson County, NC Lot
DRYSDALE VILLAGE: Hires Realty Executives as Property Managers
DUBY INDUSTRIAL: Hires Jennifer Novak as CERCLA Counsel
DUPONT YARD: Hires Alday Wright as Accountant
ENERGY FUTURE: NextEra Reaches Pact with Lenders on Funding Oncor
ENERGY TRANSFER: Bank Debt Trades at 3% Off
FEDERAL-MOGUL CORP: Bank Debt Trades at 2% Off
FORMOSA HAMILTON: Case Summary & 8 Unsecured Creditors
FRED FULLER: Trustee Taps CBIZ as Financial Advisor
FRESNO COUNTY SPORTSMEN'S: Confirmation Hearing Set for Oct. 26
GARDEN OF EDEN: Case Summary & 20 Largest Unsecured Creditors
GARDEN OF EDEN: Files for Chapter 11 Over Sales Slowdown
GARLOCK SEALING: Files New Reorganization Plan, 2017 Hearing Set
GEORGE STREET: Case Summary & 13 Unsecured Creditors
GRIMMETT BROTHERS: Case Summary & 20 Largest Unsecured Creditors
GRUPO ISOLUC: Chapter 15 Recognition Hearing Set for November 16
GYMBOREE CORP: Bank Debt Trades at 12% Off
HERNAN MENDIETA: Selling New York Properties, Sets Bid Procedures
HORSEHEAD HOLDING: Deal with Indenture Trustee US Bank Okayed
INNOVATIVE BUILDING: Chapter 7 Trustee to Hold Auction on Sept. 14
J. CREW: Bank Debt Trades at 23% Off
JOHN RITTER: Selling Clark County Parcels to D.R. Horton
JTM INVESTMENTS: Hires Higgins as Real Estate Broker
KITTUSAMY LLP: Canyon Buying Medical Lien Receivables for $2.7M
LAKE LOTAWANA: Chapter 9 Case Summary & 11 Unsecured Creditors
LAKEVIEW MARINA: Hires Pittman as Attorney
LES CHEVEUX: Hires Magee Goldstein as Counsel
MAGNETATION LLC: May Shut Down Minnesota & Indiana Facilities
MAXI CONTAINER: Hires Zousmer as Attorney
MEG ENERGY: Bank Debt Trades at 9% Off
MIDWAY CORP: Court OKs Ely Vacant Land Sale to Derbridge for $75K
MOLYCORP INC: Oaktree's Bid for Stay Pending Appeal Denied
MONTREAL MAINE: Court Sustains Objection to Center Beam's Claims
MOSES INC: Case Summary & 20 Largest Unsecured Creditors
MOTORS LIQUIDATION: Court OK's Settlement with Panel, DIP Lenders
N.E. DESIGNS: Hires Fischbach as Special Counsel
NEIMAN MARCUS: Bank Debt Trades at 6% Off
NEW CAL-NEVA: Hires Jeffer Mangels as Special Counsel
NORDIC INTERIOR: Hires Rosen as Bankruptcy Counsel
PACIFIC SUNWEAR: Court OKs 7th Amendment to DIP Financing Pact
PAGOSA PARTNERS II: Hires Kutner Brinen as Attorney
PEABODY ENERGY: Big Ridge Seeks Approval of Settlement with UMWA
PROSOLUTIONS LLC: Dina L. Anderson Named Interim Trustee
R & G FOOD SERVICES: Initial Confirmation Hearing on Sept. 14
RAILYARD COMPANY: Bid to Stay Ch. 11 Trustee Appointment Denied
REICHHOLD HOLDINGS: Objection to Reclamation Claim Overruled
RFP VI HOTEL: Boxborough Hotel Building Up for Auction on Sept. 22
ROBISON TIRE: Hires Lentz & Little as Counsel
ROBISON TIRE: Hires Taylor as Auctioneer and Appraiser
RUBEN DIAZ: Dina L. Anderson Named Interim Trustee
RYAN ROTH: Manieri Offers $46K for Crawford County Property
SASSYFRAS INVESTMENTS: Oct. 4 Hearing on Disclosure Statement, Plan
SFX ENTERTAINMENT: Files 2nd Bid for Exclusivity Thru Oct. 31
SUNEDISON INC: D.E. Shaw Set to Enter Race for TerraForm Power
SUNEDISON INC: To Auction Wind-Power Projects on September 9
SUNEDISON INC: To Sell Some Assets to GCL-Poly Energy
TAYLOR BEAN: PwC Reaches Mid-Trial Deal in Suit by Trustee
TIBCO SOFTWARE: Bank Debt Trades at 3% Off
TXS UNITED: Tract of Land Being Auctioned in Texas on Sept. 6
W.R. GRACE: Bid to Review Denial of AMH Class Certification Denied
[^] Large Companies with Insolvent Balance Sheet
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531 TUNXIS HILL: Hires Joel Hausman as Real Estate Broker
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531 Tunxis Hill Associates, LLC seeks authorization from the U.S.
Bankruptcy Court for the District of Connecticut to employ Joel I.
Hausman of Del Ray Associates, Inc. as real estate broker.
The Debtor requires Hausman to sell and/or lease its property
located at 531 Tunxis Hill Road, Fairfield, Connecticut 06825.
Hausman intends to charge the Debtor on a contingent fee basis 6%
of the agreed upon sales price for the Property only upon the
consummation of a sale of the property and approval by the
Bankruptcy Court.
If the Property is leased Hausman intends to charge the Debtor 5%
of the total lease consideration for the first 5 years, 2.5% of the
total lease consideration for the next 5 years and 1% of the total
lease consideration for the remaining years of the lease agreement
only upon the execution of a lease and approval by the Bankruptcy
Court.
Joel I. Hausman, a licensed real estate salesperson of Del Ray
Associates, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
Hausman can be reached at:
Joel I. Hausman
DEL RAY ASSOCIATES, INC.
Two Post Road
Fairchild, CT 06824
Tel: (203) 367-4087
Fax: (203) 256-8257
About 531 Tunxis Hill Associates
531 Tunxis Hill Associates, LLC, filed a chapter 11 petition
(Bankr. N.D. Conn. Case No. 15-51468) on Oct. 20, 2015. The
petition was signed by Nicholas J. Gramigna, Jr., president. A
copy of the petition is available at
http://bankrupt.com/misc/ctb15-51468.pdf
Michael A. Carbone, Esq., and James G. Verillo, Esq., at Zeldes,
Needle & Cooper, P.C., serve as counsel to the Debtor. The Debtor
estimated assets and debts at $100,001 to $500,000 at the time of
the filing.
8241 PINNACLE: Hires Berens Kozub as Counsel
--------------------------------------------
8241 Pinnacle, LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Arizona to employ Berens, Kozub,
Kloberdanz & Blonstein as counsel.
The Debtor requires Berens Kozub to:
(a) give the Debtor legal advice and assistance as to its
powers and duties as debtor-in-possession in the continued
operation of their affairs;
(b) provide legal advice and assistance to the Debtor as is
necessary to preserve and protect assets, to prepare all
necessary applications, answers, orders, reports and other
legal documents, including the drafting of a plan of
reorganization and disclosure statement, and other related
pleadings and documents; and
(c) provide other legal services as may be necessary during the
course of the bankruptcy proceedings.
Berens Kozub will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard W. Hundley of Berens Kozub, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estate.
Berens Kozub can be reached at:
Richard W. Hundley, Esq.
BERENS, KOZUB, KLOBERDANZ & BLONSTEIN, PLC
7047 E. Greenway Parkway, Suite 140
Scottsdale, AZ 85254
Tel: (480) 624-2777
E-mail: mewak@bkl-az.com
8241 Pinnacle, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
D. Ariz. Case No. 11-22604) on August 8, 2011, listing under $1
million in both assets and liabilities.
A & E TWO ASSOCIATES: Case Summary & 19 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: A & E Two Associates LLC
21490 West Dixie Highway
Miami, FL 33180
Case No.: 16-21803
Chapter 11 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: Hon. Robert A Mark
Debtor's Counsel: Sheleen G Khan, Esq.
LAW OFFICE OF SHELEEN G. KHAN P.A.
13499 Biscayne Blvd # T2
Miami, FL 33181
Tel: (305) 454-9126
E-mail: sgklaw@gmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.
A copy of the Debtor's list of 19 largest unsecured creditors is
available for free at http://bankrupt.com/misc/flsb16-21803.pdf
ABC DENTISTRY: Asks Court for Permission to Use $200,000 Cash
-------------------------------------------------------------
Debtor ABC Dentistry West Orem, P.L.L.C., filed with the Court an
emergency motion seeking authority to use cash, including cash
collateral, in which First Bank & Trust East Texas holds security
interest, to fund all costs and expenses incurred in the ordinary
course of its business. The Debtor said that absent the use of its
cash generated postpetition, it will be unable to continue its
business operations.
ABC WO currently projects that ordinary and anticipated cash flows
will be able to cover expenses for the foreseeable immediate
future. On an interim basis, ABC WO seeks to use approximately
$200,000 (through week 3 in accordance with a prepared budget).
The Debtor is a borrower under a loan agreement with First Bank.
The outstanding balance on the Loan is $298,365. The Loan is
secured by various collateral including the Debtor's equipment,
accounts, government payments, instruments, and chattel paper.
Omar J. Alaniz, Esq., at Baker Botts L.L.P., one of the Debtors'
counsel, maintained that revenues generated from the services
provided to patients are not subject to the Secured Lender's lien,
and thus, those revenues may therefore be used without the
restrictions imposed by the Bankruptcy Code. However, in the
interest of caution and to avoid any unnecessary disputes with the
Secured Lender at this time, the Debtor seeks the Court's
authorization to use cash, whether or not such cash is Cash
Collateral, and to otherwise adequately protect the Secured
Lender.
As adequate protection, the Debtor proposes to grant the Secured
Lender postpetition replacement liens and security interests to the
extent of any diminution in value of the Prepetition Collateral,
subject to the rights and security interests granted to any
debtor-in-possession lender.
Although ABC WO is not aware of any other material secured
creditors, to the extent ABC WO uses Cash Collateral of entities
other than the Secured Lender that hold valid, duly perfected,
non-avoidable liens that are superior to all other liens on the
relevant collateral, ABC WO proposes that those entities be granted
replacement liens on the proceeds of such Other Lienholders'
collateral, to the extent of the diminution of value of that
collateral, which liens will have the same priority, validity,
force and effect as the lien that they replace; subject, however to
all defenses, claims and counterclaims ABC WO may have against
those liens or the claims underlying those liens and to the rights
and security interests granted to any DIP lender.
About ABC Dentistry
ABC Dentistry, P.A., ABC Dentistry Old Spanish Trail, P.L.L.C., and
ABC Dentistry West Orem, P.L.L.C., are part of a family of clinics
doing business as ABC Dental in the Houston area. The Debtors,
which employ approximately 40 people, provide a variety of dental
and orthodontic services to Medicaid patients.
On Aug. 26, 2016, each of the Debtors filed a voluntary petition
under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of Texas (Bankr. S.D. Tex. Proposed
Lead Case No. 16-34221). The Debtors estimate assets in the range
of $100,000 to $500,000 and liabilities of up to $50 million as of
the bankruptcy filing.
The Debtors have hired Baker Botts L.L.P. as their counsel.
ABC DENTISTRY: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
ABC Dentistry, P.A. 16-34221
1500 Southmore Avenue
Pasadena, TX 77502
ABC Dentistry Old Spanish Trail, P.L.L.C. 16-34222
5751 Blythewood, Suite 100
Houston, TX 77021
ABC Dentistry West Orem, P.L.L.C. 16-34225
5505 West Orem Drive, Suite 200
Houston, TX 77085
Nature of Business: Health Care
Chapter 11 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Jeff Bohm (16-34221)
Karen K. Brown (16-34222 and 16-34225)
Debtors' Counsel: Omar Jesus Alaniz, Esq.
BAKER BOTTS L.L.P.
2001 Ross Avenue, Suite 2600
Dallas, TX 75201
Tel: 214-953-6593
E-mail: omar.alaniz@bakerbotts.com
- and -
Thomas R. Phillips, Esq.
BAKER BOTTS L.L.P.
98 San Jacinto Blvd., Suite 1500
Austin, Texas 78701
Tel: 512.322.2565
Fax: 512.322.8363
E-mail: tom.phillips@bakerbotts.com
Estimated Estimated
Assets Liabilities
---------- -----------
ABC Dentistry, P.A. $0-$50K $10M-$50M
ABC Dentistry Old $100K-$500K $10M-$50M
ABC Dentistry West $100K-$500K $10M-$50M
The petitions were signed by Iraj S. Jabbary, D.D.S., director.
A copy of ABC Dentistry, P.A.'s list of 20 largest unsecured
creditors is available for free at
http://bankrupt.com/misc/txsb16-34221.pdf
A copy of ABC Dentistry Old's list of 20 largest unsecured
creditors is available for free at
http://bankrupt.com/misc/txsb16-34222.pdf
A copy of ABC Dentistry West's list of 20 largest unsecured
creditors is available for free at
http://bankrupt.com/misc/txsb16-34225.pdf
ABC DENTISTRY: Files for Bankruptcy as $24M Judgment Looms
----------------------------------------------------------
Houston-based dental and orthodontic services providers have sought
bankruptcy protection under Chapter 11 of the Bankruptcy Code after
a trial court's refusal to temporary halt a lawsuit filed by their
former employee.
ABC Dentistry, P.A., ABC Dentistry West Orem, P.L.L.C., and ABC
Dentistry Old Spanish Trail, P.L.L.C., filed the petitions listing
assets in the range of $100,000 to $500,000 and liabilities of up
to $50 million. Only Debtor ABC West Orem has a secured obligation
of $298,364 owing to First Bank & Trust East Texas.
As disclosed in Court documents, the Debtors, which employ
approximately 40 people, are part of a family of clinics doing
business as ABC Dental. The clinics provide a variety of dental
and orthodontic services to Medicaid patients.
The Debtors, Dr. Iraj S. Jabbary (the Debtors' owner), and two
related clinics ABC Dentistry Pasadena, P.A. and ABC Dentistry
Hillcroft, are defendants in an action filed by Dr. Saeed Rohi.
Dr. Rohi sued the defendants for alleged violations of Texas Human
Resources Code chapters 32 and 36 and breaches of contract and
torts stemming from his two-month employment. He alleges, among
other things, that the ABC Defendants billed Medicaid for
"unnecessary crowns and/or cavity fillings ... unnecessary wisdom
teeth extractions."
Dr. Rohi also sought partial summary judgment against the ABC
Defendants (except ABC Dentistry Hillcroft), based exclusively on
alleged violations of subsection 36.002(8) of the Texas Human
Resources Code, which prohibits "mak[ing] a claim under the
Medicaid program and knowingly fail[ing] to indicate the type of
license and the identification number of the licensed health care
provider who actually provided the service." For this alleged
technical violation, Dr. Rohi sought civil penalties of over $24
million.
The ABC Defendants filed a Motion to Dismiss based on Dr. Rohi's
failure to provide an expert report to support his claims. On May
6, 2016, the trial court issued an order denying the Motion to
Dismiss and subsequently issued an order setting the case for trial
on Sept. 19, 2016. The trial court also granted Dr. Rohi's motion
for partial summary judgment on liability, while denying it, for
the moment, on damages.
The ABC Defendants petitioned the Fourteenth Court of Appeals of
Texas for mandamus relief from the trial setting, grant of partial
summary judgment on liability, and any further consideration of the
summary judgment motion. The court of appeals denied the petition
on Aug. 11, 2016.
"Given the trial court's refusal to stay the case despite the
statutory directive, the ABC Defendants could be hit with a
crippling $24 million dollar judgment," said Omar. J. Alaniz, Esq.,
at Baker Botts L.L.P., one of the Debtors' attorneys.
As a result, the ABC Defendants petitioned the Texas Supreme Court
for a writ of mandamus on August 18. That petition, along with the
interlocutory appeal to the Fourteenth Court of Appeals from the
denial of the ABC Defendants' motion to dismiss for failure to file
an expert report, still pends.
Meanwhile, to eliminate the need for duplicative notices,
applications, and orders, thereby saving considerable time and
expense, the Debtors are seeking joint administration of their
Chapter 11 cases under the case of ABC Dentistry, P.A., Case No.
16-34221.
AEROPOSTALE INC: Loses Bid to Rein in Sycamore
----------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that a
bankruptcy judge has dealt a big blow to Aeropostale Inc.'s bid to
survive chapter 11, refusing to rein in the bidding rights of
Sycamore Partners, a former big backer and now major critic of the
retailer.
According to the report, Judge Sean Lane, in a decision signed Aug.
25 but not made public until Aug. 26, said Sycamore is entitled to
wield its $151 million loan as currency at the bankruptcy auction
of the retail chain, a so-called credit-bid that gives it an
advantage in the competition.
The ruling portends bad news for landlords and employees of the
teen fashion retailer, which has been at odds with Sycamore since
before it filed for bankruptcy protection in May, the report noted.
The private-equity firm has said liquidation may be the best
outcome for Aeropostale and its stores, and scoffed at the
company's hope of a job-saving turnaround, the report related.
The credit-bid means Sycamore can walk into the auction without
cash, and demand rival bidders pay off the $151 million loan from
Sycamore if they want to save, or liquidate, the company, the
report further related.
Aeropostale said in a statement that it "is disappointed with the
Bankruptcy Court's decision in its litigation against Sycamore
Partners," the report said.
The Troubled Company Reporter, citing WSJ, previously reported that
Aeropostale was pressing for a ruling that would rein in Sycamore's
power to determine the company's fate. Sycamore has contended
liquidation, not a sale of the operating business at a
bargain-basement price, is the best option for creditors, the
report added.
About Aeropostale Inc.
Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. from
Aeropostale
stores and website. The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment. Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its
own
merchandise. As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states. In addition, pursuant to various licensing agreements, the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe,
and
Latin America. Since November 2012, Aeropostale, Inc. has operated
GoJane.com, an online women's fashion footwear and apparel
retailer.
Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016. The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.
The Debtors listed total assets of $354 million and total debt
of $390 million as of Jan. 30, 2016.
The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.
Judge Sean H. Lane is assigned to the cases.
The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of
unsecured creditors. The Committee hired Pachulski Stang Ziehl &
Jones LLP as counsel.
ATLAS RESOURCE: Reorg. Plan Confirmed, Set to Emerge on Sept. 1
---------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order approving Atlas Resource Partners' Disclosure Statement
and concurrently confirming its Joint Prepackaged Chapter 11 Plan
of Reorganization. As previously reported, "The Partnership
entered into a restructuring support agreement (RSA) with 100% of
its revolving credit facility lenders, 100% of its second lien
lenders and approximately 80% of its senior noteholders. If
completed, the agreement (to be implemented under the Prepackaged
Plan of Reorganization) will immediately reduce the Partnership's
debt by approximately $900 million and interest expense by $80
million per year. That debt reduction would be accomplished via
conversion of $668 million of outstanding senior notes into 90% of
the common equity of the restructured company (upon Plan
consummation and from proceeds of the sale of the Partnership's
natural gas and oil hedge positions to make repayments under its
existing revolving credit facility). In addition, the Partnership's
existing common and preferred unit holders will not be entitled to
any of the equity of the restructured company, and all existing
common and preferred units will be cancelled under the RSA." The
Company is expected to emerge from Chapter 11 protection on Sept.
1, 2016 as Titan Energy.
According to the report, Daniel Herz, chief executive officer,
comments, "Today's confirmation was a favorable step on our path to
restructuring and we look forward to beginning a new chapter as
Titan Energy. The Senior Management team and I want to thank our
employees, suppliers, royalty owners, trade partners, and other
supportive stakeholders for their continued support, which has
allowed the Partnership to continue to operate in the ordinary
course of business through this process."
About Atlas Resource
Atlas Resource Partners, L.P., a publicly-traded master-limited
partnership, is an independent oil and natural gas company engaged
in the exploration, development, and production of oil and natural
gas properties with operations in basins across the United States.
Atlas Resource Partners, L.P. and 23 of its subsidiaries each filed
a voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 16-12149) on July 27, 2016. The
petitions were signed by Jeffrey M. Slotterback as chief financial
officer.
In the petition, the Debtors list total assets of $1.32 billion and
total debts of $1.53 billion as of July 20, 2016.
The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as
counsel; Perella Weinberg Partners LP as investment banker; and
Epiq Bankruptcy Solutions, LLC as claims and noticing agent.
BEEBE DIVERSIFIED: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Beebe Diversified Limited Partnership
P.O. Box 276125
Sacramento, CA 95827
Case No.: 16-25618
Chapter 11 Petition Date: August 25, 2016
Court: United States Bankruptcy Court
Eastern District of California (Sacramento)
Judge: Hon. Christopher M. Klein
Debtor's Counsel: Anthony Asebedo, Esq.
MEEGAN, HANSCHU & KASSENBROCK
11341 Gold Express Drive, #110
Gold River, CA 95670
Tel: 916-925-1800
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Elizabeth Beebe, general partner.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/caeb16-25618.pdf
C.H.I.R. CORPORATION: Taps Richard Robles Law Firm as Attorney
--------------------------------------------------------------
C.H.I.R. Corporation seeks authorization from the U.S. Bankruptcy
Court for the Southern District of Florida to employ the Law
Offices of Richard R. Robles, P.A. as attorney.
The Debtor requires the Law Firm to:
(a) give advice to the Debtor with respect to its powers and
duties as a debtor in possession and the continued
management of its business operations;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the Court;
(c) prepare motions, pleadings, orders, applications, adversary
proceedings and other legal documents necessary in the
administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the Court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
The Law Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Caryle DeCruise, the officer and director of the Debtor, has
provided the Law Firm with $1,717 on behalf of the Debtor for the
initial filing fee. The Law Firm is requesting the approval of a
$15,000 initial retainer in this matter.
Nicholas G. Rossoletti, member of the Law Offices of Richard R.
Robles, P.A., assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
The Law Firm can be reached at:
Richard R. Robles, Esq.
LAW OFFICES OF RICHARD R. ROBLES, P.A.
905 Brickell Bay Drive
Four Ambassadors
Tower II, Mezzanine, Suite 228
Miami, FL 33131
Tel: (305) 755-9200
E-mail: rrobles@roblespa.com
C.H.I.R. Corporation, based in Miami, Fla., filed a Chapter 11
petition (Bankr. S.D. Fla. Case No. 16-20921) on August 5, 2016.
Hon. Robert A Mark presides over the case. Richard R. Robles, Esq.
as bankruptcy counsel.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Caryle Anthony DeCruise, president and director.
CAESARS ENTERTAINMENT: Wins Delay in Bondholders' Litigation
------------------------------------------------------------
Lillian Rizzo, writing for The Wall Street Journal Pro Bankruptcy,
reported that Caesars Entertainment Corp. won a short reprieve in
its litigation with bondholders, once again hitting the pause
button in its multibillion-dollar battle, after Judge Matthew
Kennelly of the U.S. District Court for the Northern District of
Illinois granted a motion that pushes back litigation in New York,
which was slated to begin Aug. 30, until Sept. 16.
At issue is whether Caesars must honor more than $11 billion in
guarantees for the debt of its bankrupt operating unit, Caesars
Entertainment Operating Co., the report related.
Another suit over $3.7 billion in debt guarantees was scheduled to
be argued before a Delaware state court in September, the WSJ said.
CEOC has filed an appeal that will be heard by Judge Kennelly
today, Aug. 30, the report related.
The Troubled Company Reporter, citing WSJ, previously reported that
U.S. Bankruptcy Judge A. Benjamin Goldgar in Chicago refused to
renew a shield that enabled Caesars Entertainment Corp.'s bankrupt
operating unit to protect its parent from a multi-billion dollar
legal battle initiated by bondholders.
The TCR also previously reported that the bankrupt operating unit
of CEC asked the judge to extend a lawsuit shield for its parent
company, which a financial advisor said is critical to making
progress toward a settlement with holdout creditors. The
negotiations are advancing thanks to the prospect of more cash for
creditors following the $4.4 billion sale of another Caesars
affiliate in July and the possibility of financial contributions
from Caesars' private equity sponsors, Brendan Hayes, managing
director of Millstein & Co said at a hearing.
But negotiations need to take place without the threat of
judgments
on bondholder litigation currently pending in New York and
Delaware
against the non-bankrupt Caesars parent, Hayes said, the report
related.
WSJ has previously reported that Judge Goldgar was weighing
whether
to grant another reprieve, raising the possibility that settlement
talks might make more progress if litigation involving bondholders
is allowed to proceed. Judge Goldgar has asked if past settlement
talks were "more productive" when such a shield wasn't in place.
About Caesars Entertainment
Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies. Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names. The Company has its
corporate headquarters in Las Vegas. Harrah's announced its
re-branding to Caesar's in mid-November 2010.
In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended and
Restated Restructuring Support and Forbearance Agreement, dated as
of Dec. 31, 2014, among Caesars Entertainment, CEOC and the
Consenting Creditors. As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.
Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015. The bondholders are represented by
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP.
CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on
Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.
Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.
Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is
the Debtors' restructuring advisors. Prime Clerk LLC acts as the
Debtors' notice and claims agent. Judge Benjamin Goldgar presides
over the cases.
The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.
The U.S. Trustee appointed Richard S. Davis as Chapter 11
examiner.
* * *
The U.S. Bankruptcy Court for the Northern District of Illinois
approved the adequacy of the disclosure statement explaining the
second amended joint Chapter 11 plan of reorganization of Caesars
Entertainment Operating Company Inc. and its debtor-affiliates.
The Court set Oct. 31, 2016, at 4:00 p.m. (prevailing Central Time)
as last day for any holder of a claim entitle to vote to accept or
reject the Debtors' plan.
A hearing is set for Jan. 17, 2017, at 10:30 a.m. (prevailing
Central Time) in Courtroom No. 642 in the Everett McKinley Dirksen
United States Courthouse, 219 South Dearborn Street, Chicago,
Illinois, to confirm the Debtors' plan. Objections to
confirmation, if any, are due Oct. 31, 2016, at 4:00 p.m.
(prevailing Central Time).
CJ HOLDING: Hires AlixPartners as Restructuring Advisor
-------------------------------------------------------
CJ Holding Co., and its Debtor affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
AlixPartners, LLP as restructuring advisor to the Debtors.
CJ Holding requires AlixPartners to:
a. assist in preparing for and file a Bankruptcy Petition,
coordinate and provide administrative support for the
proceeding and develop the Debtors' Plan of Reorganization
or other appropriate case resolution, if necessary.
b. assist with the preparation of the statement of affairs,
schedules and other regular reports required by the United
States Bankruptcy Court.
c. assist in obtaining and presenting information required by
parties in interest in the Debtors' bankruptcy process
including official committees appointed by the Court and
the Court itself.
d. provide assistance in such areas as testimony before the
Court on matters that are within the scope of this
engagement and within AlixPartners' area of testimonial
competencies.
e. assist the Debtors and their management in developing a
short-term cash flow forecasting tool and related
methodologies and assist with planning for alternatives as
requested by the Company.
f. provide assistance as requested by management in connection
with the Debtors' development of a business plan, including
the identification of cost reduction opportunities.
g. assist the "working group" professionals who are
representing the Debtors in the reorganization process or
who are working for the Debtors' various stakeholders to
coordinate their effort and individual work product in
order to be consistent with the Debtors' overall
restructuring goals.
h. assist as requested in managing any litigation that may be
brought against the Debtors in the Court.
i. assist in communication and/or negotiation with outside
constituents including the banks and their advisors.
j. assist with such other matters as may be requested that
fall within AlixPartners' expertise and that are mutually
agreeable.
