/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160922.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, September 22, 2016, Vol. 20, No. 265 Headlines 344 SOUTH STREET: Unsecured Creditors to Get 35% Under Exit Plan 38 STUDIOS: Ex-MLB Pitcher Curt Schilling Agrees to $2.5M Deal 4-EVER-WATER-TITE: Unsecured Creditors to Get Nothing Under Plan 488-486 LEFFERTS: Proposes to Pay $550K to Unsecured Creditors 8E LAUNDRY: Hires Allen Barnes as Counsel A CHICAGO CONVENTION: Friedman-Led Auction on Sept. 29 Approved A GREENER GLOBE: Trustee Seeks to Hire Mark Cyr as Accountant ABC DENTISTRY: Hires Stout Risius as Financial Advisor ABC DENTISTRY: Taps BMC Group as Noticing Agent AIR CANADA: Moody's Assigns Ba3 Rating on C$300MM Sr. Sec. Notes ALEX KODNEGAH: Seeks to Hire Bruce R. Babcock as Legal Counsel ALLIED NEVADA: Appeals by Shareholders, Tuttle Dismissed ALPHA DINER: Plan Provides 3% Distribution to Unsecured Creditors AMERICAN BUILDERS: Moody's Assigns B1 Rating on $1.875BB Term Loan AMERICAN NATIONAL: Unsecureds To Recover 100% Under Plan AMERICAN POWER: Extends Credit Facility with Iowa Bank to 2026 ANTREL FLORIDA: Hires Loan Lawyers as Attorneys AOG ENTERTAINMENT: Ex-CEO's Bid to Extend Challenge Deadline Denied ASP HENRY: Moody's Assigns B2 CFR; Outlook Stable AVATAR PACKAGING: Case Summary & 17 Largest Unsecured Creditors BARRY BINGHAM: Proposes to Pay $5K to Unsecured Creditors BEAUMONT ELECTRIC: Seeks to Hire Maida Law Firm as Legal Counsel BILTMORE INVESTMENTS: Hires Elisabeth Murray-Obertein as Counsel BINDER MACHINERY: Case Summary & 30 Largest Unsecured Creditors BINDER MACHINERY: Files for Bankruptcy; To Seek Going Concern Sale BION ENVIRONMENTAL: Incurs $4.52 Million Net Loss in Fiscal 2016 BIOSTAR PHARMACEUTICALS: Legal Proceedings Cast Going Concern Doubt BLAIR GLADWIN: Selling Merced Property to Lakshmanan for $575K BRAZIL MINERALS: Limited Working Capital Raises Going Concern Doubt BRYAN WHITE: Unsecureds To Get 4% Dividend Under Plan CAESARS ENTERTAINMENT: Parent Pledges More Than $5 Billion CAESARS ENTERTAINMENT: Settles Deferred Compensation Plans w/ CEOC CAPITAL INVESMENTS: Tranzon's Auction of Miami-Dade Condo Approved CHERRY CONTRACTING: Court Official Unable to Appoint Committee CHINA COMMERCIAL: Recurring Losses Raises Going Concern Doubt CHRISTIAN LAETTNER: Avoids Bankruptcy, Agrees to Repayment Plan CHRISTL TREPTOW: Unsecureds To Recover 12% Under Plan CLAIRE'S STORES: Incurs $32.1 Million Net Loss in Second Quarter CLOUD PEAK: Moody's Assigns Caa3 Rating on 2nd Lien Secured Notes COLUCCI TILE: Seeks to Hire Markovitz Dugan as Accountant COO COO'S NEST: Hires Lamberth Cifelli as Counsel CORNERSTONE TOWER: Creditors' Panel Hires Committee as Counsel CORTES NP: Moody's Assigns B1 CFR; Outlook Stable CREATIVE REALITIES: Working Capital Raises Going Concern Doubt CROWN MEDIA: Moody's Withdraws B2 Probability of Default Rating CTI BIOPHARMA: Shire Terminates License Agreement CYTORI THERAPEUTICS: BARDA Increases Contract Option to $16.6M DARIUS MILES: Former NBA Star Files for Bankruptcy DBDFW2 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel DIOCESE OF STOCKTON: Reveals Bankruptcy Plan DYNAMIC DRYWALL: Beal Granted $2,400 Admin. Expense Fees ECI HOLDINGS: Unsecured Creditors' Recovery Unknown Under Plan ENER1 INC: Bankr. Court Has No Jurisdiction Over Ex-CEO Claim ENERGY FUTURE: Disallowance of 3 Stewart Claims Affirmed ENERGY FUTURE: Selling McLennan County Property for $788K EXTREME PLASTICS: Selling All Assets for $22.5M to BW EPP FANSTEEL INC.: Hires Bradshaw Fowler as Bankruptcy Counsel FASHION STYLE: Unsecureds To Recoup 15% Under Plan FLOOR AND DECOR: Moody's Assigns B2 Rating on Proposed $300MM Loan FOODSERVICEWAREHOUSE.COM: Selling Missouri Property for $271K FOODSERVICEWAREHOUSE: Hearing on Disclosures Continued to Oct. 12 GF FINANCE: Hires Gallagher & Kennedy as Restructuring Counsel GF FINANCE: Hires MCA Financial as Financial Advisor GLOBAL FITNESS SOLUTION: Court to Consider Plan Outline on Oct. 4 GOD'S ANGELS: Unsecureds To Recover 62.8% Under Plan GOD'S UNIVERSAL: Seeks to Hire Goren Wolff as Legal Counsel GOLFSMITH INT'L: Has Interim Approval for Employee Bonus Program GOLFSMITH INT'L: Meeting to Form Creditors' Panel Set for Sept. 23 GOLFSMITH INTERNATIONAL: Proposes Oct. 19 Auction for Assets GRAND VOLUTE: Seeks to Hire Amicus Management as Broker GREATBATCH LTD: Moody's Lowers CFR to B3; Outlook Stable GROWTH OPPORTUNITY: Creditors to Receive 100% Under the Plan GULF PAVING: Case Summary & 20 Largest Unsecured Creditors HANJIN SHIPPING: U.S. Commerce Dept. Urged to Solve Shipping Crisis HAWAIIAN RIVERBEND: Taps Faris Lee Investments as Realtor HILLCREST INC: Disclosures Conditionally OK'd; Hearing on Oct. 4 HILTZ WASTE: Hires Sassoon & Cymrot as General Counsel ISLE OF CAPRI CASINOS: Moody's Revises Outlook to Stable ITT EDUCATIONAL: Files for Chapter 7 Bankruptcy Protection JA FAMILY ENTERPRISES: Taps Dragich Law Firm as Legal Counsel JAMES DEWAYNE MANNING: Kevin D. Heard Named Ch. 11 Examiner JAMES JOSEPH ALLEN: Plan Confirmation Hearing Set For Oct. 13 JEFFREY HERRMANN JAFFE: Plan Payments To Be Funded by Asset Sale JOHN JOHNSON III: Unsecureds To Recoup 35% Under Plan JOHN M KENNEDY: Case Summary & 12 Unsecured Creditors JOHN YURKOVICH: Unsecureds To Get $18,000 on Pro Rata Basis JOSE MALDONADO MALAVE: Plan Disclosures Hearing Reset to Nov. 1 K & C LV INVESTMENTS: Tesoro Opposes Approval of Plan Outline KALOBIOS PHARMACEUTICALS: Names M. Lam as Chief Scientific Officer KENTUCKY ASSOCIATES: Hires Eisenberg Gold as Special Counsel KEY ENERGY: Commences Solicitation for Votes on Prepack Plan KLD ENERGY: Proposes to Liquidate De Minimis Assets KLEEN LAUNDRY: Committee Taps Murtha Cullina as Legal Counsel LA4EVER LLC: Hires The Capital Group as Mortgage Broker LAKEVIEW PROPERTIES II: Taps AJC Real Estate as Expert Witness LAS VEGAS JOHN: Seeks to Hire Anderson Valuation as Appraiser LAURA BAKER: Plan Confirmation Hearing on Nov. 9 LAW-DEN NURSING: Seeks to Hire Hubbell DuVall as Legal Counsel LEJ PROPERTIES: Nov. 8 Disclosure, Plan Confirmation Hearing LIGHT TOWER: Seeks to Employ Ordinary Course Professionals LIME ENERGY: Awarded Direct Install Contract from TRC Energy LIME ENERGY: To Seek Stockholder Okay of Common Stock Split LRI HOLDINGS: Cinncinnati Insurance Objects to Disc. Statement M SPACE: Sale of Modular Units to Modern for $1.36M Approved MALIBU LIGHTING: Wants to Use Cash Collateral for Professional Fees MARK STEVENS: Unsecureds To Get $1,200 Per Year Under Plan MBAC FERTILIZER: Creditors Approve Plan of Arrangement Under CCAA MESA MARKETPLACE: Taps Pinnacle Management as Consultant MIDWEST QUALITY: Unsecureds To Get Quarterly Payments MIKE'S BIKES: Seeks to Hire Jules L. Rossi as Legal Counsel MIYAGI SUSHI: Proposes to Hire Sung Lee as Accountant MOHEGAN TRIBAL: Moody's Puts B3 CFR on Review for Upgrade MUELLER & DRURY: Amended Plan Adds Terms of BofA Claims Deal MULTIMEDIA PLATFORMS: Working Capital Raises Going Concern Doubt NEAL COY: Selling Duvall Parcels to Vernon for $150K NET ELEMENT: Directs ESOUSA to Purchase 454,546 Shares NET ELEMENT: Swaps $200,000 Tanche for 194,175 Shares NICKLAS LLC: Rent from Sunset Properties to Fund Plan NJOY INC: Meeting to Form Creditors' Panel Set for Sept. 27 NOBLE ENVIRONMENTAL: Files for Bankruptcy in Delaware NORANDA ALUMINUM: To Auction Upstream Business on Sept. 28 ONSITE TEMP: Case Summary & 20 Largest Unsecured Creditors PAGOSA PARTNERS II: Hires MicroTax as Accountant PALOMAR HEALTH: Moody's Assigns Ba1 Rating on Revenue Bonds PARK OVERLOOK: Salvatore LaMonica Named Ch. 11 Trustee PARKLANDS OFFICE: Proposes to Pay Unsecured Creditors in Full PEABODY ENERGY: Court Approves Big Ridge Settlement with UMWA PELICAN REAL ESTATE: Examiner Taps GrayRobinson as Legal Counsel PETERS MACHINE: Case Summary & 20 Largest Unsecured Creditors PHOENIX MANUFACTURING: Has Investment Offer, Need Time for Plan PICO HOLDINGS: Bloggers Say Synthonics Fails Value Investment Test PLASTIC2OIL INC: Progressing on Securing Additional Debt Financing PRO-FIT DEVELOPMENT: Court Denies the Use of Cash Collateral PRODUCTION PEOPLE: Will Pay Claims From Postpetition Income PROFESSIONAL DIVERSITY: Files Presentation Materials with SEC QUANTUM MATERIALS: CEO Interviewed by Upstick Newswire QUEST SOLUTION: Appoints Thomas Miller Interim CEO QUEST SOLUTION: Inks LOI to Sell Back Canadian Unit to Viascan R&M GENERAL: Seeks to Hire Marret & Company as Accountant REEDY GLOBAL: Disclosures OK'd; Plan Hearing Set For Oct. 11 REO HOLDINGS: Trustee Taps Alexander Thompson as Accountant REVOLVE SOLAR: Revolve Solar (CA) Allowed to Get Tim Padden Loan ROBERT ABRAHAM: Hearing on Disclosures Set For Oct. 5 ROBERT GLENN: Meeting to Form Creditors' Panel Set for Oct. 28 S&H AUTO REPAIR: Seeks to Hire George Petros as Legal Counsel SALADO SMILES: Sale of East West Bank Collateral Approved SAN JUAN OIL: Unsecureds To Get Total of $10,000 Under Plan SANGO POOL: Proposes to Pay Unsecured Creditors in Full SAUCIER BROS: Selling Biloxi Property to Gallott for $242K SBAUSTIN LLC: Taps B. Weldon Ponder as Legal Counsel SEAPORT AIRLINES: Shuts Down, Faces Liquidation SFX ENTERTAINMENT: Court Grants Exclusivity Thru Oct. 31 SFX ENTERTAINMENT: Files Third Amended Plan of Reorganization SHIROKIA MEZZ I: Taps DelBello Donnellan as Legal Counsel SIGA TECHNOLOGIES: Court Approves Order to Pay PharmAthene Claim SKYE ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors SLABBED NEW MEDIA: Plan Confirmation Denied, Ch. 11 Case Dismissed STEAK N SHAKE: Moody's Affirms B2 CFR & Revises Outlook to Neg. SUNEDISON INC: Bid Procedures for Solar Materials Business Okayed SUSAN MARIA RABORN: Unsecureds To Be Paid in Full Under Plan SYNCARDIA SYSTEMS: Completes Reorganization, Versa Buys Business TANGO TRANSPORT: Committee Opposes Approval of Plan Outline TEXARKANA HOTELS: MidSouth Bank Opposes Approval of Plan Outline THERAPEUTICSMD INC: FDA Accepts NDA for Yuvvexy TOWERSTREAM CORP: Barry Honig Reports 8.17% Stake as of Sept. 16 TOWERSTREAM CORP: John Stetson Reports 7.41% Stake as of Sept. 16 TOWERSTREAM CORP: Jonathan Honig Holds 9.99% Stake as of Sept. 16 TROCOM CONSTRUCTION: Unsecureds To Recoup 10% Under Plan TUSK ENERGY: Selling Assets for $3.3M, to File Liquidating Plan TUSK ENERGY: U.S. Trustee Forms 3-Member Committee TWO MILE RANCH: Taps Kenneth Skipworth as Accountant UMATRIN HOLDINGS: Liquidity Concerns Raise Going Concern Doubt USA DISCOUNTERS: Wants Nov. 21 Exclusive Plan Filing Extension UTSA APARTMENTS 8: Woodlark Files Amended Disclosure Statement VINCENT ABELL: Trustee Retains A&G to Sell 33 Properties on Nov. 2 WARREN RESOURCES: Court Confirms Reorganization Plan WEIR TRUCKING: Taps Dilks Law Firm as Legal Counsel WOO LI: Unsecureds To Get $2,400 Annual Distributions Under Plan ZEST HOLDINGS: Moody's Lowers Rating on Sr. Sec. Facilities to B2 [*] AlixPartners Bags TMA's Turnaround of the Year - Mega Award [*] Eikenberry Bags American Inns of Court Professionalism Award [*] Hughes Watters' Bankruptcy Attorneys Named in 2017 Best Lawyers [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 344 SOUTH STREET: Unsecured Creditors to Get 35% Under Exit Plan ---------------------------------------------------------------- General unsecured creditors of 344 South Street Corp. will get 35% of their claims under a Chapter 11 plan of reorganization of 344 South Street Corp. Under the plan, 344 South Street will pay $152,716 to Class 3 general unsecured creditors or 35% of their claims. These creditors will receive equal monthly payments beginning on Nov. 12, 2016, and ending on Nov. 12, 2020. 344 South Street will fund its restructuring plan through cash flow from operations of the business, according to the company's disclosure statement explaining the plan. A copy of the disclosure statement is available for free at https://is.gd/xfy78d 344 South Street is represented by: Raheem S. Watson, Esq. Watson LLC 1735 Market Street, Suite 3750 Philadelphia, PA 19103 Phone: 267-507-6143 Email: rwatson@watsonllclaw.com About 344 South Street 344 South Street Corp. has operated as a restaurant, serving Spanish and Mexican cuisine in Philadelphia's South Street District. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Penn. Case No. 15-18278) on November 17, 2015. At the time of the filing, the Debtor estimated assets and liabilities below $500,000. 38 STUDIOS: Ex-MLB Pitcher Curt Schilling Agrees to $2.5M Deal -------------------------------------------------------------- The Associated Press reported that former Red Sox pitcher Curt Schilling and others have agreed to pay $2.5 million to settle their part of a lawsuit brought over Rhode Island's disastrous $75 million deal with 38 Studios, his failed video game company. According to the report, the settlement agreement with Schilling and other 38 Studios officials was announced Sept. 19, 2016, by the Rhode Island Commerce Corp. If approved, the settlement would bring the amount of settlements in the case to approximately $45 million, the report related. The only remaining defendant would be First Southwest, which acted as Rhode Island's financial adviser in the deal, the report further related. Lawyers for the Commerce Corp. asked the court to approve the settlement, saying in court documents that it's a "highly unusual case" in which it "makes no economic sense whatsoever" for the parties to proceed to trial rather than proceed with the proposed settlement, the report said. They said that even if the agency prevailed at trial, the defendants would have exhausted the insurance coverage in paying for the trial and wouldn't have the personal assets to satisfy a judgment, the report added. 38 Studios LLC, a video-game developer founded by former Boston Red Sox pitcher Curt Schilling, filed for liquidation on June 8, 2012, without attempting to reorganize. Although based in Providence, Rhode Island, the company filed the Chapter 7 petition in Delaware (Case No. 12-11743). 4-EVER-WATER-TITE: Unsecured Creditors to Get Nothing Under Plan ---------------------------------------------------------------- General unsecured creditors of 4-Ever-Water-Tite, LLC, will not receive a distribution under the company's proposed plan to exit Chapter 11 protection. The restructuring plan classifies general unsecured creditors of 4-Ever-Water-Tite in Class 3. These creditors, which assert a total of $480,521 in claims, will not receive payments under the plan. Class 3 general unsecured creditors are impaired and entitled to vote on the plan, according to the company's disclosure statement explaining the plan. A copy of the disclosure statement is available for free at https://is.gd/JIl8Yq 4-Ever-Water-Tite is represented by: Donald C. Darnell, Esq. 7926 Ann Arbor St. Dexter, MI 48130 Phone: 734-424-5200 Email: dondarnell@darnell-law.com About 4-Ever-Water-Tite 4-Ever-Water-Tite, LLC, a licensed residential builder in Michigan, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 16-43958) on March 17, 2016. The petition was signed by Robert Gray, member-manager. The case is assigned to Judge Mark A. Randon. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. 488-486 LEFFERTS: Proposes to Pay $550K to Unsecured Creditors -------------------------------------------------------------- 488-486 Lefferts LLC submits its Disclosure Statement to the U.S. Bankruptcy Court for the Eastern District of New York in connection with the solicitation of acceptances of its Plan of Reorganization under Chapter 11. Under the Plan, the General Unsecured Claims will be paid in full in cash of the Allowed Amount, which is approximately $537,329, within 30 days of the Effective Date or of the claim becoming Allowed, plus interest at the Legal Rate from the later of the Petition Date, to the extent required by the applicable law, through the payment date, unless the holder of such claim agrees to other treatment. The Plan will be paid from the proceeds from the sale of the Property, consisting of two adjacent parcels of undeveloped land located at 488-486 Lefferts Avenue, Brooklyn, NY, which the Debtor believes that the proceeds from the sale shall be approximately $2.4 million. A full-text copy of the First Amended Disclosure Statement dated September 9, 2016, is available at http://tinyurl.com/jqleapo About 488-486 Lefferts LLC Headquartered in Richmond Hill, New York, 488-486 Lefferts LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-42716) on June 10, 2015, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Nir Zeer, managing member. Edward N Gewirtz, Esq., at Bronstein, Gewirtz & Grossman, LLC, serves as the Debtor's bankruptcy counsel. 8E LAUNDRY: Hires Allen Barnes as Counsel ----------------------------------------- 8E Laundry, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Arizona to employ Allen Barnes & Jones, PLC as counsel. The Debtor requires Allen Barnes to: (a) give the Debtor legal advice with respect to its reorganization; (b) represent the Debtor in connection with negotiations involving secured and unsecured creditors; (c) represent the Debtor at hearings set by the Court in Debtor's bankruptcy case; (d) prepare necessary applications, motions, answers, orders, reports or other legal papers necessary to assist in the Debtor's reorganization. Allen Barnes will be paid at these hourly rates: Thomas H. Allen, member $395 Hilary Barnes, member $395 Michael A. Jones, member $325 Philip J. Giles, associate $285 Khaled Tarazi, associate $225 Legal Assistants and Law Clerks $115-$135 Allen Barnes will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor paid $11,200 to Allen Barnes. Allen Barnes applied $9,282 to the pre-petition fees and costs, including the Chapter 11 filing fee and is holding $1,918 in its IOLTA Trust Account to secure payment of fees and costs incurred in this Chapter 11 case. Thomas Allen, member of Allen Barnes, 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. Allen Barnes can be reached at: Thomas H. Allen, Esq. Philip J. Giles, Esq. ALLEN BARNES & JONES, PLC 1850 N. Central Ave., #1150 Phoenix, AZ 85004 Tel: (602) 256-6000 Fax: (602) 252-4712 E-mail: tallen@allenbarneslaw.com pgiles@allenbarneslaw.com About 8E Laundry, Inc. 8E Laundry filed a chapter 11 petition (Bankr. D. Ariz. Case No. 0:16-BK-10138-BMW) on September 1, 2016. The Debtor is represented by Thomas H. Allen, Esq., and Philip J. Giles, Esq., at Allen Barnes & Jones, PLC. The Debtor owns and operates a laundromat located in Yuma, Arizona. The Debtor leases the commercial property located at 3325 S. Avenue 8E, Suite 106, Yuma, Arizona to operate its business. A CHICAGO CONVENTION: Friedman-Led Auction on Sept. 29 Approved --------------------------------------------------------------- Judge Deborah Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized bidding procedures for the conduct of the public auction and sale of A Chicago Convention Center, LLC's sale of interest in real and personal property located at 8201 West Higgins Road, Chicago, Illinois to Friedman Properties, LLC ("Stalking Horse Bidder"), for $6,750,000, subject to higher and better offers. In connection with the Proposed Purchase Agreement, Stalking-Horse Bidder has submitted a deposit of $1,000,000 million in the aggregate, presently held in escrow. The Property is subject to these liens: a. an original contractor's lien in favor of Quality Excavation, Inc. in the amount of $100,000, recorded as Document No. 1305029025; and b. that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated March 20, 2008 and recorded with the Cook County Recorder of Deeds on March 21, 2008 at Document No. 0808144032, securing that certain Judgment of Foreclosure and Sale dated May 18, 2016 ("Judgment of Foreclosure") as entered by the Chancery Divisions of the Circuit Court of Cook County, Illinois in the foreclosure proceeding captioned Cathay Bank v. A Chicago Convention Center LLC, et al., Case No. 13 CH 14547 ("Foreclosure Proceeding") in the amount of $9,658,880, plus interest at the statutory judgment rate ("Judgment Amount"), and the underlying promissory notes and loan documents identified in the Judgment of Foreclosure. Following the initial presentment of the Motion, the Debtor and the Debtor's secured lender, Cathay Bank ("Bank") conferred and agreed to the entry of the order establishing procedures for the sale ("Bidding Procedures Order"), pursuant to which the Bank will serve as the back-up bidder to the Stalking-Horse Bidder ("Backup Bidder"). The Debtor and the Bank have conferred with the Office of the U.S. Trustee ("Trustee"), and the U.S. Trustee does not object to the procedures set forth. The Debtor will conduct the auction no later than Sept. 29, 2016 and will provide notice of the auction to all parties in interest in this chapter 11 case and all parties that (a) have been previously materially solicited by the Debtor or its agents with respect to the purchase of the property, (b) have previously expressed a material interest to the Debtor or its agents with respect to the purchase of the Property, or (c) the Debtor or its agents is aware of may be materially interested in, and capable of, participating in the Auction and purchasing the Property pursuant to the Bidding Procedures. Friedman Properties, LLC, is designated the "Stalking-Horse Bidder" and the proposed purchase price is designated the "Stalking-Horse Bid". The Bank is designated as the "Backup Bidder," with a credit bid of $6,000,000 of its debt secured by the property the "Backup Bid". If a "Qualified Bidder" appears at the auction and submits a "Qualified Bid" that exceeds the Stalking-Horse Bid, the Bank may credit bid at the auction up to the Judgment Amount. If no parties other than the Bank and the Stalking-Horse Bidder appear at the auction, the Bank agrees that it will not submit a credit bid that exceeds, or otherwise seek to top, the Stalking-Horse Bid. The Sale Hearing to consider approval of the sale to the Successful Bidder at the Successful Bid amount will take place on Sept. 30, 2016 at 10:00 a.m. (CT). The sale will take place no later than Oct. 14, 2016. If the Successful Bidder is unable or unwilling to close the sale on Oct. 14, 2016 by tendering the purchase price to the Debtor, the Debtor will close the sale with the Bank as the Backup Bidder, or with such other Backup Bidder with a cash bid in excess of $6,000,000 as the Bank may consent to. About A Chicago Convention Center A Chicago Convention Center, LLC is a member-managed limited liability company organized in Illinois on Jan. 24, 2011. The sole member of ACCC is Ravinder Sethi. ACCC sought the Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-20463) on June 23, 2016. A GREENER GLOBE: Trustee Seeks to Hire Mark Cyr as Accountant ------------------------------------------------------------- The Chapter 11 trustee of A Greener Globe seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire an accountant. Russell Burbank, the bankruptcy trustee, proposes to hire Mark Cyr, a certified public accountant, to prepare the Debtor's 2015 tax returns. Mr. Cyr will receive a flat fee of $1,200 for his services. Mr. Cyr does not hold or represent any interest adverse to the Debtor's estate or any of its creditors, according to court filings. The Debtor is represented by: Thomas A. Willoughby, Esq. Jennifer E. Niemann., Esq. Felderstein Fitzgerald Willoughby & Pascuzzi LLP 400 Capitol Mall, Suite 1750 Sacramento, CA 95814 Tel: (916) 329-7400 Fax: (916) 329-7435 Email: twilloughby@ffwplaw.com Email: jniemann@ffwplaw.com About A Greener Globe A Greener Globe sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 16-21900) on March 28, 2016. On June 14, 2015, the court approved the Office of the U.S. Trustee's appointment of Russell K. Burbank as the Chapter 11 trustee. ABC DENTISTRY: Hires Stout Risius as Financial Advisor ------------------------------------------------------ ABC Dentistry, P.A., et al. seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Stout Risius Ross, Inc. as financial advisor, nunc pro tunc to August 26, 2016. The Debtors require Stout Risius to: (a) prepare cash forecasts; (b) provide financial advisory services to prepare the Debtors for a bankruptcy filing; (c) prepare statements of financial affairs for each of the Debtors; (d) prepare schedules of assets and liabilities for each of the Debtors; (e) assist with the preparation of monthly operating reports; (f) prepare schedules, analyses and projections to support a plan of reorganization; (g) provide testimony; (h) review the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements; (i) provide analysis of assumption and rejection issues regarding executory contracts and leases; (j) review and analyze the Debtors' proposed business plan; (k) assist in evaluating reorganization strategies and alternatives available to the creditors; (l) assist in preparing and reviewing documents necessary for confirmation; (m) advise and assist the Debtors, management and counsel in negotiations and meetings with the lender, investors and other interested parties; (n) assist with the claims resolution procedures, including, but not limited to, analyses of creditors' claims by type and entity; (o) determine the Debtors' enterprise value as of the petition date and as of the effective date of a Chapter 11 plan of reorganization (the "Valuation Dates"); (p) determine asset and liquidation valuations; and (q) provide other functions as requested by management or counsel to assist in these Chapter 11 cases. Stout Risius will be paid at these hourly rates: John D. Baumgartner, director $425 Ramiro Balladares, senior analyst $225 Managing Directors $400-$700 Directors and Vice Presidents $300-$475 Managers $200-$375 Associates $175-$350 Analysts $75-$275 Stout Risius will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the petition date, Stout Risius received a retainer of $35,000 from an affiliate of the Debtors. Prior to the petition date, Stout Risius incurred fees of $12,892.50 and applied a portion of the retainer to satisfy the invoice. John D. Baumgartner, director of Stout Risius, 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 Bankruptcy Court will hold a hearing on the application on October 4, 2016, at 2:00 p.m. Stout Risius can be reached at: John D. Baumgartner STOUT RISIUS ROSS, INC. 815 Walker, Suite 1140 Houston, TX 77002 Tel: (713) 225-9580 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 (Bankr. S.D. Tex. 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: Taps BMC Group as Noticing Agent ----------------------------------------------- ABC Dentistry, P.A., et al. seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ BMC Group, Inc. as noticing agent. The Debtors require BMC Group to: (a) assist the Debtors in mailing all required notices in these cases; (b) assist the Debtors and their counsel with the administrative management of notice data; (c) within 7 business days after the service of a particular notice, transmit to Debtor's counsel a certificate or affidavit of service that includes (i) a copy of the notice served; (ii) a list of persons upon whom the notice was served, along with their addresses; and (iii) the date and manner of service; (d) comply with applicable federal, state, municipal and local statutes, ordinances, rules, regulations, orders and other requirements; (e) promptly comply with further conditions and requirements as the Clerk's Office or the Court may at any time prescribe; and (f) provide other noticing and related administrative services as may be requested from time to time by the Debtors. The Debtors and BMC Group have agreed, subject ot the Court's authorization, that BMC Group will be authorized to invoice the Debtors monthly for services rendered. A $2,000 deposit for out of pocket expenses such as postage is requested by BMC Group. Tinamarie Feil, president of Client Services of BMC Group, 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 Bankruptcy Court will hold a hearing on the application on October 4, 2016, at 2:00 p.m. BMC Group can be reached at: Tinamarie Feil BMC GROUP, INC. 3732 W. 120th Street Hawthorne, CA 90250 Tel: (310) 321-5555 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 (Bankr. S.D. Tex. 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. AIR CANADA: Moody's Assigns Ba3 Rating on C$300MM Sr. Sec. Notes ---------------------------------------------------------------- Moody's Investors Service assigned a Ba3 first lien senior secured rating to Air Canada's proposed C$300 million senior secured notes. Air Canada's B1 corporate family, B1-PD probability of default and SGL-2 speculative grade liquidity ratings remain unchanged. The ratings outlook remains positive. Assignments: Issuer: Air Canada Senior Secured Regular Bond/Debenture, Assigned Ba3(LGD3) Proceeds from the new debt issue, the previously announced US$720 million first lien term loan B, and cash from the balance sheet will be used to fully refinance Air Canada's existing first and second lien secured debt. The associated Ba3 ratings on the existing first lien secured debt issues and the B2 rating on the second lien secured debt will be withdrawn once the new transactions close and the existing debt is fully repaid. The new debt will be secured by a diverse collateral package that includes, certain owned real property, certain Pacific routes and related gate leaseholds and landing slots, landing slots at London's Heathrow, New York's LaGuardia and Washington's Reagan airports and ground equipment. The engines and accounts receivable currently pledged as collateral under the existing first and second lien secured debt, will not be part of the new collateral package for the proposed debt. RATINGS RATIONALE Air Canada's B1 corporate family rating (CFR) primarily reflects its strong market position in the duopolistic Canadian market, our expectation that adjusted debt/EBITDA will remain around 4x, aided by low fuel prices and strong load factors even while rapidly increasing capacity. This is offset by high (but improving) operating costs as a legacy carrier and our expectation that its substantial capital commitments will result in negative free cash flow generation over the next few years, though this could be mitigated by sale leaseback transactions that are planned by the airline. The rating also reflects foreign exchange volatility, exposure to fuel costs and the risk of market capacity additions exceeding demand. The positive outlook balances our expectation that Air Canada could maintain leverage below 4x against a large capital spend program (aircraft order book will likely be funded largely with new debt), market capacity additions and economic headwinds in Canada. An upgrade could occur if Air Canada effectively executes its expansion plans and cost reduction initiatives while sustaining adjusted Debt/EBITDA below 4x and EBIT/Interest above 2.5x. Downward rating pressure could occur if Air Canada sustains adjusted Debt/EBITDA above 5x and EBIT/Interest towards 1.5x. Deterioration in liquidity could also cause a downgrade. The principal methodology used in this rating was Global Passenger Airlines published in May 2012. Headquartered in Saint-Laurent, Quebec, Air Canada is the largest provider of scheduled passenger services in Canada. Revenue for the twelve months ended March 31, 2015, was C$13.5 billion. ALEX KODNEGAH: Seeks to Hire Bruce R. Babcock as Legal Counsel -------------------------------------------------------------- Alex Kodnegah, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire a legal counsel. The Debtor proposes to hire the Law Office of Bruce R. Babcock to provide legal services in connection with its Chapter 11 case. The firm received a retainer of $2,000. The firm does not represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Bruce R. Babcock, Esq. Law Office of Bruce R. Babcock 4808 Santa Monica, Ave. San Diego, CA 92107 Phone: 619-222-2661 Email: brbab@hotmail.com About Alex Kodnegah Alex Kodnegah, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Calif. Case No. 16-04846) on 16-04846. The petition was signed by Alex Kodnegah, president. The case is assigned to Judge Margaret M. Mann. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $100,000 to $500,000. ALLIED NEVADA: Appeals by Shareholders, Tuttle Dismissed -------------------------------------------------------- Judge Sue L. Robinson of the United States District Court for the District of Delaware denied Brian Tuttle's motions to consolidate the appeals AD HOC COMMITTEE OF SHAREHOLDERS, Appellant, v. ALLIED NEVADA GOLD CORP., et al., Appellees, Civ. No. 15-946-SLR (D. Del.), and BRIAN TUTTLE, Appellant, v. ALLIED NEVADA GOLD CORP., et al., Appellees, Civ. No. 15-949-SLR (D. Del.). In addition, the judge also concluded that relevant factors weigh in favor of dismissing the appeals on the grounds of equitable mootness. The ad hoc committee of equity security holders and Tuttle, all appearing pro se, filed bankruptcy appeals on October 19, 2015 and October 21, 2015, respectively. The appeal in Civ. No. 15-946-SLR arose from an order entered in the United States Bankruptcy Court for the District of Delaware in the bankruptcy case In re: ALLIED NEVADA GOLD CORP., et al., Reorganized Debtors, Bankr. No. 15-10503-MFW (Bankr. D. Del.) on October 8, 2015, that confirmed the debtors' amended joint Chapter 11 plan of reorganization. The ad hoc committee sought reversal of the order. The appeal filed by Tuttle in Civ. No. 15-949-SLR, arose from several orders entered in the bankruptcy court including the October 8, 2015 confirmation order, an August 28, 2015 order approving the disclosure statement for the amended plan, an order approving debtors' sale of certain non-core assets, and a September 15, 2015 order denying a motion to appoint an examiner in the Chapter 11 cases. Tuttle sought reversal of the confirmation order. The appellees argued that the appeal should be dismissed by reason of equitable mootness. Judge Robinson found that the appellants' primary objection was that they are entitled to a greater recovery because the amended plan does not sufficiently value debtors and, in turn, holders of canceled common stock who include the appellants. The judge, however, held that appeals challenging plan valuations on this basis have been rejected under the doctrine of equitale mootness because the proposed relief would "likely topple the delicate balances and compromises struck by the [p]lan." In addition, Judge Robinson also held that the appellants' requested relief would detrimentally affect the rights of numerous third parties not before the court. Finally, the judge held that public policy favors dismissal. A full-text copy of Judge Robinson's September 15, 2016 order is available at http://bankrupt.com/misc/deb15-10503-1457.pdf About Allied Nevada Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a publicly traded U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV was spun off from Vista Gold Corp. in 2006 and began Operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The cases are jointly administered under Lead Case No. 15-10503. The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. BankruptcyData reported that Allied Nevada Gold's Amended Joint Chapter 11 Plan of Reorganization became effective and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on Oct. 8, 2015. Highlights of the Plan include the following: As a result of the financial restructuring, the Company eliminated approximately $447.7 million of debt and related interest payments from its balance sheet. The Company closed two financings: a $126.7 million first lien term loan credit agreement and $95 million of second lien convertible notes. The credit agreement proceeds were used to repay the Company's outstanding loan obligations related to its revolving credit agreement and the amounts owed under the Company's diesel and cross-currency swap arrangements. ALPHA DINER: Plan Provides 3% Distribution to Unsecured Creditors ----------------------------------------------------------------- Alpha Diner Corp. filed with the U.S. Bankruptcy Court for the Eastern District of New York its Disclosure Statement containing information about the Debtor's Third Amended Plan of Reorganization filed by the Debtor on June 24, 2015. The Debtor identified the filed and/or scheduled general unsecured claims to include: (1) scheduled trade creditors in the amount of total $16,026 and (2) a class action wage claim, disputed by the Debtor, filed in the amount of $9,625,459. Under the Plan, the Debtor proposes to pay priority creditors in full over a period not exceeding five years from the order of relief, and estimates a 3% distribution to unsecured creditors because of the contingent nature of the wage claim. Distributions under the Plan will come from the Debtor's ongoing operations, where the Debtor will make monthly payments, in the amount of $5,000 per month for a period of five years, for an aggregate amount of $300,000, into an interest bearing segregated account, and will issue distributions to unsecured creditors on a bi-annual basis. A full-text copy of the Disclosure Statement dated September 9, 2016, is available https://is.gd/X1Ramn About Alpha Diner Alpha Diner Corp. operates a restaurant in Queens, New York. Alpha Diner Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 16-40648) on February 19, 2016. The Petition was signed by its President, Dimitrios Athanasopoulos. The Debtor is represented by Lawrence Morrison, Esq., at Morrison Tenenbaum, PLLC. At the time of filing, the Debtor had $50,000 each in estimated assets and estimated liabilities. AMERICAN BUILDERS: Moody's Assigns B1 Rating on $1.875BB Term Loan ------------------------------------------------------------------ Moody's Investors Service assigned a B1 rating to American Builders & Contractors Supply Co., Inc.'s ("ABC Supply") proposed $1.875 billion Sr. Sec. Term Loan B due 2023. With the exception of maturity date, the proposed term loan will have substantially similar terms and condition as the existing term loan. Proceeds from the new term will be used to facilitate the acquisition of L&W Supply Corp. from USG Corp. for $670 million, to reduce revolver borrowings, to pay off the existing $972 million Sr. Sec. Term Loan due 2020, at which the time the rating will be withdrawn, to distribute a $150 million dividend for estate tax purposes, and to pay related fees and expenses. In related rating actions, Moody's affirmed ABC's B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B3 rating assigned to its unsecured debt. The rating outlook remains stable. Issuer: American Builders & Contractors Supply Co., Inc. Assignments: Senior Secured Bank Credit Facility, Assigned B1 (LGD3) Affirmations: Probability of Default Rating, Affirmed B1-PD Corporate Family Rating, Affirmed B1 Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5) Outlook Actions: Outlook, Remains Stable RATINGS RATIONALE The B1 rating assigned to the $1.875 billion senior secured term loan maturing in 2023, the same rating as the Corporate Family Rating, represents the preponderance of debt in the company's capital structure. It is secured by a first lien on all of ABC Supply's long-term assets and a second lien on the assets securing the revolving credit facility. The term loan benefits from its priority of payment relative to $850 million in more junior capital. As Moody's indicated on Aug. 30, ABC Supply's B1 Corporate Family Rating remains appropriate. Key debt credit metrics on a pro forma basis remain suitable following the acquisition of L&W Supply Corp. ABC is currently benefitting from robust end markets. Moody's estimates new housing starts approaching 1.3 million in 2017, an 8% increase from 1.2 million starts in 2016. The repair and remodeling end market is also showing sustained growth. Upon closing the acquisition of L&W Supply, which increases exposure to non-residential construction, ABC will be the largest rated distributor of building products in the United States with revenues approaching $8.0 billion, but operating margins will initially deteriorate, since L&W Supply is a lower-margin business. However, opportunities for L&W Supply margin expansion exist. ABC intends to operate L&W Supply as an independent operating subsidiary, allowing it to compete actively as a distributor for all wallboard manufacturers including for USG. Moody's estimates interest coverage -- measured as EBITA-to-interest expense -- of about 3.5x pro forma (4.4x for LTM 2Q16) versus previous range of 3.75x to 4.0x due to higher debt balances and pro forma leverage in the 5.0x -- 5.25 range (4.0x at 2Q16). Ratios incorporate Moody's standard adjustments. The revised pro forma ratios are worse than previously estimated in our August 30 press release. Moody's now includes operating lease adjustments for L&W Supply's rental payments, debt-financed dividend and related fees and expenses, increasing debt by an additional $310 million. Risks remain. Leverage is currently stretched relative to Moody's previous expectations. Deleveraging may be difficult to achieve in a downturn. In addition, ABC is now more susceptible to volatility to housing end markets, exposing it to potential operating margin pressures. The company is expanding into products which Moody's views as more discretionary than roofing-related products. It acquired Norandex, a domestic distributor of siding, windows, doors, roofing, decking, railing and gutters, in October 2015. Now, L&W Supply adds wallboard and suspended ceiling tiles and grid. The two sizeable acquisitions carry integration risks, and additional revolver borrowings for future acquisitions could cause near-term liquidity pressures if end markets were to contract. The stable rating outlook reflects our expectations of solid operating performance over the next 12 to 18 months, resulting in debt credit metrics that continue to support the current rating. In addition, Moody's anticipates free cash flow will be used to reduce revolver borrowings, improving liquidity and giving ABC Supply financial flexibility. Positive rating actions is unlikely over intermediate term. However, if ABC benefits further from growth in its end markets, resulting in operating performance that exceeds Moody's forecasts and yields the following credit metrics (ratios include Moody's standard adjustments): Debt-to-EBITDA is sustained below 4.0x Substantial free cash flow generation resulting in permanent debt reduction Negative rating pressures could ensue if ABC's operating performance falls below expectations, resulting in these credit metrics (ratios include Moody's standard adjustments) and characteristics: Debt-to-EBITDA sustained above 5.5x EBITA-to-interest expense remains below 2.0x Significant deterioration in the company's liquidity profile Larger than projected shareholder distributions Large debt-financed acquisitions The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in December 2015. American Builders & Contractors Supply Co., Inc. ("ABC"), headquartered in Beloit, WI, is among the largest distributors of building products in the US. Diane M. Hendricks Enterprises, Inc. ("DMHE") owns 100% of the company. Pro forma revenues including L&W Supply Corp. for the 12 months through June 30, 2016, totaled approximately $8.0 billion. AMERICAN NATIONAL: Unsecureds To Recover 100% Under Plan -------------------------------------------------------- American National Carbide Co. filed with the U.S. Bankruptcy Court for the Southern District of Texas a disclosure statement to accompany the Debtor's plan of reorganization dated Aug. 26, 2016. General unsecured creditors are classified in Class 4, and will receive a promissory note for 100% of each allowed claim payable over 72 months at the prime rate of interest on the confirmation date, currently, 3.0% interest. Class 4 is impaired. The Debtor has operated for 6 months post petition without the need for Debtor-in-Possession financing by collecting neglected accounts receivables and fulfilling ongoing orders for products. The Debtors projections of its operations over the period of time during which the notes issued will remain unpaid. Changes in the Debtors business methods and manufacturing practices have resulted in significant efficiencies. The Debtor has become a small, more profitable company. The Debtor proposes to devote its earnings over the coming 72 months to retirement of 100% of its pre-petition liabilities at present value. The Disclosure Statement is available at: http://bankrupt.com/misc/txsb16-30992-177.pdf About American National Carbide American National Carbide Co. sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (Houston) on Feb. 26, 2016. The petition was signed by Greg Stroud, president. The Debtor is represented by Donald L Wyatt, Esq., at the Law Offices of Donald L. Wyatt Jr. PC. The case is assigned to Judge David R. Jones. The Debtor disclosed total assets of $8.83 million and total debts of $7.22 million. AMERICAN POWER: Extends Credit Facility with Iowa Bank to 2026 -------------------------------------------------------------- American Power Group Corporation announced that its subsidiary, American Power Group, Inc.'s primary lender, Iowa State Bank, an Algona, Iowa institution, has agreed to convert the Company's outstanding loan balance of $3 million into a ten-year term loan with monthly payments starting in December 2016 and provide a new $500,000 secured working capital line with an initial maturity of September 2017. In addition, Matt Van Steenwyk and Neil Braverman, two members of the Company's Board of Directors, have each agreed, severally and not jointly, to guaranty the payment of up to $1,750,000 of the obligations due under the credit facility. Specific details of this transaction can be found in the Company's Form 8-K, a copy of which is available for free at https://is.gd/CbYn0j Chuck Coppa, American Power Group's chief financial officer, stated, "The expansion and extension of our primary loan through 2026 once again demonstrates Iowa State Bank's continued support of our business plan and strategic direction. The implementation of the new credit facility provides us access to $900,000 of a dditional working capital not previously available." Mr. Coppa added, "The fact that Matt and Neil have each agreed to individually guaranty up to $1.75 million of our ISB obligations speaks volumes to their level of commitment to American Power Group and our industry leading efforts." Lyle Jensen, American Power Group's CEO commented, "Being able to move a significant amount of our debt from short-term to long-term coupled with a new working capital line of credit are critical pieces of our business model in supporting the planned fiscal 2017 growth previously discussed in our most recent investor conference call. We greatly appreciate Iowa State Bank's continued support and cooperation in helping us become a leader in the dual fuel and flare capture and recovery businesses." About American Power Group American Power Group's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas conversion technology for vehicular, stationary and off-road mobile diesel engines. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100 percent diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 80% of the normal diesel fuel consumption with the average displacement ranging from 40 percent to 65 percent. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See http://www.americanpowergroupinc.com/ As of June 30, 2016, American Power had $10.23 million in total assets, $9.62 million in total liabilities and $610,000 in total stockholders' equity. American Power reported a net loss available to common stockholders of $1.04 million on $2.95 million of net sales for the year ended Sept. 30, 2015, compared to a net loss available to common stockholders of $920,066 on $6.28 million of net sales for the year ended Sept. 30, 2014. ANTREL FLORIDA: Hires Loan Lawyers as Attorneys ----------------------------------------------- Antrel Florida Business, LLC asks for permission from the U.S. Bankruptcy Court for the Southern District of Florida to employ Rachamin Cohen and Matis H. Abarbanel of the law firm Loan Lawyers, LLC as attorneys, nunc pro tunc to September 4, 2016. The Debtor also requests for approval to pay Mr. Cohen, Mr. Abarbanel, and Loan Lawyers a post-petition retainer in the amount of $6,750., payable at $750 per month over 9 months, beginning on January 1, 2017. The Debtor requires Mr. Cohen, Mr. Abarbanel, and Loan Lawyers to: (a) give the advice to Debtor with respect to its powers and duties as debtor-in-possession; (b) advise 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 interests of Debtor in all matters pending before the Court; and (e) represent Debtor in negotiation with its creditors in the preparation of a Plan. Loan Lawyers will be paid at an hourly rate of $350 per hour for attorney work and $110 per hour for paraprofessional work, capped at a maximum fee of $10,000. Loan Lawyers will also be reimbursed for reasonable out-of-pocket expenses incurred. Debtor paid Loan Lawyers $3,183 prior to the Petition Date, for the fee advance, and paid $1,817 prior to the Petition Date, for the cost advance. Mr. Cohen and Mr. Abarbanel, 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. Loan Lawyers can be reached at: Rachamin Cohen, Esq. Matis H. Abarbanel, Esq. LOAN LAWYERS, LLC. 2150 S. Andrews Ave., 2nd Floor Fort Lauderdale, FL 33316 Tel: (954) 523-4357 Fax: (954) 581-2786 Antrel Florida Business, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-22282) on September 4, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Matis H. Abarbanel, Esq. AOG ENTERTAINMENT: Ex-CEO's Bid to Extend Challenge Deadline Denied ------------------------------------------------------------------- Judge Stuart M. Bernstein of the United States Bankruptcy Court for the Southern District of New York denied Simon Robert Fuller's motion to extend the challenge deadline and ex parte application for authority to conduct an examination under Federal Rule of Bankruptcy Procedure 2004. Contemplating a possible challenge to Debtor 19 Entertainment Limited's prepetition secured debt, Mr. Fuller, a former director and chief executive officer of 19 Entertainment, filed two motions: 1) A motion seeking to obtain discovery under Rule 2004 from debtor AOG Entertainment, Inc. and certain of its debtor and non-debtor affiliates (collectively, the "CORE Entities") regarding the prepetition secured debt, a certain United Kingdom audit, and other matters. 2) A motion seeking to extend the deadline for Fuller to bring a challenge to the debtors' prepetition secured debt. Judge Bernstein held that Fuller has failed to demonstrate cause to extend the challenge deadline, noting that Fuller did not pursue further discovery at an earlier time when he had asked for and received documents from the debtors in June 2016. Judge Bernstein also found that, absent a third party's efforts to prevent, frustrate or delay an investigation that is being pursued diligently, there is no reason to deprive the prepetition lenders of the benefit of the bargain embodied in the Final DIP Order that induced them to consent to the use of their cash collateral. Further, because the extension motion is denied, Judge Bernstein held that Fuller can no longer challenge the stipulations contained in the Final DIP Order, and as such, cannot demonstrate any cause to conduct the Rule 2004 examination he seeks. The judge concluded that the Rule 2004 Motion is moot. A full-text copy of Judge Warren's September 2, 2016 order is available at http://bankrupt.com/misc/nysb16-11090-396.pdf Simon Robert Fuller is represented by: Timothy W. Walsh, Esq. Darren Azman, Esq. MCDERMOTT WILL & EMERY LLP 340 Madison Avenue New York, NY 10173 Tel: (212)547-5400 Fax: (212)547-5444 Email: twwalsh@mwe.com dazman@mwe.com Ad Hoc Group of First Lien Lenders is represented by: Lee R. Bogdanoff, Esq. David A. Fidler, Esq. Whitman L. Holt, Esq. KLEE, TUCHIN, BOGDANOFF & STERN LLP 1999 Avenue of the Stars, 39th Floor Los Angeles, CA 90067 Tel: (310)407-4000 Fax: (310)407-9090 Email: lbogdanoff@ktbslaw.com dfidler@ktbslaw.com wholt@ktbslaw.com Crestview Media Investors, L.P. is represented by: Eric D. Winston, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 865 South Figueroa Street, 10th Floor Los Angeles, CA 90017 Tel: (213)443-3000 Fax: (213)443-3100 Email: ericwinston@quinnemanuel.com -- and -- Scott C. Shelley, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 51 Madison Avenue, 22nd Floor New York, NY 10010 Tel: (212)849-7000 Fax: (212)849-7100 Email: scottshelley@quinnemanuel.com About AOG Entertainment CORE Entertainment Inc. and its subsidiaries own, produce, develop and commercially exploit entertainment content. The Company's portfolio of world-class brands and entertainment properties includes participation in the "IDOL"-branded shows, including American Idol, Deutschland sucht den Superstar, Nouvelle Star and more than fifty other franchises shown around the world, and the popular television series "So You Think You Can Dance". The Company conducts its primary business activities through its subsidiary groups, including 19 Entertainment. CORE Entertainment Inc. and 47 other affiliates each filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos. 16-11087 to 16-11134, respectively) on April 28, 2016, two days prior to the expiration of their forbearance agreement with (a) certain lenders holding the requisite amount of loans under a first lien term loan facility; and (b) Crestview Media Investors, L.P., as lender under the first lien term loan facility and a second lien term loan facility. Pursuant to the Forbearance Agreements, the lenders agreed to forbear from exercising their remedies on account of any missed payments or certain alleged defaults under the Term Loan Agreements. The Debtors estimated assets and liabilities in the range of $100 million to $500 million. The Debtors have hired Matthew A. Feldman, Esq., Paul V. Shalhoub, Esq., and Andrew S. Mordkoff, Esq., at Willkie Farr & Gallagher LLP as counsel, Moelis & Company, LLC as financial advisor, PricewaterhouseCoopers LLP as auditors and tax consultants and Kurtzman Carson Consultants LLC as claims, noticing and administrative agent. The cases are jointly administered under AOG Entertainment, Inc., Case No. 16-11090 before the Honorable Stuart M. Bernstein. The official committee of unsecured creditors retained Zolfo Cooper, LLC as its financial advisor; and Sheppard Mullin Richter & Hampton, LLP as counsel. * * * AOG Entertainment, Inc., et al., filed with the U.S. Bankruptcy Court for the Southern District of New York a disclosure statement for the Debtor's first amended joint Chapter 11 plan of reorganization. Holders of Class 5 General Unsecured Claims, estimated at $23.92 million, will recover 3.5%. The Disclosure Statement is available at: http://bankrupt.com/misc/nysb16-11090-250.pdf ASP HENRY: Moody's Assigns B2 CFR; Outlook Stable ------------------------------------------------- Moody's Investors Service assigned a B2 Corporate Family Rating and B2-PD Probability of Default Rating to ASP Henry Merger Sub, Inc. (dba Henry Company LLC; "Henry") following the leveraged buyout of Henry by American Securities LLC from affiliates of Graham Partners. In related rating actions, Moody's assigned a B2 rating to the company's proposed first lien credit facilities, consisting of a $40 million revolving credit facility expiring 2021 and a $320 million term loan due 2023. Proceeds from the new term loan along with a common equity contribution from the affiliates of American Securities will be used to finance the acquisition of Henry. Upon closing of the transaction, ASP Henry Merger Sub, Inc. will be merged into HNC Holdings, Inc., the parent holding company of Henry Company LLC, and all existing ratings assigned to Henry Company LLC will be withdrawn. The rating outlook is stable. Issuer: ASP Henry Merger Sub, Inc. Assignments: Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B2 Senior Secured Bank Credit Facilities, Assigned B2 (LGD4) Outlook Actions: Outlook, Assigned Stable RATINGS RATIONALE Henry's B2 Corporate Family Rating reflects its leveraged capital structure following the buyout of the company by affiliates of American Securities. Balance sheet debt is increasing by almost 40%, resulting in adjusted pro forma leverage just over 5.0x at 2Q16. In addition, Henry is a small company relative to other manufacturing companies based on revenues and absolute EBITA levels, leaving little cushion for earnings variability. Low levels of earnings, interest payments approximating $19 million per year, and high levels of working capital needs to meet demand growth make it difficult for Henry company to generate significant levels of free cash flow relative to its new debt burden. Moody's projects mid-single digit percentages of adjusted free cash flow-to-debt metric on an annual basis. Loan amortization at $3.2 million is manageable, but further constrains cash levels. Offsetting its leveraged capital structure and small size is Henry's ability to generate solid operating margins, which is the company's greatest credit strength and indicative of higher rated entities. Moody's recognizes Henry's resilient performance during the economic and housing downturn, and its well-established brand names for roofing and sealant products. Moody's forecasts the company generating mid-teens EBITA margins over the next 12 to 18 months, with EBITA interest coverage approaching 3.0x over the same time horizon (ratios include Moody's standard adjustments). Although the company is currently benefitting from lower input costs relative to previous years for petroleum-related products, any increase over the long term may not be passed on immediately to customers. Henry will benefit from the long-term growth in US construction, the main driver of its revenues. It derives about 50% of earnings from residential and commercial remodeling activity. Additionally, roofing products and moisture reducing systems are less volatile than other building products. Further, the company is expanding its product offerings for building envelope systems and performance additives for gypsum board, reducing reliance on the big box retailers. The proposed transaction gives Henry an extended maturity profile, with no maturing debt (beyond $3.2 million of annual term loan amortization) until 2021. Henry's liquidity profile, characterized by good free cash flow generation and good availability under its proposed revolving credit facility, supports its higher debt service payments while also meeting increased capital requirements due to higher product demand. The revolver has a springing maximum first lien leverage ratio based on facility usage that Moody's does not expect to be triggered over the next 12 months. There are no term loan financial maintenance covenants. The stable rating outlook incorporates Moody's view that Henry's improved operating performance from sustained growth in its end markets over the next 12-18 months will provide some offset to its leveraged capital structure. Henry's proposed revolver, the largest since at least 2009, provides further financial flexibility to contend with its leveraged capital and to meet growth needs. The B2 rating assigned to Henry's proposed $40 million first lien revolving credit facility and $320 million first lien term loan, same rating as the Corporate Family Rating, reflects their position as the preponderance of debt in Henry's capital structure. The revolver and term loan rank pari passu to each other and both have a first lien interest on substantially all of the company's assets. Henry's material domestic subsidiaries provide upstream guarantees to the facility. The term loan amortizes at 1% per year with a bullet payment at maturity. An upgrade could ensue if Henry exceeds Moody's expectations and reduces leverage by generating higher levels of absolute earnings and using free cash flow towards debt reduction, such that: Adjusted debt-to-EBITDA is sustained below 4.5x Improvement in the company's liquidity profile A downgrade could result if Henry's operating performance falls below Moody's expectations, or it experiences a weakening in financial performance due to a decline in its end markets or erosion of market share, such that: Adjusted debt-to-EBITDA remaining above 5.5x Significant deterioration in liquidity profile Significant shareholder distributions Large debt-financed acquisitions The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Henry Company, headquartered in El Segundo, CA, is a North American developer and manufacturer of roofing products and other building envelope applications for residential and commercial construction markets. American Securities, through its affiliates, is the owner of Henry. Revenues for the 12 months through June 30, 2016, totaled approximately $334 million. AVATAR PACKAGING: Case Summary & 17 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Avatar Packaging, Inc. 5110 West Idlewild Avenue Tampa, FL 33634 Case No.: 16-08094 Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Samantha L Dammer, Esq. TAMPA LAW ADVOCATES, P.A. A Private Law Firm 620 East Twiggs Suite 110 Tampa, FL 33602 Tel: 813-288-0303 Fax: 813-466-7495 E-mail: sdammer@attysam.com Total Assets: $1.79 million Total Liabilities: $1.85 million The petition was signed by Vance D. Fairbanks, Jr., chief executive officer. A copy of the Debtor's list of 17 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-08094.pdf BARRY BINGHAM: Proposes to Pay $5K to Unsecured Creditors --------------------------------------------------------- Barry and Dawn Bingham on September 13 filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee their latest Chapter 11 plan of reorganization, which proposes to make a lump sum pro rata distribution in the amount of $5,000 to general unsecured creditors on June 1, 2017. The restructuring plan will be funded from the net proceeds generated from the liquidation of the Debtors' real property and from funds in the possession of the Debtors, according to the disclosure statement explaining the plan. A copy of the disclosure statement is available for free at https://is.gd/gVouwZ The Debtors are represented by: Charles Parks Pope, Esq. The Pope Firm P.O. Box 6185 Johnson City, Tennessee 37602 Email: charles@thepopefirm.com About Barry and Dawn Bingham Barry and Dawn Bingham, both residents of Johnston City, Tennessee, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Tenn. Case No. 15-51864) on December 15, 2015. BEAUMONT ELECTRIC: Seeks to Hire Maida Law Firm as Legal Counsel ---------------------------------------------------------------- Beaumont Electric, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire a legal counsel. The Debtor proposes to hire Maida Law Firm, P.C. to provide legal services in connection with its Chapter 11 case. The firm's professionals and their hourly rates are: Frank J. Maida $400 Tagnia Fontana Clark $300 Paralegal $60 In a court filing, Mr. Maida disclosed that he and his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank J. Maida, Esq. Maida Law Firm, P.C. 4320 Calder Avenue Beaumont, TX 77706 Phone: (409) 898-8200 Fax: (409) 898-8400 Email: maidalawfirm@gt.rr.com About Beaumont Electric Beaumont Electric, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 16-10418) on September 1, 2016. The petition was signed by Kevin McClory, president. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. BILTMORE INVESTMENTS: Hires Elisabeth Murray-Obertein as Counsel ---------------------------------------------------------------- Biltmore Investments, Ltd. seeks authorization from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Elisabeth Murray-Obertein as attorney to represent the Debtor in a civil action, filed in the Western North Carolina Federal Court on May 27, 2016 by Creditor, TD Bank, file number, 16CV00144. The Debtor requires Ms. Murray-Obertein to: (a) give legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) defend the Debtor in all civil actions filed against the Debtor; and (c) perform all other legal services which may be necessary herein and it is necessary for the Debtor to employ an attorney for such professional activities. Ms. Murray-Obertein will be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Murray-Obertein 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 Bankruptcy Court will hold a hearing on the application on October 4, 2016, at 10:00 a.m. Ms. Murray-Obertein can be reached at: Elisabeth Murray-Obertein, Esq. 140 4th Ave. Weste, Suite 103 Hendersonville, NC 28792 Tel: (828) 595-9733 About Biltmore Investments Biltmore Investments, LTD., based in Hendersonville, North Carolina, filed for Chapter 11 bankruptcy (Bankr. W.D.N.C. Case No. 11-10053) on Jan. 26, 2011. Judge George R. Hodges presides over the case. Edward C. Hay, Jr., Esq. -- ehay@phhlawfirm.com -- at Pitts, Hay & Hugenschmidt, P.A., serves as the Debtor's bankruptcy counsel. It scheduled assets of $2,091,502 and debts of $1,543,320. The petition was signed by Watter T. McGee, president. BINDER MACHINERY: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Binder Machinery Co, LLC 16-28015 2820 Hamilton Blvd. South Plainfield, NJ 07080 Binder Managerial Services LLC 16-28020 Rocbin Investment Corporation 16-28024 Binder Realty of South Plainfield LLC 16-28025 Binder Realty of Winslow, LLC 16-28026 76 Mendham Road, LLC 16-28028 Type of Business: Heavy construction machinery distribution Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court District of New Jersey (Trenton) Judge: Hon. Kathryn C. Ferguson Debtor's Counsel: Anne Marie Aaronson, Esq. Catherine G. Pappas, Esq. DILWORTH PAXSON LLP 1500 Market Street, Suite 3500E Philadelphia, PA 19102 Tel: (215) 575-7000 Fax: (215) 575-7200 E-mail: aaaronson@dilworthlaw.com cpappas@dilworthlaw.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Robert C. Binder, manager, chief executive officer. Debtors' Consolidated List of 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Morris Funding MBC Funding LLC Unperfected Loan $1,412,819 Joseph Morris 35D Veterans Blvd Rutherford, NJ 07070 Anchin, Block & Anchin, LLP Services $209,314 1375 Broadway New York, NY 10018 Wirtgen America, Inc. Trade $154,637 P.O. Box 714 Antioch, TN 37011 Young Corporation Trade $110,332 P.O. Box 3522 Seattle, WA 98124 Operating - Weekly Employee $93,518 65 Springfield Avenue Springfield, NJ 07081 -1308 Cleary Machinery Co., Inc. Trade $64,105 24 Cedar St., So. Bound Brook, NJ 08880 American Express Trade $63,092 P.O. Box 1270 Newark, NJ 07101 ACS Industries, Inc. Trade $58,270 P.O. Box 810 Kent, OH 44240 Sennebogen, LLC Trade $53,673 1957 Sennebogen Trail Stanley, NC 28164 Keen Transport Inc. Trade $45,635 P.O. Box 298 New Kensington, PA 17072 Esco - Buckets Trade $32,323 Horizon of NJ Insurance $31,855 JRB Attachments Trade $30,074 K.W. Rastall Oil Co. Trade $27,705 Pengo Corp. Trade $26,616 TREK, Inc. Trade $25,482 Hensley Industries Inc. (Parts) Trade $23,238 Coyote Logistics, LLC Trade $22,505 Roland Machinery Co. Trade $19,006 Esco - Parts Trade $18,871 Zurich Insurance $17,970 Komatsu Parts Franchisor/ $17,940 loan Sherwin Williams Trade $17,825 Doosan Attachments Trade $17,793 TRM Manufacturing, Inc. Trade $15,603 Unifirst Corporation Trade $15,112 Kinshofer USA Trade $14,762 CP Attachments Trade $13,478 JRB Parts Trade $12,438 Bradco McMillen Trade $11,662 BINDER MACHINERY: Files for Bankruptcy; To Seek Going Concern Sale ------------------------------------------------------------------ Binder Machinery Co, LLC, one of North America's top Komatsu dealers, sought bankruptcy protection citing the depressed state of the heavy equipment industry. Although the Company remained competitive in the market, Binder said that the market contraction has been sharp and challenging. As of the bankruptcy filing, Binder estimated assets and liabilities in the range of $10 million to $50 million each. The Company filed the Chapter 11 case in order to thwart the cessation of its business operations while it pursues an orderly, going concern sale of its business. The Debtor said that while it has been able to continue operations and make strides to remedy its financial condition, its liquidity is insufficient to meet its debt obligations. Through the bankruptcy process, the Debtor plans to facilitate further cost reductions, to curtail and or eliminate product and service lines that are unprofitable, and to prevent the threatened terminations of its dealerships, which are the heart of its business. Also included in the bankruptcy filing are Binder's subsidiaries, namely: Binder Managerial Services LLC, Rocbin Investment Corporation, Binder Realty of South Plainfield LLC, Binder Realty of Winslow, LLC and 76 Mendham Road, LLC. A significant portion of Binder's business is derived from its 30-year distributor relationship with Komatsu America Corp., one of the world's leading manufacturer of core construction products. The sale and service of Komatsu products currently accounts for approximately $37,000,000 of Binder's annual revenue, or approximately 65% of Binder's total revenue for 2016, as disclosed in the Court filing. "The Debtors maintain strong market share and expect that they will continue to do so," said Robert C. Binder, manager and chief executive officer of the Company, in papers filed with the Court. "To date... the Debtors are generating positive earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Debtors expect that their strong market position will enable a return to a healthy financial position as the regional and national economies recover from the effects of the severe recession." According to Mr. Binder, the effects of the recession were devastating across the construction industry. In 2006 the total market was 714 units, of which Binder had a share of 28.3%. In 2009, the market bottomed out at 196 total units, with Binder's share at 34.2%. By 2012, the market had only rebounded to 305 total units, of which Binder had a 28.5% share. Against this backdrop, since 2007, Binder has reduced employee headcount from 155 to its current level of 87. The Company reduced expenses by 45%, which was achieved not only by headcount reductions, but also by compensation reductions, benefit eliminations, and curbed purchasing and expenditures. Prior to December of 2015, Binder, for a period with the assistance of a financial advisor, sought to restructure its secured debt and obtain sufficient working capital to remedy its financial condition. Binder was able to obtain a series of forbearance periods from Komatsu and its prior lender, Sun National Bank, as well as Sun's successor, Sandton Capital Partners, LP, while it sought refinancing. Also, prior to December of 2015, Binder's former financial advisory firm, Carl Marks Advisory Group initiated litigation against Binder in the Supreme Court of New York, seeking payment of approximately $1.4 million in fees pursuant to a 2011 Financial Advisory Agreement between Binder and CMAG. CMAG alleges that Binder breached the parties' 2011 Financial Advisory Agreement by not paying the fees and on the basis of quantum meruit. A decision on the parties' cross-motions for summary judgment is pending. In December of 2015, Binder closed a financing transaction with Callidus Capital Corporation that provided Binder with financing to restructure its credit facility with Sandton and provided operating capital for Binder's continued operations. According to Mr. Binder, despite its best efforts, the Company was unable to raise sufficient capital to fully satisfy further obligations falling due in September 2016 and requested that Komatsu provide a short extension of the deadline in order for Binder to remain in compliance under the terms of the Komatsu Credit Facility. Komatsu refused such extension. Binder also requested another extension of credit from Callidus in order to satisfy the September 2016 obligations owed to Komatsu. Komatsu refused to extend the deadline, and Callidus was not willing to further extend credit. "The Debtors' short-term prospects have been further damaged by the inability of the New Jersey Governor and Legislature to agree on funding New Jersey Highway Trust Fund. Due to lack of funding of this trust fund, over 900 New Jersey highway construction and repair projects have been idled, resulting in the layoff of thousands of workers, the return of rental equipment and the suspension by contractors of new equipment purchases and existing equipment servicing. This situation has had an immediate and severe impact on the Debtors' cash flow," Mr. Binder related. Headquartered in South Plainfield, New Jersey, Binder is a seller of heavy construction machinery including aggregate equipment, paving machines, cranes, telehandlers and purpose-built material handlers. Komatsu, Wirtgen, Hamm, Vogele, Sennebogen, SANY, Kinshofer, and Chicago Pneumatic are among the manufacturers for whom Binder and Rocbin Investment Corp., its subsidiary, provide distributor services. The Company was founded in 1957 by the late Walter Binder. It employs 87 individuals and enjoys a customer base of approximately 4,000 construction contractors. As of September, 2016, the Debtors were obligated: under the Komatsu Credit Facility in the approximate aggregate amount of $25,000,000; under the Sun Credit Facility in the approximate aggregate amount of $2.8 million; under the Callidus Credit Facility in approximate amount of $15,800,000; and, to Mr. Joseph Morris in the approximate amount of $1,421,819. The cases are pending in the U.S. Bankruptcy Court for the District of New Jersey. Judge Kathryn C. Ferguson has been assigned the cases. Dilworth Paxson LLP serves as counsel to the Debtors. A full-text copy of Robert C. Binder's declaration is available for free at http://bankrupt.com/misc/12_BINDER_Affidavit.pdf BION ENVIRONMENTAL: Incurs $4.52 Million Net Loss in Fiscal 2016 ---------------------------------------------------------------- Bion Environmental Technologies, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $4.52 million on $3,658 of revenue for the year ended June 30, 2016, compared to a net loss of $5.64 million on $3,658 of revenue for the year ended June 30, 2015. As of June 30, 2016, Bion Environmental had $198,193 in total assets, $14.07 million in total liabilities and a total stockholders' deficit of $13.87 million. GHP Horwath, P.C., in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company has not generated significant revenue and has suffered recurring losses from operations. These factors raise substantial doubt about its ability to continue as a going concern. The Company's annual report on Form 10-K is available from the SEC website at https://is.gd/s8OQ3v About Bion Environmental Bion Environmental Technologies Inc.'s patented and proprietary technology provides a comprehensive environmental solution to a significant source of pollution in US agriculture, large scale livestock facilities known as Confined Animal Feeding Operations. Bion's technology produces substantial reductions of nutrient releases (primarily nitrogen and phosphorus) to both water and air (including ammonia, which is subsequently re-deposited to the ground) from livestock waste streams based upon the Company's operations and research to date (and third party peer review). BIOSTAR PHARMACEUTICALS: Legal Proceedings Cast Going Concern Doubt ------------------------------------------------------------------- Biostar Pharmaceuticals, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $6.90 million on $620,138 of net sales for the three months ended June 30, 2016, compared with a net loss of $492,427 on $14.18 million of net sales for the same period in the prior year. For the six months ended June 30, 2016, the Company listed a net loss of $7.52 million on $1.42 million of total sales, compared to a net loss of $652,531 on $21.08 million of total sales for the same period in 2015. The Company's balance sheet at June 30, 2016, showed $42.06 million in total assets, $6.29 million in total liabilities, all current, and a stockholders' equity of $35.76 million. As of June 30, 2016, the Company had cash of $207,110 and net working capital of $2,060,971. For the period ended June 30, 2016, the Company reported a net loss of $7,522,789 and net cash provided by operating activities of $353,633. The Company generated cash flow from operations even though the Company incurred a net loss as (1) it collected outstanding receivables from its trade debtors; and (2) its net loss includes certain non-cash expenses that are added back to its cash flow from operations as shown on the Company's condensed consolidated statements of cash flows. The Company had experienced a substantial decrease in sales volume of all Aoxing Pharmaceutical Products due to the temporarily suspension of production to conduct maintenance of its production lines to renew its GMP certificates from 2015. While its production levels of Shaanxi Weinan products, being sold to a single customer, helped to offset the substantial decrease in the Company's sales volume in the most recent fiscal quarter, the Company's sales volume continued to remain at the present decreased levels. There is no assurance that the production lines at Aoxing will resume and the renewal of GMP certificates will occur when anticipated, or even if they are renewed, the Company will be able to return to the production levels as anticipated. The Company's inability to regain its production levels as anticipated may have material adverse effects on its business, operations and financial performance, and the Company may become insolvent. In addition, the Company already violated its financial covenants included in its short-term bank loans. During 2015, as a result of outstanding personal debts of the Chief Executive Officer, Mr. Ronghua Wang, one of the Company's bank accounts was frozen, title of three residential properties of the Company had been transferred, and certain buildings and land use rights are currently seized by the court but have not been transferred to the lender. As of June 30, 2016, Mr. Ronghua Wang had partially repaid the outstanding balance of the loan, thus avoiding the Company's land use rights and buildings being auctioned with proceeds used to settle this debt. Mr. Ronghua Wang intends to repay the Company in full for the loss. The Company has disclosed the above legal proceedings related to the Company to the best of its knowledge. There is no assurance that Mr. Ronghua Wang will be able to repay his personal debts in full before his creditors take any other further legal action. There is also no assurance that there will be no other cases that would put the Company's properties at risk. The factors discussed above raise substantial doubt as to the Company's ability to continue as a going concern. Based on its current plans for the next twelve months, the Company anticipates that the sales of the Company's pharmaceutical products in Shaanxi Weinan after having recently gained renewal of its GMP certificates, will be the primary organic source of funds for future operating activities in 2016. The Company will also make substantial efforts to collect outstanding accounts and other receivables to meet its debt obligations; it may also try to procure bank borrowing, if available, as well as capital raises through public or private offerings. There is no assurance that the Company will find such funding on acceptable terms, if at all. A copy of the Form 10-Q is available at: http://bit.ly/2cCOPh3 About Biostar Pharmaceuticals, Inc. Through its wholly owned subsidiary and controlled affiliate in China, Biostar Pharmaceuticals, Inc. -- http://www.biostarpharmaceuticals.com-- develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. BLAIR GLADWIN: Selling Merced Property to Lakshmanan for $575K -------------------------------------------------------------- Blair Harrison Gladwin and Tonetta Laureen Simone Gladwin ask the the U.S. Bankruptcy Court for the Eastern District of California to authorize the sale of real property commonly known as 7387-7397 E. Childs, Ave., Merced, California, other than in the ordinary course of business to Naga Lakshmanan for $575,000, subject to overbid. A hearing for the Motion is set for Oct. 13, 2016 at 1:30 p.m. The property is approximately 18.9 acres of farmland located on Childs Avenue in Merced, California. There are two 2 homes, 1 being approximately 1,800 square feet and the other being approximately 1,200 square feet. Each is rented at the rate of $750 per month. The rents constitute the cash collateral of American Farm Mortgage, Co., Inc. ("AFM") and are being placed in a segregated Debtor-In-Possession account and not utilized pending further order of the Court. The Property was marketed pre-petition through Coldwell Banker Gonella Real Estate, with Loren Gonella as the broker ("Coldwell"). The property appraised for 600,000 on Aug. 8, 2016. Debtors value the property at $600,000 in their bankruptcy schedules. Title to the property is held in the names of Debtors as husband and wife as Joint Tenants. Debtors have sought to employ Coldwell as a broker in the case. Debtors received an offer pre petition to purchase the property from Lakshmanan for $575,000. The Buyer has placed a $5,000 deposit in escrow with TransCounty Title Co. in Merced, California, escrow account number 16-00688-DF. The Buyer has been advised that the sale is now subject to Bankruptcy Court approval, consents to the procedure, and still desires to purchase the property. The Buyer has also been advised that the sale of the property is subject to higher and better bids at the time of hearing on the Motion. The Buyer's offer contemplates a $520,000 loan and the balance of the down payment in the amount of $50,000 at the close of escrow. Although the Buyer's offer contemplates closing escrow within 45 days after acceptance on Aug. 10, 2016, the Buyer has indicated that he is willing to close the sale at a later date following the hearing on the Motion by the Court, and Court approval of the sale. The sale of the property is in "as-is" condition, and is being sold with no warranty, express, implied or otherwise. Real property taxes through Dec. 31, 2016 are $32,759. An Estimated Seller's Closing Statement was prepared pre-petition in connection with take out financing Debtors were attempting to obtain to retire all of their debts. The Estimated Seller's Closing Statement has now been updated to show current taxes due. All real property taxes associated with the sale of the property will be paid upon close of escrow. Debtors are indebted to AFM in an amount of $478,948 as of Aug. 22, 2016 under AFM's first and second position notes secured by valid deeds of trust. Interest accrues at the rate of $96 per day under the notes. AFM supports the sale of the property subject to higher and better bids at the time of hearing and the Court's approval of the sale. The property is subject to valid first and second position deeds of trust in favor of AFM as part of multiple properties pledged by Debtors to secure the indebtedness owing to AFM. AFM will release its lien on the property and other properties in the estate in conjunction with the close of escrow conditioned upon AFM's receipt of net proceeds from the sale of the property sufficient to retire the indebtedness owing to AFM in full. It is estimated that as of Oct. 31, 2016, the amount owing to AFM will approximate $485,744 with accrued interest. Farm Service Corp. ("FSC") is a listed creditor in the TransCounty Title Co. dated Aug. 3, 2016 Preliminary Title Report ("Report") at Exception 9. However, Debtors dispute FSC's priority in the Report at Exception 9 by reason of the Subordination Agreement recorded as Document 2005-041355 on June 2, 2005 subordinating FSC's position to AFM's second position deed of trust recorded the same date, June 2, 2005 as Document 2005-041354. Debtors are informed and believe that FSC will support the sale Motion as long as all liens attach to the proceeds in their respective order of priority. The remaining creditors according to the Report are Valley Small Business Development Corp. (Exception 19), the California Department of Employment Tax Liens (Report Exceptions 20, 21, 22, 26, 27, 28, 29, and 30) and Federal Tax Liens (Report Exceptions 23, 24, and 25). The Valley Small Business Development Corp. (Exception 19) exception is disputed. As TanasCounty Title Co. Escrow Officer Danielle Furtado attests in her accompanying Declaration, she is in possession of an unrecorded Deed of Reconveyance dated Aug. 16, 2016 regarding Valley Small Business Development Corp.'s Deed of Trust (Exception 19). Thus, Debtors contend the lien is satisfied. The California Department of Employment Tax Liens total $153,542 in the Report which amount the Debtors dispute. Debtors have made significant payments to the California Department of Employment and believe that the amount owing more closely approximates $87,035. Regarding the Federal Tax Liens in the Report, they total approximately $179,125. Debtors dispute the amount owing on these Federal Tax Liens. There are no other known creditors secured by the property. Any party wishing to overbid for the property must perform and/or provide the following: a. Deposit with the Debtors' counsel in the amount of $60,000; b. Any successful overbid will have the $60,000 deposit applied to the successful overbid price; c. In the event a successful over bidder fails to close the sale within 15 days of delivery of a certified copy of the Court's order approving the sale and execute a Purchase Agreement for the property, then the $60,000 deposit will become non-refundable; d. All overbids shall be in the minimum amount of $5,000 such that the first of any overbid will be in the minimum amount of $580,000; and e. The sale of the property is in "as-is" condition with no warranty or representations, express, implied or otherwise by the bankruptcy estate, the Debtors or their representatives. Regarding the proposed commissions to be paid under the sale of the property, the total brokers' commission will be 6% calculated upon the ultimate Court approved sale price. In the event that there is more than one broker associated with the buyer and seller regarding the sale, the total commission payable will be equally divided between the listing and selling brokers or by such other agreement between said brokers. The Debtors believe that the proposed sale and overbid terms are fair, reasonable, and will generate a sale of the property in conformity with terms set forth under current market conditions. Debtors estimate that closing costs to be incurred by the estate (exclusive of commissions) will approximate $2,457 as set forth in TransCounty Title Co.'s Estimated Seller's Closing Statement. Commissions will approximate $34,500 depending on whether there is a successful overbid. The Debtors request for an Order authorizing them through the escrow holder, to pay all costs, commissions, real property taxes and the consensual liens of AFM directly from escrow as set forth. Counsel for the Debtors: Thomas H. Armstrong, Esq. LAW OFFICE OF THOMAS H. ARMSTRONG 5250 North Palm, Suite 224 Fresno, CA 93704 Telephone: (559) 447-4700 Facsimile: (559) 449-2693 E-mail: lawoffice5250@sbcglobal.net Blair Harrison Gladwin and Tonetta Laureen Simone Gladwin sought Chapter 11 protection (Bankr. E.D. Cal. Case No. 16-13271-A-11F) on September 6, 2016. The Debtors tapped Thomas H. Armstrong, Esq. at the Law Office of Thomas H. Armstrong as counsel. BRAZIL MINERALS: Limited Working Capital Raises Going Concern Doubt ------------------------------------------------------------------- Brazil Minerals, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $305,905 on $1,513 of revenues for the three months ended June 30, 2016, compared with a net loss of $899,346 on $28,780 of revenues for the same period in the prior year. For the six months ended June 30, 2016, the Company listed a net loss of $580,743 on $4,069 of revenues, compared to a net loss of $555,478 on $40,186 of revenues for the same period in 2015. The Company's balance sheet at June 30, 2016, showed $1.28 million in total assets, $1.72 million in total liabilities, and a stockholders' deficit of $439,087. The Company has limited working capital, has incurred losses in each of the past two years, and has not yet received material revenues from sales of products or services. These factors create substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company generating cash from its operations, the sale of its stock, and/or obtaining debt financing. During the six months ended June 30, 2016, the Company funded operations through the receipt of proceeds from the sale of equity securities. Management's plan to fund its capital requirements and ongoing operations include an increase in cash received from sales of diamond and gold derived from mining new areas, and an increase in cash received from mortar and sand sales, all of which are expected to occur within the 2016 calendar year. Management's secondary plan to cover any shortfall is selling its equity securities and obtaining debt financing. There can be no assurance the Company will be successful in these efforts. A copy of the Form 10-Q is available at: http://bit.ly/2cTDLuk About Brazil Minerals, Inc. Brazil Minerals, Inc., through subsidiaries, mines and sells diamonds, gold, sand and mortar. The Company, through subsidiaries, outright or jointly owns 11 mining concessions and 20 other mineral rights in Brazil, almost all for diamonds and gold. The Company, through subsidiaries, owns a large alluvial diamond and gold processing and recovery plant, a sand processing and mortar plant, and several pieces of earth-moving capital equipment used for mining as well as machines for sand processing and preparation of mortar. BRYAN WHITE: Unsecureds To Get 4% Dividend Under Plan ----------------------------------------------------- Bryan J. White and Vicki L. White filed with the U.S. Bankruptcy Court for the District of Nevada a disclosure statement for the Debtors' first amended plan of reorganization. Class 7 Unsecured Claims include both claims against the Debtor that were originally unsecured, and claims which originated as secured, but for which there is no equity. The undersecured claims include the full HELOC the Bridle property and the portion of the first mortgage which will not be paid. The undersecured claims constitute the largest portion of class. The Debtor estimates a dividend of approximately 4% to be paid to this class. This number could be higher or lower. The Debtors will pay $180,000 from their incomes from the Plan, and $5,000 from exempt assets or borrowing to be repaid after completion of the Plan. The payments will be made at the rate of not less than $3,000 per month for up to sixty months, with the $5,000 due in the 61st month. The amount paid each month shall first be applied to the mortgage on the Bridle property, including required escrow payments. The Debtor has proposed $280,000 at 4.25% for the treatment of the home, while the lender has proposed $330,000. The actual values will be set by evidentiary hearing. The Disclosure Statement is available at: http://bankrupt.com/misc/nvb15-16220-86.pdf Bryan J. White and Vicki L. White both work for the City of Henderson, and have two teenage children. They have been attempting for several years now to complete a rental home, namely 1660 Bridle Drive, Henderson, Nevada 89002, having purchased the property during the real estate "boom" in Las Vegas. With subsequent market changes, the house could not support its valuation, the Debtors have been unable to rent the property for enough to pay the original note, nor to refinance at a rate or reduced principal that would allow the property to service itself. For several years, repairs on the home accounted for a large portion of Debtors' incomes. The Debtors filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 15-16220) on Nov. 2, 2015, and are represented by: Richard E. Hawkins, Esq. HAWKINS LAW FIRM 3430 Industrial Road Suite 100 Las Vegas, NV 89121 Tel: (702) 435-3333 E-mail: dochawk@hbaLawFirm.com CAESARS ENTERTAINMENT: Parent Pledges More Than $5 Billion ---------------------------------------------------------- Jacqueline Palank, writing for The Wall Street Journal Pro Bankruptcy, reported that Caesars Entertainment Corp. will now contribute more than $5 billion to the restructuring of its operating unit, Caesars Entertainment Operating Co., in its final settlement offer to disgruntled bondholders, a bankruptcy lawyer said. According to the report, David Seligman, a lawyer for CEOC, said in bankruptcy court that a prior pledge of about $4 billion has increased by about $1.2 billion, which he called the "best and final proposal" in long-running negotiations with CEOC creditors and Caesars. The increased value includes setting additional Caesars equity aside for CEOC's creditors, the result of current Caesars backers Apollo Global Management and TPG agreeing to surrender their equity, valued at more than $950 million, in the company, the report related. Another $100 million will come from directors' and officers' insurance policies, Mr. Seligman said, the report further related. Mr. Seligman said the increased settlement value, in return for which Caesars, Apollo and TPG will obtain broad liability releases, should satisfy the junior bondholders that have fought CEOC's restructuring, the report noted. Junior bondholder lawyer Bruce Bennett said in court that despite the "significant additional value" on the table, there is still a "gap" between the offer and what the bondholders believe they're entitled to, the report said. The offer expires Sept. 23 at 11:59 p.m. Eastern time if the junior bondholders don't accept it, and Mr. Seligman said no deal could mean a very different reorganization plan for CEOC, the report further noted. 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). CAESARS ENTERTAINMENT: Settles Deferred Compensation Plans w/ CEOC ------------------------------------------------------------------ Caesars Entertainment Corporation entered into a settlement agreement with Caesars Entertainment Operating Company, Inc., related to the liabilities and assets associated with the following five nonqualified deferred compensation plans: the Harrah's Entertainment, Inc. Executive Supplemental Savings Plan, the Harrah's Entertainment, Inc. Executive Supplemental Savings Plan II, the Park Place Entertainment Corporation Executive Deferred Compensation Plan, the Harrah's Entertainment, Inc. Deferred Compensation Plan, and the Harrah's Entertainment, Inc. Executive Deferred Compensation Plan. As of June 30, 2016, the Company had recorded $42 million in plan liabilities, representing the estimate of its obligations under the ESSP and ESSP II and for certain former directors and employees who had employment agreements with Harrah's Entertainment, Inc. (the predecessor to the Company) and participated in the EDCP. The additional liability in respect of the CEDCP and DCP that the Company had not recorded as of June 30, 2016, was approximately $30 million, as the Company determined that this portion of the liability was attributable to CEOC. Also as of June 30, 2016, the Company had recorded approximately $64 million of assets held under a trust agreement to fund obligations under the Deferred Compensation Plans, but had not recorded approximately $55 million of assets held under an escrow agreement also related to obligations under the Deferred Compensation Plans. Pursuant to the Agreement, contemporaneously with the effectiveness of CEOC's plan of reorganization in its pending bankruptcy case, the Company will assume all obligations to plan participants under or with respect to all five Deferred Compensation Plans and CEOC and the other debtors in the bankruptcy case will have no further obligations to the plan participants under the Deferred Compensation Plans. At that time, CEOC and the other debtors will relinquish and release any claim or right that any of them may have in respect of the assets held under either the Trust Agreement or the Escrow Agreement. Upon the effectiveness of the Restructuring, the Company will record the additional assets and liabilities in respect of the CEDCP and DCP and Escrow Agreement. The Agreement is subject to approval of the U.S. Bankruptcy Court; CEOC filed a motion seeking such approval on Sept. 16, 2016. 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). CAPITAL INVESMENTS: Tranzon's Auction of Miami-Dade Condo Approved ------------------------------------------------------------------ Judge Brian F. Kenney of the U.S. Eastern District of Virginia authorized Capital Investments, LLC's auction sale of a unit of residential condominium property located at 1021 NW 3rd Street, Unit 103, Miami-Dade County, Florida, Miami-Dade County Tax ID # 01-41-02-082-0070, to be conducted by Tranzon Fox and Tranzon Diggers ("Auctioneer") on Oct. 20, 2016 or 30 days from Court approval. The property is encumbered by (i) a lien to secure the payment of certain unpaid real estate taxes owed to the Miami-Dade County, Florida ("County") in the approximately amount of $1,751, and (ii) a lien to secure unpaid condominium assessments owed to the River Lofts Condominium Association, Inc. ("Condo Association") in the approximate amount of $2,831. There are no other known liens of record encumbering the property. The Debtor has sought to employ Auctioneer as an Auctioneer for the purpose of conducting an auction sale of the property. As compensation for its services, the Auctioneer's will paid (i) an up-front non-refundable sum of $4,000 to be applied to the Auctioneer's advertising and other expenses, (ii) at closing a commission of 10% of the gross proceeds of sale and 10% "Buyer's Premium" which will be added to the sale price and paid by the purchaser; and that Auctioneer will be authorized to offer a fee of 2% of the high bid price, to be paid out of the Buyer's Premium, to a buyer's broker who properly registers a client that subsequently closes on a sale of the property. The Court schedules a further hearing to be conducted on Nov. 15, 2016 at 11:00 a.m. ("Approval Hearing"), to review and consider the final results of the auction sale and enter such approval order as may be appropriate; and that a summary of the results of the auction will be submitted to the Court to the Approval Hearing. About Capital Investments Capital Investments, LLC, sought Chapter 11 protection (Bankr. E.D. Va. Case No. 15-13600) on Oct. 15, 2015. The Hon Judge Robert G. Mayer is assigned to the case. The Debtor estimated assets of $1 million to $10 million and $1 million to $10 million in debt. The petition was signed by Abbas Ghassemi, manager. CHERRY CONTRACTING: Court Official Unable to Appoint Committee -------------------------------------------------------------- William Miller, U.S. bankruptcy administrator, on Sept. 19 disclosed in a filing with the U.S. Bankruptcy Court for the Middle District of North Carolina that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Cherry Contracting Inc. About Cherry Contracting Cherry Contracting, Inc. filed a chapter 11 petition (Bankr. M.D.N.C. Case No. 16-50927) on Sept. 2, 2016. The Debtor is represented by J. Marshall Shelton, Esq. and Steven K. Taylor, Esq., at Taylor Law Office, PC. The Debtor was founded in 2001 as a supplier of precast concrete products for use in construction projects. Over time the Debtor has become a leader in precast concrete sound-wall and barriers for use in roadwork projects. At the time of filing the Debtor operated one plant in Rural Hall North, Carolina. CHINA COMMERCIAL: Recurring Losses Raises Going Concern Doubt ------------------------------------------------------------- China Commercial Credit, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $157,911 on $250,008 of total interest and fees income for the three months ended June 30, 2016, compared with a net loss of $850,875 on $910,393 of total interest and fees income for the same period in the prior year. For the six months ended June 30, 2016, the Company listed a net income of $1.36 million on $484,809 of total interest and fees income, compared to a net loss of $789,573 on $2.20 million of total interest and fees income for the same period in 2015. The Company's balance sheet at June 30, 2016, showed $21.57 million in total assets, $19.28 million in total liabilities, and a stockholders' equity of $2.30 million. The Company has suffered an accumulated deficit of US$68,836,191 as of June 30, 2016. In addition, the Company had working capital (total consolidated current assets exceeding total consolidated current liabilities) of US$2,336,103, as of June 30, 2016. As of June 30, 2016, the Company had cash and cash equivalents of US$1,369,621, and total short-term borrowings of US$ nil. These and other factors disclosed in this quarterly report raise substantial doubt as to the Company's ability to continue as a going concern. Management believes that it has developed a liquidity plan that, if executed successfully, will provide sufficient liquidity to meet the Company obligations for a reasonable period of time. A copy of the Form 10-Q is available at: http://bit.ly/2cCz5Yl About China Commercial Credit, Inc. China Commercial Credit, Inc., is engaged in offering financial services in China. The Company's operations consist of providing direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses (SMEs), farmers and individuals in the city of Wujiang, Jiangsu Province. CHRISTIAN LAETTNER: Avoids Bankruptcy, Agrees to Repayment Plan --------------------------------------------------------------- Katy Stech and Valerie Bauerlein, writing for The Wall Street Journal, reported that Duke University basketball legend Christian Laettner has reached a repayment deal that his lawyer said should bring a decade of financial troubles to a close. According to the report, the repayment deal reached by Laettner, 47, with investors in a North Carolina tobacco warehouse redevelopment project -- including former teammates Johnnie Dawkins and Scottie Pippen -- will enable him stay out of bankruptcy. In court papers filed Sept. 19, lawyers for Laettner said he had reached a deal on how to divide roughly $10 million in proceeds from Durham, N.C.,'s West Village project among investors including former Duke University teammate Dawkins and former 1992 Olympic "Dream Team" teammate Pippen, the report related. The investors also include a company controlled by Glen Taylor, owner of the National Basketball Association's Minnesota Timberwolves, where Laettner spent much of his professional career, the report further related. The settlement should mark an end to Laettner's years of repaying investors in his real-estate projects across the country, which he has said in court filings were waylaid by the 2008 financial crisis, the report said. The Troubled Company Reporter said in July that Laettner faced bankruptcy after several creditors collectively owed $14 million filed an involuntary chapter 7 petition against him. According to the TCR, which cited WSJ, the nature of Mr. Laettner's debts weren't described in the eight-page petition filed July 5 in U.S. Bankruptcy Court in Durham, N.C. A 2012 profile in The Wall Street Journal noted that Mr. Laettner and his business partner in several real estate deals faced civil lawsuits seeking repayment of loans valued at about $30 million, including to sports celebrities such Pippen. In the article, Mr. Laettner's business partner and former teammate, Brian Davis, blamed their financial troubles on aggressive plans and the economic downturn, the report further related. Under bankruptcy-court rules, Mr. Laettner has 21 days to respond to the involuntary petition, the report noted. His lawyer, Hassan Zavareei, said the involuntary bankruptcy is related to the West Village real estate development in Durham, N.C., a downtown project that dwindled during the economic recession, the report said. The involuntary petition stems from two creditors who are fighting to recover money from the project and that Mr. Laettner plans to negotiate a deal that will lead the chapter 7 filing to be dismissed, he said, the report added. CHRISTL TREPTOW: Unsecureds To Recover 12% Under Plan ----------------------------------------------------- Christl M. Treptow filed with the U.S. Bankruptcy Court for the Southern District of California an individual Chapter 11 combined plan of reorganization and disclosure statement dated Aug. 25, 2016. Under the Plan, Class 2B (Other) General Unsecured Claims includes all known non-priorty unsecured creditors, including deficiency claims, and rejection claims, whether scheduled or based on proofs of claim on file excluding those in Class 2A Small Claims. General unsecured creditors who hold allowed claims will receive a pro-rata share of a fund totaling $30,000, created by the Debtor's payment of $500 per month for a period of 60 months, stating October 2016. Pro-rata means the entire amount of the fund divided by the entire amount owed to creditors with allowed claims in this class. The Debtor estimates that creditors will receive approximately 12% of their claims in this class. Additionally, the unsecured creditors are also being paid as part of a confirmed Chapter 11 plan of The Heat Factory, Inc., which is a reorganized debtor. The allowed Class 2B, totaling $165,570.68, is impaired. If the Plan is confirmed, the payments promised in the Plan constitute new contractual obligations that replace the Debtor's pre-confirmation debts. The plan payments will start on the Effective Date. Creditors may not seize their collateral or enforce their pre-confirmation debts so long as the Debtor performs all obligations under the Plan. If the Debtor defaults in performing plan obligations, any creditor can file a motion to have the case dismissed or converted to a Chapter 7 liquidations, or enforce their non-bankruptcy rights. The Debtor will be discharged from all pre-confirmation debts if the Debtor makes all play payments. The Combined Plan and Disclosure Statement is available at: http://bankrupt.com/misc/casb1600604-58.pdf About Christl M. Treptow Christl M. Treptow sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 16-00604) on Feb. 5, 2016. The Debtor is represented by Andrew H. Griffin, III, Esq., at the Law Offices of Andrew H. Griffin, III, as bankruptcy counsel. CLAIRE'S STORES: Incurs $32.1 Million Net Loss in Second Quarter ---------------------------------------------------------------- Claire's Stores, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $32.07 million on $317.17 million of net sales for the three months ended July 30, 2016, compared to a net loss of $18.86 million on $347.58 million of net sales for the three months ended Aug. 1, 2015. For the six months ended July 30, 2016, the Company reported a net loss of $70.83 million on $616.81 million of net sales compared to a net loss of $54.28 million on $667.58 million of net sales for the six months ended Aug. 1, 2015. As of July 30, 2016, Claire's Stores had $2.25 billion in total assets, $2.90 billion in total liabilities and a $646.75 million stockholders' deficit. Liquidity and Capital Resources "We are highly leveraged, with significant debt service obligations. As of July 30, 2016, we reported net debt (total debt less cash and cash equivalents) of approximately $2.5 billion with maturities ranging from 2017 through 2020. Our revolving credit facilities were fully drawn. In addition, our cash flows from operations have been running at rates lower than in prior years, requiring a greater portion to be devoted to debt service. "We are undertaking the Exchange Offer ... in an effort to reduce our outstanding indebtedness and improve liquidity through the reduction of cash interest expense. Based on the tenders through September 16, 2016 and the Affiliated Holder Exchange ... upon completion of the transactions contemplated by the Exchange Offer, the Company's outstanding debt would be reduced by approximately $396 million, debt maturities would be extended, and the Company estimates it would realize annual cash interest savings of approximately $24 million." Election to Delay Interest Payments On Sept. 15, 2016, the Company elected to delay making interest payments due Sept. 15, 2016, on its outstanding Senior Secured Second Lien Notes, 6.125% Senior Secured First Lien Notes and 9.0% Senior Secured First Lien Notes pending completion of the Exchange Offer and the Europe Credit Facility Refinancing. Non-payment of this interest would become an event of default under the indentures governing the Secured Notes only if the payment is not made within 30 days. The total amount of interest due Sept. 15, 2016, is approximately $77 million. This includes approximately $10 million of interest accrued on the Senior Secured Second Lien Notes that have been tendered in the Exchange Offer, and which will be cancelled upon completion of the Exchange Offer. The Company is continuing to pay employees, suppliers and trade creditors and to fund current operations on an ongoing basis. Under the indentures governing each series of Secured Notes, the Company has a 30-day period after the interest payment date before an event of default would occur on Oct. 15, 2016. The occurrence of an event of default under the indentures would give the trustee or the holders of at least 30% of principal amount of each series of Secured Notes the option to declare all of the Secured Notes of such series due and payable immediately upon such event of default. Additionally, failure to make the interest payments on the Secured Notes when due at the end of such period would constitute an event of default under certain of the Company's other outstanding indebtedness. The Company's quarterly report on Form 10-Q is available from the SEC website at https://is.gd/UyKcuR About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- operates as a specialty retailer of fashion accessories and jewelry for preteens and teenagers, as well as for young adults in North America and internationally. It offers jewelry products that comprise costume jewelry, earrings, and ear piercing services; and accessories, including fashion accessories, hair ornaments, handbags, and novelty items. Based in Pembroke Pines, Florida, Claire's Stores operates under two brands: Claire's(R), which operates worldwide and Icing(R), which operates only in North America. As of Jan. 31, 2009, Claire's Stores, Inc., operated 2,969 stores in North America and Europe. Claire's Stores also operates through its subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. The Company also franchises 198 stores in the Middle East, Turkey, Russia, South Africa, Poland and Guatemala. * * * The TCR reported on April 11, 2016, that Moody's Investors Service downgraded Claire's Stores, Inc. Corporate Family Rating (CFR) and Probability of Default Rating to Caa3 and Caa3-PD, respectively. "[The] downgrades reflect our view that there is an acute likelihood of a debt restructuring ahead of the June 2017 maturity of Claire's subordinated notes due to continuing erosion of liquidity and weak operating performance," stated Moody's Vice President Charlie O'Shea. As reported by the TCR on Aug. 22, 2016, S&P Global Ratings lowered its corporate credit rating on Florida-based Claire's Stores Inc. to 'CC' from 'CCC-' and placed it on CreditWatch with negative implications. CLOUD PEAK: Moody's Assigns Caa3 Rating on 2nd Lien Secured Notes ----------------------------------------------------------------- Moody's Investors Service assigned a Caa3 rating to the new proposed second lien secured notes of Cloud Peak Energy Resources LLC. At the same time, Moody's downgraded the Corporate Family Rating (CFR) of Cloud Peak to Caa2 from B3. Moody's also downgraded the Probability of Default Rating (PDR) to Caa2-PD from B3-PD, and the ratings on senior unsecured notes to Ca from Caa1. The Speculative Grade Liquidity Rating is affirmed at SGL-3. The outlook is stable. On Sept. 12, 2016, the company announced that it commenced offers to exchange its outstanding senior notes, including $300 million 8.50% Senior Notes due 2019 and $200 million 6.375% Senior Notes due 2024 for new secured 12.00% Second Lien Notes due 2021. Upon the successful completion of the above mentioned transaction, Moody's will assign an L/D (limited default) designation to the Caa2-PD to reflect the limited default of this debt exchange. Issuer: Cloud Peak Energy Resources LLC Assigned Senior Secured Second Lien Notes, Caa3 (LGD5) Downgrades: Probability of Default Rating, Downgraded to Caa2-PD from B3-PD Corporate Family Rating, Downgraded to Caa2 from B3 Senior Unsecured Regular Bond/Debenture, Downgraded to Ca (LGD6) from Caa1 (LGD5) Affirmed Speculative Grade Liquidity Rating, affirmed at SGL-3 Outlook Actions: Outlook, Stable RATINGS RATIONALE The Caa2 Corporate Family Rating (CFR) reflects continued deterioration of the company's operating performance, with long-term demand for Powder River Basin (PRB) coal challenged by the low natural gas prices and the secular decline of the coal industry driven by the regulatory pressures. Moody's believes that absent substantial improvement in coal prices, the company's EBITDA will continue to decline as the more advantageously priced contracts roll off. Moody's expects that Debt/ EBITDA, as adjusted, will drift above 6x by the end of 2016. Cloud Peak's Caa2 CFR is supported by its significant production platform in the PRB, efficient surface mining operations, solid customer base, and low employee healthcare liabilities. However, the rating is constrained by the concentration of Cloud Peak's assets in one coal basin and the resultant exposure to price, transportation, production disruptions, and regulatory risks. The ratings are supported by the company's solid cash and liquidity position, lack of near-term maturities and ability to scale operations and capital requirements to minimize cash burn and conserve liquidity. Cloud Peak's SGL-3 speculative grade liquidity rating reflects adequate liquidity. As of June 30, 2016, the company had about $64.1 million in cash, $434 million ($500 million capacity less $66 million in letters of credit) available on the credit facility, that matures in 2019, and about $24.9 million available under their Accounts Receivable Securitization facility. As of Sept. 9, 2016, the revolving credit facility decreased to a total capacity of $400 million. It contains one covenant that requires the company to maintain a liquidity level of not less than $125M as of the last day of each month. Moody's expects the company to be in compliance with this covenant over the next 12 to 18 months. Alternative liquidity is limited given the comprehensive security package provided under the revolver. Cloud Peak's unrated $400 million revolver has a first priority lien on all assets except the Lease By Application (LBA) leases. The Caa3 on the new second lien notes, one notch below the CFR, reflects its claim on assets in the capital structure behind the revolver but ahead of the Ca senior unsecured notes. The stable outlook reflects our expectation of adequate liquidity. A rating upgrade is unlikely at this time, but the outlook could be stabilized if we see a sustainable price recovery in the Powder River Basin. A downgrade would be considered if liquidity were to contract significantly. The principal methodology used in these ratings was Global Mining Industry published in August 2014. Cloud Peak Energy Resources LLC is one of the largest producers of coal in the US with three wholly-owned surface mining operations in Wyoming and Montana. The company produces subbituminous thermal coal with low sulfur content and an average heat value between 8,400 Btu and 9,350 Btu. The coal is primarily sold to domestic electric utilities. Cloud Peak is the only pure play Powder River Basin (PRB) coal producer we rate, and it controls an estimated 1.1 billion tons of proven and probable reserves. The company generated about $918 million of revenues through the twelve months ended June 30, 2016. COLUCCI TILE: Seeks to Hire Markovitz Dugan as Accountant --------------------------------------------------------- Colucci Tile and Marble, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire an accountant. The Debtor proposes to hire Markovitz Dugan & Associates to provide accounting services in connection with its Chapter 11 case. A retainer totaling $5,000 will be paid by the Debtor to the firm for its services. Daniel Miller, a certified public accountant, employed with Markovitz, disclosed in a court filing that his firm does not have any interest adverse to the Debtor or its estate. The Debtor is represented by: Christopher M. Frye, Esq. Steidl & Steinberg 2830 Gulf Tower 707 Grant Street Pittsburgh, PA 15219 Phone: 412- 391-8000 Email: chris.frye@steidl-steinberg.com About Colucci Tile and Marble, Inc. Colucci Tile and Marble, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-21389) on April 12, 2016. The petition was signed by Carl J. Hilbert, president. The case is assigned to Judge Gregory L. Taddonio. At the time of the filing, the Debtor estimated its assets at $100,000 to $500,000, and debts at $1 million to $10 million. COO COO'S NEST: Hires Lamberth Cifelli as Counsel ------------------------------------------------- Coo Coo's Nest, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Lamberth, Cifelli, Ellis & Nason, P.A. as counsel. The Debtor requires Lamberth Cifelli to: (a) advise, assist, and represent the Debtor with respect to the Debtor's rights, powers, duties, and obligations in the administration of this case; (b) advise, assist, and represent the Debtor with regard to any claims and causes of action or rights to recovery which the estate may have against various parties and to institute appropriate adversary proceedings or other litigation with regard to such claims and causes of action; (c) advise, assist, and represent the Debtor with regard to investigation of the desirability and feasibility of the rejection or assumption and potential assignment of any executory contracts or unexpired leases, and to advise, assist, and represent the Debtor with regard to liens and encumberances asserted against property of the estate; (d) advise, assist, and represent the Debtor in connection with all applications, motions, or complaints concerning relief from stays, disposition or other use of assets of the estates, and other similar matters; (e) advise, assist, and represent the Debtor with regard to the preparation, drafting, and negotiation of a plan and accompanying disclosure statement, or negotiation with other parties presenting a plan and accompanying disclosure statement; (f) prepare pleadings, applications, motions, reports, and other paper incidental to administration, and to conduct examinations as may be necessary pursuant to Bankruptcy Rule 2004 or as otherwise permitted under applicable law; (g) provide support and assistance to the Debtor with regard to the proper receipt, disbursement, and accounting for funds and property of the estates; (h) provide support and assistance to the Debtor with regard to the review of claims against the Debtor, the investigation of amounts properly allowable and appropriate priority or classification of same, and the filing and prosecution of objections to claims as appropriate; and (i) perform any and all other legal services incident or necessary to the proper administration of this case and the representation of the Debtor in the performance of its duties and exercise of its rights and powers under the Bankruptcy Code. Lamberth Cifelli will be paid at these hourly rates: Attorney $250-$495 Paralegal $110-$195 Lamberth Cifelli will also be reimbursed for reasonable out-of-pocket expenses incurred. G. Frank Nason, IV, member of Lamberth Cifelli, 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. Lamberth Cifelli can be reached at: G. Frank Nason, IV, Esq. LAMBERTH, CIFELLI, ELLIS & NASON, P.A. 1117 Perimeter Center West, Suite W212 Atlanta, GA 30338 Tel: (404) 262-7373 Coo Coo's Nest, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 16-21483) on July 29, 2016, disclosing under $1 million in both assets and liabilities. CORNERSTONE TOWER: Creditors' Panel Hires Committee as Counsel -------------------------------------------------------------- The Official Committee of Unsecured Creditors of Cornerstone Tower Services, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Nebraska to retain Koley Jessen, P.C., L.L.O. as legal counsel to the Committee. The Committee requires Koley to: a. advise the Committee with respect to its rights, duties, and powers in the chapter 11 case; b. assist and advise the Committee in its consultations with the Debtor and the Trustee relative to the administration of the chapter 11 case; c. assist the Committee in analyzing the claims of the Debtor's creditors and the Debtor's assets and liabilities; d. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor; e. assist and advise the Committee as to its communications to the general creditor body regarding significant matters in the chapter 11 case; f. represent the Committee at all hearings and other proceedings; g. review and analyze applications, motions, complaints, orders, statements of operations, schedules and other filings with the Court and advise the Committee as to their propriety, and, to the event deemed appropriate by the Committee, support, join, or object thereto; h. advise and assist the Committee with respect to any legislative, regulatory, or governmental activities; i. prepare any pleadings, including, without limitation, applications, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any matter related to the Debtor or the chapter 11 case; j. investigate and analyze any claims against the Debtor's affiliates; and k. perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The Committee requests that all fees and related costs and expenses incurred by the Committee on account of the services rendered by Koley in the chapter 11 case, be paid as administrative expenses of the estate pursuant to sections 328, 330(a), 331, 503(b), and 507(a)(1) of the Bankruptcy Code. Kristin Krueger, shareholder of the law firm of Koley Jessen, P.C., L.L.O., 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 have an interest materially adverse to the interest of the Debtor's estate or of any class of creditors of the Debtor, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtors. Koley can be reached at: Kristin Krueger KOLEY JESSEN P.C., L.L.O. One Pacific Place, 1125 South 103 St., Suite 800 Omaha, NE 68124 Tel: (402) 390-9500 Fax: (402) 390-9005 About Cornerstone Tower Headquartered in Grand Island, Nebraska, Cornerstone Tower Service, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Neb. Case No. 16-40787) on May 13, 2016, estimating its assets at between $1 million and $10 million and liabilities at between $1 billion and $10 billion. The petition was signed by James Scheer, president. Judge Thomas L. Saladino presides over the case. John C. Hahn, Esq., at Jeffrey, Hahn, Hemmerling & Zimmerman serves as the Debtor's bankruptcy counsel. On June 20, 2016, the U.S. Trustee for the District of Nebraska appointed the Committee of Unsecured Creditors. On August 24, 2016, the U.S. Trustee filed an Amended Committee appointment. The Committee currently consists of three members. The Committee hired Koley Jessen, P.C., L.L.O. as its legal counsel. CORTES NP: Moody's Assigns B1 CFR; Outlook Stable ------------------------------------------------- Moody's Investors Service assigned a first time rating to Cortes NP Acquisition Corporation (d.b.a. Vertiv Corporation), including a Corporate Family Rating of B1 and Probability of Default Rating of B1-PD. Concurrently, Moody's also assigned a Ba3 rating to the proposed term loan and B3 to its senior unsecured notes offering. The ratings outlook is stable. Cortes NP Acquisition Corporation is a newly created holding company that will effectuate Platinum Equity's acquisition of Network Power, a business of Emerson Electric Company. Proceeds from the debt issuance plus about $1.2 billion in cash equity from Platinum Equity will be used to finance the $4 billion acquisition. Assignments: These ratings were assigned to Cortes NP Acquisition Corporation: Corporate Family Rating, B1; Probability of Default Rating, B1-PD Proposed senior secured bank credit facility, Ba3 (LGD3); Proposed senior unsecured notes, B3 (LGD5); The ratings outlook is stable. RATINGS RATIONALE Vertiv is an important supplier to data centers of a broad suite of AC and DC power systems, switching devices and thermal management systems, and certain related services. In Moody's view, the company will continue to benefit from growth in data transmission and storage. Consequently, the ratings consider positive long term market growth, potential market share gain, a global customer base, some recurring revenues, low required capital expenditures, and expected long term balance sheet improvement. Revenue growth is anticipated to be flat to low single digits at best over the next few years. Hence, Moody's anticipates an emphasis on expense reduction and operating efficiency for potential margin expansion. Revenues in recent years have been negatively impacted by foreign exchange currency headwinds due to the strong US dollar and well as reduced capital spending by its customers in Asia. The company also made two acquisitions which performed lower than expected and hurt financial results. Moreover, in some cases hyperscale operators provide some of the inhouse design and maintenance capabilities that would otherwise be sourced from Vertiv. These clients still purchase equipment such as the cooling systems and power solutions from external providers. Moody's anticipates steadily improving leverage with Debt to EBITDA of around 5.5x and free cash flow to debt in the mid-single digits range for the fiscal year 2016 (ending Sept. 30). These measures are weak compared to other companies at the rating level and with a similar business risk profile, so continued reduction in financial leverage and improving liquidity are important elements of the B1 CFR. Vertiv's good liquidity profile is supported by its proposed $400 million asset-based revolving credit facility, good free cash flow generation and meaningful foreign assets that could be monetized, if needed. The proposed ABL facility is anticipated to maintain a springing fixed charge coverage ratio of 1.0 times when revolver availability falls below approximately $40 million. The term loan is not anticipated to have any financial covenants. The Ba3 rating on the company's approximately $2.3 billion term loan reflects the security package of assets, yet the $400 million ABL revolver has a superior position in claims on the company's choice assets. Moody's considers this important as the company's balance sheet is comprised of a significant amount of goodwill and other intangibles. There is a considerable amount of unsecured debt that will take the first loss under a distressed scenario. The B3 senior unsecured rating reflects that first loss, as the senior unsecured notes are subordinated to both the ABL revolver and term loan. All the debts will be guaranteed by all of the domestic subsidiaries of the issuer that are borrowers under or guarantee the term loan and the senior secured revolver. The stable rating outlook reflects Moody's view that positive free cash flow and deleveraging will be slow. The ratings could be downgraded if Moody's expects debt / EBITDA to be sustained above 5.75x, or EBITDA to Interest is below 2.5x, particularly if free cash flow was anticipated to be negative. A contraction in EBITDA margins of over 100 basis points could lead to a downgrade. The ratings could be upgraded if Moody's expects debt / EBITDA below 4.5x on a sustainable basis with improving EBITDA margins. The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Cortes NP Acquisition Corporation, headquartered in Columbus, Ohio, provides various infrastructure technologies for power and thermal management and infrastructure monitoring services used in data centers, communication networks, and commercial and industrial environments. Vertiv sells into various end markets with data centers accounting for nearly two-thirds of total net sales. The company will initially be 85% owned by Platinum Equity. Through the last twelve months ending June 30, 2016, net sales totaled approximately $4.4 billion. CREATIVE REALITIES: Working Capital Raises Going Concern Doubt -------------------------------------------------------------- Creative Realities, Inc., filed its quarterly report on Form 10-Q, disclosing a net income of $529,000 on $3.03 million of total sales for the three months ended June 30, 2016, compared with a net loss of $2.29 million on $2.70 million of total sales for the same period in the prior year. For the six months ended June 30, 2016, the Company listed a net loss of $1.24 million on $5.46 million of total sales, compared to a net loss of $4.22 million on $4.83 million of total sales for the same period in 2015. The Company's balance sheet at June 30, 2016, showed $23.06 million in total assets, $12.61 million in total liabilities, $3.90 million in convertible preferred stock, and a stockholders' equity of $6.54 million. The Company has incurred net losses and negative cash flows from operating activities for the three and six months ended June 30, 2016 and the years ended December 31, 2015 and 2014. As of June 30, 2016, the Company had cash and cash equivalents of $373,000 and a working capital deficit of $8.11 million. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management believes that despite its losses to date and while the Company can provide no assurance that its ongoing integration efforts will be successful, the operations of the consolidated Company resulting from the completed acquisition of ConeXus World Global, LLC and its restructuring actions will improve the Company's sales, profit margin, scale and operating efficiencies. A copy of the Form 10-Q is available at: http://bit.ly/2cxvEzW About Creative Realities, Inc. Creative Realities, Inc., is a Minnesota corporation that provides innovative shopper marketing and digital marketing technology and solutions to retail companies, individual retail brands, enterprises and organizations throughout the United States and in certain international markets. Creative Realities have expertise in a broad range of existing and emerging shopper and digital marketing technologies, as well as the related media management and distribution software platforms and networks, device management, product management, customized software service layers, systems, experiences, workflows, and integrated solutions. Its technology and solutions include: digital merchandising systems and omni-channel customer engagement systems, interactive digital shopping assistants, advisors and kiosks, and other interactive marketing technologies such as mobile, social media, point-of-sale transactions, beaconing and web-based media that enable its customers to transform how they engage with consumers. CROWN MEDIA: Moody's Withdraws B2 Probability of Default Rating --------------------------------------------------------------- Moody's Investors Service has withdrawn all ratings for Crown Media Holdings, Inc. following the completion of its short-form merger with a subsidiary of Hallmark Cards, Inc. (privately held) on May 2, 2016. Issuer: Crown Media Holdings, Inc. Withdrawals: Probability of Default Rating, Withdrawn, previously rated B2-PD Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-2 Corporate Family Rating, Withdrawn , previously rated B1 Senior Secured Bank Credit Facilities, Withdrawn, previously rated B1 (LGD3) Outlook Actions: Outlook, Changed To Rating Withdrawn From Stable RATINGS RATIONALE The credit rating has been withdrawn because Moody's Investors Service believes it has insufficient or otherwise inadequate information to support the maintenance of the credit rating. Crown Media Holdings, Inc., headquartered in Studio City, CA, is a media content distribution company with revenue of $502 million for the twelve months ended March 31, 2016. The company supplies original and syndicated television programming to cable, direct broadcast satellite and telecommunications service providers throughout the United States via the Hallmark Channel and the Hallmark Movies & Mysteries Channel. CTI BIOPHARMA: Shire Terminates License Agreement ------------------------------------------------- As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on Nov. 15, 2013, CTI BioPharma Corp. entered into a Development, Commercialization and License Agreement with Baxter International Inc., Baxter Healthcare Corporation and Baxter Healthcare SA on Nov. 14, 2013. As previously disclosed in a Current Report on Form 8-K filed with the SEC on June 9, 2015, the License Agreement was amended on June 5, 2015. Pursuant to the License Agreement, among other things, the Company granted to Baxalta a license with respect to pacritinib, Baxalta and the Company agreed to collaborate as to the development and commercialization of pacritinib, and the Company obtained the contingent right to receive certain milestone and royalty payments. Baxalta was subsequently acquired by Shire plc. As of June 3, 2016, Shire beneficially owned approximately 5.5% of the Company's common stock. On Sept. 13, 2016, the Company received a notice from Shire of Shire's termination of the License Agreement. The Notice of Termination states that the effective date of the termination of the License Agreement will be the earliest date to be demonstrated or agreed upon in accordance with the provisions of the License Agreement. Under the terms of the License Agreement, the Termination Date could be between 30 days and six months from the date of receipt of the Notice of Termination. As of the Termination Date, the Company would regain worldwide rights for the development and commercialization of pacritinib and the Company and Shire will have certain rights and obligations as set forth in the License Agreement. On Sept. 19, 2016, the Company and Shire entered into a non-binding term sheet with respect to the terms of the termination and the return of the asset. The Company and Shire currently intend to draft and negotiate a binding, definitive agreement that reflects, among other things, the matters addressed in the Term Sheet. There can be no assurances that the Company and Shire will be able to finally negotiate and execute a definitive agreement. In addition, on Sept. 19, 2016, the Company and Shire entered into a letter agreement amending the License Agreement. The Letter Agreement provides that if the Company and Shire are unable to negotiate and execute within 30 days a definitive agreement reflecting the terms contained within the non-binding Term Sheet, then for purposes of computing any applicable termination periods and deadlines under Section 15.2 of the License Agreement, Sept. 13, 2016, will be deemed the effective date of the notice of termination of the License Agreement by Shire (but for the avoidance of doubt will not be the effective date of the termination of the License Agreement). About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a commercial presence in Europe and a late-stage development pipeline, including pacritinib, CTI's lead product candidate that is currently being studied in a Phase 3 program for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington, with offices in London and Milan under the name CTI Life Sciences Limited. CTI Biopharma reported a net loss attributable to common shareholders of $122.62 million on $16.11 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $96.0 million on $60.07 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, CTI Biopharma had $123 million in total assets, $68.7 million in total liabilities and $54.7 million in total shareholders' equity. The Company's independent registered public accounting firm included an explanatory paragraph in its reports on its consolidated financial statements for each of the years ended Dec. 31, 2007, through Dec. 31, 2011, and for the year ended Dec. 31, 2014, regarding their substantial doubt as to the Company's ability to continue as a going concern. The Company said that although its independent registered public accounting firm removed this going concern explanatory paragraph in its report on our Dec. 31, 2015, consolidated financial statements, the Company expects to continue to need to raise additional financing to fund its operations and satisfy obligations as they become due. According to the Company, the inclusion of a going concern explanatory paragraph in future years may negatively impact the trading price of its common stock and make it more difficult, time consuming or expensive to obtain necessary financing, and the Company cannot guarantee that it will not receive such an explanatory paragraph in the future. CYTORI THERAPEUTICS: BARDA Increases Contract Option to $16.6M -------------------------------------------------------------- Cytori Therapeutics and Biomedical Advanced Research and Development Authority, a division of the U.S. Department of Health and Human Services, increased the contract option originally signed in August 2014 to fund continued investigation and development of Cytori Cell Therapy for use in thermal burn injuries. The amended option is valued at $16.6 million, an increase of approximately $2.5 million from its previous value of $14.1 million. Upon Investigational Device Exemption approval by the FDA, if received, Cytori will request that BARDA provide additional funding to cover costs associated with the completion of a pilot clinical trial. This trial will employ IV administration of Cytori Cell Therapy. The supplemental funds from this amended contract will be used to support the remaining activities necessary to seek approval of the IDE and support clinical readiness. The original contract includes additional options, exercisable at BARDA's discretion, valued at up to $68 million to fund both pilot and pivotal clinical trials and additional work in thermal burn complicated by radiation exposure. "BARDA and Cytori continue to work closely to develop this technology in the interests of the nation," said Dr. Marc Hedrick, president and chief executive officer of Cytori. "Additional funding allows Cytori to complete activities necessary for conduct of a pilot trial with the objective of getting Cytori Cell Therapy into the clinic for thermal burn in 2017." The current healthcare system is ill-prepared for large numbers of patients requiring simultaneous treatment for thermal burns associated with radiation exposure. Current standard of care consists of dressings, skin grafts and skin substitutes. Despite these treatments, patients with severe burns commonly suffer from prolonged pain, aggressive scarring, skin contracture and reduced range of motion. Cellular therapeutics such as those offered by Cytori may have the potential to improve the quality and rate of wound healing and reduce scarring and also can be deployed in a cost effective manner, even in mass casualty situations. According to the American Burn Association, there were approximately 450,000 burn injuries in 2013 that required medical treatment in the United States, with approximately 40,000 requiring hospitalization. In a mass casualty event, the Government Accountability Office estimates that as many as 10,000 patients could require thermal burn care. The limited number of specialist surgeons and burn centers in the U.S. creates a public health need for a burn wound therapy that can be quickly and broadly applied by non-specialist medical personnel following such an event. About Cytori Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX) -- http://www.cytori.com/-- is an emerging leader in providing patients and physicians around the world with medical technologies, which harness the potential of adult regenerative cells from adipose tissue. The Company's StemSource(R) product line is sold globally for cell banking and research applications. Cytori reported a net loss allocable to common stockholders of $19.4 million on $4.83 million of product revenues for the year ended Dec. 31, 2015, compared to a net loss allocable to common stockholders of $38.5 million on $4.95 million of product revenues for the year ended Dec. 31, 2015. KPMG LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from operations and liquidity position raises substantial doubt about its ability to continue as a going concern. DARIUS MILES: Former NBA Star Files for Bankruptcy -------------------------------------------------- The American Bankruptcy Institute, citing Valerie Edwards for Daily Mail, reported that fomer NBA star, Darius Miles, who earned $62 million during his nine-year career, filed for bankruptcy this summer. According to the report, citing court documents, the 34-year-old filed for bankruptcy in June, citing injuries, legal problems and bad investments. Miles listed $460,385 in assets and $1.57 million in liabilities, the report related. The 6-foot-9 forward, who was drafted by the LA Clippers in 2000, has debts that include a $282,041 IRS payment and $20,000 in child support, the report further related. He also claims to have lost $100,000 in a California real estate deal, the report said. Miles was drafted straight out of East St Louis High School as the No 3 draft pick by the Clippers, the report noted. The report also noted that about 60 per cent of NBA players filed for bankruptcy in the five years after their retirement due to bad investments, luxury purchases and child support, among other things. DBDFW2 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel ---------------------------------------------------------- DBDFW2, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire a legal counsel. The Debtor proposes to hire the law firm of Eric A. Liepins, P.C. to provide legal services in connection with its Chapter 11 case. Eric Liepins, Esq., sole shareholder of the firm, will be paid $275 per hour for his services while paralegals and legal assistants will be paid $30 to $50 per hour. In a court filing, Mr. Liepins disclosed that his firm does not represent any interest adverse to the Debtor's estate. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Telephone: (972) 991-5591 Fax: (972) 991-5788 About DBDFW2 LLC DBDFW2, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Texas Case No. 16-33554) on September 6, 2016. DIOCESE OF STOCKTON: Reveals Bankruptcy Plan -------------------------------------------- The American Bankruptcy Institute, citing Almendra Carpizo of Recordnet.com, reported that the Diocese of Stockton, California, on Sept. 20 announced a plan that could result in its exit out of bankruptcy more than two years after legal costs stemming from dozens of child sexual-abuse lawsuits depleted its funds. According to the report, Bishop Stephen E. Blaire said the diocese, which filed for bankruptcy in January 2014, negotiated with all the parties involved to reach a consensual plan, which includes: -- $15 million to survivors of sexual abuse and a trust for the benefit of survivors. -- Payment of at least 50 percent of what is owed to unsecured creditors. -- Restructuring of secured loans. Funding from the plan will come from the Diocese of Stockton, settling insurance carriers and other entities associated with the diocese, the report related. The $15 million settlement agreed upon by the diocese, the plaintiffs' attorneys and insurance companies is to "provide for the healing of the survivors," Blaire said, the report further related. The diocese is responsible for $9.89 million of the total amount, the report noted. Blaire said the plan will settle the cases of 27 victims who came forward during the period of bankruptcy, but $750,000 out of the $15 million will be set aside for any future plaintiffs who did not come forward in that time frame, the report added. About Diocese of Stockton The Diocese of Stockton, California was established on Feb. 21, 1962, by Pope John XXIII from the territory formerly located in the Archdiocese of San Francisco and the Diocese of Sacramento. The Diocese, comprising the six counties of San Joaquin, Stanislaus, Calaveras, Tuolumne, Alpine, and Mono, currently serves approximately 250,000 Catholics in 35 parishes. As a religious organization, The Roman Catholic Bishop of Stockton ("RCB") has no significant ongoing for-profit business activities. Revenue for the RCB principally comes from the annual ministry appeal, fees for services provided to non-RCB entities, donations, grants, and RCB ministry revenue. When the Diocese was created, most, if not all, of the property of the Parishes (excluding the pre- and/or elementary (K-8) schools) was held in the name of the RCB. The RCB also held the property for the cemeteries in the Diocese as well as some of the real property to be used for future parishes. Several Roman Catholic dioceses in the U.S. have filed for bankruptcy to settle claims from current and former parishioners who say they were sexually molested by priests. In Stockton's case, the RCB filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 14-20371) in Sacramento on Jan. 15, 2014. Judge Christopher M. Klein oversees the case. Attorneys at Felderstein Fitzgerald Willoughby & Pascuzzi LLP serve as counsel to the Debtor. Stockton scheduled total assets of more than $7.2 million against debt totaling $11.85 million. The schedules also show that the diocese has $1.6 million in secured debt. Creditors of the diocese assert $367,290 in unsecured priority claims and $9.88 million in unsecured non-priority claims. DYNAMIC DRYWALL: Beal Granted $2,400 Admin. Expense Fees -------------------------------------------------------- Judge Robert E. Nugent of the United States Bankruptcy Court for the District of Kansas allowed Ron D. Beal, PA's administrative expense application for storage fees at $2,400. The balance of his application was denied. Dynamic Drywall, Inc., employed the Law Offices of Ron D. Beal, PA, as special counsel to pursue a variety of construction related actions on behalf of the bankruptcy estate. Beal was to paid an hourly rate for all of that work. When DDI refused to agree to a revised contingency fee agreement containing an additional provision assuring Beal of an hourly fee recovery if certain "compromising events" transpired, Beal moved to withdraw. Beal then claimed the value of his time and expenses up to the withdrawal date as an administrative expense on the basis that he was thwarted from successfully pursuing a meritorious claim for the estate. Judge Nugent held that even if Beal was discharged it does not appear that his work on the adversary proceeding against The Hartford Fire Insurance Company benefitted the debtor. DDI did not economically benefit from the action. The Kansas Court of Appeals ultimately held that DDI wasn't entitled to collect any fees from HFI under the state court settlement agreement. DDI and HFI stipulated to a dismissal of the HFI litigation, making it unlikely that the debtor ever will benefit from the HFI adversary proceeding. Beal did demonstrate that he stored numerous files and records of the debtor in his office for over a year and he should be reimbursed for that service, Judge Nugent held. For those reasons, Beal's motion must otherwise be denied. A full-text copy of Judge Warren's September 2, 2016 order is available at http://bankrupt.com/misc/ksb14-11131-381.pdf About Dynamic Drywall Dynamic Drywall Inc., based in Wichita, Kansas, filed for Chapter 11 bankruptcy (Bankr. D. Kan. Case No. 14-11131) on May 21, 2014. Judge Robert E. Nugent presides over the case. Mark J. Lazzo, P.A., serves as the Debtor's counsel. In its petition, Dynamic Drywall estimated $1 million to $10 million in assets and $0 to $50,000 in liabilities. The petition was signed by Randall G. Salyer, president. ECI HOLDINGS: Unsecured Creditors' Recovery Unknown Under Plan -------------------------------------------------------------- General unsecured creditors of ECI Holdings LLC may not get anything under the company's Chapter 11 plan of reorganization. ECI Holdings is unaware of any Class 6 general unsecured claims other than the bifurcated portion of any secured claim. Class 1, 2, 3 and 4 claims all have other promising avenues of recovery and it is hoped that the unsecured portions of these claims, which are Class 6 claims, will be paid in full through those other avenues, according to the disclosure statement explaining ECI Holdings' plan. Because the assets of the Debtor are sufficient to pay only the secured portion of the Class 1 claim, Class 2 claim and a portion of the Class 3 claim, it will not be possible to pay Class 6 unsecured creditors anything under the plan. Payments under the plan will be funded by the continued operations of the Debtor's commercial and residential rental properties or by the sale of selected assets. A copy of the disclosure statement is available for free at https://is.gd/vHZOEk About ECI Holdings ECI Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code in the District of South Carolina (Columbia) (Case No. 16-02214) on May 2, 2016. The petition was signed by Bettis C. Rainsford, managing member. The Debtor is represented by Reid B. Smith, Esq., at Bird and Smith, PA. The case is assigned to Judge David R. Duncan. The Debtor estimated assets of $500,000 to $1 million and debts of $1 million to $10 million. ENER1 INC: Bankr. Court Has No Jurisdiction Over Ex-CEO Claim ------------------------------------------------------------- Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York denied Ener1, Inc.'s request to adjudicate its post-confirmation breach of contract claim against Charles Gassenheimer. Gassenheimer filed a proof of claim in Ener1's bankruptcy case totaling $807,962 for unpaid vacation time and a contractual severance payment. Ener1 asserted that Gassenheimer, who was Ener1's chief executive officer from August 2008 to September 26, 2011, violated the non-compete provision of his Employment Agreement when he co-founded Carnegie Hudson Resources. Ener1 asserted this alleged breach of contract defensively as a potential set off to any recovery by Gassenheimer on his proof of claim. Gassenheimer's employment agreement with Ener1 contained a covenant not to compete with Ener1. The non-compete period lasted at least twelve months following the termination of Gassenheimer's employment. Gassenheimer's alleged breach of the covenant not to compete occurred no earlier than April 2012, when Gassenheimer co-founded CHR. Judge Glenn pointed out that because of the bankruptcy court's post-confirmation jurisdictional shrinkage, a party seeking to establish post-confirmation jurisdiction must satisfy two requirements: (1) First, the matter must have a close nexus to the bankruptcy plan or proceeding, as when a matter affects the interpretation, implementation, consummation, execution or administration of the confirmed plan or incorporated litigation trust agreement. (2) Second, the plan must provide for the retention of jurisdiction over the dispute. The General Media test is consistent with other Second Circuit case law holding that a bankruptcy court retains post-confirmation subject matter jurisdiction to interpret its own orders, "particularly when disputes arise over a bankruptcy plan of reorganization." In this case, Judge Glenn concluded that the Breach of Contract Claim fails to satisfy the "close nexus" test, pointing out that because the Plan was fully funded, all other creditors have been fully paid and the old equity has been extinguished. All property of the estate vested in the Reorganized Debtor, including the breach of the covenant not to compete claim against Gassenheimer, and only Ener1 stands to benefit from the Breach of Contract Claim, whether asserted defensively, as here, or affirmatively in any action that Ener1 brings against Gassenheimer, Judge Glenn said. The Plan, and its implementation, will not be affected whether the Breach of Contract Claim succeeds or fails, he said. Resolution of this dispute does not involve any interpretation of the Plan, he held. Further, Judge Glenn concluded that the conduct giving rise to the Breach of Contract claim occurred after Plan confirmation. It may be that the same section of the Employment Agreement applies to Gassenheimer's Severance Claim -- which arose prepetition and will be decided as part of the claims allowance process -- and Ener1's breach of covenant not to compete claim -- which arose post-confirmation from separate conduct, the judge pointed out. The post-confirmation conduct here creates greater distance -- not a "close nexus" -- between the Breach of Contract Claim and the bankruptcy case, the judge said. Judge Glenn concluded that the court does not have subject matter jurisdiction to adjudicate the alleged post-confirmation breach of contract claim that Ener1 asserts as a potential setoff to any recovery by Gassenheimer on his proof of claim. Thus, Ener1 was not permitted to assert the alleged breach of the covenant not to compete as a defense or set off to Gassenheimer's claim. A full-text copy of Judge Glenn's September 15, 2016 order is available at http://bankrupt.com/misc/nysb12-10299-151.pdf Charles Gassenheimer is represented by: James Gassenheimer, Esq. BERGER SINGERMAN LLP 1450 Brickell Ave., Suite 1900 Miami, FL 33131 Tel: (305)755-9500 Fax: (305)714-4340 Reorganized Debtor, Ener1, Inc. is represented by: Jay Teitelbaum, Esq. TEITELBAUM LAW GROUP, LLC 1 Barker Avenue White Plains, NY Tel: (914)437-7670 Fax: (914)437-7672 Email: jteitelbaum@tblawllp.com About Ener1 Ener1 Inc. (OTC: HEVV) -- http://www.ener1.com/-- is a New York- based developer of compact, lithium-ion-powered energy storage solutions for applications in the electric utility, transportation and industrial electronics markets. It has three business lines: EnerDel, an 80.5% owned subsidiary, which is 19.5% owned by Delphi, develops Li-ion batteries, battery packs and components such as Li-ion battery electrodes and lithium electronic controllers for lithium battery packs; EnerFuel develops fuel cell products and services; and NanoEner develops technologies, materials and equipment for nano-manufacturing. Ener1, which received a $118 million U.S. Energy Department grant to make electric-car batteries, filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 12-10299) on Jan. 26, 2012, to implement a prepackaged plan of reorganization. The Plan has been unanimously accepted by all of Ener1's impaired creditors. Judge Martin Glenn oversees the case. Reed Smith LLP is Ener1's legal adviser and its financial adviser is Houlihan Lokey Capital Inc. The Garden City Group serves as its claims and noticing agent. In its petition, Ener1 estimated $73,900,000 in assets and $90,538,529 in liabilities. The petition was signed by Alex Sorokin, interim chief executive officer. Bzinfin, S.A., is represented in the case by Andrew E. Balog, Esq., and John H. Bae, Esq., at Greenberg Traurig, LLP. Counsel to Goldman Sachs Palmetto State Credit Fund, L.P., and Liberty Harbor Special Investments, LLC, are Gary Holtzer, Esq., and Ronit Berkovich, Esq., at Weil, Gotshal & Manges LLP. The U.S. Bankruptcy Court in the Southern District of New York confirmed the Company's Plan of Reorganization on Feb. 28, 2012, and the Plan became effective on March 30, 2012. The Plan provides for a restructuring of the Company's long-term debt and the infusion of up to $86 million of new capital pursuant to the terms and subject to the conditions of the equity commitment agreement that will provide both exit financing and working capital to conduct the continued operation of the Company's consolidated subsidiaries. The first $55 million under the Exit Financing will be provided by Bzinfin, and will be comprised of cash plus the principal amount outstanding under the DIP Facility, which amount will be converted into New Preferred Stock. The balance of $31 million will be provided by Bzinfin together with the other Participating Lenders. Pursuant to the Plan, the Company's $57.3 million in outstanding principal amount of Tranche A and Tranche B 8.25% senior unsecured notes, $10.0 million in outstanding principal amount of 6% senior convertible notes and the Company's Line of Credit Facility, under which $11.2 million principal is outstanding will be terminated in exchange for (i) a combination of shares of new common stock, par value $0.01 per share, issued by the reorganized Company. Aside from the restructured long-term debt, the claims of general unsecured creditors are unimpaired and will be paid by the Company in full in the ordinary course of business pursuant to the Plan. Pursuant to the Plan, all of the Company's currently outstanding Common Stock will be canceled on the Effective Date without receiving any distribution. The U.S. Bankruptcy Court in the Southern District of New York confirmed the Company's Plan of Reorganization on Feb. 28, 2012, and the Plan became effective on March 30, 2012. ENERGY FUTURE: Disallowance of 3 Stewart Claims Affirmed -------------------------------------------------------- Judge Richard G. Andrews of the United States District Court for the District of Delaware affirmed the bankruptcy court's order dated December 16, 2015, which sustained the debtors' objections to proofs of claim nos. 5739, 10003, and 10982. The claimant, Kuk Ja Stewart, the mother of appellant, Kenneth R. Stewart, filed Claim No. 5739 for an unliquidated amount, Claim No. 10003 for $1.8 billion, and Claim No. 10982 for an unliquidated amount. The proofs of claim seemed to be for "unpaid mineral leases." The claims all relate to the same set of alleged facts regarding certain mineral rights related to parcels of land that the claimant asserted are owned or controlled by the debtors and certain pipelines and transmission lines wherein the claimant asserted ownership interests. The appellant asserted the property interests were fraudulently taken from the claimant and himself. The debtors objected to the claimant's proofs of claim, stating that there was no relationship between the claims and the debtors, and to the land, the mining operations, the transmission lines, or the pipelines. The bankruptcy court entered two orders on December 16, 2015 sustaining the debtors' objections. The appellant filed a timely notice of appeal on December 29, 2015. Judge Andrews concluded that the bankruptcy court did not err in sustaining the debtors' objections to the proofs of claims at issue. The judge found that the evidence on record clearly indicates that there is no evidence of a relationship between the debtors and the claims and supports the bankruptcy court's findings. The appealed case is KENNETH R. STEWART, Appellant, v. ENERGY FUTURE HOLDINGS, et al., Appellees, Civ. No. 15-1213-RGA (D. Del.). A full-text copy of Judge Andrews' September 14, 2016 memorandum opinion is available at http://bankrupt.com/misc/deb14-10979-9544.pdf Appellees are represented by: Jason Michael Madron, Esq. RICHARDS, LAYTON & FINGER, PA One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: (302)651-7700 Fax: (302)651-7701 Email: madron@rlf.com 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. On Aug. 27, 2016, Judge Sontchi confirmed the Chapter 11 exit plans of two of Energy Future Holdings Corp.'s subsidiaries, power generator Luminant and retail electricity provider TXU Energy Inc. ENERGY FUTURE: Selling McLennan County Property for $788K --------------------------------------------------------- Energy Future Holdings Corp., et al., filed a notice with U.S. Bankruptcy Court for the District of Delaware to disclose that debtor Luminant Generation Co., LLC, proposes to sell approximately 168 acres in McLennan County, Texas ("Residual Tradinghouse Property"), in addition and related to, the approximately 298 acres in McLennan County, Texas ("Tradinghouse Property"), previously approved for sale on Sept. 1, 2016, to Dead River Ranch LP (Jim McDonald) for $788,000. As a related transaction with the same buyer, the Tradinghouse Property and Residual Tradinghouse Property, have a collective total sale price of $2,275,930. They have a book value of $337,411. The Residual Tradinghouse Property is being sold as-is, where is; Luminant will retain the oil and gas interests, but will sell any lignite interest; and Luminant is requiring the purchaser to agree that it will not protest any of Luminant's current or future operations, if any, at and associated with the repowering of the Tradinghouse power plant. Known Encumbrances against Residual Tradinghouse Property and the Tradinghouse Property are: a. DIP liens being held by Citibank, N.A.; b. Prepetition first priority liens being held by Delaware Trust Company of Delaware; c. Prepetition second priority liens being held by Wilmington Savings Fund Society, FSB; d. Property tax lien due to McLennan County Tax Assessor; and e. Direct sales tax lien due to the state of Texas. Known affected and interested entities are: 1. Jeffrey Thompson for potential agricultural license; 2. Oncor Electric Delivery Co. for easement; and 3. Atmos Energy Corp. for pipeline easement. Pursuant to the Sale Order, any parties may object to the proposed sale within 10 calendar days of service of the notice. 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. On Aug. 27, 2016, Judge Sontchi confirmed the Chapter 11 exit plans of two of Energy Future Holdings Corp.'s subsidiaries, power generator Luminant and retail electricity provider TXU Energy Inc. EXTREME PLASTICS: Selling All Assets for $22.5M to BW EPP --------------------------------------------------------- Extreme Plastics Plus, Inc., and EPP Intermediate Holdings, Inc., ask the U.S. Bankruptcy Court for the District of Delaware to authorize the bidding procedures to govern the sale of substantially all of the Debtors' assets to of BW EPP Holdings, LLC for $22,500,000, subject to overbid. The Debtors propose these dates and deadlines: a. Serve Sale Notice/file and serve Cure Notice: Five calendar days after entry of the Bidding Procedures Order b. Publish Publication Notice: Seven calendar days after entry of the Bidding Procedures Order c. Bid Deadline: Two to three business days before the auction d. Sale Objection Deadline/Deadline for counterparties to Assigned Contracts to object to cure, assignment, and adequate assurance: Nineteen calendar days after entry of the Bidding Procedures Order e. Auction: Two to four business days before the Sale Hearing f. Auction Objection Deadline/announcement of Successful Bid: One business day after the close of Auction g. Sale Hearing: Nov. 8, 2016 h. File list of Assigned Contracts assumed and assigned in connection with sale of the Debtors' assets: Five business days after the Closing Date Since the commencement of the Chapter 11 Cases, the Debtors have been investigating and analyzing potential transactions to effectuate a successful restructuring. On March 24, 2016, the Debtors executed an engagement letter with FTI Consulting, Inc. ("FTI") to obtain FTI's assistance, as their investment banker, with these efforts. The Debtors and their advisors subsequently determined that a robust marketing and sale process would be the most effective way to maximize the value of the Debtors' assets. With their advisors, and after consulting with the prepetition secured lenders ("Lenders") and the Creditors' Committee, the Debtors developed a teaser that summarized their business, financial history, and industry. The teaser was distributed to more than 200 parties who may be interested in purchasing some or substantially all of the Debtors' assets. The Debtors also established May 16, 2016, as the deadline for potential buyers to submit non-binding indications of interest. The Debtors received non-binding indications of interest from 14 parties who reviewed the confidential information memorandum and conducted due diligence. After consulting with Citizens Bank, as agent for the Debtors' Lenders and the Creditors' Committee, the Debtors and their advisors solicited potential stalking horse bids from the parties that submitted nonbinding indications of interest. The Debtors focused their efforts on working with the parties who provided the best indications of interest. These parties continued their due diligence and engaged in on-site visits with the Debtors' management team and advisors. After continued negotiations, the Debtors identified the offer of BW EPP Holdings ("Stalking Horse Purchaser") as the highest and best offer for the sale of the Debtors' assets. As such, the Debtors finalized that certain Asset Purchase and Sale Agreement ("Agreement"), by and among Extreme Plastics Plus, Inc., and BW EPP Holdings, dated as of Sept. 14, 2016. The transaction contemplated by the Agreement will be subject to competitive bidding. The salient terms of the Agreement are: a. Purchase Price: $22,500,000 b. Purchased Assets: i. all accounts and notes receivable and other rights to payment arising primarily from the conduct of the Business, other than any accounts and notes receivable or other rights to payment arising out of or relating to any Excluded Asset; ii. all tangible personal property owned by Seller primarily related to or primarily held for use in the conduct of the Business; iii. all rights, title, and interest of Seller in each Owned Property and under each Real Property Lease that is a Purchaser Assumed Contract, together with all of Seller's right, title, and interest in and to all improvements, fixtures, and other appurtenances thereto and rights in respect thereof; iv. all rights, title, and interest of Seller in and to any property subject to (a) a Personal Property Lease or (b) a collateralized debt obligation of the Seller (other than the debt obligations of the Seller under the Citizens Facility) that is primarily related to or primarily held for use in the conduct of the Business, to the extent any such Personal Property Lease or collateralized debt obligation is a Purchaser Assumed Contract; v. the Purchased Intellectual Property; vi. all of the rights and benefits accruing from and after the Closing under any of the Purchaser Assumed Contracts; vii. all Documents that are primarily used in, primarily held for use in, or arise primarily out of, the Business; viii. all of the rights and benefits accruing under any Permits primarily held, primarily used, or primarily made by Seller in the Business to the extent assignable, except any such Permit that is an Excluded Contract; ix. all warranties and guarantees primarily related to the Purchased Assets, to the extent assignable; x. any rights, demands, claims, causes of action, rights of recovery, credits, allowances, rebates, or rights of setoff or subrogation primarily arising out of or primarily relating to any of the Purchased Assets or the Business; xi. all Transferred Deposits; xii. all inventory of Seller, wherever located, including all finished goods, work-in-process and raw materials, pre-paid parts and packaging; and xiii. all goodwill and other intangible assets primarily associated with the Business, including customer and supplier lists and the goodwill associated with the Purchased Intellectual Property. c. Private Sale/No Competitive Bidding: The Debtors intend to execute a public auction process for the assets subject to the Motion. d. Bid Protections: $675,000 e. Deposit: $1,125,000 The Asset Purchase Agreement provides for Bid Protections for the Stalking Horse Purchaser in the event that the Agreement is terminated pursuant to the terms and under the conditions set forth therein. The Debtors seek authorization to pay the Bid Protections if and when required by the terms of the Agreement. The salient terms of the Bidding Procedures are: a. Minimum Bid: A minimum purchase price, or otherwise have value for the benefit of the Debtors' estates sufficient to satisfy (i) the Cash Purchase Price; plus (ii) the dollar value of the Bid Protections in cash; plus (iii) an assumption of the Assumed Liabilities; (iv) $400,000 in cash. b. Deposit: A deposit of no less than 5% of the total purchase price of such bid. c. Bid Increments: $250,000 d. Closing with Alternative Backup-Bidders: 45 calendar days after the date of the Auction e. Auction: Two to four business days before the Sale Hearing at the offices of counsel for the Debtors at Paul Hastings LLP, 71 South Wacker Drive, 45th Floor, Chicago, Illinois. The Debtors submit that the Bidding Procedures are designed to maximize the value of the Debtors' estates, while ensuring an orderly sale process. The Bidding Procedures describe, among other things, the procedures for interested parties to access and conduct due diligence, the manner in which bidders will become "qualified," the conduct of the Auction, selection and approval of the Successful Bidder and the Backup Bidder, and key deadlines. The Debtors believe that the Bidding Procedures afford them the best possible opportunity to maximize the amount received in the Sale for the Debtors' assets, by setting the baseline for additional bids, while facilitating robust bidding by qualified entities. To ensure a fair auction process for the Debtors' assets, the Debtors will provide adequate notice of the sale to interested parties and will solicit interest from numerous potential purchasers. The Debtors seek authority to assume and assign those executory contracts and unexpired leases designated by the Successful Bidder. To the extent necessary, the Debtors will present facts at the Sale Hearing to show the financial credibility, willingness, and ability of the Successful Bidder to perform under the Assigned Contracts to be assumed and assigned to the Successful Bidder. A copy of the Agreement and the Bidding Procedures attached to the Motion is available for free: http://bankrupt.com/misc/Extreme_Plastics_503_Sales.pdf The Purchaser: BW EPP HOLDINGS, LLC c/o Blue Wolf Capital Partners One Liberty Plaza, 52nd Floor New York, NY 10006 Attn: Chief Compliance Officer Facsimile: (917) 677-8233 E-mail: charlie@bluewolfcapital.com The Purchaser is represented by: Fred Stovall, Esq. Brent McIlwain, Esq. HOLLAND & KNIGHT LLP 200 Crescent Court, Suite 1600 Dallas, TX 75201 Telephone: (214) 964-9500 Facsimile: (214) 964-9501 E-mail: fred.stovall@hklaw.com brent.mcilwain@hklaw.com About Extreme Plastics Plus Founded in 2007, privately-held Extreme Plastics Plus, Inc., operates an environmental containment business specializing in providing environmental lining, above ground storage tanks, composite rig mats, secondary steel wall containment systems, and closed loop solids control services, primarily for the oil and gas industry. Extreme Plastics has six facilities in Fairmont, West Virginia, Tunkhannock, Pennsylvania, St. Clairsville, Ohio, Moore, Texas, Odessa, Texas, and Oklahoma City, Oklahoma. The stock of Extreme Plastics is held entirely by EPP Intermediate Holdings, Inc. The stock of EPP Intermediate is held entirely by EPP Holding Company, LLC, a non-debtor. Extreme Plastics, and affiliate EPP Intermediate Holdings, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 16-10221) on Jan. 31, 2016, as the ongoing decline in the price of oil and natural gas negatively impacted demand of the Debtors' services. Extreme Plastics estimated $10 million to $50 million in assets and $50 million to $100 million in debt. EPP Intermediate estimated $1 million to $10 million in assets and $50 million to $100 million in debt. As of the Petition Date, Extreme Plastics owes $49.5 million under a secured facility provided by lenders led by Citizens Bank of Pennsylvania, as agent. The facility is secured by a lien in substantially all of the Debtors' assets, as well as a pledge of 100% of the equity in Extreme Plastics and EPP Intermediate. The Debtors tapped Sullivan Hazeltine Allinson LLC as attorneys and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. The U.S. Trustee has appointed five members to the Official Committee of Unsecured Creditors. The Committee selected Reed Smith LLP as counsel. FANSTEEL INC.: Hires Bradshaw Fowler as Bankruptcy Counsel ---------------------------------------------------------- Fansteel, Inc., seeks permission from the Bankruptcy Court to employ Jeffrey D. Goetz, Esq., and the law firm of Bradshaw, Fowler, Proctor & Fairgrave, P.C., as its general reorganization counsel in its Chapter 11 bankruptcy case at the expense of the estate. It is anticipated that Jeffrey D. Goetz will be lead counsel and will primarily provide legal services to the Debtor. The Firm will render services to the Debtor at the Firm's regular hourly rates. The Firm understands that its compensation is subject to approval of this Court and intends to apply in conformity with Sections 330 and 331 of the Bankruptcy Code for compensation and reimbursement for fees incurred and costs advanced. The Firm's current hourly rates are: Professional Rate/Hour ------------ --------- Jeffrey D. Goetz $375 Krystal R. Mikkilineni $180 Paralegals $90-$110 Associates $125-$250 The Debtor requires the services of the Firm to: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of Bankruptcy Law, including the rights and remedies of the Debtor with regard to his assets and with respect to the claims of creditors; (c) represent the Debtor in any proceedings or hearings in the Bankruptcy Court and in any action in any other court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; (d) conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings related to this Chapter 11 case; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules as the same affect the Debtor in this proceeding; (f) assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 Plan; (g) make any court appearances on behalf of the Debtor; and (h) take other action and perform other services as the Debtor may require of the Firm in connection with the Chapter 11 case. The Firm does not have any connection with the Debtor, its accountants, creditors, or any other party in interest, the U.S. Trustee or any person employed by the U.S. Trustee. The Firm believes that it does not have any interest adverse to the Debtor or its estate as that term is used in Bankruptcy Code Section 327(a). The Firm also believes that it is a "disinterested person" as that term is defined in Bankruptcy Code Section 101(14). The Firm received $80,000 on Sept. 9, 2016, as a retainer to guaranty payment of its services in the Chapter 11 case. The Debtor and the Firm agreed that the Firm has earned $24,553 prior to the Petition date, and expended $9.95 in costs prior to the Petition date. There remains $55,436 in the Bradshaw, Fowler, Proctor & Fairgrave, P.C. Client Trust Account, to be applied to post-petition attorney fees and costs incurred, after application to and upon approval by the Bankruptcy Court. All of the Firm's expenses will be charged against the retainer. These expenses would include, among other things, postage or copying charges, delivery charges, long-distance telephone charges and travel. About Fansteel Headquartered in Creston, Iowa, Fansteel operates four business units at four locations in the USA and one in Mexico with a workforce of more than 600 employees. Fansteel generated approximately $87.4 million in revenue in 2015 on a consolidated basis. WDC contributes approximately 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries, as disclosed in court documents. Fansteel, Inc., and subsidiaries Wellman Dynamics Corporation and Wellman Dynamics Machinery & Assembly Inc., each filed a voluntary petition under Chapter 11 of the Bankruptcy Code. The cases are pending in the U.S. Bankruptcy Court for the Southern District of Iowa (Bankr. S.D. Iowa proposed Lead Case No. 16-01823) before Judge Anita L. Shodeen. The Debtors listed total assets of $32.9 million and total debts of $41.97 million as of the bankruptcy filing. FASHION STYLE: Unsecureds To Recoup 15% Under Plan -------------------------------------------------- Fashion Style, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a disclosure statement as of Aug. 26, 2016, together with the Debtor's proposed plan of reorganization. Class 3 General Unsecured Creditors is estimated at almost $25,346.72. This class will be paid 15% of their claims in 60 equal monthly payments starting on the effective date of the Plan. This class is impaired. Upon confirmation of the Plan, the Debtor will have sufficient funds to make payments then due under the Plan. The funds will be obtained from the continuation of the business operation and the revenues received from its operation. On the confirmation date of the Plan, the operation of the named business and other estate assets will be and become the general responsibility of the reorganized debtor, which will thereafter have the responsibility for the management and control and administration. The Disclosure Statement is available at: http://bankrupt.com/misc/prb16-02239-33.pdf Fashion Style, Inc., is a small business dedicated to operate a retail store for the sale of women apparel and accessories. The two shareholders of the corporation are David Medina and Juan Steidel. Mr. Medina is the president of the corporation. The Debtor operates the store located in San Patricio Plaza under the name Nous Boutique. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-02239) on March 22, 2016. Wanda I. Luna Martinez, Esq., at Luna Law Offices serves as the Debtor's bankruptcy counsel. FLOOR AND DECOR: Moody's Assigns B2 Rating on Proposed $300MM Loan ------------------------------------------------------------------ Moody's Investors Service assigned a B2 rating to Floor and Decor Outlets of America, Inc.'s proposed $300 million guaranteed senior secured term loan B. Moody's also assigned Floor and Decor a B2 Corporate Family Rating and B2-PD Probability of Default Rating. The outlook is stable. Proceeds from the proposed $300 million term loan along with $50 million of revolver borrowings will be used to fund a $175 million dividend to shareholders and repay approximately $164 million of outstanding debt. The company will also be entering into an amended $200 million ABL revolver (not rated) concurrently with the proposed new term loan. Ratings are subject to the execution of the proposed transaction and Moody's review of final documentation. This is the first time Moody's will rate this debt for Floor and Decor. Ratings assigned are: Corporate Family Rating at B2 Probability of Default Rating at B2-PD $300 million guaranteed senior secured term loan B due 2023 at B2 (LGD 4) The outlook is stable. RATINGS RATIONALE Floor and Decor's B2 Corporate Family Rating reflects its relatively high initial leverage pro forma for the proposed refinancing, particularly in relation to its relatively modest scale and limited geographic diversity with concentration in Florida and Texas. The ratings also factor in the cyclical nature of its core target market -- home remodeling -- and aggressive growth strategy versus historic levels. The ratings are supported by Floor and Decor's positive operating trends, competitive position within the hard surface flooring sector, management experience, direct sourcing model and adequate liquidity. The ratings recognize the breadth and depth of the company's product offerings and value focused offerings with everyday low pricing that should position it well in the current economic environment. The stable outlook reflects Moody's expectation that Floor & Decor successfully executes its new store growth strategy while maintaining positive operating trends at its existing store base that results in a steady improvement in earnings and credit metrics. The outlook does acknowledge that new store expansion will increase well above historic levels but also assumes that growth will be at a measured pace that would allow management time to adjust growth in the event the home remodeling sector were to moderate. The outlook also assumes that any liabilities associated with Chinese-manufactured laminate flooring that is related to Floor and Decor has been fully resolved with its recent settlement. Given the company's high initial leverage and modest scale an upgrade over the intermediate term is unlikely. However, factors that could result in an upgrade would require the successful execution of its store growth strategy while maintaining positive same store sales trends throughout its store base that results in sustained earnings growth and stronger credit metrics. An upgrade would require debt to EBITDA of under 4.5 times and EBIT to interest coverage exceeding 2.25 times on a sustained basis. Ratings could be downgraded in the event operating performance fell short of expectations resulting in an inability to strengthen credit metrics from current levels. Specifically, ratings could be downgraded if debt to EBITDA failed to migrate below 5.5 times on a sustained basis. Ratings could also be downgraded if liquidity were to deteriorate or any reason. Floor and Decor's liquidity is adequate and reflects our view that internal cash flow will be sufficient to cover all mandatory cash requirements and some existing store and infrastructure capital expenditures. However, additional ABL borrowings will be required to partially fund planned store growth over the next 12-month period. The company is also entering into an amended five-year $200 million senior secured ABL revolver (not rated), concurrently with the proposed new term loan, that should provide an adequate source of external liquidity. Availability under the proposed ABL revolver is particularly important given the expectation that cash balances will be maintained at minimal levels. Moody's also acknowledges that Floor and Decor alternate liquidity is relatively weak given that all assets first secure the ABL and then the term loan thus limiting the amount of tangible assets that could be a source of alternate liquidity in a distress situation. The B2 rating on the proposed new $300 million term loan, the same as the CFR, reflects the support received from a significant amount of liabilities that are ranked junior to the term loan as well as their subordination to the first lien senior secured ABL revolver. Floor and Decor is a leading retailer of hard surface flooring in the United States with 65 stores. The company is a wholly owned in-direct subsidiary of FDO Holdings, Inc. which in turn is owned by private equity firms Ares Management, L.P. and Freeman Spogli & Co. Annual revenues are about $1.0 billion. The principal methodology used in these ratings was Retail Industry published in October 2015. FOODSERVICEWAREHOUSE.COM: Selling Missouri Property for $271K ------------------------------------------------------------- FoodServiceWarehouse.com, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Louisiana to authorize the sale of racking systems, conveyors, other furniture, and equipment subject to the first position lien of and financed by U.S. Bank ("KC U.S. Bank Collateral") stored in the Debtor's warehouse in the Hunt Midwest Caves in Kansas City, Missouri ("KC Facility") for $237,000, as well as other property owned by the Debtor that is located in the KC Facility ("KC Non-U.S. Bank Collateral") for $34,000 to Sponge Co., Inc. The U.S. Bank Equipment Finance ("U.S. Bank") entered into a financing agreement with the Debtor pursuant to a Master Lease Agreement dated Aug. 7, 2014, as amended and supplemented, including the four schedules thereto ("Financing Agreement"). Pursuant to the Financing Agreement, U.S. Bank provided purchase money financing for the Debtor to purchase the KC U.S. Bank Collateral, for use by the Debtor in its business operations in the KC Facility. The Financing Agreement specifically indicates that it is a "Finance Lease" and that the Debtor grants U.S. Bank a security interest in the Property. The schedules further clarify that upon commencement of the term, any ownership interest of U.S. Bank in the property is transferred to the Debtor. Thus, though captioned as a "master lease," the Financing Agreement is not a true lease. In conjunction with the Financing Agreement, the Debtor granted to U.S. Bank a security interest in the KC U.S. Bank Collateral subject to the Financing Agreement. The security interest was perfected by the filing of a UCC-1 Financing Statement filed on Nov. 13, 2014. As a result, U.S. Bank has a first position lien and security interest on all racking systems, conveyors, and office furniture of the Debtor for which U.S. Bank provided purchase money financing. The "Property" is defined in the Financing Agreement to include goods, replacements, additions, and repairs, as well as proceeds of the foregoing, as set forth in the Schedule to the Master Lease Agreement. The Schedule to Master Lease Agreement dated Aug. 26, 2015 lists as "Property," "various items of equipment financed by U.S. Bank, whether now owned or hereafter acquired and including, but not limited to office furniture and warehouse racking as further described on invoices in lessor's collateral file." The schedule indicates that the Property located in the KC Facility, was purchased for $1,565,349 and fully funded by U.S. Bank. The purchase was financed by U.S. Bank, and the Property was located at the 8300 NE Underground Dr., Kansas City, Missouri. The Financing Agreement states that the Debtor grants to U.S. Bank a security interest in the Property as security for all the Debtor's liabilities and obligations to U.S. Bank of every kind and nature. The Schedules reiterate that U.S. Bank will retain a security interest in the Property until all obligations to U.S. Bank are satisfied. The Debtor's lease will terminate on Sept. 31, 2016, per the Court's order. The KC U.S. Bank Collateral and the KC Non-U.S. Bank Collateral remain in the KC Facility. The U.S. Bank and the Debtor have negotiated the sale of the KC U.S. Bank Collateral to the new tenant for the KC Facility, Sponge, doing business as CenterPoint Warehousing & Distribution, for $237,000. CenterPoint has also agreed to purchase the KC Non-U.S. Bank Collateral from the Debtor for $34,000. This was the highest offer received by the Debtor for these items. Upon the sale of the KC U.S. Bank Collateral, the Debtor would immediately pay the proceeds to U.S. Bank. Upon receipt of the proceeds, U.S. Bank would release the lien on the KC U.S. Bank Collateral. U.S. Bank would provide to the Debtor a credit towards its indebtedness to U.S. Bank in the amount of $237,000. The U.S. Bank and the Debtor are in agreement with respect to the terms of these two sales. Counsel for Sponge: Charles J. Hyland, Esq. HYLAND LAW FIRM, LLC 73000 W. 110th Sr., Suite 930 Overland Park, KS 66210 Telephone: (913) 498-1911 Facsimile: (913) 498-1950 Mobile: (913) 219-7139 E-mail: charlie@hylandkc.com About FoodServiceWarehouse.com FoodServiceWarehouse.com, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 16-11179) on May 20, 2016. The petition was signed by Thomas Kim, chief restructuring officer. The case is assigned to Judge Elizabeth Magner. The Debtor tapped Barry W. Miller, Esq., at Heller, Draper, Patrick, Horn & Dabney, L.L.C., as counsel; r2 Advisors, LLC as financial advisor; HyperAMS, LLC, as liquidation consultant; and Donlin, Recano & Company, Inc. as its claims, noticing and solicitation agent. The Debtor estimated its assets and liabilities in the range of $10 million to $50 million at the time of the filing. FOODSERVICEWAREHOUSE: Hearing on Disclosures Continued to Oct. 12 ----------------------------------------------------------------- The Hon. Elizabeth W. Magner of the U.S. Bankruptcy Court for the Eastern District of Louisiana has ordered that the hearing scheduled for Aug. 31, 2016, on FoodServiceWarehouse.com, LLC's disclosure statement dated Aug. 3, 2019, be continued to Oct. 12, 2016, at 10:00 a.m. As reported by the Troubled Company Reporter on Aug. 8, 2016, the Court scheduled a hearing to consider the approval of the Disclosure Statement for Aug. 31, 2016, at 9:00 a.m. About FoodServiceWarehouse.com FoodServiceWarehouse.com, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 16-11179) on May 20, 2016. The petition was signed by Thomas Kim, chief restructuring officer. The Debtor tapped Barry W. Miller, Esq., at Heller, Draper, Patrick, Horn & Dabney, L.L.C., as counsel; r2 Advisors, LLC as financial advisor; HyperAMS, LLC, as liquidation consultant; and Donlin, Recano & Company, Inc. as its claims, noticing and solicitation agent. The case is assigned to Judge Elizabeth Magner. The Debtor estimated assets and liabilities in the range of $10 million to $50 million. GF FINANCE: Hires Gallagher & Kennedy as Restructuring Counsel -------------------------------------------------------------- GF Finance, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Arizona to employ Gallagher & Kennedy, P.A. as general bankruptcy and restructuring counsel to the Debtor. GF Finance requires Gallagher & Kennedy to: a. investigate and analyze the Debtors' financial position with a focus on identifying amounts due to each of the secured lenders, identifying and reconciling collateral, and evaluating the Debtors' loan/lease portfolio; b. communicate directly with the Debtors' secured lenders individually and as a group through regular bank group meetings and teleconferences; c. manage the operations of the companies to preserve value; d. manage the servicing of the Debtors' loan/lease portfolio; e. review and oversee the preparation of financial statements; f. create and maintain a detail cash receipts and disbursements budget, and review and approve all disbursements; g. review and attempt to account for all assets of the companies; h. prepare and deliver periodic status reports to all secured lenders; and i. assist the companies of formulating an overall restructuring. Gallagher & Kennedy will be paid at these hourly rates: Todd A. Burgess, Shareholder $545 Lindsi Weber, Shareholder $395 Keri K. Adickes, Paralegal $260 Prior to the commencement of the bankruptcy case, Mr. Stephen T. Hansen, owner of GF Finance, Inc., provided Gallagher & Kennedy with an advance fee retainer in the amount of $108,656.08. Twelve months prior to the bankruptcy filing, Mr. Hansen paid Gallagher & Kennedy professional fees and expenses totaling $464,983.60, in addition to the retainer. Gallagher & Kennedy will also be reimbursed for reasonable out-of-pocket expenses incurred. Todd A. Burgess, shareholder of the law firm of Gallagher & Kennedy, 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. Gallagher & Kennedy can be reached at: Todd A. Burgess, Esq. GALLAGHER & KENNEDY, P.A. 2575 East Camelback Road Phoenix, AZ 85016-9225 Tel: (602) 530-8000 Fax: (602) 530-8500 E-mail: todd.burgess@gknet.com About GF Finance, Inc. GF Finance, Inc., based in Phoenix, AZ, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-10282) on September 7, 2016. The Hon. Paul Sala presides over the case. Todd A. Burgess, Esq., at Gallagher & Kennedy, P.A., as bankruptcy counsel. In its petition, the Debtor estimated $8.23 million to $17.48 million in both assets and liabilities. The petition was signed by Stephen T. Hansen, president. No official committee of unsecured creditors has been appointed in the case. GF FINANCE: Hires MCA Financial as Financial Advisor ---------------------------------------------------- GF Finance, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Arizona to employ MCA Financial Group, Ltd. as financial advisor to the Debtor. GF Finance requires MCA Financial to: a. analyze interim and long-tem cash needs, prepare and update short-term and long-term cash forecasts; b. assist the Debtor, GF Finance, Inc. with loan/lease portfolio servicing, collateral recovery, analysis, and sale, and account collection issues; c. advise the Debtors' business reorganization matters including operations, and financial and strategic matters; d. review and reconcile secured and unsecured claims; e. communicate with secured and unsecured creditors; f. assist with the preparation and the filing of all statements and schedules, monthly operating reports, chapter 11 plan, disclosure statement and related matters; g. provide bankruptcy financial advisory services, including expert witness reports and testimony related to interest rates, plan feasibility and valuation, as necessary; and h. assist the Debtors with all other financial and business related matters in the bankruptcy case as requested, necessary, and appropriate. MCA Financial will be paid at these hourly rates: Morris C. Aaron, Senior Managing Director $450 Paul Roberts, Managing Director $375 Karrilyn Krahe Thomas, Managing Director $375 BJ Packard, Director $295 Paraprofessionals $95 Prior to the commencement of the bankruptcy case, Mr. Stephen T. Hansen, owner of GF Finance, Inc., provided MCA Financial with an advance fee retainer in the amount of $27,141.89. Prepetition, in the twelve months prior to the bankruptcy filing, GF Finance, Inc. paid MCA Financial professional fees and expenses totaling $125,689 and Mr. Hansen paid MCA Financial professional fees and expenses totaling $579,707 in addition to the retainer. MCA Financial will also be reimbursed for reasonable out-of-pocket expenses incurred. Morris C. Aaron, member of MCA Financial Group, Ltd., 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. MCA Financial can be reached at: Morris C. Aaron MCA FINANCIAL GROUP, LTD. 4909 N 44th St. Phoenix, AZ 85018 Tel: (602) 710-2520 About GF Finance, Inc. GF Finance, Inc., based in Phoenix, AZ, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-10282) on September 7, 2016. The Hon. Paul Sala presides over the case. Todd A. Burgess, Esq., at Gallagher & Kennedy, P.A., as bankruptcy counsel. In its petition, the Debtor estimated $8.23 million to $17.48 million in both assets and liabilities. The petition was signed by Stephen T. Hansen, president. No official committee of unsecured creditors has been appointed in the case. GLOBAL FITNESS SOLUTION: Court to Consider Plan Outline on Oct. 4 ----------------------------------------------------------------- Global Fitness Solution, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico an Amended Disclosure Statement describing the Debtor's Plan of Reorganization. Under the Plan, the general unsecured creditors are classified in Class 1 will be paid $137.87 upon confirmation of Plan for a 60 installments, without interest, for a total payout of $8,272 representing 5% of their allowed claims. The Debtor believes that the total claims of the general unsecured creditors is approximately $165,439. Total monthly payment proposed under the Plan is $6,206, including $6,068 through a 53 months term in the case of priority tax debts and $138 through a 60 months term in the case of general unsecured debt, beginning upon confirmation of plan. The Debtor will fund the payments under the Plan from its collection of membership fees on a monthly basis, as well as from the collection of pre-petition accounts receivable. The Court will convene to consider approval of the Disclosure Statement on October 4, 2016, at 10:00 a.m. Any objections to the adequacy of Disclosure Statement must be filed with the Court 14 days prior to the scheduled hearing. A full-text copy of the Amended Disclosure Statement dated September 9, 2016, is available at http://tinyurl.com/hr7ka7j About Global Fitness Solution Global Fitness Solution, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-01721) on March 3, 2016. The Petition was signed by Daivelyne Rivera Adorno, President. The Debtor is represented by Emily Darice Davila Rivera, Esq., at the Law Office of Emily D. Davila Rivera. The Debtor is a small business corporation organized under the laws of the Commonwealth of Puerto Rico in 2010, engaged in the operation of a gym located at Plaza Caparra Shopping Mall. The case is assigned to Judge Enrique S. Lamoutte Inclan. At the time of filing, the Debtor had $50,000 in estimated assets and $100,000 to $500,000 in estimated liabilities. GOD'S ANGELS: Unsecureds To Recover 62.8% Under Plan ---------------------------------------------------- God's Angels In The Field, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Louisiana a first amended disclosure statement describing the Debtor's plan of reorganization. Under the Plan, Class 2 General Unsecured Claims totalling $95,523.20 are impaired. Holders of this class will receive a monthly payment of $1,000, starting Oct. 1, 2016, and ending on Sept. 1, 2021. Estimated recovery is 62.8%. Payments and distributions under the Plan will be funded by bi-weekly revenues generated by the operation of the Debtor's business. The First Amended Disclosure Statement is available at: http://bankrupt.com/misc/lamb15-11248-100.pdf God's Angels In The Field, LLC, filed a Chapter 11 petition (Bankr. M.D. La. Case No. 15-11248) on Oct. 12, 2015, and is represented by Daniel Frazier, Jr., Esq. -- dfrazierloi@aol.com -- at Frazier Law Office. GOD'S UNIVERSAL: Seeks to Hire Goren Wolff as Legal Counsel ----------------------------------------------------------- God's Universal Kingdom Christian Church, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire a legal counsel. The Debtor proposes to hire Goren, Wolff & Orenstein, LLC to provide legal services in connection with its Chapter 11 case. Prior to its bankruptcy filing, the Debtor deposited with the firm the sum of $2,000 for the costs associated with the filing. The filing fee in the amount of $1,717 was paid to the Clerk of the Court, leaving a balance of $283 reserved for further costs. The Debtor has agreed that will be paid all of its fees incurred from the proceeds generated at the time of the sale of its property. Michael Wolff, Esq., at Goren, disclosed in a court filing that he and his firm do not have any connection with the Debtor, and that he does not represent any interest adverse to the Debtor or its estate. The firm can be reached through: Michael G. Wolff, Esq. Goren, Wolff & Orenstein, LLC 15245 Shady Grove Road Suite 465, North Lobby Rockville, MD 20850 Phone: (301) 250-7232 Email: mwolff@gwolaw.com About God's Universal Kingdom God's Universal Kingdom sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-21952) on September 6, 2016. The petition was signed by Jennifer Robinson, treasurer. The case is assigned to Judge Wendelin I. Lipp. At the time of the filing, the Debtor disclosed $2.66 million in assets and $924,570 in liabilities. GOLFSMITH INT'L: Has Interim Approval for Employee Bonus Program ---------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued an interim order approving Golfsmith International Holdings' emergency motion for approval of (i) procedures for store closing sales, (ii) assumption of the liquidation consulting agreement and (iii) implementation of an employee bonus program and payments to non-insiders thereunder. As previously reported, "By this Motion, the Debtors request entry of an order granting them authority, but not directing them, to: (i) begin conducting Store Closing Sales at the Closing Stores immediately upon entry of interim relief; (ii) implement the Store Closing Procedures on entry of interim relief, (iii) assume the Liquidation Consulting Agreement on entry of final relief, (iv) implement a bonus program and fulfill their obligations thereunder to certain non-insiders. Closing the Closing Stores will immediately lower the Debtors' costs and increase cash flow from operations. Additionally, the liquidation of assets in the Closing Stores is expected to yield approximately $7.2 million in net proceeds. The Debtors are also seeking authority to assume a liquidation consulting agreement (the 'Liquidation Consulting Agreement') with Great American Group, LLC (the 'Liquidation Consultant'), a liquidation consulting firm that the Debtors have engaged to advise the Debtors on the most effective way to run a seamless and efficient multi-store closing process, and to maximize the value of assets being sold. Consultant shall receive a Merchandise Fee equal to three quarters of one percent (.75%) of the Proceeds which will be determined using the Gross Rings Method. Consultant shall receive an FF&E Fee equal to fifteen percent (15%) of the net proceeds from the sale of the FF&E." About Golfsmith International Headquartered in Austin, Texas, Golfsmith International Holdings, Inc., the parent company of Golfsmith International, Inc., is a holding company. The Company is a specialty retailer of golf and tennis equipment, apparel, footwear and accessories. The Company operates as an integrated multi-channel retailer, providing its customers the convenience of shopping in the retail stores across United States, through its Internet site, http://www.golfsmith.com/,and from its catalogs. The Company offers a product selection that features national brands, pre-owned clubs and its branded products. It offers a number of customer services and customer care initiatives, including its club trade-in program, 30-day playability guarantee, 115% low-price guarantee, its credit card, in-store golf lessons, and SmartFit, its club-fitting program. As of January 1, 2011, the Company operated 75 stores in 21 states and 33 markets. Golfsmith International Holdings, Inc., and its 12 debtor affiliates filed Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept. 14, 2016, and are represented by Mark D. Collins, Esq., John H. Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M. Persons, Esq., at Weil, Gotshal & Manges LLP, in New York. The Debtors' financial advisor is Alvarez & Marsal North America, LLC. The Debtors' investment banker is Jefferies LLC. The Debtors' claims, noticing and solicitation agent is Prime Clerk LLC. At the time of filing, the Debtor had $100 million to $500 million in estimated assets and $100 million to $500 million in estimated liabilities. GOLFSMITH INT'L: Meeting to Form Creditors' Panel Set for Sept. 23 ------------------------------------------------------------------ William K. Harrington, United States Trustee for Region 13, will hold an organizational meeting on Sept. 23, 2016, at 10:30 a.m. in the bankruptcy case of Golfsmith International Holdings, Inc. The meeting will be held at: The Double Tree Hotel 700 King Street Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About Golfsmith International Headquartered in Austin, Texas, Golfsmith International Holdings, Inc., the parent company of Golfsmith International, Inc., is a holding company. The Company is a specialty retailer of golf and tennis equipment, apparel, footwear and accessories. The Company operates as an integrated multi-channel retailer, providing its customers the convenience of shopping in the retail stores across United States, through its Internet site, http://www.golfsmith.com/, and from its catalogs. The Company offers a product selection that features national brands, pre-owned clubs and its branded products. It offers a number of customer services and customer care initiatives, including its club trade-in program, 30-day playability guarantee, 115% low-price guarantee, its credit card, in-store golf lessons, and SmartFit, its club-fitting program. As of January 1, 2011, the Company operated 75 stores in 21 states and 33 markets. Golfsmith International Holdings, Inc., and its 12 debtor affiliates filed Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept. 14, 2016, and are represented by Mark D. Collins, Esq., John H. Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M. Persons, Esq., at Weil, Gotshal & Manges LLP, in New York. The Debtors' financial advisor is Alvarez & Marsal North America, LLC. The Debtors' investment banker is Jefferies LLC. The Debtors' claims, noticing and solicitation agent is Prime Clerk LLC. At the time of filing, the Debtor had $100 million to $500 million in estimated assets and $100 million to $500 million in estimated liabilities. GOLFSMITH INTERNATIONAL: Proposes Oct. 19 Auction for Assets ------------------------------------------------------------ Golfsmith International Holdings, Inc. ("GS USA") and its debtor affiliates ask the U.S Bankruptcy Court for the District of Delaware to authorize the bidding procedures to govern the sale of substantially all of their assets. The Debtors seek to maximize the value of their estates for the benefit of their creditors by conducting an auction for the sale of substantially all of their assets. The Debtors intend to solicit bids for the auction from both parties seeking to operate their businesses as a going concern, and from parties seeking to liquidate the Debtors' assets for value. Three months prior to the commencement of these chapter 11 cases, the Debtors, together with their non-Debtor Canadian affiliates ("Company"), initiated a comprehensive marketing process to sell the Company as a going concern, either through separate sales of Golfsmith and Golf Town, or through a sale of the entire Company. The Company retained Jefferies, LLC, to serve as its investment banker and to design and execute the sale process. During the process, the Company received initial expressions of interest from 12 parties, seven of which continued into a second round of bidding. Although the Debtors received bids to purchase the Company's U.S. business, the parties were unable to reach mutually acceptable terms before it became necessary for the Debtors commence these chapter 11 cases. The phase of the sale process did, however, culminate in the Company receiving a binding proposal for the sale of its Canadian business, Golf Town, to a buyer that will operate Golf Town as a going concern ("Golf Town Transaction"), subject to approval by the Canadian Court in the CCAA Proceeding. The proceeds from the sale of Golf Town will benefit the Debtors' estates because they will be used to repay a significant portion of the claims of secured creditors who have claims against both Golf Town and the Debtors. In addition, holders of approximately 40% of the Company's Senior Secured Notes have signed a restructuring support agreement for a chapter 11 plan of reorganization for the Debtors. The Debtors have therefore commenced these chapter 11 cases to implement either a sale of the U.S. business or assets in an auction process ("Sale Process"), or a restructuring through a chapter 11 plan process, to ensure the highest and best recovery for their stakeholders. Based on communications between Jefferies and parties interested in either purchasing the Company's U.S. business, or in liquidating the Company's U.S. business, the Debtors are confident that they will receive competitive bids for Golfsmith as a going concern at the proposed auction, as well as competitive liquidation bids for Golfsmith's assets should the going concern bids provide insufficient value. The Debtors therefore seek approval of bidding procedures ("Bidding Procedures") that have been designed to provide them with maximum flexibility in executing their Sale Process. The Debtors believe the schedule is reasonable and appropriate for two reasons. First, the Company has already identified a purchaser for Golf Town, and has received expressions of interest and bids for Golfsmith. Second, a critical juncture for the Debtors' business commences in early November: the Debtors will need to both order a significant amount of new inventory for their stores in advance of the end-of-year holiday season, and to start to prepare their stores to execute their holiday season sales strategy. The Debtors say that approving a sale of the assets to a going concern bidder before November will allow the Debtors' significant cash needs to be funded by a new owner. The Bidding Procedures are designed to provide for a fair, timely, and competitive Sale Process, consistent with the Milestones. If approved, the Bidding Procedures will allow the Debtors to solicit and identify bids from potential buyers that constitute the highest or otherwise best offer for the assets in a timely manner. Pursuant to Local Rule 6004-1(c), certain of the key terms of the Bidding Procedures are: a. Sale Objection Deadline: Oct. 21, 2016, at 5:00 p.m. (PET) b. Bid Deadline: Oct. 17, 2016 at 5:00 p.m. (PET) c. Purchased Assets: (i) the Assets, or the portion thereof, to be purchased, including a list of any Proposed Assumed Contracts; (ii) the liabilities, if any, to be assumed, including any debt to be assumed; (iii) the Credit Bid, if applicable, and/or the cash purchase price of the bid; (iv) proposed adequate assurance of future performance with respect to any Proposed Assumed Contracts; and (v) whether Prospective Bidder intends is to operate the Debtors' business as a going concern, or to liquidate the business. d. Good Faith Deposit. Each qualified bid (other than one that includes a credit bid) must be accompanied by a good faith deposit in the form of cash (or other form acceptable to the Debtors in their sole and absolute discretion) in an amount equal to 10% of the purchase price offered to purchase the assets. All good faith deposits will be held in escrow in a non-interest bearing account identified by the Debtors until no later than 10 days after the conclusion of the auction unless such bidder is selected as the successful bidder or as a backup bidder, and thereafter returned to the respective bidders in accordance with the Bidding Procedures. e. Selecting Qualified Bidders: Oct. 18, 2016 at 5:00 p.m. (PET) f. Bid Protections: (i) a break-up fee and/or (ii) expense reimbursement g. Auction: Oct. 19, 2016 at 10:00 a.m. (PET) at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York. h. Minimum Overbid: Qualified bidders may submit successive bids higher than the previous bid, based on and increased from the baseline bid for the relevant assets. i. Auction Results: On Oct. 21, 2016 at 5:00 p.m. (PET), the Debtors will file with the Court, serve on the Sale Notice Parties, and cause to be published on the Web site of the Debtors' claims and noticing agent and administrative advisor, the results of the auction. Consistent with the Milestones, the Bidding Procedures, and the Debtors' need to consummate the sale prior to the calendar year's holiday season, the Debtors propose these key dates and deadlines for the Sale Process: a. Oct. 4, 2016 - Hearing on Bidding Procedures Motion and entry of Bidding Procedures Order b. Oct. 17, 2016, at 5:00 p.m. - Bid Deadline c. Oct. 18, 2016, at 5:00 p.m. - Deadline for Debtors to notify bidders of their status as qualified bidders d. Oct. 19, 2016, at 10:00 a.m. - Auction, to be held at offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York 10153 e. Oct. 21, 2016, at 5:00 p.m. - Deadline to file Sale Objections and Cure Objections f. Oct. 21, 2016, at 5:00 p.m. - Deadline to publish Auction results g. Oct. 27, 2016, at 5:00 p.m. - Deadline to file Adequate Assurance Objections h. Oct. 28, 2016 Hearing to approve proposed Sale Transaction(s) i. Oct. 30, 2016 - Deadline to execute all purchase agreements and other relevant definitive documentation in connection with the Sale or Backup Liquidation j. Oct. 31, 2016 - Deadline to close Sale Transaction(s) In connection with the sale, the Debtors will seek to assume and assign to the successful bidder(s) the Proposed Assumed Contracts. The assumption of the Proposed Assumed Contracts is an exercise of the Debtors' sound business judgment because the transfer of such contracts will be necessary to the Debtors' obtaining the highest or otherwise best bid for the Assets. The need for a timely Sale Process is driven, in large part, by the importance of closing a sale prior to the start of Golfsmith's end-of-year holiday sales season, and by the milestones set forth under the Debtors' DIP Facility ("Milestones"). Golfsmith's business is highly seasonal, with peak sales occurring from April to July, the period leading up to and during the warm-weather golf season, and in advance of the December holiday gift-giving season. In recent months, several of the Company's key vendors have tightened trade terms, constricting the Company's ability to access inventory and, in several instances, have demanded cash in advance of delivering merchandise to the Company's stores. Unfortunately, the timing of the trade contraction came at a critical period for the Company--during the peak warm-weather golf season. To give the Debtors the best possible opportunity to sell Golfsmith as a going concern, and to preserve the employment of Golfsmith's employees, the Debtors believe that the timely execution of the Sale Process is crucial. Access to postpetition financing is also critical to the Debtors' ability to operate their businesses during the Sale Process and pendency of these chapter 11 cases. After extensive, arms'-length negotiations with the ABL Lenders, who also agreed to extend the Company postpetition financing ("DIP Lenders"), the Debtors and the DIP Lenders agreed on a timeline that allows the Debtors to complete their Sale Process without creating undue risk of loss to the DIP Lenders. In particular, purely as a backup measure, the DIP Lenders require that the Debtors obtain an acceptable bid for the liquidation of their assets in the event that they do not receive an acceptable going-concern bid and proceeding with a restructuring through a chapter 11 plan process becomes unfeasible. The Debtors request waivers of the 14-day stay requirements under Bankruptcy Rules 6004(h) and 6006(d). The Milestones in the DIP Facility require the Debtors to complete the Sale Process by Oct. 31, 2016. As such, any delay in closing the sale could risk the Debtors defaulting under the DIP Facility and potentially even collapsing their restructuring strategy. Accordingly, the Debtors request that each Sale Order approving a Sale Transaction be effective immediately upon entry of such order. About Golfsmith Founded in 1967 by Carl and Barbara Paul, Golfsmith began as a provider of custom-made golf clubs, golf club-making components, and golf club-repair services. Golfsmith opened its first "brick and mortar" retail store in Austin, Texas in 1972, and circulated its first general catalog selling third-party products in 1975. Golfsmith primarily operated as a catalog-based business until the 1990s, when it embarked on a large-scale expansion. In 1992, Golfsmith moved to GSI's present headquarters, a 40-acre campus that includes corporate administration offices, a practice driving range, a 30,000-square-foot Golfsmith superstore, and 240,000 square feet of shipping and distribution facilities. In 1995, Golfsmith began an aggressive retail expansion with the opening of superstores in Houston and Dallas, Texas and Denver, Colorado. In 1997, Golfsmith launched its first e-commerce website to further expand its direct-to-consumer business. In October 2002, Golfsmith sold a majority share of its company to an investment fund managed by First Atlantic Capital, Ltd. On June 15, 2006, with 56 retail stores in operation, First Atlantic executed an initial public offering of Golfsmith and listed the company's common stock on the NASDAQ Exchange under the symbol "GOLF." Golf Town was founded in 1998 with the objective of becoming the market leader in the Canadian retail golf industry. Golf Town opened its first store in Toronto, Ontario, Canada in 1999. It quickly expanded to open 54 retail stores across Canada and became the nation's largest retailer of golf equipment, apparel, and accessories. In September 2007, Golf Town was acquired for C$240 million and taken private by Toronto-based OMERS Private Equity on behalf of OMERS Administration Corporation, the administrator of the OMERS pension plan. In 2011, Golf Town expanded into the U.S. market by opening seven stores in the greater Boston area. GRAND VOLUTE: Seeks to Hire Amicus Management as Broker ------------------------------------------------------- Grand Volute Ballrooms, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to hire a broker. The Debtor proposes to hire Amicus Management, Inc. in connection with the sale of its real and personal properties in Kent County, Michigan. The Debtor wants the properties sold for $1.995 million. Amicus Management will receive a fee, which is 6% of the sales price, according to court filings. Chad Razmus, director of Amicus, disclosed in a court filing that his firm has not had as clients any of the Debtor's creditors and equity security holders. The Debtor is represented by: James R. Oppenhuizen, Esq. Oppenhuizen Law Firm, PLC 125 Ottawa Ave. NW, Suite 366 Grand Rapids, MI 49503 Tel: (616) 730-1861 Email: joppenhuizen@oppenhuizenlaw.com About Grand Volute Grand Volute Ballrooms, LLC, based in Lowell, MI, filed a Chapter 11 petition (Bankr. W.D. Mich. Case No. 16-04314) on August 19, 2016. The Hon. James W. Boyd presides over the case. James R. Oppenhuizen, Esq., at Oppenhuizen Law Firm, PLC, serves as bankruptcy counsel. In its petition, the Debtor estimated $2.27 million to $3.45 million in both assets and liabilities. The petition was signed by Kent O. McKay, sole member. No official committee of unsecured creditors has been appointed in the case. GREATBATCH LTD: Moody's Lowers CFR to B3; Outlook Stable -------------------------------------------------------- Moody's Investors Service downgraded Greatbatch Ltd.'s (borrowing entity for Integer Holdings Corporation, formerly Greatbatch, Inc.) Corporate Family and Probability of Default Ratings to B3 and B3-PD from B2 and B2-PD, respectively. Moody's also downgraded the company's first lien senior secured credit facility rating to B2 from B1, and its senior unsecured notes to Caa2 from Caa1. The rating outlook is stable. At the same time, Moody's affirmed the company's SGL-3 Speculative Grade Liquidity Rating. "Because Greatbatch faces industry-wide headwinds, deleveraging will be more difficult than we initially anticipated," said Diana Lee, a Moody's Senior Credit Officer. "As a result, Greatbatch is not likely to achieve leverage appropriate for a B2 over the next 12 to 18 months," continued Lee. The downgrade also reflects further deterioration in the company's internal liquidity sources and expected tightening under its financial covenants. Following is a summary of Moody's rating actions. Ratings downgraded: Greatbatch Ltd. Corporate Family Rating to B3 from B2 Probability of Default Rating to B3-PD from B2-PD Senior secured first lien revolving credit facility to B2 (LGD 3) from B1 (LGD3) Senior secured first lien term loan A to B2 (LGD 3) from B1 (LGD3) Senior secured first lien term loan B to B2 (LGD 3) from B1 (LGD3) Senior unsecured notes to Caa2 (LGD 6) from Caa1 (LGD 6) The outlook on all ratings is stable. Rating affirmed: Greatbatch Ltd. Speculative Grade Liquidity Rating of SGL-3 RATINGS RATIONALE Greatbatch's B3 Corporate Family Rating reflects Moody's expectation that the company will operate with relatively high financial leverage, modest interest coverage and very high customer concentration. Greatbatch will continue to face integration risks associated with Lake Region Medical, the largest acquisition in its history. In addition, medical device industry trends -- such as lower inventory levels and longer payment terms -- will negatively affect sales, earnings and cash flow. However, the rating is supported by the company's solid scale and market position in the highly fragmented medical device outsourcing sector as well as expected cost synergies. The stable outlook reflects Moody's expectation that Greatbatch will see improvement in cash flow, aided by acquisition-related cost savings and working capital improvements. However, the outlook also reflects Moody's view that leverage will remain high over the outlook period due in part to industry headwinds. The ratings could be downgraded if the company's liquidity deteriorates, if it faces additional sales or earnings pressure, or if leverage increases. The ratings could be upgraded if Greatbatch's revenues, earnings and cash flow improve, and it realizes acquisition-related synergies. Debt/EBITDA sustained below 6.0 times would also be necessary before Moody's would consider an upgrade. The principal methodology used in these ratings was Global Medical Product and Device Industry published in October 2012. Headquartered in Frisco, TX, Integer Holdings Corporation (formerly Greatbatch, Inc.) performs contract manufacturing services, primarily for companies within the medical device industry. In late 2015, Integer acquired Lake Region Medical, one of its largest competitors. Pro forma annual net sales are approximately $1.4 billion. Moody's has also corrected its database to reflect that the issuer of the rated senior secured first lien credit facilities and senior unsecured notes is Greatbatch Ltd. All ratings initially assigned to Greatbatch, Inc., including the Corporate Family Rating, Probability of Default Rating and Speculative Grade Liquidity Rating, now apply to Greatbatch Ltd. GROWTH OPPORTUNITY: Creditors to Receive 100% Under the Plan ------------------------------------------------------------ Growth Opportunity Alliance of Greater Lawrence, Inc., submits its Disclosure Statement to the U.S. Bankruptcy Court for the District of New Hampshire in connection to the Debtor's Liquidating Pot Plan. Under the pot plan, the Debtor will finish converting the Remaining estate Property to cash, which will be added to the Net Asset Sale Proceeds in the amount of $163,214. The Debtor has approximately $242,050.60 in the pot, which represents the Net Asset Sale Proceeds, will be paid out to Allowed Creditors on a Class-by-Class basis in accordance with their seniority. The Debtor expects that the allowed creditors in the General Unsecured Claims Class will be paid in full, without interest. A full-text copy of the Disclosure Statement dated September 9, 2016 is available https://is.gd/qCawZC About Growth Opportunity Growth Opportunity Alliance of Greater Lawrence Inc., a charitable corporation, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 15-11098) on July 13, 2015. The Petition was filed by the Company's Acting Chairman of the Board of Directors, James Salsbury. The Debtor is represented by William S. Gannon, Esq. at William S. Gannon, PLLC of 889 Elm Street, 4th Floor, Manchester, NH. At the time of the filing, the Debtor estimated its assets at $100,001 to $500,000 and debts at $500,001 to $1 million. GULF PAVING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Gulf Paving Company, Inc. 3460 Metro Parkway Fort Myers, FL 33916 Case No.: 16-08113 Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court Middle District of Florida (Ft. Myers) Debtor's Counsel: Richard A Johnston, Jr., Esq. JOHNSTON LAW, PLLC 7370 College Parkway, Suite 207 Fort Myers, FL 33907 Tel: 239-600-6200 Fax: 877-727-4513 E-mail: richard@richardjohnstonlaw.com Total Assets: $2.82 million Total Liabilities: $3.03 million The petition was signed by Timothy B. Lause, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-08113.pdf HANJIN SHIPPING: U.S. Commerce Dept. Urged to Solve Shipping Crisis ------------------------------------------------------------------- Nick Turner, writing for Bloomberg News, reported that the National Retail Federation and other U.S. trade groups are urging the Commerce Department to work with the South Korean government to resolve the Hanjin Shipping Co. crisis, which stranded an estimated $14 billion of goods at sea. According to the report, the bankruptcy of Hanjin, which moves huge containers of products to the U.S. from Asia, has roiled supply chains and delayed shipments of everything from T-shirts to televisions. Companies are concerned that their goods may be seized by Hanjin's creditors once the ships dock, the report cited the organizations' letter to Commerce Secretary Penny Pritzker. "U.S. businesses rely on predictability in their supply chains, particularly during the busiest shipping season of the year," the groups said in the letter, which was dated Sept. 20, the report further cited. "The recent bankruptcy filing has caused widespread disruptions in freight shipments worldwide." About Hanjin Shipping Hanjin Shipping Co., Ltd., is mainly engaged in the transportation business through containerships, transportation business through bulk carriers and terminal operation business. The Debtor is a stock-listed corporation with a total of 245,269,947 issued shares (common shares, KRW 5000 per share) and paid-in capital totaling KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee shareholders' association. The Company operates approximately 60 regular lines worldwide, with 140 container or bulk vessels transporting over 100 million tons of cargo per year. It also operates 13 terminals specialized for containers, two distribution centers and six Off Dock Container Yards in major ports and inland areas around the world. The Company is a member of "CKYHE," a global shipping conference and also a partner of "The Alliance," another global shipping conference to be launched in April 2017. Hanjin Shipping listed total current liabilities of KRW 6,028,543 million and total current assets of KRW 6,624,326 million as of June 30, 2016. As a result of the severe lack of liquidity, Hanjin applied to the Seoul Central District Court 6th Bench of Bankruptcy Division for the commencement of rehabilitation under the Debtor Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same day, it requested and was granted a general injunction and the preservation of disposition of the Company's assets. The Korean Court's decision to commence the rehabilitation was made on Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's custodian. The Chapter 15 case is pending in the U.S. Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case No. 16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly appointed foreign representative of Hanjin Shipping. HAWAIIAN RIVERBEND: Taps Faris Lee Investments as Realtor --------------------------------------------------------- Hawaiian Riverbend, LLC seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire a realtor in connection with the sale of its real properties in Hawaii. The Debtor proposes to hire Faris Lee Investments and pay the firm a 6% commission to be split with the buyer's broker. Faris Lee Investments does not hold or represent any interest adverse to the Debtor's estate, and does not have any connection with the Debtor or any of its creditors, according to court filings. The Debtor is represented by: Chuck C. Choi, Esq. Allison A. Ito, Esq. Wagner Choi and Verbrugge 745 Fort Street, Suite 1900 Honolulu, HI 96813 Tel: (808) 533-1877 Fax: (808) 566-6900 E-mail: cchoi@hibklaw.com aito@hibklaw.com About Hawaiian Riverbend Hawaiian Riverbend LLC, based in Saratoga, California, filed a Chapter 11 petition (Bankr. D. Hawaii Case No. 16-00348) on April 4, 2016. The Hon. Robert J. Faris presides over the case. Ramon J. Ferrer, Esq., serves as bankruptcy counsel. In its petition, the Debtor estimated $8.65 million in total assets and $1.71 million in total debts. The petition was signed by Ryan Smith, co-manager. HILLCREST INC: Disclosures Conditionally OK'd; Hearing on Oct. 4 ---------------------------------------------------------------- The Hon. Dennis R. Dow of the U.S. Bankruptcy Court for the Western District of Missouri has conditionally approved Hillcrest Inc.'s disclosure statement describing the Debtor's Chapter 11 plan. On Aug. 26, 2016, the Debtor filed a Plan as well as a Disclosure Statement. The Disclosure Statement has been conditionally approved, and the disclosure and plan confirmation hearings will be combined. If there are significant disclosure issues which cannot be resolved before or in the combined hearing, the hearing will be treated as a disclosure hearing and a separate confirmation hearing will be set. Oct. 4, 2016, at 9:00 a.m. is fixed for the hearing on final approval of the Disclosure Statement and for the hearing on confirmation of the Plan and related matters. About Hillcrest Inc. Hillcrest Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 16-40054) on Jan. 12, 2016. The Debtor is represented by Randall L. Robb, Esq. The Debtor estimated less than $50,000 in assets and debt. HILTZ WASTE: Hires Sassoon & Cymrot as General Counsel ------------------------------------------------------ Hiltz Waste Disposal, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Sassoon & Cymrot, LLP as general counsel to the Debtor. Hiltz Waste requires Sassoon & Cymrot to: a. advise the Debtor with respect to its duties and powers in the bankruptcy case; b. assist the Debtor with the administration of its case; c. assist the Debtor in formulating, negotiating and submitting a plan of reorganization and disclosure statement; and d. perform such other legal services as may be required and in the interest of the Debtor and its chapter 11 bankruptcy estate. Sassoon & Cymrot will be paid at these hourly rates: Jeffrey J. Cymrot $450 Aaron S. Todrin $225 Other attorneys $200-$450 Sassoon & Cymrot will be paid a retainer in the amount of $25,000. Sassoon & Cymrot will also be reimbursed for reasonable out-of-pocket expenses incurred. Sassoon & Cymrot has provided corporate and other legal services to the Debtor, at filing, Debtor owed Sassoon & Cymrot $10,683.00, which claim Sassoon & Cymrot waives. Jeffrey J. Cymrot, member of the law firm of Sassoon & Cymrot, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Sassoon & Cymrot can be reached at: Jeffrey J. Cymrot, Esq. SASSOON & CYMROT LLP 84 State Street Boston, MA 02109 Tel: (617) 720-0099 About Hiltz Waste Disposal, Inc. Hiltz Waste Disposal, Inc. filed a chapter 11 petition (Bankr. D. Mass. Case No. 16-13459) on Sept. 7, 2016. The petition was signed by Deborah S. Hiltz, president. The Debtor is represented by Aaron S. Todrin, Esq., at Sassoon & Cymrot, LLP. The case is assigned to Judge Joan N. Feeny. At the time of the filing, the Debtor estimated assets and liabilities at $1 million to $10 million. No official committee of unsecured creditors has been appointed in the case. ISLE OF CAPRI CASINOS: Moody's Revises Outlook to Stable -------------------------------------------------------- Moody's Investors Service revised Isle of Capri Casinos, Inc.'s rating outlook to stable from positive and affirmed the company's existing ratings, including its B1 Corporate Family Rating, following the company's announcement that it entered into an agreement to be acquired by Eldorado Resorts, Inc. (B2 review for upgrade). Eldorado will acquire all of the outstanding shares of Isle for $23.00 in cash or 1.638 shares of Eldorado common stock. The acquisition is valued at approximately $1.7 billion, including $929 million of Isle's outstanding debt. "The stable outlook anticipates the acquisition will close as planned and that Isle's outstanding debt will be repaid in full. It is not a reflection of a change in the operating performance of the company," stated Keith Foley, a Senior Vice President at Moody's. "The stable outlook also considers that in the event the transaction is not completed as planned, Isle may pursue other strategic and/or financial actions that may prevent it from achieving a higher rating," added Foley. Eldorado has received committed financing for the transaction totaling $2.1 billion from J.P. Morgan. The completion of the transaction is not subject to a financing contingency. The transaction has been unanimously approved by the Boards of Directors of both Eldorado and Isle. The transaction is subject to approval of the stockholders of both companies along with other customary closing conditions, and is expected to close in the second quarter of 2017. Ratings affirmed: Corporate Family Rating, at B1 Probability of Default Rating, at B1-PD Senior secured debt rating, at Ba1(LGD 1) Senior unsecured debt rating, at B1(LGD 3) Senior subordinated debt rating, at B3(LGD 5) RATINGS RATIONALE Isle's B1 Corporate Family Rating considers its positive free cash flow profile about $150 annually, modest leverage with debt/EBITDA at about 4.5 times, and Moody's expectation that gaming revenue will continue to be stable in the foreseeable future. Even with a relatively flat gaming revenue outlook, Isle along with other US gaming companies are now reaping the benefits of their lower and more efficient cost structures. This improved operating leverage will continue to result in a greater contribution to Isle's EBITDA from each dollar of revenue growth going forward. Also considered is Isle's geographic diversification which reduces the company's exposure to regional economic downturns, overbuilding in a particular market, competitive challenges, and regulatory risk. Key credit concerns include Moody's expectation that US population demographics will continue to move in a direction that doesn't favor casino gaming. Projected population demographics point to a more significant shift in age distribution of the US population to people aged 65 years and older. An aging population implies both lower labor force participation and savings rates, and raises the concern of slowing economic growth. At the same time, the younger generation may not be spending as much time playing casino-style games at regional casinos as previous generations did. This younger demographic has a much larger, more diverse, more sophisticated and more mobile type of entertainment options to spend their discretionary income on, compared to previous generations. Isle of Capri Casinos, Inc. owns and operates 14 gaming facilities under the Isle and Lady Luck brands. The company currently operates gaming and entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania. Consolidated net revenue for the latest 12-month period ended July 24, 2016 was about $973 million. Eldorado Resorts, Inc. owns and operates seven casinos in five states, Nevada, Louisiana, Pennsylvania, Ohio and West Virginia. The company generated revenues of $815 million for the twelve months ended June 30, 2016. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. ITT EDUCATIONAL: Files for Chapter 7 Bankruptcy Protection ---------------------------------------------------------- ITT Educational Services, Inc., and its subsidiaries ESI Service Corp. and Daniel Webster College, Inc. ceased operations and commenced bankruptcy proceedings by filing voluntary petitions for relief under Chapter 7 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division. The Chapter 7 cases were filed on Sept. 16, 2016, and are pending under the captions In re ITT Educational Services, Inc., In re ESI Service Corp., and In re Daniel Webster College, Inc. As a result of the filing of the Chapter 7 cases, a Chapter 7 trustee will be appointed, who will assume control of the Company and the Subsidiaries. The assets of the Company and the subsidiaries will be liquidated and claims will be administered in accordance with the Bakruptcy Code. According to ITT Educational, recent events, previously disclosed by the Company, impaired its ability to implement alternatives for the refinance, restructure or self-directed orderly liquidation of the Company. Each of the directors of the Company, David C. Brown, Jerry M. Cohen, John E. Dean, Joanna T. Lau, Thomas I. Morgan, Samuel L. Odle and Vin Weber, resigned as a member of the Company's Board of Directors effective upon the filing of the Chapter 7 cases. The resignations are not the result of any disagreement with the Company regarding the Company's operations, policies or practices, but are because of the filing of the Chapter 7 cases. The Chapter 7 Trustee will assume control over the assets of the Company, effectively eliminating the authority and powers of the Board of Directors of the Company. The following officers of the Company ceased to be officers and employees of the Company, effective Sept. 14, 2016: Kevin M. Modany, chief executive officer; John E. Dean, executive chairman; Rocco F. Tarasi III, executive vice president and chief financial officer; and Eugene W. Feichtner, president and chief operating officer. The appointment of the Chapter 7 Trustee will effectively eliminate the authority and powers of the officers of the Company to act on behalf of the Company. JA FAMILY ENTERPRISES: Taps Dragich Law Firm as Legal Counsel ------------------------------------------------------------- JA Family Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire a legal counsel. The Debtor proposes to hire The Dragich Law Firm PLLC to provide legal services in connection with its Chapter 11 case. David Dragich, Esq., and Amanda Vintevoghel, Esq., will be primarily responsible for representing the Debtor. Mr. Dragich will be paid $350 per hour for his services while the other attorney will be paid $250 per hour. In a court filing, Mr. Dragich disclosed that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: David G. Dragich, Esq. Amanda Vintevoghel, Esq. The Dragich Law Firm PLLC 17000 Kercheval Avenue, Suite 210 Grosse Pointe, MI 48230 Phone: (313) 886-4550 Email: ddragich@dragichlaw.com Email: avintevoghel@dragichlaw.com About JA Family Enterprises JA Family Enterprises, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 16-51947) on August 28, 2016. The petition was signed by James Arnone, president. At the time of the filing, the Debtor estimated assets of less than $500,000. JAMES DEWAYNE MANNING: Kevin D. Heard Named Ch. 11 Examiner ----------------------------------------------------------- J. Thomas Corbett, the United States Bankruptcy Administrator for the Northern District of Alabama, on September 12, 2016, recommends Kevin D. Heard of Huntsville, Alabama, to be appointed as Chapter 11 Examiner for Debtors James Dewayne Manning and Kelly A. Mannning. The appointment of Mr. Heard is in response to the Court's Order directing the appointment of an Examiner with expanded powers upon conversion of the case to Chapter 11. The Bankruptcy Administrator finds that Mr. Heard has no connections with the debtor, creditors, any other parties in interest, their respective attorneys and accountants, the Bankruptcy Administrator, or any persons employed in the office of the Bankruptcy Administrator. Further, Mr. Heard is not a relative of the bankruptcy judge approving his appointment. Mr. Heard stands ready to post a surety bond before the court and the Bankruptcy Administrator upon the Court's approval of his appointment. Mr. Heard's address is: 303 Williams Avenue SW Park Plaza Suite 921 Huntsville, AL 35801 The Troubled Company Reporter, in August, previously reported that the Bankruptcy Administrator recommended Tazewell T. Shepard of Huntsville, Alabama, to be appointed as Chapter 11 Examiner for the Debtors. The bankruptcy case is In the Matter of: James Dewayne Manning and Kelly A. Manning, Case No. 16-81059 CRJ-13 (Bankr. Ala.) JAMES JOSEPH ALLEN: Plan Confirmation Hearing Set For Oct. 13 ------------------------------------------------------------- The Hon. James M. Carr of the U.S. Bankruptcy Court for the Southern District of Indiana has scheduled for Oct. 13, 2016, at 10:30 a.m. EDT the hearing to consider confirmation of James Joseph Allen and Kim Michelle Allen's Small Business Chapter 11 Plan of Reorganization dated Aug. 24, 2016. Any objection to the confirmation of the Plan must be filed by Oct. 6, 2016. Any ballot accepting or rejecting the plan must be delivered by Oct. 6, 2016, to the plan proponent at the address on the ballot form. A creditor or equity security holder whose claim or interest is not scheduled or scheduled as disputed, contingent or unliquidated must file a proof of claim or interest in order to be treated as a creditor for the purposes of voting on the plan or distribution under the plan. Any proof of claim or interest must be filed by Oct. 6, 2016. James Joseph Allen and Kim Michelle Allen filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ind. Case No. 16-00589) on Feb. 5, 2016. JEFFREY HERRMANN JAFFE: Plan Payments To Be Funded by Asset Sale ---------------------------------------------------------------- Jeffrey Herrmann Jaffe filed with the U.S. Bankruptcy Court for the Western District of Texas a first amended disclosure statement dated Aug. 23, 2016. Under the Plan, holders of Class 8 General Unsecured Claims will receive a distribution of 100% of their allowed claims, to be distributed upon the sale of the home at 300 Alameda Circle, Olmos Park, Texas 78212. The Debtor would have until Dec. 31, 2016, to close a sale on the property. If the sale closes and funds by Dec. 31, then Morris D. Jaffe and IBC would accept $3.5 million in full satisfaction of their claims. If the sale does not close by that date, then a court order would be entered in the state court litigation allowing Mr. Jaffe and IBC to proceed with litigation and dismissing with prejudice all claims of the Debtor against Mr. Jaffe and IBC. Class 8 General Unsecured Claims are impaired and will be paid in full with contractual interest upon the sale of the home at 300 Alameda Circle. If the home does not sell it is expected that the Debtor will dismiss his case with no payments to unsecured creditors. Payments and distributions under the Plan will be funded through the sale of the home at 300 Alameda Circle. The listing price is currently $6.95 million and is listed with Judy Dalrympie pursuant to court order. The Debtor has Dec. 31, 2016 deadline to sell the property or the automatic stay will lift as to Mr. Jaffe and IBC allowing them to proceed with litigation foreclose his lien. There is no fixed minimum price and the Debtor has the option to adjust the listing price as would any other seller. The final sales price is subject to approval by the Court, with creditors, lienholders and parties in interest having the right to object. There is historic water well on the property. In 2008 the Edward Aquifer Authority sued Debtor relating to the water well being unplugged and in June 2010, obtained a $80,650 monetary judgment and a permanent injunction requiring the Debtor to plug the abandoned well by June 30, 2010. The well remained unplugged and uncapped. The Debtor will have the well logged by a company approved by EAA. If the casing is deteriorated, then Debtor will plug the well. If the casing is not deteriorated, the Debtor will cap the well subject to the right of any buyer within five years to put the well on line by attaching proper pumps and other apparatus required by EAA to use the well. If the well is not logged or capped prior to any sale, any buyer will be subject to the permanent injunction requiring the well to be capped and otherwise comply with the EAA regulations. The Debtor has filed a motion to avoid the judicial lien of the EAA as impairing the exemption. If the property does not sell before lenders foreclose their liens there will be no way to fund the plan unless the property sells for more than all the liens on the property. If a foreclosure occurs, the Debtor will dismiss this Chapter 11 case. The Disclosure Statement is available at: http://bankrupt.com/misc/txwb16-50355-49.pdf About Jeffrey Herrmann Jaffe Jeffrey Herrmann Jaffe is an individual and does not currently operate any businesses. The Debtor filed a Chapter 11 Petition on Feb. 12, 2016 (Bankr. W.D. Tex. Case No. 16-50355), and is represented by Steven G. Cennamo, Esq., at Malaise Law Firm, in San Antonio, Texas. JOHN JOHNSON III: Unsecureds To Recoup 35% Under Plan ----------------------------------------------------- John Joseph Louis Johnson, III, filed with the U.S. Bankruptcy Court for the Southern District of Ohio a disclosure statement for the Debtor's third amended Chapter 11 plan of reorganization dated Aug. 29, 2016. Under the Plan, Class 7 General Unsecured Claims are impaired. To the extent that General Unsecured Claims are Allowed, on the later of (i) 15 days after the Effective Date or (ii) 15 days after the entry of a final court order pursuant to which the claim becomes an allowed claim, each holder of a General Unsecured Claim will receive a cash distribution equal to 35% of the amount of his, her or its Allowed Claim from the Administrative Holdback. A creditor trust will be created on the Effective Date pursuant to a creditor trust agreement. The Trust will only have the right to receive sums for Class 5B lenders; remit Class 5B distributions; prosecute, settle or otherwise liquidate the litigation claims; and distribute the litigation claim proceeds; and the creditor trust agreement will so provide. Settling lenders will not participate in administration of the Trust, including decision making with respect to a trustee, trustee compensation, and pursuance of causes of action assigned to the Trust, and will have no obligation to fund any costs and expenses of administering the Trust and no portion of the Class 5A share will be used to fund the Trust in any way. Non-settling lenders will be responsible for and pay for all costs associated with the administration of the Trust. The Trust will not have the right to seek a modification of the Plan under Section 1127 of the Bankruptcy Code or otherwise. The Trust is granted only these specific rights and does not otherwise succeed to any rights of the Debtor, the debtor-in-possession, the U.S. Trustee, the Debtor's estate or any rights derivative of the U.S. Trustee, the Debtor or the estate. The Disclosure Statement is