/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170831.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, August 31, 2017, Vol. 21, No. 242 Headlines 4200-02 CHESTER: Hires James J. O'Connell as Counsel 5 C HOLDINGS: Hires Commercial Trade as Collections Agent 8760 SERVICE: Taps Mayo Auction and Realty as Auctioneer ACADIANA MANAGEMENT: Panel Hires Heller Draper as Counsel AINA LE'A: Creditors' Panel Hires Case Lombardi as Attorney ALLEGHENY-APPLE: Hires Willis & Associates as Counsel AMERICAN APPAREL: Seeks to Hire Moss Adams as Accountant AMRIT FREIGHT: Hires Hester Baker as Bankruptcy Counsel ANDERSON SHUMAKER: Hires CFO Advise as Financial Advisor AVENICA INC: Ch.11 Trustee Hires Complymatic Limited as Broker BEAULIEU GROUP: Creditors' Panel Hires Fox Rothschild as Counsel BEAULIEU GROUP: Creditors' Panel Hires Thompson Hine as Counsel BENCHMARK POST: Exclusive Plan Filing Period Moved to December 1 BIRCH COMMUNICATIONS: Fusion Deal No Impact on Moody's B3 CFR BIRCH COMMUNICATIONS: S&P Puts 'B-' CCR on CreditWatch Positive BLANN FARMS: Taps Hester Baker as Legal Counsel BOBALU INC: Case Summary & 12 Unsecured Creditors BREITBURN ENERGY: Wells Fargo Objects to Panel's Fee Applications BREVARD EYE: Says SummitBridge Has No Cash Collateral BROWNIE TAXI: Case Summary & 9 Largest Unsecured Creditors CAMBER ENERGY: Delays Q2 Form 10-Q Due to Financial Constraints CARTEL MANAGEMENT: Needs Time to Complete Asset Sale, File Plan CASA DE MONTGOMERY: Case Summary & 2 Unsecured Creditors CHOW DOWN: U.S. Trustee Unable to Appoint Committee CLINE GRAIN: Hires Maas Companies as Auctioneer COGENT COMMUNICATIONS: Moody's Affirms B3 CFR, Outlook Pos. COMPETITION ACCESSORIES: Case Summary & 20 Top Unsecured Creditors CORPORATE RESOURCE: Trustee Files Amended Suit on Discounted Deals DANCING WATERS: Sale of Bellingham Property for $650K Approved DECATUR ATHLETIC: Wants Plan Exclusivity Period Extended to Oct. 5 DERRY COAL: RTB Holdings Try to Block Approval of Plan Outline DR. LUIS A. VINAS: Wants to Use Cash Collateral Through Sept. 30 DYESS MEDICAL: Taps Douglas M. Schmidt as Legal Counsel EAST COAST FOODS: Judge Orders Founder to Undo Trademark Transfer ECOPETROL SA: Authorizes Liquidation Process for Two Subsidiaries EDIFICE GROUP: Hires Aprio LLC as Accountants ELENA DELGADILLO: Trustee Selling Oakland Property for $370K ENERGY FUTURE: Wants to Stop NexEra From Getting $275M Breakup Fee ENVIRO-SAFE REFRIGERANTS: Panel Taps Armstrong Teasdale as Counsel EXETER HOLDING: Cohens Buying Amgansett Property for $1.7M GENERAL MOTORS: Claims of Drivers in 6 States Axed GO LAWN: U.S. Trustee Unable to Appoint Committee GRAND ABBACO: Oct. 13 GV-Led Trustee's Auction of All Assets GREAT FOOD GREAT FUN: Hires Andreozzi Bluestein as Counsel HOUSTON AMERICAN: Provides Update on Upcoming Drilling Plans HVS ENTERPRISE: U.S. Trustee Unable to Appoint Committee I.K.E. ELECTRICAL: Hires Kotulak & Co. as Accountant IFA INSURANCE: Declared Insolvent, Oct. 31 Claims Bar Date Set IMAGE GRAPHICS: Taps First Legal as Bankruptcy Counsel IMPLANT SCIENCES: Equity Committee Wants Plan Effective Immediately INZI INC: To Make Monthly Payments to Unsecureds in 60 Months J.J. BAKER: Seeks to Hire Robert Kollmeier as Auctioneer J.J. BAKER: Sept. 14 Auction of Properties by Kollmeier KENNETH MANIS: Selling Baxter Property for $15K LEXINGTON HOSPITALITY: Hires Delcotto Law Group as Counsel LIVING WORD: Unsecureds to Recover 100% in 60 Months Under Plan M & J ENERGY: Taps H. Kent Aguillard, J. Mouton as Attorneys M&K WALKER: Wants to Obtain DIP Financing From WEX Bank M&K WALKER: Wants to Use Retail Capital's Cash Collateral M2J2 LLC: Sale of Bedford Property to Ceci for $2M Approved MILLER ENERGY: KPMG Agrees to Over $6.2M in Fines for Audit Lapses MISSIONARY ASSEMBLY: Hires Ronald Passatempo as Special Counsel MOLINA: Modest Improvements Expected in 2017, Moody's Says MOREHEAD MEMORIAL: Nexsen Represents NCHE & Arthur J. Gallagher NATIONAL EVENTS: Liquidating Trustee Starts Probe on Collapse NATIONAL TRUCK: Premium Financing Pact With Prime Rate Okayed NETWORK SERVICES: Sale of Reno Property to DGI for $2.5M Approved NEW TRIDENT: Moody's Lowers CFR to Caa1 on Weak Liquidity NEW YORK CRANE: Wants $10M in DIP Financing From Cobra Kai OCEAN RIG: Scheme Sanction Hearing Scheduled for Sept. 4-6 ONCOLOGY INSTITUTE: Unsecureds to Get $13,124 Over 48 Months PAC ANCHOR: Committee Taps Levene Neale as Legal Counsel PAC ANCHOR: Hires Cox Wooton Lerner as Special Counsel PAMELA FROG: Taps CBRE Valuation as Appraiser PERFORMANCE SPORTS: Debtor Files Liquidation Plan PERFUMANIA HOLDINGS: Wants $83.75M DIP Financing From Wells Fargo PHILADELPHIA HEALTH: Sale of Property to 1301 North Approved PUERTO RICO: Panel Appeals Ruling Barring It From Bond Insurer Suit PUTNAM COUNTY, MO: Moody's Lowers GOULT Rating to Ba3, Outlook Neg. RICEBRAN TECHNOLOGIES: Names New Member to Board of Directors RIO MOBILE: Golden Touch Buying Brownsville Property for $1.1M RMS TITANIC: Obtains Favorable Ruling in Dispute Over Artifacts ROBERT BLEZA: Nahnsen Buying Munster Property for $600K RONALD CHILDRESS: Online Auction of John Deere 1700 Planter Okayed RONALD CHILDRESS: Sale of Mississippi Property for $123K Approved RYCKMAN CREEK: Wants to Obtain Additional $3M Financing SABEMOS BEVERAGES: Taps Leech Tishman as Legal Counsel SEADRILL LIMITED: Reports $158M Q2 Loss, Nears Chapter 11 SEATEQ CORPORATION: Lessors Seek Appointment of Ch. 11 Trustee SENTINEL MANAGEMENT: 7th Circuit Denies 2nd Suit Vs. FCStone SERENITY HOMECARE: Taps Gold Weems as Legal Counsel SHANGOL INC: Seeks to Hire A.J. Willner as Auctioneer SOUTHCROSS ENERGY: Tailwater Beneficially Owns 72% of Common Units STOP ALARMS: Ch.11 Trustee Hires Seyfarth Shaw as Local Counsel SUAREZ CORP: Says It's Business as Usual While in Chapter 11 SUNGEVITY INC: US Trustee Tries to Block Bid for Case Dismissal SUNSHINE HOME: Bentley Buying All Assets for $83K TENKORIS LLC: Revised Plan to Sell Assets to Pay Creditors TK HOLDINGS: 6 Automakers Try to Block $3.5M Fee to Moelis & Co. TMR LLC: Voluntary Chapter 11 Case Summary TRACY CLEMENT: Sale of Lake City Property for $675K Approved TRANSDIGM INC: Fitch Rates $1.8BB Sr. Secured Term Loan 'BB/RR1' TRANSMAR COMMODITY: CEO & Finance Exec Charged With Bank Fraud TRANSMAR COMMODITY: CEO Denies Involvement in $360M Bank Fraud TRANSWORLD SYSTEMS: Moody's Affirms Caa2 CFR; Outlook Negative TROVERCO INC: Taps TwentyOne Capital to Find Investor, Buyer TRUE AUTHORITY: BAC Buying Memphis Property for $375K TX CC INC: Sale of All Assets to Creative Foods for $65K Approved UNILIFE CORP: Sale of York Property to FNB for $3M Credit Bid OK'd UNIPIXEL INC: To File Voluntary Ch.11 Bankruptcy Petition UNIQUE VENTURES: Ch.11 Trustee Taps Schaffner Knight as Accountant VITARGO GLOBAL: May Use Cash Collateral Through Oct. 31 WALKER RENAISSANCE: RSM Buying Tampa Properties for $1.6M WESTINGHOUSE ELECTRIC: Ex-Workers Sue for Dismissal Without Notice WILLIAM HAMSLEY: Brassells Buying Springfield Property for $130K WILLIAM IPPOLITO: Sale of Staten Island Property for $2.7M Approved WOODSTOCK ORLANDO: U.S. Trustee Unable to Appoint Committee WRESTLER TAXI: Case Summary & Largest Unsecured Creditors WV STATE UNIVERSITY: Moody's Confirms B1 Rating on $10.7MM Bonds Y & Z WORLD: Taps Pryor & Mandelup as Legal Counsel ZUCKER GOLDBERG: Panel Says Michael Ackerman Took Millions From Co. ZUCKER GOLDBERG: Panel Wants to Claw Back $4.6M Spent on Members [*] Erik & Renee Sundquist to Get Over $6M From Bank of America [*] FDIC Extends Resolution Plan Filing for 19 Foreign Banks [*] Kent, Diane Hoggan's Bid to Impose Sanctions on Gov't Junked [*] NJ Supreme Court Denies Review of $1.2M Judgment vs. Feng Li [*] Trey Monsour to Work From Polsinelli's Dallas, Houston Offices [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 4200-02 CHESTER: Hires James J. O'Connell as Counsel ---------------------------------------------------- 4200-02 Chester Associates, LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ James J. O'Connell, Esq., as counsel to the Debtor. The Debtor requires O'Connell to: a. give the Debtor legal advice with respect to its powers and duties as Debtor and Debtor-in-Possession; b. prepare on behalf of the Debtor necessary applications, answers, orders reports and other legal papers; c. represent the Debtor in defense of any proceedings instituted to reclaim property or to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; d. assist the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto, which the Debtor may be required to file in this case; e. assist the Debtor in the preparation of a plan of reorganization and disclosure statement; f. assist the Debtor with any potential sales of its assets pursuant to section 363 of the Bankruptcy Code; and g. perform other legal series for the Debtor which may be necessary. The Debtor will compensate O'Connell at $350 per hour. On August 2, 2017, O'Connell received $1,717, which was paid over to the Court to cover the filing fee. O'Connell will also be reimbursed for reasonable out-of-pocket expenses incurred. James J. O'Connell, Esq., assured the Court that he 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. O'Connell may be reached at: James J. O'Connell, Esq. 123 S. Broad Street, Suite 2140 Philadelphia, PA 19109 Tel: 215-790-1474 Fax: 215-790-1471 Email: jamesjoconnell@verizon.net About 4200-02 Chester Associates, LLC 4200-02 Chester Associates, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 17-15134) on July 30, 2017. James J. O'Connell, Esq., serves as bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. 5 C HOLDINGS: Hires Commercial Trade as Collections Agent --------------------------------------------------------- 5 C Holdings, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of California to employ Commercial Trade, Inc., as collection agency to the Debtor. 5 C Holdings requires Commercial Trade to collect past due accounts receivables owed to the Debtor during the administration of the Debtor's Chapter 11 case. Commercial Trade will be paid 25% for accounts over $500 with a ten point increase to 35% for accounts collected through litigation. The firm will be paid 50% for balances of $500 or less, closed businesses, skips, and bankruptcies. Commercial Trade will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge, the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Commercial Trade can be reached at: Commercial Trade, Inc. 401 N Church St., Suite A Visalia, CA 93291 Tel: (559) 288-7455 About 5 C Holdings, Inc. 5 C Holdings, Inc., owns and operates a drilling and oilfield service business. It was incorporated in March 2009 and operates its business in the State of California. Cami Hogg is the sole officer, director and shareholder of the Company. Ms. Hogg's husband, Casey, is employed by the Company. The Hoggs have 40 years of experience in the petroleum business. 5 C Holdings filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 17-11591) on April 25, 2017. Cami Hogg, as president, signed the petition. The Debtor estimated assets and liabilities ranging from $500,000 to 1 million. The case is assigned to Judge Fredrick E. Clement. The Debtor is represented by Leonard K. Welsh, Esq., at the Law Offices of Leonard K. Welsh. An official committee of unsecured creditors has been appointed in the Chapter 11 case of 5 C Holdings, Inc. 8760 SERVICE: Taps Mayo Auction and Realty as Auctioneer -------------------------------------------------------- 8760 Service Group, LLC and Pelham Property, LLC seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Mayo Auction and Realty to conduct an auction of their personal and real properties. For auctioning the Debtors' real property, the firm will charge a commission of 4% and will seek reimbursement for its actual costs of advertising. In the event the winning bidder is represented by a real estate broker, an additional 3% commission will be paid to that buyer's broker. For auctioning the Debtors' personal property, Mayo will charge buyers a buyer's premium of 10%, which it will retain. The firm also will seek reimbursement for work-related expenses. Additionally, the firm will charge a commission of 15% of the first $500,000 in proceeds of the auction, 7.5% for the next $250,000, and 2.5% for the next $250,000. No commission in excess of the buyer's premium will be charged for proceeds in excess of $1 million. Robert Mayo disclosed in a court filing that he does not have any connection with the Debtors or any of their creditors, which may create a conflict of interest. Mayo Auction can be reached through: Robert Mayo Mayo Auction and Realty 16513 Cornerstone Drive Belton, MO 64012 Phone: (816) 361-2600 About 8760 Service Group Founded in 2010, 8760 Service Group, LLC -- https://www.8760sg.com/ -- provides maintenance, outage, and emergency repair services for the power, manufacturing and bio-fuel industries. 8760 Service Group, d/b/a 8760 Energy Services LLC, and its affiliate, Pelham Property LLC, filed Chapter 11 petitions (Bankr. W.D. Mo. Lead Case No. 17-20454) on May 1, 2017. The petitions were signed by Stacey "Buck" Barnes, president. At the time of filing, Pelham Property estimated less than $50,000 in assets and $1 million to $10 million in liabilities while 8760 Service Group estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The cases are assigned to Judge Dennis R. Dow. The Debtors are represented by Victor F. Weber, Esq. at Merrick, Baker & Strauss, P.C. ACADIANA MANAGEMENT: Panel Hires Heller Draper as Counsel --------------------------------------------------------- The Official Committee of Unsecured Creditors of Acadiana Management Group, LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the Western District of Louisiana to retain Heller, Draper, Patrick, Horn & Dabney, LLC as counsel for the Committee, nunc pro tunc to July 28, 2017. The Committee requires Heller Draper to: a. advise the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules and the Bankruptcy Local Rules; b. assist and advise the Committee in its consultation with the Debtors relative to the administration of these cases; c. attend meetings and negotiate with the representatives of the Debtors and other parties-in-interest; d. assist and advise the Committee in its examination and analysis of the conduct of the Debtors' affairs; e. assist and advise the Committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; f. assist the Committee in the review, analysis and negotiation of any chapter 11 plan(s) of reorganization or liquidation that may be filed and assist the Committee in the review, analysis and negotiation of the disclosure statement accompanying any such plan(s); g. assist the Committee in analyzing the claims asserted against and interests asserted in the Debtors, in negotiating with the holders of such claims and interests, and in bringing, participating in, or advising the Committee with respect to contested matters and adversary proceedings, including objections or estimation proceedings, with respect to such claims or interests; h. assist with the Committee's review of the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs and other financing reports prepared by the Debtors, and the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and of the historic and ongoing operation of their businesses; i. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party related to, among other things, cash collateral issues, financings, compromises of controversies, assumption or rejection of executory contracts and unexpired leases, and matters affecting the automatic stay; j. take all necessary action to protect and preserve the interests of the Committee, including (i) possible prosecution of actions on its behalf; and (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; k. generally prepare on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses and papers in support of positions taken by the Committee; l. appear, as appropriate, before the Court, the appellate courts, and the United States Trustee, and protect the interests of the Committee before those courts and before the United States Trustee; and m. perform other necessary legal services in these cases. Heller Draper lawyers who will work on the Debtors' cases and their hourly rates are: William H. Patrick, III $495 Tristan Manthey $445 Cherie Nobles $355 Tiffany Snead $275 Heller Draper professionals hourly rates: Members $335-$495 Associates $275 Paralegals $120 Heller Draper will also be reimbursed for reasonable out-of-pocket expenses incurred. Tristan Manthey, Esq., member of the law firm of Heller, Draper, Patrick, Horn & Dabney, 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. Heller Draper can be reached at: Tristan Manthey, Esq. Heller, Draper, Patrick, Horn & Dabney, LLC 650 Poydas Street, Suite 2500 New Orleans, LA 70130 Tel: (504) 299-3314 E-mail: tmanthey@hellerdraper.com About Acadiana Management Acadiana Management and several affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D. La. Lead Case No. 17-50799) on June 23, 2017. The petitions were signed by August J. Rantz, IV, president. Acadiana Management estimated assets of less than $50,000 and debt at $50 million and $100 million. Judge Robert Summerhays presides over the cases. Gold, Weems, Bruser, Sues & Rundell, serves as the Debtors' bankruptcy counsel. On July 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Susan Goodman was appointed as patient care ombudsman. AINA LE'A: Creditors' Panel Hires Case Lombardi as Attorney ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Aina Le'a, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Hawaii to retain Case Lombardi & Pettit, as bankruptcy counsel to the Committee. The Committee requires Case Lombardi to: a. advise the Committee as to its rights and duties; b. investigate the actions of the Debtor and assets and liabilities of the estate; c. advise the Committee in connection with a plan of reorganization; work with the Debtor on administration of the case; and d. perform services in the interest of unsecured creditors. Case Lombardi will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ted N. Pettit, director of Case Lombardi & Pettit, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtor; (b) has not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. Case Lombardi can be reached at: Ted N. Pettit, Esq. CASE LOMBARDI & PETTIT 737 Bishop Street, Suite 2600 Honolulu, HI 96813 Tel: (808) 547-5400 Fax: (808) 523-1888 E-mail: tpettit@caselombardi.com About Aina Le'a, Inc. Aina Le'a, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.HI. Case No. 17-00611) on June 22, 2017. Choi & Ito represents the Debtor as counsel. In its petition, the Debtor estimated $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petition was signed by Robert Wessels, CEO. The Official Committee of Unsecured Creditors of Aina Le'a, Inc., hired Case Lombardi & Pettit, as attorney. ALLEGHENY-APPLE: Hires Willis & Associates as Counsel ----------------------------------------------------- Allegheny-Apple Productions, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Willis & Associates, as counsel to the Debtor. Allegheny-Apple requires Willis & Associates to: a) give legal advice with respect to the Debtor's powers and duties as debtor-in-possession; b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved and object to claims filed against the Debtor's estate; c) prepare all necessary motions, answers, reports, orders and other legal papers in connection with the administration of the Debtor's estate; d) perform any and all other legal services for the Debtor in connection with the Chapter 11 case; and e) perform such legal services as the Debtor may request with respect to any matter appropriate to assist the Debtor in its effort to reorganize. Willis & Associates will be paid at the hourly rate of $350. The firm will be paid a retainer in the amount of $10,000, and reimbursed for reasonable out-of-pocket expenses incurred. Lawrence W. Willis, member of Willis & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Willis & Associates can be reached at: Lawrence W. Willis, Esq. WILLIS & ASSOCIATES 201 Penn Center Blvd, Suite 400 Pittsburgh, PA 15235 Tel: (412) 825-5170 E-mail: help@urfreshstrt.com About Allegheny-Apple Productions, LLC Allegheny-Apple Productions, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 17-70498) on June 30, 2017. Judge Jeffery A. Deller presides over the case. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $100,000. AMERICAN APPAREL: Seeks to Hire Moss Adams as Accountant -------------------------------------------------------- APP Winddown, LLC, the debtor entity that's left following the sale of American Apparel to Gildan Activewear, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Moss Adams LLP as its accountant. The firm will, among provide things, provide analysis of the balance sheet of the company and its affiliates as of February 5, 2016; conduct research on income tax issues related to the Debtors' bankruptcy filing; review their income tax returns; and prepare statements or attachments to income tax returns in connection with their bankruptcy plan. The hourly rates charged by the firm are: Partner $650 Director $575 Senior Manager $525 Manager $450 Senior $300 Staff $250 Bill Sturges, a partner at Moss Adams, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Moss Adams can be reached through: Bill Sturges Moss Adams LLP 10960 Wilshire Boulevard, Suite 1100 Los Angeles, CA 90024 Phone: (310) 481-1218 Email: bill.sturges@mossadams.com About American Apparel American Apparel Inc. was one of the largest apparel manufacturers in North America, employing 4,700 employees across 3 active manufacturing facilities, one distribution facility and approximately 110 retail stores in the United States. American Apparel and its affiliates filed for chapter 11 protection in October 2015, confirmed a fully consensual plan of reorganization in January 2016, and substantially consummated that plan on Feb. 5, 2016. Unfortunately, the business turnaround plan upon which the Debtors' plan of reorganization was premised failed. American Apparel LLC, n/k/a APP Windown, LLC, along with five of its affiliates, again sought bankruptcy protection (Bankr. D. Del. Lead Case No. 16-12551) on Nov. 14, 2016, with a deal to sell the assets. The petitions were signed by Bennett L. Nussbaum, chief financial officer. As of the bankruptcy filing, the Debtors estimated assets and liabilities in the range of $100 million to $500 million each. As of the Petition Date, the Debtors had outstanding debt in the aggregate principal amount of approximately $215 million under their prepetition credit facility. Additionally, the Debtors have guaranteed one of its United Kingdom subsidiaries' obligations under a $15 million unsecured note due Oct. 15, 2020, court document shows. The Debtors have hired Laura Davis Jones, Esq. and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel; Erin N. Brady, Esq., Scott J. Greenberg, Esq., and Michael J. Cohen, Esq., at Jones Day as co-counsel; Berkeley Research Group, LLC as financial advisors; Houlihan Lokey as investment banker; and Prime Clerk LLC, as claims and noticing agent. The Official Committee of Unsecured Creditors is represented by lawyers at Bayard P.A. and Cooley LLP. In early 2017, the Debtors succeeded in selling their intellectual property and certain of their wholesale assets to Gildan Activewear SRL for approximately $100 million. The Court approved the Sale on January 12, 2017, and the Sale closed on February 8, 2017. On February 9, 2017, in accordance with the closing of the Sale and the Sale Order, the Debtors filed appropriate documentation to change their names as: New Name Former Name -------- ----------- APP Winddown, LLC American Apparel, LLC APP USA Winddown, LLC American Apparel (USA), LLC APP Retail Winddown, Inc. American Apparel Retail, Inc. APP D&F Winddown, Inc. American Apparel Dyeing & Finishing, Inc. APP Knitting Winddown, LLC KCL Knitting, LLC APP Shipping Winddown, Inc. Fresh Air Freight, Inc. AMRIT FREIGHT: Hires Hester Baker as Bankruptcy Counsel ------------------------------------------------------- Amrit Freight Transport, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Hester Baker Krebs LLC, as counsel to the Debtor. Amrit Freight requires Hester Baker to: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession and management of its property; b. take necessary action to avoid the attachment of any lien against the Debtor's property threatened by secured creditors holding liens; c. prepare on behalf of the Debtor as debtor-in-possession, necessary petitions, answers, orders, reports, and other legal papers; d. perform all other legal services for the Debtor as debtor- in-possession which may be necessary herein, inclusive of the preparation of petitions and orders respecting the sale or release of equipment not found to be necessary in the management of its property, to file petitions and orders for the borrowing of funds. Hester Baker will be paid at these hourly rates: Attorneys $300-$375 Paralegals $165 Hester Baker will be paid a retainer in the amount of $14,000. Hester Baker will also be reimbursed for reasonable out-of-pocket expenses incurred. David R. Krebs, partner of Hester Baker Krebs 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. Hester Baker can be reached at: David R. Krebs, Esq. HESTER BAKER KREBS LLC 211 North Pennsylvania Street Indianapolis, IN 46204 Tel: (317) 833-3030 E-mail: dkrebs@hbkfirm.com About Amrit Freight Transport, Inc. Amrit Freight Transport Inc is a licensed and bonded freight shipping and trucking company running freight hauling business from Indiana. Amrit Freight Transport, Inc., based in Indianapolis, IN, filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 17-05924) on August 8, 2017. The Hon. Robyn L. Moberly presides over the case. David R. Krebs, Esq., at Hester Baker Krebs LLC, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Jatinder Singh, president. ANDERSON SHUMAKER: Hires CFO Advise as Financial Advisor -------------------------------------------------------- Anderson Shumaker Company seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ CFO Advise LLC as its financial advisor. The Debtor is in the process of preparing a Plan or Reorganization, and has had discussions with counsel for its lender, Associated Bank, and counsel for the Official Committee of Unsecured Creditors regarding a consensual plan. In order to aid the Debtor in preparing accurate projections for the Plan, as well as other financial functions which may be required during the remainder of the Debtor's Chapter 11 case, the Debtor has determined that it is necessary to employ a financial advisor. CFO Advise has requested a $15,000 retainer, which amount is provided for in the Debtor's most recent cash collateral budget. Michael Kenny, CPA, CIRA, principal of CFO Advise, 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. CFO Advise may be reached at: Michael Kenny, CPA, CIRA CFO Advise 2586 121st Avenue Allegan, MI 49010 Tel: 269-512-4561 E-mail: michael.kenny@CFOadvise.com About Anderson Shumaker Based in Chicago, Illinois, Anderson Shumaker Company provides open die forgings and custom forgings in various shapes and finishes using stainless steel, aluminum, carbon steel and various grades of alloy steel. Anderson Shumaker filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-05206) on Feb. 23, 2017. The petition was signed by Richard J. Tribble, its chief executive officer. At the time of filing, the Debtor had $1 million to $10 million in estimated assets and $10 million to $50 million in estimated liabilities. The case is assigned to Judge Donald R Cassling. Scott R. Clar, Esq. and Brian P. Welch, Esq. at Crane, Heyman, Simon, Welch & Clar serve as counsel to the Debtor. RSM US LLP is the Debtor's accountant. U.S. Trustee Patrick S. Laying on March 9, 2017, appointed five creditors to serve on an official committee of unsecured creditors. The committee members are: (1) Electralloy, G.O. Carlson, Inc.; (2) Carlson Tool & Manufacturing Corp.; (3) Progressive Steel Treating, Inc.; (4) Haynes International, Inc.; and (5) Ellwood Group. Shelly A. DeRousse, Esq., Devon J. Eggert, Esq., Elizabeth L. Janczak, Esq., and