AlixPartners will be paid at these hourly rates:
Rebecca Roof, Managing Director $1,070
Carrianne Basler, Managing Director $950
Jason Muskovich, Director $880
Henry Colvin, Director $770
Clayton Gring, Director $770
Richard Robbins, Director $770
Jamie Strohl, Vice President $585
Alexander Chernov, Associate $400
Drew Parchem, Associate $400
AlixPartners currently holds a retainer payment of $500,000.00 and
refresher payments of approximately $625,125.25 (the "Retainer").
In 90 days prior to the Petition Date including the Retainer
described above, the Debtors paid AlixPartners a total of
approximately $1,550,241.62 incurred in providing services to the
Debtor in contemplation of, and in connection with, prepetition
restructuring activities.
AlixPartners will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Rebecca A. Roof, managing director of AlixPartners, LLP, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
AlixPartners can be reached at:
Rebecca A. Roof
ALIXPARTNERS, LLP
909 Third Avenue, 30th Floor
New York, NY 10019
Tel: (212) 490-2500
Fax: (212) 490-1344
About C&J Energy
C&J Energy Services -- http://www.cjenergy.com/-- is a provider of
well construction, well completions, well support and other
complementary oilfield services to oil and gas exploration and
production companies. As one of the largest completion and
production services companies in North America, C&J offers a full,
vertically integrated suite of services involved in the entire life
cycle of the well, including directional drilling, cementing,
hydraulic fracturing, cased-hole wireline, coiled tubing, rig
services, fluids management services and other special well site
services. C&J operates in most of the major oil and natural gas
producing regions of the continental United States and Western
Canada.
C&J Energy Services Ltd. and 14 of its subsidiaries each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 16-33590) on July 20, 2016. The Debtors'
cases are pending before Judge David R Jones.
The law firms Loeb & Loeb LLP, Kirkland & Ellis LLP serve as the
Debtors' counsel. Fried, Frank, Harris, Shriver & Jacobson LLP acts
as special corporate and tax counsel to the Debtors. Investment
bank Evercore is the Debtors' financial advisor and AlixPartners is
the Debtors' restructuring advisor. Ernst & Young Inc. is the
proposed information officer for the Canadian proceedings. Donlin,
Recano & Company, Inc. serves as the claims, noticing and balloting
agent.
U.S. Trustee Judy A. Robbins appointed five creditors to serve on
the official committee of unsecured creditors in the Chapter 11
case of CJ Holding Co., et al.
CJ HOLDING: Hires Kirkland as Attorney
--------------------------------------
CJ Holding Co., and its Debtor affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
attorney to the Debtors.
CJ Holding requires Kirkland to:
a. advise the Debtors with respect to their powers and duties
as debtors in possession in the continued management and
operation of their businesses and properties;
b. advise and consult on the conduct of these chapter 11
cases, including all of the legal and administrative
requirements of operating in chapter 11;
c. attend meetings and negotiate with representatives of
creditors and other parties in interest;
d. take all necessary actions to protect and preserve the
Debtors' estates, including to prosecute actions on the
Debtors' behalf, defend any action commenced against
the Debtors, and represent the Debtors in negotiations
concerning litigation in which the Debtors are involved,
including objections to claims filed against the Debtors'
estates;
e. prepare pleadings in connection with these chapter 11
cases, including motions, applications, answers, orders,
reports, and papers necessary or otherwise beneficial to
the administration of the Debtors' estates;
f. represent the Debtors in connection with obtaining
authority to continue using cash collateral and
postpetition financing;
g. advise the Debtors in connection with any potential sale of
assets;
h. appear before the Court and any appellate courts to
represent the interests of the Debtors' estates;
i. advise the Debtors regarding tax matters;
j. take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure
statement and confirmation of a chapter 11 plan and all
documents related thereto; and
k. perform all other necessary legal services for the Debtors
in connection with the prosecution of these chapter 11
cases, including: (i) analyze the Debtors' leases and
contracts and the assumption and assignment or rejection
thereof; (ii) analyze the validity of liens against the
Debtors; and (iii) advise the Debtors on corporate and
litigation matters.
Kirkland will be paid at these hourly rates:
Partners $875-$1,495
Of Counsel $625-$1,495
Associates $525-$945
Paraprofessionals $180-$400
The Debtors paid to Kirkland advance payment retainers totaling
$1,626,665.57 in the aggregate. As stated in the Engagement Letter,
any advance payment retainers are earned by Kirkland upon receipt,
any advance payment retainers become the property of Kirkland upon
receipt, the Debtors no longer have a property interest in any
advance payment retainers upon Kirkland's receipt, any advance
payment retainers will be placed in Kirkland's general account and
will not be held in a client trust account, and the Debtors will
not earn any interest on any advance payment retainers.
Kirkland will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing
Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C.
Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following
is
provided in response to the request for additional information:
a. Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing
arrangements for this engagement?
Answer: No. Kirkland and the Debtors have not agreed to
any variations from, or alternatives to,
Kirkland's standard billing arrangements for this
engagement. The rate structure provided by
Kirkland is appropriate and is not significantly
different from (a) the rates that Kirkland
charges for other non-bankruptcy representations
or (b) the rates of other comparably skilled
professionals.
b. Question: Do any of the Kirkland professionals in this
engagement vary their rate based on the
geographic location of the Debtors' chapter 11
cases?
Answer: No. The hourly rates used by Kirkland in
representing the Debtors are consistent with the
rates that Kirkland charges other comparable
chapter 11 clients, regardless of the location of
the chapter 11 case.
c. Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing
rates and material financial terms for the
prepetition engagement, including any adjustments
during the 12 months prepetition. If Kirkland's
billing rates and material financial terms have
changed postpetition, explain the difference and
the reasons for the difference.
Answer: Kirkland's current hourly rates for services
rendered on behalf of the Debtors range as
follows:
Partners $875-$1,495
Of Counsel $625-$1,495
Associates $525-$945
Paraprofessionals $180-$400
Kirkland represented the Debtors during the
twelve-month period before the Petition Date,
using the hourly rates listed above.
d. Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget
period?
Answer: Yes, for the period from July 20, 2016 through
November 18, 2016.
Marc Kieselstein, partner of Kirkland & Ellis LLP and Kirkland &
Ellis International LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.
Kirkland can be reached at:
Marc Kieselstein, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 N. LaSalle
Chicago, IL 60654
About C&J Energy
C&J Energy Services -- http://www.cjenergy.com/-- is a provider of
well construction, well completions, well support and other
complementary oilfield services to oil and gas exploration and
production companies. As one of the largest completion and
production services companies in North America, C&J offers a full,
vertically integrated suite of services involved in the entire life
cycle of the well, including directional drilling, cementing,
hydraulic fracturing, cased-hole wireline, coiled tubing, rig
services, fluids management services and other special well site
services. C&J operates in most of the major oil and natural gas
producing regions of the continental United States and Western
Canada.
C&J Energy Services Ltd. and 14 of its subsidiaries each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 16-33590) on July 20, 2016. The Debtors'
cases are pending before Judge David R Jones.
The law firms Loeb & Loeb LLP, Kirkland & Ellis LLP serve as the
Debtors' counsel. Fried, Frank, Harris, Shriver & Jacobson LLP acts
as special corporate and tax counsel to the Debtors. Investment
bank Evercore is the Debtors' financial advisor and AlixPartners is
the Debtors' restructuring advisor. Ernst & Young Inc. is the
proposed information officer for the Canadian proceedings. Donlin,
Recano & Company, Inc. serves as the claims, noticing and balloting
agent.
U.S. Trustee Judy A. Robbins appointed five creditors to serve on
the official committee of unsecured creditors in the Chapter 11
case of CJ Holding Co., et al.
CONTROL COMMUNICATIONS: Hires Caler Donten as Accountant
--------------------------------------------------------
Control Communications, Inc. seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Louis M. Cohen and the accounting firm of Caler, Donten, Levine,
Cohen, Porter & Veil, P.A. as accountant.
The Debtor requires the Accountants to prepare Federal Income Tax
Returns and other required tax reporting documents, and assistance
in preparation of the Plan and Disclosure Statement, as well as any
other requests made by the Debtor.
The Accountants have agreed to accept compensation on an hourly
basis at its standard billing rate of $320 per hour for preparation
and filing of yearly Federal Income Tax Returns and other
accounting matters, plus reimbursement necessary and actual
expenses, from the bankruptcy estate pursuant to the provisions of
the Bankruptcy Code. There are no outstanding pre-petition fees due
to the Accountants.
Louis M. Cohen, shareholder of Caler, Donten, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estate.
Caler, Donten can be reached at:
Louis M. Cohen
CALER, DONTEN, LEVINE, COHEN,
PORTER & VEIL, P.A.
505 South Flagler Drive, Suite 900
West Palm Beach, FL 33401
Tel (561) 832-9292
E-mail: lcohen@cdlcpa.com
Control Communications, Inc., based in Fort Lauderdale, Fla., filed
a Chapter 11 petition (Bankr. S.D. Fla. Case No. 16-18978) on June
24, 2016. Hon. John K. Olson presides over the case. Robert C.
Furr, Esq. and Alvin S. Goldstein, Esq. of Furr & Cohen, P.A. as
bankruptcy counsels.
In its petition, the Debtor indicated $1.07 million in assets and
$1.77 million in liabilities. The petition was signed by
Sigilfredo Rodriguez, Jr., president.
CSM BAHIA: Proposes to Sell Property for $2.9MM to Fund Plan
------------------------------------------------------------
CSM Bahia, LLC, filed with the U.S. Bankruptcy Court for the
District of Arizona its Disclosure Statement to accompany the
Debtor's plan of reorganization.
The Plan proposes an orderly liquidation of the Debtor's sole asset
-- the Bahia Corporate Center located at 9343 E. Bahia Dr.
Scottsdale, Arizona 85260 -- and payments to Creditors over time.
The marketing process as part of the contemplated Sale of the
property will yield the highest and best price the market will
bear, the Debtor said.
The source of funds for the Plan lies in the proposed sale of the
property to Natural Medical Centers of America, LLC, d/b/a Envita
Medical Center for $2,950,000, subject to higher and better offers.
A motion for approval of such sale has been filed
contemporaneously with the Plan.
The Plan further proposes for a pro rata payments of monies, to the
holders of the allowed general unsecured claims, up to a payment of
100% of their allowed claims after the sale of the property, and
after payment in full of all allowed class 1 - 4 claims.
A full-text copy of the Disclosure Statement dated August 10, 2016
is available at https://is.gd/qCjlKx
Counsel to CSM Bahia, LLC:
Jonathan P. Ibsen, Esq.
CANTERBURY LAW GROUP, LLP
14300 N Northsight Blvd., Suite 129
Scottsdale, AZ 85260
Tel: 480-240-0040
Fax: 480-656-5966
E-mail: jibsen@edwardsandcherney.com
jibsen@clgaz.com
About CSM Bahia
CSM Bahia, LLC sought protection under Chapter 11 (Bankr. D. Ariz.
Case No. 16-05393) on May 12, 2016. The petition was signed by
Shane Powell, vice president & secretary. The Debtor is
represented by Jonathan P. Ibsen, Esq., at Canterbury Law Group,
LLP.
The Debtor is an Arizona L.L.C. with one asset: the Bahia Corporate
Center located at 9343 E. Bahia Dr. Scottsdale, Arizona 85260. Its
Members are Shane Powell, Connie Powell and Michael Chernek.
At the time of filing, the Debtor had $1 million to $10 million in
estimated assets and $1 million to $10 million in estimated
liabilities. A list of the Debtor's seven largest unsecured
creditors is available for free at
http://bankrupt.com/misc/azb16-05393.pdf
DESVONNA ENTERPRISES: Sept. 1 Auction for Robeson County, NC Lot
----------------------------------------------------------------
Substitute Trustee Services, Inc. will offer for sale at the
courthouse door in the City of Lumberton, Robeson County, North
Carolina, or the customary location designated for foreclosure
sales, at 2:30 p.m on September 1, 2016, to the highest bidder for
cash, the real estate described as:
"Being all of Lot 211, in a subdivision known as Upchurch
Sands, Section Seven, according to a plat of the same duly recorded
in Book of Plats 39, Page 74, Robeson County Registry, North
Carolina. Together with improvements thereon, said property located
at 4713 Hickory Ridge Drive, Parkton, North Carolina 28371."
Substitute Trustee Services, Inc. is the substituted as Trustee
under a Real Estate Deed of Trust, executed by Chris Johnson and
Petina Johnson, modified under a Modification Agreement recorded in
Book 1420, Page 777, in Robeson County Registry, North Carolina and
also recorded in Book 9723, Page 598 in Cumberland County Registry.
The Trustee will sell the real estate following a default in the
payment of debt instruments.
The present record owners of the property are Desvonna T.
Enterprises, LLC from Robeson County and Chris Johnson and Petina
Johnson from Cumberland County.
A deposit of 5% of the purchase price, or $750.00, whichever is
greater, is required and must be tendered in the form of certified
funds at the time of the sale.
Inability of the Trustee to convey title to the property for any
reason would lead to the return of the deposit to the purchaser.
Reasons of such inability to convey include, but are not limited
to, the filing of a bankruptcy petition prior to the confirmation
of the sale and reinstatement of the loan without the knowledge of
the trustee. If the validity of the sale is challenged by any
party, the trustee, in their sole discretion, if they believe the
challenge to have merit, may request the court to declare the sale
to be void and return the deposit. The purchaser will have no
further remedy.
Any person who occupies the property pursuant to a rental agreement
entered into or renewed on or after October 1, 2007, may after
receiving the notice of foreclosure sale, terminate the rental
agreement by providing written notice of termination to the
landlord, to be effective on a date stated in the notice that is at
least 10 days but not more than 90 days, after the sale date
contained in this notice of sale, provided that the mortgagor has
not cured the default at the time the tenant provides the notice of
termination.
Substitute Trustee Services, Inc. may be reached at:
Palmer Maas
Vice President
Substitute Trustee Services, Inc.
201 S. McPherson Church Rd., Suite 232
Fayetteville, NC 28303
DRYSDALE VILLAGE: Hires Realty Executives as Property Managers
--------------------------------------------------------------
The Drysdale Village, LLC seeks authorization from the U.S.
Bankruptcy Court for the District of Arizona to employ Realty
Executives as property managers.
Realty Executives will render these professional services:
(a) collection of monthly rental payments from tenants;
(b) payment of various monthly expenses (secured loans,
utilities, maintenance, repairs, etc.)
(c) preparation and negotiations of lease agreements; and
(d) preparation and remittance of Rental Sales Tax to the state
of Arizona;
Realty Executives will receive an 8% commission of rents received
to paid-upon receipt and deposit of rental income.
Realty Executives will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Kyle Van Horn, real estate agent and property manager of Realty
Executives, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estate.
Realty Executives can be reached at:
Kyle Van Horn
REALTY EXECUTIVES
2260 S. 4th Avenue #D
Yuma, AZ 85364
Tel: (928) 503-6514
E-mail: vanhorn82@gmail.com
About Drysdale Village LLC
The Drysdale Village, LLC dba Frontier Village, based in Yuma,
Ariz., filed a Chapter 11 petition (Bankr. D. Ariz. Case No.
16-08755) on July 29, 2016. Hon. Scott H. Gan presides over the
case. Thomas H. Allen of Allen Barnes & Jones, PLC serves as the
Debtor's bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
assets and liabilities. The petition was signed by Raymond
Drysdale, president.
DUBY INDUSTRIAL: Hires Jennifer Novak as CERCLA Counsel
-------------------------------------------------------
DuBy Industrial One, LLC seeks authorization from the U.S.
Bankruptcy Court for the Central District of California to employ
the Law Office of Jennifer F. Novak as Special Comprehensive
Environmental Response, Compensation and Liability Act ("CERCLA")
counsel.
The Firm will represent the Debtor in pending litigation, DuBy
Industrial One, LLC, v. Goldenwest Laundry and Valet Services, Inc.
et al, Case No. 8:15-cv-01545-AG-KES pending in the U.S. District
Court for the Central District of California, Southern Division.
Ms. Novak will be paid an hourly billing rate of $325.
Ms. Novak will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jennifer F. Novak assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estate.
Ms. Novak can be reached at:
Jennifer F. Novak, Esq.
Law Office of Jennifer F. Novak
609 Deep Valley Drive, Suite 200
Rolling Hills Estate, CA 90274
Tel: (310) 896-2332
Fax: (310) 265-4499
E-mail: jennifer.novak@jenniferfnovaklaw.com
About DuBy Industrial
DuBy Industrial One, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C. D. Calif. Case No. 16-12794) on July 1,
2016. The petition was signed by Kelly Dunagan, member of DuBy
Industrial.
The case is assigned to Judge Mark S. Wallace.
At the time of the filing, the Debtor disclosed $2.5 million in
assets and $5,850 in liabilities.
DUPONT YARD: Hires Alday Wright as Accountant
---------------------------------------------
Dupont Yard, Inc. asks for permission from the U.S. Bankruptcy
Court for the Middle District of Georgia to employ Alday, Wright &
Giles, P.C. as accountant.
The Debtor requires Alday Wright to:
(a) prepare and file tax returns due to the Federal Government,
the State of Georgia and/or any local taxing authority;
(b) prepare periodic financial reports required by the U.S.
Trustee and rules of this Court; and
(c) perform all other accounting-related services required in
this case.
Alday Wright will be paid at these hourly rates:
Phil H. Alday $275
Rebecca Brice $210
Kellie Wood $90
Alday Wright will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Phil H. Alday, accountant at Alday Wright, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estate.
Alday Wright can be reached at:
Phil H. Alday
ALDAY, WRIGHT & GILES, P.C.
1009 N. Patterson Street
Valdosta, GA 31601
Tel: (229) 242-2233
About Dupont Yard
Dupont Yard, Inc. filed a chapter 11 case (Bankr. M.D. Ga. Case No.
16-70808) on August 1, 2016. The petition was signed by Steve
Conner, CEO. The Debtor is represented by Thomas D. Lovett, Esq.,
at Kelley, Lovett, & Blakey, P.C. The Debtor estimated assets and
debts at $1 million to $10 million at the time of the filing.
ENERGY FUTURE: NextEra Reaches Pact with Lenders on Funding Oncor
-----------------------------------------------------------------
Jim Polson, writing for Bloomberg News, reported that NextEra
Energy Inc., has reached agreement with financial institutions on
its bid to buy Energy Future Holdings Corp.'s Oncor Electric
Delivery Co. utility in Texas.
According to the report, as part of the transaction, NextEra plans
to fund $9.5 billion, primarily for the repayment of about all of
the Energy Future Intermediate Holding Company debt, NextEra said
in a statement dated Aug. 29.
NextEra has proposed to take over the biggest transmission operator
in a state where regulators have already proven they can drive a
tough bargain, the report related. An investor group led by
Dallas-based Hunt Consolidated Inc. tried and failed in May to buy
Oncor, the report recalled. At stake is a transaction that's key
to Energy Future's emergence from one of the biggest bankruptcies
of all time, involving the restructuring of about $50 billion in
debt, the report said.
The transaction is subject to bankruptcy court approval of the
merger agreement and Energy Future's reorganization plan as well as
the Public Utility Commission of Texas, the report related.
NextEra expects the transaction, which has been approved by the
boards of directors of both NextEra and Energy Future Holdings, to
be completed in the first quarter of 2017, the report further
related.
Credit Suisse Group AG, and Bank of America Corp. are lead lenders
in a group that includes Deutsche Bank AG, UBS Group AG, Wells
Fargo & Co., BNP Paribas SA, Canadian Imperial Bank of Commerce,
Credit Agricole SA, KeyCorp., Mizuho Financial Group Inc., Bank of
Nova Scotia, Sumitomo Mitsui Financial Group Inc., The
Toronto-Dominion Bank Inc., Mitsubishi UFJ Financial Group Inc. and
U.S. National Bank Holdings Corp., the report said, citing the
statement.
About Energy Future
Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.
Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.
The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth. EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.
On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.
The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS). The Debtors are seeking to have their cases jointly
administered for procedural purposes.
As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion. The Debtors have $42
billion of funded indebtedness.
EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal. The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.
The EFIH unsecured creditors supporting the restructuring agreement
are represented by Akin Gump Strauss Hauer & Feld LLP, as legal
advisor, and Centerview Partners, as financial advisor. The EFH
equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor. Epiq
Systems is the claims agent.
Wilmington Savings Fund Society, FSB, the successor trustee for the
second-lien noteholders owed about $1.6 billion, is represented by
Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq. An Official Committee of
Unsecured Creditors has been appointed in the case. The Committee
represents the interests of the unsecured creditors of only of
Energy Future Competitive Holdings Company LLC; EFCH's direct
subsidiary, Texas Competitive Electric Holdings Company LLC; and
EFH Corporate Services Company, and of no other debtors. The
Committee has selected Morrison & Foerster LLP and Polsinelli PC
for representation in this high-profile energy restructuring. The
lawyers working on the case are James M. Peck, Esq., Brett H.
Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster
LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti
M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC.
* * *
In December 2015, the Bankruptcy Court confirmed the Debtors' Sixth
Amended Joint Plan of Reorganization. In May 2016, certain first
lien creditors of TCEH delivered a Plan Support Termination Notice
to the Debtors and the other parties to the Plan Support Agreement,
notifying the parties of the occurrence of a Plan Support
Termination Event. The delivery of the Plan Support Termination
Notice caused the Confirmed Plan to become null and void.
Following the occurrence of the Plan Support Termination Event as
well as the termination of a roughly $20 billion deal to sell the
Debtors' stake in Oncor Electric Delivery Co., the Debtors filed
the Plan of Reorganization and the Disclosure Statement with the
Bankruptcy Court on May 1, 2016. On May 11, they filed an amended
joint plan of reorganization and a related disclosure statement.
In June 2016, Judge Sontchi approved the disclosure statement
explaining Energy Future Holdings Corp., et al.'s second amended
joint plan of reorganization of the TCEH Debtors and the EFH
Shared
Services Debtors.
ENERGY TRANSFER: Bank Debt Trades at 3% Off
-------------------------------------------
Participations in a syndicated loan under Energy Transfer Equity LP
is a borrower traded in the secondary market at 97.29
cents-on-the-dollar during the week ended Friday, August 26, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.52 percentage points from the
previous week. Energy Transfer pays 250 basis points above LIBOR
to borrow under the $1.0 billion facility. The bank loan matures on
Nov. 15, 2019 and carries Moody's Ba2 rating and Standard & Poor's
BB rating. The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended August 26.
FEDERAL-MOGUL CORP: Bank Debt Trades at 2% Off
----------------------------------------------
Participations in a syndicated loan under Federal-Mogul Corp Corp
is a borrower traded in the secondary market at 97.54
cents-on-the-dollar during the week ended Friday, August 26, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.54 percentage points from the
previous week. Federal-Mogul Corp pays 300 basis points above
LIBOR to borrow under the $0.7 billion facility. The bank loan
matures on April 4, 2018 and carries Moody's B1 rating and Standard
& Poor's B- rating. The loan is one of the biggest gainers and
losers among 247 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended August 26.
FORMOSA HAMILTON: Case Summary & 8 Unsecured Creditors
------------------------------------------------------
Debtor: Formosa Hamilton Incorporation
aka Formosa Hamilton Incorporated
3690 Quakerbridge Road
Trenton, NJ 08619
Case No.: 16-26454
Chapter 11 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
District of New Jersey (Trenton)
Judge: Hon. Kathryn C. Ferguson
Debtor's Counsel: Adrian Johnson, Esq.
THE LAW FIRM OF DIAZ & ASSOCIATES, P.C.
309 Fellowship Road, Suite 220
Mt. Laurel, NJ 08054
Tel: 877-404-6487
E-mail: evanf@diazlawnow.com
Total Assets: $825,920
Total Liabilities: $1.03 million
The petition was signed by Yuen Jen Yeh, president.
A copy of the Debtor's list of eight unsecured creditors is
available for free at http://bankrupt.com/misc/njb16-26454.pdf
FRED FULLER: Trustee Taps CBIZ as Financial Advisor
---------------------------------------------------
Harold B. Murphy, the trustee of the bankruptcy estate of Fred
Fuller Oil & Propane Co., Inc., seeks authority from the U.S.
Bankruptcy Court for the District of New Hampshire to employ CBIZ
Corporate Recovery Services as financial advisor and tax
professionals to the Trustee.
Mr. Murphy requires CBIZ to provide these Financial Advisory
Services:
a. provide financial advisory and forensic accounting services
in connection with the Trustee's efforts to recover Estate
property and pursue Estate causes of action, including
negotiation of any settlements and seeking any post-
judgment enforcement and execution;
b. more specifically, with respect to the Trustee's
investigation, prosecution, or settlement of Estate causes
of Action, each of the following, as requested or required:
i. assist in the review of potential claims and causes
of action,
ii. conduct solvency analyses,
iii. prepare expert report(s) pursuant to Bankruptcy Rule
7026(a)(2)(B) and any rebuttal reports, attend and
testify at any related depositions, and provide
testimony at trial,
iv. assist in any discovery processes, including,
without limitation, review and analysis of documents
and other information, responses to interrogatories,
and attend depositions,
v. attend court hearings and provide testimony;
c. provide financial advisory services in connection with
winding up the Debtor's business affairs and in the conduct
of the Debtor's bankruptcy case, including, without
limitation, the claims reconciliation process, preparation
and confirmation of any plan, and processing distributions
to creditors; and
d. perform such other financial advisory services as deemed
necessary and appropriate by the Trustee
CBIZ will also provide these Tax Services:
a. complete necessary federal and state tax returns for the
tax years 2014, 2015, and any additional subsequent tax
years requested by the Trustee;
b. provide advice to the Trustee with respect to tax issues as
they may arise; and
c. perform such other accounting and tax services as deemed
necessary and appropriate by the Trustee.
For Financial Advisory Services, CBIZ will be paid:
Jeffrey Varsalone $300
Other Professionals $175-$285
For Tax and Accounting Services, CBIZ will be paid:
(i) a flat fee of $15,000 for the completion of all the
Debtor's necessary federal and state tax returns for
the tax year 2014,
(ii) a flat fee of $7,500 for the completion of all the
Debtor's necessary federal and state tax returns for
the tax year 2015,
(iii) a flat fee of $5,000 for the completion of all the
Debtor's necessary federal and state tax returns for
any additional tax year, as requested by the Trustee,
and
(iv) at its usual hourly rates in effect at the time
services are rendered, plus reimbursement of actual,
necessary expenses and other charges incurred for any
additional tax services. CBIZ has advised the Trustee
that its current hourly rates applicable to its tax
professionals are from $175-$285 per hour for staff
professionals and $300-$750 per hour for managers,
directors, and managing directors.
Jeffrey Varsalone, member of CBIZ Corporate Recovery Services, a
division of the firm CBIZ MHM, LLC, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.