available at: http://bankrupt.com/misc/ohsb14-57104-658.pdf The Debtor is represented by: Marc J. Kessler, Esq. Daniel A. DeMarco, Esq. Rocco I. Debitetto, Esq. Hahn Loeser & Parks LLP 65 E. State Street, Suite 1400 Columbus, Ohio 43215 Tel: (614) 233-5168 Fax: (614) 221-5909 E-mail: mkessler@hahnlaw.com E-mail: dademarco@hahnlaw.com E-mail: ridebitetto@hahnlaw.com About John Johnson, III John Joseph Louis Johnson, III, a Columbus Blue Jackets hockey player, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Ohio Case No. 14-57104) on Oct. 7, 2014. The case is assigned to Judge John E. Hoffman, Jr. JOHN M KENNEDY: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: John M Kennedy MD, Inc., 20911 Earl Street Ste 200 Torrance, CA 90503 Case No.: 16-22467 Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Robert N. Kwan Debtor's Counsel: Robert S Altagen, Esq. LAW OFFICES OF ROBERT S ALTAGEN, INC. 1111 Corporate Ctr Dr #201 Monterey Park, CA 91754 Tel: 323-268-9588 Fax: 323-268-8742 E-mail: rsaink@earthlink.net robertaltagen@altagenlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John M. Kennedy, president. A copy of the Debtor's list of 12 unsecured creditors is available for free at http://bankrupt.com/misc/cacb16-22467.pdf JOHN YURKOVICH: Unsecureds To Get $18,000 on Pro Rata Basis ----------------------------------------------------------- John Yurkovich Auto Sales, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a combined plan of reorganization and disclosure statement. Class Four consists of the claims of all unsecured creditors, if and when allowed. The Debtor estimates that the total amount of claims this class is $231,000. The Debtor reserves all its rights to object to the claims of unsecured creditors under this Plan, or as provided by the Bankruptcy Code. Each holder of an allowed claim in this class will receive a pro rata distribution from the proceeds paid in by the Debtor to fund the Plan, but only after payment in full of all claims in any senior class or group. The holders of unsecured claims will be paid the allowed amount of their respective claims on such pro rata basis for the duration of the Plan. The Debtor will make a single lump-sum payment to holders of allowed unsecured claims in the aggregate amount of $18,000 on a pro rata basis. Payments will commence on the 60th month after the Effective Date and will end on the date which is 60 months after the Petition Date. No interest will be paid on claims in this class. This class is impaired. Prior to the Effective Date, Reorganized John Yurkovich Auto Sales will complete the approved sale of the dealership properties. The funds from the sale will be used to fund the plan. The Disclosure Statement is available at: http://bankrupt.com/misc/mieb16-42857-69.pdf John Yurkovich Auto Sales, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 16-42857) on Feb. 29, 2016, estimating its assets and liabilities at between $500,001 and $1 million each. Ethan D. Dunn, Esq., at Maxwell Dunn, PLC, serves as the Debtor's bankruptcy counsel. JOSE MALDONADO MALAVE: Plan Disclosures Hearing Reset to Nov. 1 --------------------------------------------------------------- Judge Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico reschedules the hearing to consider the Disclosure Statement filed by Jose G. Maldonado Malave and Zulma I. Recio Lopez from Sept. 13, 2016, to Nov. 16, 2016, at 9:00 a.m. Judge Tester has also given the Debtors a 30-day extension to file an amended Disclosure Statement. Amended Disclosure Statement will be due by Oct. 11, 2016. About Jose G. Maldonado Malave and Zulma I. Recio Lopez Jose G. Maldonado Malave and Zulma I. Recio Lopez filed a Chapter 11 petition (Bankr. D.P.R. Case No. 15-06762), on September 1, 2015. Judge Brian K. Tester presides over the case. K & C LV INVESTMENTS: Tesoro Opposes Approval of Plan Outline ------------------------------------------------------------- Tesoro Refining & Marketing Company LLC asked a U.S. bankruptcy court to deny approval of the disclosure statement explaining the Chapter 11 plan of K & C LV Investments, Inc. In a filing with the U.S. Bankruptcy Court for the District of Nevada, Tesoro criticized the outline of the company's restructuring plan, saying it does not contain "adequate information." Tesoro complained the company did not disclose in the document that it has a secured claim and that it made incorrect assumptions about its continued funding of the company's tenant which, Tesoro said, impacts the feasibility of the plan. Tesoro asserts a $175,000 secured claim on account of the loan it provided to Kamar Brothers LV, LLC for the construction of an ARCO gas station at a property owned by K & C. K & C leases the property to Kamar Brothers. K & C LV on August 4 filed a Chapter 11 plan of reorganization that will set aside more than $13,000 to pay unsecured creditors. The plan proposes to pay $13,541 to Class 5 general unsecured creditors, which assert a total of $1.9 million in claims. Tesoro is represented by: Michael L. Wachtell, Esq. Paul S. Arrow, Esq. Buchalter Nemer A Professional Corporation 1000 Wilshire Boulevard, Suite 1500 Los Angeles, CA 90017-2457 Tel: (213) 891-0700 Fax: (213) 896-0400 Email: parrow@buchalter.com About K & C LV Investments K & C LV Investments, Inc., based in Las Vegas, NV, filed a Chapter 11 petition (Bankr. D. Nev. Case No. 16-13605) on June 30, 2016. The Hon. Mike K. Nakagawa presides over the case. Seth D Ballstaedt, Esq., at The Ballstaedt Law Firm, as bankruptcy counsel. In its petition, the Debtor estimated $827,210 to $2.69 million in both assets and liabilities. The petition was signed by Wagih Kamar, president. KALOBIOS PHARMACEUTICALS: Names M. Lam as Chief Scientific Officer ------------------------------------------------------------------ The Board of Directors of KaloBios Pharmaceuticals, Inc., appointed Morgan Lam, formerly the chief operating officer of the Company, as the Company's chief scientific officer. The change in Mr. Lam's position was in recognition of Mr. Lam's role in the Company's scientific efforts in pursuit of its product candidates. Employment Agreement with Dr. Durrant Also on Sept. 13, 2016, the Company entered into a new employment agreement with Cameron Durrant, MD, the Company's chairman and chief executive officer. The Agreement provides for an initial annual base salary for Dr. Durrant of $600,000 as well as eligibility for an annual bonus targeted at 60% of his salary based on the achievements of objectives set and agreed to by the Board. For 2016, Dr. Durrant's bonus opportunity will be pro-rated for the period commencing July 1, 2016, and ending on Dec. 31, 2016. Dr. Durrant is entitled to participate in the Company's benefit plans available to other executives, including its retirement plan and health and welfare programs. The Agreement also provides for an award of stock options to purchase 1,043,022 shares of the Company's common stock, which option was granted on Sept. 13, 2016. Dr. Durrant's option will vest and become exercisable in 12 equal quarterly installments beginning on Dec. 13, 2016. Under the Agreement, Dr. Durrant is entitled to receive certain benefits upon termination of employment under certain circumstances. If the Company terminates Dr. Durrant's employment for any reason other than "Cause", or if Dr. Durrant resigns for "Good Reason", Dr. Durrant will receive twelve months of base salary then in effect and the amount of the actual bonus earned by Dr. Durrant under the agreement for the year prior to the year of termination, pro-rated based on the portion of the year Dr. Durrant was employed by the Company during the year of termination. The Agreement additionally provides that if Dr. Durrant resigns for Good Reason or the Company or its successor terminates his employment within the three month period prior to and the 12 month period following a Change in Control, the Company must pay or cause it successor to pay Dr. Durrant a lump sum cash payment equal to two times (a) his annual salary as of the day before his resignation or termination plus (b) the aggregate bonus received by Dr. Durrant for the year preceding the Change in Control or, if no bonus had been received, at minimum 50% of the target bonus. In addition, upon such a resignation or termination, all outstanding stock options held by Dr. Durrant will immediately vest and become exercisable. Amendment to 2012 Equity Incentive Plan Finally on Sept. 13, 2016, the Board of Directors of the Company approved an amendment to the Company's 2012 Equity Incentive Plan to increase the number of shares of the Company's common stock available for issuance under the Plan by 3,000,000 shares and to increase the annual maximum aggregate number of shares subject to stock option awards that may be granted to any one person under the Plan from 125,000 to 1,100,000. About KaloBios Pharmaceuticals Based in South San Francisco, Calif., KaloBios Pharmaceuticals, Inc., is a biopharmaceutical company focused on the development of monoclonal antibody therapeutics. KaloBios Pharmaceuticals (Nasdaq: KBIO) on Dec. 29, 2015, filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code (Bankr. D. Del. Case No. 15-12628). The Company was represented by Eric D. Schwartz of Morris, Nichols, Arsht & Tunnell. Six months after its bankruptcy filing, KaloBios emerged from Chapter 11 bankruptcy and has also acquired the rights from Savant Neglected Diseases LLC to develop benznidazole for the treatment of Chagas disease. KENTUCKY ASSOCIATES: Hires Eisenberg Gold as Special Counsel ------------------------------------------------------------ Kentucky Associates, LLC, seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ Eisenberg Gold Cettei Agrawal, P.C. as special counsel to the Debtor. Kentucky Associates requires Eisenberg Gold to: a. represent the Debtor's interest in the enforcement of a claim against a former tenant; b. give legal advice; c. prepare necessary pleadings; and d. provide all other legal services which may be necessary. Eisenberg Gold will be paid 30% contingency fee of the amount recovered. Eisenberg Gold will also be reimbursed for reasonable out-of-pocket expenses incurred. Janet L. Gold, member of the law firm of Eisenberg Gold Cettei Agrawal, 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 Debtor and its estates. Eisenberg Gold can be reached at: Janet L. Gold, Esq. EISENBERG GOLD CETTEI AGRAWAL, P.C. 1040 N. Kings Highway, Suite 200 Cherry Hill, NJ 08034 Tel: (856) 330-6200 Fax: (856) 330-6207 About Kentucky Associates Kentucky Associates, L.L.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-21083) on June 7, 2016. The petition was signed by Michael Joffe, member. The case is assigned to Judge Jerrold N. Poslusny Jr. The Debtor disclosed total assets of $1.75 million and total debts of $1.23 million. Debtor hired Thompson & Thompson as Tax Appeal Counsel. Eisenberg Gold Cettei Agrawal, P.C. to act as special counsel. No official committee of unsecured creditors has been appointed in the case. KEY ENERGY: Commences Solicitation for Votes on Prepack Plan ------------------------------------------------------------ Key Energy Services, Inc., on Sept. 21, 2016, disclosed that it has concurrently commenced a solicitation for votes on its prepackaged plan of reorganization (the "Plan") and a rights offering. Under the Rights Offering, the Company will offer subscription rights to acquire shares of reorganized Key common stock to certain qualifying holders of the Company's senior notes and certain qualifying equity holders. The Solicitation and Rights Offering are based on the restructuring transactions contemplated by the previously announced plan support agreement among the Company, certain of its subsidiaries, Platinum Equity Advisors, LLC, and certain other holders of the Company's 6.75% Senior Notes due 2021 and certain lenders under Key's Term Loan Credit Agreement dated June 1, 2015. If the Plan is accepted by the requisite number of voting holders representing the requisite amounts of the Company's senior notes and term loans in the Solicitation, the Company will file voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware and seek approval of the Plan by the Bankruptcy Court. In the Rights Offering, certain qualifying holders of the Company's Senior Notes and certain qualifying equity holders will have the right to purchase an aggregate of up to 7,022,859 shares of the reorganized Company's common stock at a price per share of $12.10 for aggregate gross proceeds of up to $85 million, which proceeds may be increased by up to $25 million through the sale of additional shares of reorganized Company common stock (the "Incremental Liquidity Shares") at a price per share ranging between $6.86 and $8.94, based on the expected pro forma liquidity of the reorganized Company as of the effective date of the Plan (the "Plan Effective Date"). Prior to the commencement of the Solicitation and the Rights Offering, the Company entered into a backstop agreement (the "Backstop Agreement") with certain parties named therein (the "Backstop Participants"), pursuant to which the Backstop Participants agreed, subject to the terms and conditions in the Backstop Agreement, to participate in the Rights Offering and to backstop the full amount of the Rights Offering. In exchange for the commitments under the Backstop Agreement, the Closing Backstop Participants (as defined in the Backstop Agreement) will receive a premium on the Plan Effective Date in the form of shares of the reorganized Key common stock as described in Section II.D.4 of the Disclosure Statement. The Plan, Backstop Agreement and other transaction agreements to be executed by the Company are subject to customary closing conditions and termination rights upon the occurrence of certain events, including the failure of the Company to achieve certain milestones, meet minimum liquidity requirements, and receive required governmental and material third-party approvals, and the absence of a material adverse effect on the Company. Robert Drummond, Key's President and Chief Executive Officer, commented, "[Wednes]day's announcement is an important step in positioning Key to emerge from the downturn as a financially stronger company. I want to thank our lenders and noteholders for their continued support and our employees for continuing to deliver excellent service during this period." About Key Energy Key Energy Services, Inc. (NYSE: KEG), a Maryland corporation, claims to be the largest onshore, rig-based well servicing contractor based on the number of rigs owned. The Company was organized in April 1977 and commenced operations in July 1978 under the name National Environmental Group, Inc. In December 1992, the Company became Key Energy Group, Inc. and it changed its name to Key Energy Services, Inc. in December 1998. Key Energy reported a net loss of $917.70 million on $792.32 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $178.62 million on $1.42 billion of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, the Company had $1.22 billion in total assets, $1.16 billion in total liabilities and $58.87 million in total equity. * * * As reported by the TCR on Sept. 13, 2016, S&P Global Ratings said that it lowered its corporate credit rating on U.S.-based Key Energy Services Inc. to 'D' from 'CC'. In addition, S&P lowered its issue-level rating on the company's senior secured term loan to 'D' from 'CC'. The recovery rating on the term loan remains '1', indicating S&P's expectation for very high (90% to 100%) recovery in the event of a payment default. "The downgrade reflects the company's decision to defer its Sept. 1, 2016, interest payment on its 6.75% senior notes due 2021," said S&P Global Ratings' credit analyst David Lagasse. KLD ENERGY: Proposes to Liquidate De Minimis Assets --------------------------------------------------- KLD Energy Technologies, Inc., asks the U.S. Bankruptcy Court for the Western District of Texas to authorize the liquidation of de minimis and/or expensed assets. The Debtor's Chief Restructuring Officer has determined that various assets of bankruptcy estate are of de minimus value or have been fully expensed during the Debtor's operations and currently has no utility to the Debtor's estate. Consequently, the business decision has been that such assets should be liquidated in the most efficient manner. A copy of list of assets to be liquidated attached to the Motion is available for free at: http://bankrupt.com/misc/KLD_Energy_223_Sales.pdf The assets listed are of no use to the Debtor in its current operations and are taking up space at the Debtor's Austin and California locations unnecessarily. Rather than simply abandoning the assets, the Debtor moves for authority to attempt to liquidate the assets. Any cash proceeds of the sale of assets will be escrowed until further order of the Court. If any such assets are bartered in exchange for goods and/or services to be provided to the Debtor, the Debtor will report such bartering without any resulting escrow. The Debtor now seeks authority to market and liquidate such Debtor's assets under these notice procedures: a. The Debtor proposes that such sales will be instigated by first serving notice of any proposed sale ("Sale Notice") upon the following parties: (a) the United States Trustee for the Western District of Texas; (b) the holders of the 30 largest unsecured claims against the Debtor (on a consolidated basis); (c) counsel to the Debtor's lenders; (d) the Internal Revenue Service; (e) any parties who have expressed written interest in purchasing the Debtor's assets as well as any parties that the Debtor deems may be interested in the Debtor's assets; (f) all entities known or reasonably believed to have asserted a lien, encumbrance, claim, or other interest in any of the Debtor's assets offered for sale; and (g) any party that has requested notice pursuant to Bankruptcy Rule 2002. b. If the Debtor fails to receive any objection to the Motion, the Debtor may effectuate the proposed sale of assets. c. If the Debtor receives an objection to the Motion, the Debtor will not effectuate the proposed sale of assets until so directed by order of the Court. The Debtor requests that the Court authorize the Debtor to liquidate assets of de minimus value and/or fully expensed assets of the Debtor under the notice procedures set forth and grant such other relief as the Court deems appropriate under the circumstances. About KLD Energy KLD Energy Technologies, Inc., which engages in the engineering, development, and manufacturing of electric drive systems, sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 16-10345) in Austin, Texas, on March 25, 2016. The case judge is Hon. Christopher H. Mott. The Debtor tapped Lynn H. Butler, Esq., at Husch Blackwell LLP, as counsel. The Debtor estimated assets and debt of $10 million to $50 million. KLEEN LAUNDRY: Committee Taps Murtha Cullina as Legal Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Kleen Laundry & Drycleaning Services Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to hire a legal counsel. The committee proposes to hire Murtha Cullina LLP to provide these legal services in connection with the Debtor's Chapter 11 case: (a) provide legal advice to the committee with respect to its duties and powers; (b) represent the committee at all hearings; (c) assist in the committee's discussions with the Debtor and other parties regarding the overall administration of the case; (d) assist the committee in its investigation of the acts, assets, liabilities and financial conditions of the Debtor; (e) review and analyze all applications, motions, orders and schedules filed with the court by the Debtor or other parties; (f) assist the committee in its analysis of and negotiations with the Debtor or any third party concerning matters related to the formulation of a plan of reorganization; and (g) confer with the accountants and other professionals retained by the committee. The attorneys who will represent the committee and their hourly rates are: Mark G. DeGiacomo $465 Robert E. Kaelin $450 Olga L. Gordon $395 Meredith C. Burns $300 Taruna Garg $300 Olga Gordon, Esq., at Murtha Cullina, disclosed in a court filing that she and each member of the firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Olga L. Gordon, Esq. Murtha Cullina LLP 99 High Street, 20th Floor Boston, MA 02110 Phone: 617-457-4000 Fax: 617-482-3868 About Kleen Laundry Kleen Laundry and Drycleaning Services, Inc., is a New Hampshire corporation formed in the State of New Hampshire on June 20, 1950, as Lebanon Laundry and Dry Cleaners, Inc. The corporate name was changed to Kleen Laundry and Drycleaning Services, Inc. on May 16, 1967. Kleen Laundry and Drycleaning Services merged with Kleen Linen Service, Inc., on Dec. 29, 1972, and was the surviving entity. At the time the Chapter 11 petition was filed, the sole shareholder of Kleen Laundry and Drycleaning Services was Kleen LD, LLC (formerly Kleen LLC) which in turn is solely owned by Kleen/Envoy Services, LLC, a Delaware limited liability company. The Debtor filed a Chapter 11 petition (Bankr. D.N.H. Case No. 16-11079) on July 25, 2016. The Debtor is represented by Richard J. McPartlin, Esq. and Edmond J. Ford, Esq., at Ford & McPartlin, P.A. LA4EVER LLC: Hires The Capital Group as Mortgage Broker ------------------------------------------------------- LA4Ever, LLC and LLCD, LLC, seek authority from the U.S. Bankruptcy Court for the District of Connecticut to employ The Capital Group, LLC as mortgage broker to the Debtor. LA4Ever, LLC owns real estate located at 325-327 Saint John Street with 6 rental units, and LLCD, LLC owns real estate located at 23 Brown Street with 5 rental units. Southport Secured Lending Fund, LLC holds a single claim in the sum of $920,000 plus interest, costs, and fees evidenced by a note on which both the Debtors are co-makers. The claim is secured by mortgages and collateral assignments of rents on the properties of both Debtors. The claim had been accelerated and was in the process of being foreclosed at the petition date. The Debtors have sought new financing for the properties to allow them to pay the claim of Southport. The Debtors require The Capital Group to provide a loan in an amount up to $1.5 million, 2 to 3 years of interest-only payments, and less than 10% interest. The Capital Group will be paid a due diligence or consultation fee in the amount of $7,500 upon court approval. The fees in total are capped at 6.25% of the loan amount. Chris Messina, principal of the firm The Capital Group, 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. The Capital Group can be reached at: Chris Messina THE CAPITAL GROUP, LLC 227 Fairfield Road, Suite 300B Fairfield, NJ 07004 Tel: (973) 227-7377 About LA4Ever, LLC LA4Ever, LLC and LLCD, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Lead Case No. 15-30546) on April 8, 2015. The petition was signed by Daphne Benas, member. The Debtors are represented by Carl T. Gulliver, Esq., at Coan Lewendon Gulliver & Miltenberger, LLC. The case is assigned to Judge Julie A. Manning. At the time of the filing, LA4Ever estimated its assets at $500,000 to $1 million and debts at $1 million to $10 million. LLCD estimated its assets and debts at $500,000 to $1 million. No official committee of unsecured creditors has been appointed in the case. LAKEVIEW PROPERTIES II: Taps AJC Real Estate as Expert Witness -------------------------------------------------------------- Lakeview Properties II LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire AJC Real Estate Advisors, LLC. The Debtor tapped the firm to provide expert opinion concerning the treatment of secured claims under its proposed Chapter 11 plan of reorganization. AJC will be paid a flat fee in the amount of $4,000, of which $2,000 will be paid in advance as a retainer. The firm will also be paid $185 per hour for trial preparation and assistance and court testimony. Augustus Costaldo, member of AJC, disclosed in a court filing that the firm does not represent any interest adverse to the Debtor. The Debtor is represented by: Matthew K. Beatman, Esq. Zeisler & Zeisler, P.C. 10 Middle Street, 15th Floor P.O. Box 1220 10 Middle Street, 15th floor Bridgeport, CT 06606 Phone: (203) 368-4234 Fax: (203) 367-9678 Email: MBeatman@zeislaw.com About Lakeview Properties Lakeview Properties II, LLC owns, manages and leases a piece of real property located at 126 Main Street, Monroe, Connecticut. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 15-50983) on July 17, 2015. The petition was signed by Eric Erickson, president. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. LAS VEGAS JOHN: Seeks to Hire Anderson Valuation as Appraiser ------------------------------------------------------------- Las Vegas John, L.L.C. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Anderson Valuation Group. The Debtor proposes to hire the firm as its real estate appraiser for its property located at 230 S. Maryland Parkway, Las Vegas, Nevada. The property is a 36-unit apartment complex known as the Las Vegas John Apartments. Anderson will receive $3,500 for its services, plus $400 per hour for any testimony. The firm does not have any interest adverse to the interest of the Debtor's estate or any of its creditors and equity security holders, according to court filings. The Debtor is represented by: Matthew C. Zirzow, Esq. Zachariah Larson, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, Nevada 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: zlarson@lzlawnv.com Email: mzirzow@lzlawnv.com About Las Vegas John Las Vegas John, L.L.C., filed a chapter 11 petition (Bankr. D. Nev. Case No. 16-14273) on August 3, 2016. The petition was signed by Dmitrios P. Stamatakos, managing member. The Debtor is represented by Matthew C. Zirzow, Esq., at Larson & Zirzow. The case is assigned to Judge August B. Landis. The Debtor estimated assets at $1 million to $10 million and debts at $500,000 to $1 million at the time of the filing. No official committee of unsecured creditors has been appointed in the case. LAURA BAKER: Plan Confirmation Hearing on Nov. 9 ------------------------------------------------ The Hon. Paul M. Glenn of the U.S. Bankruptcy Court for the Middle District of Florida has approved Laura J. Baker's disclosure statement explaining the Debtor's Chapter 11 plan. A confirmation hearing will be held on Nov. 9, 2016, at 2:00 p.m. Oct. 26, 2016, is fixed as the last day for filing acceptances or rejections of the Plan. Laura J. Baker aka Laura J. Solon filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 13−bk−00296). LAW-DEN NURSING: Seeks to Hire Hubbell DuVall as Legal Counsel -------------------------------------------------------------- Law-Den Nursing Home, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire a legal counsel. The Debtor proposes to hire Hubbell DuVall PLLC to provide legal services in connection with its Chapter 11 case. The firm's professionals and their hourly rates are: Clinton J. Hubbell $210 Dylan J. Duvall $210 Law Clerk $150 Legal Assistant $100 The members and associates of Hubbell do not have any connection with the Debtor or any of its creditors, according to court filings. The firm can be reached through: Clinton J. Hubbell, Esq. Hubbell DuVall PLLC 26211 Central Park Blvd., Suite 514 Southfield, MI 48076-4161 Tel: (248) 595-8617 Email: clint@hubbellduvall.com Email: bk@hubbellduvall.com About Law-Den Nursing Home Law-Den Nursing Home, Inc. filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 16-52058) on August 30, 2016. The petition was signed by Todd Johnson, administrator. At the time of its filing, the Debtor had estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. LEJ PROPERTIES: Nov. 8 Disclosure, Plan Confirmation Hearing ------------------------------------------------------------ Judge Russell F. Nelms of the U.S. Bankruptcy Court for the Northern District of Texas conditionally approved the Disclosure Statement filed by LEJ Properties, Inc., and scheduled a combined Hearing to consider the adequacy and final approval of the Disclosure Statement and confirmation of the Plan on Nov. 8, 2016, at 1:30 p.m. Judge Nelms had also set these deadlines in relation to the final approval of the Disclosure Statement and confirmation of the Plan: Objection Deadline: No later than October 17, 2016 Voting Deadline: October 17, 2016 Tabulation of Ballots: No later than October 24, 2016 As previously reported by The Troubled Company Reporter, LEJ Properties, Inc., and Lenard Emitt Jowell, Jr.'s second amended joint plan of reorganization dated Aug. 24, 2016, provides that Class 6 Unsecured General Claims estimated at $645,000 are impaired. Allowed Unsecured General Claims will bear interest (i) from and after the Petition Date through the Effective Date at the legal rate and (ii) after the Effective Date until paid in full at the plan rate. Under the Plan, Class 6 holders will recover 100%. The Distributions to be made by the Reorganized Debtor under the Plan will be funded from the initial distribution fund and, if necessary, the additional sources specified in the Plan. In the event that Post-Effective Date financing is obtained, it is contemplated that the Reorganized Debtor will, if required, cause Texas 150 to grant a security interest in and lien on the remaining Texas 150 property in order to obtain and secure Post-Effective Date financing. The Disclosure Statement is available at: http://bankrupt.com/misc/txnb14-40965-126.pdf About LEJ Properties Headquartered in Fort Worth, Texas, LEJ Properties, Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 14-40965) on March 3, 2014, estimating its assets at between $1 million and $10 million and liabilities at between $500,000 and $1 million. The petition was signed by Lenard Emitt Jowell, Jr., president. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. Judge Russell F. Nelms presides over the case. J. Robert Forshey, Esq., and Matthew G. Maben, Esq., at Forshey & Prostok, LLP, serves as the Debtor's bankruptcy counsel. LIGHT TOWER: Seeks to Employ Ordinary Course Professionals ---------------------------------------------------------- Light Tower Rentals, Inc. has filed a motion seeking approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire professionals utilized in the ordinary course of business. The request, if granted, would allow the Debtor to hire these "ordinary course professionals" without the submission of separate employment applications: OCPs Services ---- -------- Miller, Egan, Molter & Nelson Legal Services Andrews, Davis P.C. Legal Services Rick Browning, Attorney at Law Legal Services Conner & Winters, LLP Legal Services Guida, Slavich & Flores, P.C. Legal Services Lane & Countryman Legal Services Leah A. Martin Legal Services Luper Neidenthal & Logan Legal Services McGuirewoods, LLP Legal Services Strasburger & Price LLP Legal Services Vinson & Elkins, LLP Legal Services Weaver, LLP Audit and Tax Services Westwind Research LTD. Legal Research Services In the same filing, the Debtor asks the court to approve the procedures for employing and compensating OCPs postpetition. The procedures will permit the Debtor to employ OCPs upon the filing of a declaration of disinterestedness, and pay, without formal application to the court, 100% of the fees and disbursements to each of the OCPs. About Light Tower Rentals Light Tower Rentals, Inc. (Bankr. S.D. Tex. Case No. 16-34284), LTR Investco, Inc. (Bankr. S.D. Tex. Case No. 16-34285), LTR Holdco, Inc. (Bankr. S.D. Tex. Case No. 16-34286) and LTR Shelters, Inc. (Bankr. S.D. Tex. Case No. 16-34287) sought bankruptcy protection under Chapter 11 of the Bankruptcy Code on August 30, 2016. The petitions were signed by Kieth Muncy, chief financial officer. The cases are assigned to Judge David R. Jones. The Debtors and their non-Debtor affiliates are a diversified specialty equipment rental and services company focused on the oil and gas sector. The Debtors offer a diverse portfolio of surface rental equipment that can provide customers with a specific product, or when combined with other products, a comprehensive wellsite rental solution. The DebtorsÃ¢â‚¬(TM) equipment rental fleet includes power generation units, fluid handling equipment, light towers, heaters, trailers and other equipment. The Debtors' current service operations include equipment delivery and set-up, fuel and trucking. The Debtors are represented by Patricia B. Tomasco, Esq. at Jackson Walker LLP, and Philip M. Abelson, Esq. at Proskauer Rose LLP. The Debtors' financial advisor is Zolfo Cooper, LLC; and its notice & claims agent is Prime Clerk LLC. At the time of filing, the Debtors estimated assets and liabilities at $100 million to $500 million. LIME ENERGY: Awarded Direct Install Contract from TRC Energy ------------------------------------------------------------ Lime Energy Co. announced that it has received a multi-year direct install contract from TRC Energy Solutions, program manager for the Direct Install program of New Jersey's Clean Energy Program, to deliver energy efficiency solutions to small and medium-sized businesses in New Jersey. Lime Energy will be a participating contractor for the Direct Install program and will exclusively serve commercial customers in the following counties: Bergen, Hudson, Passaic and Sussex. The Direct Install program is designed to reach small and medium-sized businesses with peak demand under 200kW, offering to pay up to 70 percent of the project cost to install energy efficiency measures in their commercial space. The available energy efficiency upgrades comprise of energy-efficient lighting for both interior and exterior applications including new LED technology as well as the replacement of qualified heating, cooling, and refrigeration equipment. The program will provide customers with a completely turn-key experience -- Lime Energy will provide a free energy assessment of their facility, identify potential savings opportunities, install the new energy-efficient technology, and safely recycle the old equipment. This contract validates Lime Energy's ongoing commitment to New Jersey businesses. Since 2010, Lime Energy has provided comprehensive energy efficiency upgrades to 2,118 customers through the Direct Install program and delivered $12,670,978 (estimated annual energy savings) worth of economic benefit to the state. According to an analysis of the American Council for an Energy-Efficient Economy (ACEEE), the reinvestment of realized energy bill savings is expected to create hundreds of new jobs. In total, Lime Energy has saved commercial and municipal entities over 72,000 MWh and 1.6 million gas therms annually. For its leadership, Lime Energy recently was awarded the 2016 New Jersey Clean Energy Achievement Award by the New Jersey Board of Public Utilities. "Lime Energy is thrilled to continue serving small and medium-sized businesses in our home state of New Jersey," says Adam Procell, Lime Energy president and CEO. "Energy efficiency is the fastest and most cost-effective method to accelerate economic growth, reduce energy consumption, and drive job creation. At Lime Energy, we are bringing clean energy solutions to everyone from the small pizza shop and grocery store to larger warehousing and manufacturing facilities - the businesses that accounted for 65% of job creation over the last 20 years." About Lime Energy Headquartered in Huntersville, North Carolina, Lime Energy Co. -- http://www.lime-energy.com/-- is engaged in planning and delivering clean energy solutions that assist its clients in their energy efficiency and renewable energy goals. The Company's solutions include energy efficient lighting upgrades, energy efficient mechanical and electrical retrofit and upgrade services, water conservation, building weatherization, on-site generation and renewable energy project development and implementation. The Company provides energy solutions across a range of facilities, from high-rise office buildings, distribution facilities, manufacturing plants, retail sites, multi-tenant residential buildings, mixed use complexes, hospitals, colleges and universities, government sites to small, single tenant facilities. Lime Energy reported a net loss available to common stockholders of $4.44 million on $113 million of revenue for the year ended Dec. 31, 2015, compared to a net loss available to common stockholders of $5.60 million on $58.8 million of revenue for the year ended Dec. 31, 2014. As of June 30, 2016, Lime Energy had $46.2 million in total assets, $40.6 million in total liabilities, $11.40 million in contingently redeemable series C preferred stock, and a $5.76 million total stockholders' deficiency. LIME ENERGY: To Seek Stockholder Okay of Common Stock Split ----------------------------------------------------------- Lime Energy Co. filed an amended report on Form 8-K/A with the Securities and Exchange Commission for the purpose of amending and restating in its entirety its Form 8-K filed on Sept. 16, 2016, regarding a proposed reverse/forward stock split. On Sept. 14, 2016, the Board of Directors of Lime Energy Co. approved a plan to effect a stock split of its common shares and terminate the Company's public company reporting obligations. The proposed transaction will be submitted to a vote of the Company's stockholders at a special meeting called for that purpose. The Board instructed the Company's management to prepare and file a preliminary proxy statement with respect to the proposed recapitalization, which will take the form of a recapitalization comprising three steps: * first, a reverse stock split of the Company's outstanding shares of common stock, at a ratio to be determined; * second, the payment of cash in lieu of fractional shares to each shareholder that would otherwise hold less than one full share of common stock, after giving effect to the reverse stock split; and * third, a forward stock split of all common stock of the Company that remains outstanding after the first two steps, at a ratio reciprocal to the ratio applied in the reverse stock split. The proposed transaction, referred to as a "reverse/forward stock split," would be effected by the filing of amendments to the Company's certificate of incorporation and is designed to reduce the number of record holders of Company common stock. If, for example, the ratio applied in the reverse stock split is 1-for-300, each current stockholder of the Company with less than 300 shares of Company common stock on the record date for the transaction will receive the fair value of such shares in cash in accordance with Section 155 of the Delaware General Corporation Law, and such shares will be cancelled. The proposed transaction will have no effect on the number of shares held by any stockholder that would hold at least one full share of common stock after the reverse stock split (that is, in the above example, any stockholder that holds 300 or more shares of Company common stock on the record date). If following effectiveness of the proposed transaction, there are fewer than 300 holders of record of the Company's common stock, the Company may deregister its common stock and cease to be a reporting company under the Securities and Exchange Act of 1934, as amended. The Board currently intends to seek stockholder approval for reverse/forward stock splits at various ratios. The terms and contemplated timeline of the proposed transaction, including the various possible ratios contemplated by the Board and the manner of determining the fair value for fractional share interests to be cashed out in the proposed transaction, will be set forth in the preliminary proxy statement and a transaction statement on Schedule 13E-3 outlining the proposed transaction. The Company expects to pay the transaction costs and consideration for the fractional share interests from existing cash reserves. If consummated, the proposed reverse/forward stock split will apply directly to holders of record only. Persons who hold shares of Company common stock in "street name" are encouraged to contact their bank, broker, or other nominee for information on how the proposed transaction may affect any shares of Company common stock held for their account. The Board may abandon the proposed reverse/forward stock split at any time prior to the filing and effectiveness of the applicable amendments to the Company's certificate of incorporation, even after stockholder approval, if the Board determines in its business judgment that such transaction is no longer in the best interests of the Company or its stockholders. About Lime Energy Headquartered in Huntersville, North Carolina, Lime Energy Co. -- http://www.lime-energy.com/-- is engaged in planning and delivering clean energy solutions that assist its clients in their energy efficiency and renewable energy goals. The Company's solutions include energy efficient lighting upgrades, energy efficient mechanical and electrical retrofit and upgrade services, water conservation, building weatherization, on-site generation and renewable energy project development and implementation. The Company provides energy solutions across a range of facilities, from high-rise office buildings, distribution facilities, manufacturing plants, retail sites, multi-tenant residential buildings, mixed use complexes, hospitals, colleges and universities, government sites to small, single tenant facilities. Lime Energy reported a net loss available to common stockholders of $4.44 million on $113 million of revenue for the year ended Dec. 31, 2015, compared to a net loss available to common stockholders of $5.60 million on $58.8 million of revenue for the year ended Dec. 31, 2014. As of June 30, 2016, Lime Energy had $46.2 million in total assets, $40.6 million in total liabilities, $11.40 million in contingently redeemable series C preferred stock, and a $5.76 million total stockholders' deficiency. LRI HOLDINGS: Cinncinnati Insurance Objects to Disc. Statement -------------------------------------------------------------- BankruptcyData.com reported that Cincinnati Insurance Company filed with the U.S. Bankruptcy Court an objection to LRI Holdings' Disclosure Statement and Plan. The objection asserts, "Cincinnati issued surety bonds on behalf of and at the request of the Debtors (the 'Bonds') primarily assuring certain of the Debtors' obligations to utility providers ('Utility Bonds'), liquor license issuers ('Liquor Bonds') and taxing authorities ('Tax Bonds'). The total penal sum of the Bonds that are currently in place is $1,526,384. The current claims against the Utility Bonds, including anticipated claims noted in pleadings in this case, total no less than $206,574.65. Additional claims continue to be received and it is anticipated that claims on the Utility Bonds related to pre-petition utility bills will reach or exceed $500,000. The Debtors' Disclosure Statement does not describe how the Debtors will meet their obligations to provide the surety bonds necessary for their continued operations. The Bonds Claims will likely exhaust many of the Utility Bonds. Thus, the Debtors will be forced to obtain replacement bonds in order to continue their operations. This is true regardless of whether Cincinnati cancels the Bonds. Moreover, Cincinnati cannot be forced to allow the Bonds to remain in place and has the right, upon providing requisite notice, to cancel the Bonds. The Disclosure Statement does not address how the Debtors will avoid cancellation and/or replace the Bonds. Without certain of the Bonds, the Debtors will not be able to continue operation of certain of its locations and/or will not be able to serve alcoholic beverages at those locations." About Roadhouse Holding Inc. Roadhouse Holding Inc. was founded in 2010 and is based in New York. Roadhouse Holding, along with seven affiliates which include Logan's Roadhouse Inc. and LRI Holdings Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 16-11819) on Aug. 8, 2016. Roadhouse Holding, et al., are represented by Robert S. Brady, Esq., Edmon L. Morton, Esq., Ryan M. Bartley, Esq., Elizabeth S. Justison, Esq., and Norah M. Roth-Moore, Esq., at Young Conaway Stargatt & Taylor, LLP. Hilco Real Estate, LLC, serves as real estate advisor to the Debtors; Jefferies LLC serve as financial advisor; and Donlin Recano & Company as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on August 19 appointed five creditors of Roadhouse Holding Inc. to serve on the official committee of unsecured creditors. Dechert LLP and Ashby & Geddes, P.A., serve as counsel to (a) BOKF, NA, as successor to Wells Fargo Bank, National Association, as trustee and collateral agent under that certain Senior Secured Notes Indenture, dated as of Oct. 4, 2010; (b) Carl Marks Management Company, LLC; and (c) Marblegate Asset Management, LLC. M SPACE: Sale of Modular Units to Modern for $1.36M Approved ------------------------------------------------------------ Judge Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah authorized M Space Holdings, LLC, to sell modular units and other assets to Modern Building Systems for $1,356,000. The sale is free and clear of liens, claims, encumbrances, and interests. The Debtor is authorized to assume and assign its rights and interests in the executory contracts ("Assigned Contracts") to Modern Building Systems. The Debtor will be relieved of any further liability with respect to the Assigned Contracts. A copy of the list of Assigned Contracts attached to the Motion is available for free at: http://bankrupt.com/misc/M_Space_227_Sales.pdf The Debtor is not in default on the Assigned Contracts and no cure amounts are owed. Upon consummation of the sale of the Assets, Gordon Brothers Commercial & Industrial, LLC, will be paid a commission and its expenses from the proceeds of the sale pursuant to the Order Authorizing the Retention and Employment of Gordon Brothers Commercial & Industrial, LLC, as Asset Liquidator for the Debtor dated May 24, 2016. All remaining sales proceeds will be subject to the Final Order Authorizing the Debtor's Use of Collateral and Cash Collateral and Granting Adequate Protection Claim and Lien and any final order related thereto, as applicable. The Court expressly finds that there is no just reason for delay in the implementation of the Order, cause exists to waive all applicable stays and expressly directs entry of judgment as set forth. About M Space Holdings M Space Holdings, LLC, is a provider of turnkey complex modular space solutions. M Space sought protection under Chapter 11 (Bankr. D. Utah Case No. 16-24384) on May 19, 2016. The petition was signed by Jeffrey Deutschendorf, CEO and president. The Debtor is represented by Mona L. Burton, Esq., Sherilyn A. Olsen, Esq., and Ellen E. Ostrow, Esq., at Holland & Hart LLP. The case is assigned to Judge Joel T. Marker. The Debtor's asset Liquidator is Gordon Brothers Commercial & Industrial, LLC. The Debtor estimated both assets and liabilities of $50 million to $100 million. MALIBU LIGHTING: Wants to Use Cash Collateral for Professional Fees ------------------------------------------------------------------- Malibu Lighting Corporation, and its affiliated Debtors ask the U.S. Bankruptcy Court for the District of Delaware for authorization to use cash collateral. The Debtors seek to use the cash collateral on a consolidated basis subject to a budget that has been agreed upon by the Debtors, the Official Committee of Unsecured Creditors and the Debtors' secured lenders, NT Acquisitions, LLC and South 720, L.P. The Debtors tell the Court that a Trust Account has been made where all monies relating to each of the individual previously-approved cash collateral budgets, providing for separate carve outs for each of the estates' professionals as well as line items for secured lenders' fees, claims agent expenses, and U.S. Trustee fees, were deposited into. The Debtors relate that as of Aug. 31, 2016, a total of $8,571,000 had already been deposited into the Trust Account, against actual paid fees and costs in the amount of approximately $6,267,732, and approximately $2,024,536 in total estimated accrued, but unpaid, fees and expenses. The Debtors want to use Cash Collateral to, among other things, satisfy other postpetition operating and administrative expenses of the Debtors including but not limited to allowed fees and expenses incurred by the professionals retained by the Debtor and the Official Committee of Unsecured Creditors. A hearing on the Debtors' Motion is scheduled on Oct. 4, 2016. The deadline for the filing of objections to the Debtors' Motion is set on Sept. 27, 2016. A full-text copy of the Debtor's Motion dated September 13, 2016 is available at https://is.gd/B35H3Q About Malibu Lighting Malibu Lighting Corporation, Outdoor Direct Corporation, National Consumer Outdoors Corporation, Beam Corporation, Smoke 'N Pit Corporation, Treasure Sensor Corporation and Stubbs Collections Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-12080) on Oct. 8, 2015. The petition was signed by David M. Baker as chief restructuring officer. Judge Kevin Gross is assigned to the case. MLC was a manufacturer and supplier of outdoor and landscape lighting products, such as solar and low voltage lights and home security lights, including the parts and accessories associated with these products. ODC was a manufacturer and supplier of a variety of consumer goods, including (a) outdoor cooking products, such as outdoor gas grills, charcoal grills, smokers and fryers, (b) hand held lighting products, like flashlights and spotlights, (c) landscape lighting products, and (d) parts and accessories associated with the foregoing products. MLC and ODC are winding down operations as a result of the termination of a business relationship with principal customer, Home Depot. NCOC is a manufacturer and supplier of both branded and private label pet bedding and pet accessory products. NCOC manufactures beds, accessories, and deodorizers for dogs as well as beds, scratching posts, and toys for cats. In addition, NCOC markets and sells boat covers manufactured primarily from Chinese suppliers. Malibu estimated assets and liabilities of $10 million to $50 million in its bankruptcy petition. The Debtors have engaged Pachulski Stang Ziehl & Jones LLP as counsel, Piper Jaffray Co. as investment banker, and Kurtzman Carson Consultants as claims and noticing agent. On Oct. 20, 2015, an official committee of unsecured creditors was appointed by the Office of the United States Trustee. The Committee has retained Lowenstein Sandler LLP as its counsel, Blank Rome LLP as its Delaware co-counsel and BDO USA, LLP, as its financial advisors. No request has been made for the appointment of a trustee or an examiner in these cases. MARK STEVENS: Unsecureds To Get $1,200 Per Year Under Plan ---------------------------------------------------------- Mark L. Stevens and Mary K. Stevens filed with the U.S. Bankruptcy Court for the District of New Hampshire a disclosure statement dated Aug. 26, 2016, describing the Debtor's Chapter 11 plan. Class 7 General Unsecured claims -- estimated to total $823,919 and with allowed amount estimated at $6,000 -- includes: (i) all creditors asserting a non‐priority, unsecured claim against the Debtors; (ii) $533,013.15 of general unsecured claims by the IRS as more particularly described in its Proof of Claim 4‐2; and (iii) claims of approximately $290,905 of other general unsecured claims as more particularly described in Schedule F of the bankruptcy schedules and the Proof of Claim register. On each of the first, second, third, fourth and fifth anniversaries of the Effective Date, the Debtors will make a pro rata distribution from a lump sum of $1,200 each year on each of the five anniversary dates. This class is impaired. The Debtors will fund this Plan with income generated from the Law Practice of Mark Stevens. The Debtors will retain the assets of the estate, and will pay ordinary living expenses, operating expenses for the real estate, and creditors, the amounts set forth in the Plan from the proceeds thereof. Consistent with the provisions of the Plan and subject to any releases provided, the Debtors reserve the right to start or continue any adversary proceeding permitted under the Code and Rules to collect any debts, or to pursue claims in any court of competent jurisdiction. Except as expressly provided for in this Plan, nothing in this Plan will be deemed to constitute a waiver of any claim that the Debtor may assert against any other party, including the holder of any claim provided for in this Plan, and the allowance of any claim against the Debtor or the estate will not bar any claim by the Debtor against the holder of such claim. The Disclosure Statement is available at: http://bankrupt.com/misc/nhb16-10138-39.pdf Mark L. Stevens and Mary K. Stevens, husband and wife, reside in Hampstead, New Hampshire, with their children, two sons, ages 15 and 13. Mr. Stevens is the sole provider for his family. Mr. Stevens operates a law office as a sole proprietor located in rented space at 5 Manor Parkway, Salem, New Hampshire. The Debtors filed for Chapter 11 bankruptcy protection (Bankr. D.N.H. Case No. 16-10138) on Feb. 4, 2016. The Debtors are represented by: Richard D. Gaudreau, Esq. P.O. Box 1359 395 Main Street Salem, NH 03079 Tel: (603) 893-4300 E-mail: Richard@AttorneyGaudreau.com MBAC FERTILIZER: Creditors Approve Plan of Arrangement Under CCAA ----------------------------------------------------------------- MBAC Fertilizer Corp. announced approval of the Company's plan of arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) (CCAA) at the meeting of affected unsecured creditors held on Sept. 20, 2016. The resolution approving the Plan was approved at the Meeting by a "Required Majority" under the Plan. MBAC intends to seek an order from the Ontario Superior Court of Justice (Commercial List) sanctioning and approving the Plan (the Sanction Order) at a hearing scheduled to take place on Sept. 29, 2016. Implementation of the Plan is subject to receipt of the Sanction Order and to satisfaction or waiver of certain other conditions precedent set forth in the Plan. Assuming satisfaction or waiver of the conditions within the expected time frames, the Company anticipates implementing the Plan and completing its previously announced recapitalization transaction (the Recapitalization) in October 2016. All capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Plan. About MBAC MBAC -- http://www.mbacfert.com/-- is focused on becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian market. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. MBAC owns and operates the Itafos Arraias SSP Operations, which consists of an integrated fertilizer producing facility comprised of a phosphate mine, a mill, a beneficiation plant, a sulphuric acid plant, an SSP plant and a granulation plant and related infrastructure located in central Brazil ("Itafos Operations"). The Itafos Operations are estimated to have production capacity of approximately 500,000 tonnes of SSP per annum. MBAC's exploration portfolio includes a number of additional exciting projects, which are also located in Brazil. The Santana Phosphate Project is a high-grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Para State. MESA MARKETPLACE: Taps Pinnacle Management as Consultant -------------------------------------------------------- Mesa Marketplace Center, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Pinnacle Management and Consulting as consultant. The firm will provide turnaround consulting services, including assisting the Debtor in securing financing to facilitate its timely reorganization. The Debtor will compensate Pinnacle Management for its services in an amount equal to 1.2% of the maximum line of credit, term debt or equity obtained with the assistance of the firm. Pinnacle Management does not hold any interest adverse to the Debtor's estate and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The Debtor is represented by: Kelly G. Black, Esq. Kelly G. Black PLC 1152 E. Greenway St., Suite 4 Mesa, AZ 85203-3460 Phone: 480-639-6719 Fax: 480-639-6819 Email: kgb@kellygblacklaw.com About Mesa Marketplace Center Mesa Marketplace Center LLC dba Mesa Marketplace Center filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-10094), on August 31, 2016. The petition was signed by Kenny Eng, manager. The case is assigned to Judge Scott H. Gan. The Debtor's counsel is Kelly G. Black, Esq., at Kelly G. Black, PLC. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million. MIDWEST QUALITY: Unsecureds To Get Quarterly Payments ----------------------------------------------------- Midwest Quality Bedding, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Ohio a disclosure statement for the Debtor's plan of reorganization. Under the Plan, holders of allowed Class 3 General Unsecured Claims will receive, on a pro rata basis and after payment of expenses, including the payment of professional fee claims as approved by the Court, pay quarterly payments under an unsecured claim note. This class is not impaired. The Disclosure Statement is available at: http://bankrupt.com/misc/ohsb15-57113-134.pdf Headquartered in Plain City, Ohio, Midwest Quality Bedding, Inc., dba Mattress Mart, is a privately-owned corporation. The Debtor's primary source of income derives from the sale of mattresses and bedding supplies in its two stores. The Debtor's income fluctuates from month to month as mattress sales are a seasonal item. The Debtor's main assets are its stock of mattresses at its two stores. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ohio Case No. 15-57113) on Nov. 3, 2015, listing $61,000 in total assets and $1.73 million in total liabilities. The petition was signed by Jerry S. Fogt, president. Judge John E. Hoffman Jr. presides over the case. Matthew J Thompson, Esq., at Nobile & Thompson Co., L.P.A., serves as the Debtor's bankruptcy counsel. MIKE'S BIKES: Seeks to Hire Jules L. Rossi as Legal Counsel ----------------------------------------------------------- Mike's Bikes Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire a legal counsel. The Debtor proposes to hire the Law Office of Jules L. Rossi to provide legal services in connection with its Chapter 11 case. The firm will be paid $350 per hour and will receive a retainer in the amount of $2,500. The firm does not represent any interest adverse to the Debtor's estate, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jules L. Rossi, Esq. Law Office of Jules L. Rossi 208 Main St Ste 205 Asbury Park, NJ 07712 Tel: 732-774-5520 Fax: 732-774-5870 Email: jlrbk423@aol.com About Mike's Bikes Inc. Mike's Bikes Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-25441) on August 11, 2016. The case is assigned to Judge M.B. Kaplan. At the time of the filing, the Debtor estimated assets and liabilities of less than $50,000. MIYAGI SUSHI: Proposes to Hire Sung Lee as Accountant ----------------------------------------------------- Miyagi Sushi, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire an accountant. The Debtor proposes to hire Sung Lee to provide accounting services in connection with its Chapter 11 case. These services include preparing the Debtor's 2015 tax returns, providing monthly bookkeeping services and financial analysis to be used in its plan of reorganization. Mr. Lee will receive an hourly fee of $300 for his services. In a court filing, Mr. Lee disclosed that he does not have any connection with the Debtor or its creditors. The Debtor is represented by: Michael H. Yi, Esq. The Law Office of Yi & Madrosen 3435 Wilshire Blvd. Suite 1045 Los Angeles, CA 90010 Tel: (213) 377-5447 Fax: (213) 377-5448 Email: myi@yimadrosenlaw.com About Miyagi Sushi Miyagi Sushi, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 16-16990) on August 4, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Michael H. Yi, Esq., at the law firm of Yi & Madrosen. No official committee of unsecured creditors has been appointed in the case. MOHEGAN TRIBAL: Moody's Puts B3 CFR on Review for Upgrade --------------------------------------------------------- Moody's Investors Service placed Mohegan Tribal Gaming Authority's (MTGA) B3 Corporate Family Rating on review for upgrade in response to the company's announcement that it intends to refinance its existing credit facility with a new $1.4 billion credit facility, and that it has tendered for its outstanding $585 million 9 ¾% senior unsecured notes and $100 million 11% senior subordinated notes. The outlook was revised to rating under review from positive. Moody's assigned a B1 to MTGA's new credit facility which is comprised of a $170 million revolver due 2021, $295 million term loan A due 2021, and $935 million term loan B due 2023. The B2 rating on MTGA's existing credit facilities was affirmed and will be withdrawn once the proposed transaction closes. The B3 rating on MTGA's 9 ¾% senior unsecured notes due 2021 was also affirmed and will be withdrawn once these notes are tendered. MTGA's 11% senior subordinated notes are not rated. The company's Speculative Grade Liquidity Rating of SGL-2 was also affirmed. "Moody's concern regarding MTGA's near-term debt maturity profile will no longer be a limiting factor to a higher rating if the credit facility transaction closes as planned and MTGA is successful in arranging additional long-term debt financing to help fund the tender offer," stated Keith Foley, a Senior Vice President at Moody's. "Once these conditions are met, Moody's expects to upgrade MTGA's Corporate Family Rating one-notch to B2." Ratings placed on review for upgrade: Corporate Family Rating -- B3 Probability of Default Rating -- B3-PD New ratings assigned: $170 million senior secured revolver due 2021 -- B1 (LGD3) $295 million senior secured term loan A due 2021 -- B1 (LGD3) $935 million senior secured term loan B due 2023 -- B1 (LGD3) Rating affirmed: Speculative Grade Liquidity rating, at SGL-2 Credit facilities ratings affirmed and to be withdrawn if/when the transaction closes: $100 million revolver due 2018, at B2 (LGD3) $125 million term loan A due 2018, at B2 (LGD3) $820 million term loan B due 2018, at B2 (LGD3) Long-term debt rating affirmed and to be withdrawn if/when tender is completed: $585 million 9 ¾% senior unsecured notes due 2021, at B3 (LGD4) RATINGS RATIONALE Currently, more than half of MTGA's $1.8 billion in outstanding debt matures in June 2018, less than two years away and only a few months before MGM Resorts International's $800 million MGM Springfield casino is due to open in Springfield, Massachusetts just 85 miles away from the Mohegan Sun casino in Uncasville, CT. Refinancing these debt maturities in a manner that pushes out debt maturities several years and lowers the company's overall cost of debt capital will significantly improve MTGA's ability to deal with the substantial increase in direct competition coming its way. On a combined basis, MTGA's 9 ¾% senior unsecured notes and 11% subordinated notes account for about 40% of the company's debt outstanding. The B1 assigned to the proposed $1.4 billion credit facility is based on Moody's expectation that MTGA will follow-up its credit facility refinancing with additional financing in the form of long-term unsecured debt in an amount large enough to provide a level of credit support to the new bank facility to warrant a rating on the new credit facility that is one-notch higher than MTGA's Corporate Family Rating. Although the proceeds from the new $1.4 billion credit facility will be more than enough to repay MTGA's current bank debt outstanding, about $900 million, additional capital will be necessary to fund the tender. MTGA owns and operates Mohegan Sun, a gaming and entertainment complex near Uncasville, Connecticut, and Mohegan Sun at Pocono Downs, a gaming and entertainment facility offering slot machines and harness racing in Plains Township, Pennsylvania. MTGA generated net revenue of about $1.4 billion for the latest 12-month period ended June 30, 2016. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. MUELLER & DRURY: Amended Plan Adds Terms of BofA Claims Deal ------------------------------------------------------------ Mueller & Drury Real Estate, L.L.C., on September 13 filed with the U.S. Bankruptcy Court for the District of Arizona its latest disclosure statement explaining the company's proposed Chapter 11 plan of reorganization. The latest disclosure statement contains additional provisions governing the treatment of Bank of America's Class 4 claim. Mueller and BofA had earlier reached an agreement for treatment of the Class 4 claim, which is partially secured by a first position deed of trust against the company's commercial building located in Scottsdale, Arizona. Pursuant to the terms of the agreement, BofA will hold a secured claim against the Scottsdale property for $850,000, and an unsecured claim for $661,055, which will be paid pro rata with Class 5 and Class 6. Moreover, payment on the secured claim will be made to BofA at the non-default interest rate of 4.25% per annum. The secured claim will be amortized over 20 years and the balance will be due and owing on the seven year anniversary of the effective date of the agreement, which is June 17, 2016. All terms of the agreement will control treatment of the Class 4 claim, including default provisions of the agreement and those addressing notice and cure of any future default. A copy of the latest disclosure statement is available for free at https://is.gd/8b55a0 About Mueller & Drury Real Estate Mueller & Drury Real Estate, L.L.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 15-12258) on Sept. 24, 2015. The petition was signed by Doug Drury, member. At the time of the filing, the Debtor disclosed $900,000 in assets and $1.56 million in liabilities. MULTIMEDIA PLATFORMS: Working Capital Raises Going Concern Doubt ---------------------------------------------------------------- Multimedia Platforms, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $2.90 million on $754,513 of net revenue for the three months ended June 30, 2016, compared with a net loss of $6.88 million on $232,441 of net revenue for the same period in the prior year. The Company's balance sheet at June 30, 2016, showed $7.71 million in total assets, $5.96 million in total liabilities, and a stockholders' equity of $1.75 million. During the six months ended June 30, 2016, the Company recognized net revenue of $1,459,168 and a net loss of $4,698,798 and had negative working capital of $5,518,237 as of June 30, 2016. In view of these conditions, the ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. Historically, the Company has relied upon internally generated funds and funds from the sale of shares of stock, issuance of promissory notes and loans from its shareholders and private investors to finance its operations and growth. Management is planning to raise necessary additional funds for working capital through loans and/or additional sales of its common stock. However, there is no assurance that the Company will be successful in raising additional capital or that such additional funds will be available on acceptable terms, if at all. Should the Company be unable to raise this amount of capital its operating plans will be limited to the amount of capital that it can access. These financial statements do not give effect to any adjustments which will be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements. A copy of the Form 10-Q is available at: http://bit.ly/2cNpM5d About Multimedia Platforms, Inc. Multimedia Platforms, Inc., creates, curates, aggregates and distributes advertiser-friendly content to the lesbian, gay, bisexual and transgender community. Fort Lauderdale, Florida-based MMPW's print and online brands attract nearly 7.5 million readers, 4.8 million unique visitors annually and more than 200,000 social media followers in the U.S. NEAL COY: Selling Duvall Parcels to Vernon for $150K ---------------------------------------------------- Neal C. Coy asks the U.S. Bankruptcy Court for the Western District of Washington to authorize the sale of 4.16 acre lot located at 198 NE Bid Rock Road in Duvall, Washington ("Big Rock 40"), identified by King County tax assessor number 2926079051, to Jay L. Vernon for $150,000. The Debtor proposes to pay, after payment of the various costs of sale, the sale proceeds to SMN, LLC, which holds a deed of trust secured on both Big Rock 40 parcels. Because the proposed sale price is less than the $350,000 balance owed to SMN, there will be no funds available to pay junior lienholders, i.e. the City of Duvall and the Internal Revenue Service. As detailed in the Debtor's plan, however, these lienholders are secured on other assets, including the Debtor's two other investment properties which are subject to annexation and a court-approved option and sale agreement with Quadrant Homes. While the exact values to be generated from the Option Agreements with Quadrant Homes are not yet known, it is anticipated that significant proceeds will be generated to pay toward the junior lienholders. The Debtor's plan requires that the two Big Rock 40 parcels be sold within 2 years of the effective date or else SMNC or another secured lienholder may commence foreclosure proceedings. The deadline expires after March 26, 2017. Sale of the property will benefit the junior lienholders by allowing payment toward the balance of SMN, potentially freeing up some value in the other Big Rock 40 parcel. If the Debtor does not sell the parcel before the deadline and SMN foreclosed, the junior lienholders would most likely be extinguished due to lack of equity in the property. The Debtor views the proposed sale as a superior result to having the property foreclosed upon, given that sale is likely to capture more value to pay toward the senior lienholder than a foreclosure would, thereby further decreasing the remaining balance owed to SMN on the other Big Rock 40 parcel, to the benefit of junior lienholders. The sale also benefits SMN by allowing for a substantial payment toward the outstanding balance more quickly, without the cost or delay associated with foreclosure. A copy of the Vacant Land Purchase and Sale Agreement Specific Terms attached to the Motion is available for free at: http://bankrupt.com/misc/Neal_Coy_144_Sales.pdf The Purchaser can be reached at: Jay L. Vernon 7251 232nd Ave. NE Redmond, WA 98053 E-mail: lynn@lynnvernon.com Neal C. Coy filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 13-20960) on Dec. 19, 2013, and is represented by Emily Jarvis, Esq., at Wells and Jarvis, P.S., in Seattle. NET ELEMENT: Directs ESOUSA to Purchase 454,546 Shares ------------------------------------------------------ Net Element, Inc., on Sept. 15, 2016, opted to present ESOUSA HOLDINGS, LLC, a New York limited liability company, with a purchase notice directing ESOUSA to purchase 454,546 shares of the Company's common stock for the aggregate purchase price of $500,000 pursuant a Common Stock Purchase Agreement. The SPA and its terms were disclosed in the Company's Current Report on Form 8-K filed on July 12, 2016. Those shares of common stock of the Company were issued to ESOUSA under an exemption from the registration requirements of the Securities Act of 1933, as amended, in reliance upon Section 4(a)(2) of the Securities Act. About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $13.3 million on $40.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $10.2 million on $21.4 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Net Element had $21.6 million in total assets, $14.1 million in total liabilities and $7.55 million in total stockholders' equity. Daszkal Bolton LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has sustained recurring losses from operations and has working capital and accumulated deficits that raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Swaps $200,000 Tanche for 194,175 Shares ----------------------------------------------------- Net Element, Inc. opted to exchange a tranche in the aggregate amount of $200,000 for 194,175 shares of the Company common stock based on the "exchange price" of $1.03 per share for this tranche pursuant to the Master Exchange Agreement, with Crede CG III, Ltd. The Agreement and its terms were disclosed in the Company's Current Report on Form 8-K filed on May 3, 2016. Those shares of common stock of the Company were issued to Crede under an exemption from the registration requirements of the Securities Act of 1933, as amended, in reliance upon Section 3(a)(9) of the Securities Act. About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $13.3 million on $40.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $10.2 million on $21.4 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Net Element had $21.6 million in total assets, $14.1 million in total liabilities and $7.55 million in total stockholders' equity. Daszkal Bolton LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has sustained recurring losses from operations and has working capital and accumulated deficits that raise substantial doubt about its ability to continue as a going concern. NICKLAS LLC: Rent from Sunset Properties to Fund Plan ----------------------------------------------------- Nicklas LLC filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania an Amended Disclosure Statement in connection with the Debtor's Plan of Reorganization. The Debtor scheduled two unsecured Claims: A. The first is owed to the Franklin County Area Development Corporation in the amount of approximately $520,000.00. This debt represents the guaranteed debt owed by Sunset Industrial Applications for a lease between SIA and FCADC. B. The other unsecured claim is owed to Debra Brechbill which represents an unpaid sum from when the Debtor purchase 221 Sunset. Ms. Brechbill is owed approximately $18,000.00. The unsecured creditors will be paid in full over 84 months after the Effective Date, in regular monthly or quarterly payments, as the Debtor may determine is feasible. It should be noted, however, that FCADC has released its Claim and will not be paid anything under the Plan. The Debtor intends to continue to lease 100 Sunset Property to the existing lessees, and intends to find a new tenant for the remaining portion of 100 Sunset Property. The Debtor also intends to enter into the lease with FYM, LLC for 201 Sunset and 221 Sunset Properties. As a result of all of these leases, the Debtor believes it will have sufficient funds with which to fund the Plan. A full-text copy of the First Amended Disclosure Statement dated September 9, 2016, is available at http://tinyurl.com/h6z5z29 About Nicklas LLC Nicklas LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 15-02742) on June 26, 2015. The Petition was signed by one of its member, Rebecca D. Nicklas. The Debtor's counsel is Robert E. Chernicoff, Esq. at Cunningham, Chernicoff & Warshawsky P.C. of 2320 North Second Street, Harrisburg, PA. At the time of filing, the Debtor had $500,000 to $1 million in estimated assets and $500,000 to $1 million in estimated liabilities. NJOY INC: Meeting to Form Creditors' Panel Set for Sept. 27 ----------------------------------------------------------- Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on Sept. 27, 2016, at 2:00 p.m. in the bankruptcy case of NJOY, Inc. The meeting will be held at: Office of the US Trustee 844 King Street, Room 2112 Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About NJOY Headquartered in Scottsdale, Arizona, NJOY sells e-cigarettes and vaping products to wholesalers, distributors and retailers. The Company was the first major ENDS company to offer products across all form factors: disposable and rechargeable cigalikes, open system e-liquids and vaping devices, and advanced closed system e-liquids. The Debtor has no in-house manufacturing capabilities. Its hardware is sourced from two major suppliers in China. The Debtor sources e-liquids from facilities based in the United States. As of Sept. 9, 2016, the Debtor had a total of 15 employees. As of June 30, 2016, the Debtor had: (a) an accumulated deficit of $234.4 million; (b) total current liabilities of $32.17 million; (c) total outstanding loans of $3.8 million with FLFC Lending Co.; and (e) accounts payables of approximately $14.02 million. NJOY has hired Gellert Scali Busenkell & Brown, LLC as counsel, Sierraconstellation Partners, LLC as financial advisor, Cohnreznick Capital Markets Securities Investment LLC as investment banker and UpShot Services LLC as notice and claims agent. Contemporaneously with the petition, the Debtor filed various first day motions seeking permission to, among other things, obtain postpetition financing, pay critical vendor claims, use existing cash management system, and pay employee obligations. The case is In re NJOY, Inc., Bankr. D. Del. Case No. 16-12076. The case is pending before the Honorable Christopher S. Sontchi. A full-text copy of Jeffrey Weiss' declaration is available at: http://bankrupt.com/misc/4_NJOY_Declaration.pdf NOBLE ENVIRONMENTAL: Files for Bankruptcy in Delaware ----------------------------------------------------- BankruptcyData.com reported that privately-held Noble Environmental Power (NEP) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, Case No. 16-12055. The Company, which operates and maintains renewable energy windparks, is represented by Robert S. Brady of Young Conaway Stargatt & Taylor. According to documents filed with the Court, "Simply put, NEP's assets are worth less than its debts, and NEP will be unable to pay its guarantee obligations to the Lender when they mature on July 31, 2017. Accordingly, chapter 11 will enable NEP to recapitalize its equity ownership, reduce its secured debt, lower its debt service, and extend the maturity of its secured debt by five (5) years." Noble Environmental Power's Chapter 11 petition indicates total assets greater than $100 million. NORANDA ALUMINUM: To Auction Upstream Business on Sept. 28 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri approved procedures in connection with the proposed sale(s) of all, or substantially all, of the assets of Noranda Aluminum, Inc., comprising their primary aluminum production business operated by Noranda Aluminum, Inc., Noranda Bauxite Ltd. and Noranda Alumina LLC. The auction will take place on Sept. 28, 2016, at 10:00 a.m. (prevailing Eastern Time) at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York. Offers of the Debtors' assets must be file no later than 1:00 p.m. (prevailing Eastern Time) on Sept. 27, 2016. The Court set Sept. 30, 2016, at 9:30 a.m. (prevailing Central Time) to approve the sale of the Debtors' assets. Objections to the sale, if any, were due Sept. 20, 2016. As reported by the Troubled Company Reporter on June 17, 2016, the Debtors' DIP financing facilities contain certain case milestones, including the commencement of a comprehensive sale process for the Debtors' flat rolled products business owned and operated by Norandal USA, Inc. -- Downstream Business -- pursuant to Section 363(b) of the Bankruptcy Code. On March 21, 2016, the Court entered an order approving bidding procedures with respect to the sale of the Downstream Business. The hearing to approve the sale of the Downstream Business was scheduled for July 14, 2016. As amended, the Milestones also required the Debtors to deliver, on or before May 20, 2016, a five-year business plan relating to their Upstream Business. On April 8, 2016, the Debtors delivered the Business Plan to their DIP lenders. This was followed by an amended business plan on May 19, 2016, which satisfied the Debtors' obligations under such milestone. In addition, the Debtors were required, on or before May 29, 2016, to file a Chapter 11 plan relating to their Upstream Business or file a motion to establish bid procedures for the sale of such business under Section 363 of the Bankruptcy Code. This deadline has since been extended to June 13, 2016. The Debtors believe, in consultation with their lenders, consultants and other parties-in-interest, that launching a sale process for the Upstream Business will maximize value for these estates and is therefore both a valid exercise of the Debtors' business judgment and consistent with their fiduciary duties to their stakeholders. The Debtors sought to run a sale process that: (i) is open to all potential bidders, including current participants in the Debtors' capital structure, parties previously involved in the Downstream Sale Process and other potential third party purchasers, (ii) contemplates the sale of all or substantially all of the Subject Assets or one or more Lots (or any combination thereof) comprising the Upstream Business assets; and (iii) protects the best interests of the Debtors' estates and creditors. The Sale(s) of the Subject Assets are intended to relieve the estates of substantial obligations relating to such assets, reduce the estates' liabilities through the assumption and assignment of the relevant executory contracts and/or unexpired leases and avoid the further deterioration in the value of the Subject Assets -- all through the prompt sale thereof. Moreover, the Sale(s) should provide the estates with the liquidity necessary to wind down the remaining estates in a responsible fashion. In sum, the Debtors, in consultation with their advisors, said they believe that pursuing a Sale at this time for the Upstream Business is the course of action most likely to maximize value. Indeed, the approach described herein facilitates the launch of the sale process in accordance with the Milestones without the delay attendant to first negotiating a stalking horse agreement. Accordingly, the Debtors sought for authority to implement a sale process as outlined in the Bidding Procedures for the Upstream Business so as to efficiently market and solicit offers for the Subject Assets. The Prepetition Secured Creditors and the DIP Lenders will have the right, subject in all respects to the Bankruptcy Code and other applicable law, to credit bid all or any portion of the aggregate amount of their applicable outstanding secured obligations pursuant to Section 363(k) of the Bankruptcy Code. The Debtors said they reserve the right, at any time before Aug. 8, 2016 to enter into one or more purchase agreement(s), subject to higher or otherwise better offers at the auction, with any qualified bidder that submits a qualified bid (the "stalking horse bidder") acceptable to the Debtors to establish a minimum qualified bid for all or substantially all of the Subject Assets or for any applicable Lot at the Auction. About Noranda Aluminum Noranda Aluminum, Inc., and 10 of its affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Lead Case No. 16-10083) on Feb. 8, 2016. The petitions were signed by Dale W. Boyles, the chief financial officer. Judge Barry S. Schermer is assigned to the cases. The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel, Carmody MacDonald P.C. as local counsel, PJT Partners, LP as investment banker, Alvarez & Marsal North America, LLC as restructuring advisors and Prime Clerk LLC as claims, solicitation and balloting agent. The Debtors estimated both assets and liabilities in the range of $1 billion to $10 billion. As of the Petition Date, the Debtors had approximately $529.6 million in outstanding principal amount of secured indebtedness, consisting of a revolving credit facility and a term loan facility. The Debtors had approximately 1,857 employees as of the Petition Date. ONSITE TEMP: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Onsite Temp Housing Corporation 2140 W Williams Drive Phoenix, AZ 85018 Case No.: 16-10790 Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Paul Sala Debtor's Counsel: Harold H. Campbell, Esq. CAMPBELL & COOMBS, P.C. 1811 S. Alma School Rd. Ste. 225 Mesa, AZ 85210 Tel: 480-839-4828 Fax: 480-897-1461 E-mail: heciii@haroldcampbell.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald Kaebisch, authorized representative. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/azb16-10790.pdf PAGOSA PARTNERS II: Hires MicroTax as Accountant ------------------------------------------------ Pagosa Partners, II, seeks authority from the U.S. Bankruptcy Court for the District of Colorado to employ MicroTax, LLC as accountant to the Debtor. Pagosa Partners, II requires MicroTax to perform professional accounting services including preparation of federal and state tax returns, assist with monthly operating reports, and any other tax services that the Debtor requires. Micro Tax will be paid a flat fee of $200-$300 per month. Lorenzo Fiol, member of MicroTax, 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 Debtor and its estates. Micro Tax can be reached at: Lorenzo Fiol MICROTAX, LLC 2911 N. Cicero Ave. Chicago, IL 60641 Tel: (773) 663-2311 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 Aug. 10, 2016. The petition was signed by Robert J. Ralis, president. Judge Joseph G. Rosania Jr. presides over the case. Jeffrey S. Brinen, Esq., at Kutner Brinen, P.C., serves as bankruptcy counsel. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. No official committee of unsecured creditors has been appointed in the case. PALOMAR HEALTH: Moody's Assigns Ba1 Rating on Revenue Bonds ----------------------------------------------------------- Moody's Investors Service assigns a Ba1 rating to Palomar Health's (PH) proposed Series 2016 Refunding Revenue Bonds. Bonds will have a par value of approximately $252 million, and will have their final maturity in 2039. At this time, we are also affirming the Ba1 ratings on PH's $550 million of parity revenue bonds. The outlook is stable. Moody's also rates $607 million of PH's general obligation bonds, which currently have a rating of A2. The general obligation bonds are secured by the District's voter-approved unlimited property tax pledge and general obligation bondholders do not have any recourse to the hospital for payments under the bonds. Tax revenues, payments, and principal related to the general obligation bonds have been excluded from this analysis. The affirmation of the Ba1 revenue bond rating and the maintenance of the stable outlook reflects improved operating performance, and growing cash measures. Ongoing challenges include: the need to further improve operating performance to achieve satisfactory debt coverage levels; ongoing operating losses due to very high interest expense and depreciation expense; and very thin headroom to one covenant. These challenges are counterbalanced by certain fundamental strengths, including leading market position in northern San Diego County, the absence of immediate competition, PH's status as the largest district hospital in the state, and a certain level of stability PH enjoys due to its contract with Kaiser. Rating Outlook The stable outlook reflects improved operating performance and balance sheet measures, and the expectation that all measures will continue to improve. Issue: Series 2016 Refunding Revenue Bonds; Rating: Ba1; Rating Type: Underlying LT; Sale Amount: $252,220,000; Expected Sale Date: 10/06/2016; Rating Description: Revenue: Other Factors that Could Lead to an Upgrade Significantly improved liquidity Significantly improved debt measures Factors that Could Lead to a Downgrade Return to weaker operating performance Failure to improve liquidity Issuance of any additional debt Legal Security Revenue bonds are secured by a pledge of gross revenues of the system and are backed by a fully funded debt service reserve fund. Per a continuing disclosure agreement entered into in 2009, PH makes available unaudited interim financial statements on a quarterly basis. Use of Proceeds The Series 2016 Fixed Rate Refunding Revenue Bonds will refund the Series 2009 Certificates of Participation and will produce debt service savings. Total proforma revenue bond par outstanding will increase by approximately 3% compared to FYE 2015 as a result of the financing. Obligor Profile PH is the largest public health care district in the State of California, with over $775 million of revenues in 2016, and generating over 30,000 admissions. The district operates in-patient facilities in the towns in Escondido and Poway, and captures a 51% market share within the district. PH was formerly known as Palomar Pomerado Health and changed its name per board resolution in May 2012. Methodology The principal methodology used in this rating was Not-For-Profit Healthcare Rating Methodology published in November 2015. PARK OVERLOOK: Salvatore LaMonica Named Ch. 11 Trustee ------------------------------------------------------ William K. Harrington, the United States Trustee for Region 2, appointed Salvatore LaMonica as the Chapter 11 trustee for the Chapter 11 bankruptcy case filed by the Debtors, Park Overlook, LLC and Dawn Hotel of NY LLC. The Notice of Appointment is filed before the United States Bankruptcy Court for the Southern District of New York on September 12, 2016. About Park Overlook Park Overlook, LLC and Dawn Hotel of NY, LLC filed Cchapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-11354 and 16-11355) on May 12, 2016. The petitions were signed by Gordon Duggins, member. The Debtors are represented by Adrienne Woods, Esq., at The Law Offices of Adrienne Woods, P.C. The Debtors estimated their assets and debts at $0 to $50,000 at the time of the filing. PARKLANDS OFFICE: Proposes to Pay Unsecured Creditors in Full ------------------------------------------------------------- General unsecured creditors of Parklands Office Park, LLC, will be paid in full under the company's proposed Chapter 11 plan of reorganization. The plan classifies general unsecured creditors in Class 2. These creditors hold claims against Parklands that have been scheduled in the amount of $211,176. General unsecured creditors will be paid in full by receiving their pro rata share of monthly payments of $10,000. Payments will commence on the 20th day following the sale to LCB. Any amount remaining due on the claims will be paid in full no later than June 30, 2019. Parklands' restructuring plan is largely predicated on the proposed sale to LCB of its office building known as 1 Parklands located in Darien, Connecticut. The company proposes to sell the property for $12 million. If the plan is confirmed and the closing with LCB does not occur, Parklands will almost certainly be unable to comply with the terms of the plan, according to the company's disclosure statement explaining the plan. A copy of the disclosure statement is available for free at https://is.gd/z2hVAe About Parklands Office Park Parklands Office Park, LLC, a single asset real estate company, sought Chapter 11 protection (Bankr. D. Conn. Case No. 16-50425) on March 29, 2016. The case is assigned to Judge Ann M. Nevins. The Debtor tapped James Berman, Esq., at Zeisler & Zeisler P.C., as counsel. The Debtor estimated assets and debt at $10 million to $50 million. PEABODY ENERGY: Court Approves Big Ridge Settlement with UMWA ------------------------------------------------------------- The U.S. Bankruptcy Court issued an order approving Peabody Energy's 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 Dec. 14, 2014 order finding Big Ridge in violation of the National Labor Relations Act. As previously reported, "The 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." 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. PELICAN REAL ESTATE: Examiner Taps GrayRobinson as Legal Counsel ---------------------------------------------------------------- The examiner appointed in the Chapter 11 case of Pelican Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire a legal counsel. Maria Yip, the court-appointed examiner, proposes to hire GrayRobinson, P.A. to provide legal services in connection with the Debtor's bankruptcy case. GrayRobinson will charge for its services in accordance with its ordinary and customary rates in effect at the time the services are rendered. Frank Terzo, Esq., a shareholder of GrayRobinson, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank P. Terzo, Esq. Michael D. Lessne, Esq. GrayRobinson, P.A. 401 East Las Olas Blvd., Suite 1800 Fort Lauderdale, FL 33301 Phone: (954) 761-8111 Fax: (954) 761-8112 Email: frank.terzo@gray-robinson.com Email: michael.lessne@gray-robinson.com About Pelican Real Estate Pelican Real Estate, LLC and its eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 16-03817) on June 8, 2016. The petition was signed by Jared Crapson, president of SMFG, Inc., manager of Pelican Management Company, LLC. The Debtors are represented by Elizabeth A. Green, Esq., at Baker & Hostetler LLP. At the time of the filing, Pelican Real Estate listed under $50,000 in both assets and debts. On August 24, 2016, the Office of the U.S. Trustee filed an appointment of Maria M. Yip as the examiner, which was approved by the court on August 25. PETERS MACHINE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Peters Machine, Inc. 3765 N. Westlawn Avenue Decatur, IL 62526 Case No.: 16-71534 Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court Central District of Illinois (Springfield) Judge: Hon. Mary P. Gorman Debtor's Counsel: Jonathan A Backman, Esq. LAW OFFICE OF JONATHAN A. BACKMAN 117 N Center St Bloomington, IL 61701 Tel: (309) 820-7420 Fax: (309) 820-7430 E-mail: jabackman@backlawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jerald L. Nelson, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/ilcb16-71534.pdf PHOENIX MANUFACTURING: Has Investment Offer, Need Time for Plan --------------------------------------------------------------- Phoenix Manufacturing Partners, LLC and its affiliated Debtors ask the U.S. Bankruptcy Court for the District of Arizona to extend their exclusive periods to file a Chapter 11 Plan and to seek acceptance of their Plan, to November 28, 2016 and January 30, 2017, respectively. The Debtors relate that they have been approached by American Industrial Acquisition Corporation with a proposal to become an equity owner in the Reorganized Debtor, provide current owners and management with continued contracts for their services, assist in developing substantial new business with major Fortune 500 companies in the aerospace industry and negotiate with UMB Bank for possible favorable resolution of its secured debt. The Debtors further relate that the American Industrial proposal, which was submitted on September 18, 2016, has merit and that they wish to explore and negotiate further with American Industrial. The Debtors add that to do so will require additional time beyond the current exclusivity deadline of September 26, 2016. The Debtors tell the Court that they have a draft of their Plan and Disclosure Statement which proposes a reorganization without American Industrial's involvement. They further tell the Court that the potential American Industrial participation presents the Debtors with the possibility of filing and circulating an even more favorable Plan for creditors and all interested parties of the estates. The Debtors contend that they need 60 additional days to continue and conclude negotiations with American Industrial before filing their Plan. About Phoenix Manufacturing Partners, LLC. Phoenix Manufacturing Partners LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-04898) on May 3, 2016. Its affiliates Joined Alloys, LLC, and DLS Precision Fab, LLC, filed for Chapter 11 protection (Case Nos. 16-06107 and 16-06109) on May 27, 2016. The petitions were signed by Joe Yockey, president & managing member. The cases are jointly administered under Case No. 16-04898 and are assigned to Judge Edward P. Ballinger, Jr. Phoenix Manufacturing estimated assets of $0 to $50,000 and debts of $10 million to $50 million. Joined Alloys and DLS Precision estimated both assets and liabilities in the range of $1 million to $10 million. No official committee of unsecured creditors has been appointed in the case. PICO HOLDINGS: Bloggers Say Synthonics Fails Value Investment Test ------------------------------------------------------------------ PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified holding company reporting recurring losses since 2008. PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a securities portfolio and various interests in small businesses. PICO has $662 million in assets and $426 million in shareholder equity. Central Square Management LLC and River Road Asset Management LLC collectively own more than 14% of PICO. Other activists at http://ReformPICONow.com/have taken to the Internet to advance the shareholder cause. The bloggers expect the PICO Strategy Committee to spring into action. "The PICO Board should sell at least one asset before 2016 closes out. The ideal asset sale would garner proceeds of about $13 million above carrying value. That way, all proceeds could be returned to PICO shareholders and Juicer would be left to pout on his La Jolla roofdeck. The Strategy Committee has been the quiet stepchild of the PICO drama thus far, but it will be an influential player in the upcoming asset monetization game. We have come across no mention of the Strategy Committee in any of PICO's public communications, SEC filings, press releases nor earnings calls. It has no Charter posted on the PICO website. Eric Speron, Chair of the Strategy Committee, will 'monitor' asset liquidation and return of capital to shareholders. Fellow Committee members Andrew Cates and Daniel Silvers will likely aid Mr. Speron in a speedy manner. PICO Chairman Raymond Marino will most likely analyze interminably. For a time, it looked as if the Strategy Committee would hibernate the rest of 2016. But given that a $13 million in Administrative Expense shield, worth $2.6 million to PICO shareholders, will expire at the end of the year, we're optimistic the Strategy Committee has gone live in preparation to wheel and deal. There was no love connection between Mr. Speron and RPN early in our relationship. But we see a reconciliation in the offing. We hear that Mr. Speron has been a diligent advocate of shareholder interests since our rocky beginning. Mr. Speron is a non-paid Director, who personally owns 60,190 shares. His employer, First Foundation Advisors, owns 860,493 PICO shares, or 3.7%. Mr. Speron is the bravest of Directors. According to the Proxy Statement, Mr. Speron's spouse owns 190 PICO shares in an IRA. The norms of corporate governance should be changed to acknowledge such bravery. Directors get one point for every share they own, but two points for every share their spouse owns. Mothers-in-law are worth 3 points, plus a medal. We take comfort in Mr. Speron's large tripartite bet (personal, professional and spousal) on the horse named PICO. We look forward to congratulating Mr. Speron when the first PICO asset is sold and capital is returned to shareowners - before the end of 2016." Next, the bloggers turn to the PICO Board's decision to retain the Synthonics stake. "For two reasons, we feel that retention of the Synthonics stake is a disservice to PICO shareowners. First, it is a violation of the principles of value investing. Second, the PICO Board has no mandate to husband assets and withhold capital from shareholders. Yes, the numbers are small: the Synthonics stake has a carrying value of $2.2 million. But RPN views the Synthonics situation like a couple that gets a cat before they have children. Unsure if they are collectively ready for the heightened responsibility and challenge that children bring, the couple starts out small as a test. We view the Synthonics stake as the PICO Board's cat. And the result does not leave us optimistic. To us, Synthonics is capital allocation trash. We find it worrisome that the PICO Board has found Synthonics to be a viable investment. This concern is heightened by the fact that the PICO Board has a portfolio of water rights and a homebuilder, collectively trading at half of book value, in which to invest. On the Q2 earnings call, Mr. Marino said, 'PICO will continue to support Ken and his team at Synthonics since PICO is one of Synthonics' largest shareholders. Ken and his team have made great progress with Synthonics, and we look forward to seeing Synthonics continue to expand their technology and bring products to the market.' This sounds to us like the PICO Board has 'analyzed' the Synthonics investment, is optimistic about its commercial future and will hold it for a while, expecting a positive result. We find this course of action ridiculous. You can't draw conclusions about an investment that is un-analyzable. You can only speculate. Today, we examine retention of the Synthonics stake from the perspective of value investing. We compare Synthonics to a business PICO shareholders know a little bit about: a homebuilder. Let's review the basics of value investing. A value investment is: -- easy to understand; -- in an industry with some level of stability and predictability; -- managed by people worthy of respect, admiration and trust, who think like owners and manifest high competence; and -- available at a price that is lower than intrinsic value. 1) Is Synthonics easy to understand? Here is a description of Synthonics lifted from the corporate website: 'We are a specialty pharmaceutical company focused on the discovery, development and licensing of drugs that incorporate our proprietary metal coordination chemistry. Metal coordination entails attaching a pharmaceutically acceptable metal, such as zinc, bismuth or magnesium, to a known pharmaceutical agent to create a new and more effective drug.' Do our Directors understand 'metal coordination chemistry?' Do our Directors comprehend how zinc, bismuth or magnesium can be attached to a known pharmaceutical agent to create a drug? As we scan our current Directors' bios, we don't see "M.D." after anyone's name. We don't see any biotech Directorships. We don't see any pharmaceutical industry experience. We have no idea if Synthonics will develop a viable product. We have no idea if a market exists for a potential product. We doubt if anyone else does either. Here is a profile of UCP lifted from that firm's website: 'UCP is a homebuilder and land developer with significant land acquisition and entitlement expertise in high barrier-to-entry West Coast and Southeastern U.S. markets characterized by attractive residential real estate fundamentals.' Everyone understand that? We do. We think our readers do. We are sure that our experienced and intelligent Directors do. Synthonics fails the first test of a value investment - it cannot be easily understood. UCP passes the first test - it can be easily understood. 2) Is Synthonics' industry stable and predictable? There is no industry for Synthonics' offering. Their proposed product is entirely experimental. SEC filings indicate that Synthonics has between $1 and $1 million in revenue; revenue might be close to zero. All of the fundamentals of industry analysis are inapplicable to Synthonics. UCP is a homebuilder with presence in California, Washington and the East Coast. Contract homebuilding has been around for hundreds of years. The Standard Industrial Classification Number for "Operative Builders" is 1531. We can get industry data on a national, regional or local level. We can analyze the competitors, market shares, product offerings. We can compare profitability across the industry. We can access decades of homebuilder data. Synthonics fails the second test of a value investment - it does not operate in a stable or predictable industry. UCP passes the second test of a value investment. 3) Is Synthonics managed by admirable and respectable people who think like owners and manifest high competence? The Synthonics stake has resided on PICO's balance sheet for 6 years and, to the best of our knowledge, has not appreciated nor paid a dividend. PICO shareholders indicated that Kenneth J. Slepicka, Synthonics CEO and former PICO Board member, is unfit to serve as a Director. Mr. Slepicka failed to disclose a conflict of interest, related transaction to PICO shareowners. Mr. Slepicka received almost $1 million in cumulative compensation from PICO shareholders, and PICO stock went from $30 to $10 during his tenure. UCP has exhibited similarly poor performance and corporate governance. UCP Chairman Michael C. Cortney and the Board removed the Officer Stock Ownership Guidelines from the Proxy Statement without explanation to owners. UCP CEO Dustin Bogue is out of compliance with those guidelines, but no clarification to the owners of UCP has been provided. UCP destroys economic value with every home sold - and shows no signs of slowing down. Two of UCP's Directors, Juicer and Max "Tangled" Webb, have a history of corruption and incompetence. Synthonics fails the third test of value investing - it is not run by respectable and admirable people who think like owners and manifest competence. UCP also fails the third test. However, we expect the situation at UCP to change shortly. We have no reason to believe that change is forthcoming at Synthonics. 4) Is Synthonics available at a price lower than intrinsic value? We don't know. PICO Directors don't know either. Synthonics' commercial potential is not subject to realistic analysis; it is pure speculation. Given that Synthonics fails the previous 3 tests, our experience suggests that Synthonics will turn out to be a loser. But again, who knows? UCP is available at a price lower than intrinsic value, in the event of a change of control. UCP is worth its current price when valued as a going concern. The price to value question is answered by the probability each analyst attaches to the various scenarios for UCP. Synthonics fails the fourth test of value investing - we cannot estimate its value. UCP passes the fourth test of value investing, under one scenario. We have a suggestion for all Directors that voted affirmatively to retain the Synthonics stake: take your annual compensation in the form of PICO's Synthonics securities. This would serve the dual purpose of cashing PICO shareholders out of Synthonics while allowing the Directors with confidence in Mr. Slepicka's firm to put their money where their vote is. If this solution is unpalatable, we have a question for these same Directors: if you will not invest your personal wealth in Synthonics, then why are you forcing PICO shareholders to invest our personal wealth in Synthonics? We have invested in PICO because we want to own a portfolio of water rights and a homebuilder. This collection of assets is selling for half of book value. Shouldn't our Directors increase our ownership stake in that?" PLASTIC2OIL INC: Progressing on Securing Additional Debt Financing ------------------------------------------------------------------ Plastic2Oil Inc., previously reported in its Form 8-K filed with the Securities and Exchange Commission on Aug. 10, 2013, that it had received $100,000 in financing proceeds from a private placement of 12% secured promissory notes and warrants. On Aug. 24, 2016, an additional $100,000 was received from investors in the private placement. The terms of the current financing were identical to the terms of the Company's prior debt financing in which Plastic2Oil CEO Richard Heddle and Heddle Marine Services, Inc., cumulatively purchased $4 million of secured notes, aligning his interests with new investors in the company. Additionally, in the Company's efforts to generate working capital, the company has listed for sale its unused office and warehouse space in Thorold, Ontario. The Company cannot make any assurance that a sale will consummate. The Company is also actively exploring other options to monetize its blending facility in Thorold, Ontario. Those options may include seeking either an outright sale of the facility, or leasing the site to generate cash flow. Further details on any potential monetization of the facility will be provided as they develop. There is no assurance that the company will be able to monetize this site. Plastic2Oil Business Prospects The primary focus of the business continues to be the license of the Company's Plastic2Oil technology to potential partners and businesses that can vertically integrate the P2O process. The Company has recently finalized a Memorandum of Understanding (MOU) with a Southern U.S. company regarding potential licensing of the Company's technology and a potential sale of units. The MOU, which is non-binding, sets forth an understanding between Plastic2Oil and a potential partner regarding mutual intent to negotiate and enter in definitive agreements providing for cooperation and collaboration on business ventures related to the production and sale of fuel derived from plastics. The definitive agreements will encompass the first site housing two processors and will define the rights of the partner to develop additional (15-20) facilities. Material developments regarding this relationship will be disclosed in a timely fashion at the appropriate time. There can be no assurance that this MOU will lead to entry into a definitive agreement with the potential partner or that any such venture will generate revenue or profits for Plastic2Oil. The Company is also currently working with a vendor to supply full control systems for Processors #4 and #5, the machines that would be first to be deployed in the event that a sale, license, JV, or other business venture is consummated. The company also remains in active talks with other vendors regarding fabrication and supply of the remaining components of its Plastic2Oil processors. About Plastic2Oil Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company's Plastic2Oil (P2O) is a process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges. It is also focused on the creation of green employment opportunities and a reduction in the cost of plastic recycling programs for municipalities and business. The Company's fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6 Fuel is heavy fuel used in industrial boilers and ships. No. 2 Fuel is a mid-range fuel known as furnace oil or diesel. Naphtha is a light fuel that is used as a cut feedstock for ethanol or as white gasoline in high and regular grade road certified fuels. Plastic2Oil reported a net loss of $4.32 million on $16,728 of total sales for the year ended Dec. 31, 2015, compared to a net loss of $6.80 million on $59,017 of total sales for the year ended Dec. 31, 2014. As of June 30, 2016, Plastic2Oil had $5.08 million in total assets, $11.4 million in total liabilities, and a total stockholders' deficit of $6.32 million. D. Brooks and Associates CPA's, P.A., in West Palm Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred operating losses, has incurred negative cash flows from operations and has a working capital deficit. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. PRO-FIT DEVELOPMENT: Court Denies the Use of Cash Collateral ------------------------------------------------------------ Judge K. Rodney May of the U.S. Bankruptcy Court for the Middle District of Florida denied Pro-Fit Development, Inc.'s Motion to Use Cash Collateral. The Troubled Company Reporter reported on Aug. 09, 2016 that the Debtor had asked the Court for authorization to use cash collateral contending that it needed to use cash collateral in order to maintain business operations and preserve the value of the estate. The Debtor submitted a six-month Cash Flow Projection covering the period beginning September 2016 and ending February 2017, which provided for total monthly expenses in the amount of $8,932 for the entire six-month period. It was further reported that the Debtor proposed to grant Grow Financial Federal Credit Union, adequate protection in the form of, among others, a postpetition lien on the Debtor's real property to the same extent, validity and priority as existed prepetition, as well as monthly adequate protection payments in the amount of $5,811. About Pro-Fit Development Pro-Fit Development, Inc. filed a chapter 11 petition (Bankr. M.D. Fla. Case No. 16-06717) on Aug. 4, 2016. The petition was signed by Terrence L. Bradford, president. The Debtor listed total assets of $1.53 million and total liabilities of $1.41 million. The Debtor is represented by Buddy D. Ford, Esq., Jonathan A. Semach, Esq., and J. Ryan Yant, Esq., at Buddy D. Ford, P.A. Judge K. Rodney May presides over the case. PRODUCTION PEOPLE: Will Pay Claims From Postpetition Income ----------------------------------------------------------- Production People LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a disclosure statement dated Aug. 26, 2016, which provides that the Debtor will pay all claims from the Debtor's postpetition income. Holders of allowed Class 4 Unsecured Claims will have these options: (a) Allowed Unsecured Claims will be paid in full in equal quarterly installments starting with the first quarter following the Effective Date over a 10-year period and interest will accrue at the rate of 2% annually; (b) holders of Allowed Unsecured Claim may affirmative elect to reduce their Allowed Unsecured Claim and receive a distribution equivalent to 60% of the Allowed Unsecured Claim paid in equal quarterly installments paid over a five-year period. Creditors that do not affirmatively elect the alternative treatment and agree to reduce their Allowed Claim will be paid in full by quarterly payments over a 10-year period. The Disclosure Statement is available at: http://bankrupt.com/misc/ganb16-57380-59.pdf About Production People Production People LLC is a Georgia corporation with its office and principal place of business located at 4719 Fulton Industrial Boulevard, SW, Atlanta, GA 30336. The Debtor started operations in September 2004. The Debtor's primary shareholder is Andrew McDonald. Mr. McDonald is also the chief executive officer. Rodney Vann is the Debtor's vice-president and general manager and Lori Kirby is the business services manager. The Debtor is a nationally renowned production solutions company, specifically focusing on high end production services and advanced skill is audio visual production services. Providing a wide range of services including, without limitation, complete production management for events, awards banquets, boutique productions, galas and fundraisers, social events, trade shows and traditional audio visual services. The Debtor also offers an in-house inventory of audio, video and lighting equipment, Debtor also provides creative design services. The Debtor filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-57380), on April 28, 2016. The petition was signed by Andrew McDonald, president and CEO. The Debtor's counsel is M. Denise Dotson, Esq., at M. Denise Dotson, LLC. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million at the time of the filing. PROFESSIONAL DIVERSITY: Files Presentation Materials with SEC ------------------------------------------------------------- Professional Diversity Network, Inc., filed a current report on Form 8-K with the Securities and Exchange Commission disclosing that it may be making presentations to certain existing and potential stockholders of the Company, a copy of the investor presentation is available for free at https://is.gd/u9IH7S About Professional Diversity Professional Diversity Network, Inc. is a dynamic operator of professional networks with a focus on diversity. The Company uses the term "diversity" to describe communities, or "affinities," that are distinct based on a wide array of criteria which may change from time to time, including ethnic, national, cultural, racial, religious or gender classification. The Company serves a variety of such communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, Disabled, Military Professionals, and Lesbian, Gay, Bisexual and Transgender (LGBT). The Company's goal is (i) to assist its registered users and members in their efforts to connect with like-minded individuals, identify career opportunities within the network and (ii) connect members with prospective employers while helping the employers address their workforce diversity needs. The Company believes that the combination of its solutions allows it to approach recruiting and professional networking in a unique way and thus create enhanced value for its members and clients. As of June 30, 2016, Professional Diversity had $37.37 million in total assets, $16.46 million in total liabilities and $20.90 million in total stockholders' equity. The Company reported a net loss of $35.79 million in 2015 following a net loss of $3.65 million in 2014. QUANTUM MATERIALS: CEO Interviewed by Upstick Newswire ------------------------------------------------------ Sri Peruvemba, the chief executive officer of Quantum Materials Corp. participated in an interview with Uptick Newswire, which was published on Sept. 15, 2016. A full transcript of the interview is available for free at https://is.gd/EB1TTe About Quantum Materials Quantum Materials Corp. and its wholly owned subsidiary, Solterra Renewable Technologies, Inc. (collectively referred to as the company) are headquartered in San Marcos, Texas. The company specializes in the design, development, production and supply of quantum dots, including tetrapod quantum dots, a high performance variant of quantum dots, and highly uniform nanoparticles, using its patented automated continuous flow production process. As of March 31, 2016, Quantum had $1.06 million in total assets, $1.48 million in total liabilities, and a total stockholders' deficit of $419,000. Weaver and Tidwell, L.L.P., in an Oct. 13, 2015 report expressed substantial doubt about the company's ability to continue as a going concern. The firm audited the consolidated balance sheets of the company as of June 30, 2015 and 2014, and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for each of the years in the two-year period ended June 30, 2015. The independent auditor noted that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. QUEST SOLUTION: Appoints Thomas Miller Interim CEO -------------------------------------------------- In connection with the execution of the letter of intent between Quest Solution and Viascan Group Inc. for the sale of the outstanding shares of Quest Solution Canada Inc., on Sept. 15, 2016, Gilles Gaudreault, the chief executive officer of Quest has taken a leave of absence. Mr. Gaudreault intends to resign as a director and officer of the Company and its affiliates effective as of the date of the closing of the Transaction. The Board of Directors of the Company has appointed Thomas O. Miller, the Company's current president and chairman of the Board, to serve as the Company's interim chief executive officer during Mr. Gaudreault's leave of absence. About Quest Solution Quest Solution (formerly known as Amerigo Energy, Inc.) is a national mobility systems integrator with a focus on design, delivery, deployment and support of fully integrated mobile solutions. The Company takes a consultative approach by offering end to end solutions that include hardware, software, communications and full lifecycle management services. The highly tenured team of professionals simplifies the integration process and delivers proven problem solving solutions backed by numerous customer references. Motorola, Intermec, Honeywell, Panasonic, AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest Solution uses in its systems. Quest Solution reported a net loss of $1.71 million on $63.9 million of total revenues for the year ended Dec. 31, 2015, compared to net income of $301,649 on $37.3 million of total revenues for the year ended Dec. 31, 2014. As of June 30, 2016, Quest Solution had $46.7 million in total assets, $50.5 million in total liabilities, and a total stockholders' deficit of $1.82 million. The Company's auditors RBSM LLP, in Leawood, Kansas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has a working capital deficiency and significant subordinated debt resulting from acquisitions. These factors raise substantial doubt about the Company's ability to continue as a going concern. QUEST SOLUTION: Inks LOI to Sell Back Canadian Unit to Viascan -------------------------------------------------------------- Quest Solution, Inc., announced that it and Viascan Group Inc. have signed a letter of intent whereby all the shares of Quest Solution Canada Inc. will be sold back to Viascan Group Inc. Both parties are working to complete the Definitive Agreement in order to close the transaction as soon as possible. Under the terms of the Letter of Intent, Quest Solution, Inc. will receive shares of Common Stock and Preferred Stock of Quest Solution, Inc. and exchangeable shares of Quest Exchange Ltd., forgiveness or payment of certain debts or liabilities or retention of certain assets, cash over a period of 4-5 months subsequent to the effective date of the transaction (subject to adjustment for the assumption or release of certain contracts and adjustment based on the value of net assets at closing). Quest Solution, Inc. will also receive a contingent consideration upon a liquidity event or a change of control of Quest Solution Canada Inc. for a period of 10 years subsequent to the transaction. Quest Solution, Inc. will also have the right of first refusal for any offer to purchase Quest Solution Canada Inc. during the same 10 year period. The consideration given for the transaction to the Company is estimated to be approximately $5.0 million (exclusive of the value of the contingent consideration). In return, Quest Solution, Inc will forgive the entire balance of the debts owing by Quest Solution Canada to the Company, estimated to be approximately $7.0 million. The consideration and intercompany debt described above are estimates and subject to adjustment at closing. The final terms and conditions of the transaction will be set forth in the definitive agreement. While the transaction is being completed, Gilles Gaudreault will take a leave of absence as CEO of Quest Solution, Inc. and will resign as a director and officer effective with the date of closing. Tom Miller, currently Quest Solution, Inc. president and chairman, will serve as the Company's interim chief executive officer during Mr. Gaudreault's leave of absence. Once the transaction is completed, Mr. Gaudreault will become the CEO of the Canadian operations for Viascan Group Inc. Tom Miller commented, "The repurchase of the Canadian operations by Viascan Group Inc. will be beneficial for all the stakeholders. It will allow for the simplification of the respective operations, and will lead to more flexibility to affect operational and financial initiatives. This transaction will help us refocus on our respective strengths, reduce our costs and accelerate our path to profitability. Post transaction, the parties see potential opportunities to cooperate, especially on complementary products." Gilles Gaudreault added, "Both parties will benefit from this transaction. It will give us greater flexibility and help us refocus on our core business. In the end, we needed to best align our operations and strengths." About Quest Solution Quest Solution (formerly known as Amerigo Energy, Inc.) is a national mobility systems integrator with a focus on design, delivery, deployment and support of fully integrated mobile solutions. The Company takes a consultative approach by offering end to end solutions that include hardware, software, communications and full lifecycle management services. The highly tenured team of professionals simplifies the integration process and delivers proven problem solving solutions backed by numerous customer references. Motorola, Intermec, Honeywell, Panasonic, AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest Solution uses in its systems. Quest Solution reported a net loss of $1.71 million on $63.9 million of total revenues for the year ended Dec. 31, 2015, compared to net income of $301,649 on $37.3 million of total revenues for the year ended Dec. 31, 2014. The Company's auditors RBSM LLP, in Leawood, Kansas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has a working capital deficiency and significant subordinated debt resulting from acquisitions. These factors raise substantial doubt about the Company's ability to continue as a going concern. R&M GENERAL: Seeks to Hire Marret & Company as Accountant --------------------------------------------------------- R&M General Partnership seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Marret & Company, PLLC as its accountant. The Debtor requires the assistance of an accountant for general oversight of financial reporting required for cash collateral purposes, and preparation of monthly operating reports and tax returns. The Debtor proposes to pay $200 per hour for Marret & Company partners, $125 per hour for senior associate staff, and $75 per hour for associate staff. Greg Marret, a certified public accountant, disclosed in a court filing that his firm does not hold or represent any interest adverse to the Debtor's estate. The Debtor is represented by: Dean B. Farmer, Esq. Kandi R. Yeager, Esq. Hodges, Doughty & Carson, PLLC P.O. Box 869 Knoxville, TN 37901-0869 Phone: (865) 292-2307 Fax: 865-292-2252 Email: dfarmer@hdclaw.com About R&M General Partnership R&M General Partnership sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Tenn. Case No. 16-32601) on August 30, 2016. The petition was signed by John R. Dunlap, Jr., chief manager of Dunlap/Hamiton Crossing Centre, LLC, general partner of the Debtor. . The case is assigned to Judge Suzanne H. Bauknight. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. REEDY GLOBAL: Disclosures OK'd; Plan Hearing Set For Oct. 11 ------------------------------------------------------------ The Hon. Marcia Phillips Parsons of the U.S. Bankruptcy Court for the Eastern District of Tennessee has approved Reedy Global Holdings Family LLC's first amended disclosure statement describing the Debtor's first amended plan of reorganization dated Aug. 19, 2016. The hearing on confirmation of the Plan will be held on Oct. 11, 2016, at 1:30 p.m. As reported by the Troubled Company Reporter on Sept. 16, 2016, the Debtor filed with the Court the First Amended Disclosure Statement to accompany the Debtor's First Amended Plan, which provides for Class 3A general unsecured creditors to receive payment in full, in eight equal quarterly payments, with accrued interest, commencing Oct. 15, 2016. The unpaid balance of the general unsecured claims will accrue interest from and after the petition date, at 2% per year. Sept. 27, 2016, is fixed as the last day for filing written acceptances or rejections of the Plan. Sept. 27 is also fixed as the last day for filing objections to the confirmation of the Plan. About Reedy Global Located on 540 acres between the Blue Ridge and Smoky Mountains near Kingsport, Tennessee, Reedy Global Holdings Family LLC owns, by acreage, the largest vineyard in the State of Tennessee, and one of the largest vineyard properties in the entire Mid-Atlantic Region. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tenn. Case No. 15-51795) on Nov. 30, 2015. Kimberley D. Rhoton signed the petition as trustee for the Addston T. Reedy Irrevocable Trust. The Debtor listed total assets of $15.06 million and total debts of $9.35 million. Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C., represents the Debtor as counsel. Judge Marcia Phillips Parsons is assigned to the case. REO HOLDINGS: Trustee Taps Alexander Thompson as Accountant ----------------------------------------------------------- The Chapter 11 trustee of REO Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire an accountant nunc pro tunc to March 10, 2016. Eva Lemeh, the court-appointed trustee, proposes to hire Alexander Thompson Arnold PLLC to provide accounting services in connection with the Debtor's Chapter 11 case. Mark Downing, a certified public accountant and a member of Alexander Thompson, disclosed in a court filing that he does not have any connection with the Debtor or its creditors. The firm can be reached through: Mark Downing Alexander Thompson Arnold PLLC 185 North Church Street Dyersburg, TN 38024 Phone: (731) 285-7900 Fax: (731) 285-6221 About REO Holdings REO Holdings, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tenn. Case No. 16-10414) on Feb. 29, 2016. The Debtor is represented by Thomas Harold Strawn Jr., Esq. REVOLVE SOLAR: Revolve Solar (CA) Allowed to Get Tim Padden Loan ---------------------------------------------------------------- Judge Tony M. Davis of the U.S. Bankruptcy Court for the Western District of Texas authorized Revolve Solar (CA) Inc. to obtain postpetition financing from Tim Padden, the Debtor's President. Judge Davis acknowledged that a need exists for the Debtor to borrow funds from Mr. Padden in order to continue to operate its business. Judge Davis held that the amounts advanced under his Order will be unsecured, but will enjoy payment priority over any and all administrative expenses of kinds specified in 11 U.S.C. Sections 503(b) and 507(b) except allowed and approved fees of professionals in the case including the Office of the United States Trustee. A full-text copy of the Order, dated September 15, 2016, is available at https://is.gd/z10A6k About Revolve Solar (CA) Inc. Revolve Solar, Inc. aka Revolve Solar LLC, Revolve Solar (TX) Inc., and Revolve Solar (CA) Inc. each filed chapter 11 petitions (Bankr. W.D. Tex. Case Nos. 16-10896, 16-10897, and 16-10899) on July 31, 2016. The petitions were signed by Tim Padden, president. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. Revolve Solar, Inc. and Revolve Solar (TX) Inc.'s cases are assigned to Judge Tony M. Davis, while Revolve Solar (CA) Inc.'s case is assigned to Judge Christopher B. Mott. The Debtors each estimated assets and liabilities at $1 million to $10 million at the time of the filing. ROBERT ABRAHAM: Hearing on Disclosures Set For Oct. 5 ----------------------------------------------------- The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida has scheduled for October 5, 2016 at 1:30 p.m. the hearing to consider the approval of Robert Abraham's disclosure statement explaining the Debtor's Chapter 11 plan. Objections to the Disclosure Statement must be filed by Sept. 28, 2016. Robert Abraham filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-23972). ROBERT GLENN: Meeting to Form Creditors' Panel Set for Oct. 28 -------------------------------------------------------------- William K. Harrington, United States Trustee for Region 6, will hold an organizational meeting on Oct. 28, 2016, at 10:15 a.m. in the bankruptcy case of Robert Glenn Snow. The meeting will be held at: Office of the U. S. Trustee Program Fritz G. Lanham Federal Building 819 Taylor Street, Room 7A24 Fort Worth, Texas 76102 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. S&H AUTO REPAIR: Seeks to Hire George Petros as Legal Counsel ------------------------------------------------------------- S&H Auto Repair Corp. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire a legal counsel. The Debtor proposes to hire George Petros, Esq., to provide legal services in connection with its Chapter 11 case. The proposed counsel will be paid $450 per hour for his services. Mr. Petros does not hold any interest adverse to the Debtor's estate, according to court filings. Mr. Petros' contact information is: George Z. Petros, Esq. 5849 Allentown Road Camp Springs, MD 20746 Phone: (301) 423-1000 Email: petrosgz@comcast.net About S&H Auto Repair Corp. S&H Auto Repair Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-19613) on July 18, 2016. The U.S. Trustee has failed to appoint a Creditors' Committee. A Chapter 11 Plan (Small Business) is due by Feb. 17, 2017. SALADO SMILES: Sale of East West Bank Collateral Approved --------------------------------------------------------- Judge Tony M. Davis of the U.S. Bankruptcy Court for the Western District of Texas authorized Salado Smiles, P.C., to sell its accounts receivable, equipment and goodwill ("Personal Property") to Howard Wesley Lufburrow in exchange for his assumption of the existing debt to the East West Bank. The Personal Property is subject to the existing liens of East West Bank and Bell County. At the time of filing, the Debtor valued East West Bank's collateral as follows: a. accounts receivable - $70,000, b. equipment - $115,000, c. goodwill - $0, and d. the second lien - $244,000. At the time of filing the balance owed to East West Bank was $357,000. About Salado Smiles Salado Smiles, P.C., formerly doing business as Sonterra Smiles, operates a dental practice in Salado, Tex. The company filed a chapter 11 petition (Bankr. W.D. Tex. Case No. 16-10413) on Apr. 5, 2016, and is represented by Michael V. Baumer, Esq., in Austin, Tex. At the time of the filing, the Debtor disclosed total assets of $177,203 and debt totaling $1.24 million. The Debtor remains as debtor-in-possession. The meeting of creditors pursuant to 11 U.S.C. Sec. 341 was conducted and concluded on May 6, 2016. SAN JUAN OIL: Unsecureds To Get Total of $10,000 Under Plan ----------------------------------------------------------- San Juan Oil Company Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a disclosure statement dated Aug. 24, 2016. The Debtor estimates Class 6 General Unsecured Creditors to total $22,246,151. This Class contains and classifies as general unsecured claims the following proof of claims or portions of them as detailed and pursuant the treatment described in the Plan: i. POC No. 4 & 5 -- filed by Scotiabank. The amounts classified as secured portions within these claims in the amount of $99,262.61 and $8,057.06, respectively, will be deemed unsecured inasmuch there is no secured value available on this creditors collateral to support said classification. Accordingly, the portions identified as secured within POC No. 4 & 5 will be considered general unsecured claims and paid within and according to the treatment proposed to general unsecured creditors within Class 6; ii. POC No. 7 -- filed by Peerless This creditor has a junior lien in third rank over the Gas Station of Salinas (Land No. 1629). The senior lien holder of said property is Best Petroleum, which has an estimated unsecured deficiency in the amount of $5,580,000, pursuant to the terms of the Plan and has valued this particular collateral in the estimated amount of $800,000. Accordingly, the amounts claimed and classified as secured by Peerless within POC NO. 7, will be deemed a general unsecured claim inasmuch there is no secured value available on this collateral to support said classification; iii. POC NO. 12 -- filed by Department of Treasury -- specifically, the amounts detailed within POC No. 12 which are related to special real state tax for $25,840.42, said portions of POC No. 12 will be considered an unsecured claim paid pursuant and according the treatment proposed to general unsecured creditors within Class 6. This Class will receive a lump sum payment of a total amount of $10,000, on the effective date of the Plan. Each member of this class holding an allowed claim will start receiving a pro-rata dividend of the proposed distribution, as per the schedule payments under the Plan. This class is impaired. The Debtor will have sufficient funds to make all payments due under this Plan. Regarding to the proposed payment of secured creditor in the case, BPPR, the payments to priority and unsecured claims funds will be provided through the rent of the gas stations in Loiza Street, Lajas and the lot of land located at Urb Country Club, Carolina, Puerto Rico. Other main distribution contemplated within the Plan, are to be made through the distribution and transfer of properties, and all necessary expenses of these transfers will be covered by the acquiring party. All necessary funds to make the limited cash dividends detailed within the Plan are already in the Debtors possession or as they may be acquired up to the Effective Date. On the Consummation Date of the Plan, the operation of the named businesses and other estate assets will be and become the general responsibility of the Debtor, which will thereafter have the responsibility for the management, control and administration. The Disclosure Statement is available at: http://bankrupt.com/misc/prb15-09593-74.pdf About San Juan Oil Headquartered in Carolina, Puerto Rico, San Juan Oil Company Inc. is a closely held domestic corporation organized and existing under the laws of the Commonwealth of Puerto Rico since Feb. 2, 1973. For some years up to 2008, the Debtor thrived in businesses as a wholesaler of gasoline. The Debtor distributed gas to retailers and gas stations around the island. In addition, the Debtor owned several real properties which were destined and/or operated as gas stations in their majority. Currently, Debtor is the owner of the following six gas stations, which are scattered around the Commonwealth of Puerto Rico. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 15-09593) on Dec. 1, 2015, estimating its assets at between $1 million and $10 million and its liabilities at between $10 million and $50 million. The petition was signed by Nestor del Castillo-Hernandez, president. Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, serves as the Debtor's bankruptcy counsel. SANGO POOL: Proposes to Pay Unsecured Creditors in Full ------------------------------------------------------- General unsecured creditors of Sango Pool and Spa, LLC, will receive full payment of their claims under the company's proposed plan to exit Chapter 11 protection. Under the restructuring plan, Class 8 general unsecured creditors, which assert a total of $307,599 in claims, will be paid in full with zero percent interest per annum in 120 equal monthly installments. Payments will commence on the first day of the month that is six months following the effective date of the plan, and continuing on the first day of each successive month until paid in full. Each installment will be due and payable on or before the first day of each month. The monthly payments to Class 8 claims will total $2,562. Sango Pool believes it will have enough cash over the life of the plan to make the required payments. Because its income can fluctuate seasonally, the company has proposed a plan that retains the funds in the debtor-in-possession account to help augment the required monthly payments in months where it faces unexpected expenses. A copy of the disclosure statement is available for free at https://is.gd/Mv9wiA Sango Pool is represented by: Griffin S. Dunham, Esq. Henry E. Hildebrand, IV, Esq. Dunham Hildebrand, PLLC 2510 Franklin Pike, Suite 210 Nashville, TN 37204 Phone: 615.933.5851 Email: griffin@dhnashville.com Email: ned@dhnashville.com About Sango Pool and Spa Sango Pool and Spa, LLC is a full-service brick-and-mortar "outdoor store" that specializes in the sale and installation of above-ground and in-group pools. The Debtor is owned exclusively by Paul Anthony Lobianco and his wife, Sandra Daugherty Lobianco. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn., Case No. 16-00850) on February 10, 2016. The Debtor is represented by Griffin S. Dunham, Esq., at Emerge Law PLC. SAUCIER BROS: Selling Biloxi Property to Gallott for $242K ---------------------------------------------------------- Saucier Bros. Roofing, Inc., asks the U.S. Bankruptcy Court for the Southern District of Mississippi to authorize the sale of a parcel of real property located in the City of Biloxi, Mississippi and in the Paradise Found Fruit & Truck Farms Subdivision on Highway 67 to Gollott Investments, LLC, or its assigns for $242,000. A copy of the Contract for the Sale and Purchase of Real Estate attached to the Motion is available for free at: http://bankrupt.com/misc/Saucier_Bros_105_Sales.pdf The salient terms of the Contract are: a. Property: Approximately 10 acres being a part of Paradise Found Fruit & Truck Farms Subdivision on Highway 67, Biloxi, Mississippi. b. Purchase Price: $242,000 c. Earnest Money Deposit: $1,000 d. Closing: Closing will occur at the office of the Sheehan Law Firm, PLLC, 429 Porter Avenue, Ocean Springs, Mississippi, within 30 days after the end of the contingency period. e. Closing Costs: Seller will pay the cost of escrow, document preparation costs, and closing. Purchaser will pay the cost of title abstracts, recording fees, lender charges, surveys, appraisals and title insurance. Each party will pay its own attorney's fees. Hancock Bank holds a promissory note and first deed of trust secured by the property with a projected payoff balance of approximately $200,000 as of Aug. 1, 2016, which is to be paid in full from the proceeds of the sale, with the final amount to be provided by Hancock Bank to the closing attorney immediately prior to closing. Said first deed of trust is dated Sept. 7, 2006, and is recorded at Instrument No. 2006-6501T-J2 in the land records of the Second Judicial District of Harrison County, Mississippi. Property taxes are due to Harrison County and the City of Biloxi for tax year 2014 in combined amount of approximately $1,300, or which will be paid at closing. Property taxes are due to Harrison County and the City of Biloxi for tax year 2015 in combined amount of approximately $1,200, or which will be paid at closing. Property taxes are projected to be due to Harrison County and the City of Biloxi for the tax year 2016 for the time prior to closing that the property is owned by the Debtor during 2016, which are estimated to be in the approximate amount of $1,100. As set forth in the Contract, the Debtor has agreed that these expenses, charges and fees should be paid from the proceeds of the sale: a. Proration of the City/County ad valorem taxes for the current year of approximately $1,100, with the exact amount herein determined immediately prior to closing. b. Payment of city/county ad valorem taxes for tax year 2015, in the amount of approximately $1,200, with the exact amount being determined immediately prior to closing. c. Payment of city/county ad valorem taxes for tax year 2014, in the amount of approximately $1,300, with the exact amount being determined immediately prior to closing. d. Payment to Hancock Bank of approximately $200,000, with the actual payoff amount being provided by Hancock Bank to the closing attorney. There are no real estate commissions or brokerages fees to be paid in connection with the transaction, and the estate will not bear any closing costs, other than hourly charges of its counsel. The sale contemplated by this motion should release the property from all existing liens and transfer such lien to the proceeds of sale. The Gollott Investments is represented by: Frederick T. Hoff, Jr., Esq. JONES WALKER 2510 141th Street, Suite 1125 Gulfport, MS 39502 Telephone: (228) 864-8536 E-mail: Fhoff@joneswalker.com About Saucier Bros. Roofing Saucier Bros. Roofing, Inc., filed a chapter 11 petition (Bankr. S.D. Miss. Case No. 16-50775) on May 5, 2016. The case is assigned to Judge Katharine M. Samson. The Debtor estimated assets at $0 to $50,000 and debt at $1 million to $10 million at the time of the filing. The Debtor is represented by Patrick A. Sheehan, Esq., at Sheehan Law Firm. The petition was signed by Clement B. Saucier, III, president. SBAUSTIN LLC: Taps B. Weldon Ponder as Legal Counsel ---------------------------------------------------- SBAustin LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire B. Weldon Ponder, Jr. as its legal counsel. Mr. Ponder will provide these legal services in connection with the Debtor's Chapter 11 case: (a) give the Debtor legal advice with respect to its powers and duties; (b) advise the Debtor of its responsibilities under the Bankruptcy Code; (c) assist the Debtor in preparing and filing the required schedules, statement of affairs, monthly financial reports and other required documents; (d) represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in the bankruptcy court and in other courts; (e) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate; and (f) assist the Debtor in the formulation of a plan of reorganization and disclosure statement. Mr. Ponder will be paid $350 per hour for his services, according to court filings. The Debtor has agreed to Mr. Ponder's employment of Catherine Lenox on a contract basis. Ms. Lenox will be paid $225 per hour. In a court filing, Mr. Ponder disclosed that he does not represent any interest adverse to the Debtor or its estate. Mr. Ponder's contact information is: B. Weldon Ponder, Jr. 4408 Spicewood Springs Road Austin, Texas 78759 Phone 512-342-8222 Fax 512-342-8444 Email: welpon@austin.rr.com Ms. Lenox's contact information is: Catherine Lenox, Esq. P.O. Box 9904 Austin, Texas 78766 Phone: 512-689-7273 Fax: 512-697-0047 Email: clenox.law@gmail.com About SBAustin LLC SBAustin LLC, dba Strange Brew, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 16-10926) on August 7, 2016. The petition was signed by Charles T. Sullivan, agent of the Debtor's manager and member. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. SEAPORT AIRLINES: Shuts Down, Faces Liquidation ----------------------------------------------- The American Bankruptcy Institute, citing Ben Mutzabaugh of USA Today, reported that SeaPort Airlines, which had initially filed for Chapter 11 bankruptcy in February, said it now faced liquidation. According to the report, SeaPort's small fleet of Cessna 208 Grand Caravan turboprop aircraft was grounded on Sept. 20. "This is a very sad day for our employees, shareholders, and the communities we serve," SeaPort Airlines president Tim Sieber said in a statement posted to the airline's website and Facebook page, the report related. "I would like extend my heartfelt appreciation to the employee team that I have been honored to lead and who delivered industry leading operational performance," Sieber added, the report further related. "While we made great strides, a successful financial reorganization did not appear possible and we were forced to make the difficult decision to cease operations." The Oregonian newspaper of Portland writes "the airline's bid to reorganize collapsed this month after the airline learned it would lose a key contract and a line of credit helping keep it afloat," the report cited. Following that turn of events, a judge ordered SeaPort's reorganization bankruptcy filing to become a liquidation filing, the report said. About SeaPort Airlines Portland, Oregon-based SeaPort Airlines, Inc. -- fdba Wings of Alaska and fka Alaska Juneau Aeronautics, Inc. -- filed for Chapter 11 bankruptcy protection (Bankr. D. Ore. Case No. 16-30406) on Feb. 5, 2016. The Hon. Randall L. Dunn presides over the case. Douglas R Ricks, Esq., and Robert J Vanden Bos, Esq., at Vanden Bos & Chapman, LLP, serve as the Debtor's counsel. In its petition, SeaPort estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Timothy F. Sieber, SeaPort's president. A list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/orb16-30406.pdf SFX ENTERTAINMENT: Court Grants Exclusivity Thru Oct. 31 -------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved SFX Entertainment's 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. As previously reported, "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 August 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." About SFX Entertainment, Inc. 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. SFX ENTERTAINMENT: Files Third Amended Plan of Reorganization ------------------------------------------------------------- BankruptcyData.com reported that SFX Entertainment filed with the U.S. Bankruptcy Court a Third Amended Joint Plan of Reorganization and Second Amended Disclosure Statement with respect to the Third Amended Joint Plan of Reorganization. According to the Disclosure Statement, "The Plan proposes the issuance of two classes of securities: New Series A Preferred Stock and New Common Stock. The shares of New Series A Preferred Stock to be issued shall have a face amount and a liquidation value as of the Effective Date equal to (i) the Tranche B DIP Facility Claims, exclusive of any Incremental Tranche B DIP Loan Claims, plus (ii) the Original Foreign Loan Claims, plus (iii) the New Series A Preferred Stock Additional Amount, which shall be earned on the Effective Date. The New Series A Preferred Stock shall, among other things, (i) accrue PIK dividends at 15% per annum and shall be perpetual preferred with a mandatory redemption at the Liquidation Preference, upon a Liquidity Event, (ii) have voting rights entitling it to vote on a 20:1 ratio to the voting rights of the New Common Stock, and (iii) have such other terms and conditions as set forth in the applicable New Governance Documents or the New Series A Preferred Stock Certificate….The Plan also proposes the issuance of three series of Warrants: the Series A Warrants, the Series B Warrants, and the Series C Warrants. Holders of Series A Warrants shall receive rights that, upon the occurrence of a Liquidity Event prior to the termination and expiration of the Series A Warrants, entitle such holders to consideration (payable in cash, securities or other property, or a combination thereof, at the option of the New Equity Issuer) equal to such holders' pro rata allocation…of twelve-and-a-half percent (12.5%) of the aggregate fair market value of the New Common Stock in such Liquidity Event; provided, however, that the Series A Warrants shall be subject to dilution by the Series B Warrants and Series C Warrants. The Series B Warrants and Series C Warrants shall dilute the Series A Warrants above the Equity Value Threshold. Holders of Series C Warrants shall receive rights that, upon the occurrence of a Liquidity Event prior to the termination and expiration of the Series C Warrants, shall entitle such holders to consideration (payable in cash, securities or other property, or a combination thereof, at the option of the New Equity Issuer) equal to their pro rata share (calculated based on the proportion that a Holder's Series C Warrants bears to the aggregate amount of Series C Warrants distributed) of one percent (1%) of the amount by which the aggregate fair market value of the New Common Stock in such Liquidity Event…The Series B and the Series C Warrants shall dilute the Series A Warrants above the Equity Value Threshold." About SFX Entertainment, Inc. 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. SHIROKIA MEZZ I: Taps DelBello Donnellan as Legal Counsel --------------------------------------------------------- Shirokia Mezz I LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire a legal counsel. The Debtor proposes to hire DelBello Donnellan Weingarten Wise & Wiederkehr, LLP to provide these services in connection with its Chapter 11 case: (a) give advice to the Debtor with respect to its powers and duties; (b) negotiate with creditors and work out a plan of reorganization; (c) prepare legal papers; (d) appear before the court and represent the Debtor in all matters pending before the court; (e) attend meetings and negotiate with representatives of creditors; (f) advise the Debtor in connection with any potential sale of its business; (g) represent the Debtor in connection with obtaining post- petition financing; and (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization. The firm's professionals and their hourly rates are: Attorneys $375 - $595 Law Clerks $200 Paraprofessionals $150 Dawn Kirby, Esq., at DelBello, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan S. Pasternak, Esq. Dawn Kirby, Esq. DelBello Donnellan Weingarten Wise & Wiederkehr, LLP One North Lexington Avenue White Plains, New York 10601 Tel: (914) 681-0200 Fax: (914) 684-0288 Email: jpasternak@ddw-law.com About Shirokia Mezz I LLC Shirokia Mezz I LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. N.Y. Case No. 16-43666) on August 16, 2016. The petition was signed by Hong Qin, authorized member. The case is assigned to Judge Nancy Hershey Lord. At the time of the filing, the Debtor estimated its assets at 10 million to $50 million and debts at $1 million to $10 million. SIGA TECHNOLOGIES: Court Approves Order to Pay PharmAthene Claim ---------------------------------------------------------------- SIGA Technologies, Inc., a company specializing in the commercialization of solutions for serious unmet medical needs and biothreats, disclosed that the United States Bankruptcy Court for the Southern District of New York on Sept. 21, 2016, entered an order approving SIGA's proposed transaction under Option 1 of the Debtor's Third Amended Chapter 11 Plan, dated April 7, 2016, under which SIGA will pay PharmAthene the entire balance of the outstanding judgment on or before November 30, 2016. A copy of the Order, as entered by the Bankruptcy Court, can be found at https://cases.primeclerk.com/siga/ "We are pleased the Bankruptcy Court has approved SIGA's proposed transaction. We look forward to continuing to grow our business by delivering on our contracts with the U.S. Government and advancing the ongoing clinical trials of TPOXX with the goal of FDA approval," said Eric Rose, Chairman and CEO, SIGA Technologies, Inc. Last month, SIGA announced completion of enrollment and dosing in the second and final cohort of healthy subjects for the Phase III clinical study for its lead drug candidate, TPOXX(TM) (tecovirimat), for the treatment of orthopoxvirus infections. There were no drug-related Serious Adverse Events reported through 14 days of dosing, and 14 days of additional follow up. This final cohort of the Phase III pivotal safety study was conducted at eleven approved clinical investigation sites in a total of approximately 380 subjects. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. The Debtor's Chapter 11 plan and disclosure statement are due May 14, 2015. The Debtor disclosed total assets of $131,669,746 and $7,954,645 in liabilities as of the Chapter 11 filing. The Statutory Creditors' Committee is represented by Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at Proskauer Rose LLP. The Committee tapped to retain Guggenheim Securities, LLC, as its financial advisor and investment banker. SKYE ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Skye Associates, LLC 12107 Nebel Street Rockville, MD 20852 Case No.: 16-22592 Chapter 11 Petition Date: September 20, 2016 Court: United States Bankruptcy Court District of Maryland (Greenbelt) Judge: Hon. Thomas J. Catliota Debtor's Counsel: Richard B. Rosenblatt, Esq. THE LAW OFFICES OF RICHARD B. ROSENBLATT, PC 30 Courthouse Square Ste. 302 Rockville, MD 20850 Tel: (301) 838-0098 E-mail: rbrbankruptcy@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Burton, managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/mdb16-22592.pdf SLABBED NEW MEDIA: Plan Confirmation Denied, Ch. 11 Case Dismissed ------------------------------------------------------------------ Judge Katharine M. Samson of the United States Bankruptcy Court for the Southern District of Mississippi denied the confirmation of Slabbed New Media, LLC's plan of reorganization and dismissed the bankruptcy case. Slabbed filed its plan of reorganization and initial disclosure statement on April 26, 2016. Article V of Slabbed's Plan provides that the Plan provisions will be executed via "claims resolution," specifying that "[t]he Debtor is involved in multiple lawsuits that should provide a means of resolution of all claims in the bankruptcy case. The Debtor plans to fund the Plan by the resolution of these claims." Objections were filed by Henry G. Hobbs, Jr., Acting United States Trustee for Region 5, Charles Leary and Vaughn Perret, and Daniel G. Abel. The US Trustee objected to Plan and Disclosure Statement stating that "the Debtor did not include any estimates or projections of what the Debtor's 'net sales proceeds' will be, so it is unclear how much unsecured claim[ants] will be paid." Prior to the filing of the Plan, the U.S. Trustee has filed a motion to convert or dismiss the bankruptcy for the failure to file a disclosure statement and confirmable plan and for the absence of reasonable likelihood of rehabilitation. At the hearing, the Court made several observations: (1) Slabbed basically has no income and no liabilities other than (a) the $48,000 attorney fee liability of Handshoe that was assigned to Slabbed along with a right to recover a judgment for attorney fees, (b) a $12,000 attorney fee claim by Montgomery Law Center, and (c) a $450,000 alleged indemnification obligation from Slabbed to Handshoe related to the Canadian defamation judgment, an intentional tort; (2) The current operating report filed by Slabbed showed that it was operating at a loss10; (3) Handshoe testified that Slabbed receives income from donations that should increase; (4) Handshoe rather than Slabbed is the party to most of the litigation in the Plan; and (5) Handshoe and Slabbed are separate entities with separate assets and liabilities. Ultimately, the Court held that the proposed Plan was not feasible because the litigation proceeds are purely speculative and that the Debtor has no foreseeable hard cash prospects, capital or other assets with which to fund the Plan. The following authorities are cited in further support of the Court’s denial of confirmation of Slabbed’s Plan. Judge Samson held that Slabbed failed to meet its required burden of proof for confirmation to establish that the plan is not likely to be followed by liquidation of further financial reorganization under section 1129(a)(11) of the Bankruptcy Code. The judge pointed out that the primary source of funding for the Plan is from litigation settlements or judgments. Slabbed's possibility of recovery from the pending or as yet unfiled lawsuits in an amount sufficient to fund the Plan within a reasonable time is at best highly speculative especially when one considers that Slabbed is not even a party in three of the four actions, Judge Samson said. Judge Samson also dismissed the case pursuant to an agreed order directing that "if the Debtor fails to obtain confirmation of a chapter 11 small business plan on or before July 28, 2016, this case shall be dismissed without further notice or hearing." The case is IN RE: SLABBED NEW MEDIA, LLC, DEBTOR, CASE NO. 15-50963-KMS (Bankr. S.D. Miss.). A full-text copy of Judge Samson's September 16, 2016 memorandum opinion and order is available at http://bankrupt.com/misc/mssb15-50963-130.pdf About Slabbed New Media Slabbed New Media, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Miss. Case No. 15-50963) on June 16, 2015. The Debtor is represented by Craig M. Geno, Esq. at the Law Offices of Craig M. Geno, PLLC. STEAK N SHAKE: Moody's Affirms B2 CFR & Revises Outlook to Neg. --------------------------------------------------------------- Moody's Investors Service revised the rating outlook of Steak n Shake Inc. to negative from stable and affirmed its B2 Corporate Family Rating, B2-PD Probability of Default Rating and the B1 rating on the company's existing senior secured bank facility. At the same time, Moody's assigned a Ba2 rating to the company's proposed $10 million priority senior secured revolver and a B2 to its proposed $400 million senior secured notes. "The revision to outlook reflects pro-forma leverage that is above the level Moody's previously set for a possible downgrade and is above the range for a B2 rating per the Restaurant Industry methodology", state Peter Trombetta, an Analyst at Moody's. "Steak n Shake will need to grow revenue and improve profitability in order to reduce leverage -- and improve interest coverage -- to levels more in line with the B2 Corporate Family Rating", added Trombetta. The proceeds of the proposed $400 million senior secured notes will be used to refinance the $203 million outstanding under its current term loan due 2021, pay a $230 million dividend to Biglari Holdings, and pay fees and expenses. The proposed $10 million senior secured priority revolver is not expected to be drawn. The ratings on the existing revolver and term loan will be withdrawn when the transaction closes. All ratings are subject to final review of documentation. Ratings affirmed: Corporate Family Rating at B2 Probability of Default Rating at B2-PD Senior Secured Bank Credit Facility at B1(LGD3) Ratings assigned: $10 million priority senior secured revolver at Ba2 (LGD1) $400 million senior secured 7-year notes at B2 (LGD4) RATINGS RATIONALE The affirmation of the B2 Corporate Family Rating reflects the company's high leverage -- pro forma debt/EBITDA was 6.5x as of June 29, 2016 -- and our expectation that leverage will remain high over the next year (including the proposed transaction and Moody's standard adjustments). Assuming modest same store sales growth, and no reduction in debt -- there is no mandatory amortization on the proposed notes -- Moody's expect the adjusted leverage to approximate 6.0x at the end of 2017, with EBIT/interest expense at about 1.4x. The rating takes into consideration the company's shareholder focused financial policy as evidenced by the contemplated $230 million debt-financed dividend to Steak n Shake's parent, Biglari Holdings Inc. The ratings also reflect the company's modest scale in terms of revenue, number of restaurants, and narrow product offering given our view that operating performance could be hampered by negative traffic trends, intense competition and cost inflation related to labor. The ratings are supported by Steak n Shake's strong brand awareness in its core markets, a relentless focus on value that contributes to positive same store sales. The ratings also reflect the benefit from commodity deflation related to beef and dairy which has helped to mitigate higher labor costs. Given the negative rating outlook, a ratings upgrade is not likely in the near term. The rating outlook could be revised to stable if the company was able to grow revenue and profitability such that debt/EBITDA improved to below 6.0x. An upgrade would require the company demonstrate the willingness and ability to achieve and maintain leverage below 5.0x. If the company was not able to reduce debt/EBITDA to below 6.0x or improve EBIT/interest to above 1.25x by the end of 2017, the company's ratings could be downgraded. Any deterioration in liquidity would also downward ratings pressure. Steak n Shake Inc., is the owner, operator and franchisor of Steak n Shake restaurants which sells premium hamburgers and milk shakes in 417 owned and 154 franchised restaurants throughout the United States (as of June 29, 2016). Steak n Shake generates annual revenues of about $810 million and is a wholly-owned subsidiary of Biglari Holdings Inc. The principal methodology used in these ratings was Restaurant Industry published in September 2015. SUNEDISON INC: Bid Procedures for Solar Materials Business Okayed ----------------------------------------------------------------- Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southenr District of New York authorized SunEdison, Inc.'s aution and bidding procedures ("Bidding Procedures") for the sale of the Solar Materials Business to GCL-Poly Energy Holdings Ltd. and/or its designees ("Stalking Horse Bidder") for $150,000,000, subject to adjustments and overbid. A copy of the Bidding Procedures attached to the Order is available for free: http://bankrupt.com/misc/SunEdison_1206_Order.pdf Except as expressly set forth in the Order or in the Bidding Procedures, for a bid to be a Qualified Bid, the following parties must receive such bid in writing Oct. 13, 2016 at 4:00 p.m. (PET) or such earlier date as may be agreed to by the Debtors. Notwithstanding anything in the Order to the contrary, the Stalking Horse Bidder is deemed a Qualified Bidder for all purposes, and the Stalking Horse Agreement is deemed a Qualified Bid for all purposes. In the event there are no other Qualified Bids, the Debtors will accept the Stalking Horse Agreement and present it for approval at the Sale Hearing. Within 2 business days after the entry of the Order, or as soon thereafter as practicable ("Mailing Date"), the Debtors (or their agents) will serve notice of the Sale Motion, the Stalking Horse Agreement, the Order, and the Bidding Procedures by first-class mail, postage prepaid upon (a) the Office of the United States Trustee for the Southern District of New York; (b) counsel to the administrative agent under the Debtors' prepetition first lien credit agreement; (c) counsel to the Tranche B Lenders and the steering committee of the second lien creditors; (d) counsel to the administrative agent under the Debtors' prepetition second lien credit agreement; (e) counsel to the collateral trustee under the Debtors' prepetition second lien credit agreement; (f) counsel to the indenture trustee under each of the Debtors' outstanding bond issuances; (g) the U.S. Attorney for the Southern District of New York; (h) counsel to the DIP Agent and DIP Arrangers; (i) counsel to the Committee; (j) counsel to TerraForm Power, Inc. and TerraForm Global, Inc.; (k) the Internal Revenue Service; (l) the Securities and Exchange Commission; (m) any party known to hold or assert any liens, hypothecations, encumbrances, claims, liabilities, security interests, interests, mortgages, pledges, restrictions or charges (including any conditional sale or other title retention agreement) ("Encumbrances") in any of the Purchased Assets; (n) any party to an executory contract or unexpired lease to be potentially assumed and assigned as part of the Sale Transaction; (o) all affected federal, state, and local regulatory, and taxing authorities; (p) all entities known to have expressed an interest in a transaction with respect to all or part of the Purchased Assets during the 6 months preceding the date hereof; (q) counsel to the Stalking Horse Bidder; and (r) any such other party entitled to notice pursuant to Rule 9013-1(b) of the Local Bankruptcy Rules for the United States Bankruptcy Court for the Southern District of New York. On the Mailing Date or as soon thereafter as practicable, the Debtors (or their agents) will serve by first-class mail, postage prepaid, the Sale Notice upon all other known creditors and all other known creditors of the Debtors. The Debtors will publish notice of the proposed Sale Transaction once in one of the Wall Street Journal, The New York Times, or USA Today, as determined by the Debtors in their sole discretion, on the Mailing Date or as soon as practicable thereafter. The Publication Notice will be sufficient and proper notice of the Sale Transaction to any other interested parties whose identities are unknown to the Debtors. The Debtors will identify the Successful Bidder at the Auction and will file, but not serve, a notice identifying any Successful Bidder and the date and time of the Sale Hearing. The Debtors' proposed notice of (a) the Sale Motion, (b) the proposed Sale Transaction, (c) the assumption and assignment of, and Cure Amounts for, the Assumed Contracts and Leases to be assumed and assigned to the Successful Bidder, (d) the Stalking Horse Agreement, (e) the Successful Bidder, and (f) the Bidding Procedures are appropriate and reasonably calculated to provide all interested parties with timely and proper notice of each, and no further notice of, or hearing on, each is necessary or required. The Sale Hearing to approve the sale of the Solar Materials Business to the Successful Bidder will be held on Oct. 20, 2016 at 10:00 a.m. (PET). Deadline of objections, if any, to the sale of the Solar Materials Business to the Stalking Horse Bidder is Oct. 13, 2016 at 4:00 p.m. (PET). If a party with an Encumbrance fails to object by the objection deadline, it will be deemed to consent to the Sale Transaction free and clear of Encumbrances (other than Assumed Liabilities) under Section 363(f)(2) of the Bankruptcy Code. The Auction will take place on Oct. 18, 2016 at 10:00 a.m. (PET) at the offices of counsel for the Debtors, Skadden, Arps, Slate, Meagher & Flom, LLP, Four Times Square, New York, NY, or such other location and time as the Debtors will timely communicate to all parties entitled to attend the Auction, including all Qualified Bidders, the Stalking Horse Bidder and its counsel, the United States Trustee, counsel for the DIP Agent, counsel for the Tranche B Lenders, and counsel for the Committee. Only the Debtors, the DIP Lenders, the DIP Agent, the Committee, the Stalking Horse Bidder, and any other Qualified Bidder, in each case, along with their representatives and counsel, will be entitled to attend and participate in the Auction. No later than 2 business days after entry of the Order, the Debtors will file a list of executory contracts and unexpired leases to be potentially assumed and assigned and file and serve on each counterparty a notice ("Cure Notice"). Any objection to the Cure Amount or to assumption and assignment, including with respect to adequate assurance of future performance, must be filed on Oct. 3, 2016 at 4:00 p.m. (PET), or in the case of changes to the Cure Notice, 14 days following receipt of such notice. The Debtors are authorized and directed to pay the Break-Up Fee and the Expense Reimbursement Amount subject to the terms and conditions set forth in the Stalking Horse Agreement and the Order. Specifically, (i) the Break-Up Fee will be paid to the Stalking Horse Bidder on the terms set forth in section 6.6(a) of the Stalking Horse Agreement, and (ii) the Expense Reimbursement Amount will be paid to the Stalking Horse Bidder on the terms set forth in section 6.6(b) of the Stalking Horse Agreement. Upon entry of the Order, the Break-Up Fee and Expense Reimbursement Amount will, until paid in full as set forth in the Stalking Horse Agreement, be entitled to administrative expense status; provided that the Break-Up Fee and Expense Reimbursement Amount are only payable (and are only entitled to administrative expense status, if applicable) in the event, and to the extent, that the Stalking Horse Bidder is entitled to such amounts under the Stalking Horse Agreement. The Debtors' obligation to pay the Break-Up Fee and Expense Reimbursement Amount pursuant to the terms of the Stalking Horse Agreement and the Order will survive termination of the Stalking Horse Agreement. 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 $20.7 billion and total debt 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. SUSAN MARIA RABORN: Unsecureds To Be Paid in Full Under Plan ------------------------------------------------------------ Susan Maria Raborn filed with the U.S. Bankruptcy Court for the Middle District of Louisiana a disclosure statement dated Aug. 29, 2016, describing the Debtor's plan of reorganization. Under the Plan, unsecured creditors with claims totaling $325,610.06 are unimpaired. The Debtor will pay these claims in full as allowed per rata from escrow funds as well as distributions from interest income in stock. The basic Plan is for the Debtor to satisfy creditors pursuant to the provisions set forth in the Plan by payment to creditors from the Debtor's escrowed funds as well as continued dividends/distributions from interests of the Debtor in Pedicons, Inc., and the three Medicaid clinics. The Plan also includes several other options. First, to determine how much Charles Raborn believes he is owed on a private promissory note between him and Debtor, to cure any alleged default, to declare any transfer of stock null and void per the Articles of Incorporation of Pedicons to demand buyout under a minority oppression suit under Louisiana Title 12. There is an order that there is no enforcement of a judgment to dissolve a sale of Pedicons stock. The Debtor also has the option of filing avoidance actions. The Disclosure Statement is available at: http://bankrupt.com/misc/lamb15-10938-602.pdf Susan Maria Raborn filed for Chapter 11 bankruptcy protection (Bankr. M.D. La. Case No. 15-10938) on Aug. 10, 2015. SYNCARDIA SYSTEMS: Completes Reorganization, Versa Buys Business ---------------------------------------------------------------- SynCardia Systems, LLC, maker of the SynCardia temporary Total Artificial Heart (TAH-t), on Sept. 20, 2016, successfully completed its previously announced reorganization process and has been acquired by affiliates of investment firm Versa Capital Management, LLC. SynCardia will continue to be headquartered in Tucson, Ariz., and led by President and CEO Michael P. Garippa. Mr. Garippa commented, "The partnership with Versa provides SynCardia the resources to continue providing physicians and their patients globally with the life-saving Total Artificial Heart. There is greater financial and operational support to grow and flourish nationally and internationally, and to continue development of new and innovative devices. Our 70cc TAH-t has dominated the worldwide market, while our newer 50cc device is designed to accommodate underserved populations, including women and adolescents." "SynCardia is the unrivalled global leader in the artificial heart market, representing over 95% of all hearts ever implanted," said Gregory L. Segall, Chairman and CEO of Versa. "We are excited to work with Michael and his team to fully implement their vision for supporting this critically important and valuable product and market. SynCardia now has the capital and other resources necessary to realize its full potential, including development of the next generation Freedom(R) driver, advancing use outside of the hospital and accelerating their growth trajectory here in the United States and around the world." About The Syncardia Temporary Total Artificial Heart SynCardia Systems, LLC, headquartered in Tucson, Ariz., is a medical technology company focused on developing, manufacturing and marketing the SynCardia Total Artificial Heart, an implantable system designed to assume the full function of a failed human heart in patients suffering from end-stage biventricular (both sides) heart failure. The SynCardia TAH-t, in commercial use for over a decade, is the world’s only total artificial heart that is commercially available and approved in the United States (FDA), European Union (CE Marked) and Canada (Health Canada), for use as a bridge to donor heart transplantation. SynCardia is focused on supporting SynCardia Certified Centers to improve patient outcomes. More than 1,635 implants of the SynCardia Total Artificial Heart account for 560 patient years of life on the device. About SynCardia Systems SynCardia Systems, Inc., a privately-held company with global headquarters and manufacturing in Tucson, Arizona, is focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart, or TAH-t, an implantable system designed to assume the full function of a failed human heart in patients suffering from advanced heart failure. SynCardia Systems sought Chapter 11 protection (Bankr. D. Del. Case No. 16-11599) on July 1, 2016. The Debtor tapped Olshan Frome Wolosky, LLP, as bankruptcy counsel; Young, Conaway, Stargatt & Taylor, LLP as Delaware counsel; Stephen Marotta of Ankura Consulting Group as restructuring advisor; Canaccord Genuity, Inc., as investment banker; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. The Debtor estimated assets and debt of $10 million to $50 million. TANGO TRANSPORT: Committee Opposes Approval of Plan Outline ----------------------------------------------------------- The official committee of unsecured creditors of Tango Transport, LLC, has objected to the approval of the company's disclosure statement, saying it "lacks adequate information." In a filing with the U.S. Bankruptcy Court for the Eastern District of Texas, the committee complained that the document does not contain information about the remaining assets available for liquidation and an estimation of the claims asserted by creditors, including general unsecured claims. The committee also criticized a provision of the plan that allows the company to nominate a trustee to liquidate its remaining assets. The disclosure statement had also drawn flak from Navistar Leasing Co., Tango's largest unsecured creditor, and from a group of WARN Act claimants represented by The Gardner Firm, P.C. Both also complained that the document does not contain adequate information. Under U.S. bankruptcy law, a company going through bankruptcy must get approval of its disclosure statement to begin soliciting votes for its Chapter 11 plan. The document must contain sufficient information to enable voting creditors to make an informed decision about the plan. The committee is represented by: Tristan Manthey, Esq. Greta M. Brouphy, Esq. Heller, Draper, Patrick, Horn & Dabney, LLC 650 Poydras Street, Suite 2500 New Orleans, Louisiana 70130 Tel: 504-299-3300 Fax: 504-299-3399 Email: tmanthey@hellerdraper.com Email: cdnobles@hellerdraper.com Email: gbrouphy@hellerdraper.com Navistar is represented by: Michael P. Ridulfo, Esq. 5051 Westheimer Road, 10th Floor Houston, Texas 77056 Tel: (713) 425-7442 Fax: (713) 425-7700 Email: mridulfo@krcl.com The WARN Act claimants are represented by: Mary E. Olsen, Esq. M. Vance McCrary, Esq. The Gardner Firm, P.C. P.O. Box Drawer 3103 Mobile, AL 36652 Tel: 251-433-8100 Fax: 251-434-8259 Email: molsen@thegarderfirm.com Email: vmccrary@thegardnerfirm.com About Tango Transport Tango Transport, LLC provides dry van and flatbed services. It offers over-the-road truckload services; and dedicated/private fleet conversion, expedited, third party logistics, heavy hauling, and brokerage services. The company also provides logistic services, including warehouse and distribution, warehouse management, inventory control, freight payment and audit, and transportation control services; and reverse logistics solutions. It serves Fortune 500 companies in the United States. The company was founded in 1991 and is based in Shreveport, Louisiana. It operates a terminal in Shreveport, Louisiana; and facilities in Sibley, Louisiana; West Memphis, Arkansas; and Madisonville, Kentucky. Tango Transport, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 16-40642) on April 6, 2016. The petition was signed by B.J. Gorman, president of Gorman Group, Inc., sole member of Debtor. The Debtor is represented by Keith William Harvey, Esq., at The Harvey Law Firm, P.C. The Debtor estimated assets of $0 to $50,000 and debts of $10 million to $50 million. TEXARKANA HOTELS: MidSouth Bank Opposes Approval of Plan Outline ---------------------------------------------------------------- MidSouth Bank, N.A. has objected to the approval of Texarkana Hotels, LLC's disclosure statement, saying it does not contain "adequate information." In a filing with the U.S. Bankruptcy Court for the Eastern District of Texas, MidSouth Bank complained that the document does not contain enough information about the risks of Texarkana's proposed Chapter 11 plan of reorganization to all creditors. The bank cited a provision of the plan requiring all creditors to execute documents needed to effectuate the plan after it is confirmed by the court. "No effort is made to describe what those documents are or what risks may arise to the debtor or the creditors if the documents are not executed and delivered," the bank said in the filing. MidSouth Bank also criticized the company for not providing an "adequate" liquidation analysis and a summary of how its operating income will be used to pay claims. Under U.S. bankruptcy law, a company going through bankruptcy must get approval of its disclosure statement to begin soliciting votes for its Chapter 11 plan. The document must contain sufficient information to enable voting creditors to make an informed decision about the plan. Texarkana, which operates a hotel and convention center located at 5200 Convention Plaza, filed a restructuring plan that proposes to pay unsecured creditors 5% of their claims over 60 months. The plan filed on July 28 calls for the continued operation of the hotel and convention center and the liquidation of a 1.5 acre tract of land located next to the Country Inn & Suites on the University in Texarkana, Texas. MidSouth Bank is represented by: Scott A. Ritcheson, Esq. Ritcheson, Lauffer & Vincent, P.C. 821 ESE Loop 323, Suite 530 Tyler, Texas 75701 Tel: 903/535-2900 Fax: 903/533-8646 About Texarkana Hotels Texarkana Hotels, LLC operates a 127 room hotel and convention center under the name of Holiday Inn and the Arkansas Convention Center located at 5200 Convention Plaza in Texarkana, Arkansas. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Texas Case No. 16-50056) on March 31, 2016. The petition was signed by Hiren Patel, managing member. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $10 million to $50 million. THERAPEUTICSMD INC: FDA Accepts NDA for Yuvvexy ----------------------------------------------- TherapeuticsMD, Inc., announced the acceptance of the new drug application for Yuvvexy, the conditionally-approved trade name for TX-004HR, by the U.S. Food and Drug Administration. Yuvvexy is an investigational bio-identical 17B-estradiol vaginal softgel capsule for the treatment of moderate-to-severe vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar vaginal atrophy (VVA) in postmenopausal women. The NDA acceptance by the FDA in its 74-day letter indicates that the application is sufficiently complete to permit a substantive review. The PDUFA target action date for the completion of the FDA's review is May 7, 2017. "The acceptance of the NDA for Yuvvexy is an important milestone for TherapeuticsMD as we pursue our goal to provide women with novel healthcare solutions that address their needs throughout life," said TherapeuticsMD CEO Robert G. Finizio. "If approved, Yuvvexy has the potential to be a highly differentiated treatment option for the 32 million postmenopausal women in the United States who suffer from symptoms of VVA. Yuvvexy is the first product candidate from our pipeline of novel hormone therapies in development to address women's unmet health needs." The 505(b)(2) NDA submission for Yuvvexy is supported by the complete Yuvvexy clinical program, including positive results of the phase 3 Rejoice Trial, which evaluated the effect of three doses of Yuvvexy (4 mcg, 10 mcg and 25 mcg) compared to placebo from baseline to week 12. The results demonstrated statistically significant and clinically meaningful improvements in dyspareunia, a co-primary endpoint, and vaginal dryness, a secondary endpoint. Statistically significant results were seen as early as two weeks of treatment. The NDA includes all three doses of Yuvvexy that were evaluated in the Rejoice Trial. About TherapeuticsMD Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a women's healthcare product company focused on creating and commercializing products targeted exclusively for women. The Company currently manufactures and distributes branded and generic prescription prenatal vitamins as well as over-the-counter vitamins and cosmetics. The Company is currently focused on conducting the clinical trials necessary for regulatory approval and commercialization of advanced hormone therapy pharmaceutical products designed to alleviate the symptoms of and reduce the health risks resulting from menopause-related hormone deficiencies. For the year ended Dec. 31, 2015, the Company reported a net loss of $85.07 million on $20.1 million of net revenues compared to a net loss of $54.2 million on $15.0 million of net revenues for the year ended Dec. 31, 2014. As of June 30, 2016, TherapeuticsMD had $177 million in total assets, $9.33 million in total liabilities and $167 million in total stockholders' equity. TOWERSTREAM CORP: Barry Honig Reports 8.17% Stake as of Sept. 16 ---------------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, Barry Honig disclosed that as of Sept. 16, 2016, he beneficially owns 646,685 shares of common stock of Towerstream Corporation representing 8.17% (based on 7,638,759 shares of common stock outstanding as of Sept. 19, 2016 assuming closing of public offering commenced Sept. 16, 2016). GRQ Consultants, Inc. Roth 401K FBO Barry Honig also reported beneficial ownership of 454,870 common shares. A full-text copy of the regulatory filing is available for free at https://is.gd/DRau2J About Towerstream Corporation Towerstream Corporation (NASDAQ:TWER) is a leading Fixed-Wireless Fiber Alternative company delivering high-speed Internet access to businesses. The Company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. As of June 30, 2016, Towerstream had $36.47 million in total assets, $42.95 million in total liabilities and a total stockholders' deficit of $6.47 million. The Company reported a net loss of $40.48 million in 2015, a net loss of $27.59 million in 2014 and a net loss of $24.77 million in 2013. TOWERSTREAM CORP: John Stetson Reports 7.41% Stake as of Sept. 16 ----------------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, John Stetson disclosed that as of Sept. 16, 2016, he beneficially owns 581,395 shares of common stock of Towerstream Corporation representing 7.41% (based on 7,638,759 shares of common stock outstanding as of September 19, 2016, assuming closing of public offering commenced on September 16, 2016). HS Contrarian Investments, LLC also reported beneficial ownership of 543,370 common shares. A full-text copy of the regulatory filing is available for free at https://is.gd/da9gF1 About Towerstream Corporation Towerstream Corporation (NASDAQ:TWER) is a leading Fixed-Wireless Fiber Alternative company delivering high-speed Internet access to businesses. The Company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. As of June 30, 2016, Towerstream had $36.47 million in total assets, $42.95 million in total liabilities and a total stockholders' deficit of $6.47 million. The Company reported a net loss of $40.48 million in 2015, a net loss of $27.59 million in 2014 and a net loss of $24.77 million in 2013. TOWERSTREAM CORP: Jonathan Honig Holds 9.99% Stake as of Sept. 16 ----------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Jonathan Honig disclosed that as of Sept. 16, 2016, he beneficially owns 763,112 shares of common stock of Towerstream Corporation representing 9.99% (based on 7,638,759 shares of common stock outstanding as of Sept. 19, 2016, assuming sale of 2,962,963 shares in public offering commenced on Sept. 16, 2016) A full-text copy of the regulatory filing is available at: https://is.gd/jbnBWW About Towerstream Corporation Towerstream Corporation (NASDAQ:TWER) is a leading Fixed-Wireless Fiber Alternative company delivering high-speed Internet access to businesses. The Company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. As of June 30, 2016, Towerstream had $36.47 million in total assets, $42.95 million in total liabilities and a total stockholders' deficit of $6.47 million. The Company reported a net loss of $40.48 million in 2015, a net loss of $27.59 million in 2014 and a net loss of $24.77 million in 2013. TROCOM CONSTRUCTION: Unsecureds To Recoup 10% Under Plan -------------------------------------------------------- Trocom Construction Corp. filed with the U.S. Bankruptcy Court for the Eastern District of New York a second amended disclosure statement for the second amended Chapter 11 plan of liquidation dated Aug. 29, 2016. Class 6 General Unsecured Claims in the amount of $191,375,975 have been filed or scheduled. The filed amount of claims includes Liberty Mutual which filed a claim for $177 million and which is separately classified, as well as large retainage claims which will be paid through the contracts with the City and Article 3A claims which have or will be paid in the ordinary course. Thus, the Debtor believes that Allowed General Unsecured Claims will only amount to $1,509,126. In exchange for full and final satisfaction, settlement, release of Allowed General Unsecured Claims, holders of Allowed General Unsecured Claims will be paid their pro rata share of the General Unsecured Fund, together with any distribution as set forth in Article IV(B)-(F) of the Plan. The distributions to holders of Allowed General Unsecured Claims will be made when all objections to General Unsecured Claims are either resolved or ruled upon by the Bankruptcy Court. Estimated percentage recovery is at 10%. From and after Confirmation, the Debtor will continue in business for the purposes of completing ongoing construction projects. If work on any of the Ongoing Construction Projects is not substantially completed by Nov. 30, 2016, at the option of Liberty Mutual the Debtor will either assign its contract for the project to a contractor of Liberty Mutual's choosing with the consent of the project owner, or advise the project owner that it is in default of its contract and seek to terminate the contract. "Substantial completion" will be determined by Liberty Mutual in its sole and absolute discretion and shall not require a formal determination of "substantial completion" by the project owner. However, in the event that the project owner has determined that the project is substantially complete, the determination will be binding on Liberty Mutual. The Debtor will have the option to relet any or all of the Ongoing Construction Projects to Liberty Mutual, or Liberty Mutual's designee with the consent of Liberty Mutual, earlier than Nov. 30, 2016, if it is in its financial best interest to do so. "Reletting" a job is when a surety puts in a replacement contractor to complete a job. It is the surety's sole decision, although the City must consent to the particular replacement contractor. No one else has a right to relet the jobs or to oppose a relet of the jobs. The financial impact is never known in advance, since it depends on the price to complete the job as agreed to between the surety and the replacement contractor. However, as set forth in the liquidation analysis discussed in Section VII(F)(1) below, the Debtor has anticipated $8 million in completion costs if the jobs were to be relet today. If anything, that amount is conservative. The Debtor will advise M&T once any Ongoing Construction Project has been relet. Liberty Mutual has agreed to extend the Debtor's surety bonds to the benefit of the Debtor until Nov. 30, 2016, or at a later date as is agreed to in writing by Liberty Mutual in its sole and absolute discretion. The proceeds of the Ongoing Construction Projects, together with monies owed to the Debtor on the Completed Construction Projects and the net proceeds of the Short Term Claims and the Long Term Claims, will be used to make the distributions required under the Plan by the Plan Administrator. Upon completion of the Ongoing Construction Projects, the Plan Administrator will retain an auctioneer to sell the equipment and vehicles by further order of the Court, the proceeds of which will also be used to make the Plan distributions. The Debtor believes that the market value of its equipment and vehicles amounts to approximately $1,200,000. Any equipment or vehicles not liquidated by the Plan Administrator will be abandoned to M&T. A plan administrator will open a bank account into which all proceeds other than from the Ongoing Construction Projects and the Completed Construction Projects will be deposited, and all distributions set forth in Article IV(C)-(F) of the Plan will be made. The Plan Administrator shall be the sole signatory on the account. The Plan Administrator will have authority to prosecute and, if appropriate, settle the Short Term Claims and Long Term Claims and make distributions to all Claimants, including the authority to retain or replace attorneys with consultants in connection therewith. The Plan Administrator shall obtain Court approval of any settlement of the Short Term Claims and Long Term Claims. The Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/nyeb15-42145-309.pdf About Trocom Construction Corp. Trocom Construction Corp. was formed in 1969 by Salvatore Trovato. The Company is in the heavy construction business. Its primary customer is the City of New York through its various agencies. The Company has 75 employees, the majority of whom are members of various unions. Joseph Trovato is presently the president and holder of 100% of the voting shares of Trocom. Trocom filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 15-42145) on May 7, 2015, in Brooklyn. The petition was signed by Joseph Trovato. Judge Nancy Hershey Lord presides over the case. The Debtor is represented by C. Nathan Dee, Esq., at Cullen & Dykman, LLP. The Debtor estimated total assets of $32,462,383 and total liabilities of $17,184,837 as of the Chapter 11 filing. TUSK ENERGY: Selling Assets for $3.3M, to File Liquidating Plan --------------------------------------------------------------- Tusk Energy Services, LLC, Tusk Subsea Services, LLC, Tusk Construction, LLC, and Rene Cross Construction, Inc., ask the U.S. Bankruptcy Court for the Western District of Louisiana to authorize the sale of substantially all assets to Dale Martin Offshore, LLC ("DMO") for $3,300,000, subject to overbid. The Debtors further intend to file, separately, a liquidating plan ("Plan") to encompass the terms of the proposed sale and govern distributions of proceeds to creditors. The Debtors have essentially two operating businesses: (i) a dredging and jetting services company, operating under the name of Tusk Subsea and operating through assets of Debtor Tusk Subsea Services, LLC ("Tusk Subsea"); and (ii) an inland marine construction business, operating under the name of Rene Cross Construction and operating through assets of Debtor Rene Cross Construction, Inc. Both businesses utilize equipment owned by Debtor Tusk Construction, LLC ("Tusk Construction"), through intercompany leasing arrangements. The fourth Debtor company, Tusk Energy Services, LLC, is essentially a holding company that owns 100% of the equity interests in Tusk Subsea, Rene Cross Construction, and Tusk Construction. The Debtors' secured lender is Origin. Origin Bank asserts the Debtors are indebted to Origin Bank, as of the Petition Date, in the amount of approximately $5,478,938 in principal, plus accrued interest, pursuant to a secured credit facility. Origin Bank has security interests in substantially all of the Debtors' prepetition equipment, receivables, and other assets. Origin Bank has also extended to the Debtors a postpetition lending facility, which is in place pursuant to the Court's interim order entered on Aug. 21, 2016, subject to a final hearing on Sept. 13, 2016. Prior to the Petition Date, the Debtors were in default under the Secured Credit Facility due to an inability to make required payments of principal and interest. Prior to the Petition Date, the Debtors suffered from the effects of the overall severe slowdown in onshore oil and gas exploration and production activity in Louisiana and in other areas where the Debtors conduct business. The decline in the price of crude oil that began in mid-2014 and extending into 2016 severely impacted exploration and production activities and demand for many of the Debtors' services. The Debtors believe, in the exercise of their business judgment, that the proposed sale, subject to higher and better bids and an auction process, will maximize the value of the businesses and assets for the benefit of the creditors and the estates. The proposed sale to DMO as stalking horse purchaser, is as follows: a. Assets: The assets to be sold will consist of all assets of the Debtors, excluding (i) accounts receivable or sums owed to the Debtors in which Origin Bank holds a security interest up through and including the closing of the sale; (ii) cash on hand; and (iii) any prepetition causes of action of the Debtors. b. Sale Price: $3,300,000 c. Terms: "as is, where is," without warranties, and free and clear of all liens, claims and interests. d. Closing Conditions/Contingencies: Oct. 28, 2016 e. Bid Deadline: Nov. 14, 2016 f. Auction: Nov. 18, 2016 at 10:00 a.m. at the offices of Locke Lord LLP, 601 Poydras St., Suite 2660, New Orleans, Louisiana. g. Bid Deposit: $50,000 h. Overbid: $3,400,000 i. Bid Increments: $10,000 j. Closing / Payment in Cash: Nov. 30, 2016 k. Break-Up Fee: $50,000 l. Expense Reimbursement: $75,000 Origin Bank, has been consulted and agrees to the sale and bidding procedures. DMO or the Winning Bidder will provide sale proceeds to be applied to the liens of Origin Bank. In addition, the Debtors request that the final order approving the sale include express language canceling and releasing any other liens and encumbrances in their entirety. The Debtors is not aware that any such liens (if any) have any significant value. The Debtors are requesting to set the Sale Motion for an initial expedited hearing on Sept. 23, 2016, with a final hearing to be set by the Court. Counsel for DMO: Douglas S. Draper, Esq. HELLER, DRAPER, PATRICK, HORN & DABNEY, LLC 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Facsimile: (504) 299-3399 E-mail: ddraper@hellerdraper.com About Tusk Energy Tusk Energy Services, LLC, Tusk Subsea Services, LLC, Tusk Construction, LLC, and Rene Cross Construction, Inc., commenced cases under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case Nos. 16-51082 to 16-51085) on Aug. 8, 2016, with the goal of marketing their businesses and assets for sale. The Debtors have essentially two operating businesses: (i) a dredging and jetting services company, operating under the name of Tusk Subsea and operating through assets of Debtor Tusk Subsea Services, LLC; and (ii) an inland marine construction business, operating under the name of Rene Cross Construction and operating through assets of Debtor Rene Cross Construction, Inc. Tusk Energy estimated assets in the range of $1 million to $10 million and debts of up to $10 million. Locke Lord LLP serves as the Debtors' counsel. The cases are assigned to Judge Robert Summerhays. No official committee of unsecured creditors has been appointed in the case. TUSK ENERGY: U.S. Trustee Forms 3-Member Committee -------------------------------------------------- Henry Hobbs, Jr., acting U.S. trustee for Region 5,on Sept. 19 appointed three creditors of Tusk Energy Services, LLC, to serve on the official committee of unsecured creditors. The committee members are: (1) John Gray J.R. Gray, Inc. P. O. Box 4198 Houma, LA 70361 Phone: (985) 873-2923 Email: johngray@graybarge.com (2) Couvillion Group LLC 371 Walker Road Belle Chasse, LA 70037 (3) Shallow Water Equipment, LLC Post Office Box 5682 Thibodaux, LA 70302 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Tusk Energy Tusk Energy Services, LLC, Tusk Subsea Services, LLC, Tusk Construction, LLC, and Rene Cross Construction, Inc., commenced cases under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case Nos. 16-51082 to 16-51085) on Aug. 8, 2016, with the goal of marketing their businesses and assets for sale. The Debtors have essentially two operating businesses: (i) a dredging and jetting services company, operating under the name of Tusk Subsea and operating through assets of Debtor Tusk Subsea Services, LLC; and (ii) an inland marine construction business, operating under the name of Rene Cross Construction and operating through assets of Debtor Rene Cross Construction, Inc. Tusk Energy estimated assets in the range of $1 million to $10 million and debts of up to $10 million. Locke Lord LLP serves as the Debtors' counsel. The cases are assigned to Judge Robert Summerhays. TWO MILE RANCH: Taps Kenneth Skipworth as Accountant ---------------------------------------------------- Two Mile Ranch seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire an accountant. The Debtor proposes to hire Kenneth Skipworth to provide accounting services in connection with its Chapter 11 case. These services include preparing the Debtor's monthly financial reports, providing tax-related reorganization advice, and advising the Debtor about tax issues in the context of formulating a plan of reorganization. Mr. Skipworth will be paid $50 per hour for his services. In a court filing, Mr. Skipworth disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Mr. Skipworth's contact information is: Kenneth A. Skipworth 106 Parkview Drive Sterling, CO 80751 Home Phone: 970-522-0602 Cell Phone: 970-571-1908 Email: kenstax@kci.net About Two Mile Ranch Two Mile Ranch operates a 1,400 acre farm/ranch located at 18503 LCR 42.5, Sterling, CO 80751. Two Mile Ranch also acquired a redevelopment parcel located in Turkey Creek at 22434 W. Turkey Creek Road, Morrison, CO 80465. Its principals have operated the farm/ranch in excess of 30 years. Two Mile Ranch sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 16-16615) on July 1, 2016. The petition was signed by Mark A. Pauling, partner and manager. The case is assigned to Judge Elizabeth E. Brown. At the time of the filing, the Debtor estimated assets and debt at $1 million to $10 million. Arthur Lindquist-Kleissler, Esq., at Lindquist-Kleissler & Company, LLC, serves as the Debtor's bankruptcy counsel. UMATRIN HOLDINGS: Liquidity Concerns Raise Going Concern Doubt -------------------------------------------------------------- Umatrin Holding Ltd. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net income of $70,324 on $613,774 of sales for the three months ended June 30, 2016, compared to a net income of $187,337 on $911,880 of sales for the same period in 2015. For the six months ended June 30, 2016, the Company reported a net income of $29,723 on $1.07 million of sales compared to a net income of $23,238 on $1.85 million of sales for the six months ended June 30, 2015. As of June 30, 2016, the Company had $1.79 million in total assets, $1.29 million in total liabilities and a total stockholders' equity of $498,052. The Company had accumulated deficit of $2,196,105 as of June 30, 2016 which include a profit of $29,723 for the six months ended June 30, 2016. Uncertainty arise as the market faces economic slowdown which might cast a slight doubt on the Company ability to generate profit in the next 12 months. Management's plans include the raising of capital through the equity markets to fund future operations, seeking additional acquisitions, and generating of revenue through the business. However, there can be no assurances the Company will be successful in its efforts to secure additional equity financing and obtaining sufficient revenue. These factors raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: https://is.gd/fuzgQ3 About Umatrin Holding Ltd. Umatrin Holding Ltd. offers health and wellness products. The Company's subsidiary, U Matrin Worldwide SDN BHD (Umatrin), provides technology and services to enable consumers, merchants and other participants to conduct business in its cloud-based trading system. Its segment is marketing and sales. It has curated non-toxic beauty, personal care to health and wellness products. The markets for Umatrin's products are in Malaysia. USA DISCOUNTERS: Wants Nov. 21 Exclusive Plan Filing Extension -------------------------------------------------------------- USA Discounters, Ltd. and its affiliated Debtors ask the U.S. Bankruptcy Court for the District of Delaware to extend their exclusive periods for the filing of a Chapter 11 Plan and the solicitation of acceptances to the Plan to November 21, 2016 and January 18, 2017, respectively. Absent an extension, the Debtors' exclusive period to file a Chapter 11 Plan would have expired on September 20, 2016. Their exclusive period to solicit acceptances to their Plan is set to expire on November 18, 2016. The Debtors cite the following reasons to support their bid for the extension of their exclusive periods: (1) A settlement agreement has been approved by the Court and implemented by the Debtors, which consensually resolves the litigation initiated by Colorado regulators against the Debtors in Colorado state court. (2) The Debtors have reached a comprehensive settlement with Demera A. Gaskins, who filed a putative class action counterclaim against the Debtors, on behalf of herself and an uncertified nationwide class, in which Ms. Gaskins alleged that USA Discounters engaged in various deceptive sales practices and sought recovery of damages and other legal and equitable relief. (3) The Debtors have made enormous progress toward resolution of the ongoing investigations undertaken by the muti-state group of attorney general offices. The Debtors have reached an agreement in principle, with the parties involved, and a settlement term sheet mutually agreed to by the Debtors and the executive committee of the multi-state group was developed. (4) The Debtors are in the process of negotiating and documenting a potential plan support agreement with the Official Committee of Unsecured Creditors and the Debtors' secured lenders. The PSA is intended to formalize the settlement being negotiated between the Committee and the secured lenders and to facilitate the prompt prosecution of a chapter 11 plan. The Debtors tell the Court that cause exists to further extend their exclusive periods. The Debtors' Motion is scheduled for hearing on November 15, 2016 at 1:00 p.m. The deadline for the filing of objections to the Debtors' Motion is set on October 3, 2016 at 4:00 p.m. About USA Discounters, Ltd. USA Discounters, Ltd., was founded in May 1991. In the City of Norfolk, Virginia, under the name USA Furniture Discounters, Ltd. It sold goods through two groups of stores -- one group of specialty retail stores operating under the "USA Living" brand, typically in standalone locations, and seven additional retail stores operating under the "Fletcher's Jewelers" brand, typically in major shopping malls. USA Discounters, Ltd., and two affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 15-11755) on Aug. 24, 2015, to wind down the business. The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Klee, Tuchin, Bogdanoff & Stern LLP as attorneys, and Kurtzman Carson Consultants, LLC, as claims and noticing agent. USA Discounters Ltd. disclosed total assets of $97,490,455 plus an undetermined amount and total liabilities of $63,011,206 plus an undetermined amount. The Official Committee of Unsecured Creditors is represented by Kelly Drye & Warren LLP as lead counsel, Khler Harrison Harvey Branzburg LLP as its Delaware co-counsel. FTI Consulting, Inc., serves as its financial advisor. UTSA APARTMENTS 8: Woodlark Files Amended Disclosure Statement -------------------------------------------------------------- Woodlark UTSA Apartments LLC on Sept. 13 filed a disclosure statement explaining its amended Chapter 11 plan of reorganization for UTSA Apartments 8, LLC, and its 18 affiliated debtors. In the court filing, Woodlark disclosed that on Sept. 8, the company and the plaintiffs in Adv. No. 16-5047 agreed to enter a final judgment allowing the sale of the interests of the Debtors and non-debtors in The Reserve. The Reserve, a student apartment complex located in San Antonio, Texas, is owned by the Debtors and nine other Delaware limited liability companies as tenant in common. Woodlark and UTSA Apartments, LLC filed the restructuring plan for UTSA Apartments 8, LLC and 18 other Debtors. The plan is based upon the sale to Vesper Acquisition Group of The Reserve or the buyout of the Debtors' interests in the property by Woodlark. The plan will be funded virtually in toto from one of two sources. Under Plan A, The Reserve will be sold to a third party for $33 million. All allowed claims will be paid in full and any remaining proceeds will be distributed to TICs according to their ownership interests in The Reserve. Woodlark has prepared a disposition analysis based on a $33 million sale, which shows an estimated distribution to the Debtors of $268,322. This number could increase if the Debtors successfully challenge all or a portion of Woodlark's "asset disposition fee." It will decrease, depending on how long it takes a sale to close, the shortfalls during this period, and any attorneys' fees and expenses Woodlark may be awarded. A copy of the latest disclosure statement is available for free at https://is.gd/cATK3X About UTSA Apartments 8, LLC UTSA Apartments 8, LLC, et al., are tenants in common ("TICs"), each holding fractional interests in The Reserve at UTSA. The Reserve is a student apartment complex serving the University of Texas at San Antonio and located in Northwestern quadrant of San Antonio. UTSA Apartments 8, LLC, et al., sought Chapter 11 protection (Bankr. W.D. Tex. Lead Case No. 15-52941) on Dec. 2, 2015. The TICs which have filed for protection under chapter 11 of the Bankruptcy Code, have an ongoing dispute with Woodlark UTSA Apartments, LLC which is the largest of the TICs and holds approximately 21% of the ownership of The Reserve. Woodlark was the original promotor and is currently responsible for the management of the apartment complex. The Debtors are represented by Allen M. DeBard, Esq., at Langley & Banack, Inc. VINCENT ABELL: Trustee Retains A&G to Sell 33 Properties on Nov. 2 ------------------------------------------------------------------ A&G Realty Partners, a commercial and residential real estate, advisory and investment group, on Sept. 15 disclosed that it has been retained by Roger Schlossberg, Chapter 11 Trustee, to manage the sale of 33 properties in the Vincent L Abell bankruptcy case. A&G Realty with their local broker Long & Foster is currently marketing the properties, which are located throughout Washington DC and Maryland. For a complete list of properties please visit www.agrealtypartners.com or mattbensonrealestate.com The auction is tentatively set for November 2, 2016 with a bid deadline of October 28, 2016. Properties may be sold individually and/or in packages. "The portfolio of multi and single family residences are a mixture of income-producing and vacant homes. As a result of the DC market being extremely hot with limited inventory, we are attracting a lot of interest from both large and small investors," said Mike Matlat, A&G Senior Managing Director. About A&G Realty Partners A&G Realty Partners -- http://www.agrealtypartners.com/-- specializes in real estate dispositions, lease restructurings, facilitating growth opportunities, valuations and acquisitions. A&G Realty clients include some of the nation's most recognizable companies in healthy and distressed situations. A&G Realty was founded in 2012 and headquartered in New York with offices in Chicago and Los Angeles. About Vincent L. Abell The bankruptcy case is In re Vincent L. Abell, (Bankr. D. Md. Case No. 13-13847. Roger Schlossberg, Trustee, Plaintiff, is represented by Jean Evelyn Lewis, Esq. -- jlewis@kg-law.com -- Kramon & Graham, P.A., Catherine Mary Manofsky, Esq. -- cmanofsky@kg-law.com -- Kramon & Graham, P.A., Justin Akihiko Redd, Esq. -- Kramon & Graham, P.A., David J. Shuster, Esq. -- dshuster@kg-law.com -- Kramon and Graham. Vincent L Abell, Defendant, is represented by Lawrence A. Katz, Esq. -- lkatz@hf-law.com -- Hirschler Fleischer, Philip James McNutt, Esq. -- Pmcnutt@HughesBentzen.com -- Hughes & Bentzen, PLLC, James R. Schraf, Esq. -- jschraf@yvslaw.com -- Yumkas, Vidmar, Sweeney & Mulrenin, LLC. Marta Bertola, Defendant, is represented by Christopher Hamlin. James Esten Abell, Defendant, is represented by Robert Norman Levin, Esq. -- Robert N. Levin, P.C., Richard M. McGill, Esq. -- Law Offices of Richard M. McGill, John Thomas Szymkowicz, Esq. -- jp@szymkowicz.com -- Szymkowicz & Szymkowicz, LLP. Fela Bertola, Defendant, is represented by James Greenan, McNamee, Hosea, et. al., Leah Victoria Lerman, McNamee, Hosea, et. al.. Caniss Construction, Inc., Defendant, is represented by Kevin M. Tabe, Tabe and Associates, PC. Adebowale Adeleke, Dismissed 4/30/2015, Defendant, is represented by Marc A. Ominsky, The Law Offices of Marc A. Ominsky. Maria-Theresa Wilson, Intervenor-Plaintiff, is represented by Randell C. Ogg, The Law Offices of Randell C. Ogg. WARREN RESOURCES: Court Confirms Reorganization Plan ---------------------------------------------------- BankruptcyData.com reported that Warren Resources filed with the U.S. Bankruptcy Court certain amendments to the Supplement for its Amended Chapter 11 Plan of Reorganization. The Supplement contains the following Exhibits: Exhibit A: credit agreement governing the new first lien facility, Exhibit B: new equity holder agreement, Exhibit C: warrant agreement, Exhibit D: management incentive plan, Exhibit E: identities of the initial members of the new board and reorganized Warren Resources' C.E.O, Exhibit F: by-laws for reorganized Warren Resources, Exhibit G: certificate of incorporation for reorganized Warren Resources. According to BankruptcyData.com, the Court subsequently confirmed Warren Resources' Amended Chapter 11 Plan of Reorganization. According to documents filed with the Court, "The Restructuring will reduce the amount of the Debtors' outstanding indebtedness by converting the claims of the First Lien Lenders, Second Lien Lenders and holders of Senior Notes into equity in the Reorganized Debtors and (in the case of the First Lien Lenders) the New First Lien Facility. Existing equity in Warren will be cancelled. By deleveraging their balance sheet, the Debtors will have more liquidity to develop their assets and operate their business." Court-filed documents further note, "Pursuant to the terms of the agreed restructuring and as more fully described in the RSA and related documents, the First Lien Lenders will convert their outstanding claims into the New First Lien Facility in the amount of $130 million (plus, at the Plan Sponsor's option, any outstanding amounts on the DIP Financing up to $20 million) and 82.5% of the equity in the Reorganized Debtors to be reduced by the Claren Road Supplemental Equity Distribution. The General Equity Pool, which consists of the remaining 17.5% of equity in the Reorganized Debtors will be divided, pro rata, among the Second Lien Lenders, Senior Noteholders and Citrus Energy (if allowed as a general unsecured claim, and if so allowed in an amount not exceeding $8.5 million). Additionally, the Second Lien Lenders will receive their pro rata proportion of the Claren Road Supplemental Equity Distribution and New Warrants.Existing equity in Warren will be cancelled." About Warren Resources, Inc. Warren Resources Inc., is an independent energy company engaged in the exploration, development and production of domestic onshore crude oil and natural gas reserves. It is primarily focused on the development of its waterflood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, its position in the Marcellus Shale gas in northeastern Pennsylvania and its coalbed methane, or CBM, natural gas properties located in Wyoming. Warren Resources, Inc., Warren E&P, Inc., Warren Resources of California, Inc., Warren Marcellus LLC, Warren Energy Services, LLC, and Warren Management Corp. each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32760) on June 2, 2016. The Debtors listed total assets of $230 million and total debt of $545 million. The Debtors have hired Andrews Kurth LLP as counsel, Jefferies LLC as investment banker, Deloitte Transactions and Business Analytics LLP as restructuring advisor and Epiq Bankruptcy Solutions, LLC as claims, balloting and noticing agent. Judge Marvin Isgur has been assigned the cases. An official committee of unsecured creditors has not yet been appointed in these cases by the Office of the United States Trustee. WEIR TRUCKING: Taps Dilks Law Firm as Legal Counsel --------------------------------------------------- Weir Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire a legal counsel. The Debtor proposes to hire Dilks Law Firm to provide legal services in connection with its Chapter 11 case. The firm's attorneys will be paid $295 per hour for their services while its paralegals will be paid $75 per hour. Lyndsey Dilks, Esq., at Dilks Law Firm disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Lyndsey D. Dilks, Esq. Dilks Law Firm P.O. Box 34157 Little Rock, AR 72203 Tel: (501)244-9770 Fax: (888)689-7626 Email: ldilks@dilkslawfirm.com About Weir Trucking Weir Trucking, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 16-72026) on August 26, 2016. The petition was signed by Brian C. Weir, president and owner. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of $500,001 to $1 million. WOO LI: Unsecureds To Get $2,400 Annual Distributions Under Plan ---------------------------------------------------------------- Woo Li, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a disclosure statement for its plan of reorganization dated Aug. 29, 2016. Holders of Class 8 General Unsecured Claims, estimated to total $620,107.35, will share pro-rata in annual distributions of $2,400 each commencing on the 5th day of the 1st full month following the Effective Date and continuing on 5th day of the 1st full month following each subsequent anniversary of the Effective Date for a total of 5 annual payments. Estimated total distribution is at $12,000. The claims of the Class 8 creditors are impaired. The source of funds for the payments pursuant to the Plan is the continued operation of Debtor's liquor store at its Virginia Avenue property. The Disclosure Statement is available at: http://bankrupt.com/misc/ganb16-58865-44.pdf About Woo Li, Inc. Woo Li, Inc., is a Georgia Corporation that operates a liquor store with its principal place of business located at 1451 Virginia Avenue, College Park, Georgia 30337. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 16-58865) on May 21, 2016. The petition was signed by Taeuk Kang, president. Cameron M. McCord, Esq., and Leon S. Jones, Esq., at Jones & Walden, LLC, represents the Debtor. The Debtor estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Mathew A. Schuh -- mschuh@kkgpc.com and ccooper@kkgpc.com -- represents creditor Metro City Bank. ZEST HOLDINGS: Moody's Lowers Rating on Sr. Sec. Facilities to B2 ----------------------------------------------------------------- Moody's Investors Service downgraded the senior secured first lien credit facilities of Zest Holdings, LLC from B2 to B3. Moody's also affirmed all other ratings, including the B3 Corporate Family Rating and the B3-PD Probability of Default Rating. The outlook is stable. The downgrade of the senior secured first lien credit facilities is due to the firm's plan to use proceeds from its upsized term loan to repay its senior secured second lien term loan. The existing first lien term loan will be upsized from $148 million to $218 million. Combined with the existing $50 million first lien incremental term loan, the company will have $268 million of first lien debt outstanding pro forma for the transaction. "The elimination of all second lien debt from Zest's capital structure removes the first loss protection that it previously afforded holders of the firm's first lien debt," stated Jonathan Kanarek, Moody's Senior Analyst. The senior secured credit facilities are now rated at the same level as the company's Corporate Family Rating as they represent the preponderance of debt in Zest's capital structure. "The affirmation of the B3 CFR is supported by the leverage-neutral nature of the transaction and $3 million of annualized interest savings," Kanarek continued. Moody's estimates Zest's pro forma adjusted debt to EBITDA to have been approximately 5.6 times as of June 30, 2016. Ratings Downgraded: Senior secured first lien revolving credit facility expiring in 2018 to B3 (LGD 4) from B2 (LGD 3) Senior secured first lien term loans due 2020 to B3 (LGD 4) from B2 (LGD 3) Ratings Affirmed: Corporate Family Rating at B3 Probability of Default Rating at B3-PD The outlook on all ratings is stable. RATING RATIONALE The B3 Corporate Family Rating reflects Zest Dental Solutions' small size on both an absolute basis and relative to larger competitors, as well as the company's high financial leverage. In addition, the company's narrow product focus within the dental device sector is a further constraint on the rating. Zest Dental Solutions' rating is supported by favorable market trends within the dental sector, good organic growth, and strong EBITDA margins. The stable rating outlook reflects Moody's expectation that the company will remain small, highly concentrated in a niche market, and highly leveraged. The ratings could be downgraded if revenues or profitability weaken, debt to EBITDA is sustained above 6 times, liquidity deteriorates, or free cash flow becomes negative. The ratings could be upgraded if the company effectively manages its growth by balancing its expansion, sustains debt to EBITDA below 4 times, and maintains very strong liquidity. Headquartered in Escondido, California, Zest Holdings, LLC is a global developer, manufacturer and distributor of medical devices used in dental implants and for the treatment of natural teeth. Zest Dental Solutions is owned by private equity sponsor Avista Capital Partners. The principal methodology used in these ratings was Global Medical Product and Device Industry published in October 2012. [*] AlixPartners Bags TMA's Turnaround of the Year - Mega Award --------------------------------------------------------------- AlixPartners, the global business advisory firm, has been honored by the Turnaround Management Association (TMA), receiving the international trade association's "Turnaround of the Year - Mega Award" for its work on behalf of Chassix Holdings, Inc., and the "Transaction of the Year - Large Company" for its work on behalf of Altegrity, Inc. Regarding the first award, AlixPartners, engaged by the ad-hoc noteholder group in the case, developed and implemented a strategy for restructuring and recapitalizing Chassix, a critical supplier to the automotive industry globally. This included de-leveraging the balance sheet, negotiating with automaker customers and developing and implementing a turnaround plan for the company's largest plant. Chassix emerged from bankruptcy within five months of its filing. Chassix has annual revenue in excess of $1.4 billion, with more than 4,000 employees in approximately 25 manufacturing facilities globally. The team working on Chassix was led by Anthony Flanagan and Ted Stenger, both Managing Directors at AlixPartners. Mr. Flanagan's expertise in the automotive sector was a key factor in the turnaround and renegotiation of contracts with Chassix's OEM customers. The engagement team also included Michael Albritton, Kurt Beckeman, Emily Harte, Steve Hilgendorf and Mark Wakefield. "We are honored to have won this award, to have had the opportunity to represent a prestigious group of noteholders and work with so many distinguished professionals in the turnaround industry," said Mr. Flanagan. "We are especially pleased with the dramatic turnaround at Chassix and the value that was created for constituents." The AlixPartners engagement team at Altegrity, a global, diversified risk and information services company, was led by Carrianne Basler and Kevin McShea, Managing Directors at AlixPartners. That engagement team also included Susan Brown, Patrick Farley, Patrick Hoban, Jeff Ivester and Nathan Kramer, Richard Robbins and Steve Spitzer. Headquartered in New York, NY, Altegrity is the parent company of two separately managed businesses: HireRight, a leading provider of employment background screening and eligibility solutions, and Kroll, a global provider of risk and information management services and solutions. The AlixPartners team advised Altegrity in the restructuring and recapitalization of the company, including developing business plans, managing liquidity, and financial reporting throughout the process. "The entire team of professionals worked extremely well together in achieving an outstanding outcome for the company in a condensed timeframe," said Carrianne Basler. "Given the sensitivities of restructuring a professional services firm, an efficient, coordinated effort was key to a successful outcome." The awards to AlixPartners will be presented at the TMA's Annual Conference, on Nov. 3 at Disney's Yacht Club Resort in Lake Buena Vista, Florida. About the TMA The Turnaround Management Association is an organization dedicated to turnaround management, corporate restructuring, and distressed investing. Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. This year's winners saved countless jobs and made a significant economic impact, both locally and globally. About AlixPartners AlixPartners -- http://www.alixpartners.com/-- is a global business advisory firm. Its clients include corporate boards and management, law firms, investment banks, investors and others. [*] Eikenberry Bags American Inns of Court Professionalism Award ---------------------------------------------------------------- Peter G. Eikenberry has been selected to receive the prestigious 2016 American Inns of Court Professionalism Award for the Second Circuit. The award will be presented at a special ceremony in New York by Chief Judge Robert A. Katzmann. Mr. Eikenberry is a litigator in private practice specializing in complex commercial litigation in the New York state and federal courts, including employment, art law, contracts, fraud, international, securities, and bankruptcy adversary disputes. Through his work on the New York City Bar Association Committee to Encourage Judicial Service, the diversity of the judiciary in New York has increased greatly. A volunteer civil rights lawyer in Mississippi in July 1966 with the Lawyers Committee for Civil Rights under Law, Mr. Eikenberry's commitment to advancing civil rights continues unabated. He has led a human rights mission to Northern Ireland, served as volunteer counsel at the Federal Detention Center in Dilley, Texas, the Children's Storefront in Harlem, and was general counsel of Bedford Stuyvesant D & S Corporation. He is the convener and steering committee member of the New York Conference on Immigration Representation. Mr. Eikenberry served the Federal Bar Council as vice president and in several other capacities. He is a Fellow of the New York Bar Foundation and is a member of the Second Circuit Court Committee on Civic Education. Mr. Eikenberry earned his undergraduate and law degrees from The Ohio State University, where he was Note Editor of the Law Journal and is a current member of its National Council. The American Inns of Court Professionalism Awards are awarded in participating federal circuits, to a lawyer or judge whose life and practice display sterling character, unquestioned integrity, and dedication to the highest standards of the legal profession and the rule of law. The awards are underwritten in part by Thomson Reuters. Headquartered in Alexandria, Virginia, The American Inns of Court -- http://www.innsofcourt.org-- fosters excellence in professionalism, ethics, civility, and legal skills. The organization's membership includes more than 30,000 federal, state, and local judges; lawyers; law professors; and law students in more than 360 chapters nationwide and more than 100,000 alumni members. [*] Hughes Watters' Bankruptcy Attorneys Named in 2017 Best Lawyers ------------------------------------------------------------------- Brent L. Vannoy recently joined Hughes Watters Askanase L.L.P. as a partner supporting the firm's Business Planning and Strategy, Commercial Litigation, and Labor and Employment Practice Areas. Additionally, four HWA attorneys were recently named to the 2017 list of Best Lawyers in America(C). Founding partner David Askanase, co-managing partner Wayne Kitchens, and senior counsel attorney Randall Rios were named as 2017 Best Lawyers in America in the Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law category. In addition, partner Carolyn A. Taylor was included in the list of Best Lawyers in America. Ms. Taylor started and is well recognized for her expertise in the Default Servicing Practice Area of HWA. Since it was first published in 1983, Best Lawyers(R) has become universally regarded as the definitive guide to legal excellence. Best Lawyers lists are compiled based on an exhaustive peer-review evaluation. Over 83,000 leading attorneys globally are eligible to vote, and it has received more than 13 million votes to date on the legal abilities of other lawyers based on their specific practice areas around the world. For the 2017 Edition of The Best Lawyers in America(C), 7.3 million votes were analyzed, which resulted in almost 55,000 leading lawyers being included in the new edition. Lawyers are not required or allowed to pay a fee to be listed; therefore, inclusion in Best Lawyers is considered a singular honor. Corporate Counsel magazine has called Best Lawyers "the most respected referral list of attorneys in practice." Gary Gunn, co-managing partner of HWA commented: "Our firm continues to attract and retain highly regarded legal talent, which positions us extremely well to serve our clients in Texas and support other attorneys and their clients throughout the nation in the best manner possible. Brent will play a key role in supporting me and other HWA partners as we expand our practice areas and add depth of experience. David, Wayne, Randy and Carolyn have garnered the respect and recognition of their peers yet again this year through the Best Lawyers vetting process." More About These Attorneys Mr. Vannoy has been practicing law for more than 20 years. A current member of the State Bar of Texas and the Houston Bar Association, he was admitted to the State Bar of Texas in 1995. He is licensed to practice in the U.S. Court of Appeals for the 5th Circuit, U.S. District Court, Northern District of Texas, U.S. District Court, Southern District of Texas, and U.S. District Court, Eastern District of Texas. Mr. Vannoy earned a Bachelor of Arts degree in English from Texas A&M University and completed supplemental studies in Great Books of Western Civilization at Thomas Aquinas College in Santa Paula, California. He earned a Juris Doctorate from the University of Houston Law Center in 1995. He is a former publishing editor of the Houston Journal of International Law and is the recipient of the Harris Award for Outstanding Volunteer presented by the Greater Houston A&M Club as well as several other awards. Mr. Vannoy serves as the Committee Chair for Troop 40, Skyline District, Sam Houston Area Council, Boy Scouts of America. He is also the past president of the Timbergrove Manor Civic Club. A native of Houston, he and his family reside in Garden Oaks. Mr. Askanase started HWA with John Hughes (retired) and Harry Watters (deceased) in 1978. He recently retired from practicing law after more than 40 years in the industry. A highly respected attorney with deep expertise in bankruptcy law, he focused his practice on reorganizations and workouts for corporations and individuals, representation of secured creditors in and out of bankruptcy, and representation of entities which sought to acquire assets out of bankruptcy cases. Since 1976, he served as a Chapter 7 Trustee for the U.S. Bankruptcy Court, Southern District of Texas, Houston Division. He has also served as Trustee in several large Chapter 11 liquidation cases. Mr. Askanase has earned certifications from the Texas Board of Legal Specialization in both consumer bankruptcy law and business bankruptcy law. He is consistently listed in The Best Lawyers in America(R) and in Texas Monthly and Law & Politics magazines' annual Texas Super Lawyers guides. Mr. Kitchens co-manages HWA with Gunn and has been in practice for more than 30 years. He also co-chairs the Business Bankruptcy Practice Area along with partner Steven Shurn. He focuses his practice on reorganizations and workouts for corporations and individuals, the representation of secured creditors in and out of bankruptcy, and the representation of entities that seek to acquire assets out of bankruptcy cases. He also represents bankruptcy trustees and creditors' committees. He has authored numerous articles on bankruptcy and creditor/debtor rights and is a frequent speaker at continuing education seminars and conferences. He has been named one of Houston's best lawyers by H-Texas Magazine and has been honored as a Texas Super Lawyer by Law & Politics and Texas Monthly magazines every year since 2003. He also has been named one of the top 100 lawyers (out of approximately 14,000) in Houston by the same publication. Kitchens is certified in business bankruptcy law by the Texas Board of Legal Specialization. Mr. Rios supports the firm's Business Bankruptcy Practice Area and practices in the areas of bankruptcy and creditor/debtor rights in the business bankruptcy practice. He has extensive experience in representing debtors, creditors' committees, landlords, and purchasers of distressed assets as well as trustees in numerous reorganization and liquidation bankruptcy cases. In a legal career spanning more than 25 years, Mr. Rios has been consistently named to the list of Super Lawyers by Law & Politics and Texas Monthly magazines and H-Texas Magazine's Lists of Lawyers for the People and Top Lawyers. Mr. Rios has represented clients in all Districts of Texas, and numerous other Districts including the District of Delaware, the District of Nevada, the Central and Northern Districts of California, the Southern District of New York and the United States Court of Appeals for the Fifth Circuit. Ms. Taylor established the firm's mortgage banking default servicing group, and leads HWA's Default Servicing Practice Area. She is also heads the Credit Unions and Creditor's Rights Areas with partner Dominique Varner. She was instrumental in implementing the internal and external policies and procedures that enable her team to provide exemplary service. Ms. Taylor's practice focuses in the areas of mortgage banking, consumer financial services, credit unions and bankruptcy law. She is certified by the Texas Board of Legal Specialization in both consumer and business bankruptcy law. She was named to the list of Texas Super Lawyers from 2003 through 2013. About HWA For almost 40 years, HWA -- http://www.hwa.com/-- has helped business organizations, financial institutions and individuals succeed with their business endeavors. The firm's attorneys play a strategic role and support clients through every stage of existence and operation. The firm's practice focuses on representation of commercial and mortgage lenders, including banks and credit unions, business bankruptcy, business planning and strategy, default servicing, real estate and real estate finance, commercial and consumer financial services litigation and regulation, employment law, and wills and probate. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Gregory T. Jackson and Roma R. Jackson Bankr. M.D. Ala. Case No. 16-11628 Chapter 11 Petition filed September 7, 2016 represented by: J. Kaz Espy, Esq. ESPY, METCALF & ESPY, P.C. E-mail: lynnia@espymetcalf.com In re Stephen T. Hansen Bankr. D. Ariz. Case No. 16-10283 Chapter 11 Petition filed September 7, 2016 represented by: Todd A. Burgess, Esq. GALLAGHER & KENNEDY E-mail: todd.burgess@gknet.com In re Kenneth Edwin Claflin and Berkley Vallone Bankr. D. Ariz. Case No. 16-10318 Chapter 11 Petition filed September 7, 2016 represented by: Thomas H. Allen, Esq. ALLEN BARNES & JONES, PLC E-mail: tallen@allenbarneslaw.com In re Auspicious, Inc. Bankr. M.D. Fla. Case No. 16-05968 Chapter 11 Petition filed September 7, 2016 See http://bankrupt.com/misc/flmb16-05968.pdf represented by: Ronald Cutler, Esq. RONALD CUTLER PA E-mail: bankruptcy@ronaldcutlerpa.com In re Compassion In Healthcare, Inc. Bankr. M.D. Fla. Case No. 16-05969 Chapter 11 Petition filed September 7, 2016 See http://bankrupt.com/misc/flmb16-05969.pdf represented by: Ronald Cutler, Esq. RONALD CUTLER PA E-mail: bankruptcy@ronaldcutlerpa.com In re Christine A. Taegar Bankr. S.D. Fla. Case No. 16-22328 Chapter 11 Petition filed September 7, 2016 represented by: Chad T Van Horn, Esq. E-mail: Chad@cvhlawgroup.com In re John Christopher Guillot Bankr. W.D. La. Case No. 16-51228 Chapter 11 Petition filed September 7, 2016 represented by: William C. Vidrine, Esq. VIDRINE & VIDRINE E-mail: williamv@vidrinelaw.com In re Marvin R. Minney Bankr. D.N.J. Case No. 16-27163 Chapter 11 Petition filed September 7, 2016 represented by: Kareem J Crawford, Esq. THE LAW OFFICES OF KAREEM J. CRAWFORD E-mail: kareemjcrawford91@gmail.com In re Michael Dante Hughes and Angela Ann Hughes Bankr. D.S.C. Case No. 16-04559 Chapter 11 Petition filed September 7, 2016 represented by: Robert H. Cooper, Esq. THE COOPER LAW FIRM E-mail: thecooperlawfirm@thecooperlawfirm.com In re EAC9540 Enterprises, LLC Bankr. E.D. Tex. Case No. 16-41626 Chapter 11 Petition filed September 7, 2016 See http://bankrupt.com/misc/txeb16-41626.pdf represented by: Joyce W. Lindauer, Esq. E-mail: joyce@joycelindauer.com In re Jeffery Eugene Waldner, Sr. and Brenda Kay Waldner Bankr. W.D. Wash. Case No. 16-43739 Chapter 11 Petition filed September 7, 2016 represented by: Noel P. Shillito, Esq. LAW OFFICE OF NOEL SHILLITO, P.S. E-mail: info@shillitobk.com In re David J. Brown Bankr. D.D.C. Case No. 16-00466 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/dcb16-00466.pdf Filed Pro Se In re Dominica LLC Bankr. D. Mass. Case No. 16-13461 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/mab16-13461.pdf represented by: Michael Van Dam, Esq. VAN DAM LAW LLP E-mail: mvandam@vandamlawllp.com In re BW Oil LLC Bankr. D. Minn. Case No. 16-42648 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/mnb16-42648.pdf represented by: Erik A Ahlgren, Esq. AHLGREN LAW OFFICE E-mail: erikahlgren@charter.net In re K&J Landscape Management, Inc. Bankr. D.N.J. Case No. 16-27235 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/njb16-27235.pdf represented by: John F. Bracaglia, Jr., Esq. MAURO, SAVO, CAMERINO, GRANT & SCHALK E-mail: brokaw@maurosavolaw.com In re Vaughan Fitness Bankr. D. Nev. Case No. 16-14940 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/nvb16-14940.pdf represented by: Seth D Ballstaedt, Esq. THE BALLSTAEDT LAW FIRM E-mail: seth@ballstaedtlaw.com In re 1672 45th Street, LLC Bankr. E.D.N.Y. Case No. 16-44033 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/nyeb16-44033.pdf Filed Pro Se In re A-K Supply Company, Inc. Bankr. W.D. Pa. Case No. 16-23349 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/pawb16-23349.pdf represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG E-mail: chris.frye@steidl-steinberg.com In re Continental Glass Corp. Bankr. D.P.R. Case No. 16-07163 Chapter 11 Petition filed September 8, 2016 See http://bankrupt.com/misc/prb16-07163.pdf represented by: Homel Mercado Justiniano, Esq. E-mail: hmjlaw2@gmail.com In re Dominic Scappaticci, Jr. Bankr. D. Ariz. Case No. 16-10429 Chapter 11 Petition filed September 9, 2016 See http://bankrupt.com/misc/azb16-10434.pdf represented by: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA E-mail: markgiunta@giuntalaw.com In re Office On Easy Street, Inc. Bankr. D. Ariz. Case No. 16-10434 Chapter 11 Petition filed September 9, 2016 represented by: Donald W. Powell, Esq. CARMICHAEL & POWELL, P.C. E-mail: d.powell@cplawfirm.com In re Cheryl Placencia Bankr. C.D. Cal. Case No. 16-12629 Chapter 11 Petition filed September 9, 2016 Filed Pro Se In re Promasters Performance, Inc dba Tune Up Masters Bankr. C.D. Cal. Case No. 16-22031 Chapter 11 Petition filed September 9, 2016 See http://bankrupt.com/misc/cacb16-22031.pdf represented by: Robert S. Altagen, Esq. LAW OFFICES OF ROBERT S ALTAGEN E-mail: rsaink@earthlink.net In re Farmhand Supply, LLC Bankr. E.D. Mo. Case No. 16-10742 Chapter 11 Petition filed September 9, 2016 See http://bankrupt.com/misc/moeb16-10742.pdf represented by: J. Michael Payne, Esq. LIMBAUGH, RUSSELL, PAYNE & HOWARD E-mail: mpayne@limbaughlaw.com In re Kevin A. Wolborsky and Jill H. Wolborsky Bankr. E.D.N.C. Case No. 16-04719 Chapter 11 Petition filed September 9, 2016 represented by: Trawick H Stubbs, Jr., Esq. STUBBS & PERDUE, P.A. E-mail: efile@stubbsperdue.com In re Reynaldo Dais Antonio and Nenita Abayhon Antonio Bankr. D. Nev. Case No. 16-14972 Chapter 11 Petition filed September 9, 2016 represented by: David A Riggi, Esq. E-mail: darnvbk@gmail.com In re Panaderia Zulma Inc. Bankr. D.P.R. Case No. 16-07217 Chapter 11 Petition filed September 11, 2016 See http://bankrupt.com/misc/prb16-07217.pdf represented by: Myrna L. Ruiz Olmo, Esq., Esq. E-mail: mro@prbankruptcy.com In re King Rehab Services Company Bankr. D.N.J. Case No. 16-27393 Chapter 11 Petition filed September 11, 2016 See http://bankrupt.com/misc/njb16-27393.pdf represented by: Timothy P. Neumann, Esq. BROEGE, NEUMANN, FISCHER & SHAVER E-mail: timothy.neumann25@gmail.com In re Aska Beverly Hills, LLC Bankr. S.D.N.Y. Case No. 16-12596 Chapter 11 Petition filed September 11, 2016 See http://bankrupt.com/misc/nysb16-12596.pdf represented by: Gabriel Del Virginia, Esq. LAW OFFICES OF GABRIEL DEL VIRGINIA E-mail: gabriel.delvirginia@verizon.net In re Trifecta Fit Sport, LLC Bankr. C.D. Cal. Case No. 16-22120 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/cacb16-22120.pdf represented by: Clifford Bordeaux, Esq. COHEN & BORDEAUX, LLP E-mail: bordeaux.ecf@gmail.com In re William O Haight Bankr. C.D. Cal. Case No. 16-22140 Chapter 11 Petition filed September 12, 2016 represented by: Dana M Douglas, Esq. E-mail: dmddouglas@hotmail.com In re Fishhawk Dental, P.A. Bankr. M.D. Fla. Case No. 16-07855 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/flmb16-07855.pdf represented by: Joel M. Aresty, Esq. JOEL M. ARESTY PA E-mail: aresty@icloud.com In re Palmetto 511, LLC Bankr. S.D. Fla. Case No. 16-22561 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/flsb16-22561.pdf represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Mart Petroleum 403, LLC Bankr. S.D. Fla. Case No. 16-22563 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/flsb16-22563.pdf represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Mart Petroleum 404, LLC Bankr. S.D. Fla. Case No. 16-22564 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/flsb16-22564.pdf represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Laspada Enterprises, Inc. Bankr. S.D. Ind. Case No. 16-07026 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/insb16-07026.pdf represented by: Eric C Redman, Esq. REDMAN LUDWIG PC E-mail: ksmith@redmanludwig.com In re Louis Anthony Sirico Bankr. M.D. La. Case No. 16-11028 Chapter 11 Petition filed September 12, 2016 represented by: Gary K. McKenzie, Esq. STEFFES, VINGIELLO & MCKENZIE, LLC E-mail: gmckenzie@steffeslaw.com In re James Witten Altizer Bankr. W.D.N.C. Case No. 16-31471 Chapter 11 Petition filed September 12, 2016 represented by: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC E-mail: rwright@mwhattorneys.com In re Philip A. Gallo, Jr. and Jennifer W. Gallo Bankr. E.D.N.Y. Case No. 16-74159 Chapter 11 Petition filed September 12, 2016 represented by: Evans M Hillen, Esq. E-mail: evans@vhlawny.com In re Reely B. Inc Bankr. E.D.N.Y. Case No. 16-74166 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/nyeb16-74166.pdf Filed Pro Se In re Amauris German Almonte and Jana Irene Almonte Bankr. E.D. Pa. Case No. 16-16405 Chapter 11 Petition filed September 12, 2016 Filed Pro Se In re Divine Medical Blling, Inc. Bankr. M.D. Tenn. Case No. 16-06467 Chapter 11 Petition filed September 12, 2016 See http://bankrupt.com/misc/tnmb16-06467.pdf represented by: Steven L. Lefkovitz, Esq. LAW OFFICES LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re Robert Lee Beck Bankr. W.D. Tex. Case No. 16-52084 Chapter 11 Petition filed September 12, 2016 Filed Pro Se In re Aaron Holzhueter Bankr. W.D. Wis. Case No. 16-13134 Chapter 11 Petition filed September 12, 2016 represented by: Paul G. Swanson, Esq. E-mail: pswanson@oshkoshlawyers.com In re Zivko Knezovic Bankr. N.D. Ill. Case No. 16-29208 Chapter 11 Petition filed September 13, 2016 represented by: Ariel Weissberg, Esq. WEISSBERG & ASSOCIATES, LTD E-mail: ariel@weissberglaw.com In re Abeer of Flint, Inc. Bankr. E.D. Mich. Case No. 16-32123 Chapter 11 Petition filed September 13, 2016 See http://bankrupt.com/misc/mieb16-32123.pdf represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES E-mail: george@bklawoffice.com In re Sergei Kent Bankr. D.N.J. Case No. 16-27475 Chapter 11 Petition filed September 13, 2016 represented by: Abraham Borenstein, Esq. BORENSTEIN, MCCONNELL & CALPIN, P.C. E-mail: avi@bmclawyers.net In re Galvan T. Socorro Bankr. D. Nev. Case No. 16-15017 Chapter 11 Petition filed September 13, 2016 represented by: Michael J. Harker, Esq. E-mail: notices@harkerlawfirm.com In re Laizez Skigin Bankr. E.D.N.Y. Case No. 16-44086 Chapter 11 Petition filed September 13, 2016 represented by: Alla Kachan, Esq. E-mail: alla@kachanlaw.com In re BSD Lincoln MF LLC Bankr. S.D.N.Y. Case No. 16-23240 Chapter 11 Petition filed September 13, 2016 See http://bankrupt.com/misc/nysb16-23240.pdf Filed Pro Se In re Griffith Sternberg, LLC Bankr. W.D.N.Y. Case No. 16-21029 Chapter 11 Petition filed September 13, 2016 See http://bankrupt.com/misc/nywb16-21029.pdf represented by: David L. Rasmussen, Esq. DAVIDSON FINK, LLP E-mail: drasmussen@davidsonfink.com In re Francisco Antonio Vargas Tomassini Bankr. D.P.R. Case No. 16-07290 Chapter 11 Petition filed September 13, 2016 represented by: Juan Carlos Bigas Valedon, Esq. JUAN C BIGAS LAW OFFICE E-mail: cortequiebra@yahoo.com In re Global Amenities, LLC Bankr. D.S.C. Case No. 16-04635 Chapter 11 Petition filed September 13, 2016 See http://bankrupt.com/misc/scb16-04635.pdf represented by: Robert A. Pohl, Esq. POHL, P.A. E-mail: robert@pohlpa.com ********* 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. TCR subscribers have free access to our on-line news archive. 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