Trinitee G. Green, Esq., at Freeborn & Peters LLP, serve as counsel to the Committee. AVENICA INC: Ch.11 Trustee Hires Complymatic Limited as Broker -------------------------------------------------------------- Esther DuVal, the Chapter 11 Trustee for Avenica, Inc., and Gallant Capital Markets Ltd., asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to retain Complymatic Limited as his broker. The Chapter 11 Trustee requires Complymatic to market and sell the Debtors' proprietary trading platform and related rights and interests. Complymatic has agreed to accept commissions in the form of 5% of the total sale price from which the initial appointment fee of GBP10,000 shall be deducted. The GBP10,000 initial appointment fee is non-refundable in the event that the Property is not sold. KPJ Price, CEO of Complymatic Limited, 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. Complymatic be reached at: KPJ Price Complymatic Limited 8-10 Grosvenor Gardens London, SW1W ODH, England Tel: +44 20 3824 2428 About Avenica Inc. Avenica, Inc., is a service company that provides staffing and day-to-day operations for Gallant Capital Markets, a foreign exchange broker incorporated in the British Virgin Islands. Avenica and Gallant sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos. 17-41813 and 17-41814) on April 14, 2017. The petitions were signed by Salvatore Bucellato, CEO. At the time of the filing, Avenica estimated assets and liabilities of less than $50,000, and Gallant estimated its assets and liabilities at $1 million to $10 million. Judge Elizabeth S. Stong presides over the cases. The Debtors hired Shipkevich PLLC as their bankruptcy counsel. Esther DuVal has been appointed as Chapter 11 trustee for the Debtors. Counsel for the Trustee: Robert M. Schechter, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 156 West 56th Street, Suite 803 New York, NY 10019-3800 BEAULIEU GROUP: Creditors' Panel Hires Fox Rothschild as Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Beaulieu Group, LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to retain Fox Rothschild LLP as counsel for the Committee, nunc pro tunc to July 21, 2017. The Committee requires Fox Rothschild to: a. advise the Committee with respect to the Committee's powers and duties under Bankruptcy Code section 1102; b. assist in the investigation of the Debtors' acts, conduct, assets, liabilities, and financial condition, the operation of Debtors' businesses, claims asserted against Debtors, and any other matter relevant to this case or to the formulation of a plan of reorganization or liquidation; c. prepare on behalf of the Committee necessary motions, applications, answers, orders, reports, and other legal papers; d. review, analyze, and respond to pleadings filed in these chapter 11 cases and appearing before the Bankruptcy Court to present necessary motions, applications, and pleadings and to otherwise protect the Committee's interests; e. represent the Committee in hearings and other proceedings; and f. perform any and all other legal services in connection with these chapter 11 cases as may reasonably be required. Fox Rothschild lawyers who will render services to the Committee and their hourly rates are: Michael Menkowitz $550 Paul Labov $550 Jason Manfrey $425 Marie Dooley $425 The current hourly rates of Fox Rothschild professionals are: Attorneys $205-$895 Paralegals $135-$385 Fox Rothschild will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Menkowitz, Esq., a partner at Fox Rothschild LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Fox Rothschild has agreed to cap its rates at $550 per hour notwithstanding the normal hourly rates charged by its lawyers. -- Fox Rothschild did not represent the Committee during the 12 months preceding the filling of the Chapter 11 cases. -- The Committee and Fox Rothschild have consulted with respect to the professionals who will be primarily responsible for handling these bankruptcy cases and the rates charged for such individuals. The Committee and Fox Rothschild expect to develop a prospective budget and staffing plan and to comply with the US Trustee's requests for information and additional disclosures, and any other orders of the Bankruptcy Court, recognizing that in the course of the chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Committee and Fox Rothschild. The Committee will file a separate Application seeking approval of Thompson Hine's retention as counsel. Fox Rothschild can be reached at: Michael Menkowitz, Esq. Fox Rothschild LLP 2000 Market Street Philadelphia Pennsylvania, PA 19103-3222 Tel: 215-299-2756 Fax: 215-299-2150 Email: mmenkowitz@foxrothschild.com About Beaulieu Group Founded in 1978 by Carl M. Bouckaert and Mieke D. Hanssens, Beaulieu Group LLC -- http://www.beaulieuflooring.com/-- is a privately-owned American company that manufactures and distributes high-end quality products in carpet, engineered hardwood, laminate and luxury vinyl. Beaulieu Group has 2,500 full- and part-time hourly and salaried employees. Beaulieu Group, LLC, along with the two other affiliates, filed voluntary petitions seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 17-41677) on July 16, 2017. The cases are pending before the Honorable Judge Mary Grace Diehl. Scroggins & Williamson, P.C., is the Debtors' bankruptcy counsel. McGuireWoods is the special corporate counsel and Armory Strategic Partners is the restructuring advisor. American Legal Claim Services, LLC, is the claims and noticing agent. An official committee of unsecured creditors has been appointed in the Debtors' cases. BEAULIEU GROUP: Creditors' Panel Hires Thompson Hine as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Beaulieu Group, LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to retain Thompson Hine LLP as counsel for the Committee, nunc pro tunc to July 21, 2017. The Committee requires Thompson Hine to: a. advise the Committee with respect to the Committee's powers and duties under Bankruptcy Code section 1102; b. assist in the investigation of the Debtors' acts, conduct, assets, liabilities, and financial condition, the operation of the Debtors' businesses, claims asserted against the Debtors, and any other matter relevant to this case or to the formulation of a plan of reorganization or liquidation; c. prepare on behalf of the Committee necessary motions, applications, answers, orders, reports, and other legal papers; d. review, analyze, and respond to pleadings filed in these chapter 11 cases and appear before the Bankruptcy Court to present necessary motions, applications, and pleadings and to otherwise protect the Committee's interests; e. represent the Committee in hearings and other proceedings; f. perform any and all other legal services in connection with these chapter 11 cases as may reasonably be required; and g. assist Fox Rothschild LLP, the Committee's co-counsel, in matters with conflicts, with Local Rules and local procedures in the Bankruptcy Court, and covering necessary appearances, hearings, and meetings held locally. Thompson Hine lawyers who will assist the Committee and their hourly rates are: John F. Isbell, Esq. $650 Garrett Nail $450 John Allerding $405 Douglas Walters $280 The current hourly rates of Thompson Hine professionals are: Attorneys $350-$960 Paralegals $210-$360 John F. Isbell, Esq., partner at Thompson Hine LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- The hourly rate for Garrett Nail has been reduced to $450 per hour. All other rates are standard rates for Thompson Hine timekeepers. -- Thompson Hine did not represent the Committee during the 12 months preceding the filling of the Chapter 11 cases. -- The Committee and Thompson Hine have consulted with respect to the professionals who will be primarily responsible for handling these bankruptcy cases and the rates charged for such individuals. The Committee and the firm expect to develop a prospective budget and staffing plan and to comply with the US Trustee's requests for information and additional disclosures, and any other orders of the Bankruptcy Court, recognizing that in the course of the chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Committee and Thompson Hine. The Committee has selected Fox Rothschild LLP to serve as co-counsel. The Committee will file a separate Application seeking approval of that firm's retention as counsel. Thompson Hine can be reached at: John F. Isbell, Esq. Thompson Hine LLP Two Alliance Center Atlanta, GA 30326-4266 Tel: (404) 541-2913 Email: John.Isbell@ThompsonHine.com About Beaulieu Group Founded in 1978 by Carl M. Bouckaert and Mieke D. Hanssens, Beaulieu Group LLC -- http://www.beaulieuflooring.com/-- is a privately-owned American company that manufactures and distributes high-end quality products in carpet, engineered hardwood, laminate and luxury vinyl. Beaulieu Group has 2,500 full- and part-time hourly and salaried employees. Beaulieu Group, LLC, along with the two other affiliates, filed voluntary petitions seeking relief under the provisions of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 17-41677) on July 16, 2017. The cases are pending before the Honorable Judge Mary Grace Diehl. Scroggins & Williamson, P.C., is the Debtors' bankruptcy counsel. McGuireWoods is the special corporate counsel and Armory Strategic Partners is the restructuring advisor. American Legal Claim Services, LLC, is the claims and noticing agent. An official committee of unsecured creditors has been appointed in the Debtors' cases. BENCHMARK POST: Exclusive Plan Filing Period Moved to December 1 ---------------------------------------------------------------- The Hon. Barry Russell of the U.S. Bankruptcy Court for the Central District of California extended the exclusivity periods for Benchmark Post, Inc. and Benchmark Sound Services, Inc., to: (a) file a Chapter 11 plan of reorganization to and including December 1, 2017, and (b) solicit acceptances of its proposed plan of reorganization to and including January 30, 2018. The Troubled Company Reporter has previously reported that the Debtors sought to extend the exclusivity periods for 90 days. The Debtors have told the Court that they were engaged in negotiations with a large entertainment company that may form the basis of a confirmable plan of reorganization and the Debtors' emergence from bankruptcy. The Debtors said they have been in continuous discussions with a potential plan funder since shortly after the Petition Date, but negotiations are still ongoing. Based on the status of negotiations, the Debtors do not presently anticipate that a transaction will be finalized to a point that a plan and disclosure statement can be prepared until after the passage of the exclusivity deadline in early September. Even if one will be finalized prior to the expiration of the original exclusivity period, the Debtors said they would still require additional time to build a plan and disclosure statement upon it. The Debtors anticipated that each of their plans of reorganization will be proposed jointly, which will require the Debtors to engage in additional analysis to ensure adequate treatment not only of its creditors but also those of the Benchmark Post estate. About Benchmark Post, Inc. Located in Burbank, CA, Benchmark Post -- http://www.benchmarkpost.com/-- is an independent state-of-the-art facility providing post production audio services for feature films, television and motion picture advertising. Benchmark Post was founded in January 2015 by Re-Recording mixer Pedro Jimenez. Benchmark Post, Inc., and its affiliates filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 17-15568) on May 5, 2017. The Hon. Barry Russell presides over the case. SulmeyerKupetz APC represents the Debtor as counsel. In its petition, Benchmark Post, Inc., estimated $1 million to $10 million in both assets and liabilities. Benchmark Sound Services, estimated $100,000 to $500,000 in assets, and $1 million to $10 million in liabilities. The petition was signed by Pedro Jimenez, president. BIRCH COMMUNICATIONS: Fusion Deal No Impact on Moody's B3 CFR ------------------------------------------------------------- Moody's Investors Service said Birch Communications, Inc.'s planned sale of its cloud and business services assets to Fusion Telecommunications International, Inc. (Fusion) is positive but will not immediately impact its ratings or outlook. However, the transaction, once completed, will likely result in a repayment of Birch's debt and due to Fusion's intent to assume Birch's $458 million of outstanding debt. Birch's legacy single line and consumer business will not merge and Moody's does not expects that entity to retain rated debt at close. Moody's expects the deal to close near the end of 2017 or in the first quarter of 2018, at which time Moody's is likely to withdraw Birch's ratings. Prior to the announced sale, Birch's strategic direction has been unclear. Management's efforts have been mainly concentrated on near-term problems such as the stabilization the company's earnings decline through cost cutting and an enhanced focus on managing churn. As such, the company has had limited ability to invest in its cloud services business. With the disposition of its significant debt load, Birch's legacy business should benefit from improved cash flows and a longer timeframe over which to engineer a stabilization of the business. Birch is currently weakly positioned for its B3 corporate family rating (CFR), which reflects significant credit risk due to declining organic revenue growth, high costs, and low margins. Birch faces increasing competitive obstacles from larger telecom peers and cable companies operating with superior, facilities-based networks. Without an amendment-driven suspension of cash distributions to the company's owners through June 30, 2018, Birch's free cash flow generation would not support the B3 rating. Although the company has been consistently confronted by high churn levels in its core market of small and medium sized businesses, it is making modest progress in stabilizing this trend through price increases and the securing of multi-year contracts with some customers. Management is also strengthening margins through aggressive cost cutting actions which have included an approximate 30% reduction in headcount since year end, with further reductions expected in second half 2017. While these determined actions under Birch's fairly new management team are offsetting persistent stresses on EBITDA currently, their more permanent benefit to the company's credit trajectory requires solid evidence of both steadier and higher organic revenue growth. Faced with a constrained balance sheet and tighter liquidity, Birch is also more limited in its ability to offset organic top line weakness through acquisitions as it has in the past. Should the transaction not close, Moody's could consider a rating upgrade if debt/EBITDA (Moody's adjusted) is sustained below 3x and free cash flow to debt exceeds 10%. Given the time required to close the transaction announced and Birch's limited runway prior to its debt maturity, the failure to close the asset sale transaction would likely result in a ratings downgrade for Birch. Additionally, downward rating pressure could develop if debt/EBITDA (Moody's adjusted) approaches 5x or if free cash flow weakens materially or turns negative. The effective management of an ample liquidity profile is very important for Birch to maintain its B3 rating and weak liquidity or deterioration of liquidity could result in a ratings downgrade. Insufficient or inconsistent progress on churn reduction and organic revenue stabilization could also result in a ratings downgrade. Based in Atlanta, GA, Birch Communications, Inc. is a provider of communications, network, cloud and IT solutions primarily to small and medium businesses. For the last twelve months ended 6/30/17, Birch generated $586 million in revenue. BIRCH COMMUNICATIONS: S&P Puts 'B-' CCR on CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings placed its 'B-' corporate credit rating on Atlanta-based Birch Communications Holdings Inc. on CreditWatch with positive implications. The CreditWatch placement follows the announcement that Birch plans to sell its cloud and business services operations to Fusion Telecommunications International Inc. for $280 million in an all-stock transaction. As part of the deal, Birch shareholders will exchange their equity position in Birch's cloud and business services operation for common equity of the newly combined company resulting in 75% pro forma ownership by Birch and 25% pro forma ownership by Fusion. Fusion will also assume Birch's existing debt of approximately $458 million (including $45 million outstanding under its revolving credit facility and $413 million outstanding under its term loan), which is expected to be refinanced along with Fusion's existing debt of $99 million when the transaction closes. S&P said, "As a result, we are not placing our ratings on Birch's credit facility and term loan on CreditWatch since we expect the debt to be immediately repaid. We expect the transaction to close by the end of 2017. "We believe that a one-notch upgrade is likely and expect to resolve the CreditWatch placement when the transaction closes by the end of 2017. Our CreditWatch resolution will largely depend on the company's longer-term financial policy, including the potential for additional debt financing. Upon resolution of the CreditWatch, we expect to subsequently withdraw all our ratings on Birch." BLANN FARMS: Taps Hester Baker as Legal Counsel ----------------------------------------------- Blann Farms, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Hester Baker Krebs LLC as legal counsel. The firm will provide legal services to the company and its president Jeffrey Blann in connection with their Chapter 11 cases. The hourly rates charged by the firm are: Jeffrey Hester Attorney $375 Christopher Baker Attorney $375 David Krebs Attorney $375 John Allman Attorney $300 Donna Adams Paralegal $165 Tricia Hignight Paralegal $165 Marsha Hetser Paralegal $165 Hester Baker received an initial retainer in the sum of $28,000 prior to the petition date. David Krebs, Esq., the attorney who will be handling the case, disclosed in a court filing that he does not represent any interest adverse to the Debtor or its creditors. The firm can be reached through: David R. Krebs, Esq. Hester Baker Krebs LLC One Indiana Square, Suite 1600 211 N. Pennsylvania Street Indianapolis, IN 46204 Tel: 317-833-3030 Fax: 317-833-3031 Email: dkrebs@hbkfirm.com About Blann Farms Inc. Blann Farms, Inc. -- http://blannberries.com/-- owns the Blann Berries, a strawberry farm located less than 45 minutes South of Terre Haute in the heart of Southern Indiana's melon country. Selling to the public since 2002, its operation has grown from an original 7-acre strawberry patch to 30 acres of strawberries. Blann Farms and its president Jeffrey B. Blann sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Indiana Lead Case No. 17-80514) on August 7, 2017. At the time of the filing, Blann Farms disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Jeffrey J. Graham presides over the case. BOBALU INC: Case Summary & 12 Unsecured Creditors ------------------------------------------------- Debtor: Bobalu Inc. Urb. Villas Del Sol 203 Calle Marbella Carolina, PR 00985-5101 Type of Business: Bobalu Inc. is a small business debtor as defined in 11 U.S.C. Section 101(51D). It previously sought bankruptcy protection on May 6, 2016 (Bankr. D.P.R. Case No. 16- 03662). Chapter 11 Petition Date: August 29, 2017 Case No.: 17-06083 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Mildred Caban Flores Debtor's Counsel: Enrique M Almeida Bernal, Esq. Zelma Davila, Esq. ALMEIDA & DAVILA, PSC PO Box 191757 San Juan, PR 00919-1757 Tel: (787) 722-2500 Fax: (787)777-1376 E-mail: info@almeidadavila.com Total Assets: $45,275 Total Liabilities: $1.37 million The petition was signed by Lourdes Milagros Santiago Torres, president. The Debtor's list of 12 unsecured creditors is available for free at http://bankrupt.com/misc/prb17-06083.pdf BREITBURN ENERGY: Wells Fargo Objects to Panel's Fee Applications ----------------------------------------------------------------- Cara Salvatore, writing for Bankruptcy Law360, reports that Wells Fargo bank NA, the debtor-in-possession loan agent in the bankruptcy of Breitburn Energy Partners LP, filed with the U.S. Bankruptcy Court for the Southern District of New York an objection to the fee applications of professionals linked to the official committee of unsecured creditors who are conducting a probe on prepetition liens and claims. They were allocated an investigation budget, Law360 shares, citing Wells Fargo. Wells Fargo, according to Law360, asked the Court to take a hard line on the budget for investigating prepetition liens and claims, and not pay out the more than fourfold overage that has been run up. About Breitburn Energy Breitburn Energy is engaged in the acquisition, exploitation and development of oil and natural gas properties, Midstream Assets, and a combination of ethane, propane, butane and natural gasoline that when removed from natural gas become liquid under various levels of higher pressure and lower temperature, in the United States. Operations are conducted through Breitburn Parent's wholly-owned subsidiary, Breitburn Operating LP, and BOLP's general partner, Breitburn Operating GP LLC. Breitburn Energy Partners LP and 21 of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-11390) on May 15, 2016, listing assets of $4.71 billion and liabilities of $3.41 billion. The petitions were signed by James G. Jackson, executive vice president and chief financial officer. The Debtors are represented by Ray C Schrock, Esq., and Stephen Karotkin, Esq., at Weil Gotshal & Manges LLP. The Debtors hired Steven J. Reisman, Esq., and Cindi M. Giglio, Esq., at Curtis, Mallet-Prevost, Colt & Mosle LLP as their conflicts counsel. The Debtors tapped Alvarez & Marsal North America, LLC, as financial advisor; Lazard Freres & Co. LLC as investment banker; and Prime Clerk LLC as claims and noticing agent. The U.S. trustee for Region 2 appointed three creditors of Breitburn Energy Partners LP and its affiliates to serve on the official committee of unsecured creditors, and on Nov. 15, 2016, the U.S. Trustee appointed seven creditors of Breitburn Energy Partners LP and its affiliated debtors to serve on the official committee of unsecured creditors. BREVARD EYE: Says SummitBridge Has No Cash Collateral ----------------------------------------------------- Brevard Eye Center, Inc., Brevard Surgery Center, Inc., Medical City Eye Center, P.A., and THMIH, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida an amended and supplemental motion regarding cash collateral and adequate protection. The Debtors assert that SummitBridge National Investments V LLC has no cash collateral and is adequately protected. With respect to the SummitBridge Loan #10, the funds allegedly advanced to borrower BEC were not advanced for the benefit of BEC or any other of the Debtors, but rather were utilized largely to pay SummitBridge's broker fee and to pay down pre-existing debt of Dr. Trespalacios and THMIH owed to SummitBridge. SummitBridge generously paid its own debt with Debtor's "loan" money, and then took money out of its right pocket and put it in its left pocket. Again, no "reasonably equivalent value" was received by any of the Debtors. Accordingly, the Debtors aver that SummitBridge's liens on the Debtors' and guarantors' assets are limited to: a. The mortgage for Loan #3 to THMIH on the Apollo Property; b. The mortgage for Loan #7 to THMIH on the Marks Street Property; c. The mortgage for Loan #8 to THMIH on the Merritt Island Property; and d. Dr. Trespalacios' personal property for Loan ## 1, 2, 4, 5, 6, and 9 made to Dr. Trespalacios. According to the Debtors, SummitBridge has no lien on any asset of BEC, BSC, and MCEC, including, without limitation, the Debtors' personal property, cash, deposit accounts, receivables, and proceeds therefrom. SummitBridge should be returning the DACA funds wrongfully transferred to SummitBridge. The Debtors say that since the Petition Date, SummitBridge has been, and remains, adequately protected. SummitBridge has not asserted that its collateral (the real estate) is declining in value, and the most recent interim court order relating to use of cash collateral and adequate protection provides for, inter alia, the following protections to SummitBridge: i. to the extent SummitBridge holds a validly perfected security interest in and liens and mortgages upon prepetition collateral, and there is diminution in value during the case SummitBridge is granted replacement liens; ii. the Debtors will escrow one-twelfth (1/12) of all real estate taxes each month on a going forward basis, which escrow will be available to pay post-petition real estate taxes when due; iii. the Debtors will maintain comprehensive insurance coverage on all their real property located in Melbourne, Merritt Island, and Orlando, and standard business risk liability coverages on all property; iv. the Debtors will maintain all medical malpractice insurance coverage; v. the Debtors will maintain all licenses and permits necessary and appropriate to continue medical services; vi. the Debtors will abide by a Court-approved budget with limited variance; vii. the Debtors will file separate DIP Monthly Operating Reports on a timely basis; viii. on reasonable notice, SummitBridge may review the Debtors' books and records; ix. on Thursday of each week, the Debtors will provide SummitBridge with weekly reports; and x. on reasonable notice, SummitBridge may inspect the business operations of the Debtors. The Debtors state that since the filing of their Motions, their counsel has had the opportunity to consider and review the details of the loan transactions that form the basis for SummitBridge's alleged security interests in the Debtors' assets. Specifically, Debtors' counsel has reviewed all the loans from Bank of America, N.A., which were loans to Dr. Trespalacios (in order for him to buy the medical practices) and to THMIH (for THMIH, owned by Dr. Trespalacios, to buy the land underlying three of the medical locations). Most of these loans were guaranteed by the Debtors BEC, BSC and MCEC, and the guarantees were purportedly collateralized by guarantor's assets. While the face amount of the loans were in excess of $10.0 million, SummitBridge purchased the BOA Loans in or about July, 2016, for approximately $5.5 million, an amount that was actually negotiated by undersigned counsel on behalf of the Debtor, not SummitBridge. In July 2016, SummitBridge purchased and was assigned the BOA Loans for about $5.5 million and thereafter SummitBridge purported to enter into an additional $500,000 non-revolver credit line loan, although it appears that the only portions of the loan that were funded went to SummitBridge's broker ($150,000) in connection with SummitBridge's purchase of the BOA Loans, and for payment to SummitBridge in connection with the purchased BOA Loans. Unlike Loans ##1 through 9, the SummitBridge Loan #10 however was not to Dr. Trespalacios or to THMIH but was to BEC. A copy of the Debtors' Motion is available at: http://bankrupt.com/misc/flmb17-01828-239.pdf As reported by the Troubled Company Reporter on April 21, 2017, the Court authorized the Debtors to use cash collateral on an interim basis, through and including May 12, 2017. The Debtors are authorized to use the cash collateral, solely to fund general corporate and working capital requirements and capital expenditures of the Debtors in each case in accordance with the budget. However, the Debtors are not authorized to pay any affiliate employee salaries, including to Dr. Rafael Trespalacios, before paying the operating expenses in the ordinary course. About Brevard Eye Center, et al. Brevard Eye Center Inc., Brevard Surgery Center Inc., Medical City Eye Center, P.A. and THMIH, Inc., own and operate four retail optometry centers and clinics and a surgical center. The optometry centers and clinics are located in Melbourne, Merritt Island, Palm Bay, and Orlando, Florida. The surgical center and the corporate offices are located