CBIZ can be reached at:
Jeffrey Varsalone
CBIZ CORPORATE RECOVERY SERVICES
1065 Avenue of the Americas, 11th Floor
New York, NY 10018
Tel: (212) 790-5876
E-mail: jvarsalone@cbiz.com
About CS Mining
CS Mining, LLC, is a mining and processing company headquartered in
Milford, Utah.
Purported creditors R.J. Bayer Professional Geologist, LLC;
Minerals Advisory Group, LLC; Rollins Construction & Trucking, LLC;
Rollins Machine, Inc.; and Oxbow Sulphur, Inc., filed an
involuntary petition to put the Company into Chapter 11 bankruptcy
(Bankr. D. Utah Case No. 16-24818) on June 2, 2016. Brahma Group,
Inc. subsequently joined the petition.
Judge William T. Thurman presides over the case.
The Petitioners are represented by Martin J. Brill, Esq., at
Levene, Neale, Bender, Yoo & Brill L.L.P and George B. Hofmann,
Esq., at Cohne Kinghorn PC.
CS Mining tapped Snell & Wilmer L.L.P. as local counsel, and Pepper
Hamilton LLP as its legal counsel, nunc pro tunc to June 2, 2016.
FTI Consulting, Inc. served as restructuring advisor.
The U.S. Trustee on August 12 appointed the Official Committee of
Unsecured Creditors.
FRESNO COUNTY SPORTSMEN'S: Confirmation Hearing Set for Oct. 26
---------------------------------------------------------------
Judge Fredrick E. Clement of the U.S. Bankruptcy Court for the
Eastern District of California approved the disclosure statement
filed by Fresno County Sportsmen's Club.
Judge Clement sets the following dates and deadlines in relation to
the Debtor's Combined Plan and Disclosure:
Acceptances or Rejections of the Plan: September 20, 2016
Objections to Confirmation: September 27, 2016
Responses to Objections,
Tabulation of Ballots, and Brief: October 11, 2016
Challenges to Ballots: October 18, 2016
Confirmation Hearing: October 26, 2016 at 1:30
p.m.
About Fresno County Sportsmen's Club
Fresno County Sportsmen's Club filed a Chapter 11 petition (Bankr.
E.D. Cal. Case No. 15-10161), on January 20, 2015. The Debtor's
counsel is Peter L. Fear at Fear Law Group, P.C. of 7750 N. Fresno
Street, Ste. 101, Fresno, California. The Petition was signed by
its President/CEO, Nicholas Maxwell.
At the time of filing, the Debtor had $500,001 to $1 million in
estimated assets and $100,001 to $500,000 in estimated liabilities.
GARDEN OF EDEN: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
Garden of Eden Enterprises, Inc. 16-12488
d/b/a Garden of Eden
720 Anderson Avenue
Cliffside Park, NJ 07010
Broadway Specialty Food, Inc. 16-12490
d/b/a Garden of Eden
2780 Broadway
New York, NY 10025
Coskun Brothers Specialty 16-12491
Food, Inc.
d/b/a Garden of Eden
Garden of Eden Gourmet Inc. 16-12492
d/b/a Garden of Eden
Nature of Business: Specialty food retailer
Chapter 11 Petition Date: August 29, 2016
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. James L. Garrity Jr.
Debtors' Counsel: Clifford A. Katz, Esq.
Scott K. Levine, Esq.
PLATZER, SWERGOLD, LEVINE,
GOLDBERG, KATZ & JASLOW, LLP
475 Park Avenue, South, 18th Floor
New York, NY 10016
Tel: (212) 593-3000
Fax: (212) 593-0353
E-mail: ckatz@platzerlaw.com
slevine@platzerlaw.com
- and -
Teresa Sadutto-Carley, Esq.
PLATZER, SWERGOLD, LEVINE,
GOLDBERG, KATZ & JASLOW, LLP
475 Park Avenue South, 18th Floor
New York, NY 10016
Tel: (212) 593-3000
Fax: (212) 593-0353
E-mail: tsadutto@platzerlaw.com
Consolidated Assets: $8.05 million
Consolidated Liabilities: $8.29 million
The petitions were signed by Mustafa Coskun, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/nysb16-12488.pdf
GARDEN OF EDEN: Files for Chapter 11 Over Sales Slowdown
--------------------------------------------------------
Garden of Eden Enterprises, Inc., Broadway Specialty Food, Inc.,
Coskun Brothers Specialty and Garden of Eden Gourmet Inc. have
sought bankruptcy protection under Chapter 11 of the Bankruptcy
Code in order to restructure their operations and obligations.
The cases were filed in the U.S. Bankruptcy Court for the Southern
District of New York (Bankr. S.D.N.Y. Proposed Lead Case No.
16-12488) on Aug. 29, 2016 before Judge James L. Garrity Jr.
Doing business as Garden of Eden, the Debtors operate three upscale
full-service specialty-food retail stores at leased premises in New
York. Debtor GEE is the parent operating company of the Debtors,
and maintains its place of business at 720 Anderson Avenue,
Cliffside Park, New Jersey 07010.
Chief Executive Officer Mustafa Coskun disclosed in an affidavit
filed with the Court that the slowdown in sales over the last year
coupled with the historic lack of patronage during the summer
months have caused the Debtors to fall behind in their payments to
secured creditors and landlords.
As of June, 2016, GEE had consolidated total assets of $8.05
million and consolidated total liabilities of $8.29 million. Bank
of America Business Card is GEE's largest unsecured creditor
holding a claim of $83,030.
Contemporaneously with the bankruptcy petitions, the Debtors have
requested various types of relief in their first-day motions. The
First-Day Motions seek, among other things, to: (a) ensure the
continuation of their business operations without interruption; (b)
preserve customer and vendor relationships; (c) maintain employee
morale and confidence; and (d) establish certain other
administrative procedures to promote a smooth transition into
Chapter 11 reorganization.
The Debtors request authorization to use cash collateral. "Without
access to cash collateral, the Debtors will be unable to pay their
employees, suppliers, vendors, servicers, landlords, and otherwise
finance their day to day business operations," said Mr. Coskun.
The Debtors also seek authority to satisfy the pre-Petition Date
payroll and compensation obligations to their 175 employees.
To allow for the efficient and convenient administration of their
interrelated cases, the Debtors have asked the Court to enter an
order directing joint administration of their Chapter 11 cases for
procedural purposes only under the case of GEE.
Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP, serves as
counsel to the Debtors.
GARLOCK SEALING: Files New Reorganization Plan, 2017 Hearing Set
----------------------------------------------------------------
The law firm of Robinson, Bradshaw & Hinson, P.A. on Aug. 29, 2016,
disclosed that there is a bankruptcy involving claims about
exposure to asbestos-containing gaskets, packing, and equipment.
Garlock Sealing Technologies LLC, The Anchor Packing Company, and
Garrison Litigation Management Group, Ltd., along with
representatives of asbestos claimants, have filed a new plan of
reorganization (the "Plan"). Coltec Industries Inc is also part of
the Plan. If claimants approve the Plan, Coltec will merge with a
company known as OldCo, LLC, and that company will file a
bankruptcy case. Together, these companies are referred to as the
"Debtors."
The gaskets and packing were used in places where steam, hot
liquid, or acids moved through pipes, including industrial and
maritime settings. The equipment included compressors, engines,
pumps, transformers, and other equipment that may have had
asbestos-containing components, such as gaskets or packing. The
Coltec-related divisions or businesses that may have sold
asbestos-containing products or equipment were Fairbanks Morse,
Quincy Compressor, Central Moloney, Delavan, France Compressor, and
Farnam.
Rights may be affected for individuals who:
-- Worked with or around Garlock asbestos-containing gaskets or
packing, Coltec equipment with asbestos components, or any other
asbestos-containing product for which Debtors are responsible, or
-- Have a claim now or in the future against the Debtors for
asbestos-related disease caused by any person's exposure to
asbestos-containing products.
Even if individuals have not yet been diagnosed with any disease or
experienced any symptoms, their rights may be affected. The Court
has appointed a Future Claimants' Representative ("FCR") to
represent the rights of these future claimants.
The Plan is the result of a settlement agreement between the
Debtors, the FCR, and committees representing asbestos claimants
against Garlock and Coltec (the "Asbestos Claimants Committee").
The Plan will establish a Trust funded with $480 million to pay
asbestos claims against Garlock and Coltec. If the Plan is
approved, all claims must be filed against the Trust. Individuals
will not be able to file claims against the Debtor or protected
parties. If individuals have claims only against Anchor, they are
not expected to recover anything, as that company has no assets and
will be dissolved.
The Plan replaces a different plan that was supported by the
Debtors and FCR. The Plan provides more guaranteed funding for
paying asbestos claims, and also pays claims against Coltec. The
Asbestos Claimants Committee opposed the previous plan, but
supports the Plan.
All identifiable asbestos claimants or their attorneys will receive
the "Solicitation Package." This includes the Plan, Voting Ballot,
and other information. Claimants can vote on the Plan by providing
certified information about their claim, or making a motion to vote
as described in the Solicitation Package available online or by
calling the toll-free number.
Claimants will need to vote on the Plan by December 9, 2016.
Claimants may also object to the Plan and the adequacy of the FCR's
representation of future claimants, and must do so by December 9,
2016.
Certain deadlines for filing asbestos claims against Garlock have
already passed. If claimants have an asbestos claim against Coltec
based on a disease diagnosed on or before August 1, 2014, they must
cast a ballot before December 9, 2016, or else file a claim by
March 24, 2017. If they do not file a claim, they may lose their
right to bring a Coltec claim against the Trust in the future.
Individuals diagnosed with disease after August 1, 2014 do not have
to file a claim at this time, but may be able to vote or object to
the Plan. In addition, if claimants have already filed an asbestos
claim against Garlock, they do not have to file a separate Coltec
asbestos claim.
A hearing to consider confirmation of the Plan will begin at 10:00
a.m. ET on May 15, 2017, at the US Bankruptcy Court, Western
District of North Carolina, 401 West Trade Street, Charlotte, NC
28202.
Visit http://www.GarlockNotice.com/for more information and
important documents.
About Garlock Sealing
Headquartered in Palmyra, New York, Garlock Sealing Technologies
LLC is a unit of EnPro Industries, Inc. (NYSE: NPO). For more than
a century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.
On June 5, 2010, Garlock filed a voluntary Chapter 11 petition
(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,
to establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code. The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.
Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.
Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in their Chapter 11 effort. Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel for
asbestos matters.
The Official Committee of Asbestos Personal Injury Claimants in the
Chapter 11 cases is represented by Travis W. Moon, Esq., at
Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC,
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New
York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and
Jeanna Rickards Koski, Esq., in Washington, D.C. 20005.
Joseph W. Grier, III, the Court-appointed legal representative for
future asbestos claimants, has retained A. Cotten Wright, Esq., at
Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan
P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his
co-counsel.
Judge George Hodges of the U.S. Bankruptcy Court for the Western
District of North Carolina on
Jan. 10, 2014, entered an order estimating the liability for
present and future mesothelioma
claims against Garlock Sealing at $125 million, consistent with the
positions GST put forth at trial.
In January 2015, the Debtors filed their Second Amended Plan of
Reorganization, which is backed by the Future Asbestos Claimants'
Representative (FCR). The confirmation hearing is slated to begin
June 20, 2016.
Under the schedule for confirmation proceedings ordered by the
Court, objections to confirmation of the Plan that do not depend on
the results of voting were due Oct. 6, 2015, and confirmation
objections that depend on such results are due on Dec. 18, 2015.
GEORGE STREET: Case Summary & 13 Unsecured Creditors
----------------------------------------------------
Debtor: George Street Properties, LLC
113 Kneeland Road
East Haven, CT 06512
Case No.: 16-31342
Chapter 11 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
District of Connecticut (New Haven)
Judge: Hon. Julie A. Manning
Debtor's Counsel: Stephen P. Wright, Esq.
THE WRIGHT LAW FIRM, LLC
324 Elm Street, Suite 103B
Monroe, CT 06484
Tel: (203) 261-3050
Fax: (203) 268-8938
E-mail: spwrightlawfirm@gmail.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Hryb, member and attorney in
fact for Olga Hryb, member.
A copy of the Debtor's list of 13 unsecured creditors is available
for free at http://bankrupt.com/misc/ctb16-31342.pdf
GRIMMETT BROTHERS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Grimmett Brothers, Inc.
PO Box 919
Snyder, TX 79550
Case No.: 16-50183
Chapter 11 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
Northern District of Texas (Lubbock)
Judge: Hon. Robert L. Jones
Debtor's Counsel: Max Ralph Tarbox, Esq.
TARBOX LAW, P.C.
2301 Broadway
Lubbock, TX 79401
Tel: (806)686-4448
E-mail: jessica@tarboxlaw.com
Estimated Assets: $10 million to $50 million
Estimated Debts: $1 million to $10 million
The petition was signed by Billy Grimmett, president.
Debtor's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
American Express Credit Card $25,891
Arnold Oil Co. Fuels, LLC Fuel $27,331
Billy Grimmett $16,604
Bruckner Truck Sales Parts $42,693
Capital One Credit Card $10,948
Caterpillar Access Account Parts $44,738
Caterpillar Financial Equipment and $72,454
Parts
Elda Jean Everett Materials $64,225
Equify, LLC Operating Funds $169,715
IPFS Corporation Insurance $124,333
McCormick Marketing, Inc. Fuel $63,000
SBM Earthmoving & Construction Materials $9,820
Southern Tire Mart Tires $28,066
TBC, Inc. Parts $9,412
Texas Truck & Repairs $28,537
Equipment Sales
TNT Drilling and Dynamite $76,823
Blasting, Inc Services
Warren Cat Parts $21,373
West Texas State Bank $1,548,204
P.O. Box 1396
Snyder, TX 79550
Email: jrosson@wtsb.com
Tel: 325-573-5441
West Texas State Bank Ranch Loan $1,054,548
P.O. Box 1396
Snyder, TX 79550
Email: jrosson@wtsb.com
Tel: 325-573-5441
XTO Energy Materials $19,680
GRUPO ISOLUC: Chapter 15 Recognition Hearing Set for November 16
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
scheduled a hearing on Nov. 16, 2016, at 11:00 a.m. (prevailing
Eastern Time) before the Hon. Sean H. Lane in Room 701 to consider
approval of the petitions seeking recognition in the United States
of proceedings currently pending in Spain and The Netherlands filed
by foreign representative, Karla Pascarella, in her capacity as
foreign representative for Grupo Isolux Corsan S.A. and its
debtor-affiliates. Objections, if any, are due Oct. 26, 2016, at
4:00 p.m. (prevailing Eastern Time).
Following entry of the proposed recognition order by the Court, all
6.625% senior notes due 2021 will be exchange for new debt or
equity securities in accordance the terms of the refinancing
agreement dates as of July 13, 2016.
Based in Spain, Grupo Isolux Corsan SA --
http://www.isoluxcorsan.com/en/-- engages in the EPC (engineering,
procurement, and construction) and concessions businesses in Spain
and internationally.
The Debtors filed for Chapter 15 petitions on July 19, 2016 (Bankr.
S.D.N.Y. Lead Case No. 16-12202). Debtors' authorized
representative is Karla Pascarella. The case is assigned toHon.
Sean H. Lane.
Fredric Sosnick, Esq., and Stephen M. Blank, Esq., at Shearman &
Sterling LLP, and Solomon J. Noh, Esq., and Kelly E. McDonald,
Esq., at Shearman & Sterling (London) LLP, represents the Debtors'
in their bankruptcy cases.
The Debtors estimated assets of EUR5 billion, and debts of EUR5
billion as of first quarter of 2016.
GYMBOREE CORP: Bank Debt Trades at 12% Off
------------------------------------------
Participations in a syndicated loan under Gymboree Corp is a
borrower traded in the secondary market at 78.00
cents-on-the-dollar during the week ended Friday, August 26, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.50 percentage points from the
previous week. Gymboree Corp pays 350 basis points above LIBOR to
borrow under the $0.82 billion facility. The bank loan matures on
Feb. 23, 2018 and carries Moody's Caa1 rating and Standard & Poor's
CCC+ rating. The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended August 26.
HERNAN MENDIETA: Selling New York Properties, Sets Bid Procedures
-----------------------------------------------------------------
Judge Nancy Hersey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York will convene a hearing on Sept. 14,
2016 at 3:00 p.m. to consider approval of Hernan Mendieta's sale of
his primary residence located at 111-81 43rd Street, Corona, New
York ("Queens Property"); and an investment property located at 31
Remsen Street, Elmont, New York ("Elmont Property").
The objection deadline is Sept. 7, 2016 at 4:00 p.m.
The Debtor has de minimis unsecured creditors, and believes that,
if properly marketed, he has equity in both properties. The
Debtor's plans for successfully reorganizing include: (i) selling
the Elmont Property, (ii) using the net proceeds of the Elmont
Property (after paying secured creditors and his de miminis
unsecured creditors in full) to pay down the principal balance due
on the Queens Property, and (iii) obtaining a loan modification
that will enable him to save the Queens Property under a plan of
reorganization. To that end, the Debtor has already commenced loss
mitigation with respect to the Queens Property.
The Debtor seeks authority to conduct staggered sales of the
properties. Subject to Court approval, he will market both
properties concurrently, but will schedule the bankruptcy auction
of the Elmont Property first, and will conduct a sale of the Queens
Property only if he determines he will be unable to save that
property through sale of the Elmont Property and/or loss
mitigation.
If the proceeds of the Elmont Property prove sufficient to pay down
a portion of the mortgage on the Queens Property, or it otherwise
looks like loss mitigation with be successful, the Debtor intends
to cancel the sale of Queens Property, and move forward with a plan
of reorganization.
If, however the Elmont Property fails to generate excess sale
proceeds for the Debtor's estate, and/or it appears that loss
mitigation will be unsuccessful, the Debtor intends to go forward
with a bankruptcy sale of the Queens Property, for the purpose of
maximizing the recovery on that property for the benefit of his
estate and creditors, and will move forward with a plan of
liquidation.
Contemporaneously with the Motion, the Debtor will file a motion
for an order authorizing the Debtor to retain a real estate broker
to market and conduct bankruptcy sales of the properties.
The Debtor further requests that the proposed bidding procedures be
approved for the bankruptcy sales. The Debtor submits that the
Proposed Bidding Procedures will result in the Debtor obtaining the
highest and best offer for the properties.
The salient terms of the Proposed Bidding Procedures are:
a. Bankruptcy sales will be conducted by a real estate broker
retained by the Debtor.
b. The Debtor will schedule a bankruptcy auction of the Elmont
Property within 3 months of the date the Court enters an order
approving the Motion, and a bankruptcy auction of the Queens
Property within 4 months.
c. Prospective bidders must submit a qualifying bid to the
broker prior to the commencement of the respective auction, which
will include (1) a binding offer to purchase the Property at a
specified price, and (2) a 10% deposit.
d. Any person who wishes to bid at the auction without
submitting a qualifying bid must bring a $50,000 deposit check to
the auction. The broker will hold all deposits in escrow until the
conclusion of the auction.
e. The Debtor's first-lien mortgage lenders will be deemed a
qualified bidders, and permitted to credit bid at the applicable
auction in the amounts allowed by the Court for the purposed of
credit bidding.
f. At the auctions, bidding will commence at the amount of the
highest and best qualified bid submitted prior to the auction, or
such other amount as is determined by the broker in consultation
with the Debtor. Successive bids must be made in increments of
$10,000 or such lower amount as is determined by the broker.
g. The auctions will continue until the broker determines that
it has received the highest and best bid in accordance with these
auction procedures.
h. The Court will not consider bids made after the close of the
auction.
i. The successful bidder must close within seven business days,
or a later date agreed to by the Debtor. If the successful bidder
fails to close, the property will be sold to the second highest
bidder.
j. The purchaser of the property will be responsible for paying
any applicable transfer taxes. The Property will be sold "as is"
and "where is" and subject to all tenancies.
k. If the proceeds are sufficient to pay all secured creditors
in full, then the excess proceeds will be distributed to the Debtor
for the benefit of his estate an unsecured creditors.
l. Forfeited deposits, if any, will be deemed proceeds of the
property, subject to all liens on the property, and distributed in
accordance with the waterfall outlined above.
m. Following the sale of the Elmont Property, the Debtor will
make a determination with respect to the sale of the Queens
Property, and will have the right to go forward with, adjourn, or
cancel the sale of the Queens Property.
A copy of the Proposed Bidding Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/Hernan_Mendieta_60_Sales.pdf
The Debtor requests that order approving the Motion provide that
the Debtor's costs and expenses of the sale, including the fees of
the broker, and the reasonable fees of his bankruptcy counsel
related to the sale, be paid from the sale proceeds, provided that
the Debtor's attorney has agrees its fees charged against the sale
proceeds will not exceed $15,000 with respect to the Elmont
Property, and $20,000 with respect to the Queens Property.
The Debtor further requests that the Court approve these waterfall
for distribution of the sale proceeds: the sale proceeds (to the
extent available) with respect to each property will be applied, to
pay in full, in the following order: (i) any tax liens, (ii) the
sale costs and expenses, which will include the broker's fees and
the Debtor's attorneys' fees in connection with the bankruptcy
sale; (iii) the first lien mortgage on the property, and (iv) any
junior liens on the property, in order of priority. If the
proceeds are sufficient to pay the sale costs and all secured
creditors in full, the excess proceeds will be distributed to the
Debtor for the benefit of his estate an unsecured creditors.
Counsel for the Debtor:
Jeremy S. Sussman, Esq.
THE LAW OFFICES OF JEREMY S. SUSSMAN
225 Broadway, Suite 3800
New York, NY 10007
Telephone: (646) 322-8373
Hernan Mendieta, doing business as Attraction Jewelry of NY Inc.,
sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 16-40832) on
March 1, 2016.
HORSEHEAD HOLDING: Deal with Indenture Trustee US Bank Okayed
-------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order approving Horsehead Holding's compromise of controversy
with U.S. Bank in its capacity as trustee and collateral agent, the
indenture trustee, the ad hoc secured noteholders' committee of 10
1/2% Senior Secured Notes due 2017 and First American Title
Insurance Company. As previously reported, "The Settlement
Agreement, inter alia, provides for the payment of $3,000,000 by
First American to an account designated by the Debtors on account
of claims held by the Indenture Trustee relating to the Debtors'
zinc production facility in Mooresboro, North Carolina. The
primary terms of the Settlement Agreement are: Within 2 business
days after the occurrence of the Payment Date, First American shall
transfer cash via wire transfer in the amount of $3,000,000 to an
escrow account maintained by a third-party escrow agent acceptable
to the Parties, subject to the terms of an escrow agreement
reasonably acceptable to the Parties to effectuate the transactions
contemplated by the Settlement Agreement."
About Horsehead Holding Corp.
Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC, a leading recycler
of metals-bearing wastes and a leading processor of nickel-cadmium
(NiCd) batteries in North America; and Zochem Inc., a zinc oxide
producer located in Brampton, Ontario. Horsehead, headquartered in
Pittsburgh, Pa., has seven facilities throughout the U.S. and
Canada. The Debtors currently employ approximately 730 full-time
individuals.
Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The Petition
was signed by Robert D. Scherich as vice president and chief
financial officer. Judge Christopher S. Sontchi is assigned to the
case.
The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC, as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC, as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.
The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million. As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.
Andrew Vara, acting U.S. trustee for Region 3, appointed seven
creditors of Horsehead Holding Corp. to serve on the official
committee of unsecured creditors. Lowenstein Sandler LLP serves as
counsel to the Committee, while Drinker Biddle & Reath LLP serves
as co-counsel. The Unsecured Creditors Committee is represented by
Kenneth A. Rosen, Esq., Bruce Buechler, Esq., and Philip J. Gross,
Esq., at Lowenstein Sandler LLP.
The U.S. Trustee's office appointed Aquamarine Capital and six
others to serve on Horsehead Holding Corp.'s committee of equity
security holders.
INNOVATIVE BUILDING: Chapter 7 Trustee to Hold Auction on Sept. 14
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved the
request filed by Chapter 7 trustee Alfred T. Giuliano to sell
substantially all of Innovative Building Systems LLC et al.'s
assets.
Auction for the Debtors' assets will take place on Sept. 14, 2016,
at 10:00 a.m. (ET) at the offices of counsel to the Chapter 7
trustee. A hearing to approve the sale will be held on Sept. 20,
2016, at 11:00 a.m. (ET) before the Bankruptcy Court.
Competing bids for the Debtors' assets must be submitted no later
than 12:00 p.m. (ET) on Sept. 9, 2016.
A copy of the sale motion, bidding procedures order, and or
additional information regarding the sale can be obtained from the
Chapter 7 trustee; or John T. Carroll, Esq., at Cozen O'Connor,
1201 N. Market Street, Suite, 1001, Wilmington, Delaware, at
jcarroll@cozen.com or (302) 295-2028.
Innovative Building provides access controls and enterprise-level
solutions for building automation, cctv, integration of systems,
and mechanical systems.
J. CREW: Bank Debt Trades at 23% Off
------------------------------------
Participations in a syndicated loan under J. Crew is a borrower
traded in the secondary market at 76.50 cents-on-the-dollar during
the week ended Friday, August 26, 2016, according to data compiled
by LSTA/Thomson Reuters MTM Pricing. This represents an increase
of 1.47 percentage points from the previous week. J. Crew pays 300
basis points above LIBOR to borrow under the $1.56 billion
facility. The bank loan matures on Feb. 27, 2021 and carries
Moody's B2 rating and Standard & Poor's B- rating. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended August 26.
JOHN RITTER: Selling Clark County Parcels to D.R. Horton
--------------------------------------------------------
Saguaro Equities, LLC, Southwest Desert Equities, LLC ("SWDE"), and
John A. Ritter ask the U.S. Bankruptcy Court for the District of
Nevada to authorize the short sale of Saguaro's and SWDE's parcels
of undeveloped land located in Clark County, Nevada, to D.R.
Horton, Inc. for $297,000 per acre and $294,250 per acre,
respectively.
A hearing on the Motion is set for Sept. 23, 2016 at 10:00 a.m.
Saguaro and SWDE ("Sellers") are real estate holding companies.
Saguaro owns a parcel of undeveloped land in Clark County, Nevada
of approximately 1.08 acres and which is identified by the Clark
County Assessor as APN 125-35-701-008 ("Saguaro Parcel").
Similarly, SWDE owns a parcel of undeveloped land in Clark County,
Nevada of approximately 1.07 acres and which is identified by the
Clark County Assessor as APN 125-35-701-009 ("SWDE Parcel"). The
parcels are located adjacent to one another and together constitute
a small portion of a larger tract of undeveloped land in Las Vegas,
Nevada ("Assemblage"). The Assemblage is bordered on the North by
West Washburn Road, on the East by North Bronco Street, on the
South by La Madre Way, and on the West by Maverick Street. The
other parcels comprising the Assemblage are owned by unaffiliated
third parties or groups of unaffiliated third parties.
The Saguaro Parcel secures Saguaro's obligations in respect of a
Promissory Note dated Aug. 15, 2005 ("Saguaro Note") in favor of
J.W. Mullins ("Saguaro Lender") in the original principal amount of
$350,000. The Saguaro Lender's interest in the Saguaro Parcel is
perfected by virtue of that certain Deed of Trust with Assignment
of Rents and Security Agreement dated Aug. 15, 2005, and recorded
Aug. 15, 2005, as Instrument No. 0004025, in Book 20050815, in the
Official Records of Clark County, Nevada. Repayment of the Saguaro
Note is guaranteed by Mr. Ritter pursuant to that certain Guaranty
dated as of Aug. 15, 2005. Saguaro estimates that the balance of
its obligations in respect of the Saguaro Note, inclusive of
principal and accrued interest, stood at $848,648 as of the Entity
Petition Date. As such, Saguaro estimates that the claims in
respect of the Saguaro Note are undersecured by more than
$551,648.
The SWDE Parcel secures SWDE's obligations in respect of a
Promissory Note dated May 27, 2005 ("SWDE Note") in the original
principal amount of $300,000 in favor of the following entities
("SWDE Lenders"): (i) DS IRA Holdings, LLC; (ii) Premier Trust
Custodian for Kay R. Bandley, IRA; (iii) Premier Trust Custodian
for Hugh R. Campbell, IRA; and (iv) Premier Trust Custodian for
Hugh Robert Campbell Irrevocable Trust. The SWDE Lenders' interest
in the SWDE Parcel is perfected by virtue of that certain Deed of
Trust with Assignment of Rents and Security Agreement dated May 27,
2005, and recorded May 27, 2005, as Instrument No. 0004506, in Book
20050527, in the Official Records of Clark County, Nevada.
Repayment of the SWDE Note is guaranteed by Mr. Ritter pursuant to
that certain Guaranty dated as of May 27, 2005. SWDE estimates that
the balance of its obligations in respect of the SWDE Note stood at
$328,300 as of the Entity Petition Date. As such, SWDE estimates
that the claims in respect of the SWDE Note are undersecured by
more than $34,050.
Since at least 2011, the Sellers have solicited and received
developer interest in a transaction involving the parcels, but
potential purchasers consistently made clear that they would only
be interested in acquiring the parcels if they were also able to
acquire the rest of the Assemblage.
In December 2015, Ray Paglia, a broker representing the owners of
the largest parcel and the Buyer, contacted Bill Boschetto of Focus
Commercial Group, Inc., as broker for the Sellers, concerning the
proposed sale to the Buyer. Mr. Paglia informed Mr. Boschetto that
the Buyer had proposed to purchase the parcel, subject to the
Buyer's ability to acquire the rest of the parcels in the
Assemblage, and that the proposal had been approved, directly or
indirectly, by the approximately forty investors in the parcel.
Mr. Boschetto, on the Sellers' behalf, then communicated with the
Buyer concerning the terms of the proposed Sale. Following Mr.
Boschetto's negotiations with the Buyer, the Sellers entered into
agreements with the Buyer for the purchase and sale of the
parcels.
Specifically, prior to the Entity Petition Date, the Sellers agreed
to sell their respective parcels to the Buyer on the terms set
forth in, as applicable, (i) a Purchase and Sale Agreement by and
among Saguaro and Buyer executed by Saguaro on May 11, 2016 (as
from time to time amended, "Saguaro PSA"); and (ii) a Purchase and
Sale Agreement by and among SWDE and Buyer executed by SWDE on May
11, 2016 (as from time to time amended, the "SWDE PSA"). The
purchase price specified in the Saguaro PSA for the Saguaro Parcel
is $297,000 and the purchase price specified in the SWDE PSA for
the SWDE Parcel is $294,250, in each case reflecting a price of
$275,000 per acre.
The Lenders have agreed to the sale subject to the terms and
conditions set forth in the Acknowledgment and Releases. Although
the Sellers' outstanding obligations in respect of the Notes exceed
the proceeds anticipated to be generated by the sale by more than
$585,698, the Lenders have agreed to accept such proceeds, net of
costs, in full satisfaction of the Sellers' and Mr. Ritter's
obligations in respect of the Notes. Such agreement is reflected,
with respect to the Saguaro Note, in that certain Short Sale
Acknowledgment and Release Agreement by and among Saguaro and the
Saguaro Lender dated as of Aug. 9, 2016. Such agreement is
reflected, with respect to the SWDE Note, in that certain Short
Sale Acknowledgment and Release Agreement by and among SWDE and the
SWDE Lenders dated as of July 21, 2016. Therefore, the Sellers and
Mr. Ritter request that the Court approve the terms of the
agreements by which the secured lenders propose to waive their
unsecured claims.
A copy of the PSAs and the Acknowledgment and Release Agreements
attached to the Motion is available for free at:
http://bankrupt.com/misc/John_Ritter_256_Sales.pdf
The material terms of the PSAs are as follows:
I. Saguaro PSA
a. Seller: Saguaro Equities, LLC
b. Buyer: D.R. Horton, Inc.
c. Subject Property: Clark County Assessor as
APN 125-35-701-008
d. Price: $297,000
e. Good Faith Deposit: $9,000 paid to escrow; refundable to
Buyer only upon failure of conditions specified in section
3.6(a)-(d) of the PSA
f. Closing Date: Sept. 28, 2016 (amendment)
g. Key Contingency: Sale conditioned upon sale of other parcels
in Assemblage
h. Commission: 3% payable to Juliet Realty Group, LLC c/o Ray
Paglia as Buyer's agent; 3% payable to Focus Commercial Group, Inc.
c/o Bill Boschetto as Saguaro's agent
i. Seller Indemnity: Customary indemnity provisions concerning
environmental compliance and liability and breaches of
representations and warranties
II. SWDE PSA
a. Seller: Saguaro Equities, LLC
b. Buyer: D.R. Horton, Inc.
c. Subject Property: Clark County Assessor as
APN 125-35-701-009
d. Price: $294,250
e. Good Faith Deposit: $9,000 paid to escrow; refundable to
Buyer only upon failure of conditions specified in section
3.6(a)-(d) of the PSA
f. Closing Date: Sept. 28, 2016 (amendment)
g. Key Contingency: Sale conditioned upon sale of other parcels
in Assemblage
h. Commission: 3% payable to Juliet Realty Group, LLC c/o Ray
Paglia as Buyer's agent; 3% payable to Focus Commercial Group, Inc.
c/o Bill Boschetto as Saguaro's agent
i. Seller Indemnity: Customary indemnity provisions concerning
environmental compliance and liability and breaches of
representations and warranties
The Sellers believe that the proposed sale price is the best
available price for the parcels under current market conditions. No
auction is contemplated and no auction would likely have resulted
in a higher bidder for the parcels because only the Buyer has an
absolute right to purchase each of the other parcels in the
Assemblage.
The Purchaser:
D.R. Horton, Inc.
Attn: Matthew L. Stark
1081 Whitney Ranch Drive, Ste. 141
Henderson, NV 89014
Telephone: (702) 413-0929
Facsimile: (817) 928-2467
The Purchaser is represented by:
David S. Jennings, Esq.
1081 Whitney Ranch Drive, Ste. 141
Henderson, NV 89014
Telephone: (702) 413-0927
Facsimile: (800) 731-6120
Attorneys for the Debtors:
Samuel A. Schwartz, Esq.
Bryan A. Lindsey, Esq.
SCHWARTZ FLANSBURG PLLC
6623 Las Vegas Boulevard South, Suite 300
Las Vegas, NV 89119
Telephone: (702) 385-5544
Facsimile: (702) 385-2741
E-mail: sam@nvfirm.com
bryan@nvfirm.com
- and -
Roberto J. Kampfner, Esq.
Andrew Mackintosh, Esq.
Aaron Colodny, Esq.
WHITE & CASE LLP
555 South Flower Street, Suite 2700
Los Angeles, CA 90071
Telephone: (213) 620-7700
Facsimile: (213) 452-2329
E-mail: rkampfner@whitecase.com
amackintosh@whitecase.com
aaron.colodny@whitecase.com
About John A. Ritter
Certain alleged creditors of John A. Ritter, on Feb. 29, 2016,
filed an involuntary bankruptcy petition against him under chapter
7 of the Bankruptcy Code. Mr. Ritter opposed that petition.
However, following discussions with the petitioning creditors, he
agreed to entry of an order for relief against him under chapter 11
of the Bankruptcy Code.
Agave Properties, LLC, and its 11 affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
16-13338) on June 17, 2016. The petition was signed by John A.
Ritter, manager. The bankruptcy cases are jointly administered
under Mr. Ritter's Chapter 11 case, Case No. 16-10933.
The cases are assigned to Judge Mike K. Nakagawa.
At the time of the filing, Agave Properties and its 11 affiliates
estimated their assets at $10 million to $50 million and
liabilities at $100 million to $500 million.
JTM INVESTMENTS: Hires Higgins as Real Estate Broker
----------------------------------------------------
JTM Investments, LLC, seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Higgins &
Welch Real Estate, Inc. as real estate broker to the Debtor.
JTM Investments requires Higgins to market and sell these
properties:
Property Mortgage Amount of Scheduled Secured
Address Holder Claim Value Portion
-------- -------- --------- --------- -------
6526 Kingsessing Port Rich $53,494.24 $34,000 $34,000
5147 Funston St Port Rich $33,760.26 $18,000 $18,000
5325 Chancellor Fidelity $59,794.50 $70,000 $59,794
143 N Dewey St Stonebridge $103,492.80 $32,000 $67,110
1917 S Ithan St Stonebridge $37,000
1623 S Conestoga Stonebridge $17,000
1960 S Ithan St Chelten $ 27,777.98 $32,000 $27,777
Hills
Higgins will be paid 6% of the sales price. In the event of a
co-broker arrangement, the co-broker will receive 3% of the total
commission.
Higgins will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Edward A. Welch, member of Higgins & Welch Real Estate, Inc.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Higgins can be reached at:
Edward A. Welch, II
HIGGINS & WELCH REAL ESTATE, INC.
709 Bethlehem Pike
Erdenheim, PA 19038
Tel: (215) 247-5000
Fax: (215) 247-5001
E-mail: ewelch@welchgroup.net
About JTM Investments
JTM Investments, LLC is a real estate holding company that acquired
title to 12 properties that it markets as rentals to Philadelphia
Housing Authority Section 8 tenants. The Debtor generates its
revenue through the receipt of rental payments.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Penn. Case No. 15-16925) on September 25, 2015.
The Debtor is represented by Mark S. Danek, Esq., at The Danek Law
Firm, LLC.
The Debtor's both assets and debts are under $1 million.
No official committee of unsecured creditors has been appointed in
the case.
KITTUSAMY LLP: Canyon Buying Medical Lien Receivables for $2.7M
---------------------------------------------------------------
Kittusamy, LLP, asks the U.S. Bankruptcy Court for the District of
Nevada to authorize the sale of Medical Lien Receivables outside
the ordinary course of business to Canyon Medical Billing, LLC, for
$2,700,000.
A hearing on the Motion is set for Sept. 28, 2016, at 1:30 p.m.
Since 2008, a sizable portion of the Debtor's business operations
has included providing medical imaging services to patients that
have been injured in accidents and asserted personal injury claims
against third parties. In such cases, patients often enter into a
written contract with the Debtor (Las Vegas Radiology) under which
the patient promises to pay for the services provided when the
personal injury claim is resolved and grants the Debtor a lien
against the proceeds recovered in connection with the personal
injury claim ("Medical Lien").
On average, it takes approximately 18 months from the time of
service for a personal injury claim on which the Debtor is granted
a Medical Lien to resolve. Consequently, in order to fund ongoing
business operations, it has been the Debtor's general practice
since 2008 to sell all or nearly all of its receivables on which it
holds a Medical Lien ("Medical Lien Receivables") on a monthly
basis to various businesses in the Las Vegas area that specialize
in purchasing Medical Lien Receivables.
Since the filing of the chapter 11 case, the Debtor has retained a
significant portion its new Medical Lien Receivables each month. As
a result, the Debtor is now holding Medical Lien Receivables with
an immediate liquidation value of over $1,000,000 excluding the
disputed receivables at issue in the adversary proceeding filed
against the Debtor by Moonshell, LLC, and Venus Group, LLC.
On July 27, 2007, the Debtor granted Wells Fargo Bank, N.A., a
security interest in its accounts receivable among other things in
connection with a note in the initial principal amount of
$1,700,000 ("Wells Fargo Note"). On May 27, 2010, the Debtor
granted Meadows Bank a security interest in its accounts
receivables among other things in connection with a note in the
original principal amount of $482,000. A second note to Meadows
dated Sept. 11, 2009 in the original principal amount of $1,077,774
is also secured by the Debtor's accounts receivable.
Partap purchased the Wells Fargo Note on Nov. 13, 2015. Partap
then purchased the Meadows Notes on or about Nov. 19, 2015. As the
Court already knows, Partap shares common ownership with
petitioning creditors Moonshell and Venus. The Debtor's accounts
receivable have not been pledged as collateral for any obligation
other than the Wells Fargo Note and the Meadows Notes now held by
Partap. Accordingly, Partap is the only creditor that holds any
security interest in the Debtor's accounts receivable.
An amortization schedule recently produced by Partap shows that,
after application of the Debtor's August 2016 monthly payment, the
outstanding balance owed on the Wells Fargo Note is $83,667.
Amortization schedules recently produced by Partap show that, after
application of the Debtor's August 2016 monthly payments, the
outstanding balances owed on the Meadows Notes are no more than
$599,097 and $220,898. Accordingly, the combined amount the Debtor
owes on the Wells Fargo Note and the Meadows Bank Notes is no more
than $903,662.
The Debtor has reached an agreement with Canyon to sell Medical
Lien Receivables outside the ordinary course of business in an
amount that will generate sufficient sales proceeds to immediately
pay the full outstanding balances owed. No other indebtedness is
secured by the Debtor's accounts receivable.
Canyon has agreed to pay 37% of gross billed amounts to purchase
Medical Lien Receivables representing gross billings of
approximately $2,700,000. This will generate approximately
$1,000,000 in sales proceeds. The purchase price is over 30%
higher than the amounts the Debtor realizes from its ordinary
course collections from Medicare, Medicaid, or private insurance or
its ordinary course sales of Medical Lien Receivables. After
accounting for collection and servicing costs that the Debtor would
otherwise incur, the purchase price agreed to by Canyon is
approximately 10% less than the Debtor would eventually receive in
payment of the subject Medical Lien Receivables. It would take
approximately a year for the Debtor to collect 50% of the subject
Medical Lien Receivables and over two years for the Debtor to
collect 90%.
The proposed sale to Canyon and subsequent payment of the Partap
notes will eliminate many of the ongoing disputes that continue to
hamper the Debtor's efforts to reorganize.
About Kittusamy, LLP
Kittusamy, LLP, doing business as Las Vegas Medical Centers, was
subject to an involuntary Chapter 11 bankruptcy petition (Bankr. D.
Nev. Case No. 15-13868) which was filed on July 2, 2015, by
creditors owed $6.93 million on business loans and an equipment
lease.
The creditors that signed the petition are Moonshell, Venus Group,
Seven Hills Equipment LLC and Xspectra Inc. Moonshell and Venus
are represented by Samuel A. Schwartz, Esq., at Schwartz Flansburg
PLLC. Xspectra and Seven Hills are represented by Matthew C.
Zirzow, Esq., at Larson & Zirzon, LLC.
Kittusamy denied the allegations claiming that it is generally not
paying its debts as they become due, but, nonetheless, consented to
the entry of an order for relief under Chapter 11 upon which
Kittusamy became a Chapter 11 debtor in possession. The Debtor is
headed by Prem K. Kittusamy, M.D., the managing partner and
president.
Kittusamy is represented by Bart K. Larsen, Esq., and Jason M.
Bacigalupi, Esq., at Kolesar & Leatham, in Las Vegas.
The Debtor disclosed $11.8 million in assets and $16.0 million in
debt in its schedules.
LAKE LOTAWANA: Chapter 9 Case Summary & 11 Unsecured Creditors
--------------------------------------------------------------
Debtor: Lake Lotawana Community Improvement District
27901 East Foxberry Trail
Lees Summit, MO 64086
Bankruptcy Case No.: 16-42357
Type of Debtor: Community Improvement District
Chapter 9 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
Western District of Missouri (Kansas City)
Debtor's Counsel: Andrew J. Nazar, Esq.
POLSINELLI PC
900 West 48th Place, Suite 900
Kansas City, MO 64112
Tel: (816) 753-1000
Fax: (816) 753-1536
E-mail: anazar@polsinelli.com
Estimated Assets: $1 million to $10 million
Estimated Debts: $1 million to $10 million
The petition was signed by Julie Jackson, president.
A copy of the Debtor's list of 11 unsecured creditors is available
for free at http://bankrupt.com/misc/mowb16-42357.pdf
LAKEVIEW MARINA: Hires Pittman as Attorney
------------------------------------------
Lakeview Marina & Bar, Inc., seeks authority from the U.S.
Bankruptcy Court for the Western District of Wisconsin to employ
Pittman & Pittman Law Offices, LLC as attorney to the Debtor.
Lakeview Marina requires Pittman to:
-- represent the Debtor in relation to actions by creditors;
-- prepare the liquidation analysis;
-- prepare the Chapter 11 plan;
-- represent the Debtor in all residual matters relating to
the Chapter 11 proceedings until the confirmation of the
Chapter 11 Plan and related matters.
Pittman will be paid at these hourly rates:
Galen W. Pittman $250
Greg P. Pittman $200
Wade M. Pittman $200
Paralegal $80
Pittman will also be reimbursed for reasonable out-of-pocket
expenses incurred.
To the best of the Debtor's knowledge the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
Pittman can be reached at:
Galen W. Pittman, Esq.
Greg P. Pittman, Esq.
Wade M. Pittman, Esq.
PITTMAN & PITTMAN LAW OFFICES, LLC
300 N. 2nd Street, Suite 210
La Crosse, WI 54601
Tel: (608) 784-0841
Fax: (608) 784-2206
About Lakeview Marina
Lakeview Marina & Bar, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Wis. Case No. 16-12476) on July 18, 2016. The Debtor
is represented by Wade M. Pittman, Esq.
The Debtor's both assets and debts are under $1 million.
No official committee of unsecured creditors has been appointed in
the case.
LES CHEVEUX: Hires Magee Goldstein as Counsel
---------------------------------------------
Les Cheveux Salon, Inc., seeks authority from the U.S. Bankruptcy
Court for the Western District of Virginia to employ Magee
Goldstein Lasky & Sayers, P.C. as counsel to the Debtor.
Les Cheveux requires Magee Goldstein to:
a. advise the Debtor with respect to its powers and duties as
debtor in possession in the continued management and
operation of its business and properties;
b. advise and consult on the conduct of the Bankruptcy Case,
including all of the legal and administrative requirements
of operating in chapter 11;
c. attend meetings and negotiate with representatives of the
Debtor's creditors and other parties in interest;
d. take all necessary action to protect and preserve the
Debtor's estate, prosecute actions on the Debtor's behalf,
defend any actions commenced against the Debtor, and
represent the Debtor's interests in negotiations concerning
all litigation in which the Debtor is involved, including
objections to claims filed against the Debtor's estates;
e. prepare all pleadings, including motions, applications,
answers, orders, reports, and papers necessary or otherwise
beneficial to the administration of the Debtor's estate;
f. represent the Debtor in connection with obtaining
postpetition financing, if necessary;
g. advise the Debtor in connection with any potential sale of
assets;
h. appear before the Court to represent the interests of the
Debtor's estate before the Court;
i. take any necessary action on behalf of the Debtor to
negotiate, prepare on behalf of the Debtor, and obtain
approval of a chapter 11 plan and documents related
thereto; and
j. perform all other necessary or otherwise beneficial legal
services to the Debtor in connection with prosecution of
the Bankruptcy Case, including to (i) analyze the Debtor's
leases and contracts and the assumptions, rejections, or
assignments thereof, (ii) analyze the validity of liens
against the Debtor; and (iii) advise the Debtor on
corporate and litigation matters.
Magee Goldstein will be paid at these hourly rates:
Attorneys $250-$375
Paralegal/Paraprofessionals $100
Magee Goldstein will be paid a retainer in the amount of $28,000.
The Debtor paid Magee Goldstein the initial retainer of $20,000
which was placed into the Debtor's client trust account at Magee
Goldstein. The remaining $8,000 will be paid after the petition
date.
Magee Goldstein will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Garren R. Laymon, member of Magee Goldstein Lasky & Sayers, P.C.
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Magee Goldstein can be reached at:
Garren R. Laymon, Esq.
Andrew S. Goldstein, Esq.
MAGEE GOLDSTEIN LASKY & SAYERS, P.C.
P.O. Box 404
Roanoke, VA 24003-0404
Tel: (540) 343-9800
Fax: (540) 343-9898
E-mail: glaymon@mglspc.com
About Les Cheveux
Les Cheveux Salon, Inc., based in Roanoke, VA, filed a Chapter 11
petition (Bankr. W.D. Va. Case No. Case No.: 16-71058) on August
10, 2016. The Hon. Paul M. Black presides over the case. Andrew S.
Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C., serves as
bankruptcy counsel.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Sherman D. Argenbright, president.
No official committee of unsecured creditors has been appointed in
the case.
MAGNETATION LLC: May Shut Down Minnesota & Indiana Facilities
-------------------------------------------------------------
Magnetation LLC on Aug. 26 disclosed that it may implement a
shutdown of its Minnesota iron ore concentrate plant, rail loading
facility and Pellet Plant located in Reynolds Indiana. If
implemented, any shutdown would occur on or after Sept. 30, 2016.
The Company intends to continue operating in the normal course
until such time.
The announcement initiates compliance with the U.S. Department of
Labor's Worker Adjustment and Retraining Notification (WARN) Act by
notifying local officials and the International Union of Operating
Engineers Local 49 of production curtailments and employee
reductions. WARN Act notification is required 60 days in advance
under certain circumstances when there is a potential for layoffs
of more than 50 employees for a period in excess of six months.
In connection with the potential shutdown, the Company has entered
into an agreement with AK Steel Corporation, Magnetation Inc. and
the Company's senior secured lenders to cease operations and
implement a wind-down process. Absent securing additional
financing and/or a third party purchaser of its businesses, the
Company will be seeking Bankruptcy Court approval of the agreement
on or before September 30, 2016.
"While this was a difficult decision, the Company believes that, in
light of current circumstances, preparing for a safe and orderly
wind-down while we continue to seek an alternative to a shutdown is
the best course of action to support what is in the best interests
of our employees, creditors and other critical constituents," said
Larry Lehtinen, CEO of Magnetation. "As a result, we are
communicating the proper notifications to our employees and the
communities. We will be working closely with the appropriate
governmental agencies to assist any affected employees who would be
laid off if this shutdown is implemented."
About Magnetation LLC
Magnetation LLC -- http://www.magnetation.com/-- is a joint
venture between Magnetation, Inc. (50.1% owner) and AK Iron
Resources, LLC, an affiliate of AK Steel Corporation (49.9%
owner).
Magnetation LLC recovers high-quality iron ore concentrate from
previously abandoned iron ore waste stockpiles and tailings
basins.
Magnetation LLC owns iron ore concentrate plants located in
Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore
pellet plant in Reynolds, IN.
Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth,
Minnesota, on May 5, 2015, after reaching a deal with secured
noteholders on a balance sheet restructuring. The cases are
assigned to Chief Judge Gregory F Kishel.
The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra,
Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory
Partners LP as financial advisor; and Donlin, Recano & Company,
Inc., as the claims agent.
The U.S. Trustee for Region 12 appointed three creditors of
Magnetation LLC to serve on an official committee of unsecured
creditors.
MAXI CONTAINER: Hires Zousmer as Attorney
-----------------------------------------
Maxi Container, Inc., seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Zousmer Law
Group PLC as attorneys to the Debtor.
Maxi Container requires Zousmer to:
a. advise the Debtor with respect to its powers and duties
during
the Chapter 11 case;
b. attend meetings and negotiate with representatives of
creditors and other parties in interest;
c. take all necessary action to protect and preserve the
Debtor's
estate, including to prosecute actions on the Debtor's
behalf,
defend any action commenced against the Debtor, negotiate
concerning all litigation in which the Debtor is involved,
and
object claims filed against the estate;
d. prepare, on behalf of Debtor, all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
e. negotiate and prepare, on the Debtor's behalf, a plan of
reorganization, disclosure statement, and all related
agreements and/or documents, and take any necessary action
on behalf of the Debtor to obtain confirmation of such plan;
f. represent the Debtor in connection with obtaining post
petition
loans, if necessary;
g. advise the Debtor in connection with any potential sale of
assets;
h. appear before the bankruptcy court and the U.S. Trustee and
protect the interests of Debtor's estate before such Courts
and the U.S. Trustee; and
i. perform all other necessary legal services and provide all
other necessary legal advice to Debtor in connection with
the Chapter 11 case.
Zousmer will be paid at this hourly rate:
Michael I. Zousmer $395
Zousmer will be paid a retainer in the amount of $40,000 for
services rendered postpetition.
On February 12, 2016, Richard Rubin and Gail Bennett paid Zousmer
$10,000 for legal services previously rendered.
Zousmer will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael I. Zousmer, shareholder of the firm Zousmer Law Group PLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Zousmer can be reached at:
Michael I. Zousmer, Esq.
ZOUSMER LAW GROUP PLC
4190 Telegraph Rd, Suite 3000
Bloomfield Hills, MI 48302
Tel: (248) 351-0099
Fax: (248) 351-0487
About Maxi Container
Maxi Container, Inc., doing business as MiWineBarrel and
MIRainBarrel, filed a chapter 11 petition (Bankr. E.D. Mich. Case
No. 16-51074) on Aug. 8, 2016. The petition was signed by Richard
Rubin, president. The Debtor is represented by Michael I. Zousmer,
Esq., at Zousmer Law Firm Group PLC. The case is assigned to Judge
Phillip J. Shefferly. The Debtor disclosed total assets at $695,232
and total debt at $1.2 million.
No official committee of unsecured creditors has been appointed in
the case.
MEG ENERGY: Bank Debt Trades at 9% Off
--------------------------------------
Participations in a syndicated loan under MEG Energy Corp is a
borrower traded in the secondary market at 90.50
cents-on-the-dollar during the week ended Friday, August 26, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.63 percentage points from the
previous week. MEG Energy pays 275 basis points above LIBOR to
borrow under the $1.287 billion facility. The bank loan matures on
March 16, 2020 and carries Moody's B3 rating and Standard & Poor's
BB+ rating. The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended August 26.
MIDWAY CORP: Court OKs Ely Vacant Land Sale to Derbridge for $75K
-----------------------------------------------------------------
Judge Michael E. Romero of the U.S. Bankruptcy Court for the
District of Colorado authorized Midway Gold Realty, LLC, and its
affiliates to sell vacant land more commonly known as 1455 Avenue
M, Ely, Nevada, to Derbidge Family Trust for $75,000.
The sale is free and clear of any and all encumbrances of any
nature whatsoever.
Klaas Realty, LLC's commission as provided for in the Listing
Agreement in the amount of $7,500 is approved and MGR is authorized
to pay the commission at the closing of the sale of the property.
MGR is authorized to pay all costs and expenses for which it is
obligated under the Agreement including, but not limited to,
closing costs, fees and property taxes.
About Midway Gold
Midway Gold Corp., incorporated on May 14, 1996 under the laws of
the Province of British Columbia, Canada, is engaged in the
acquisition, exploration and development of mineral properties
located in the state of Nevada and Washington.