in Melbourne, Florida. Brevard Eye Center operates three of the four optometry centers, Medical City Eye Center operates only the Orlando optometry center, and Brevard Surgery Center operates the surgical center. THMIH owns the real estate leased to the surgical center/corporate offices located at 665 S. Apollo Blvd., Melbourne, FL. THMIH also owns the real estate leased to the optometry centers at 250 N. Courtenay Pkwy., Merritt Island, FL and 214 E. Marks St., Orlando, FL. Medical City Eye Center has been serving East Central Florida as The Brevard Eye Center for over 28 years and serving Downtown Orlando as Yager Eye Institute for over 50 years. Dr. Rafael Trespalacios, an ophthalmologic surgeon, is the 100% owner of Brevard Eye Center, et al. Brevard Eye Center, et al., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 17-01828 to 17-01831) on March 21, 2017. The petitions were signed by Dr. Trespalacios, as president. At the time of the filing, each debtor estimated its assets at $1 million to $10 million and liabilities at $10 million to $50 million. The Debtors are represented by Geoffrey S. Aaronson, Esq., and Tamara D. McKeown, Esq., at Aaronson Schantz Beiley P.A. No official committee of unsecured creditors has been appointed. BROWNIE TAXI: Case Summary & 9 Largest Unsecured Creditors ---------------------------------------------------------- Debtor affiliates that filed Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Brownie Taxi LLC 17-27507 25 E. 86th Street, #9F New York, NY 10028 A&J Cab Corp. 17-27510 Almanac Hacking Corp. 17-27514 Avignon Taxi LLC 17-27522 Avit Trans Inc. 17-27527 Butterscotch Taxi LLC 17-27532 Portofino Taxi Inc. 17-27534 Pupsik Hacking Corp. 17-27536 Shurik Taxi Corp. 17-27537 Smores Taxi LLC 17-27538 Soly Cab Corp. 17-27540 Industry: Taxi and Limousine Service Chapter 11 Petition Date: August 29, 2017 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Vincent F. Papalia Debtors' Counsel: Joseph J. DiPasquale, Esq. Thomas M. Walsh, Esq. Robert S. Roglieri, Esq. TRENK, DiPASQUALE, DELLA FERA & SODONO, P.C. 347 Mount Pleasant Avenue, Suite 300 West Orange, New Jersey 07052 Tel: 973-243-8600 E-mail: jdipasquale@trenklawfirm.com twalsh@trenklawfirm.com rroglieri@trenklawfirm.com Debtors' Special Litigation Counsel: COLE SCHOTZ, P.C. - and - FOX ROTHSCHILD LLP Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Evgeny A. Freidman, managing member. Brownie Taxi's list of nine unsecured creditors is available for free at http://bankrupt.com/misc/njb17-27507.pdf Pending bankruptcy cases filed by affiliates: Debtor Date Filed Case No. ------ ---------- -------- Antibes Taxi Inc. 8/29/2017 17-27437 Badger Taxi LLC 8/17/2017 17-26680 Beaujolais Taxi Inc. 8/29/2017 17-27438 Belvedere Taxi LLC 8/29/2017 17-27439 Ben‐Khe Trans. Corp. 6/19/2017 17-22502 Betmar Express Cab Corp. 8/29/2017 17-27440 Bimbo Taxi LLC 6/19/2017 17-22503 Black Label Taxi LLC 8/29/2017 17-27441 Body Slam Taxi LLC 8/29/2017 17-27442 Bordeaux Taxi LLC 8/29/2017 17-27444 Byblos Taxi Inc. 6/19/2017 17-22505 Calvados Taxi LLC 8/29/2017 17-27445 Cannes Taxi Inc 8/17/2017 17-26682 Caramel Taxi LLC 8/17/2017 17-26684 Cartier Taxi Inc. 6/19/2017 17-22507 Chamonix Taxi LLC 8/29/2017 17-27446 Chardonnay Taxi Inc. 8/29/2017 17-27449 Cognac Taxi LLC 8/29/2017 17-27454 Cuervo Taxi LLC 8/29/2017 17-27455 Donkey Taxi LLC 8/17/2017 17-26685 Dov Jam Cab Corp. 8/17/2017 17-26686 Dragonfly Taxi Inc. 6/19/2017 17-22510 Ducati Taxi Inc. 6/19/2017 17-22511 Dylan Taxi Inc. 8/17/2017 17-26687 Filya Taxi Inc. 8/29/2017 17-27457 Finlandia Taxi LLC 8/29/2017 17-27458 Frangelico Taxi LLC 8/29/2017 17-27460 Gaze Service Corp. Inc. 8/29/2017 17-27462 Golden Beetle Taxi LLC 6/19/2017 17-22514 Grasshopper Taxi LLC 6/19/2017 17-22515 Hankuri Taxi Inc. 8/29/2017 17-27465 Hot Fudge Taxi LLC 8/17/2017 17-26689 Hypnotic Taxi LLC, et al. 7/22/2015 15-43300 (Admin. Consolidated Chapter 7) JDS Trans. Inc. 8/17/2017 17-26692 Jolly Hacking Corp. 6/19/2017 17-22516 Koala Taxi LLC 8/17/2017 17-26693 Lorie Valley Taxi LLC 8/29/2017 17-27467 London Taxi LLC 6/19/2017 17-22506 Macar Service Corp. 8/17/2017 17-26694 Marshmallow Taxi LLC 8/17/2017 17-26695 Mediterranean Taxi Inc. 8/29/2017 17-27472 Moth Taxi LLC 6/19/2017 17-22513 NY Kind Taxi Corp. 6/19/2017 17-22517 Panda taxi LLC 8/17/2017 17-26678 Pelican Taxi LLC 6/19/2017 17-22519 Privet Taxi Inc. 6/19/2017 17-22520 Purlie Trans. Corp. 6/19/2017 17-22521 Razor Service Corp. 8/29/2017 17-27476 Red Bull Taxi Inc. 11/14/2016 16-13153 Saint Tropez Taxi Inc. 6/19/2017 17-22524 Sambuca Taxi LLC 8/29/2017 17-27477 Sardinia Taxi Inc. 8/29/2017 17-27479 Split Transit Inc. 6/19/2017 17-22522 Taxopark Inc 12/23/2016 16-13570 Tori & Sarah Hacking Corp. 8/17/2017 17-26696 Trestomos Trans. Inc. 6/19/2017 17-22523 Twinkie Taxi LLC 8/17/2017 17-26702 Two Hump Taxi LLC 8/29/2017 17-27481 Wasp Taxi LLC 6/19/2017 17-22525 Wolverine Taxi LLC 6/19/2017 17-22500 Wrestler Taxi LLC 8/29/2017 17-27436 XO Taxi Inc. 8/29/2017 17-27484 CAMBER ENERGY: Delays Q2 Form 10-Q Due to Financial Constraints --------------------------------------------------------------- Camber Energy, Inc. disclosed with the Securities and Exchange Commission via Form 12b-25 that it has experienced delays in completing its financial statements for the quarter ended June 30, 2017, due to a lack of financial resources. About Camber Energy Based in Houston, Texas, Camber Energy (NYSE MKT: CEI) -- http://www.camber.energy/-- is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma. Lucas Energy changed its name to Camber Energy, Inc., effective Jan. 5, 2017, to more accurately reflect the Company's strategic shift from its Austin Chalk and Eagleford roots to an expanding addition of shallow oil and gas reserves with longer-lived, lower-risk production profiles. Camber reported a net loss of $89.12 million on $5.30 million of total net operating revenues for the year ended March 31, 2017, compared to a net loss of $25.44 million on $968,146 of total net operating revenues for the year ended March 31, 2016. As of March 31, 2017, Camber Energy had $39.85 million in total assets, $50.42 million in total liabilities and a total stockholders' deficit of $10.56 million. GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas, issued a "going concern" opinion on the consolidated financial statements for the year ended March 31, 2017, citing that the Company has incurred significant losses from operations and had a working capital deficit at March 31, 2017. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. CARTEL MANAGEMENT: Needs Time to Complete Asset Sale, File Plan --------------------------------------------------------------- Cartel Management, Inc., and Titans of Mavericks, LLC ask the U.S. Bankruptcy Court for the Central District of California to extend the exclusivity periods for the Debtors to file a plan of reorganization and obtain acceptance of the plan, respectively, to and including December 29, 2017, and February 28, 2018, respectively. The Court will hold a hearing on September 13, 2017, at 2:00 p.m. to consider the request for extension. The Debtors contend that during the past several months, they have been engaged in extensive marketing efforts of their business and assets. The Debtors also contend that they are in the process of negotiating a sale of certain of their assets; while agreements in principal have been reached with the buyer, the Debtors and the buyer continue to negotiate the specific terms of an asset purchase agreement. The Debtors anticipate filing a sale motion concurrently with, or soon after, the filing of the Exclusivity Motion. The Debtors believe that the potential sale, if approved by the Court and ultimately successful, will likely close in late September to early October 2017. The Debtors also believe that during the next approximate 90 days, and once the potential sale closes, the Debtors will be in a position to present to the Court a plan of reorganization. However, at this time, the Debtors tell the Court that there are simply too many contingencies and "moving pieces" for the Debtors to be able to propose, or proceed with, a plan of reorganization, since the actual terms of any plan will in substantial part depend on whether the Debtors are actually able to finalize sale terms and obtain Court approval of a sale. The Debtors attest that they are not seeking an extension of exclusivity in order to exert undue influence in their negotiations with creditors; they are requesting an extension of their exclusivity periods for the purpose of designing an appropriate exit strategy after the Debtors obtain Court approval of, and close, a sale of certain of their assets. About Cartel Management Cartel Management, Inc. and Titans of Mavericks, LLC -- http://www.titansofmavericks.com/-- together, promote, organize and host a sporting event in "big wave" surfing known as "Titans of Mavericks" at the Pacific Ocean surf break popularly known as "Maverick's" located near Half Moon Bay, California. Cartel and Titans filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 17-11179) on Jan. 31, 2017. The petitions were signed by Griffin Guess, president of Cartel. At the time of filing, Cartel estimated assets of less than $1 million and estimated liabilities of $1 million to $10 million. Titans estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Deborah J. Saltzman presides over the cases. The Debtors engaged David L. Neale, Esq., at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles, California, as bankruptcy counsel. The Debtors tapped Hartford O. Brown, Esq., at Klinedinst PC, as special counsel in relation to the potential sale of their assets, and to handle disputes with Red Bull Media House North America, Inc. and other third parties. The Debtors also tapped Tyler Paetkau, Esq. of Hartnett, Smith & Paetkau to represent them on certain proceedings, including administrative proceedings before the San Mateo County Harbor District, the California Coastal Commission, the San Mateo County Planning and Building Department, and National Oceanic and Atmospheric Administration. CASA DE MONTGOMERY: Case Summary & 2 Unsecured Creditors -------------------------------------------------------- Debtor: Casa De Montgomery, Inc. 241 Kings Street Road, # 67323 Scotts Valley, CA 95067 Type of Business: Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)) Chapter 11 Petition Date: August 29, 2017 Case No.: 17-52075 Court: United States Bankruptcy Court Northern District of California (San Jose) Judge: Hon. Stephen L. Johnson Debtor's Counsel: David M. Syme, Esq. LAW OFFICES OF DAVID SYME 29 Orinda Way #1843 Orinda, CA 94563 Tel: 925-565-4208 E-mail: davidmsyme@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Frank Podesta, Chairman of the Board. The Debtor's list of two unsecured creditors is available for free at http://bankrupt.com/misc/canb17-52075.pdf CHOW DOWN: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Chow Down Corp. as of August 28, according to a court docket. Chow Down is represented by: Edward J. Troy, Esq. Law Office of Edward J. Troy 44 Broadway Greenlawn, NY 11740 Tel: 631-239-6817 Fax: 631-239-68189 Email: edwardtroy@optonline.net About Chow Down Corp. Chow Down Corp. listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). The Debtor's principal place of business is at 4011 Hempstead Turnpike, Bethpage, New York. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-74467) on July 24, 2017. Ruby Singh, president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of $1 million to $10 million. Judge Alan S. Trust presides over the case. The Law Office of Edward J. Troy represents the Debtor as bankruptcy counsel. CLINE GRAIN: Hires Maas Companies as Auctioneer ----------------------------------------------- Cline Grain, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Maas Companies, Inc., as auctioneer, nunc pro tunc to June 29, 2017. The Debtor requires Maas Companies to liquidate the Debtor's real estate located at 625 E. State Street, Kingman, IN 47952, with State Parcel Id. No. 23-15-36-118-001.000-021, and which contains approximately 1.787 acres more or less and has a storage building. The Debtor agreed that Maas shall be paid a commission equivalent to 6% of the buyer premium. Allison Guyton, Director of Operations at Maas Companies, Inc., assured the Court 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. Maas may be reached at: Allison Guyton Maas Companies, Inc. 6923 10th Aveue SW Rochester, MN 55902 Phone: 507-285-1444 About Cline Grain, Inc. Cline Grain, Inc., and several affiliated entities sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 17-80004) on Jan. 3, 2017. The debtor-affiliates are Cline Transport, Inc. (Case No. 17-80005), New Winchester Properties, LLC (17-80006), Michael B. Cline and Kimberly A. Cline (Case No. 17-00013) and Allen L Cline and Teresa A. Cline (Case No. 17-00014). Allen Cline, as authorized representative, signed the petitions. The cases are assigned to Judge Jeffrey J. Graham. The Debtors are represented by Jeffrey M. Hester, Esq., at Hester Baker Krebs LLC. Cline Grain, Inc. estimated under $50,000 in assets and $1 million to $10 million in liabilities. Cline Transport, Inc. estimated between $500,000 to $1 million in assets, while New Winchester Properties listed $10 million to $50 million in assets. Both Debtors listed $1 million to $10 million in liabilities. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. COGENT COMMUNICATIONS: Moody's Affirms B3 CFR, Outlook Pos. ----------------------------------------------------------- Moody's Investors Service has changed Cogent Communications Group, Inc.'s ratings outlook to positive from stable. The positive outlook reflects the company's stable performance, consistent growth and predictable results. Concurrently, Moody's has raised the target leverage associated with an upgrade to below 5x (Moody's adjusted) from below 4x prior. Moody's believes Cogent's business has demonstrated greater leverage tolerance and think Cogent can achieve a higher rating if its capital allocation framework remains balanced and predictable. Moody's has also affirmed Cogent's B3 corporate family rating (CFR), B3-PD Probability of Default Rating (PDR), and SGL-1 Speculative Grade Liquidity (SGL) Rating. The following summarizes rating action: Outlook Actions: Issuer: Cogent Communications Group, Inc. -- Outlook, Changed To Positive From Stable Affirmations: Issuer: Cogent Communications Finance, Inc. -- Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD 5) Issuer: Cogent Communications Group, Inc. -- Corporate Family Rating, Affirmed B3 -- Probability of Default Rating, Affirmed B3-PD -- Speculative Grade Liquidity Rating, Affirmed SGL-1 -- Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD 2) RATINGS RATIONALE Cogent's B3 CFR is supported by a strong liquidity profile and Moody's expectation for low double digit revenue growth and modest margin expansion. Moody's forecasts Cogent will continue to grow as a result of its expanding and diversified customer base and robust internet traffic growth. The company's low cost structure and targeted sales approach make it a strong competitor against much larger companies which have higher legacy cost structures. The rating is constrained by limited free cash flow as a result of increasing shareholder returns, moderately high leverage, small scale and a highly competitive environment. Cogent has a simple strategy that focuses on selling high speed Internet access to on-net customers, typically by leasing dark fiber between its network and its customers' locations. Cogent's focus on Internet service allows for a streamlined cost structure and network architecture. Technology trends are favorably aligned with Cogent's architecture, as enterprise networking is evolving to rely more heavily upon software in the core and plain-vanilla Internet access. Older, more complex network IT architectures are becoming obsolete in favor of low cost software defined IP networks. This trend benefits Cogent, and Moody's anticipates Cogent to experience continued strong growth. The positive outlook reflects Moody's expectation for continued deleveraging as well as continued revenue and cash flow growth largely offset by dividend growth. Moody's could upgrade Cogent's ratings if leverage is sustained below 5x (Moody's adjusted) and free cash flow is positive. Moody's could downgrade Cogent's ratings if leverage is sustained above 6x (Moody's adjusted) and free cash flow is negative. Also, any deterioration in liquidity could have negative ratings implications, especially without a revolving credit facility as a stopgap. The principal methodology used in these ratings was Global Communications Infrastructure Rating Methodology published in June 2011. COMPETITION ACCESSORIES: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------------ Debtor: Competition Accessories, LLC dba cheapcycleparts.com fdba cruisercustomizing.com dba compacc.com P.O. Box 2030 Clarksville, IN 47129 Type of Business: Competition Accessories -- http://www.competitionaccessories.com/; http://www.cheapcycleparts.com/-- is a seller of motorcycle parts and accessories in Clarksville, Indiana. The Company has been shipping motorcyclists their motorcycle helmets, motorcycle jackets, gloves, boots and other motorcycle accessories for over 50 years. Chapter 11 Petition Date: August 29, 2017 Case No.: 17-91310 Court: United States Bankruptcy Court Southern District of Indiana (New Albany) Judge: Hon. Basil H. Lorch III Debtor's Counsel: Neil C. Bordy, Esq. SEILLER WATERMAN LLC 462 S 4th Street Ste 2200 Louisville, KY 40202-3459 Tel: 502-584-7400 E-mail: bordy@derbycitylaw.com - and - William P. Harbison, Esq. SEILLER WATERMAN LLC Meidinger Tower, 22d Floor 462 South Fourth Street Louisville, KY 40202 Tel: 502-584-7400 Fax: 502-371-9215 E-mail: harbison@derbycitylaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chris L. McCarty, manager. The Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/insb17-91310.pdf CORPORATE RESOURCE: Trustee Files Amended Suit on Discounted Deals ------------------------------------------------------------------ Cara Salvatore, writing for Bankruptcy Law360, reports that James Feltman, trustee for Corporate Resource Services Inc., has filed amended adversary claims alleging that insiders had sold 3 CRS businesses and an equity interest at a deep discount to Scott Hartman shortly before its bankruptcy. The sale amounts were redacted, according to the report. The sale of CRS businesses Summit Software Inc., Insurance Overload Services Inc. and Nationwide Screening Services Inc., as well as an equity interest in Flex Recruitment Plus Ltd. were executed in March 2015. The sale amounts were reducted. Mr. Feltman alleged that the 2015 undervalued sale deals robbed CRS of significant value, according to Law360. The adversary case is James Feltman v. Flex Employee Services LLC et al., case number 1:17-ap-01073, in the U.S. Bankruptcy Court for the Southern District of New York. About Corporate Resource Services Corporate Resource Services, Inc., is a provider of corporate employment and human resource solutions, headquartered in New York. CRS leases its headquarters and does not own any real property. About 90% of CRS shares are owned by Robert Cassera and the balance are traded OTC. As of Dec. 31, 2014, CRS was one of the largest employment staffing companies in the U.S., providing employment and human resources solutions for corporations with annual sales of about one billion dollars. In February 2015, CRS began an orderly wind down of operations after discovering that TS Employment, Inc., a privately held company owned by Mr. Cassera, failed to remit tens of millions of dollars of the Debtors' withholding taxes to taxing authorities. TS Employment Inc., a professional employer organization that provided payroll-related services for CRS, sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb. 2, 2015. The case is before Judge Martin Glenn. TSE tapped Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York, as counsel. Realization Services Inc. serves as the Debtor's consultant. CRS and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11546) on July 23, 2015, to complete their orderly wind down of operations. The CRS Debtors' cases were transferred to New York (Bankr. S.D.N.Y. Lead Case No. 15-12329), on Aug. 18, 2015, and assigned to Judge Glenn. CRS estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The CRS Debtors tapped Gellert Scali Busenkell & Brown, LLC, as bankruptcy counsel; Wilmer Cutler Pickering Hale & Dorr LLP, as special counsel; Carter Ledyard & Milburn LLP, as special SEC counsel; SSG Capital Advisors as financial advisors and investment bankers; and Rust Omni LLC as claims agent. James S. Feltman has been appointed as Chapter 11 trustee for the CRS Debtors and for TS Employment. He has tapped Togut, Segal & Segal LLP as counsel; and Jenner & Block LLP and Greenberg Traurig, P.A., as special counsel. DANCING WATERS: Sale of Bellingham Property for $650K Approved -------------------------------------------------------------- Judge Timothy W. Dore of the U.S. Bankruptcy Court for the Western District of Washington authorized Dancing Waters, LLC and affiliates, to sell the real property commonly known as 20 Shorewood Drive, Bellingham, Washington, to Ershig Family Ltd. Partnership or A. Herbert Ershig and Billee J. Ershig for $650,000. No excise tax will be incurred on the transaction. The Order will be effective immediately upon entry notwithstanding any stays of order provided for under Federal Rules of Bankruptcy Procedure 6004(h), 6006(d), 7062, and/or any other provision of Title 11 or the Federal Rules of Bankruptcy Procedure, and that any such provisions or Rules are hereby expressly lifted, rendering the Order immediately effective and enforceable. About Dancing Waters Dancing Waters, LLC, sought Chapter 11 protection (Bankr. W.D. Wash. Case No. 15-13216) on May 22, 2015. Judge Timothy W. Dore is assigned to the case. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. The petition was signed by Roger Sahlin, manager. The Debtor tapped James L. Day, Esq., at the Bush Strout & Kornfeld LLP as counsel. DECATUR ATHLETIC: Wants Plan Exclusivity Period Extended to Oct. 5 ------------------------------------------------------------------ Decatur Athletic Club, LLC, asks the U.S. Bankruptcy Court for the Northern District of Alabama to extend the deadline and exclusivity period for filing a disclosure statement and Chapter 11 plan, an additional 30 days, making the deadline Oct. 5, 2017. On June 19, 2017, the Court set a deadline of Sept. 5, for filing a plan and disclosure statement. Pursuant to 11 U.S.C. Section 1121, the Debtor has the exclusive right to file a disclosure statement and plan within 120 days from the commencement of the bankruptcy case. The Debtor tells the Court that a review of its current financial situation shows that additional time is necessary for the filing of a plan and disclosure statement. The Debtor is currently negotiating the terms and conditions of its equipment leases and its real estate lease. The conclusion of these negotiations will dictate the focus of the disclosure statement and plan in this matter. The Debtor assures the Court that the requested extension will not pose a substantial hardship to the creditors. About Decatur Athletic Club Decatur Athletic Club, LLC owns the Pulse Fitness Center, a health center located at 1801 Beltline Road SW, Suite 420, Decatur, Alabama. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 17-81439) on May 10, 2017. Jeremy Goforth, its owner, signed the petition. Stuart M. Maples, Esq., at Maples Law Firm, PC, serves as the Debtor's bankruptcy counsel. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of less than $500,000. Judge Clifton R. Jessup Jr. presides over the case. DERRY COAL: RTB Holdings Try to Block Approval of Plan Outline -------------------------------------------------------------- RTB Holdings, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania an objection to Derry Coal Company, LLC's disclosure statement dated July 19, 2017, referring to the Chapter 11 Plan filed by the Debtor dated July 19, 2017. RTB objects to the Debtor's Disclosure Statement and contends that it cannot be approved by the Court because it fails to provide adequate information. According to RTB, the Debtor's Disclosure Statement is devoid of any specific information regarding the actual planned or likely treatment of RTB's secured claim. RTB claims that the Disclosure Statement and Plan, rather, are based solely on the "concept" of selling the Property and paying RTB in full if and when the Property is sold. The Debtor does not identify any particular purchaser of the Debtor's real property owned by the Debtors and located at 1 Coal Loader Drive, Derry, Pennsylvania 15627, or even any potential purchasers, and any particular details of a sale of the Property. The Debtor's Plan does not state that the Debtor has any commitment from any party to purchase the Property. The Plan and Disclosure Statement set forth nothing more than a theoretical idea. The Disclosure Statement, therefore, contains no information regarding an actual event that might result in a particular treatment of RTB's secured claim. A copy of the Objection is available at: http://bankrupt.com/misc/pawb16-24727-60.pdf As reported by the Troubled Company Reporter on Aug. 2, 2017, the Debtor filed with the Court a disclosure statement dated July 19, 2017, to accompany the Debtor's Chapter 11 plan dated July 19, 2017, stating that funding for the Plan will be derived from a sale of the Debtor's real estate located at 1 Coal Loader Drive, Derry, PA, and any permit rights associated therewith. If less than full payment can be made out of the proceeds, the sale proceeds obtained will be used to pay creditors to the greatest extent possible in accordance with their priority under the U.S. Bankruptcy Code. RTB is represented by: Mark A. Lindsay, Esq. Erica K. Dausch, Esq. BABST, CALLAND, CLEMENTS & ZOMNIR, P.C. Two Gateway Center – 6th Floor 603 Stanwix Street Pittsburgh, Pennsylvania 15222 Tel: (412) 394-5400 E-mail: mlindsay@babstcalland.com edausch@babstcalland.com About C&D Coal Company and Derry Coal Company C&D Coal Company, LLC, and Derry Coal Company, LLC, both based in Derry, PA, filed separate Chapter 11 petitions (Bankr. W.D Pa. Case Nos. 16-24726 and 16-24727) on Dec. 22, 2016. The petitions were signed by Jimmy Edward Cooper, managing member. Judge Gregory L. Taddonio presides over the case of C&D Coal Company. Judge Thomas P. Agresti was initially assigned to Derry Coal's case. Judge Taddonio later took over. The cases are not jointly administered. The Debtors are represented by Robert O Lampl, Esq., at Robert O. Lampl, Attorney at Law. C&D Coal Company estimated $10 million to $50 million in assets and liabilities. Derry Coal estimated $1 million to $10 million in assets and liabilities. Andrew R. Vara, Acting U.S. Trustee for Region 3, on Jan. 17, 2017, appointed three creditors of C&D Coal Company, LLC, to serve on the official committee of unsecured creditors. The committee members are: (1) W.B. Kania & Associates, LLC; (2) AC Power Tech, Inc.; (3) Global Mine Service Incorporated; (4) Francis Enterprises, Inc.; (5) Dolges Electric, Inc.; (6) Integrated Power Services; and (7) Kingston Coal Company. The Committee of Unsecured Creditors of C&D Coal retained Michael J. Roeschenthaler, Esq., and Kelly E. McCauley, Esq., at Whiteford, Taylor & Preston, LLC, as counsel; and Albert's Capital Services, LLC, as financial advisors. An official committee of unsecured creditors has not been appointed in Derry Coal's case. DR. LUIS A. VINAS: Wants to Use Cash Collateral Through Sept. 30 ---------------------------------------------------------------- Dr. Luis A. Vinas, MD, PA, asks the U.S. Bankruptcy Court for the Southern District of Florida for authorization to use cash collateral from Aug. 31, 2017, through Sept. 30, 2017. These entities who may claim an interest in cash collateral: King's Cash Group, LG Funding LLC, Pearl Capital Rivis Ventures, Bank United, and On Deck Capital. The purpose for the use of the cash collateral is to continue to operate the Debtor's plastic surgery business, to allow for the recovery of existing accounts receivables and conversion to cash of existing receivables and for the expenditures of prepetition receivables and postpetition receipts. The Debtor will continue to use its cash on hand and any cash generated from the recovery of any receivable until the time as KGC, LG, Pearl, Bank United and On Deck are either paid in full, a plan is confirmed, the case is dismissed, or further order of the Court. No additional liens, other than replacements liens, in the cash, will be provided to the Secured Claimants. Adequate protection will be provided by the increase in value of collateral (i.e. the realization of the accounts receivable) by virtue of the continued orderly operations of the business, and monthly interest payments as reflected in the budget. The Debtor's request for the use of the Secured Claimants cash collateral is meant to cover the Debtor's essential expenses contained in the budget, and to ensure successful operations to allow the Debtor to achieve a reorganization. Those expenses include payment of wages, supplies, food, pharmaceutical products and the payment of the claims of vendors for other services or products that are necessary to operate the Debtor's practice. The Debtor requests the use of the cash collateral through the time the Secured Claimants are paid in full or until the Debtor emerges from Chapter 11, whichever occurs first. The Secured Claimants have not consented to the Debtor's use of cash collateral. As adequate protection for the use of the cash collateral, the Debtor will grant the Secured Claimants a continuing lien on cash and other receivables. In addition, by remaining a going concern the Debtor will be able to collect its existing accounts receivable and will be a benefit to the other creditors of the Debtor's estate. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/flsb17-14765-117.pdf As reported by the Troubled Company Reporter on July 17, 2017, the Debtor sought court permission to use cash collateral from July 31, 2017, through Aug. 31, 2017. The Debtor wanted to continue to use its cash on hand and any cash generated from the recovery of any receivable until the time as KGC, LG, Pearl, Bank United and On Deck are either paid in full, a plan is confirmed, the case is dismissed, or further order of the Court. About Dr. Luis A. Vinas, MD PA. Dr. Luis A. Vinas, MD PA, is engaged in the health care business and is 100% owned by Dr. Luis A. Vinas. Dr. Vinas is Board Certified by The American Board of Plastic Surgery. For over two decades, Dr. Vinas has been nationally recognized for his surgical techniques and minimally invasive surgical procedures. Dr. Vinas is a plastic surgeon specializing in cosmetic and reconstructive surgery including facelifts, tummy tucks, breast augmentation, single-stage breast reconstruction, liposuction, body contouring, and anti-aging procedures. Dr. Luis A. Vinas, MD PA, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-14765) on April 17, 2017. Luis A Vinas, MD, president and 100% owner, signed the petition. The Debtor estimated assets of at least $50,000 and liabilities ranging from $1 million to $10 million. The case is assigned to Judge Paul G. Hyman, Jr. The Debtor is represented by Nicholas B. Bangos, Esq., at Nicholas B. Bangos, P.A. DYESS MEDICAL: Taps Douglas M. Schmidt as Legal Counsel ------------------------------------------------------- Dyess Medical Center, Inc. and Tower Properties, LLC filed separate applications seeking approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire legal counsel. The Debtors propose to employ Douglas M. Schmidt, APLC to give legal advice on matters related to their Chapter 11 cases. The firm's estimated monthly compensation range from $500 to $2,000. Douglas Schmidt, Esq., disclosed in a court filing that he and his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Douglas M. Schmidt, Esq. Douglas M. Schmidt, APLC 335 City Park Avenue New Orleans, LA 70119 Phone: (504) 482-5711 Fax: (504) 482-5755 Email: dglsschmdt@yahoo.com About Dyess Medical Center Inc. Dyess Medical Center, Inc. and Tower Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case Nos. 17-11907 and 17-11909) on July 20, 2017. James M. Dyess, president, signed the petitions. At the time of the filing, the Debtors disclosed that they had estimated assets and liabilities of less than $1 million. Judge Elizabeth W. Magner presides over the cases. EAST COAST FOODS: Judge Orders Founder to Undo Trademark Transfer ----------------------------------------------------------------- Katy Stech, writing for The Wall Street Journal Pro Bankruptcy, reported that Judge Sheri Bluebond of the U.S. Bankruptcy Court in Los Angeles ordered Herbert Hudson, founder and owner of Roscoe's House of Chicken and Waffles to return the Los Angeles restaurant chain's trademark and name after he transferred them to an affiliate company under his control. According to the report, Judge Bluebond said Mr. Hudson's 2016 transfer of the name and trademark was inappropriate under bankruptcy law. Mr. Hudson sold the trademark to another entity that he controlled as Roscoe's was attempting to fend off nearly a dozen lawsuits, including a $3.2 million worker-discrimination dispute, the report related. The Los Angeles restaurateur admitted under oath that he was trying to put the brand's valuable name "beyond the reach of people who were trying to get at it through lawsuits," the report further related. In her 23-page ruling, Judge Bluebond said that the sale's confusing fine print made "it impossible for a representative of the [chain's] creditors to be able to sell [its] business to anyone other than Hudson or another entity that he controlled," the report said. The reversal of the sale had been sought by Bradley Sharp, a court-appointed financial adviser who took over the chain's chapter 11 case last year as trustee, the report added. The transfer left the restaurant chain with fewer resources to pay off the roughly $17 million it owes creditors, the report said. About East Coast Foods East Coast Foods Inc., a California corporation, is the owner and operator of four Roscoe' Chicken N' Waffles restaurants in Los Angeles area. East Coast Foods sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 16-13852) on March 25, 2016. The petition was signed by Herbert Hudson, president. The Debtor estimated assets of less than $50,000 and debt of $10 million to $50 million. The case is assigned to Judge Sheri Bluebond. The Debtor is represented by Vakhe Khodzhayan, Esq., at KG Law, APC. The Office of the U.S. Trustee on April 29, 2016, appointed five creditors to serve on an official committee of unsecured creditors. The committee hired Smiley Wang-Ekvall, LLP as counsel, and Force Ten Partners, LLC, as financial advisor. Bradley D. Sharp was appointed Chapter 11 trustee of the Debtor's estate on Sept. 28, 2016. Landegger Baron Law Group, ALC serves as the Chapter 11 Trustee's labor and employment counsel. The Chapter 11 Trustee retained Swicker & Associates Accountancy Corporation as his tax advisor. Greines, Martin, Stein & Richland LLP serves as the Chapter 11 Trustee's special counsel. ECOPETROL SA: Authorizes Liquidation Process for Two Subsidiaries ----------------------------------------------------------------- Ecopetrol S.A. on Aug. 24, 2017, reported that as part of its process of reviewing the Ecopetrol Group's corporate structure, at its meeting of Aug. 18, 2017, the Board of Directors authorized taking the necessary measures under applicable law to liquidate Ecopetrol Global Capital S.L.U., a wholly-owned subsidiary of Ecopetrol S.A. domiciled in Madrid, Spain. That company is currently inactive and is no longer needed by the business group. It also authorized taking the necessary measures under applicable law to liquidate ECP Oil and Gas Germany, a company domiciled in Frankfurt (Germany) that is wholly owned by Ecopetrol S.A. through its Spanish subsidiary Ecopetrol Global Energy S.L.U. The liquidation will be finalized after completing the process of canceling the registration of that company's branch in Angola, as it has already completed the process of withdrawing from exploratory blocks 38/11 and 39/11 in that country. EDIFICE GROUP: Hires Aprio LLC as Accountants --------------------------------------------- Edifice Group, Inc., seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Aprio LLC as accountants for the Debtor. The Debtor requires Aprio to: a. prepare the Debtor's federal, state, and local income tax returns with supporting schedules; b. prepare the owner(s) individual federal, state and local income tax returns with supporting schedules; c. prepare any bookkeeping entries necessary in connection with preparation of the income tax returns; d. provide consulting services in different tax matters; e. perform a review of the Debtor's expenses to determine if a Research and Development credit is available, and complete the necessary documentation to claim the Research and Development credit on the Debtor's tax return; and f. perform state and local tax services. Aprio will be paid at these hourly rates: Partners $385-$465 Managers $205-$425 Senior $145-$265 Staff $110-$185 The fee for preparation of federal tax returns for Debtor is $3,000 and the fee for preparation of state tax returns is $750 per state. Aprio will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles Webb, CPA, member of the accounting firm of Aprio, 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. Aprio may be reached at: Charles Webb, CPA Aprio, LLC 5 Concourse Parkway, Suite 1000 Atlanta, GA 30328 Tel: 404.892.9651 About Edifice Group Edifice Group, Inc., was formed in 2005 with a focus on digital direct marketing. Its clients include Fortune 500 and 1000 companies in banking, financial services, healthcare, retail, utilities and real estate. Edifice Group is composed of two main branches, Databilities and Edifice Automotive. In building its enterprise email delivery platform and database, the Company has become a Microsoft partner and an Acxiom strategic partner. Edifice Group filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 17-59367), on May 30, 2017. The Debtor is represented by G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, P.A. No creditors' committee, trustee or examiner has been appointed. ELENA DELGADILLO: Trustee Selling Oakland Property for $370K ------------------------------------------------------------ Irma Edmonds, Chapter 11 Trustee for Elena Delgadillo, asks the U.S. Bankruptcy Court for the Eastern District of California to authorize the sale of the residential real property in Oakland, California, to Thayer Dawson for $370,000, subject to overbid. A hearing on the Motion is set for Sept. 28, 2017 at 10:30 a.m. One of the assets of the Estate, consists of the Estate's right, title, and interest in and to the property commonly known as 5319 Bancroft Avenue, Oakland, California, APN No. 40784974 (the "Property"). After the Trustee's appointment in the case, and based on her investigation of the Properly, she elected to employ Coldwell Banker Residential Brokerage, a real estate brokerage firm, and specifically Stephanie Davis of said firm, as her real estate agent. An application requesting court approval of the employment of the Broker/Agent on behalf of the Estate was filed on May 24, 2017, and the employment was approved by order filed May 27, 2017. Pursuant to the efforts of the Agent, the Trustee received an offer to purchase the Property from the Buyer, subject to Court approval and overbidding. She accepted the offer from the Buyer. The parties' agreement is evidenced by the Residential Income Property Purchase Agreement and Joint Escrow Instructions and Addendum No.1 thereto, and Seller Counter Offer No. 1. The material terms of the Purchase Agreement are: a. Purchase Price: $370,000 b. Deposit: $6,000 c. The Buyer will pay the Purchase Price and close escrow no later than 15 days after the filing of the Court's order approving the Motion. Furthermore, the Buyer will pay its allocated costs of the sale, pursuant to the Purchase Agreement, on the Closing Date. d. The Seller will pay its allocated costs of the sale, pursuant to the Purchase Agreement, on the Closing Date. e. The Seller will pay her prorated share of real property taxes and assessments secured against the Property (including the costs to cure any delinquencies related thereto) and utilities related to the Property. f. The Seller will retain a reserve for, or agree to withholding from the sale proceeds, any amounts required to be paid or withheld for state or federal taxes arising from the sale, with such funds being free and clear of liens following the closing of the sale. g. The Buyer's obligation to purchase the Property is contingent upon: (i) the Buyer's review and approval of title to the Property and of the condition of the Property; and (ii) the Buyer obtaining a loan in the amount of $339,500, at an interest rate not to exceed 6% from an FHA lender to finance the portion of the Purchase Price not being paid in cash. The respective contingency periods are set forth in the Purchase Agreement, with the longest period related to financing requiring satisfaction within 21 days after full execution of the Purchase Agreement. h. The Buyer will purchase the Property with tenants in place. i. The Buyer will assume EBMUD sewer lateral compliance fees. k. The Buyer will have 17 days from acceptance of the Purchase Agreement within which to complete all of its investigations and either waive all contingencies or cancel the Purchase Agreement. l. The Buyer will acquire the Property in its "as is, where is," "with all faults" condition. Trustee is making no representations or warranties, directly or indirectly, with respect to the condition or history of the Property. m. The title to the Property will be subject to all liens or encumbrances for real property taxes and/or assessments which are not delinquent as of the close of escrow. n. From the sale proceeds, the Trustee intends to pay at Closing to Sacramento Lopez, a secured creditor with a lien on the Property arising from the recordation of an abstract of judgment, the residual the Seller funds after payment of all of the foregoing (Seller closing costs, the broker commission, prorated taxes and assessments, payment or reserve for taxes arising from the sale, etc.), with Mr. Lopez's lien attaching only to such residual sale proceeds until paid. Other than the Lopez lien, the Trustee is not aware of any other secured interests against the Property. If any other monetary liens are discovered to exist against the Property, delivery of title free and clear of such other monetary liens may require the cooperation and consent of any lien holders. o. The proposed sale to the Buyer is subject to overbidding at the hearing on the Motion. A copy of the Purchase Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Elena_Delgadillo_219_Sales.pdf The Trustee has determined, after consulting with the estate's CPA, that the estate will incur federal and state tax liability on the proposed sale. Among these is the possibility that the federal and/or state tax laws may change while the case proceeds. Moreover, the amount of the administrative expenses is not yet known. In addition to certain assumptions in those respects, the Trustee and her CPA have also been required to assume certain facts as to the Debtor's initial purchase of the Property and her activities thereon since that date. Based on the CPA's assumptions, however, the Trustee believes the taxes on the proposed sale will not exceed $77,000 (federal and state combined). Should the purchase price increase through overbidding, the Trustee proposes to reserve an additional 30% of the incremental overbid. The Trustee proposes that any persons or entities wishing to bid on the Property be required to first become a Qualified Overbidder in the manner set forth, prior to the commencement of the hearing on the Motion. The salient terms of the Bidding Procedures are: a. Overbidder Deposit: $6,000 b. Initial Overbid: $372,000 c. Bid Increments: $1,000 d. If the Buyer is the high bidder, it will pay the greater of its high bid or $370,000 for the Property. e. In the event a Qualified Overbidder outbids the Buyer, the Buyer's offer to purchase the Properly pursuant to the terms of the Purchase Agreement will be maintained, for a period of 30 days after the conclusion of the hearing on the Motion, as a back-up offer. f. Any such back-up offer will become effective upon the overbidder's failure to close in accordance with the terms of the Purchase Agreement, as may be modified by the Court, so long as the Buyer's Purchase Price is the next highest bid for the Property. g. In any event, the Purchase Agreement will terminate and the Deposit will be returned to the Buyer upon close of escrow for the sale of the Property by any successful Qualified Overbidder. The Trustee required the professional services of Agent to act as the estate's agent to market and sell the Property. By separate application, the Trustee sought approval by the Court to employ the Agent on behalf of the estate pursuant to the terms of the Listing Agreement filed therewith. The Listing Agreement provides for the Agent to receive a commission of 6% of the sales price of the Property. In consideration of the Agent's efforts to market the Property and obtain Buyer's offer to purchase the Property, and consistent with the terms of the court-approved Listing Agreement, the Trustee asks authorization to pay the commission to Agent, upon closing of escrow, from the sales proceeds. As described in the Purchase Agreement, the Agent represents only the Trustee in the transaction and the Buyer is represented by another agent, Jaynelle Belle of Watermark Properties. The Trustee understands that, if payment of the commission to the Agent is approved by the Court, the Agent will be sharing half of the commission with Ms. Jordan at closing as a cooperating agent on the transaction. The Trustee has concluded that the Purchase Price of $370,000 is a fair and reasonable price for the Property. This conclusion is based primarily on her review with her Agent of property values for similarly situated properties in the area, and the results of the Agent's marketing of the Property to date. Accordingly, the Trustee asks the Court to approve the relief requested. About Elena Delgadillo Elena Delgadillo filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 16-90500) on June 9, 2016, and is represented by David C. Johnston, Esq. Irma Edmonds was appointed as Chapter 11 Trustee for the Debtor's estate on Dec. 21, 2016, and continues to serves in that capacity. The Trustee filed on March 16, 2017, an application to hire Stephanie Davis of Coldwell Banker Residential Brokerage as real estate agent. The application was approved by order filed March 23, 2017. Attorneys for the Chapter 11 Trustee: HEFNER, STARK & MAROIS, LLP Howard S. Nevins, Esq. Aaron A. Avery 2150 River Plaza Drive, Suite 450 Sacramento, CA Tel: (916) 925-6620 Fax: (916) 925-1127 The real estate agent can be reached at: Stephanie Davis Realtor Associate COLDWELL BANKER RESIDENTIAL BROKERAGE 6137 La Salle Ave, Oakland, CA 94611, USA Phone: (510) 207-5209 E-mail: stephanie.davis@cbnorcal.com ENERGY FUTURE: Wants to Stop NexEra From Getting $275M Breakup Fee ------------------------------------------------------------------ Matt Chiappardi, writing for Bankruptcy Law360, reports that Energy Future Holdings Corp. launched an adversary action in its Chapter 11 case seeking to block NextEra Energy Inc. from collecting a $275 million breakup fee from its failed $18 billion sale proposal, blaming the would-be buyer for contributing to the deal's demise. Law360 relates that the Debtor claims that NextEra was unreasonably aggressive in the terms of the sale that was set to include the Debtor's 80% stake in non-debtor subsidiary Oncor Electric Delivery Co. LLC. According to Law360, the Debtor argues that NextEra was so unreasonable in its talks with regulators that "its aggressive conduct contributed to the PUCT's conclusion that certain ring fence conditions are necessary in these circumstances," and that the would-be buyer didn't "meaningfully or reasonably" negotiate with regulators to try to push the deal through. Law360 quoted the Debtor as saying, "NextEra loudly announced to the PUCT that NextEra had drawn lines in the sand that it was not willing to discuss or modify in any way. And NextEra signaled that its interests in Texas were to maximize its own gain, and frustrate the PUCT's goals, when NextEra used its rights under a side letter with Oncor to scuttle a deal in which the PUCT had significant interest. When faced with this course of conduct, the PUCT declined to approve the transaction." 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). 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. On May 13, 2014, the U.S. Trustee appointed the Official Committee of TCEH Unsecured Creditors in the Chapter 11 Cases. The TCEH Committee is composed of (a) the Pension Benefit Guaranty Corporation; (b) HCL America, Inc.; (c) BNY, as Indenture Trustee under the EFCH 2037 Notes due 2037 and the PCRBs; (d) LDTC, as Indenture Trustee under the TCEH Unsecured Notes; (e) Holt Texas LTD, d/b/a Holt Cat; (f) ADA Carbon Solutions (Red River); and (g) Wilmington Savings, as Indenture Trustee under the TCEH Second Lien Notes. The TCEH Committee retained Morrison & Foerster LLP as counsel; Polsinelli PC as co-counsel and conflicts counsel; Lazard Freres & Co. LLC as investment banker; FTI Consulting, Inc. as financial advisor; and Charles River Associates as an energy consultant. On Oct. 27, 2014, the U.S. Trustee appointed the Official Committee of Unsecured Creditors representing the interests of the unsecured creditors for EFH, EFIH, EFIH Finance, and EECI, Inc. The EFH/EFIH Committee is composed of (a) American Stock Transfer & Trust Company, LLC; (b) Brown & Zhou, LLC c/o Belleair Aviation, LLC; (c) Peter Tinkham; (d) Shirley Fenicle, as successor-in-interest to the Estate of George Fenicle; and (e) David William Fahy. The EFH/EFIH Committee retained Montgomery, McCracken, Walker & Rhodes, LLP as co-counsel and conflicts counsel; AlixPartners, LLP as restructuring advisor; Sullivan & Cromwell LLC as counsel; Guggenheim Securities as investment banker; and Kurtzman Carson Consultants LLC as noticing agent for both the TCEH Committee and the EFH/EFIH Committee. Given the size and complexity of the Chapter 11 Cases, the U.S. Trustee proposed, and the Debtors and the TCEH Committee agreed, to recommend that the Bankruptcy Court appoint a committee to, among other things, review and report as appropriate on fee applications and statements submitted by the professionals paid for by the Debtors' Estates. The Fee Committee is comprised of four members: (a) one member appointed by and representative of the Debtors (Cecily Gooch, Vice President and Special Counsel for Restructuring, Energy Future Holdings); (b) one member appointed by and representative of the TCEH Creditors' Committee (Peter Kravitz, Principal and General Counsel, Province Capital); (c) one member appointed by and representative of the U.S. Trustee (Richard L. Schepacarter, Trial Attorney, Office of the United States Trustee); and (d) one independent member (Richard Gitlin, of Gitlin and Company, LLC). The Fee Committee retained Godfrey & Kahn, S.C. as counsel; and Phillips, Goldman & Spence, P.A. as co-counsel. * * * On Aug. 29, 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. (the "T-Side Debtors"). The Plan became effective on Oct. 3, 2016. On Aug. 20, 2017, Sempra Energy (NYSE: SRE) announced an agreement to acquire Energy Future Holdings Corp. (Energy Future), the indirect owner of 80 percent of Oncor Electric Delivery Company, LLC (Oncor), operator of the largest electric transmission and distribution system in Texas. Under the agreement, Sempra Energy will pay approximately $9.45 billion in cash to acquire Energy Future and its ownership in Oncor, while taking a major step forward in resolving Energy Future's long-running bankruptcy case. The enterprise value of the transaction is approximately $18.8 billion, including the assumption of Oncor's debt. ENVIRO-SAFE REFRIGERANTS: Panel Taps Armstrong Teasdale as Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Enviro-Safe Refrigerants, Inc., seeks authorization from the U.S. Bankruptcy Court for the Central District of Illinois to retain Armstrong Teasdale LLP as counsel for the Committee, nunc pro tunc to July 14, 2017. The Committee requires Armstrong Teasdale to: a. assist and advise the Committee in its consultation with the Debtor relative to the administration of these Cases; b. attend meetings and negotiate with the representatives of the Debtor; c. assist and advise the Committee in its examination and analysis of the conduct of the Debtor's affairs; d. assist the Committee in the review, analysis, and negotiation of a plan of liquidation and disclosure statement and such related agreements and/or documents necessary for confirmation of such plan; e. take all necessary action to protect and preserve the interests of the Committee, including (i) possible prosecution of actions on its behalf, (ii) if appropriate, negotiations concerning all litigation in which the Debtor is or becomes involved, and (iii) if appropriate, review and analysis of claims filed against the Debtor's estate; f. prepare on behalf of the Committee all necessary motions, applications, answers, orders, reports and papers in support of positions taken by the Committee; g. appear, as appropriate, before this Court, the Appellate Courts, other courts and tribunals, and the United States Trustee, and to protect the interests of the Committee before said Courts and the United States Trustee; and h. perform other necessary legal services and provide all other legal advice to the Committee in the Debtor's chapter 11 case. Armstrong Teasdale will be paid at these hourly rates: Partners and Counsel $350-$710 Associates $240-$395 Legal Assistants $110-$270 Armstrong Teasdale will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard W. Engel, Jr., Esq., a partner in the law firm of Armstrong Teasdale LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Armstrong Teasdale may be reached at: Richard W. Engel, Jr. Armstrong Teasdale LLP 7700 Forsyth, Suite 1800 St. Louis, MI 63105 Tel: (314) 621-5070 Fax: (314) 621-5065 About Enviro-Safe Refrigerants Headquartered in Pekin, Illinois, Enviro-Safe Refrigerants Inc. -- http://www.es-refrigerants.com/-- provides refrigerant and support fluids. The Debtor's products include air conditioning tools, automotive fluids, green gas and industrial supplies. Enviro-Safe Refrigerants filed for Chapter 11 bankruptcy protection (Bankr. C.D. Ill. Case No. 17-80827) on June 5, 2017, estimating assets and liabilities of between $1 million and $10 million each. The petition was signed by Julie C. Price, president. Judge Thomas L. Perkins presides over the case. Sumner Bourne, Esq., at Rafool, Bourne & Shelby, P.C., serves as the Debtor's bankruptcy counsel. On July 11, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. EXETER HOLDING: Cohens Buying Amgansett Property for $1.7M ---------------------------------------------------------- Judge Alan S. Trust of the U.S. Bankruptcy Court for the Eastern District of New York will convene a hearing on Oct. 3, 2017 at 10:30 a.m. to consider the sale agreement by and between Gary F. Herbst, the Plan Sdministrator of Exeter Holding Ltd., and Andrew Berman and Mollie Cohen, in connection with the sale of real property located at, and known as, 107 Montauk Highway, Amagansett, New York, for $1,700,000. The objection deadline is Sept. 26, 2017. Since his appointment, the Plan Administrator has actively liquidated Exeter's mortgage and loan portfolio, participated in various litigation pending in the Court, the District Court and courts of the State of New York which include the commencement of 27 adversary proceedings. Indeed, the Plan Administrator has successfully resolved several litigation and liquidated several assets of Exeter for the benefit of Exeter's estate and creditors. By deed dated March 