Midway Gold operates primarily through its wholly-owned subsidiary
located in the United States, Midway Gold US Inc. The executive
offices are in Englewood, Colorado. Midway US currently has one
gold producing property: the Pan gold mine located in White Pine
County, Nevada. Midway also has gold properties which are
exploratory stage projects where gold mineralization has been
identified, such as the Tonopah project in Nye County, Nevada, the
Gold Rock project in White Pine County, Nevada, and the Golden
Eagle project in Ferry County, Washington. Out of these projects,
a permitting process has been undertaken only for the Gold Rock
project. Finally, Midway's Spring Valley property, another gold
property located in Pershing County, Nevada, is subject to a joint
venture with Barrick Gold Exploration Inc.
On June 22, 2015, Midway Gold US Inc. and 12 related entities,
including parent Midway Gold Corp. each filed a petition in the
U.S. Bankruptcy Court for the District of Colorado seeking relief
under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases
have been assigned to Judge Michael E. Romero.
Judge Michael E. Romero directed the joint administration of the
cases under Case No. 15-16835.
The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy
counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy
and restructuring counsel; DLA Piper (Canada) LLP, as Canadian
bankruptcy counsel; Ernst & Young Inc., as information officer of
Canadian court; RBC Capital Markets, as investment banker; FTI
Consulting as financial advisor; and Epiq Solutions, as claims and
noticing agent.
Midway Gold Corp. disclosed $184 million in assets and $62.4
million in liabilities as of March 31, 2015. Midway Gold US Inc.,
disclosed total assets of $2,461,673 and total liabilities of
$122,448,181 as of the Chapter 11 filing.
In July, the U.S. Trustee overseeing the Debtors' cases appointed
seven creditors to serve on the official committee of unsecured
creditors. The creditors are American Assay Laboratories, EPC
Services Company, InFaith Community Foundation, Jacobs Engineering
Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart
Longyear. Gavin/Solmonese LLC serves as its financial advisor.
MOLYCORP INC: Oaktree's Bid for Stay Pending Appeal Denied
----------------------------------------------------------
Judge Sue L. Robinson of the United States District Court for the
District of Delaware denied the emergency motion filed by appellant
OCM MLYCo CTB Ltd. ("Oaktree") for stay pending appeal, without
prejudice to renew before the assigned district judge.
OCM MLYCo appealed from the decision of the bankruptcy judge who
ruled from the bench that the LLC Agreement drafted for Secured
Natural Resources LLC was not inconsistent with the terms of the
settlement agreement between OCM MLYCo and the 10% noteholders, and
the prepetition collateral agency agreement, which governed the
pari passu rights in the assets of the Mountain Pass (MP) mining
business.
Oaktree and JHL Capital Group Holdings One LLC, QVT Fund V LP, QVT
Fund IV LP, and Quintessence Fund L.P., lent money to Molycorp,
Inc. Specifically, Oaktree and the Ad Hoc Group of 10% Noteholders
held pari passu collateral rights in the assets of the Mountain
Pass mining business, which rights were governed by a prepetition
collateral agency agreement.
After commencement of the bankruptcy proceedings, a global deal was
reached through mediation. As part of the deal, Oaktree and the
10% Noteholders would "credit bid" a pro rata portion of their
claims for some of the MP Assets, with an equity in an acquisition
vehicle, Second Natural Resources LLC, distributed in proportion to
their claims.
Oaktree is entitled to a 35.283% interest in SNR. The Ad Hoc Group
drafted an LLC Agreement for SNR that vested members of the Ad Hoc
Group with all of the significant corporate governance of SNR.
Oaktree refused to sign a joinder to the LLC Agreement, accept its
SNR Common Units, or become a member of SNR. Oaktree brought the
matter to the bankruptcy judge, who ruled from the bench that the
LLC Agreement was not inconsistent with the terms of the Settlement
Agreement and the CAA.
Oaktree filed a timely appeal from the bankruptcy judge's rulings.
The parties agreed to engage in mediation efforts, with the
mediation scheduled to take place in September. In connection with
mediation, counsel for the Ad Hoc Group represented that SNR would
take no action that would "disparately impact Oaktree." On August
11, Oaktree received solicitation materials from SNR in connection
with a rights offering having a return date of August 23, 2016.
Oaktree thinks the Offering effectively forces it to pay SNR $2.1
million to retain its 35% stake in SNR or be diluted to a 5.8%
stake.
Judge Robinson pointed out that none of the contracts at issue have
been provided to the court, and it is apparent from the record
provided that Oaktree failed to negotiate for the very governance
rights to which it now claims entitlement in either the CAA or the
Settlement Agreement, which documents form the basis for the LLC
Agreement and the disputed contract language. Judge Robinson held
that she cannot conclude Oaktree has demonstrated a reasonable
chance of winning the appeal.
Judge Robinson added that, when considering the threat of harm
alleged under the circumstances at bar, she cannot identify any
evidence of record that Oaktree will suffer injuries that cannot be
remedied by money damages. Judge Robinson said she noted from the
outset that the Ad Hoc Group has provided no reasonable explanation
for proceeding with the Offering before the scheduled mediation.
Indeed she said she was of the impression that the litigation
spawned by the bankruptcy of Molycorp has taken on a personal edge,
and that none of the parties at bar are acting out of business
necessity.
Accordingly, Judge Robinson concluded that Oaktree has not carried
it burden to demonstrate that a stay pending appeal is warranted.
The appealed cases are OCM MLYCO CTB LTD., Appellant, v. AD HOC 10%
NOTEHOLDERS, Appellee, Civ. No. 16-286-GMS (D. Del.) and OCM MLYCO
CTB LTD., Appellant, v. AD HOC 10% NOTEHOLDERS, Appellee, Civ. No.
16-288-GMS (D. Del.).
A full-text copy of Judge Robinson's August 23, 2016 memorandum
order is available at http://bankrupt.com/misc/deb15-11357-1927.pdf
About Molycorp, Inc.
Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer. Molycorp owns several prominent
are earth processing facilities around the world. It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.
Molycorp has corporate offices in the United States, Canada and
China. CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada. Other senior management members are located at its U.S.
corporate headquarters in Greenwood Village, Colorado.
Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.
As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.
Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring. The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.
The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.
The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings. Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.
Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process. Prime Clerk serves as
claims and noticing agent.
Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.
On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors. The Creditors
Committee tapped Ashby & Geddes, P.A. and Paul Hastings LLP as
attorneys.
* * *
Molycorp, Inc.'s Fourth Joint Amended Plan of Reorganization has
been confirmed by the U.S. Bankruptcy Court for the District of
Delaware. The Plan contemplates two possible outcomes: (1) the
sale of substantially all of the Debtors' assets if certain
conditions set forth in the Plan are satisfied and (2) (a) the sale
of the assets associated with the Debtors' Mountain Pass mining
facility in San Bernardino County, California; and (b) the
stand-alone reorganization around the Debtors' other three business
units.
Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware on April 8, 2016, issued a findings of fact,
conclusions of law, and order confirming the Fourth Amended Joint
Plan of Reorganization of Molycorp, Inc., and its debtor
affiliates.
The Plan has yet to be declared effective.
On April 13, 2016, Judge Sontchi directed the appointment of a
Chapter 11 trustee to oversee the operations of Industrial Minerals
LLC, Molycorp Advance Water Technologies LLC, Molycorp Minerals
LLC, PP IV Mountain Pass II Inc., PP IV Mountain Pass Inc., and RCF
Speedwagon Inc. Each of the bankruptcy cases of the companies are
no longer jointly administered with Molycorp's case under Case No.
15-11357.
On May 2, 2016, the Court entered an order in the Molycorp Minerals
Debtors' cases approving the appointment of Paul E. Harner as
chapter 11 trustee for Molycorp Mineral Debtors' bankruptcy
estates.
MONTREAL MAINE: Court Sustains Objection to Center Beam's Claims
----------------------------------------------------------------
Judge Peter G. Cary of the United States Bankruptcy Court for the
District of Maine sustained the objection of Robert J. Keach, the
representative of the estate of Montreal Maine & Atlantic Railway,
Ltd., to Proofs of Claim No. 116-1 and 116-2 filed by Center Beam
Flatcar Company. The entire Claim 116-1 and a portion of Claim
116-2 ($83,403.23) were disallowed.
Center Beam's Claim 116-2 asserts an unsecured claim totaling
$372,095.47, of which $288,692.24 is a general unsecured claim for
pre-petition rents, transportation, stenciling, retagging and
decals, and $83,403.23 is for "[a]ccrued unpaid post-petition
rent." The claims are identical except Claim 116-1 was signed by
Center Beam's attorney and Claim 116-2 was signed by its
president.
The parties agreed that Center Beam is entitled to a general
unsecured claim of $288,692.24. As to the portion of the claim in
dispute, Judge Carey found that Center Beam has not carried its
burden of proof and the estate representative's objection to the
$83,403.53 portion of Center Beam's Claim 116-2 was sustained.
A full-text copy of Judge Cary's August 25, 2016 order is available
at http://bankrupt.com/misc/meb13-10670-2229.pdf
About Montreal Maine
Montreal, Maine & Atlantic Railway Ltd., operated the train that
derailed and exploded in July 2013, killing 47 people and
destroying part of Lac-Megantic, Quebec.
The Company sought bankruptcy protection (Bankr. D. Maine Case No.
13-10670) on Aug. 7, 2013, with the aim of selling its business.
ts Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,
meanwhile, filed for protection from creditors in Superior Court
of Quebec in Montreal.
Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadian
unit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.
("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition
(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seek
recognition and enforcement in the U.S. of the order by the Quebec
Court approving MMA Canada's plan to pay off victims of the July
2013 derailment.
The law firm of Verrill Dana serves as counsel to the Debtor.
Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., is the Chapter 11 trustee. Lindsay K. Zahradka and and D.
Sam Anderson, Esq. serves as his counsel. Development Specialists,
Inc., serves as his financial advisor; and Gordian Group, LLC,
serves as his investment banker.
Justice Martin Castonguay oversees the case in Canada. Andrew
Adessky at Richter Consulting was named CCAA monitor. The CCAA
Monitor is represented by Sylvain Vauclair at Woods LLP. MM&A
Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur
Henderson LLP.
The U.S. Trustee appointed a four-member official committee of
derailment victims. The Official Committee is represented by
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,
Esq., at Paul Hastings LLP.
The unofficial committee of wrongful death claimants is Represented
by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul, P.A.;
Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,
Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at The
Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, Green
Toups & Terrell LLP.
The Debtor's Revised First Amended Plan of Liquidation, which
created a C$446 million settlement fund for the benefit of all
victims of the train derailment in 2013 that killed 47 people,
became effective Dec. 22, 2015.
MOSES INC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Moses, Inc.
106 East Buchanan Street
Phoenix, AZ 85004
Case No.: 16-09889
Chapter 11 Petition Date: August 26, 2016
Court: United States Bankruptcy Court
District of Arizona (Phoenix)
Judge: Hon. Brenda Moody Whinery
Debtor's Counsel: Christopher C. Simpson, Esq.
STINSON LEONARD STREET LLP
1850 N Central Ave #2100
Phoenix, AZ 85004
Tel: 602-279-1600
Fax: 602-240-6925
E-mail: christopher.simpson@stinson.com
anne.finch@stinsonleonard.com
Total Assets: $1.22 million
Total Liabilities: $5.73 million
The petition was signed by Tom Guilfoy, chief restructuring
officer.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/azb16-09889.pdf
MOTORS LIQUIDATION: Court OK's Settlement with Panel, DIP Lenders
------------------------------------------------------------------
Judge Martin Glenn of the United States Bankruptcy Court for the
Southern District of New York granted the joint motion filed by the
Wilmington Trust Company, as trust administrator and trustee of the
Motors Liquidation Company Avoidance Trust, and the Official
Committee of Unsecured Creditors of Motors Liquidation Company,
f/k/a General Motors Corporation, for an order approving a
stipulation of settlement and other relief.
The trust administrator and the committee jointly sought entry of:
(A) a stipulation and agreed order:
(I) settling disputed entitlements of Debtor-in-
Possession (DIP) Lenders and the Official Committee
of Unsecured Creditors to potential term loan
avoidance action proceeds; and
(II) modifying the Avoidance Action Trust Agreement to
implement the settlement, and
(B) an order:
(I) approving the settlement of the allocation dispute,
(II) approving amendments to the Avoidance Action Trust
Agreement, and (III) authorizing the Avoidance Action
Trust to grant a lien to the DIP Lenders.
The Committee's entry into the stipulation was conditioned on the
DIP Lenders providing $15 million in litigation funding to the
Trust on terms acceptable to the Trust. The Stipulation also
provides that after repayment of all DIP Lender Advances (including
the Litigation Cost Advance) and the GUC Trust Advances, the DIP
Lenders will be entitled to receive 30% of the remaining net
proceeds resulting from the Term Loan Avoidance Action and
unsecured creditors will be entitled to receive the remaining 70%,
with each such distribution to the DIP Lenders and unsecured
creditors to be made contemporaneously and on a pari passu basis.
The Trust Administrator and the Committee argued that the benefit
of settling the Allocation Dispute outweighs the risks in
litigating that issue. According to the movants, the settlement
assures holders of unsecured debt that they would receive 70% of
the net distributable proceeds of the Term Loan Avoidance Action,
ensures adequate funding for the Trust, and avoids the potential
for complex and protracted litigation concerning the Allocation
Dispute.
Davidson Kempner Capital Management LP, a general unsecured
claimant and a beneficiary of the Trust, filed an objection to the
Motion, arguing that the Litigation Cost Agreement, under which the
DIP Lenders would receive 30% of the net proceeds from the Term
Loan Avoidance Action, is significantly more expensive than the
Private Litigation Funding Agreement.
River Birch Capital LLC, a private funder under the Private
Litigation Funding Agreement, filed a separate objection to the
Motion, contending that the DIP Lender's Litigation Cost Advance is
materially more expensive, under most recovery outcomes, than the
funding under the Private Litigation Funding Agreement.
The United States of America, on behalf of the debtor-in-possession
lender the United States Department of the Treasury, filed a
statement in response to the Kempner Objection and the River Birch
Objection. Export Development Canada joined the Treasury Response.
The Trust Administrator filed responses to the objections, while
the Committee filed an omnibus reply.
Judge Glenn, first of all, pointed out that, the Court was asked to
approve the Settlement which would, among other things, bring the
Allocation Dispute to a final resolution. He noted that approval
of the Settlement also results in the DIP Lenders providing an
interest-free $15 million Litigation Cost Advance to fund the
Trust, the Committee's required condition for entering into the
Settlement. The Court pointed out that it was not asked to choose
the better deal as between the Private Litigation Funding Agreement
and the Settlement.
The Court finds that the Settlement, which, among other things,
allocates 30% of the net proceeds from the Term Loan Avoidance
Action to the DIP Lenders and 70% to the unsecured creditors, is
“within the range of reasonableness.”
A full-text copy of Judge Glenn's August 24, 2016 order is
available at http://bankrupt.com/misc/nysb09-50026-13744.pdf
Official Committee of Unsecured Creditors of Motors Liquidation
Company, et. al. is represented by:
Robert T. Schmidt, Esq.
Jennifer Sharret, Esq.
Jonathan M. Wagner, Esq.
KRAMER, LEVIN, NAFTALIS & FRANKEL LLP
1177 Avenue of the Americas
New York, NY 10036
Tel: (212)715-9100
Fax: (212)715-8000
Email: rschmidt@kramerlevin.com
jsharret@kramerlevin.com
jwagner@kramerlevin.com
Motors Liquidation Company Avoidance Action Trust is represented
by:
Eric B. Fisher, Esq.
BINDER & SCHWARTZ LLP
336 Madison Avenue, 6th Floor
New York, NY 10017
Tel: (212)510-7008
Fax: (212)510-7299
Email: efisher@binderschwartz.com
-- and –-
Paul T. Weinstein, Esq.
EMMET, MARVIN & MARTIN, LLP
120 Broadway
New York, NY 10271
Tel: (212)238-3000
Fax: (212)238-3100
Email: pweinstein@emmetmarvin.com
River Birch Capital, LLC is represented by:
Richard F. Harrison, III, Esq.
Eric G. Waxman, III, Esq.
WESTERMAN, BALL, EDERER, MILLER,
ZUCKER & SHARESTEIN, LLP
1201 RXR Plaza
Uniondale, NY 11556
Tel: (516)622-9200
Fax: (516)622-9212
Email: rharrison@westermanllp.com
ewaxman@westermanllp.com
Export Development Canada is represented by:
Michael L. Schein, Esq.
VEDDER PRICE
1633 Broadway, 47th Floor
New York, NY 10019
Tel: (212)407-7700
Fax: (212)407-7799
Email: mschein@vedderprice.com
Davidson Kempner Capital Management LP is represented by:
Kristopher M. Hansen, Esq.
STROOCK & STROOCK & LAVAN LLP
180 Maiden Lane
New York, NY 10038
Tel: (212)806-5400
United States Department of Treasury is represented by:
David S. Jones, Esq.
UNITED STATES ATTORNEY FOR
THE SOUTHERN DISTRICT OF NEW YORK
86 Chambers Street
New York, NY 10007
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009. The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts. Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company. GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP. Garden City Group is the claims and notice
agent of the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims. Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee. Attorneys at Butzel Long served as counsel
on supplier contract matters. FTI Consulting Inc. served as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee. Legal Analysis Systems, Inc., served as asbestos
valuation analyst.
The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan
was declared effect on March 31.
On Dec. 15, 2011, Motors Liquidation Company was dissolved. On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.
Motors Liquidation had $669 million in total assets, $56.4 million
in total liabilities and $613 million in net assets in liquidation
as of Dec. 31, 2015.
N.E. DESIGNS: Hires Fischbach as Special Counsel
------------------------------------------------
N.E. Designs, Inc., seeks authority from the U.S. Bankruptcy Court
for the Central District of California to employ Fischbach &
Fischbach, A Law Corporation, as special counsel to the Debtor.
Prior to the bankruptcy filing, on December 27, 2012, Adam Goldberg
filed a complaint in Los Angeles Superior Court in an action
entitled "Adam Goldberg, Plaintiff, v. N.E. Designs, Inc. and Eran
Gispan, an individual, et al.," Case No. BC 497721, for breach of
contract and professional negligence.
On July 7, 2016, the State Court issued an Amended Statement of
Decision finding in favor of Goldberg and against the Debtor and
Gispan in the total amount of $480,669.28.
Fischbach represented the Debtor in the State Court Action.
N.E. Design requires Fischbach to continue in its capacity as
counsel to the Debtor in the State Court Action and to perform any
other services which may be appropriate to represent the Debtor
throughout the course of the State Court Action and in the
bankruptcy case.
Fischbach will be paid at these hourly rates:
Joseph S. Fischbach $475
Ian Kasoff $275
Andrew Zelus $185
Partners/Seniors $425
Partner/Junior $325
Senior Associates $275
Junior Associates $200
Paralegal $150
Law Clerks $90
Secretarial $35
The total fees and costs incurred by the Debtor in Fischbach's
representation with the State Court Action, up to through and
including the petition date, July 20, 2016, is $176,212 in fees and
$7,930.52 in costs for a total of $184,142.52. Of this Fischbach
amount,
Fischbach will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph S. Fischbach, principal of the law firm Fischbach &
Fischbach, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
Fischbach can be reached at:
Joseph S. Fischbach, Esq.
FISCHBACH & FISCHBACH
A LAW CORPORATION
8200 Wilshire Boulevard, Suite 424
Beverly Hills, CA 90211
Tel: (310) 278-4015
Fax: (310) 278-2894
E-mail: jsf2@fischbach.com
About N.E. Designs, Inc.
N.E. Designs, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
C.D.Cal. Case No. 16-12097) on July 20, 2016. Charles Shamash,
Esq., at Caceres & Shamash LLP, serves as bankruptcy counsel.
The Debtor's both assets and debts are under $1 million.
No official committee of unsecured creditors has been appointed in
the case.
NEIMAN MARCUS: Bank Debt Trades at 6% Off
-----------------------------------------
Participations in a syndicated loan under Neiman Marcus Group Inc
is a borrower traded in the secondary market at 93.57
cents-on-the-dollar during the week ended Friday, August 26, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.32 percentage points from the
previous week. Neiman Marcus pays 300 basis points above LIBOR to
borrow under the $2.9 billion facility. The bank loan matures on
Oct. 16, 2020 and carries Moody's B2 rating and Standard & Poor's
B- rating. The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended August 26.
NEW CAL-NEVA: Hires Jeffer Mangels as Special Counsel
-----------------------------------------------------
New Cal-Neva Lodge, LLC seeks authorization from the U.S.
Bankruptcy Court for the Northern District of California to employ
Jeffer Mangels Butler & Mitchell LLP as special counsel, nunc pro
tunc to the July 28, 2016 petition date.
The Debtor requires counsel to advise it regarding real estate,
financing and hospitality related issues. The Debtor is in the
midst of a refinancing and redevelopment of the real property and
improvements thereon generally described as the Cal Neva Resort and
Lodge, a storied property on the banks of Lake Tahoe, straddling
the Nevada and California borders. Jeffer Mangels has served as
prepetition counsel to the Debtor for such matters since December
2013 and the Debtor believes that it is in the best interest of the
Debtor and the estate for Jeffer Mangels to be employed and
continue its representation of the Debtor postpetition regarding
such matters.
Jeffer Mangels will be paid at these hourly rates:
David M. Poitras, Partner $765
Bennett G. Young, Partner $695
Jeffrey Steiner, Partner $680
David A. Sudeck, Partner $650
Erin E. Daly, Associate $385
Jeffer Mangels will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffer Mangels did not receive a retainer for its services in this
chapter 11 case. Jeffer Mangels has not been paid any amount by the
Debtor within the 90 days prior to the Petition Date. On the
Petition Date, JMBM was owed approximately $92,646.07 by the Debtor
for prepetition services rendered and expenses incurred.
David M. Poitras, partner of Jeffer Mangels, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Jeffer Mangels can be reached at:
David M. Poitras, Esq.
JEFFER MANGELS BUTLER & MITCHELL LLP
1900 Avenue of the Stars, Seventh Floor
Los Angeles, CA 90067
Tel: (310) 203-8080
Fax: (310) 712-8571
E-mail: dpoitras@jmbm.com
About New Cal-Neva
New Cal-Neva Lodge, LLC, based in Saint Helena, CA, filed a Chapter
11 petition (Bankr. N.D. Cal. Case No. 16-10648) on July 28, 2016.
The Hon. Thomas E. Carlson presides over the case. Jane Kim, Esq.,
and Peter Benvenutti, Esq., at Keller & Benvenutti LLP, serve as
bankruptcy counsel.
In its petition, the Debtor estimated $50 million to $100 million
in assets and $10 million to $50 million in liabilities. The
petition was signed by Robert Radovan, president and secretary.
NORDIC INTERIOR: Hires Rosen as Bankruptcy Counsel
--------------------------------------------------
Nordic Interior, Inc., seeks authority from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Rosen &
Associates, P.C. as bankruptcy counsel to the Debtor.
Nordic Interior requires Rosen to:
(a) advise the Debtor with respect to its powers and duties as
a debtor and debtor in possession in the operation of its
business and management of its property;
(b) represent the Debtor before the bankruptcy Court, any
appellate
courts, and the Office of the United States Trustee on
matters pertaining to its affairs as debtor in possession,
including prosecuting and defending actions on the
Debtor's behalf that may arise during its chapter 11 case;
(c) advise and assist the Debtor in the negotiation and
preparation of a plan of reorganization with its creditors
and the preparation of an accompanying disclosure
statement and taking any necessary action on behalf of the
Debtor to obtain confirmation of such plan;
(d) prepare, on behalf of the Debtor, motions, applications,
answers, orders, reports, documents, and other legal
papers necessary for the administration of the Debtor's
estate; and
(e) perform such other legal services for the Debtor that may
Be appropriate and necessary.
Rosen will be paid a retainer in the amount of $80,000.
Rosen will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Nancy L. Kourland, member of Rosen & Associates, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Rosen can be reached at:
Nancy L. Kourland, Esq.
ROSEN & ASSOCIATES, P.C.
747 Third Avenue
New York, NY 10017-2803
Tel: (212) 223-1100
About Nordic Interior
Nordic Interior, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 16-43163) on July 18, 2016. The case is
pending before Judge Elizabeth S. Stong. Rosen & Associates, P.C.,
serves as counsel to the Debtor.
Nordic Interior, Inc., was founded in 1973 as a drywall and small
woodworking company. At the time of the bankruptcy filing, the
Company had approximately 50 employees, 35 of whom are carpenters
and project managers who are subject to a collective bargaining
agreement with the Carpenters' Union.
No official committee of unsecured creditors has been appointed in
the case.
PACIFIC SUNWEAR: Court OKs 7th Amendment to DIP Financing Pact
--------------------------------------------------------------
BankruptcyData.com reported that Pacific Sunwear of California
filed with the U.S. Bankruptcy Court a seventh amendment to its
debtor-in-possession financing agreement. According to documents
filed with the Court, "The Prepetition Term Loan Agent shall
receive additional adequate protection in the form of a consent
right (such consent not to be unreasonably withheld or delayed in
the case of consent requests regarding the Chapter 11 Case
milestones described in clause 3 below only) to any (direct or
indirect) amendment, modification or waiver of any terms or
conditions under the DIP Credit Agreement or any other DIP Loan
Documents, as and to the extent provided for in the Intercreditor
Agreement, as well as with respect to any amendment, modification
or waiver of (1) Section 6.13(g) of the DIP Credit Agreement, (2)
Section 6.21 of the DIP Credit Agreement (or any component
definition thereof), or (3) the Chapter 11 Case milestones set
forth in Sections 6.22 and 8.01(r)(vi) and (xv) of the DIP Credit
Agreement. In addition, the Debtors and the DIP Credit Parties
shall not amend the DIP Credit Agreement or the DIP Loan Documents
to add any financial covenants (including budget covenants) or
Chapter 11 Case milestones without the consent of the Prepetition
Term Loan Agent. Pursuant to the Final DIP Order, the Seventh
Amendment will become effective on August 26, 2016 without further
notice or a hearing."
About Pacific Sunwear
Founded in 1982 in Newport Beach, California as a surf shop,
Pacific Sunwear of California, Inc. operates in the teen and young
adult retail sector, selling men's and womens apparel, accessories,
and footwear. The Company went public in 1993 (NASDAQ: PSUN), and
peaked with 965 stores in 2006. At present, the Company has
approximately 593 retail locations nationwide under the names
"Pacific Sunwear" and "PacSun," which stores are principally in
mall locations. The Company has 2,000 full-time workers. Through
its ecommerce business, the Company operates an e-commerce site at
http://www.pacsun.com/
Pacific Sunwear of California, Inc., and two affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) on
April 7, 2016. The cases are pending before the Honorable Laurie
Selber Silverstein.
The Debtors sought Chapter 11 protection with a Chapter 11 plan
that would convert debt into equity.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc.,
as financial advisor; Guggenheim Securities, LLC, as investment
banker; and Prime Clerk LLC as claims and noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, on April 19
appointed seven creditors of Pacific Sunwear of California, Inc.,
to serve on the official committee of unsecured creditors. The
official committee of unsecured creditors retained Cooley LLP and
Bayard, P.A. as counsel; and Province Inc. as its financial
advisor.
PAGOSA PARTNERS II: Hires Kutner Brinen as Attorney
---------------------------------------------------
Pagosa Partners II, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Colorado to employ Kutner Brinen, P.C. as
attorney to the Debtor.
Pagosa Partners requires Kutner to:
a. provide the Debtor with legal advice with respect to its
powers and duties;
b. aid the Debtor in the development of a plan of
reorganization under Chapter 11;
c. file the necessary petitions, pleadings, reports, and
actions that may be required in the continued
administration of the Debtor's property under Chapter 11;
d. take necessary actions to enjoin and stay until a final
decree herein the continuation of pending proceedings and
to enjoin and stay until a final decree herein the
commencement of lien foreclosure proceedings and all
matters as may be provided under 11 U.S.C. Sec 362; and
e. perform all other legal services for the Debtor that may be
necessary in the case.
Kutner will be paid at these hourly rates:
Lee M. Kutner $500
Jeffrey S. Brinen $400
Jenny M.F. Fujii $320
Keri L. Riley $260
Law Clerk $175
Paralegals $75
Kutner holds a pre-petition retainer for payment of post-petition
fees and costs in the amount of $18,023.
Kutner will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffrey S. Brinen, shareholder of the firm Kutner Brinen, P.C.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Kutner can be reached at:
Jeffrey S. Brinen, Esq.
KUTNER BRINEN, P.C.
1660 Lincoln Street, Suite 1850
Denver, CO 80264
Tel: (303) 832-2400
Fax: (303) 832-1510
E-mail: jsb@kutnerlaw.com
About Pagosa Partners II
Pagosa Partners II, Inc., based in Chicago, IL, filed a Chapter 11
petition (Bankr. D. Colo. Case No. 16-17905) on August 10, 2016.
The Hon. Joseph G. Rosania Jr. presides over the case. Jeffrey S.
Brinen, at Kutner Brinen, P.C., serves as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Robert J. Ralis, president.
No official committee of unsecured creditors has been appointed in
the case.
PEABODY ENERGY: Big Ridge Seeks Approval of Settlement with UMWA
----------------------------------------------------------------
BankruptcyData.com reported that Peabody Energy filed with the U.S.
Bankruptcy Court a motion to compromise a controversy and
memorializing the terms of a settlement between Debtor Big Ridge
and the United Mine Workers of America (UMWA) in regards to the
board's compliance specification and notice of hearing to liquidate
back pay and other monetary liability due under the board's
December 14, 2014 order finding Big Ridge in violation of the
National Labor Relations Act. The motion explains, "[T]he Eighth
Circuit has found that a suit brought by the Equal Employment
Opportunity Commission (the 'EEOC') to enforce Title VII is not
stayed under the Bankruptcy Code pursuant to the police power
exception. Big Ridge determined that, in its reasoned business
judgment, it was in its best interests to enter into this
Settlement with the UMWA and the Board rather than subject Big
Ridge and its estate to the time and expense of litigating the
applicability of the automatic stay to the NLRB Proceeding before
this Court. As set forth in the Compliance Agreement, the Parties
have agreed that, commencing on the date the Compliance Agreement
is approved by the Court: (a) the back pay amount owed by Big Ridge
pursuant to the NLRB Order will be liquidated into a claim of
$99,617 (the 'Settlement Amount'); (b) Big Ridge will withdraw the
answer it filed to the Compliance Specification; and (c) the Board
will withdraw the Compliance Specification and Notice of Hearing."
The Court scheduled a Sept. 15, 2016, hearing to consider the
compromise motion, with objections due by Sept. 8, 2016.
About Peabody Energy Corporation
Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company. As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia. The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount Mine
in Australia. In addition to its mining operations, the Company
markets and brokers coal from other coal producers, both as
principal and agent, and trade coal and freight-related contracts
through trading and business offices in Australia, China, Germany,
India, Indonesia, Singapore, the United Kingdom and the U.S.
Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net loss
in 2013.
At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.
On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code. The 154 cases are pending joint
administration before the Honorable Judge Barry S. Schermer under
Case No. 16-42529 in the U.S. Bankruptcy Court for the Eastern
District of Missouri.
As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.
The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.
The Office of the U.S. Trustee on April 29 appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors. The Committee retained Morrison
& Foerster LLP as counsel, Spencer Fane LLP as local counsel,
Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel,
Blackacre LLC as its independent expert, and Berkeley Research
Group, LLC, as financial advisor.
PROSOLUTIONS LLC: Dina L. Anderson Named Interim Trustee
--------------------------------------------------------
Ilene J. Lashkinsky, the United States Trustee for the District of
Arizona, appointed Dina L. Anderson as the Interim Trustee for the
estate of Prosolutions L.L.C. as of July 28, 2016.
The appointment provides that, unless a trustee is elected at the
meeting of creditors to be called pursuant to Section 341 of the
Bankruptcy Code, the Interim Trustee will serve as Trustee.
The case is covered by the blanket bond for Chapter 7 case Trustees
and a copy of which is on file with the United States Trustee.
About Prosolutions
Prosolutions LLC and Ruben Diaz sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 16-08653 and
16-08654) on July 28, 2016. The cases are jointly administered.
R & G FOOD SERVICES: Initial Confirmation Hearing on Sept. 14
-------------------------------------------------------------
Judge Brenda Moody Whinery of the U.S. Bankruptcy Court for the
District of Arizona approved the Second Amended Disclosure
Statement for Joint Plan of Reorganization filed by the Debtors
Ronda Sneva and R&G Food Services, Inc., dba Latitude Catering, and
fixed September 14, 2016, as the Initial Confirmation Hearing.
The last day for filing written acceptances or rejections of the
Plan, as well as objections to Confirmation of the Plan is fixed at
five (5) days prior to the confirmation hearing.
The Troubled Company Reporter, on Aug. 16, 2016, reported that the
Debtor will pay $700,000 to a trust to be distributed to unsecured
creditors over four years, according to the latest disclosure
statement explaining the Chapter 11 plan proposed by the company
and its chief executive officer.
Under the plan, each creditor holding a Class 7 general unsecured
claim against the company will receive a pro rata share of the
payments to be made from a creditors' trust.
Moreover, R & G will assign to the creditors' trust its interest
in
all of its causes of action except those against the U.S. Small
Business Administration and the U.S. Department of Agriculture,
and
those related to payments made to insiders or affiliates.
The estimated total amount of unsecured claims against R & G is
$1.434 million.
Meanwhile, the plan proposes to set aside $57,000 to pay creditors
holding Class 8 general unsecured claims against R & G CEO Ronda
Sneva. Each creditor will receive its pro rata share of payments,
weighted based on the cash flow timing of the business.
The estimated total amount of unsecured claims against the CEO is
$2.761 million.
A copy of the latest disclosure statement is available for free at
https://is.gd/siDPnI
Attorneys for the Debtors:
Gerald K. Smith, Esq.
John C. Smith, Esq.
Grant L. Cartwright, Esq.
SMITH & SMITH LAW OFFICES, PLLC
6720 E. Camino Principal, Suite 203
Tucson, AZ 85715
Tel: (520) 722-1605
Fax: (520) 722-9096
Email: gerald@smithandsmithpllc.com
john@smithandsmithpllc.com
grant@smithandsmithpllc.com
About R & G Food Services
R & G Food Services, Inc., dba Latitude Catering, and Ronda Sneva
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Ariz. Case Nos. 15-13187 and 15-13185) on October 14, 2015.
R & G is an emergency food services company that provides prepared
food, drinks, and other related relief to firefighters and aid
workers at natural disaster sites throughout the country. It also
provides its mobile catering services to fundraising events put on
by non-profit organizations.
Ms. Sneva is the president and chief executive officer of R & G and
the primary guarantor of the majority of its debts.
RAILYARD COMPANY: Bid to Stay Ch. 11 Trustee Appointment Denied
---------------------------------------------------------------
In the case captioned STEVE DURAN, Appellant, v. RECREATIONAL
EQUIPMENT, Inc. et al, Appellees, CIV No. 16-295 MV/CG (D.N.M.),
Judge Martha Vazquez of the United States District Court for the
District of New Mexico denied the appellant's emergency motion to
stay the appointment of a Chapter 11 trustee pending Railyard
Company LLC individual member Steve Duran's appeal of the order
granting the motion to appoint a trustee and directing the United
States Trustee to appoint a trustee.
Judge Vazquez adopted the magistrate judge's Proposed Findings and
Recommended Disposition which found that Duran failed to comply
with the procedural requirements of the Federal Rules of Bankruptcy
Procedure 8005.
A full-text copy of Judge Vazquez's August 18, 2016 order is
available at https://is.gd/vQY2an from Leagle.com.
Railyard Company, LLC is represented by:
Christopher D. Dvorak, Esq.
William F. Davis, Esq.
WILLIAM F. DAVIS & ASSOC., P.C.
6709 Academy NE, Suite A
Albuquerque NM 87109
Telephone: (505)243-6129
Facsimile: (505)247-3185
Email: daviswf@nmbankruptcy.com
Recreational Equipment, Inc. is represented by:
Charles R. Hughson, Esq.
Henry M. Bohnhoff, Esq.
RODEY, DICKASON, SLOAN, AKIN, ROBB, PA
201 3rd Street NW, Suite 2200
Albuquerque, NM 87102
Tel: (505)765-5900
Fax: (505)768-7395
Email: chughson@rodey.com
hbohnhoff@rodey.com
Thorofare Asset Based Lending Fund III, LP is represented by:
Jaqueline N. Ortiz, Esq.
Benjamin E. Thomas, Esq.
Katharine C. Downey, Esq.
SUTIN, THAYER & BROWNE
A Professional Corporation
P.O. Box 1945
Albuquerque, NM 87103-1945
Telephone: (505) 883-3497
Email: jno@sutinfirm.com
bet@sutinfirm.com
kcd@sutinfirm.com
Office of the U.S. Trustee is represented by:
Alice Nystel Page, Esq.
About Railyard Company
Railyard Company, LLC, owns and developed two-story Market Station
that houses the REI sporting goods store and other tenants. It
filed a Chapter 11 petition (Bankr. D. N.M. Case No. 15-12386) on
Sept. 4, 2015. The petition was signed by Richard Jaramillo as
managing member. The Debtor is represented by William F. Davis,
Esq., at William F. Davis & Associates, P.C., as counsel.
The Debtor's Chapter 11 petition says the Company has about $11.2
million in debts and $13.8 million in assets.
REICHHOLD HOLDINGS: Objection to Reclamation Claim Overruled
------------------------------------------------------------
Judge Mary F. Walrath of the United States Bankruptcy Court for the
District of Delaware overruled the limited objection filed by the
liquidating trustee of the debtor, Reichhold Holdings US, Inc., to
an administrative claim for its reclamation rights filed by
Covestro LLC.
Within days of the bankruptcy filing (on October 3, 2014), Covestro
delivered a written reclamation demand to the Debtor. On December
24, 2014, Covestro filed a proof of claim in the amount of
$965,248.14. Thereafter, Covestro and the Debtor entered into a
critical vendor agreement, pursuant to which the Debtor agreed to
make certain payments to Covestro. In turn, Covestro agreed to
amend its proof of claim after each payment to reflect the
reduction in the net amount owed. Pursuant to that agreement,
Covestro amended its proof of claim twice. The two payments made
by the Debtor satisfied the section 503(b)(9) portion of Covestro's
claim (for goods delivered within 20 days of the petition date) but
did not pay its claim in full.
On October 1, 2015, Covestro filed a proof of claim seeking
$411,781.72 as an administrative
expense. The Reclamation Claim sought the value of goods delivered
to the Debtor between 21 and 45 days prior to the commencement of
the Debtor's bankruptcy case. The Debtor filed a limited objection
to the Reclamation Claim on May 26, 2016, on the ground that the
Reclamation Claim was rendered valueless when the Prepetition Loan
with Oaktree Capital Management, L.P., was repaid.
Covestro responds that its reclamation rights are not subject to
the DIP Lenders' rights because the DIP Lenders' floating lien was
distinct and separate from the Prepetition Lender's lien, and arose
after Covestro's rights arose.
Judge Walrath disagrees with the rulings in In re Dairy Mart
Convenience Stores, Inc., 302 B.R. 128 (Bankr. S.D.N.Y. 2003)), and
In re Dana Corp. 367 B.R. 409, 420 (Bankr. S.D.N.Y. 2007), which
was used by the Trustee to support its arguments, and agreed with
the decision in In re Phar-Mor, 301 B.R. 482, 498 (Bankr. N.D. Ohio
2003), which was used by Covestro to support its argument, saying
the function of a lien is to secure a debt; once that debt is
repaid, the lien and the rights of the lien-holder terminate.
In Phar-Mor, the Bankruptcy Court held that a postpetition lender's
floating lien on the debtor's inventory did not constitute an
assumption of the prepetition creditor's lien, but an entirely new
lien that did not defeat an intervening reclaiming seller's
rights.
Judge Walrath held that in this case, when the Prepetition Loan was
paid from the DIP Loan, the Prepetition Lender's lien was satisfied
but Covestro's reclamation rights remained in force. The fact that
funds obtained from the DIP Loan were used to satisfy the
Prepetition Loan, or that the Debtor granted the DIP Lenders a lien
in inventory to obtain such funds, is irrelevant, Judge Walrath
said. Covestro's reclamation rights arose before the DIP Lenders'
security interest attached, and the DIP Lenders' lien was expressly
subject to reclamation rights under section 546, Judge Walrath
further held.
A full-text copy of Judge Walrath's August 24, 2016 order is
available at http://bankrupt.com/misc/deb14-12237-1613.pdf
About Reichhold Holdings
Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets. Reichhold -- http://www.Reichhold.com/-- has
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.
As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.
Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.
Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc. Logan
&
Company is the company's claims and noticing agent. The cases are
assigned to Judge Mary F. Walrath.
The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.
On April 1, 2015, the U.S. Trustee named three non-union retirees
of Debtors to serve as the official Non-Union Retiree Committee.
Each of the Retiree Committee members is receiving retiree welfare
benefits from one or more of the Debtors.
On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed. This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization. Concurrent with this purchase, Reichhold completed
a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan
Investment
Management, Inc., Third Avenue Management LLC, and Simplon
Partners
LP.
RFP VI HOTEL: Boxborough Hotel Building Up for Auction on Sept. 22
------------------------------------------------------------------
U.S. Bank National Association -- the present Trustee under a
Mortgage, Security Agreement and Fixture Filing executed by RFP VI
Hotel Boxborough-O, LLC, to Wachovia Bank, National Association,
dated April 18, 2007, and recorded in the Middlesex South Registry
of Deeds in Book 53352, Page 155, for the registered holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2007-C34 -- has executed a Power
of Sale for the purpose of foreclosing the properties of RFP VI
Hotel at a Public Auction foreclosure sale commencing at 1:00 p.m.
on September 22, 2016, at 242 Adams Place, Boxborough,
Massachusetts.
A Holiday Inn hotel operates at 242 Adams Place in Boxborough,
Mass.
The subject of the foreclosure are the two parcels of land with the
buildings and other improvements thereon. A copy of a more
particular description of the properties is available at
http://goo.gl/j5xxdWfrom MyPublicNotices.com.
The subject premises will be sold together and not separately, for
a single bid, subject to and with the benefit of all easements,
restrictions, building and zoning laws, unpaid taxes, tax titles,
water bills, municipal liens and assessments, expenses or charges,
if any, having priority over the Mortgage, rights of tenants and
parties in possession, existing encumbrances, and all other claims
in the nature of liens, now or hereafter arising, having priority
over the Mortgage, if any there be. The premises will also be sold
subject to the right of redemption of the United States of America,
if any there be.
An initial deposit of US$50,000 shall be made at the time and place
of the public auction and an additional deposit shall be made
within seven days after the public auction so that the total
deposit equals 10% of the successful bid at the public auction. All
deposits shall be paid to the holder of the Mortgage by bank
cashier's check, with time being of the essence. The balance of the
successful bid at the public auction shall be paid on or before the
date that is 30 days after the public auction (provided that in the
event such date does not fall on a business day said date will be
extended to the following business day) and shall be paid by bank
cashier's check or the wiring of federal funds, with time being of
the essence, at which time the premises shall be conveyed to the
successful bidder by a foreclosure deed.
The successful bidder at the public auction shall be required to
execute a Memorandum of Sale with the auctioneer and U.S. Bank at
the time of the public auction. If the successful bidder at the
public auction does not purchase the premises according to the
terms of this Notice of Sale or the terms of the Memorandum of
Sale, U.S. Bank reserves the right to sell the premises to the
second highest bidder at the public auction, provided that the
second highest bidder shall deposit with U.S. Bank the Initial
Deposit within three business days, and the Additional Deposit
within seven days, after written notice of default of the previous
highest bidder, time being of the essence. The balance of the
second highest bid made at the public auction shall be paid on or
before the date that is 30 days after the written notice of default
of the previous highest bidder and shall be paid by bank cashier's
check or the wiring of federal funds, with time being of the
essence, at which time the premises shall be conveyed to the second
highest bidder by a foreclosure deed.
The Trustee reserves the right to postpone the public auction to a
later date by public proclamation at the time and date appointed
for the public auction and to postpone any adjourned public auction
by public proclamation at the time and date appointed for the
adjourned public auction.
Contact U.S. Bank's lawyers:
Daniel O. Gaquin, Esquire
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, MA 02111
Telephone: (617) 542-6000
ROBISON TIRE: Hires Lentz & Little as Counsel
---------------------------------------------
Robison Tire Company, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
Lentz & Little, P.A. as counsel to the Debtor.
Robison Tire requires Lentz to:
a. advise and consult with the Debtor-in-Possession concerning
questions arising in the conduct and administration of the
estate and concerning Debtor-in-Posession's rights and
remedies with regard to the estate's assets and claims of
secured, preferred and unsecured creditors and other
parties in interest; and
b. assist the Debtor in the preparation of pleadings, motions,
notice and
orders as are required for orderly administration of the
estate.
William J. Little Jr., Lentz & Little, P.A., assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Lentz can be reached at:
William J. Little Jr., Esq.
W. Jarrett Little, Esq.
LENTZ & LITTLE, P.A.
2505 14th Street, Suite 100
Gulfport, MS 39501
Tel: (228) 867-6050
E-mail: bill@lentzlittle.com
jarrett@lentzlittle.com
About Robison Tire
Since the early 1970's, Robison Tire Co., Inc., was a replacement
tire wholesaler and retailer in the Southeastern United States.
Robison entered into various dealer agreements with manufacturers
of passenger, commercial, off road, implement and specialty tires
pursuant to which it purchased products directly from manufacturers
and sold products on a wholesale and retail basis.
Beginning in approximately 2008, the company began expanding its
business operations, both in geographical area and volume. By the
beginning of 2011, it was doing business in Mississippi,
Alabama,Florida, Tennessee, Georgia, Louisiana and Arkansas.
Robison had warehouses in Laurel, Mississippi, Montgomery, Alabama
and Nashville, Tennessee. Robison Tire Co., Inc. was an authorized
wholesaler and retailer of a number of brands, including Armour,
Bridgestone, Goodyear, Hankook, Hercules and Toyo.
Robison Tire Co., Inc. sought the Chapter 11 protection (Bankr.
S.D. Miss. Case No. 16-51183) on July 14, 2016. Judge Katharine M.
Samson is assigned to the case.
The Debtor estimated assets in the range of $500,000 to $1 million
and $1 million to $10 million in debt.
Jarrett Little, Esq. at Lentz & Little, PA serves as the Debtor's
counsel. The petition was signed by Michael Windham, president.
No official committee of unsecured creditors has been appointed in
the case.
ROBISON TIRE: Hires Taylor as Auctioneer and Appraiser
------------------------------------------------------
Robison Tire Company, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
Taylor Auction & Realty, Inc. as auctioneer and appraiser to the
Debtor.
Robison Tire requires Taylor to conduct an auction and to appraise
certain personal property of the Debtor's bankruptcy estate.
Benny Taylor, president of Taylor Auction and Realty, Inc., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estate.
Taylor can be reached at:
Benny Taylor
TAYLOR AUCTION AND REALTY, INC.
15229 Highway 51 North
Grenada, MS 38901
Tel: (662) 226-2080
About Robison Tire
Since the early 1970's, Robison Tire Co., Inc., was a replacement
tire wholesaler and retailer in the Southeastern United States.
Robison entered into various dealer agreements with manufacturers
of passenger, commercial, off road, implement and specialty tires
pursuant to which it purchased products directly from manufacturers
and sold products on a wholesale and retail basis.
Beginning in approximately 2008, the company began expanding its
business operations, both in geographical area and volume. By the
beginning of 2011, it was doing business in Mississippi,
Alabama,Florida, Tennessee, Georgia, Louisiana and Arkansas.
Robison had warehouses in Laurel, Mississippi, Montgomery, Alabama
and Nashville, Tennessee. Robison Tire Co., Inc. was an authorized
wholesaler and retailer of a number of brands, including Armour,
Bridgestone, Goodyear, Hankook, Hercules and Toyo.
Robison Tire Co., Inc. sought the Chapter 11 protection (Bankr.
S.D. Miss. Case No. 16-51183) on July 14, 2016. Judge Katharine M.
Samson is assigned to the case.
The Debtor estimated assets in the range of $500,000 to $1 million
and $1 million to $10 million in debt.
Jarrett Little, Esq. at Lentz & Little, PA serves as the Debtor's
counsel. The petition was signed by Michael Windham, president.
No official committee of unsecured creditors has been appointed in
the case.
RUBEN DIAZ: Dina L. Anderson Named Interim Trustee
--------------------------------------------------
Ilene J. Lashkinsky, the United States Trustee for the District of
Arizona, appointed Dina L. Anderson as the Interim Trustee for the
estate of Ruben Diaz as of July 28, 2016.
The appointment provides that, unless a trustee is elected at the
meeting of creditors to be called pursuant to Section 341 of the
bankruptcy Code, the Interim Trustee will serve as Trustee.
The case is covered by the blanket bond for Chapter 7 case Trustees
and a copy of which is on file with the United States Trustee.
About Ruben Diaz
Prosolutions LLC and Ruben Diaz sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 16-08653 and
16-08654) on July 28, 2016. The cases are jointly administered.
RYAN ROTH: Manieri Offers $46K for Crawford County Property
-----------------------------------------------------------
Ryan R. Roth and Stephanie S. Roth ask the U.S. Bankruptcy Court
for the Western District of Wisconsin to authorize the sale of
their real property located at 43193 Roth Lane, Gays Mills,
Crawford County, Wisconsin, to Mark Manieri for $46,000.
Manieri is from Scott, Crawford County, Wisconsin.
The salient terms of the agreement are:
a. Purchase Price: $46,000
b. Purchased Assets: The property, all fixtures on the property,
kitchen range, and fuel tank
c. Terms: Free and clear of all liens, claims and encumbrances
d. Closing: Aug. 31, 2016
The current, estimated fair market value of the property is
$46,000, pursuant to July 20, 2016 broker's price opinion.
The liens against the property are (a) Crawford County Treasurer
for pro-rated property taxes; and (b) mortgage with Community First
Bank.
The Debtors owe the Community First Bank a balance of approximately
$538,286 in principal, interest fees and costs, related to the
obligations secured by the foregoing mortgage.
The proceeds from the sale will be distributed as follows:
a. All costs of closing, including title evidence, recording
fees, attorneys fees, real estate taxes and tax pro-rations,
utility charges, survey costs, and other similar costs.
b. For payment of Community First Bank to apply toward the
mortgage balance pursuant to its valid perfected mortgage.
A copy of the WB-11 Residential Offer to Purchase attached to the
Motion is available for free at:
http://bankrupt.com/misc/Ryan_Roth_59_Sales.pdf
Ryan M. Roth and Stephanie S. Roth filed a Chapter 11 petition
(Bankr. W.D. Wisc. Case No. 16-12094) on June 10, 2016, and is
represented by:
Ryan Anthony Blay, Esq.
Kristin J. Sederholm, Esq.
KREKELER STROTHER, S.C.
2901 West Beltline Highway, Suite 301
Madison, WI 53713
Tel: 608-258-8555
Fax: 608-258-8299
E-mail: rblay@ks-lawfirm.com
ksederho@ks-lawfirm.com
SASSYFRAS INVESTMENTS: Oct. 4 Hearing on Disclosure Statement, Plan
-------------------------------------------------------------------
Judge Paul Sala of the U.S. Bankruptcy Court for the District of
Arizona conditionally approved the disclosure statement explaining
Sassyfras Investments, LLC's plan of reorganization and fixed
October 4, 2016, at 10:00 a.m., as the hearing with respect to both
the Disclosure Statement as well as confirmation of the Plan.
About Sassyfras Investments, LLC
Sassyfras Investments, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-01178) on February
10, 2016. The Debtor is represented by William R. Richardson, Esq.,
at Richardson & Richardson PC.
The Troubled Company Reporter, on March 31, 2016, reported that the
Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Sassyfras Investments, LLC.
SFX ENTERTAINMENT: Files 2nd Bid for Exclusivity Thru Oct. 31
-------------------------------------------------------------
BankruptcyData.com reported that SFX Entertainment filed with the
U.S. Bankruptcy Court a second motion to extend the exclusive
period during which the Company can file a Chapter 11 plan and
solicit acceptances thereof through and including Oct. 31, 2016 and
Dec. 30, 2016 respectively. The motion explains, "Since filing the
First Exclusivity Motion and the termination of the RSA, the
Debtors focused their attention on crafting a Plan that will allow
them to exit these Chapter 11 Cases. The Debtors drafted and filed
the Disclosure Statement and Plan, which is scheduled to be heard
on Aug. 30, 2016. The Debtors have worked with and will continue
to work with the DIP Lenders, U.S. Trustee, the Committee, and
creditors in these Chapter 11 Cases on resolving open issues with
the Disclosure Statement and Plan. This includes working with the
Committee on providing them information and responding to their
inquiries in connection with the Plan and the related valuation.
Allowing the Exclusive Periods to terminate before plan
negotiations have concluded would defeat the purpose of section
1121 of the Bankruptcy Code - to afford the Debtors a meaningful
and reasonable opportunity to propose and confirm a consensual plan
of reorganization." The Court scheduled a Sept. 16, 2016 hearing
to consider the motion, with objections due by Sept. 9, 2016.
About SFX Entertainment
SFX Entertainment, Inc., and 43 of its affiliates, a global
producer of live events and digital entertainment content focused
exclusively on the electronic music culture and other world-class
festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016. The petitions
were signed by Michael Katzenstein as chief restructuring officer.
The Debtors disclosed total assets of $662 million and total debt
of $490 million.
Judge Mary F. Walrath is assigned to the case.
Greenberg Traurig, LLP serves as the Debtors' counsel. Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent. The Debtor hired FTI Consulting Inc. to provide crisis and
turnaround management services.
An Official Committee of Unsecured Creditors has retained
Pachulski Stang Ziehl & Jones LLP as counsel, and Conway Mackenzie,
Inc., as financial advisor.
SUNEDISON INC: D.E. Shaw Set to Enter Race for TerraForm Power
--------------------------------------------------------------
The American Bankruptcy Institute, citing Jessica DiNapoli of
Reuters, reported that hedge fund manager D.E. Shaw & Co LP is
weighing a bid for SunEdison Inc's (SUNEQ.PK) controlling stake in
TerraForm Power Inc (TERP.O), the bankrupt U.S. renewable energy
producer's most valuable asset, according to people familiar with
the matter.