20, 2001, and recorded on May 8, 2001, Virginia Principi, also known as Virginia O'Connor, also known as Virginia O'Connor Principi, purchased the Real Property. A review of the transactional history of encumbrances on the Real Property reflects a long history of numerous mortgages, assignments, subordinations, spreader agreements, partial releases and lienholder agreements. As a result of the mortgage transactions, Nationstar Mortgage, LLC holds a first priority mortgage secured lien against the Real Property and Exeter holds the second and third mortgages secured against the Real Property. On April 5, 2016, the Plan Administrator filed an involuntary Chapter 7 petition against Principi with an undersecured claim at the time in excess of $1 million. On April 26, 2016, Principi filed an Answer contesting the involuntary petition. By Order dated June 2, 2016 in the Principi bankruptcy case, the disputes between the Plan Administrator and Principi were referred to Mediation. On July 6, 2016, Mediation was conducted and a resolution was reached. The Stipulation provided for a consensual sale of the Real Property with a sharing of sale proceeds. Specifically, the Plan Administrator agreed to designate Principi's choice of broker, Douglass Elliman Real Estate, East Hampton, New York with an exclusive period to market and sell the Real Property through Nov. 30, 2016. No offer was ever conveyed to the Plan Administrator. As a result, and in accordance with the Stipulation, after the First Broker's exclusivity period expired, the Plan Administrator began interviewing brokers and auctioneers to list the Real Property for sale. The Plan Administrator retained Maltz Auctions. The Second Broker conducted a robust marketing program with open houses and a public auction sale held on May 24, 2017. Although the Auction Sale was well attended with registered bidders, the highest bid for the Real Property was only approximately $1.2 million. Given that Nationstar is owed in excess of the high bid from the Auction Sale, the Plan Administrator was unable to confirm the sale to the successful bidder from the Auction Sale. Thereafter, the Plan Administrator retained a third broker, Jordan Glass, LLC ("Third Broker") to market and sell the Real Property. The Third Broker brought the Purchasers to view and inspect the Real Property and, after negotiations, the Plan Administrator accepted an offer of $1,700,000 to purchase the Real Property. After one full year, and three brokers marketing the Real Property, the Plan Administrator believes that the Purchaser made the highest and best offer for the Real Property. In pertinent part, the Sale Agreement provides for a purchase price of $1,700,000, all cash, without any financing contingency. The down payment of $170,000 has already been received by the Plan Administrator and is being held in his account pending the Court's approval of the Sale in the matter. The Purchasers are obligated to tender the balance of the Purchase Price at the closing on the Real Property. Further, the Purchasers will be obligated to pay transfer taxes (if applicable) the mansion tax and costs associated with the preparation and filing of any required recording documents. In addition to the Purchase Price, the Purchasers have also agreed to pay 1% ($17,000) of the Third Broker's 6% commission. The Sale Agreement further states that the Real Property will be sold "as is, where is" free and clear of all the Liens, with such Liens to attach to the proceeds of the Sale in the same amount and priority as they existed as of the date Exeter was filed into bankruptcy. Moreover, the Sale Agreement provides for terms and procedures for closing on the Sale of the Real Property. The Purchasers will close on the Sale on a date which is not later than 30 calendar days from the date of entry of an Order of the Court confirming the sale of the Real Property to the Purchasers, time being of the essence. A copy of the Sale Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Exeter_Holding_440_Sales.pdf Upon Court approval, the Plan Administrator is ready, willing and able to move forward with the Sale and to close on the Real Property. Based on the foregoing, the Plan Administrator submits that approval of the Sale Agreement is beneficial to the estates. Accordingly, the Plan Administrator asks the Court to approve the relief sought. The Plan Administrator further asks that any order approving the sale of the Real Property includes a waiver of the stay under Bankruptcy Rule 6004(h). The Purchasers can be reached at: Andrew Berman and Mollie Cohen 89 Marine Blvd. Amagansett, NY 11930 The Purchasers is represented by: Kathryn Dalli, Esq. TWOMEY, LATHAM, SHEA, KELLEY, DUBIN & QUARTARARO, LLP 33 West Second Street P.O. Box 9398 Riverhead, NY 11901 Virginia Principi can be reached at: Virginia Principi LAMONICA HERBST & MANISCALLO, LLP 3305 Jerusalem Ave., Suite 201 Wantagh, NY 11793 The Plan Administrator can be reached at: Gary F. Herbst, Esq. LAMONICA HERBST & MANISCALLO, LLP 3305 Jerusalem Ave., Suite 201 Wantagh, NY 11793 - and - Jordan Pilevsky, Esq. LAMONICA HERBST & MANISCALLO, LLP 3305 Jerusalem Ave., Suite 201 Wantagh, NY 11793 About Exeter Holding On Nov. 9, 2011, an involuntary petition for relief under Chapter 11 of the Bankruptcy Code was filed against Exeter Holding Ltd., (Bankr. E.D.N.Y. Case No. 11-77954). On Jan. 18, 2012, the Court entered an Order for Relief under Chapter 11 of the Bankruptcy Code. By Order dated July 8, 2013, the Court confirmed Exeter's amended plan of liquidation. The Exeter Plan provided for the appointment of the Plan Administrator, Gary F. Herbst. GENERAL MOTORS: Claims of Drivers in 6 States Axed -------------------------------------------------- Emily Field, writing for Bankruptcy Law360, reports that U.S. District Judge Jesse Furman axed claims brought by drivers in six states and Washington, D.C., who bought cars from Old GM before the Debtor's 2009 bankruptcy sale, but held off on deciding claims from nine other states in the ignition switch litigation. Judge Furman first determined that U.S. bankruptcy law didn't bar the drivers' claims, but then applied Delaware law to dismiss the claims of drivers from California, D.C., Florida, Louisiana, and Massachusetts, among others. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. GO LAWN: U.S. Trustee Unable to Appoint Committee ------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Go Lawn Inc. as of August 28, according to a court docket. About Go Lawn Inc. Based in Orlando, Florida, Go Lawn Inc. -- http://www.golawns.com/ -- provides lawncare maintenance services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-04697) on July 17, 2017. Howard Schwartz, president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge Roberta A. Colton presides over the case. Lanigan & Lanigan, PL represents the Debtor as bankruptcy counsel. GRAND ABBACO: Oct. 13 GV-Led Trustee's Auction of All Assets ------------------------------------------------------------ Judge A. Jay Cristol of the U.S. Bankruptcy Court for the Southern District of Florida authorized bidding procedures and the Purchase and Sale Agreement with GV Nassau, LLC in connection with the sale by Drew M. Dillworth, Chapter 11 Trustee for Grand Abbaco Development of Village West Corp., of substantially all assets for $1,000,000. The bid submitted by GV as the stalking horse bid is deemed a Qualified Bid and GV as the stalking horse bidder is deemed a Qualified Bid without further action or process. Accordingly, GV is entitled to all of the bidding protections pursuant to the Bidding Procedures, including payment of a Break-Up Fee if GV is not the Prevailing Bidder. As further described in the Bidding Procedures, the deadline for submitting bids for the Assets will be Oct. 10, 2017 (three business days before the Auction). The Trustee may sell the Assets and enter into the transaction contemplated by the Agreement by conducting an Auction in accordance with the Bidding Procedures. The salient terms of the Bidding Procedures are: a. Bid Deadline: Oct. 10, 2017 b. Bidder Deposit: $100,000 c. Initial Overbid Amount: $55,000 ($50,000 Breakup Fee plus $5,000). The purchase price will be equal to or greater than $2,215,000 for the Nassau Real Property and/or equal to or greater than $1,055,000 for the Abbaco Real Property. d. Bid Deadline: three business days before the Auction e. Breakup Fee: If GV is not the successful bidder at the Auction, GV will be entitled to a Breakup Fee in the amount of $50,000. f. Auction: Oct. 13, 2017 at 10:00 a.m. (PET) at the offices of at the C. Clyde Atkins United States Courthouse, 301 N. Miami Avenue, Courtroom 7, Miami, Florida. If, however, no such Qualified Bid is received by the Bid Deadline, then the Auction will not be held and the Trustee will ask Court approval of the Sale to GV in accordance with the Agreement. g. Bid Increments: $10,000 h. Sale Hearing: Oct. 13, 2017 at 2:00 p.m. (PET). i. Sale Objections Deadline: No later than Oct. 13, 2017 at 4:30 p.m. (PET) Within three business days after entry of the Bidding Procedures Order, the Trustee will cause the Auction and Sale Notice to be sent upon all Notice Parties. The form of the Agreement is approved in all respects, except that Section 7.1(d) of the Agreement is revised as follows: Offer for Assemblage. By Seller, in the event that Seller receives a bona fide offer from a third party to purchase the assemblage, more particularly described on Schedule 2 attached hereto (the "Assemblage"), acceptable to Seller prior to five days before the Auction (at which point the Seller can cancel the Auction and this Agreement will be deemed terminated). In the event of such termination pursuant to this Section 7.1(d), Escrow Agent will promptly return the Deposit to Purchaser, and thereafter this Agreement will be null and void, and neither party will have any further or other obligation to the other. The stay provided for in Bankruptcy Rules 6004(h) is waived and the Bidding Procedures Order will be effective immediately upon its entry. All time periods set forth in this Bidding Procedures Order will be calculated in accordance with Bankruptcy Rule 9006(a). A copy of the Notice and the Bidding Procedures attached to the Order is available for free at: http://bankrupt.com/misc/Grand_Abbaco_158_Order.pdf About Grand Abbaco Development Grand Abbaco Development of Village West Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-14286) on March 27, 2016. The Debtor is represented by Michael Marcer, Esq., at Marrero, Chamizo, Marcer Law, LP. On April 14, 2017, the Court entered its Order Directing Appointment of Chapter 11 Trustee. On the same date, the Acting United States Trustee appointed Drew M. Dillworth as the Chapter 11 Trustee. GREAT FOOD GREAT FUN: Hires Andreozzi Bluestein as Counsel ---------------------------------------------------------- Great Food Great Fun, LLC, et al., seek permission from the U.S. Bankruptcy Court for the Western District of New York to employ Andreozzi Bluestein LLP as their general bankruptcy counsel. The Debtors require Andreozzi Bluestein to: a. advise the Debtors of their rights, powers and duties as debtors and debtors-in-possession continuing to operate their businesses and properties under Chapter 11 of the Bankruptcy Code; b. prepare, on behalf of the Debtors, any necessary and appropriate applications, motions, draft orders, other pleadings, notices, schedules and other documents, and review financial and other reports to be filed in these Chapter 11 cases; c. advise the Debtors concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed and served in these Chapter 11 cases; d. advise the Debtors with respect to, and assist in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; e. advise and counsel the Debtors with respect to any sales of their assets and negotiate and prepare the agreements, pleadings and other documents related thereto; f. review the nature and validity of any liens asserted against the Debtors' property and advise the Debtors concerning the enforceability of such liens; g. advise the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of their estates; h. counsel the Debtors in connection with the formulation, negotiation and drafting of an anticipated joint plan of reorganization and related documents; i. advise the Debtors concerning executory contracts and unexpired lease assumptions, assignments and rejections and lease restructurings; j. assist the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' estates, including, but not limited to, claims of taxing authorities; k. commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtors, protect assets of the Debtors' Chapter 11 estates or otherwise further the goals of completing the Debtors' successful reorganization and/or any potential sale of assets or negotiation of new investment in the Debtors' business; l. provide general corporate, litigation, tax and other non-bankruptcy services as requested by the Debtors; and m. appear in Court on behalf of the Debtors as needed in connection with these Chapter 11 cases for or on behalf of the Debtors. Andreozzi Bluestein lawyers and paralegal who will work on the Debtors' cases and their hourly rates are: Daniel F. Brown, partner 4350 Ruth R. Wiseman, associate $250 Royston Mendonza, associate $250 Melissa A. Brennan, paralegal $175 Prior to the Filings, Andreozzi Bluestein received a joint retainer of $30,000.00 for bankruptcy related services in these cases. As of the Filings, Andreozzi Bluestein held $16,958.50 in its retainer account. Daniel F. Brown, Esq., partner at the law firm of Lowenstein Sandler, assured the Court 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. Andreozzi Bluestein can be reached at: Daniel F. Brown, Esq. Andreozzi Bluestein LLP 9145 Main Street Clarence, New York 14031 Direct Dial: (716) 235-5030 Tel: (716) 633-3200, Ext. 318 Fax: (716) 565-1920 E-mail: dfb@andreozzibluestein.com About Great Food Great Fun and Professional Hospitality Great Food Great Fun, LLC, and Professional Hospitality, LLC, filed separate Chapter 11 petitions (Bankr. W.D.N.Y. Case Nos. 17-11557 and 17-11558, respectively) on July 24, 2017. Judge Carl L. Bucki presides over the Debtors' cases. Daniel F. Brown, Esq., at Andreozzi Bluestein LLP, serves as counsel to the Debtors. HOUSTON AMERICAN: Provides Update on Upcoming Drilling Plans ------------------------------------------------------------ Houston American Energy Corp. provided an update with respect to the status of its operations, the anticipated commencement of production and upcoming drilling plans in Reeves County, Texas. The Company's O'Brien #3H well has been successfully hydraulically fractured in the Lower Wolfcamp A Zone and flow back was scheduled Aug. 25, 2017. With completion of drilling operations on the O'Brien #3H well, the drilling rig was released on July 1, 2017, and hydraulic fracturing of the well commenced on Aug. 14, 2017. The O'Brien production facilities are nearing the final phase of construction and should be ready to receive production of oil and gas from the O'Brien #3H as the well unloads over the coming days and weeks. Preliminary test results, performed prior to commencement of the hydraulic fracture stimulation job, included oil produced to the surface. A few miles to the south, on the Johnson tract, construction of the gas flowline is nearing completion to connect the Johnson State #1H well to the gas sales point. The Company anticipates that both of the new wells will be put on production during the month of September 2017. John P. Boylan, CEO and president of Houston American stated, "We are very pleased with the efficiency and performance of our operating partner, with our two initial Reeves County wells coming in on or ahead of schedule. We anticipate announcing productivity results from fracking of the Wolfcamp A in the O'Brien #3H well once known. Our next two wells, one on the eastern half of the O’Brien tract, (18.67% working interest) and one on the Johnson tract, (25% working interest) are planned to be drilled sequentially as was the case with our first two wells. The operator anticipates the wells will spud toward the end of 4th Quarter 2017, depending on rig availability." About Houston American Energy Corp. Based in Houston, Texas, Houston American Energy Corp. (NYSEMKT:HUSA) -- http://www.HoustonAmericanEnergy.com/-- is an independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company's business strategy includes a property mix of producing and non-producing assets with a focus on Texas, Louisiana and Colombia. Houston American reported a net loss of $2.64 million on $165,910 of oil and gas revenue for the year ended Dec. 31, 2016, compared to a net loss of $3.83 million on $429,435 of oil and gas revenue for the year ended Dec. 31, 2015. As of June 30, 2017, Houston American had $4.86 million in total assets, $616,366 in total liabilities and $4.24 million in total shareholders' equity. GBH CPAs, PC, in Houston, Texas -- http://www.gbhcpas.com/-- issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. HVS ENTERPRISE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of HVS Enterprise, Inc. as of August 28, according to a court docket. HVS Enterprise is represented by: Edward J. Troy, Esq. Law Office of Edward J. Troy 44 Broadway Greenlawn, NY 11740 Tel: 631-239-6817 Fax: 631-239-68189 Email: edwardtroy@optonline.net About HVS Enterprise Inc. HVS Enterprise, Inc. owns a rental property at 310 Laurel Lane, Laurel Hollow, New York. The Debtor intends to continue the operation of its business during the pendency of the Chapter 11 proceedings. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-74454) on July 23, 2017. The petition was signed by Ruby Singh, president. At the time of the filing, the Debtor disclosed that it had estimated assets of $1 million to $10 million. Judge Alan S. Trust presides over the case. The Law Office of Edward J. Troy represents the Debtor as bankruptcy counsel. I.K.E. ELECTRICAL: Hires Kotulak & Co. as Accountant ---------------------------------------------------- I.K.E. Electrical Corp., seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Kotulak & Co., PC as accountant for the Debtor-in-Possession. The Debtor requires Kotulak & Co., to analyze its financial records, prepare tax returns and financial statements, evaluate the Debtor's financial condition, and prepare monthly operating reports as required by the Bankruptcy proceeding. Kotulak & Co.'s accountants who will work on the Debtor's case and their hourly rates are: Thomas Kotulak $200 Marina Kosoy $145 Jonathan Kotulak $130 David Armstrong $120 Rebecca Recio $60 Gina Gallichio $50 Thomas Kotulak, CPA, Kotulak & Company, 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. Kotulak & Co., may be reached at: Thomas Kotulak Kotulak & Company, P.C. 1035 U.S. Route 46, Suite B-107 Clifton, NJ 07013 Phone: 973-773-5050 About I.K.E. Electrical Corp. Headquartered in Closter, New Jersey, I.K.E. Electrical Corporation, doing business as IKE Electrical Corp., filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 16-18212) on April 28, 2016, estimating assets of less than $50,000 and liabilities of $1 million to $10 million. The petition was signed by Rebecca S. Adika, president. Judge John K. Sherwood presides over the case. David L. Stevens, Esq., at Scura, Wigfield, Heyer & Stevens, LLP, serves as the Debtor's bankruptcy counsel. The Debtor employed Gerard J. Onorata, Esq., Peckar & Abramson, P.C., and Ofeck & Heinze, LLP as special litigation counsel; and Martin D. Eisenstein, CPA, as accountant. IFA INSURANCE: Declared Insolvent, Oct. 31 Claims Bar Date Set -------------------------------------------------------------- The Hon. Paul Innes of the Superior Court of New Jersey Chancery Division, Mercer County, issued an order: -- declaring IFA Insurance Company ("IFA") to be insolvent, -- directing Christopher S. Porrino, Attorney General of New Jersey -- through William B. Puskas, Jr., Deputy Attorney General -- as attorney for plaintiff, Richard J. Badolato, Commissioner of the Department of Banking and Insurance of the State of New Jersey, to liquidate IFA, and -- permanently enjoining all persons and entities from pursuing litigation against IFA or from interfering with the commissioner's efforts to liquidate IFA. All creditors and other parties-in-interest have until October 31, 2017, to file proofs of claim. The insolvency case is Richard J. Badolato, Commissioner of the Department of Banking and Insurance of New Jersey, Plaintiff, v. IFA Insurance Company, Defendant, Docket No. MER-C-20-17 (N.J. Super.). The case commenced May 4, 2017. Attorney for plaintiff: William B. Puskas, Jr., Esq. Deputy Attorney General Tel: (609) 292-7669 Email: Puskas@dol.lps.state.nj.us IMAGE GRAPHICS: Taps First Legal as Bankruptcy Counsel ------------------------------------------------------ Image Graphics 2000, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ First Legal PA to, among other things, give legal advice regarding its duties under the Bankruptcy Code and negotiate with creditors in the preparation of a bankruptcy plan. First Legal will charge $250 per hour for the services of its attorneys and $95 per hour for paralegal services. The firm received a retainer from the Debtor in the sum of $5,000. Simona Burshteyn, Esq., disclosed in a court filing that the firm does not represent any interest adverse to the Debtor or its estate. The firm can be reached through: Simona Burshteyn, Esq. First Legal PA 1930 Harrison St., Suite 209 Hollywood, FL 33020 Tel: 954-998-1488 Fax: 954-703-6577 Email: Sburshteyn@firstlegalpa.com About Image Graphics 2000 Inc. Image Graphics 2000, Inc. -- http://igxboatwraps.com/-- provides graphic design services in Pompano Beach, Florida, and surrounding areas. Its services include boat wraps, commercial displays, vehicle wrapping, banners, bulk products, deck graphics and tournament sponsor wrapping. The company is a small business debtor as defined in 11 U.S.C. Section 101(51D). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-20585) on August 22, 2017. Wade Davis, vice-president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge John K. Olson presides over the case. IMPLANT SCIENCES: Equity Committee Wants Plan Effective Immediately ------------------------------------------------------------------- Jeff Montgomery, writing for Bankruptcy Law360, reports that William R. Baldiga, Esq., at Brown Rudnick LLP, counsel for Implant Sciences' official committee of equity security holders, has urged the Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware to make the plan effective immediately after his confirmation, in order to accelerate a shift in control to a liquidation trustee. According to Law360, Mr. Baldiga objected to what he claimed were eleventh-hour moves to drain extra cash from the estate. About FIAC Corp. f/k/a IMX Acquisition IMX Acquisition Corp., also known as Ion Metrics Inc., and its affiliates, designed and manufactured systems and sensors that detect trace amounts of explosives and drugs. The products, which include handheld and desktop detection devices, are used in a variety of security, safety, and defense industries, including aviation, transportation, and customs and border protection. They have sold more than 5,000 of their detection products to customers such as the United States Transportation Security Administration, the Canadian Air Transportation Security Authority, and major airports in the European Union. IMX Acquisition Corp. sought Chapter 11 protection (Bankr. D. Del. Case No. 16-12238) on Oct. 10, 2016. Its affiliates, Implant Sciences, C Acquisition Corp. and Accurel Systems International Corp. also sought Chapter 11 protection. The petitions were signed by William J. McGann, president. The cases are assigned to Judge Brendan Linehan Shannon. IMX estimated assets and liabilities in the range of $100 million to $500 million. The Debtors tapped Paul V. Shalhoub, Esq. and Debra C. McElligott, Esq., and Jennifer J. Hardy, Esq., at Willkie Farr & Gallagher, LLP, as counsel. Andrew Vara, acting U.S. trustee for Region 3, on Oct. 24, 2016, appointed Harold Coe and four others to serve on the official committee of equity security holders. Co-counsel to the Official Committee of Equity Security Holders are William R. Baldiga, Esq., and Gerard T. Cicero, Esq., at Brown Rudnick LLP, in New York, and Sunni P. Beville, Esq., at Brown Rudnick in Boston; and Mark Minuti, Esq., at Saul Ewing LLP, in Wilmington, Delaware. The Equity Committee tapped FTI Consulting, Inc., as financial advisor. The Committee also hired Higgs & Johnson to serve as its special counsel. Tannor Partners Credit Fund, LP., the New DIP Lender, is represented in the case by Andrew M. Felner, Esq., at Sheppard, Mullin, Richter & Hampton, LP. * * * L3 Technologies on Jan. 5, 2017, disclosed that it has completed its acquisition of the explosives trace detection (ETD) business of Implant Sciences. L3 had entered into an asset purchase agreement (APA) to acquire certain assets of Implant for $117.5 million in cash, plus the assumption of specified liabilities. The Debtors have changed their names following the sale: FIAC Corp. from IMX Acquisition Corp.; Secure Point Technologies from Implant Sciences; FCAC Corp. from C Acquisition Corp.; and FASIC Corp. from Accurel Systems International Corporation. INZI INC: To Make Monthly Payments to Unsecureds in 60 Months ------------------------------------------------------------- Inzi, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a disclosure statement dated Aug. 16, 2017, referring to the Debtor's plan of reorganization. The Class 4 Allowed Claims of Unsecured Creditors) are impaired by the Plan. All allowed unsecured creditors will share pro rata in the unsecured creditors pool. The Debtor will make equal monthly payments commencing on the Effective Date in an amount necessary to pay all unsecured creditors with allowed claims in full in 60 months from the Effective Date. The Debtor will make distributions to the Class 4 creditors every 90 days commencing 90 days after the Effective Date. Based upon the Debtor's schedules and the proof of claim on file the total amount of Unsecured Creditors will not exceed $170,000. However, of this total, Empire has filed a proof of claim in the amount of $80,949.02. The Debtor disputes the amount of the Empire Proof of Claim and will be filing an objection to that claim. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/txnb16-34754-46.pdf Inzi, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 16-34754) on Dec. 9, 2016, listing under $1 million in both assets and liabilities. It is represented by Eric A. Liepins, Esq., at Eric A. Liepins, P.C. J.J. BAKER: Seeks to Hire Robert Kollmeier as Auctioneer -------------------------------------------------------- J.J. Baker, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire an auctioneer. The Debtor proposes to employ Robert Kollmeier to conduct a sale of its real properties pursuant to its Chapter 11 plan of liquidation, which the bankruptcy court confirmed on June 23. Mr. Kollmeier will get a commission of 6% of the gross proceeds from the sale of the Debtor's real estate, plus $3,000 in advertising costs for the auction of commercial properties. In a court filing, Mr. Kollmeier disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. About J.J. Baker J.J. Baker, LLC has been in the business of developing and renting commercial real estate in Bolivar, Missouri, since 2003. The Debtor filed a Chapter 11 petition (Bankr. W.D. Mo. Case No. 16-60866) on August 29, 2016. Jack J. Baker and Lynda E. Baker, managing members, signed the petition. At the time of the filing, the Debtor disclosed $3.34 million in assets and $1.85 million in liabilities. The Debtor is represented by Mariann Morgan, Esq., at Checkett & Pauly, P.C. An official committee of unsecured creditors has not been appointed in the case. On May 16, 2017, the Debtor filed a Chapter 11 liquidating plan. The court confirmed the plan on June 23. J.J. BAKER: Sept. 14 Auction of Properties by Kollmeier ------------------------------------------------------- J.J. Baker, LLC, filed with the U.S. Bankruptcy Court for the Western District of Missouri a notice of its auction sale of its properties: (i) two houses, one duplex and six townhouses 2375 Pike Parcel ID 89-11-0.6-14-000-000-068.005; (ii) office building 855 E. Mt. Gilead Rd. parcel ID 89-11-0.6-13-000-000-027.002; (iii) restaurant at 107-109 Main Street Parcel ID89-11-0.1-02-004-036-007.000; (iv) office building located at 220-308 W. Jackson, Bolivar, Missouri; (v) pizza restaurant and office at 107 A/B East Broadway Parcel D#89-11-0.1-003-033-008.00; (vi) 60 acres of raw land comprised of three parcels-Parcel ID #89-11-0.1-02-002-003-00.1.002 (9.08 acres); Parcel ID #89-11-0.1-02-002-003-005.00 (8.71 acres); Parcel ID #89-11-0.2-03-000-000-009.00 (39.69 acres). The Debtor, pursuant to the Amended Liquidated Plan filed May 23, 2017, and the Confirmation Order entered June 23, 2017, will auction the Properties. As contemplated by the Confirmed Plan, it has filed a motion to employ and pay Robert Kollmeier to auction the Properties. The auction will take place on Sept. 14, 2017, 12:00 p.m. at 2375 S. Pike Ave., Bolivar, Missouri, to be conducted by Kollmeier of Springfield, Missouri, Tel No. (417) 839-6619. Terms of the auction are cash and with reserve. Inspection of the property and information regarding the property can be obtained by contacting the auctioneer or by viewing his Web site at http://www.bobkauctions.com/ The trustee will pay at closing from sale proceeds: (i) auctioneer commission to Robert Kollmeier of 6% of gross sale price; (ii) Polk County real estate taxes in the amount of $41,590; (iii) lien of Farmer's State Bank in the amount of $1,809,167; (iv) ordinary and necessary auction costs and expenses; and (v) attorney fee to Checkett & Pauly as approved by the Court. The properties will be sold free and clear of liens. The lien of Farmers State Bank will attach to the sale proceeds and the proceeds. Any response or objection to the Motion must be filed within 10 days of the date of the Notice. About J.J. Baker J.J. Baker, LLC has been in the business of developing and renting commercial real estate in Bolivar, Missouri, since 2003. J.J. Baker filed a Chapter 11 petition (Bankr. W.D. Mo. Case No. 16-60866) on Aug. 29, 2016. Jack J. Baker and Lynda E. Baker, managing members, signed the petition. At the time of the filing, the Debtor disclosed $3.34 million in assets and $1.85 million in liabilities. The Debtor is represented by Mariann Morgan, Esq., at Checkett & Pauly, P.C. An official committee of unsecured creditors has not been appointed in the case. KENNETH MANIS: Selling Baxter Property for $15K ----------------------------------------------- Judge Charles M. Walker of the U.S. Bankruptcy Court for the Middle District of Tennessee will convene a hearing on Sept. 26, 2017 at 9:00 a.m. to consider the sale by Kenneth D. and Jenifer N. Manis of their real property located at 110 Rachelle Place, Baxter, Tennessee, for $14,600. The objection deadline is Sept. 15, 2017. Ms. Manis, is the 50% owner of the Property which was conveyed by Quit Claim Deed on Nov. 9, 2015. The Property is owned jointly with Lisa Geer, who also wishes to have the property sold. The Property is unimproved land which is part of a development that has been marketed and sold by the Debtors. They believe that $14,600 represents the fair market value of the Property. From the sale proceeds, the Debtors propose to pay the costs of the closing attorney, an owner's title insurance policy, the deed tax and all outstanding property taxes, the total of which is estimated to be approximately $650. Said sale will be free and clear of the interests of any lien holder; however, said lien will attach to the proceeds of the sale and will be distributed pursuant to the priority of lienholders. The lienholder, Putnam 1st Mercantile Bank has agreed to release its lien for the stated sale price, as long as all proceeds are applied to the loan. About Kenneth and Jennifer Manis Kenneth D. Manis and Jennifer N. Manis sought Chapter 11 protection (Bankr. M.D. Tenn. Case No. 17-00788) on Feb. 6, 2017. The Debtors tapped Steven L. Lefkovitz, Esq., at the Law Offices Lefkovitz & Lekovitz, as counsel. LEXINGTON HOSPITALITY: Hires Delcotto Law Group as Counsel ---------------------------------------------------------- Lexington Hospitality Group, LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ DelCotto Law Group PLLC as general counsel effective as of August 3, 2017. The Debtor requires DLG to: a. take all necessary action to protect and preserve the Estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objections to claims filed against the Estate; b. prepare on behalf of the Debtor as a Debtor in Possession, necessary motions, applications, schedules, statements, answers, orders, reports and papers in connection with the administration of the Estate; c. negotiate and prepare on behalf of the Debtor, a plan of reorganization and all related documents; and d. perform other necessary legal services in connection with these Chapter 11 cases. The Firm will be paid at these hourly rates: Attorneys $200-$475 Paralegals $150 The Firm has received a $25,000 retainer for the services rendered by the Firm in connection with prepetition services and the preparation of this Chapter 11 case. It has applied $8,047 to the services rendered prepetition, including filing fees, and now holds the sum of $16,953 in its escrow account. The Firm will be reimbursed for reasonable out-of-pocket expenses incurred. Laura Day DelCotto, Esq., a member of the law firm of DelCotto Law Group PLLC, 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. The Firm may be reached at: Laura Day DelCotto, Esq. DelCotto Law Group PLLC 200 North Upper Street Lexington, KY 40507 Tel: (859) 231-5800 Fax: (859) 281-1179 E-mail: ldeclotto@dlgfirm.com About Lexington Hospitality Headquartered in Aurora, Illinois, Lexington Hospitality Group LLC -- http://www.clarionhotellexingtonky.com/-- owns the Clarion Hotel Conference Center South, a hotel located at 5532 Athens Boonesboro Road Lexington, Kentucky, known as Clarion Hotel Conference Center South. The Hotel, located in the heart of the bluegrass and 'Horse Capital of the World,' has 149 well-appointed guest rooms, an indoor heated pool and hot tub, a seasonal outdoor pool, a fitness center and an on-site restaurant and bar. Lexington Hospitality filed for Chapter 11 bankruptcy protection (Bankr. E.D. Ky. Case No. 17-51568) on Aug. 3, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Kenneth Moore/Janee Hotel Corporation, manager. Judge Gregory R. Schaaf presides over the case. Laura Day DelCotto, Esq., Jamie L. Harris, Esq., and Sara A. Johnston, Esq., at Delcotto Law Group PLLC, serve as the Debtor's bankruptcy counsel. LIVING WORD: Unsecureds to Recover 100% in 60 Months Under Plan --------------------------------------------------------------- The Living Word Faith Center filed with the U.S. Bankruptcy Court for the Southern District of Texas a disclosure statement dated Aug. 16, 2017, referring to the Debtor's plan of reorganization. Allowed general unsecured claims will be paid 100% of their claims in 60 monthly payments. Their payments will be due and payable starting on the 15th day of the first month following 60 days after the effective date of the plan. These claims are impaired. Payments and distributions under the Plan will be funded by ordinary business income of the Church. As to a default under the plan, any creditor remedies allowed by 11 U.S.C. Section 1112(b)(4)(N) will be preserved to the extent otherwise available at law. In addition to any rights specifically provided to a claimant treated pursuant to the Plan, a failure by the Reorganized Debtor to make a payment to a creditor pursuant to the terms of the Plan will be an event of default as to the payments if the payment is not cured within 30 days after service of a written notice of default from the creditor, then the creditor may exercise any and all rights and remedies under applicable non-bankruptcy law to collect claims or seek relief as may be appropriate in the U.S. Bankruptcy Court. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/txsb17-32381-38.pdf About The Living Word Faith Center Based in Missouri City, Texas, The Living Word Faith Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-32381) on April 19, 2017. The petition was signed by Bishop John L. Hickman, Jr. The case is assigned to Judge Jeff Bohm. At the time of the filing, the Debtor disclosed $2.05 million in assets and $1.65 million in liabilities. No official committee of unsecured creditors has been appointed in the Debtor's case. M & J ENERGY: Taps H. Kent Aguillard, J. Mouton as Attorneys ------------------------------------------------------------ M & J Energy Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire legal counsel. The company proposes to employ H. Kent Aguillard, Esq., and John Mouton III, Esq., to give legal advice regarding its duties under the Bankruptcy Code and provide other legal services related to its Chapter 11 case. Mr. Mouton will charge $350 per hour for his services. Mr. Aguillard's hourly fee ranges from $390 to $425. Mr. Aguillard has no connection with the company or any of its creditors. Meanwhile, the other lawyer had previously represented M & J but is not owed any amount by the company, according to court filings. Mr. Aguillard maintains an office at: Kent H. Aguillard, Esq. P.O. Drawer 391 Eunice, LA 70535 Tel: (337) 457-9331 Email: kaguillard@yhalaw.com Mr. Mouton maintains an office at: John A. Mouton, III P.O. Box 82438 Lafayette, LA 70598 Phone: (337) 988-6499 Email: john@jmoutonlaw.com About M & J Energy Group LLC Founded in 2006, M & J Energy Group, LLC -- https://www.mjenergygroup.com -- is an oil and natural gas company in Broussard, Louisiana. The Debtor provides hydrostatic testing, torquing, bolting and construction services. It is currently working in Texas, Louisiana, Gulf of Mexico and Florida, and had done work in Pennsylvania, West Virgina, Wyoming, Oklahoma, Ohio, and Mississippi. M & J Energy's corporate office is in Scott, Louisiana while its two satellite offices are in Houma, Louisiana and Ingelside, Texas. The Debtor is ISNetworld certified and also DISA certified. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 17-51115) on August 24, 2017. Slade Sanders, owner, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Robert Summerhays presides over the case. M&K WALKER: Wants to Obtain DIP Financing From WEX Bank ------------------------------------------------------- M&K Walker & Sons Trucking, LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia for authorization to obtain and continue accounts receivable financing from WEX Bank, a Utah corporation, use cash collateral. Prior to the Petition Date, WEX and the Debtor entered into an Accounts Purchasing Agreement dated March 1, 2017. Pursuant to the Financing Agreement, WEX agreed to provide accounts receivable financing to M&K. Upon the sale of each invoice, WEX advances to the Debtor 92% of the face value of each invoice. When the customer tenders payment, WEX advances the remaining 8%, less its factoring fees, which range from 1.75% to 2.25% depending on the number of outstanding days from collection. WEX maintains a "Reserve" account of 6% of the outstanding face value of invoices as security for its obligations. To continue its operations and maintain its cash flow, the Debtor requires accounts receivable financing. The Debtor sells to its customers on net 30 day terms, but customers in the industry regularly pay their invoices in 45 or 60 days. The Debtor requests permission to continue this factoring arrangement and enter into the "Debtor in Possession Addendum to Accounts Purchase Agreement." Thus, factoring allows the Debtor to access 92% of its accounts receivable in 24 to 72 hours and the balance upon payment of the invoice from the customer. Without this accounts receivable financing the Debtor will lack access to sufficient working capital to expand its manufacturing and sales efforts. The Debtor and Wex have agreed to grant, as adequate protection for any diminution in the value of its prepetition collateral, and the proceeds thereof, and cash collateral, and the proceeds thereof, a valid, perfected and enforceable first-priority security interest in and upon all of the categories and types of collateral in which WEX Bank held a security interest and lien as of the Petition Date, including, without limitation, cash collateral, and the proceeds thereof. The Debtor is unable to obtain financing on more favorable terms from sources other than WEX. The Lender is vital to the Debtors continued post-petition business operations. A copy of the Debtor's motion is available at: http://bankrupt.com/misc/ganb17-64328-3.pdf About M&K Walker & Sons M&K Walker & Sons Trucking, LLC, is a licensed and bonded freight shipping and trucking company running freight hauling business from Marietta, Georgia. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). The Debtor is an affiliate of Milton and Kathy Walker, who jointly sought bankruptcy protection (Bankr. N.D. Ga. Case No. 17-61756) on July 5, 2017. M&K Walker filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 17-64328) on Aug. 16, 2017, listing $647,000 in total assets and $1.08 million in total liabilities. The petition was signed by Brenton Walker, manager. Judge Paul Baisier presides over the case. Will B. Geer, Esq., at the Law Office Of Will B. Geer, LLC, serves as the Debtor's bankruptcy counsel. M&K WALKER: Wants to Use Retail Capital's Cash Collateral --------------------------------------------------------- M&K Walker & Sons Trucking, LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to pay operating expenses of the business, including, but not limited to, the insurance and property taxes. Retail Capital, LLC, doing business as Credibly, asserts a first priority security interest in all accounts of the Debtor, with the exception of the accounts held by Wex. Approximately 20% of Debtor's revenue comes from accounts serving as security for Credibly's asserted claim. In order to effectively reorganize, the Debtor must have access to cash to pay the operating expenses of the Business. If Debtor does not have the authority to use their available cash to pay operating expenses of the Business, including insurance, payroll, and gas, the business will be irrevocably harmed. Cash collateral will be used only pursuant to the terms of the budget during the period following entry of the Interim Order until the earlier of: (i) 45 days following entry of the interim court order; (ii) conversion of the case to Chapter 7 or dismissal of the case; or (iii) the Debtors' violation of the terms of the Interim Order, including failure to comply with the budget. As adequate protection for the cash collateral expended pursuant to the interim court order, Credibly will be given a replacement lien on identical collateral wherever located belonging to Debtor, to the extent and validity of those liens that existed prepetition. A copy of the Debtor's request is available at: http://bankrupt.com/misc/ganb17-64328-4.pdf About M&K Walker & Sons M&K Walker & Sons Trucking, LLC, is a licensed and bonded freight shipping and trucking company running freight hauling business from Marietta, Georgia. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). The Company affiliated with Milton and Kathy Walker, who jointly sought bankruptcy protection on July 5, 2017 (Bankr. N.D. Ga. Case No. 17-61756). M&K Walker & Sons filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 17-64328) on Aug. 16, 2017, listing $647,000 in total assets and $1.08 million in total liabilities. The petition was signed by Brenton Walker, as manager. Judge Paul Baisier presides over the case. Will B. Geer, Esq., at the Law Office Of Will B. Geer, LLC, serves as the Debtor's bankruptcy counsel. M2J2 LLC: Sale of Bedford Property to Ceci for $2M Approved ----------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York authorized M2J2, LLC's sale of commercial real property located at 97 Bedford Banksville Road, Bedford, New York, also described in the local tax maps as Section 102.1, Block 2, Lot 58.1, Town of Bedford, New York, to Benedetto Ceci or an entity to be formed by them for $2,050,000. A hearing on the Motion was held on Aug. 22, 2017. The sale is free and clear of all Liens and Claims, with all such Liens and Claims to attach to the sale proceeds in the same amount and order of priority, with the same validity and enforceability, and subject to the same defenses as existed immediately before the closing of the sale. The Debtor is authorized to pay, at or as soon as practicable after the closing of the sale under the Agreement, from the sale proceeds: (i) $4,500 to Peter Spino, Esq. on account of legal fees for sale related/closing services, and (ii) a 6% real estate brokerage commission ($123,000) to Houlihan Lawrence, Inc, to be divided with any co-broker as provided in the brokerage agreement. The Debtor is further authorized to pay from the proceeds of the sale all reasonable, customary and necessary costs of closing the transaction including, but not limited to, title costs, and the usual closing adjustments including, but not limited to, recordation charges, documentary stamp charges, and real estate taxes to the extent owing. After payment of the amounts authorized above, the Debtor is authorized to pay the balance of the debt secured by the mortgage held by Farm Credit East, ACA (with any successor or assign) in full satisfaction of its mortgage and mortgage lien on the Property, and, for this sum, to obtain Farm Credit's satisfaction and release of its mortgage lien. Sale proceeds equal to any disputed amounts with respect to such mortgage debt, if any, will be held in escrow by Closing Counsel or by Nathan Horowitz, Esq., attorney for the Debtor, pending further order of this Court or agreement by the parties, and such escrow payment, combined with the payment of all undisputed amounts owed to Farm Credit in respect of its mortgage debt on the Property as provided will be deemed to constitute full payment. Upon the foregoing payment to Farm Credit, Farm Credit's Proof of Claim in the case will be deemed modified to reflect such payment. Any remaining proceeds of the sale under the Agreement after payment of the foregoing items from the sale proceeds will be used to pay any other valid and enforceable, unsatisfied judicial or other liens against the Property, in the order of their priority, as reflected on a duly issued Title Report (with any disputed amounts to be held in escrow by Closing Counsel or by Nathan Horowitz, Esq.), pending further order of the Court or agreement by the parties, and such escrow payment, combined with the payment of all undisputed amounts in respect of such liens; and upon such payment the Debtor will be entitled to be provided with satisfactions of judgments/liens with respect to such liens on the Property. As soon as practicable after the closing of such sale, the Debtor will cause to be filed with the Court, with copy to the Trustee, a Certificate that the closing took place and reflecting the gross proceeds received and a detailed list of the distributions made in conformity with the Order. The 14-day stay of this Order under Fed.R. Bankr.P. 6004(h) is waived, for cause, and the Order is effective immediately upon its entry. About M2J2, LLC M2J2 LLC, based in Bedford, N.Y., filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-22876) on June 28, 2016. In its petition, the Debtor disclosed $2.75 million in total assets and $1.12 million in total liabilities. The petition was signed by Meredith F. Troy, sole member. The Hon. Robert D. Drain presides over the case. Nathan Horowitz, Esq., serves as bankruptcy counsel to the Debtor. Garry Klein of Houlihan Lawrence Commercial Group is the real estate broker. MILLER ENERGY: KPMG Agrees to Over $6.2M in Fines for Audit Lapses ------------------------------------------------------------------ Carmen Germaine, writing for Bankruptcy Law360, reports that the U.S. Securities and Exchange Commission said that KPMG LLP has agreed to pay more than $6.2 million in disgorgement and fines to settle SEC's accusations that it failed to catch that Miller Energy Resources, Inc., had overstated oil and gas assets by hundreds of millions of dollars. According to the report, KPMG agreed to the settlement without admitting or denying the allegations. About Miller Energy Resources Miller Energy Resources, Inc. -- http://www.millerenergyresources.com/-- is an oil and natural gas production company focused on Alaska. The Company has a substantial acreage, reserve, and resource position in the State, significant midstream and rig infrastructure to support production, and 100% working interest in and operatorship of most of its assets. Miller Energy Resources and 10 of its affiliates filed Chapter 11 bankruptcy petitions (Bank. D. Alaska Lead Case No. 15-00236) on Oct. 1, 2015. Carl F. Giesler, Jr., the CEO, signed the petitions. Judge Gary Spraker is assigned to the cases. The Debtors have engaged Andrews Kurth LLP as counsel, David H. Bundy P.C., as local counsel, Seaport Global Securities as financial advisor, and Prime Clerk as claims and noticing agent. On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became the subject of an involuntary Chapter 11 case filed by four creditors asserting to have an aggregate claim of $2.8 million. The petitioning creditors were Baker Hughes Oilfield, M-I LLC, Schlumberger Tech. Corp, and Baker Petrolite, LLC. Judge Spraker granted an order for relief under Chapter 11 of the Bankruptcy Code on Oct. 2, 2015. On Oct. 16, 2015, the U.S. Trustee formed an official committee of unsecured creditors. The Committee tapped Snow Spence Green LLP as counsel and Erik LeRoy, P.C, as local counsel. The members of the Committee are: (i) Cruz Construction Inc., (ii) Baker Hughes Oilfield Operations, Inc., (iii) Cudd Pressure Control, Inc., (iv) Exxon Mobil Corporation, (v) Inlet Drilling Alaska, Inc., (vi) National Oilwell Varco LP, and (vii) Schlumberger Technology Corporation. Cook Inlet disclosed $180 million in assets and $212 million in liabilities in its schedules. MISSIONARY ASSEMBLY: Hires Ronald Passatempo as Special Counsel --------------------------------------------------------------- Missionary Assembly of God of Marlborough seeks authorization from the U.S. Bankruptcy Court for the District of Massachusetts to employ the Law Office of Ronald Passatempo as special counsel for Debtor. The Debtor owns a real property located at 373 Lincoln Street, Marlborough, Massachusetts. The property is commercial property that includes the church's worship space and space occupied by three tenants. The Debtor requires Passatempo to facilitate a sale -- including, negotiating the sale contract -- of the Marlborough property. The Debtor will compensate Passatempo at $375 per hour. Ronald Passatempo, Esq., at the Law Office of Ronald Passatempo, 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. Passatempo may be reached at: Ronald Passatempo, Esq. Law Office of Ronald Passatempo 200 Broadway, Suite 102 Lynnfield, MA 09140 Tel: 781-596-3100 E-mail: ron@passatempolaw.com About Missionary Assembly of God of Marlborough Inc. Missionary Assembly of God of Marlborough Inc. is a religious corporation as defined by Massachusetts law, and a Sec. 501(c)(3) charitable organization that operates as church for Christian fellowship. Its financial problems stem in part from a decline in attendance, but mostly from the fact that the mortgage on the property was a short-term, balloon mortgage which came due. Missionary Assembly of God filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 17-41182) on June 28, 2017, estimating under $50,000 in both assets and liabilities. The Hon. Elizabeth D. Katz presides over the case. The Debtor hired David G. Baker, Esq., at the Law Office of David G. Baker, as counsel. MOLINA: Modest Improvements Expected in 2017, Moody's Says ---------------------------------------------------------- Modest improvements are expected in 2017 for insurers Anthem, (Baa2 stable), Molina (B2 negative) and HCSC (A2 negative) after adapting to the Affordable Care Act (ACA) by adjusting their geographic range, raising premiums and narrowing their provider networks. Furthermore, Centene (Ba2 stable), which has been profitable all along, should continue to grow its presence in the individual market, Moody's Investors Service says in a new report. Since the ACA's implementation, the industry has struggled to achieve profitability in this business line, and it "has been a key contributor to overall pretax losses for Blue Cross Blue Shield of Minnesota (A3, Stable) in 2015 and 2016, Highmark, Inc. (Baa3, Stable) in 2015 and HCSC (A2 negative) in 2014 and 2015," Dean Ungar, a Moody's Vice President says. Overall, Moody's says the credit impact on its rated companies has been muted and reflects in part the small size of the individual market relative to the overall size and diversity of the universe of its rated issuers. Many of Moody's-rated insurers have allocated capital to other business lines, either scaling back or exiting the exchanges altogether, therefore reducing their vulnerability to any adverse developments that might occur if the ACA remains in place. In 2016, most of the rated insurers reported, weak, but better results in the individual market than in the two prior years. Results in this business line are expected to improve further in 2017, although it will likely remain challenging to achieve stable and predictable financial results in the individual market segment, as compared to other health insurers' business segments. "Insurers which have remained in the individual market have exited less profitable markets and have taken steps to adapt including, emphasizing premium increases and more restrictive networks," Ungar says. Anthem lost money in the individual market and is projecting another slight loss in 2017 and will exit select markets in 2018. Centene, which has leveraged its expertise in Medicaid, has been profitable on the exchanges, starting small and learning while it grew. HCSC has exited certain markets and redesigned pricing and networks which resulted in positive earnings in 2016. The company is expected to trend toward positive results in 2017. In the fourth quarter of 2016, Molina incurred a pretax loss of $130 million on its ACA marketplace exposure and problems have continued into 2017. Uncertainty about government support for the exchanges could impact pricing, enrollment and the risk pool especially if federal government payments of cost sharing subsidies are halted, or if the government relaxes enforcement of the individual mandate, which could destabilize the individual market. MOREHEAD MEMORIAL: Nexsen Represents NCHE & Arthur J. Gallagher --------------------------------------------------------------- Christine L. Myatt, Esq., at Nexsen Pruet, PLLC, filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a verified disclosure in accordance with Rule 2019 of the Federal Rules of Bankruptcy Procedure, disclosing that the Firm represents creditors NCHE Workers' Compensation Fund, Inc., and Arthur J. Gallagher Risk Management Services, Inc., in the bankruptcy case of Morehead Memorial Hospital. The Creditors can be reached at: a. NCHE Workers' Compensation Fund, Inc. 6525 Morrison Boulevard, Suite 200 Charlotte, NC 28211 b. Arthur J. Gallagher Risk Management Services, Inc. 6525 Morrison Boulevard, Suite 200 Charlotte, NC 28211 Reserving the right to assert additional claims or to file proofs of claim in any amount as the claims are discovered, the nature of each of the foregoing entity's currently known claims and interests are as follows: a. NCHE has claims arising from the Debtor's Workers' Compensation and Employers Liability Insurance Policy, Indemnity Agreement and Fund Deductible Agreement in the aggregate approximate amount of $39,104.37 plus other amounts as may become due and owing in the future; b. Gallagher has claims arising from a compensation agreement in the approximate amount of $86,000. The Firm has fully disclosed to each of the Creditors the possibility that the interests of each as creditors, and as creditors holding unsecured priority claims, and as