According to the report, D.E. Shaw's emergence as a possible bidder
for TerraForm Power indicates that the potential sale process for
the so-called "Class B" shares of TerraForm Power, which was formed
by SunEdison to buy and operate its solar and wind power plants, is
likely to be competitive.
Another hedge fund, Appaloosa Management LP, and asset manager
Brookfield Asset Management Inc (BAMa.TO), have already announced
plans to jointly bid on SunEdison's TerraForm Power Class B shares,
the report related.
D.E. Shaw's bid preparations have not been finalized and there is
no certainty its bid will materialize, Reuters said, citing the
people.
D.E. Shaw and its affiliates already own some of the publicly
traded common shares of TerraForm Power, the report noted. They
received them in an agreement announced last year after forgiving
debt owed by SunEdison, regulatory filings show, the report said.
About SunEdison, Inc.
SunEdison, Inc. (OTC PINK: SUNEQ), is a developer and seller of
photovoltaic energy solutions, an owner and operator of clean
power
generation assets, and a global leader in the development,
manufacture and sale of silicon wafers to the semiconductor
industry.
On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos.
16-10991 to 16-11017). Martin H. Truong signed the petitions as
senior vice president, general counsel and secretary.
Affiliates of SunEdison, Inc. -- Buckthorn Renewables Holdings, LLC
(Case No. 16-12298), Greenmountain Wind Holdings, LLC (Case No.
16-12299), Rattlesnake Flat Holdings, LLC (Case No. 16-12300),
Somerset Wind Holdings, LLC (Case No. 16-12301), and SunE Waiawa
Holdings, LLC (Case No. 16-12302) -- filed separate Chapter 11
bankruptcy petitions on August 9, 2016.
Affiliates of SunEdison, Inc. -- SunE MN Development, LLC (Case No.
16-12314), SunE MN Development Holdings, LLC (Case No. 16-12315),
and SunE Minnesota Holdings, LLC (Case No. 16-12316) -- filed
separate Chapter 11 bankruptcy petitions on August 10, 2016.
The Debtors disclosed total assets of $20.71 billion and total
debts of $16.14 billion as of Sept. 30, 2015.
The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as
counsel, Togut, Segal & Segal LLP as conflicts counsel, Rothschild
Inc. as investment banker and financial advisor, McKinsey Recovery
& Transformation Services U.S., LLC, as restructuring advisors and
Prime Clerk LLC as claims and noticing agent. The Debtors employed
PricewaterhouseCoopers LLP as financial advisors; and KPMG LLP as
their auditor and tax consultant.
An official committee of unsecured creditors has been appointed in
the case. The committee tapped Weil, Gotshal & Manges LLP as its
general bankruptcy counsel and Morrison & Foerster LLP as special
counsel.
SUNEDISON INC: To Auction Wind-Power Projects on September 9
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the bidding procedures for the sale of a number of North
American solar-and wind-power projects of SunEdison Inc. subject to
higher offers.
SunEdison Inc. will hold an auction on Sept. 9, 2016, at 10:00 a.m.
(prevailing Eastern Time) at the Offices of Skadden, Arps, Slate,
Meagher & Flom, 4 Times Square, New York, New York. Qualified bids
must be submitted no later than 4:00 p.m. (prevailing Eastern Time)
on Sept. 6, 2016.
A hearing to approve the sale will take place on Sept. 15, 2016, at
10:00 a.m. (prevailing Eastern Time) before the Hon. Stuart M.
Bernstein at One Bowling Green, New York, New York. Objections, if
any, are due Sept. 8, 2016, at 10:00 a.m. (prevailing Eastern
Time).
As reported in the Troubled Company Reporter on Aug. 12, 2016,
citing report of Jacqueline Palank of The Wall Street Journal Pro
Bankruptcy, SunEdison Inc. sought bankruptcy-court approval to sell
a number of North American solar-and wind-power projects to NRG
Energy Inc. for $144 million, subject to higher bids.
SunEdison on Aug. 9 filed papers in its chapter 11 case outlining
plans to auction its ownership stakes in the companies that
construct large-scale renewable-energy facilities and sell wind or
solar power to utility and other customers. The projects up for
sale are located in Utah, California, Maine, Hawaii, Texas and
Washington, the report related, citing court papers.
The value of NRG's $144 million bid could ultimately climb to $188
million, as it includes the potential for SunEdison to collect up
to $44 million after the sale closes depending upon the achievement
of certain milestones related to the projects, the report further
related.
In return for setting a floor price for the assets, court papers
show NRG could collect a $4.5 million expense reimbursement and
$5.5 million breakup fee if a rival bidder prevails, the report
added.
About SunEdison, Inc.
SunEdison, Inc. (OTC PINK: SUNEQ), is a developer and seller of
photovoltaic energy solutions, an owner and operator of clean power
generation assets, and a global leader in the development,
manufacture and sale of silicon wafers to the semiconductor
industry.
On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos.
16-10991 to 16-11017). Martin H. Truong signed the petitions as
senior vice president, general counsel and secretary.
The Debtors disclosed total assets of $20.71 billion and total
debts of $16.14 billion as of Sept. 30, 2015.
The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as
counsel, Togut, Segal & Segal LLP as conflicts counsel, Rothschild
Inc. as investment banker and financial advisor, McKinsey Recovery
& Transformation Services U.S., LLC, as restructuring advisors and
Prime Clerk LLC as claims and noticing agent. The Debtors employed
PricewaterhouseCoopers LLP as financial advisors; and KPMG LLP as
their auditor and tax consultant.
An official committee of unsecured creditors has been appointed in
the case. The committee tapped Weil, Gotshal & Manges LLP as its
general bankruptcy counsel and Morrison & Foerster LLP as special
counsel.
SUNEDISON INC: To Sell Some Assets to GCL-Poly Energy
-----------------------------------------------------
Chester Yung, writing for The Wall Street Journal Pro Bankruptcy,
reported that GCL-Poly Energy Holdings Ltd., one of China's largest
makers of solar equipment, on Aug. 28, 2016, said it agreed to buy
the solar materials assets of bankrupt U.S. renewable energy
company SunEdison Inc. for $150 million.
According to the report, the Hong Kong-listed company said the
acquisition includes SunEdison's subsidiaries, which are SunEdison
Products Singapore Pte., MEMC Pasadena Inc. and Solaicx Inc., as
well as SunEdison's stake in a Korean joint venture, SMP Ltd. The
acquisition excludes MEMC's manufacturing facility in Pasadena,
Texas, the report related.
The sale of SunEdison’s solar materials business is the latest in
a series of transactions designed to raise money for creditors of
the troubled company, the report noted. NRG Energy Inc. has
offered a starting bid of $144 million for a parcel of North
American solar- and wind-power projects, while an affiliate of
Edison International's SoCore Energy has offered nearly $80 million
for a second parcel going on the auction block in September, a
collection of 22 commercial and industrial projects under
development in Minnesota, the report further noted.
Like the NRG and SoCore offers, GCL-Poly’s offer will be tested
at auction, according to bankruptcy-court filings, the report
said.
About SunEdison, Inc.
SunEdison, Inc. (OTC PINK: SUNEQ), is a developer and seller of
photovoltaic energy solutions, an owner and operator of clean
power
generation assets, and a global leader in the development,
manufacture and sale of silicon wafers to the semiconductor
industry.
On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos.
16-10991 to 16-11017). Martin H. Truong signed the petitions as
senior vice president, general counsel and secretary.
Affiliates of SunEdison, Inc. -- Buckthorn Renewables Holdings, LLC
(Case No. 16-12298), Greenmountain Wind Holdings, LLC (Case No.
16-12299), Rattlesnake Flat Holdings, LLC (Case No. 16-12300),
Somerset Wind Holdings, LLC (Case No. 16-12301), and SunE Waiawa
Holdings, LLC (Case No. 16-12302) on August 9, 2016.
Affiliates of SunEdison, Inc. -- SunE MN Development, LLC (Case No.
16-12314), SunE MN Development Holdings, LLC (Case No. 16-12315),
and SunE Minnesota Holdings, LLC (Case No. 16-12316), filed
separate Chapter 11 bankruptcy petitions on August 10, 2016.
The Debtors disclosed total assets of $20.71 billion and total
debts of $16.14 billion as of Sept. 30, 2015.
The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as
counsel, Togut, Segal & Segal LLP as conflicts counsel, Rothschild
Inc. as investment banker and financial advisor, McKinsey Recovery
& Transformation Services U.S., LLC, as restructuring advisors
and
Prime Clerk LLC as claims and noticing agent. The Debtors
employed
PricewaterhouseCoopers LLP as financial advisors; and KPMG LLP as
their auditor and tax consultant.
An official committee of unsecured creditors has been appointed in
the case. The committee tapped Weil, Gotshal & Manges LLP as its
general bankruptcy counsel and Morrison & Foerster LLP as special
counsel.
TAYLOR BEAN: PwC Reaches Mid-Trial Deal in Suit by Trustee
----------------------------------------------------------
The American Bankruptcy Institute, citing Nate Raymond of Reuters,
reported that PricewaterhouseCoopers has settled a lawsuit accusing
the auditing firm of failing to detect the fraud that brought down
Taylor, Bean & Whitaker Mortgage Corp in 2009, a lawyer for the
mortgage lender's bankruptcy trustee said on Aug. 26.
According to the report, the settlement ends a civil trial in
Miami-Dade County Circuit Court in Florida in which the trustee had
sought more than $5.5 billion in damages from PwC. Terms are
confidential, the report said, citing a lawyer for the trustee.
"It was settled to the mutual satisfaction of the parties," said
Steven Thomas, the trustee's lawyer, the report related.
As previously reported by The Troubled Company Reporter, citing
Bloomberg News, lawyer for Taylor Bean told a jury that PwC failed
to spot for seven years a multibillion fraud that led to the demise
of the lender.
According to the report, at issue is PwC's work for Colonial Bank,
which bought mortgages that Taylor Bean originated. Had PwC
adequately vetted documents that Taylor Bean gave to the bank, it
would have spotted a multiyear fraud by executives at both firms
far earlier and put an end to it, the trustee claims, the report
related. Instead, federal regulators uncovered it in 2009 and
Taylor Bean and Colonial went bankrupt, the report further
related.
The bankruptcy trustee sued in 2013 seeking $5.6 billion in
damages, the report said.
"Year after year, Pricewaterhouse didn't do their job, they didn't
follow the rules and they failed to detect the fraud," the report
cited Steven Thomas, an attorney for the trustee, as saying in
opening statements.
Taylor Bean's accountant, Deloitte & Touche, settled similar
allegations by the trustee three years ago for an undisclosed
amount, the report related.
PwC maintains it complied with auditing standards in the Taylor
Bean case and accused the mortgage issuer of being responsible for
its own losses, the report further related.
"Remember, Taylor Bean's owner and half of its board of directors
were criminals," Beth Tanis, an attorney for the accounting firm,
told jurors, the report said. "They didn't rely on
Pricewaterhouse's audit report because they knew about the fraud
they were committing."
The case is Taylor, Bean & Whitaker Plan Trust v.
PricewaterhouseCoopers LLP, 11th Judicial Circuit for Miami-Dade
County, Florida, No. 13-033964.
About Taylor Bean
Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-
based mortgage broker to become one of the largest mortgage
bankers in the United States. In 2009, Taylor Bean was the
country's third largest direct-endorsement lender of FHA-insured
loans of the largest wholesale mortgage lenders and issuer of
mortgage backed securities. It also managed a combined mortgage
servicing portfolio of approximately $80 billion. The company
employed more than 2,000 people in offices located throughout the
United States.
Taylor Bean sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 09-07047) on Aug. 24, 2009. Taylor Bean filed the Chapter 11
petition three weeks after federal investigators searched its
offices. The day following the search, the Federal Housing
Administration, Ginnie Mae and Freddie Mac prohibited the company
from issuing new mortgages and terminated servicing rights.
Taylor Bean estimated more than $1 billion in both assets and
liabilities in its bankruptcy petition.
Lee Farkas, the former chairman, was sentenced in June to 30 years
in federal prison after being convicted on 14 counts of conspiracy
and bank, wire and securities fraud in what prosecutors said was a
$3 billion scheme involving fake mortgage assets.
Jeffrey W. Kelly, Esq., and J. David Dantzler, Jr., Esq., at
Troutman Sanders LLP, in Atlanta, Ga., and Russel M. Blain, Esq.,
and Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, in Tampa, Fla., represent the Debtors. Paul Steven
Singerman, Esq., and Arthur J. Spector, Esq., at Berger Singerman
PA, in Miami, Fla., represent the Committee. BMC Group, Inc.,
serves as the claims and noticing agent.
Unsecured creditors were expected to receive 3.3% to 4.4% under a
Chapter 11 plan approved in July 2011.
TIBCO SOFTWARE: Bank Debt Trades at 3% Off
------------------------------------------
Participations in a syndicated loan under TIBCO Software is a
borrower traded in the secondary market at 96.92
cents-on-the-dollar during the week ended Friday, August 26, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.46 percentage points from the
previous week. TIBCO Software pays 550 basis points above LIBOR to
borrow under the $1.65 billion facility. The bank loan matures on
Nov. 18, 2020 and carries Moody's B1 rating and Standard & Poor's
B- rating. The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended August 26.
TXS UNITED: Tract of Land Being Auctioned in Texas on Sept. 6
-------------------------------------------------------------
Pursuant to the Final Judgment from the United States Bankruptcy
Court for the Northern District of Texas in an Adversary Action No.
15-03128-hdh, styled TXS UNITED HOUSING, INC., Plaintiff, vs. BANK
of the WEST, Defendant-Counterclaimant, the Court held that the
Defendant is entitled to a judicial foreclosure of its lien on the
real property subjected to the Deed of Trust and situated in the
A.M. Stites Survey, Abstract No. 1318, in the City of Irving,
Dallas County, Texas. A more particular description of the
property's metes and bounds can be found at http://goo.gl/GhXqUs
from MyPublicNotices.com.
The Final Judgment awarded the BANK of the WEST with an amount
totaling $82,242.30, plus interest accruing thereon at the rate of
18% per annum.
Granting the judicial foreclosure of the Defendant's lien on the
real property, the United States Marshal, following the Notice of a
public sale, shall hold and conduct the sale between the hours of
10:00 o'clock a.m. and 12:00 noon on September 6, 2016.
The public sale will be conducted at the following location: under
the overhang on the north side of the George Allen Courts Building
(facing Commerce Street), 600 Commerce Street, Dallas, Texas 75202
or at such other place as designated by the Commissioner's Court of
Dallas County, Texas. The property will be sold to the highest
bidder for cash or cash equivalent, that is, in the form of a
Cashiers Check subject to these conditions:
1. Bidders should be prepared at time of sale to deliver a
non-refundable deposit in the form of a Cashier's Check, same made
payable to BANK of the WEST in an amount equal to ten per cent
(10.00%) of the successful bid price.
2. The successful bidder will have three (3) hours from the
time of successful bid to deliver to the United States Marshal full
payment of the successful bid price (same to be in the form of a
Cashier's Check made payable to BANK of the WEST) unless the time
for delivery of same is extended by the Bank or its attorney, which
extension of time may be granted or refused in the sole discretion
of Bank or its attorney. In the event of the failure of the
successful bidder to deliver the full payment, as herein required,
the deposit shall be forfeited to Bank and the United States
Marshal, following expiration of the time within which to deliver
full payment, will then again immediately auction the real property
for sale on the same terms and conditions herein set forth.
3. The Bank, in its sole discretion, may establish a minimum
bid amount and may make a credit minimum bid.
TXS United Housing Program, Inc., based in Greenville, Tex., filed
a chapter 11 petition (Bankr. N.D. Tex. Case No. 14-34854) on Oct.
6, 2014; is represented by Eric A. Liepins, Esq., in Dallas; and
estimated its assets and debts at less than $10 million at the time
of the filing.
W.R. GRACE: Bid to Review Denial of AMH Class Certification Denied
------------------------------------------------------------------
Judge Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware denied Anderson Memorial Hospital's motion to
alter or amend Judge Fitzgerald's May 29, 2008 memorandum opinion
and order which denied AMH's motion for class certification.
In 2002, Judge Fitzgerald issued a bar date order fixing March 31,
2003, as the deadline to file all present asbestos property damage
claims. Prior to the bar date, AMH filed an individual Asbestos PD
proof of claim and two class proofs of claim, one for South
Carolina building owners and one for claimants without geographic
specification, whose buildings are allegedly contaminated with
asbestos. In October 2005, AMH filed a Motion for Class
Certification, which Judge Fitzgerald denied with prejudice in the
May 2008 Decision.
In the May 2008 decision, Judge Fitzgerald ruled that AMH's
putative class did not meet the Rule 23(a) numerosity requirement
and Rule 23(b) superiority requirement of the Federal Rules of
Civil Procedure.
AMH seeks to include in its class anyone who has not filed an
Asbestos PD Claim by the bar date, either because of neglect, lack
of actual notice, or because their claim has not yet accrued.
There are two issues before the Court:
1. Whether the Plan and the Case Management Order for Class 7A
Asbestos PD Claims attached to the plan bar AMH from having its
denial of class certification reconsidered
2. Whether AMH has made a satisfactory showing for
reconsideration of the May 2008 Decision under the appropriate
legal standard
Judge Carey concluded that the CMO is part of W.R. Grace & Co., et
al.'s Chapter 11 Plan, which was confirmed by Judge Fitzgerald in
January 2011, and which affirmed by the district court in 2012 and
by the Third Circuit in 2013.
"AMH is bound by the PD CMO to adjudicate its individual claim
before commencing its class claims, and is barred from including
post-bar date claims in its class action. Further, AMH's arguments
regarding the change in controlling law as well perceived factual
and legal errors do not warrant reconsideration of Judge
Fitzgerald's May 2008 decision because they are a combination of
previously lost arguments and subsequent, but not sufficiently
material, developments after the decision," said Judge Carey.
The case is In re: W.R. GRACE & CO., et al., Reorganized Debtors,
Case No. 01-01139(KJC)(Bankr. D. Del).
A full-text copy of Judge Carey's August 25, 2016 opinion is
available at http://bankrupt.com/misc/deb01-01139-32771.pdf
About W.R. Grace
Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally. Grace employs
approximately 6,500 people in over 40 countries and had 2012 net
sales of $3.2 billion.
The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
The Debtors are represented by Adam Paul, Esq., and John Donley,
P.C., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois; Roger
Higgins, Esq., at The Law Offices of Roger Higgins, in Chicago,
Illinois; and Laura Davis Jones, Esq., James E. O'Neill, Esq.,
and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones,
LLP, in Wilmington, Delaware.
The Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.
Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.
Roger Frankel serves as legal representative for victims of
asbestos exposure who may file claims against W.R. Grace. Mr.
Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces
David Austern, who was appointed to that role in 2004.
Mr. Frankel has served as legal counsel for Mr. Austern who passed
away in May 2013. The FCR is represented by Orrick Herrington &
Sutcliffe LLP as counsel; Phillips Goldman & Spence, P.A., as
Delaware co-counsel; and Lincoln Partners Advisors LLC as
financial adviser.
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants. The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.
W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative. The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.
District Judge Ronald Buckwalter on Jan. 31, 2012, entered an
order affirming the bankruptcy court's confirmation of the Plan.
Bankruptcy Judge Judith Fitzgerald had approved the Plan on
Jan. 31, 2011.
W.R. Grace defeated four appeals from approval of the Plan. A
fifth appeal was by secured bank lenders claiming the right to
$185 million of interest at the contractual default rate.
Pursuant to a settlement announced in December 2013, lenders are
to receive $129 million in settlement of the claim for additional
interest.
W.R. Grace & Co. and its debtor affiliates notified the U.S.
Bankruptcy Court for the District of Delaware that they have
satisfied or waived conditions to the occurrence of the effective
date of the First Amended Joint Plan of Reorganization
co-proposed by the Official Committee of Asbestos Personal Injury
Claimants, the Asbestos PI Future Claimants' Representative, and
the Official Committee of Equity Security Holders. The effective
date of the Plan occurred on Feb. 3, 2014.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABT2EUR EU 114.7 (43.7) (34.6)
ABSOLUTE SOFTWRE ALSWF US 114.7 (43.7) (34.6)
ABSOLUTE SOFTWRE OU1 GR 114.7 (43.7) (34.6)
ABSOLUTE SOFTWRE ABT CN 114.7 (43.7) (34.6)
ADV MICRO DEVICE AMD US 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMDCHF EU 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMD SW 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMD QT 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMD* MM 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMD TH 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMD GR 3,316.0 (413.0) 925.0
ADV MICRO DEVICE AMD TE 3,316.0 (413.0) 925.0
ADVANCED EMISSIO ADES US 36.6 (10.5) (11.2)
ADVANCEPIERRE FO APFHEUR EU 1,149.4 (335.7) 180.5
ADVANCEPIERRE FO APFH US 1,149.4 (335.7) 180.5
ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8)
AERIE PHARMACEUT AERIEUR EU 120.1 (17.4) 94.1
AERIE PHARMACEUT 0P0 GR 120.1 (17.4) 94.1
AERIE PHARMACEUT AERI US 120.1 (17.4) 94.1
AEROJET ROCKETDY AJRDEUR EU 2,000.1 (108.0) 100.6
AEROJET ROCKETDY GCY TH 2,000.1 (108.0) 100.6
AEROJET ROCKETDY GCY GR 2,000.1 (108.0) 100.6
AEROJET ROCKETDY AJRD US 2,000.1 (108.0) 100.6
AIR CANADA ADH2 GR 14,539.0 (673.0) (496.0)
AIR CANADA ACEUR EU 14,539.0 (673.0) (496.0)
AIR CANADA ADH2 TH 14,539.0 (673.0) (496.0)
AIR CANADA AC CN 14,539.0 (673.0) (496.0)
AIR CANADA ACDVF US 14,539.0 (673.0) (496.0)
AK STEEL HLDG AKS US 3,918.3 (300.6) 665.0
AK STEEL HLDG AK2 TH 3,918.3 (300.6) 665.0
AK STEEL HLDG AK2 GR 3,918.3 (300.6) 665.0
AK STEEL HLDG AKS* MM 3,918.3 (300.6) 665.0
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0
ARCH COAL INC ACIIQ* MM 4,685.2 (1,627.0) 713.1
ARIAD PHARM APS TH 624.4 (37.9) 206.5
ARIAD PHARM ARIA US 624.4 (37.9) 206.5
ARIAD PHARM ARIACHF EU 624.4 (37.9) 206.5
ARIAD PHARM APS QT 624.4 (37.9) 206.5
ARIAD PHARM ARIA SW 624.4 (37.9) 206.5
ARIAD PHARM APS GR 624.4 (37.9) 206.5
ARIAD PHARM ARIAEUR EU 624.4 (37.9) 206.5
ARRAY BIOPHARMA ARRY US 168.9 (37.9) 102.9
ARRAY BIOPHARMA AR2 QT 168.9 (37.9) 102.9
ASCENT SOLAR TEC ASTIEUR EU 14.0 (5.3) (7.9)
ASPEN TECHNOLOGY AST TH 419.7 (75.0) (71.3)
ASPEN TECHNOLOGY AZPNEUR EU 419.7 (75.0) (71.3)
ASPEN TECHNOLOGY AST GR 419.7 (75.0) (71.3)
ASPEN TECHNOLOGY AZPN US 419.7 (75.0) (71.3)
AUTOZONE INC AZ5 QT 8,464.1 (1,863.3) (422.1)
AUTOZONE INC AZ5 GR 8,464.1 (1,863.3) (422.1)
AUTOZONE INC AZO US 8,464.1 (1,863.3) (422.1)
AUTOZONE INC AZ5 TH 8,464.1 (1,863.3) (422.1)
AUTOZONE INC AZOEUR EU 8,464.1 (1,863.3) (422.1)
AVID TECHNOLOGY AVID US 273.7 (289.0) (88.5)
AVID TECHNOLOGY AVD GR 273.7 (289.0) (88.5)
AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1
AVON - BDR AVON34 BZ 3,638.1 (397.3) 702.1
AVON PRODUCTS AVP CI 3,638.1 (397.3) 702.1
AVON PRODUCTS AVP* MM 3,638.1 (397.3) 702.1
AVON PRODUCTS AVP TH 3,638.1 (397.3) 702.1
AVON PRODUCTS AVP GR 3,638.1 (397.3) 702.1
AVON PRODUCTS AVP US 3,638.1 (397.3) 702.1
BARRACUDA NETWOR CUDA US 430.7 (19.3) (28.8)
BARRACUDA NETWOR CUDAEUR EU 430.7 (19.3) (28.8)
BARRACUDA NETWOR 7BM GR 430.7 (19.3) (28.8)
BARRACUDA NETWOR 7BM QT 430.7 (19.3) (28.8)
BENEFITFOCUS INC BNFT US 164.8 (31.8) (0.2)
BENEFITFOCUS INC BTF GR 164.8 (31.8) (0.2)
BLUE BIRD CORP BLBD US 310.3 (99.1) (7.6)
BLUE BIRD CORP 1291067D US 310.3 (99.1) (7.6)
BOMBARDIER INC-B BBDBN MM 23,871.0 (3,918.0) 1,670.0
BOMBARDIER-B OLD BBDYB BB 23,871.0 (3,918.0) 1,670.0
BOMBARDIER-B W/I BBD/W CN 23,871.0 (3,918.0) 1,670.0
BRINKER INTL BKJ GR 1,472.7 (213.1) (255.7)
BRINKER INTL EAT US 1,472.7 (213.1) (255.7)
BRINKER INTL EAT2EUR EU 1,472.7 (213.1) (255.7)
BROOKFIELD REAL BRE CN 98.8 (29.4) 1.0
BUFFALO COAL COR BUC SJ 48.1 (17.9) 0.3
BURLINGTON STORE BURL US 2,566.3 (103.7) 93.1
BURLINGTON STORE BUI GR 2,566.3 (103.7) 93.1
CABLEVISION SY-A CVY GR 6,732.4 (4,832.9) (257.2)
CABLEVISION SY-A CVC US 6,732.4 (4,832.9) (257.2)
CABLEVISION-W/I 8441293Q US 6,732.4 (4,832.9) (257.2)
CABLEVISION-W/I CVC-W US 6,732.4 (4,832.9) (257.2)
CAESARS ENTERTAI C08 GR 12,117.0 (96.0) (2,233.0)
CAESARS ENTERTAI CZR US 12,117.0 (96.0) (2,233.0)
CALIFORNIA RESOU 1CL TH 6,476.0 (1,045.0) (206.0)
CALIFORNIA RESOU CRC US 6,476.0 (1,045.0) (206.0)
CALIFORNIA RESOU 1CLB GR 6,476.0 (1,045.0) (206.0)
CALIFORNIA RESOU 1CLB QT 6,476.0 (1,045.0) (206.0)
CALIFORNIA RESOU CRCEUR EU 6,476.0 (1,045.0) (206.0)
CAMBIUM LEARNING ABCD US 133.8 (69.9) (55.1)
CARBONITE INC 4CB GR 133.4 (2.1) (39.9)
CARBONITE INC CARB US 133.4 (2.1) (39.9)
CARRIZO OIL&GAS CRZO US 1,457.6 (110.4) (103.8)
CARRIZO OIL&GAS CO1 GR 1,457.6 (110.4) (103.8)
CARRIZO OIL&GAS CRZOEUR EU 1,457.6 (110.4) (103.8)
CARRIZO OIL&GAS CO1 TH 1,457.6 (110.4) (103.8)
CASELLA WASTE WA3 GR 631.6 (22.2) (6.0)
CASELLA WASTE CWST US 631.6 (22.2) (6.0)
CEB INC FC9 GR 1,509.2 (71.7) (153.6)
CEB INC CEB US 1,509.2 (71.7) (153.6)
CEDAR FAIR LP 7CF GR 2,072.4 (28.4) (104.7)
CEDAR FAIR LP FUN US 2,072.4 (28.4) (104.7)
CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1)
CHOICE HOTELS CZH GR 843.4 (373.8) 118.7
CHOICE HOTELS CHH US 843.4 (373.8) 118.7
CINCINNATI BELL CBB US 1,423.2 (217.0) (48.0)
CINCINNATI BELL CIB GR 1,423.2 (217.0) (48.0)
CLEAR CHANNEL-A CCO US 5,698.1 (966.4) 682.6
CLEAR CHANNEL-A C7C GR 5,698.1 (966.4) 682.6
CLIFFS NATURAL R CLF US 1,851.0 (1,678.9) 403.1
CLIFFS NATURAL R CVA TH 1,851.0 (1,678.9) 403.1
CLIFFS NATURAL R CLF2EUR EU 1,851.0 (1,678.9) 403.1
CLIFFS NATURAL R CVA GR 1,851.0 (1,678.9) 403.1
CLIFFS NATURAL R CLF* MM 1,851.0 (1,678.9) 403.1
CLIFFS NATURAL R CVA QT 1,851.0 (1,678.9) 403.1
COGENT COMMUNICA OGM1 GR 626.4 (29.4) 142.2
COGENT COMMUNICA CCOI US 626.4 (29.4) 142.2
COHERUS BIOSCIEN 8C5 GR 251.1 (61.9) 128.6
COHERUS BIOSCIEN CHRSEUR EU 251.1 (61.9) 128.6
COHERUS BIOSCIEN 8C5 TH 251.1 (61.9) 128.6
COHERUS BIOSCIEN CHRS US 251.1 (61.9) 128.6
COMMUNICATION 8XC GR 2,851.7 (1,247.6) -
COMMUNICATION CSAL US 2,851.7 (1,247.6) -
CPI CARD GROUP I PNT CN 277.1 (91.0) 56.9
CPI CARD GROUP I CPB GR 277.1 (91.0) 56.9
CPI CARD GROUP I PMTS US 277.1 (91.0) 56.9
CVR NITROGEN LP RNF US 241.4 (166.3) 12.0
CYAN INC CYNI US 112.1 (18.4) 56.9
CYAN INC YCN GR 112.1 (18.4) 56.9
DELEK LOGISTICS D6L GR 381.8 (9.3) 15.3
DELEK LOGISTICS DKL US 381.8 (9.3) 15.3
DENNY'S CORP DENN US 293.2 (52.7) (44.5)
DENNY'S CORP DE8 GR 293.2 (52.7) (44.5)
DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0
DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0
DIRECTV DTV US 25,321.0 (3,463.0) 1,360.0
DOMINO'S PIZZA EZV TH 652.3 (1,914.8) 93.7
DOMINO'S PIZZA EZV GR 652.3 (1,914.8) 93.7
DOMINO'S PIZZA DPZ US 652.3 (1,914.8) 93.7
DPL INC DPL US 2,931.4 (173.0) (496.5)
DUN & BRADSTREET DNB US 2,162.9 (1,076.9) (85.0)
DUN & BRADSTREET DB5 GR 2,162.9 (1,076.9) (85.0)
DUN & BRADSTREET DB5 QT 2,162.9 (1,076.9) (85.0)
DUN & BRADSTREET DNB1EUR EU 2,162.9 (1,076.9) (85.0)
DUNKIN' BRANDS G DNKN US 3,130.4 (203.7) 147.1
DUNKIN' BRANDS G 2DB TH 3,130.4 (203.7) 147.1
DUNKIN' BRANDS G 2DB GR 3,130.4 (203.7) 147.1
DUNKIN' BRANDS G DNKNEUR EU 3,130.4 (203.7) 147.1
DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7
DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7
DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7
EASTMAN KODAK CO KODN GR 2,042.0 (39.0) 859.0
EASTMAN KODAK CO KODK US 2,042.0 (39.0) 859.0
EDGEN GROUP INC EDG US 883.8 (0.8) 409.2
ENERGIZER HOLDIN ENR-WEUR EU 1,596.8 (2.8) 655.7
ENERGIZER HOLDIN EGG GR 1,596.8 (2.8) 655.7
ENERGIZER HOLDIN ENR US 1,596.8 (2.8) 655.7
EPL OIL & GAS IN EPA1 GR 463.6 (1,080.5) (1,301.7)
EPL OIL & GAS IN EPL US 463.6 (1,080.5) (1,301.7)
ERIN ENERGY CORP ERN SJ 349.0 (159.2) (257.2)
EXELIXIS INC EXELEUR EU 477.1 (186.1) 160.6
EXELIXIS INC EXEL US 477.1 (186.1) 160.6
EXELIXIS INC EX9 TH 477.1 (186.1) 160.6
EXELIXIS INC EX9 GR 477.1 (186.1) 160.6
EXELIXIS INC EX9 QT 477.1 (186.1) 160.6
FAIRMOUNT SANTRO FMSAEUR EU 1,109.1 (159.6) 147.3
FAIRMOUNT SANTRO FM1 GR 1,109.1 (159.6) 147.3
FAIRMOUNT SANTRO FMSA US 1,109.1 (159.6) 147.3
FAIRPOINT COMMUN FRP US 1,279.3 (23.7) 9.7
FAIRPOINT COMMUN FONN GR 1,279.3 (23.7) 9.7
FIFTH STREET ASS FSAM US 166.3 (11.1) -
FORESIGHT ENERGY FELP US 1,746.6 (45.9) (1,325.6)
FORESIGHT ENERGY FHR GR 1,746.6 (45.9) (1,325.6)
FREESCALE SEMICO FSL US 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS TH 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO FSLEUR EU 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS GR 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS QT 3,159.0 (3,079.0) 1,264.0
GAMCO INVESTO-A GBL US 113.9 (223.5) -
GARDA WRLD -CL A GW CN 1,793.0 (360.9) 107.4
GARTNER INC GGRA GR 2,304.5 (52.8) (153.6)
GARTNER INC IT* MM 2,304.5 (52.8) (153.6)
GARTNER INC IT US 2,304.5 (52.8) (153.6)
GCP APPLIED TECH 43G GR 1,034.5 (149.7) 254.9
GCP APPLIED TECH GCP US 1,034.5 (149.7) 254.9
GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0
GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0
GLG PARTNERS INC GLG US 400.0 (285.6) 156.9
GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9
GOLD RESERVE INC GOD GR 24.0 (20.5) 10.0
GOLD RESERVE INC GDRZF US 24.0 (20.5) 10.0
GOLD RESERVE INC GRZ CN 24.0 (20.5) 10.0
GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5
GUIDANCE SOFTWAR ZTT GR 71.8 (1.7) (22.1)
GUIDANCE SOFTWAR GUID US 71.8 (1.7) (22.1)
GYMBOREE CORP/TH GYMB US 1,162.6 (309.2) 28.7
HCA HOLDINGS INC HCAEUR EU 33,205.0 (6,498.0) 3,699.0
HCA HOLDINGS INC 2BH GR 33,205.0 (6,498.0) 3,699.0
HCA HOLDINGS INC 2BH TH 33,205.0 (6,498.0) 3,699.0
HCA HOLDINGS INC HCA US 33,205.0 (6,498.0) 3,699.0
HECKMANN CORP-U HEK/U US 421.9 (75.1) (51.4)
HEWLETT-PACKA-WI HPQ-W US 27,224.0 (3,926.0) (712.0)
HOVNANIAN-A-WI HOV-W US 2,518.6 (152.3) 1,519.6
HP COMPANY-BDR HPQB34 BZ 27,224.0 (3,926.0) (712.0)
HP INC HPQ* MM 27,224.0 (3,926.0) (712.0)
HP INC HPQ US 27,224.0 (3,926.0) (712.0)
HP INC HPQCHF EU 27,224.0 (3,926.0) (712.0)
HP INC HPQ TE 27,224.0 (3,926.0) (712.0)
HP INC HWP QT 27,224.0 (3,926.0) (712.0)
HP INC 7HP GR 27,224.0 (3,926.0) (712.0)
HP INC 7HP TH 27,224.0 (3,926.0) (712.0)
HP INC HPQ CI 27,224.0 (3,926.0) (712.0)
HP INC HPQ SW 27,224.0 (3,926.0) (712.0)
HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8)
IDEXX LABS IDXX US 1,489.2 (8.5) (1.7)
IDEXX LABS IX1 GR 1,489.2 (8.5) (1.7)
IDEXX LABS IX1 TH 1,489.2 (8.5) (1.7)
INFOR ACQUISIT-A IAC/A CN 233.2 (2.7) 1.8
INFOR ACQUISITIO IAC-U CN 233.2 (2.7) 1.8
INFOR US INC LWSN US 6,048.5 (796.8) (226.4)
INNOVIVA INC HVE GR 378.1 (363.1) 175.8
INNOVIVA INC INVA US 378.1 (363.1) 175.8
INTERNATIONAL WI ITWG US 325.1 (11.5) 95.4
INTERUPS INC ITUP US 0.0 (0.3) (0.3)
INVENTIV HEALTH VTIV US 2,167.0 (791.3) 142.1
IPCS INC IPCS US 559.2 (33.0) 72.1
ISRAMCO INC ISRL US 145.1 (0.9) 14.0
ISRAMCO INC ISRLEUR EU 145.1 (0.9) 14.0
ISRAMCO INC IRM GR 145.1 (0.9) 14.0
ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2
J CREW GROUP INC JCG US 1,477.3 (776.7) 91.4
JACK IN THE BOX JACK US 1,291.5 (167.5) (85.1)
JACK IN THE BOX JACK1EUR EU 1,291.5 (167.5) (85.1)
JACK IN THE BOX JBX GR 1,291.5 (167.5) (85.1)
JUST ENERGY GROU JE CN 1,229.1 (191.7) (118.1)
JUST ENERGY GROU JE US 1,229.1 (191.7) (118.1)
JUST ENERGY GROU 1JE GR 1,229.1 (191.7) (118.1)
KADMON HOLDINGS KDMN US 62.0 (241.8) (32.2)
L BRANDS INC LB* MM 7,541.3 (1,129.2) 1,142.3
L BRANDS INC LTD TH 7,541.3 (1,129.2) 1,142.3
L BRANDS INC LTD GR 7,541.3 (1,129.2) 1,142.3
L BRANDS INC LB US 7,541.3 (1,129.2) 1,142.3
L BRANDS INC LTD QT 7,541.3 (1,129.2) 1,142.3
L BRANDS INC LBEUR EU 7,541.3 (1,129.2) 1,142.3
LANTHEUS HOLDING LNTH US 259.3 (166.4) 78.9
LANTHEUS HOLDING 0L8 GR 259.3 (166.4) 78.9
LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9
LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9
LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9
LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0
MADISON-A/NEW-WI MSGN-W US 806.5 (1,120.0) 168.7
MANITOWOC FOOD MFS1EUR EU 1,807.0 (111.1) 19.1
MANITOWOC FOOD 6M6 GR 1,807.0 (111.1) 19.1
MANITOWOC FOOD MFS US 1,807.0 (111.1) 19.1
MANNKIND CORP MNKD IT 139.4 (366.6) (198.9)
MARRIOTT INTL-A MAR US 6,650.0 (3,462.0) (1,285.0)
MARRIOTT INTL-A MAQ TH 6,650.0 (3,462.0) (1,285.0)
MARRIOTT INTL-A MAQ GR 6,650.0 (3,462.0) (1,285.0)
MDC COMM-W/I MDZ/W CN 1,616.2 (457.3) (268.2)
MDC PARTNERS-A MDCAEUR EU 1,616.2 (457.3) (268.2)
MDC PARTNERS-A MDCA US 1,616.2 (457.3) (268.2)
MDC PARTNERS-A MDZ/A CN 1,616.2 (457.3) (268.2)
MDC PARTNERS-EXC MDZ/N CN 1,616.2 (457.3) (268.2)
MEAD JOHNSON MJNEUR EU 4,028.6 (519.4) 1,459.4
MEAD JOHNSON 0MJA TH 4,028.6 (519.4) 1,459.4
MEAD JOHNSON 0MJA GR 4,028.6 (519.4) 1,459.4
MEAD JOHNSON MJN US 4,028.6 (519.4) 1,459.4
MEAD JOHNSON 0MJA QT 4,028.6 (519.4) 1,459.4
MEDLEY MANAGE-A MDLY US 107.6 (30.3) 38.7
MERITOR INC AID1 GR 2,084.0 (596.0) 155.0
MERITOR INC MTOREUR EU 2,084.0 (596.0) 155.0
MERITOR INC MTOR US 2,084.0 (596.0) 155.0
MERRIMACK PHARMA MACK US 150.0 (201.6) 28.1
MERRIMACK PHARMA MP6 GR 150.0 (201.6) 28.1
MERRIMACK PHARMA MACKEUR EU 150.0 (201.6) 28.1
MICHAELS COS INC MIK US 2,001.0 (1,707.8) 531.0
MICHAELS COS INC MIM GR 2,001.0 (1,707.8) 531.0
MIDSTATES PETROL MPO1EUR EU 729.3 (1,495.1) 12.9
MONEYGRAM INTERN MGI US 4,290.8 (221.2) (12.5)
MOODY'S CORP DUT TH 5,044.9 (369.5) 1,883.7
MOODY'S CORP DUT GR 5,044.9 (369.5) 1,883.7
MOODY'S CORP MCO US 5,044.9 (369.5) 1,883.7
MOODY'S CORP MCOEUR EU 5,044.9 (369.5) 1,883.7
MOTOROLA SOLUTIO MTLA TH 8,467.0 (678.0) 1,502.0
MOTOROLA SOLUTIO MSI US 8,467.0 (678.0) 1,502.0
MOTOROLA SOLUTIO MOT TE 8,467.0 (678.0) 1,502.0
MOTOROLA SOLUTIO MTLA GR 8,467.0 (678.0) 1,502.0
MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) -
MSG NETWORKS- A 1M4 GR 806.5 (1,120.0) 168.7
MSG NETWORKS- A MSGNEUR EU 806.5 (1,120.0) 168.7
MSG NETWORKS- A 1M4 TH 806.5 (1,120.0) 168.7
MSG NETWORKS- A MSGN US 806.5 (1,120.0) 168.7
NATHANS FAMOUS NFA GR 77.7 (70.5) 51.9
NATHANS FAMOUS NATH US 77.7 (70.5) 51.9
NATIONAL CINEMED NCMI US 1,045.7 (166.4) 91.5
NATIONAL CINEMED XWM GR 1,045.7 (166.4) 91.5
NAVIDEA BIOPHARM NAVB IT 8.7 (63.9) (55.5)
NAVISTAR INTL NAV US 6,188.0 (5,121.0) 510.0
NAVISTAR INTL IHR GR 6,188.0 (5,121.0) 510.0
NAVISTAR INTL IHR TH 6,188.0 (5,121.0) 510.0
NEFF CORP-CL A NEFF US 681.2 (163.1) 2.3
NEKTAR THERAPEUT NKTR US 463.1 (39.3) 239.0
NEKTAR THERAPEUT ITH GR 463.1 (39.3) 239.0
NEW ENG RLTY-LP NEN US 193.6 (31.2) -
NORTHERN OIL AND NOG US 465.4 (429.8) (10.8)
NTELOS HOLDINGS NTLS US 611.1 (39.9) 104.9
NYMOX PHARMACEUT NYM GR 0.4 (2.2) (0.9)
NYMOX PHARMACEUT NYMX US 0.4 (2.2) (0.9)
OCH-ZIFF CAPIT-A 35OA GR 1,375.1 (356.2) -
OCH-ZIFF CAPIT-A OZM US 1,375.1 (356.2) -
OMEROS CORP 3O8 GR 46.1 (49.0) 18.0
OMEROS CORP OMER US 46.1 (49.0) 18.0
OMEROS CORP 3O8 TH 46.1 (49.0) 18.0
OMEROS CORP OMEREUR EU 46.1 (49.0) 18.0
OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0)
ONCOMED PHARMACE OMED US 181.9 (43.5) 121.7
ONCOMED PHARMACE O0M GR 181.9 (43.5) 121.7
PALM INC PALM US 1,007.2 (6.2) 141.7
PAPA JOHN'S INTL PZZA US 487.2 (9.3) 18.4
PAPA JOHN'S INTL PP1 GR 487.2 (9.3) 18.4
PBF LOGISTICS LP 11P GR 458.6 (128.0) 65.8
PBF LOGISTICS LP PBFX US 458.6 (128.0) 65.8
PENN NATL GAMING PENN US 5,142.8 (606.9) (197.8)
PENN NATL GAMING PN1 GR 5,142.8 (606.9) (197.8)
PHILIP MORRIS IN PM1CHF EU 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PMI EB 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PMI1 IX 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PM US 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PM FP 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN 4I1 TH 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PM1 TE 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PM1EUR EU 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN PMI SW 34,802.0 (10,799.0) 3,374.0
PHILIP MORRIS IN 4I1 GR 34,802.0 (10,799.0) 3,374.0
PINNACLE ENTERTA 65P GR 3,966.8 (332.9) (106.8)
PINNACLE ENTERTA PNK US 3,966.8 (332.9) (106.8)
PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9)
PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9)
PLY GEM HOLDINGS PGEM US 1,292.6 (57.6) 280.6
PLY GEM HOLDINGS PG6 GR 1,292.6 (57.6) 280.6
POLYMER GROUP-B POLGB US 1,991.4 (3.9) 322.1
PROTECTION ONE PONE US 562.9 (61.8) (7.6)
QUALITY DISTRIBU QLTY US 413.0 (22.9) 102.9
QUALITY DISTRIBU QDZ GR 413.0 (22.9) 102.9
QUINTILES TRANSN QTS GR 3,962.8 (228.7) 836.3
QUINTILES TRANSN Q US 3,962.8 (228.7) 836.3
RADIO ONE INC-A ROIA US 1,350.6 (53.0) 116.6
RADIO ONE-CL D ROIAK US 1,350.6 (53.0) 116.6
REATA PHARMACE-A 2R3 GR 114.4 (212.1) 52.9
REATA PHARMACE-A RETA US 114.4 (212.1) 52.9
REGAL ENTERTAI-A RGC* MM 2,572.9 (872.3) (86.1)
REGAL ENTERTAI-A RGC US 2,572.9 (872.3) (86.1)
REGAL ENTERTAI-A RETA GR 2,572.9 (872.3) (86.1)
RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4)
RENTECH NITROGEN 2RN GR 241.4 (166.3) 12.0
RENTPATH LLC PRM US 208.0 (91.7) 3.6
RESOLUTE ENERGY RENEUR EU 317.5 (321.8) 15.2
RESOLUTE ENERGY REN US 317.5 (321.8) 15.2
RESOLUTE ENERGY R21 GR 317.5 (321.8) 15.2
REVLON INC-A REV US 1,914.8 (561.7) 296.2
REVLON INC-A RVL1 GR 1,914.8 (561.7) 296.2
RLJ ACQUISITI-UT RLJAU US 127.7 (14.8) 18.1
ROUNDY'S INC RNDY US 1,095.7 (92.7) 59.7
ROUNDY'S INC 4R1 GR 1,095.7 (92.7) 59.7
RURAL/METRO CORP RURL US 303.7 (92.1) 72.4
RYERSON HOLDING RYI US 1,630.0 (112.1) 679.6
RYERSON HOLDING 7RY TH 1,630.0 (112.1) 679.6
RYERSON HOLDING 7RY GR 1,630.0 (112.1) 679.6
SALLY BEAUTY HOL SBH US 2,091.1 (282.9) 690.6
SALLY BEAUTY HOL S7V GR 2,091.1 (282.9) 690.6
SANCHEZ ENERGY C SN* MM 1,240.5 (703.2) 288.2
SANCHEZ ENERGY C SN US 1,240.5 (703.2) 288.2
SANCHEZ ENERGY C 13S GR 1,240.5 (703.2) 288.2
SANCHEZ ENERGY C 13S TH 1,240.5 (703.2) 288.2
SBA COMM CORP-A SBACEUR EU 7,436.3 (1,607.6) (513.6)
SBA COMM CORP-A SBJ GR 7,436.3 (1,607.6) (513.6)
SBA COMM CORP-A SBJ TH 7,436.3 (1,607.6) (513.6)
SBA COMM CORP-A SBAC US 7,436.3 (1,607.6) (513.6)
SCIENTIFIC GAM-A SGMS US 7,465.1 (1,666.9) 491.7
SCIENTIFIC GAM-A TJW GR 7,465.1 (1,666.9) 491.7
SEARS HOLDINGS SEE GR 10,614.0 (2,693.0) 672.0
SEARS HOLDINGS SHLD US 10,614.0 (2,693.0) 672.0
SEARS HOLDINGS SEE TH 10,614.0 (2,693.0) 672.0
SEARS HOLDINGS SEE QT 10,614.0 (2,693.0) 672.0
SILVER SPRING NE SSNI US 449.4 (12.3) 15.2
SILVER SPRING NE 9SI GR 449.4 (12.3) 15.2
SILVER SPRING NE SSNIEUR EU 449.4 (12.3) 15.2
SILVER SPRING NE 9SI TH 449.4 (12.3) 15.2
SIRIUS XM CANADA SIICF US 291.5 (139.8) (175.5)
SIRIUS XM CANADA XSR CN 291.5 (139.8) (175.5)
SIRIUS XM HOLDIN RDO TH 8,139.8 (775.1) (1,605.5)
SIRIUS XM HOLDIN RDO GR 8,139.8 (775.1) (1,605.5)
SIRIUS XM HOLDIN SIRI US 8,139.8 (775.1) (1,605.5)
SIRIUS XM HOLDIN RDO QT 8,139.8 (775.1) (1,605.5)
SONIC CORP SO4 GR 679.7 (58.5) 98.7
SONIC CORP SONCEUR EU 679.7 (58.5) 98.7
SONIC CORP SONC US 679.7 (58.5) 98.7
SQL TECHNOLOGIES SQFL US 15.1 (69.1) (61.0)
SUPERVALU INC SVU US 4,373.0 (383.0) 203.0
SUPERVALU INC SVU* MM 4,373.0 (383.0) 203.0
SUPERVALU INC SJ1 GR 4,373.0 (383.0) 203.0
SUPERVALU INC SJ1 TH 4,373.0 (383.0) 203.0
TAILORED BRANDS TLRD US 2,276.8 (90.2) 717.7
TAILORED BRANDS TLRD* MM 2,276.8 (90.2) 717.7
TAILORED BRANDS WRMA GR 2,276.8 (90.2) 717.7
TAUBMAN CENTERS TCO US 3,786.8 (36.5) -
TAUBMAN CENTERS TU8 GR 3,786.8 (36.5) -
TRANSDIGM GROUP T7D GR 10,570.5 (808.2) 2,204.8
TRANSDIGM GROUP TDG US 10,570.5 (808.2) 2,204.8
TRANSDIGM GROUP TDGCHF EU 10,570.5 (808.2) 2,204.8
TRANSDIGM GROUP TDGEUR EU 10,570.5 (808.2) 2,204.8
TRANSDIGM GROUP TDG SW 10,570.5 (808.2) 2,204.8
ULTRA PETROLEUM UPLMQ US 1,292.9 (2,996.0) 259.4
ULTRA PETROLEUM UPM GR 1,292.9 (2,996.0) 259.4
ULTRA PETROLEUM UPLEUR EU 1,292.9 (2,996.0) 259.4
UNISYS CORP UISCHF EU 2,241.6 (1,273.6) 310.3
UNISYS CORP UIS US 2,241.6 (1,273.6) 310.3
UNISYS CORP UIS1 SW 2,241.6 (1,273.6) 310.3
UNISYS CORP USY1 TH 2,241.6 (1,273.6) 310.3
UNISYS CORP USY1 GR 2,241.6 (1,273.6) 310.3
UNISYS CORP UISEUR EU 2,241.6 (1,273.6) 310.3
VECTOR GROUP LTD VGR GR 1,479.5 (175.4) 584.8
VECTOR GROUP LTD VGR QT 1,479.5 (175.4) 584.8
VECTOR GROUP LTD VGR US 1,479.5 (175.4) 584.8
VENOCO INC VQ US 295.3 (483.7) (509.8)
VERISIGN INC VRSN US 2,314.2 (1,127.3) 468.5
VERISIGN INC VRS GR 2,314.2 (1,127.3) 468.5
VERISIGN INC VRS TH 2,314.2 (1,127.3) 468.5
VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8)
VERSO CORP - A VRS US 2,523.0 (1,302.0) 57.0
VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3)
WEIGHT WATCHERS WTW US 1,265.8 (1,266.4) (146.1)
WEIGHT WATCHERS WW6 TH 1,265.8 (1,266.4) (146.1)
WEIGHT WATCHERS WTWEUR EU 1,265.8 (1,266.4) (146.1)
WEIGHT WATCHERS WW6 GR 1,265.8 (1,266.4) (146.1)
WEST CORP WT2 GR 3,546.6 (522.4) 269.5
WEST CORP WSTC US 3,546.6 (522.4) 269.5
WINGSTOP INC EWG GR 116.8 (0.1) 6.7
WINGSTOP INC WING US 116.8 (0.1) 6.7
WINMARK CORP WINA US 42.8 (21.9) 13.6
WINMARK CORP GBZ GR 42.8 (21.9) 13.6
YRC WORLDWIDE IN YRCW US 1,886.0 (359.8) 271.7
YRC WORLDWIDE IN YEL1 GR 1,886.0 (359.8) 271.7
YRC WORLDWIDE IN YRCWEUR EU 1,886.0 (359.8) 271.7
YRC WORLDWIDE IN YEL1 TH 1,886.0 (359.8) 271.7
YUM! BRANDS INC YUM SW 8,184.0 (331.0) (400.0)
YUM! BRANDS INC YUMCHF EU 8,184.0 (331.0) (400.0)
YUM! BRANDS INC YUMEUR EU 8,184.0 (331.0) (400.0)
YUM! BRANDS INC TGR TH 8,184.0 (331.0) (400.0)
YUM! BRANDS INC TGR GR 8,184.0 (331.0) (400.0)
YUM! BRANDS INC TGR QT 8,184.0 (331.0) (400.0)
YUM! BRANDS INC YUM US 8,184.0 (331.0) (400.0)
ZIOPHARM ONCOLOG ZIOPEUR EU 128.0 (52.0) 110.7
ZIOPHARM ONCOLOG WEK GR 128.0 (52.0) 110.7
ZIOPHARM ONCOLOG WEK TH 128.0 (52.0) 110.7
ZIOPHARM ONCOLOG ZIOP US 128.0 (52.0) 110.7
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2016. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***