creditors holding general unsecured claims, may potentially conflict. Gallagher is the authorized representative of NCHE but is not an owner or affiliate of NCHE. The Creditors have consented to this joint representation, after full disclosure. Nexsen Pruet claims no interest or amounts with respect to this case, but, instead, represents the Creditors and their claims and interests. The Firm can be reached at: Christine L. Myatt, Esq. Brian R. Anderson, Esq. NEXSEN PRUET, PLLC P.O. Box 3463 Greeboro, NC 27402 Tel: (336) 387-5124 E-mail: cmyatt@nexsenpruet.com banderson@nexsenpruet.com About Morehead Memorial Hospital Founded in 1924, Morehead Memorial Hospital -- http://www.morehead.org/-- is a North Carolina non-profit corporation that owns and operates a 108-bed general acute care community hospital on a 22-acre campus located at 117 East Kings Highway, Eden, North Carolina. Within the Hospital Real Property, Morehead Memorial also owns and operates a 121-bed skilled nursing facility. It also owns several other parcels of real property located in Eden that are contiguous to, or in the general vicinity of, the Hospital Real Property. Morehead Memorial Hospital filed for Chapter 11 bankruptcy protection (Bankr. M.D.N.C. Case No. 17-10775) on July 10, 2017, estimating its assets and liabilities at between $10 million and $50 million. The petition was signed by Dana M. Weston, chief executive officer. Judge Benjamin A. Kahn presides over the case. Thomas W. Waldrep, Jr., Esq., Jennifer B. Lyday, Esq., and Francisco T. Morales, Esq., at Waldrep LLP serve as the Debtor's bankruptcy counsel. The Debtor employed Womble Carlyle Sandridge & Rice, LLP, as special counsel; Grant Thornton LLP as financial advisor; Hanlon Hammond Camp LLC as investment banker and operational and strategic advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. On July 24, 2017, William Miller, the bankruptcy administrator for the Middle District of North Carolina, appointed an official committee of unsecured creditors. The committee hired Sills Cummis & Gross, P.C., as co-counsel. NATIONAL EVENTS: Liquidating Trustee Starts Probe on Collapse ------------------------------------------------------------- Ryan Boysen, writing for Bankruptcy Law360, reports that the liquidating trustee of National Events Holdings LLC has filed with the U.S. Bankruptcy Court for the Southern District of New York motions seeking discovery from seven big banks. According to the report, the Liquidating Trustee launched a probe into the events surrounding the collapse of the alleged Ponzi scheme vehicle and the disappearance of $70 million. Law360 relates that Jason Nissen, the Debtor's former CEO and the alleged mastermind behind a $70 million ticket-resale Ponzi scheme, was denied permission to fly to Las Vegas and ply his trade ahead of the Mayweather-McGregor boxing bout, as the criminal case against him got underway in New York federal court. Mr. Nissen, the report recalls, had turned himself in four months ago and waived an indictment after admitting to some of his creditors in May that he had been running the formerly legit company. About National Events Holdings National Events Holdings, LLC, et al., operate together a ticket broker and wholesale distributor of tickets for sporting and theatrical events that was formed in 2006. They provide ticketing services for all concert, theater and sporting event tickets, as well as various V.I.P. hospitality packages that deliver exclusive access to big name events, including hotels, celebrity meet and greets and exclusive parties. National Events Holdings, et al., filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 17-11556) on June 5, 2017. Two affiliates -- National Events of America Inc. (Case No. 17-11798) and New World Events Group Inc. (17-11799) -- filed Chapter 11 petitions on June 28, 2017. The cases are jointly administered. The Debtors' attorneys are Stephen B. Selbst, Esq., and Hanh V. Huynh, Esq., at Herrick, Feinstein LLP, in New York. Timothy Puopolo of RAS Management Advisors, LLC, is the Debtors' as chief restructuring officer. NATIONAL TRUCK: Premium Financing Pact With Prime Rate Okayed ------------------------------------------------------------- The Hon. Katharine M. Samson of the U.S. Bankruptcy Court for the Southern District of Mississippi has authorized National Truck Funding, LLC, to incur debt, execute and make cash down payment and monthly payments pursuant to insurance premium financing agreement with Prime Rate Premium Finance Corporation. The Debtor is authorized, nunc pro tunc to June 26, 2017, to execute the Insurance Premium Financing Agreement with PRPFC and to make all payments due pursuant to the Agreement including, but not limited to, the cash down payment of $6,936 on June 26, 2017, and nine monthly payments in the amount $3,229.16 commencing on July 26, 2017, and to execute and deliver such documents and amendments to the Agreement that the Debtor and PRPFC may deem reasonably necessary or desirable to carry out the Agreement. The Debtor is authorized to grant to PRPFC a first priority security interest in the subject insurance policy including (but only to the extent permitted by applicable law) and in any and all unearned or return premium(s) and dividends which may become due under the Insurance Policy. In the event that the Debtor defaults under the terms of the Agreement, PRPFC, may, in accordance with the terms of the Agreement and after providing the Debtor with notice required by applicable law, cancel the subject insurance policy listed in that Agreement or any amendment thereto and receive and apply the unearned or return premiums to the account of the Debtor without seeking or obtaining entry of any further order of the Court. A copy of the Order is available at: http://bankrupt.com/misc/mssb17-51243-197.pdf As reported by the Troubled Company Reporter on July 3, 2017, the Debtor sought court permission to incur debt, execute and make cash down payment and subsequently monthly payments pursuant to a premium financing agreement with PRPFC. The Debtor determined that PRPFC would agree to finance the premiums of the insurance policy. The Debtor's obligations under the Premium Finance Agreement include payment of a cash down payment in the amount of $6,936 and nine monthly payments in the amount of $3,229.16 commencing on July 26, 2017. About National Truck Funding Headquartered in Gulfport, Mississippi, National Truck Funding, LLC -- http://nationaltruckfunding.com/-- retails and rents trucks. It operates as a subsidiary of American Truck Group, LLC -- http://americantruckgroup.com/. National Truck and American Truck sought Chapter 11 protection (Bankr. S.D. Miss. Case Nos. 17-51243 and 17-51244) on June 25, 2017. The petitions were signed by Louis J. Normand, Jr., manager. National Truck estimated its assets and liabilities at $10 million to $50 million. American Truck estimated its assets and liabilities at $1 million to $10 million. Judge Katharine M. Samson presides over the cases. National Truck Funding and American Truck engaged Stewart Peck and the law firm of Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel; and Wessler Law Firm as their local counsel. NETWORK SERVICES: Sale of Reno Property to DGI for $2.5M Approved ----------------------------------------------------------------- Judge Gragg W. Zive of the U.S. Bankruptcy Court for the District of Nevada authorized Network Services Solutions, LLC ("NSS")'s sale of its improved real property located at 3700 Barron Way, Reno, Nevada and personal property to Developers Group International, Ltd. ("DGI") for $2,462,500. A hearing on the Motion was held on Aug. 22, 2017 at 2:00 p.m. The sale is free and clear of liens and encumbrances. The sale commission to Dickson Commercial Group in the amount of 4.5% of the sale price is approved and will be paid at close of escrow. Western Alliance Bank ("WAB") will be paid at close of escrow the undisputed amount of its beneficiary demand, in an amount equal to no less than the principal and accrued interest as set out in WAB's beneficiary demand, and, upon payment, WAB will release its lien on the real and personal property sold pursuant to the Sale Agreement. In the event of a dispute regarding other amounts contained in the beneficiary demand, sufficient funds to pay any disputed amount will remain in escrow and WAB's lien will attach, and be perfected without need for further action by WAB, to those funds and the lien will remain until WAB is paid in full pursuant to an agreement of NSS and WAB or an order of the Court. NSS will pay to WAB the monthly payments due under the loan documents until the close of escrow. Any lease approved by the Order or contemplated by the Sale Agreement is junior to the interest of WAB. The escrow will close no sooner than 15 days following entry of the Order on the docket. About Network Services Solutions Network Services Solutions, LLC, is a Reno, Nevada-based reseller of telecommunications services. In November 2016, the Federal Communications Commission said it plans to fine Network Services Solutions and its chief executive, Scott Madison, $21,691,499 for apparent violations involving the Universal Service Fund Rural Health Care Program and wire fraud. The company is charged with violating the program's competitive bidding rules, using forged and false documents to seek funding from the program, and violating the federal wire fraud statute. The alleged violations at issue occurred throughout the country, but were concentrated in the southeastern United States, according to the FCC. Network Services Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-50309) on March 20, 2017. The petition was signed by Scott Madison, managing member. The Debtor estimated assets of less than $50,000 and liabilities of $10 million to $50 million. The case is assigned to Judge Bruce T. Beesley. Jeffrey L Hartman, Esq., at Hartman & Hartman, serves as the Debtor's Chapter 11 counsel. Crosspoint Leasing & Financial Services, Inc., serves as the Debtor's financial advisor; and Robison, Belaustegui, Sharp & Low, and Lukas, LaFuria, Gutierrez & Sachs serves as special counsel. NEW TRIDENT: Moody's Lowers CFR to Caa1 on Weak Liquidity --------------------------------------------------------- Moody's Investors Service downgraded New Trident Holdcorp, Inc.'s CFR to Caa1 from B3 and the PDR to Caa1-PD from B3-PD. Actions on rated debt instruments are detailed below. The rating outlook is negative. The downgrade primarily reflects the company's weakening liquidity and increased leverage beyond Moody's previous expectations. The company has funded cash outflows -- which result from weak earnings as well as a build up in receivables following a change in billing systems -- under its $70 million revolving credit facility. As of June 30, 2017 the company had $8 million of remaining borrowing capacity. Further, while Trident is currently in compliance with its financial covenants, there is very limited headroom and covenant levels step down over the course of calendar 2018. Moody's believe maintaining compliance will be challenging absent improved performance. Finally the company's $70 million revolving credit facility is now a current liability and will expire on July 31, 2018. The company's leverage has also increased beyond Moody's previous expectations and debt/EBITDA is currently in excess of eight times. The following ratings were downgraded: New Trident Holdcorp, Inc. -- Probability of Default Rating, to Caa1-PD from B3-PD -- Corporate Family Rating, to Caa1 from B3 -- Senior Secured 1st Lien Term Loan, to B3 (LGD3) from B2 (LGD3) -- Senior Secured Revolving Credit Facility, to B3 (LGD3) from B2 (LGD3) -- Senior Secured 2nd Lien Term Loan, to Caa3 (LGD5) from Caa2 (LGD5) -- Rating outlook: Revised to negative from stable. RATINGS RATIONALE Trident's Caa1 Corporate Family Rating reflects its weak liquidity with limited availability under the company's revolving credit facility, tight cushion under its financial covenants and a near dated debt maturity profile. The rating also reflects the company's high leverage with debt/EBITDA exceeding eight times. Moody's expects the company will realize synergies from its 2016 acquisition of Schryver Medical. However negative trends in utilization rates will likely persist as key customers, such as skilled nursing facilities, are seeing declining occupancy rates. The ratings consider the company's leading position as the largest mobile diagnostic imaging company and breadth of product offerings. The ratings also consider Moody's expectations that actions implemented by management to improve collections will improve cash flow. The negative outlook reflects the risks that the company may not be able to drive earnings and cash flow improvements over the next few quarters. Ratings could be downgraded if the company's liquidity were to erode further or the probability of a default were otherwise to increase. Ratings could be upgraded if the company was able to improve earnings in the face of structural pressures afflicting its key customers and meaningfully improve liquidity. Quantitatively ratings could be upgraded if debt/EBITDA approached 6.5 times while maintaining an adequate liquidity profile. New Trident Holdcorp. Inc., is a holding company whose principal operating subsidiary is TridentUSA Health Services. Based in Sparks, MD, TridentUSA is a leading nationwide vertically-integrated provider of outsourced ancillary healthcare and clinical services, offering mobile x-ray, ultrasound, teleradiology, mobile clinical and laboratory services to skilled nursing facilities, assisted living, home healthcare, hospice and correctional markets. TridentUSA is owned by private equity sponsors Formation Capital, Audax Group, and Revelstoke Capital Partners. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. NEW YORK CRANE: Wants $10M in DIP Financing From Cobra Kai ---------------------------------------------------------- Perry M. Mandarino, the Chapter 11 trustee for New York Crane & Equipment Corp. President James Lomma, asks for authorization from the U.S. Bankruptcy Court for the Eastern District of New York to obtain postpetition financing from Cobra Kai Lending LLC. The Debtor wants access to a $10 million delayed draw debtor-in-possession facility. The proceeds of the DIP Facility will be used to (a) fund general working capital and the costs of administering the Chapter 11 cases; (b) pay all fees, costs and expenses provided for under the DIP credit agreement as authorized by the Court; and (c) pay other amounts as specified in the updated proposed DIP budget, as amended and restated as of Aug. 24, 2017, which will be implemented upon the closing of the DIP Loan. Due to the operational impacts of the Chapter 11 cases, the approximately $8.5 million taken out of the Debtors' operating cash for payment to Confirmation Account 2, the Committee's unwillingness to release the funds in Confirmation Account 2 to fund the Debtors' working capital needs, and the Chapter 11 Trustee's fiduciary duty to act in the best interests of the estates and creditors, the DIP Facility represents the only available alternative by which the Chapter 11 Trustee can seek to preserve the Debtors' continued operations and viability going forward. The material terms of the DIP Facility include: a. the borrowers are New York Crane & Equipment Corp., J.F. Lomma, Inc. (New Jersey), and J.F. Lomma, Inc. (Delaware); b. (i) JLJD, LLC will guarantee the Obligations up to the amount of its interest in the equipment collateral; and (ii) South Kearny Associates will guarantee the Obligations up to the amount of its interest the real property collateral. The Non-Recourse Guarantors are serving as nonrecourse guarantors of the DIP Loan, to the extent of their respective interests in the collateral; c. to (i) fund the working capital needs and Chapter 11 administrative costs of the Debtors during the pendency of the Chapter 11 cases, (ii) pay fees, costs and expense of the Facility on the terms and conditions described the loan documents (including the Lender's professionals), and (iii) pay other amounts as specified in the budget; d. interest rate is 12.0% payable in cash monthly, and only on amounts actually advanced, from time to time; e. expenses and fees include: a Commitment Fee of 1.5% of the Facility amount, earned and payable in cash at the time of closing; a Funding Fee of 1.5% of the Facility amount, earned and payable in cash at time of funding; an Exit Fee of 1.5% of the Facility amount, earned at time of funding and payable in cash upon maturity or prepayment or repayment; a Work Fee in an amount not to exceed $175,000 payable in cash at time of funding, to offset Lender's costs for negotiating documentation and conducting due diligence, including the reasonable fees and expenses of counsel to Lender. The Work Fee is not subject to review by the U.S. Trustee, the Committee or the Court; f. the maturity date is the date that is the earliest of: (i) Sept. 30, 2018; (ii) the effective date of a Plan of Reorganization; (iii) entry of an order converting any of the Chapter 11 cases to a case under Chapter 7 of the U.S. Bankruptcy Code or dismissing any of the Chapter 11 cases; (iv) the closing of a sale of substantially all of the Debtors' asset; (v) the replacement or termination of the Chapter 11 Trustee and (vi) the acceleration of the outstanding Obligations under the Facility or termination of the commitments under the Facility, including, without limitation, as a result of the occurrence of an Event of Default; g. the duration of the DIP Facility is until the earlier of (i) Sept. 30, 2018; (ii) the effective date of a Plan of Reorganization; (iii) entry of an order converting any of the Chapter 11 cases to a case under Chapter 7 of the Bankruptcy Code or dismissing any of the Chapter 11 cases; (iv) the closing of a sale of substantially all of the Debtors' assets; (v) the replacement or termination of the Chapter 11 Trustee and (vi) the acceleration of the outstanding Obligations under the Facility or termination of the commitments under the Facility, including, without limitation, as a result of the occurrence and continuation of an Event of Default pursuant to Section 8; and h. as security for the DIP Obligations, the Lender will receive valid, enforceable, non-avoidable and perfected first priority senior priming liens on and security interests (ahead of Subordinated Liens) in favor of the Lender in all collateral securing the Obligations, which senior priming liens and security interests in favor of the Lender will be senior to all other liens in the collateral, and shall include first priority senior priming liens under Section 364(d)(1) of the Bankruptcy Code. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/nyeb16-40043-1087.pdf About New York Crane New York Crane & Equipment Corp., J.F. Lomma Inc. (De.), J.F. Lomma Inc. (N.J.) operate crane, trucking and rigging companies doing business in New York City and other parts of the country. James Lomma is the president and sole shareholder. New York Crane, J.F. Lomma Inc. (De.), J.F. Lomma Inc. (N.J.), and James F. Lomma filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 16-40043) on Jan. 6, 2016. James F. Lomma, president, signed the petitions. New York Crane & Equipment disclosed total assets of $9.8 million and total debts of $22.05 million. Judge Carla E. Craig presides over the cases. The Debtors have hired Goldberg Weprin Finkel Goldstein LLP as their counsel; LaMonica Herbst & Maniscalco, LLP, as special counsel; Robert L. Friedbauer CPA PC as accountant; Marcum LLP as financial advisor; and Pro Star Pilatus Center LLC as Broker in relation to an Aircraft Remarketing Agreement. LaMonica Herbst & Maniscalco, LLP, is serving as special litigation and conflicts counsel to James F. Lomma. On Feb. 12, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Togut, Segal & Segal LLP as its counsel. * * * On Dec. 9, 2016, the Debtors filed an amended disclosure statement, which explains their proposed Chapter 11 plan of reorganization. The plan proposes to pay general unsecured creditors in full. On June 23, 2017, Perry Mandarino was appointed as the Chapter 11 trustee for James F. Lomma. OCEAN RIG: Scheme Sanction Hearing Scheduled for Sept. 4-6 ---------------------------------------------------------- Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, wishes to remind Scheme Creditors of: (i) the applicable deadlines for the submission of documentation to the Information Agent in order to receive Scheme Creditor Entitlements; and (ii) the date of the sanction hearing for each of the Schemes. As announced by the Company on August 14, 2017, on August 11, 2017, meetings of Scheme Creditors approved (pursuant to the requisite majorities) the schemes of arrangement proposed in respect of each of Drillships Financing Holding Inc. ("DFH"), Ocean Rig UDW Inc. ("UDW"), Drill Rigs Holdings Inc. ("DRH") and Drillships Ocean Ventures Inc. ("DOV") (each in provisional liquidation) (together the "Schemes"). Sanction and Enforcement Hearings The sanction hearing at which the Grand Court of the Cayman Islands (the "Cayman Court") will consider whether to approve the Schemes will take place from September 4-6, 2017 (commencing at 10 am Cayman Islands time on September 4, 2017). In addition, a hearing will be held before the U.S. Bankruptcy Court on September 20, 2017, to consider the Company's request for an order giving full force and effect to the Schemes in the United States (the "Enforcement Hearing"). Receipt of Scheme Entitlements - Notice of applicable deadlines Scheme Creditors are reminded that the Entitlement Record Time is 5:00 p.m. (Cayman Islands time) on September 13, 2017, and that in order to receive Scheme Entitlements on the Restructuring Effective Date (which is expected to occur towards the end of September), Scheme Creditors who have not already done so must submit a validly completed Account Holder Letter and / or Lender Claim Form together with a Confirmation Form, to the Information Agent, by the Entitlement Record Time. 2017 Notes Creditor and 2019 Notes Creditors (in the UDW Scheme and/or DRH Scheme) must also submit their validly completed Custody Instructions to the Information Agent prior to the Entitlement Record Time. UDW Scheme Creditors are also reminded that the UDW Cash Option Deadline is 5:00 p.m. (Cayman Islands time) on September 13, 2017, and that in order to elect to participate in the UDW Cash Option it must elect to do so in its Account Holder Letter and/or Lender Claim Letter (together with a validly completed Confirmation Form) which must be submitted to the Information Agent prior to the UDW Cash Option Deadline and its validly completed Custody Instructions (if applicable) must be submitted to and received by the Information Agent prior to the Entitlement Record Time. Finally, Scheme Creditors are reminded that the Non-Marginable Election Deadline is 5:00 p.m. (Cayman Islands time) on September 13, 2017, and that in order to receive (or nominate a Nominated Recipient to receive) its New Share Entitlements in the form of New Non-Marginable Shares promptly following the UDW EGM, the relevant Scheme Creditor must elect to do so in its Account Holder Letter and/or Lender Claim Letter (together with a validly completed Confirmation Form) which must be submitted to the Information Agent prior to the Non-Marginable Election Deadline. If the relevant Scheme Creditor does not make such an election, its New Share Entitlement will be in the form of New Marginable Shares. The issue of the Scheme Creditor Entitlements is subject to the sanction of the Cayman Court and the fulfilment of the conditions set forth in the Schemes. Where otherwise undefined, the terms used in this press release shall have the meaning given to them in the Explanatory Statement. Copies of the Explanatory Statement and Information Related to Enforcement Hearing A copy of the Explanatory Statement, which contains the Schemes, and other relevant documentation including the Account Holder Letter, Lender Claim Letter and Confirmation Form, as well as copies of all pleadings and information regarding the Enforcement Hearing, including deadlines for parties to object to the relief requested at the Enforcement Hearing has been made available through the Information Agent website at https://cases.primeclerk.com/oceanrig. About Ocean Rig Ocean Rig UDW Inc. (NASDAQ: ORIG) -- http://www.ocean-rig.com/-- is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up petitions with the Cayman Court and issued summonses for the appointment of joint provisional liquidators for the purpose of the Restructuring. By orders of the Cayman Court dated March 27, 2017, Simon Appell and Eleanor Fisher were appointed as the JPLs and duly authorized foreign representatives, and the Cayman Provisional Liquidation Proceedings were commenced. Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their capacities, as the joint provisional liquidators and authorized foreign representatives, filed for Chapter 15 protection for Ocean Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) to seek recognition of the Cayman proceedings. The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New York. ONCOLOGY INSTITUTE: Unsecureds to Get $13,124 Over 48 Months ------------------------------------------------------------ Oncology Institute of Puerto Rico P.S.C. filed with the U.S. Bankruptcy Court in Puerto Rico a first amended disclosure statement dated Aug. 16, 2017, referrring to the Debtor's plan of reorganization dated Aug. 16, 2017. Class 1 General Unsecured Claims are impaired by the Plan. The Debtor will make 48 monthly payments of $273.42 each until year 2021. The total payout amount is $13,124. Payments and distributions under the Plan will be funded by the continued operation of the business of the Debtor. A full-text copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/prb17-00212-75.pdf As reported by the Troubled Company Reporter on July 28, 2017, the Debtor filed with the Court a small business disclosure statement dated July 17, 2017, referring to the Debtor's plan of reorganization, which proposed that Class 1 General Unsecured Class receive 48 monthly payments of $286.44 each until year 2021. Total payout amount would be $13,749. About Oncology Institute of Puerto Rico Oncology Institute of Puerto Rico, P.S.C., a health care business. It is a corporation organized and registered in Puerto Rico on Jan. 7, 2015. The Debtor provides health services, specialized on hematology and oncology, through Dr. Sylvia García Ortiz, MD, who is the Debtor's president and sole shareholder. The health services are provided in Metro Medical Center in Bayamon, Puerto Rico. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 17-00212) on Jan. 18, 2017. Nilda Gonzalez-Cordero, Esq., serves as the Debtor's bankruptcy counsel. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. PAC ANCHOR: Committee Taps Levene Neale as Legal Counsel -------------------------------------------------------- The official committee of unsecured creditors of PAC Anchor Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire legal counsel. The committee proposes to employ Levene, Neale, Bender, Yoo & Brill LLP to, among other things, give legal advice regarding the requirements of the bankruptcy court; evaluate any sale of the Debtor's assets; and assist the committee with respect to any plan of reorganization. Upon the request of the committee, the firm has agreed that the blended rate for its attorneys who will provide the services will not exceed $500 per hour. Daniel Reiss, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel H. Reiss, Esq. Levene, Neale, Bender, Yoo & Brill LLP 10250 Constellation Boulevard, Suite 1700 Los Angeles, CA 90067 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dhr@LNBYB.com About Pac Anchor Transportation Pac Anchor Transportation, Inc. was formed from the merger of Pac Anchor Transportation, Inc., and Green Anchor Lines, Inc. Pac Anchor is a trucking company located in Wilmington, California, that provides trucking services throughout the western United States. Pac Anchor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 17-18213) on July 6, 2017. Alfredo Barajas, its president, signed the petition. At the time of the filing, the Debtor disclosed $12.08 million in assets and $11.24 million in liabilities. Judge Ernest M. Robles presides over the case. Haberbush & Associates LLP represents the Debtor as legal counsel. The Debtor hired Trojan and Company Accountancy Corp. as its accountant. On August 10, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. PAC ANCHOR: Hires Cox Wooton Lerner as Special Counsel ------------------------------------------------------ Pac Anchor Transportation, Inc., seeks authorization from the U.S. Bankruptcy Court for the Central District of California to employ Cox Wooton Lerner Griffin & Hansen LLP as special employment law counsel. The Debtor requires the Firm to: a. advise, consult, prosecute for and defend the Debtor for truck operator claims as alleged misclassified employees, including any adversary proceedings related thereto; b. assist the Debtor's general bankruptcy counsel with procedural and substantive issues pertaining to the state court action, People v. Pac Anchor Transportation, Inc., et al., Styled Case No. BC397600 c. advise, consult and assist the Debtor's formation of a new truck operator employee business model; d. advise and consult the Debtor concerning ongoing compliance with employment law; e. assist in the updating and redrafting of Debtor's Employee Handbook; and f. advise and consult the Debtor on the laws affecting the transportation industry. The Firm's lawyers and paralegals who will work on the Debtor's case and their hourly rates are: Neil S. Lerner, Esq. $240 Jolene R. Rice, Esq. $240 Alena A. Eckhardt, Esq. $160 Thomas M. Fedeli, Esq. $160 Elnaz Golestani, paralegal $125 Robin Sanders, parlegal $125 The Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Neil S. Lerner, Esq., partner of Cox Wooton Lerner Griffin & Hansen LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The Firm may be reached at: Neil S. Lerner, Esq. Cox Wooton Lerner Griffin & Hansen LLP 12011 San Vicente Boulevard, Suite 600 Los Angeles, CA 90049 Phone: (310) 440‐0020 About Pac Anchor Transportation Pac Anchor Transportation, Inc., was formed from the merger of Pac Anchor Transportation, Inc., and Green Anchor Lines, Inc. Pac Anchor is a trucking company located in Wilmington, California, that provides trucking services throughout the western United States. Pac Anchor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 17-18213) on July 6, 2017. Alfredo Barajas, its president, signed the petition. At the time of the filing, the Debtor disclosed $12.08 million in assets and $11.24 million in liabilities. Judge Ernest M. Robles presides over the case. On August 10, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. PAMELA FROG: Taps CBRE Valuation as Appraiser --------------------------------------------- Pamela F.R.O.G., LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to hire an appraiser. The Debtor proposes to employ CBRE Valuation & Advisory Services, Inc. to conduct an appraisal of its principal places of business located at 1113 and 1205 Pierce Road, Lansing, Michigan. CBRE will charge an hourly fee of $275 for its services. The firm has requested a retainer in the amount of $3,500. David Mielnicki, director at CBRE, disclosed in a court filing that his firm does not have connection with any creditor adverse to the Debtor or its estate. The firm can be reached through: David Mielnicki CBRE Valuation & Advisory Services, Inc. 2000 Town Center, Suite 500 Southfield, MI 48075 About Pamela F.R.O.G. Pamela F.R.O.G., LLC, doing business as Pam's Academy of Champions, filed a Chapter 11 petition (Bankr. W.D. Mich. Case No. 16-04965) on Sept. 28, 2016. The petition was signed by Pamela J. Eaton-Champion, managing member. The Debtor disclosed $332,704 in assets and $1.13 million in liabilities. The case is assigned to Judge John T. Gregg. The Debtor is represented by Michael Shawn Mahoney, Esq., at Michael S. Mahoney, P.C. PERFORMANCE SPORTS: Debtor Files Liquidation Plan ------------------------------------------------- Old PSG Wind-down Ltd., formerly Performance Sports Group Ltd., on Aug. 25, 2017, disclosed that it has filed a revised joint liquidation Chapter 11 plan (the "Plan") and related disclosure statement (the "Disclosure Statement") for the Company and its affiliated debtors (the "Debtors") in their jointly administered Chapter 11 cases pending in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Plan revises the joint liquidation plan filed with the Bankruptcy Court on Aug. 9, 2017 and is based on a global settlement that, among other things, is intended to provide for payment to the Debtors' creditors in the full amount of allowed claims and the potential distribution to the Company's shareholders of an as yet indeterminate amount. The Bankruptcy Court hearing to approve the Disclosure Statement and the related solicitation process is currently scheduled to be held on October 3, 2017. Following that hearing, the Debtors intend to proceed expeditiously towards the solicitation of votes to accept or reject the Plan, and then, assuming favorable voting results, Plan confirmation by the Bankruptcy Court at a hearing currently scheduled to be held on November 21, 2017 and a companion distribution and approval order from the Ontario Superior Court of Justice (Commercial List) (the "Canadian Court"). The Plan and the global settlement will be subject to approval by the Bankruptcy Court and the Canadian Court, under the Companies' Creditors Arrangement Act, which are jointly overseeing the Company's restructuring proceedings. The Plan and the Disclosure Statement are available on https://cases.primeclerk.com/PSG and www.ey.com/ca/psg. About Performance Sports Exeter, N.H.-based Performance Sports Group Ltd. -- http://www.PerformanceSportsGroup.com/-- is a developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel. On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the District of Delaware and commenced proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice. The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.; Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.; BPS Diamond Sports Inc.; and PSG Innovation Inc. The Canadian Debtors are: Performance Sports Group Ltd.; KBAU Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton Baseball/Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.; BPS Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer Performance Sports Uniforms Corp.; and Performance Lacrosse Group Corp. The Debtors hired Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel; Young Conaway Stargatt & Taylor, LLP as co-counsel; Stikeman Elliott LLP as Canadian legal counsel; Centerview LLP as investment banker to the special committee; Alvarez & Marsal North America, LLC, as restructuring advisor; Joele Frank, Wilkinson, Brimmer, Katcher as communications & relations advisor; KPMG LLP as auditors; and Prime Clerk LLC as notice, claims, solicitation and balloting agent. Ernst & Young LLP is the monitor in the CCAA cases. The Monitor tapped Thornton Grout Finnigan LLP, Allen & Overy LLP, and Buchanan Ingersoll & Rooney PC as attorneys. Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 10 appointed three creditors of BPS US Holdings, Inc., parent of Performance Sports, to serve on the official committee of unsecured creditors. The Creditors' Committee retained by Blank Rome LLP as counsel, Cassels Brock & Blackwell LLP as Canadian co-counsel, and Province Inc. as financial advisor. The U.S. Trustee appointed a committee of equity security holders. The equity committee is represented by Natalie D. Ramsey, Esq., and Mark A. Fink, Esq., at Montgomery, McCracken, Walker & Rhoads, LLP; and Robert J. Stark, Esq., Steven B. Levine, Esq., James W. Stoll, Esq., and Andrew M. Carty, Esq., at Brown Rudnick LLP. The U.S. Court appointed M.J. Renick & Associates LLC as the fee examiner. * * * As reported by the Troubled Company Reporter, effective as of February 27, 2017, the Company consummated the sale of substantially all of the assets of the Company and its North American subsidiaries, including its European and global operations, pursuant to an asset purchase agreement, dated as of October 31, 2016, as amended, by and among the Sellers, 9938982 Canada Inc., an acquisition vehicle co-owned by affiliates of Sagard Holdings Inc. and Fairfax Financial Holdings Limited, and the designated purchasers party thereto, for a base purchase price of US$575 million in aggregate, subject to certain adjustments, and the assumption of related operating liabilities. The transaction was the culmination of the process commenced by the Sellers pursuant to creditor protection proceedings launched on Oct. 31, 2016, in the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act, and in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 of the Bankruptcy Code, as amended. The Company conducted a court-supervised sale and auction process as part of its Canadian and U.S. court proceedings. The bid made by the Purchaser served as the "stalking horse" bid for purposes of the process and was ultimately determined to be the successful bid in accordance with the related court approved bidding procedures. In accordance with, and pursuant to, the terms and conditions of the Agreement, the Company has changed its name to "Old PSG Wind-down Ltd." from "Performance Sports Group Ltd." effective as of March 20, 2017. BPS US Holdings Inc. changed its name to Old BPSUSH Inc. PERFUMANIA HOLDINGS: Wants $83.75M DIP Financing From Wells Fargo ----------------------------------------------------------------- Perfumania Holdings, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware for permission to obtain postpetition financing and to use cash collateral. The Debtors seek authority to enter into that certain Ratification Agreement and Amendment Agreement dated Aug. 26, 2017, by and among the Debtors and Wells Fargo Bank, N.A., as administrative and collateral agent for itself and the other lender parties thereto. The Ratification Agreement provides for, among other things, (i) a senior secured debtor-in-possession asset-based revolving facility in an aggregate principal amount of $83.75 million to refinance the Debtors' prepetition revolving asset-based secured credit facility, (ii) the consensual use of cash collateral, (iii) the ability to draw upon letters of credit up to $10 million from the DIP Agent; and (iv) certain other amendments to the Credit Agreement. The Debtors have an immediate and urgent need for debtor-in-possession financing. The prepetition Senior Credit Facility is critical to the Debtors' operations and integral to the Debtors' cash management system. The Debtors draw on the Senior Credit Facility daily to cover operating expenses, including employee payroll, rent, and payments to vendors for goods and inventory. Without the ability to draw upon this facility and use cash collateral, the Debtors would be unable to maintain operations pending confirmation of the Plan that will maximize value for all constituents. The proposed DIP Facility not only satisfies the Debtors' postpetition financing needs, but also ensures financing for the Debtors' businesses upon emergence from Chapter 11 as the DIP Lenders have made a fully underwritten commitment to provide financing at exit pursuant to the terms of the $100 million Senior Secured Exit Revolving Loan Facility Commitment Letter, dated Aug. 26, 2017, executed by Wells Fargo and Perfumania Holdings. The Debtors propose to grant to the DIP Agent (i) valid, binding, continuing, enforceable, fully-perfected liens, subject and junior only to the carve out and valid, enforceable, properly perfected, and unavoidable prepetition liens that are senior to the liens of the Senior Credit Facility Lenders, upon substantially all of the Debtors' assets; and (ii) allowed superpriority administrative expense claims to the DIP Agent with respect to all amounts owed by the Debtors to the DIP Agent pursuant to the DIP Facility, subject to the carve out, to the extent set forth in the interim court order. Significant terms of the DIP Facility include: a. the guarantors are Aladdin Fragrances, Inc, Niche Marketing Group, Inc., and Model Reorg Acquisition, LLC; b. the maturity date of the loan is the earliest to occur of (i) Dec. 31, 2017, (ii) 45 days after the entry of the interim financing court order if the permanent financing court order has not been entered prior to the expiration of the 45-day period (or longer period if consented to in writing by the Agent), (iii) the effective date of a plan of reorganization filed in the Chapter 11 case pursuant to a court order, (iv) the consummation of the sale or sales of all or substantially all of the Debtors' assets and properties, other than, for the avoidance of doubt, the Store Closing GOB Sales, (v) the date the Court orders the conversion of the Chapter 11 case of any Debtor to a Chapter 7 case, (vi) the date this Agreement is otherwise terminated for any reason whatsoever pursuant to the terms of this Agreement, and (vii) the acceleration of the obligations or termination of the commitments hereunder, including without limitation, as a result of the occurrence of an Event of Default; c. each base rate loan will bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the applicable margin. Base rate means, for any day, a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate, as in effect from time to time, plus 0.50% or (ii) the rate of interest in effect for the day as publicly announced from time to time by Wells Fargo as its "prime rate." The Applicable Margin means 3.25% for the Base Rate Margin and 4.5% for the Letter of Credit Fee; d. effectively immediately upon the occurrence of an Event of Default unless waived in writing by the DIP Lenders, the default rate is, other than with respect to the Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Margin, if any, applicable to Base Rate Loans, plus (iii) 2% per annum; and with respect To the Letter of Credit Fees, a rate equal to the Applicable Margin for Standby Letters of Credit or Commercial Letters of Credit, as applicable, plus 2% per Annum; e. in addition to the fees and expenses provided under the Prepetition Credit Agreement, the borrowers will pay to Agent, for the account of DIP Lenders on a pro rata basis according to their respective Commitments, a debtor-in- possession financing facility fee, in the amount of 1% of the Aggregate Commitments, on account of the financing provided by Agent and DIP Lenders to borrowers in these Chapter 11 cases, which fee will be fully earned and due and payable on the Ratification Closing Date. Subject to the terms of the interim court order, the borrowers will pay to Agent and any Lender on demand all reasonable documented out-of-pocket costs and expenses that Agent or any Lender pays or incurs in connection with the negotiation, preparation, consummation, administration, enforcement, and termination of this Ratification Agreement and the other Loan Documents and the interim court order; f. claims arising under the DIP Facility will have priority and will be secured by liens on the collateral, in all instances subject to the carve out: (i) pursuant to Section 364(c)(1) of the U.S. Bankruptcy Code, the obligations under the DIP Facility will be entitled to super-priority administrative expense status in the Chapter 11 cases; and (ii) pursuant to Section 364(c)(2) of the Bankruptcy Code, the DIP Obligations will be secured by a perfected first priority lien on all unencumbered assets of the Debtors; g. the DIP Lenders will receive adequate protection in the collateral, including through the provision of replacement liens, superpriority administrative expense claims (subject to the payment of the carve out), and current cash payment of reasonable fees and expenses, including attorneys' fees; h. all Loans and Letters of Credit provided by Agent or any Lender to Borrowers pursuant to the financing court order, the Credit Agreement or otherwise, will only be used by the borrowers to the extent (1) provided for in the budget, (2) permitted by the Loan Documents, and (3) as authorized by the Court and consented to by the Agent for: (i) general working capital needs, (ii) the repayment of the obligations and (iii) the payment of fees, expenses, and costs incurred in connection with this Ratification Agreement and the Chapter 11 case, including the payment of any adequate protection payments approved in the financing court order. None of the proceeds of any loans or the Letters of Credit will be used to make any payments to a Sanctioned Entity or a Sanctioned Person, to finance any investments in a Sanctioned Entity or a Sanctioned Person, to fund any operations of a Sanctioned Entity or a Sanctioned Person), or in any other manner that would result in a violation of Sanctions by any person; i. the Ratification Agreement includes these milestones: -- on the Petition Date, the Debtors will file motions, each in form and substance satisfactory to the Lender, requesting approval from the Court (i) to retain the Third Party Liquidator to conduct Debtors' going out of business sales on terms and conditions acceptable to Agent; and (ii) to conduct the Store Closing GOB Sales at all of the 65 store locations with an Applicable Rejection Date of Sept. 30, 2017, and the store locations to be identified to Lender with an Applicable Rejection Date of Oct. 31, 2017 on terms and conditions acceptable to Agent. Prior to conducting the Phase 2 GOB Sales, the Debtors must enter into an amendment to the Retention Agreement, or an additional Retention Agreement, in form and substance acceptable to Agent, to conduct the Phase 2 GOB Sales; -- on or before the third day following the Petition Date, the Debtors will obtain orders from the Court, each in form and substance satisfactory to Agent, authorizing (i) the retention of the Third Party Liquidator on terms and conditions acceptable to Agent, and (ii) the Store Closing GOB Sales, which orders will authorize and direct, among other things, that all proceeds from the Store Closing GOB Sales will be remitted to Agent for application against the Obligations and otherwise on terms and conditions acceptable to Agent; -- on or before the fifth day following the Petition Date, the Debtors will file with the Court a motion seeking approval of a Disclosure Statement and proposed plan of reorganization pursuant to Chapter 11 of the Bankruptcy Code, each on terms and conditions satisfactory to Agent; -- on or before the 30th day following the Petition Date, the Debtors will provide Lender with the list of store locations at which the Phase 2 GOB Sales will be conducted; and on the 35th day following the Petition Date, the Phase 2 GOB Sales will commence; -- on or before the 35th day following the Petition Date, the Debtors will file a proposed order confirming the Plan of Reorganization, in form and substance acceptable to Agent; -- on or before the 45th day following the Petition Date, the Debtors will accept or reject the lease for each store location with an Applicable Rejection Date of Oct. 31, 2017: -- on or before the 55th day following the Petition Date any objections to confirmation of the Plan of Reorganization are due to be filed with, or delivered to, any court-approved noticing agent; -- the official vote tabulation with respect to voting on the Plan of Reorganization, if any, results in all impaired classes of claims and interests under the Plan of Reorganization that are entitled to vote on the Plan of Reorganization voting to accept or being deemed to vote to accept the Plan of Reorganization; -- on or before the 60th day following the Petition Date, the Debtors will obtain an order from the Bankruptcy Court (i) approving the Disclosure Statement on terms and conditions satisfactory to the Agent, and the order is not thereafter vacated, reversed, modified or altered on appeal or by reconsideration without the prior written consent of the Agent and (ii) confirming the Plan of Reorganization pursuant to Section 1129 of the Bankruptcy Code in form and substance acceptable to the Agent; -- on or before the 75th day following the Petition Date, the Plan of Reorganization Confirmation Order will become a final court order, not subject to being vacated, reversed, modified or altered on appeal or by reconsideration; and -- on or before the 90th day following the Petition, the Effective Date under the Plan of Reorganization will occur. A copy of the Debtors' request is available at: http://bankrupt.com/misc/deb17-11794-17.pdf About Perfumania Holdings Perfumania Holdings, Inc. (NASDAQ: PERF) -- http://www.perfumaniaholdings.com/or perf@jcir.com -- is a specialty retailer and distributor of fragrances and related beauty products across the United States. Perfumania has a 30-year history of innovative marketing and sales management, brand development, license sourcing and wholesale distribution making it the premier destination for fragrances and other beauty supplies. Perfumania reported a net loss of $23.63 million for the fiscal year ended Jan. 28, 2017, and a net loss of $11.67 million for the fiscal year ended Jan. 30, 2016. As of April 29, 2017, Perfumania had $304.73 million in total assets, $253.93 million in total liabilities and $50.80 million in total shareholders' equity. As reported by the TCR on June 26, 2017, Perfumania announced that a special independent committee of the Board of Directors of the Company is considering various alternatives to address the Company's financial condition and capital structure, and had contacted members of the Nussdorf family (Stephen L. Nussdorf, Glenn H. Nussdorf, Arlene Nussdorf, Lillian Ruth Nussdorf) to start discussions over possible alternatives that could result in value to all stockholders of the Company. PHILADELPHIA HEALTH: Sale of Property to 1301 North Approved ------------------------------------------------------------ Judge Magdeline D. Coleman of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania authorized North Philadelphia Health System's sale of property to 1301 North 8th Ltd. Partnership, 1315 North 8th Ltd. Partnership, and Project HOME. The Sale Hearing was held on Aug. 15, 2017. The sale is free and clear of all liens, claims, interests, and encumbrances. The proceeds of the Sale may be used to pay the normal and customary costs associated with a sale. In the event that the Sale closes prior to the contemplated sale to 183 West Girard, LLC, the following will apply. At the time of the closing of the Sale, the remainder of the proceeds of the Sale will be immediately paid to Hunt Mortgage Group, LLC as servicer on behalf of The Bank of New York Mellon Trust Company, N.A. ("BNYM") in BNYM's capacity as Mortgagee under that certain PA Open -- End Mortgage, made as of Dec. 30, 1997 to be applied to pay outstanding unpaid principal, accrued interest and outstanding unpaid fees, specifically any servicing and late fees, with respect to the Mortgage (including as evidenced by that certain mortgage note dated as of Dec. 30, 1997 in the original principal amount of $24,232,400) and otherwise applied according to the Trust Indenture dated as of Dec. 1, 1997 between BNYM, as indenture Trustee and the Hospitals and Higher Education Facilities Authority of Pennsylvania, the Mortgage, Mortgage Note and all related agreements and documentation. Proceeds remaining thereafter will be held in an escrow by Hunt to be applied to monthly principal and interest payments and otherwise applied as permitted under the Loan Documents (provided that no such proceeds will be applied to any disputed fees) as well as applied to the Debtor's insurance escrow in the event that the amounts contained therein are insufficient to cover the Debtor's monthly insurance obligations as it becomes due. After payment to Hunt as set forth, all remaining net proceeds of sale, if any, will be paid to Gemino Health Care Finance, LLC in an amount sufficient to pay the remaining principal, accrued interest and unpaid legal fees and costs consistent with orders entered by the Court approving the debtor in possession financing by Gemino. The Debtor does not hold record title to Parcel 4. In accordance with Section 9(a) of the Agreement, the Debtor will use commercially reasonable efforts to obtain fee simple legal title, insurable at regular rates by the Title Company, in and to Parcel 4 free and clear of any and all Liens, except for the Permitted Title Exceptions, and convey Parcel 4 to the Buyers in accordance with the terms of the Agreement and the Order. Pursuant to Section 5(b) of the Agreement, in the event the Debtor has not obtained legal title, insurable at regular rates by the Title Company, and met the other requirements under the Agreement and the Order, with respect to one or both of the parcels comprising Parcel 4 on or before the Settlement Date, the Debtor and the Buyers will make written arrangements with the Title Company or its agent to hold half in the case of one Impacted Parcel, or all in the case of two Impacted Parcels, of the portion of the Allocations attributable to Parcel 4 in escrow commencing on the Settlement Date until the Debtor is able to convey the Impacted Parcel(s) in accordance with the terms of the Agreement and the Order. When the Debtor is able to convey an Impacted Parcel in accordance with the terms of the Agreement and the Order, the Debtor will transfer such parcel and receive as payment therefor half or all, as applicable, of the Parcel 4 Escrow, and the remaining half, if any, of the Parcel 4 Escrow will be held in escrow pursuant to a written agreement as aforesaid until the conveyance of the remaining Impacted Parcel, if any, in accordance with the terms of the Agreement and the Order. In the event the Debtor is not able to convey any Impacted Parcel in accordance with the terms of the Agreement and the Order on April 1, 2018, the Parcel 4 Escrow (or portion thereof) then being held in escrow will be returned to the Buyers, and the Debtor will retain any interest it has in any Impacted Parcel not conveyed by such date. In the event that any person or entity obtains a lien, claim, interest, or encumbrance on any Impacted Parcel after the date of the Order and before the transfer of such Impacted Parcel to the Buyers and such person or entity did not receive notice of the Sale Motion, the Debtor and the Buyers will file a supplemental motion with the Court before making any Impacted Parcel Payment or Impacted Parcel Transfer to provide notice of such sale to such person or entity and to seek a supplemental final Order of the Court approving and authorizing the sale of such Impacted Parcel, free and clear of such Impacted Parcel Lien(s). Accordingly, these will not be effective as to any Impacted Parcel or any Liens related to such Impacted Parcel unless and until (i) an Impacted Parcel Payment and an Impacted Parcel Transfer has occurred with respect to such Impacted Parcel; and (ii) for any Liens constituting Additional Parcel Liens, the Court has also entered 21 Supplemental Order. The Debtor will be responsible for Newmark Grubb Knight Frank's commission on the Sale in the amount of $87,000, which will be paid by the Debtor from the proceeds of the Sale at the time of the Closing. Accordingly, the Buyers are not and will not be held liable to any agent, broker, person, or firm acting or purporting to act on behalf of either the Debtor or the Buyer for any commission, broker's fee, or finder's fee respecting the Sale. To the extent applicable, the automatic stay pursuant to section 362 of the Bankruptcy Code is lifted, without further Order of the Court, to the extent necessary for entry into and performance under the Transaction Documents and consummation of the Sale. Notwithstanding Bankruptcy Rules 6004(h) and 6006(d), the Order will not be stayed after the entry hereof but will be effective and enforceable immediately upon entry, and the stay provided in such rules is hereby expressly waived and will not apply. Any party objecting to the Order must exercise due diligence in filing an appeal and pursuing a stay within the time prescribed by law and prior to the consummation of the Sale or risk its appeal being foreclosed as moot. About North Philadelphia Health System North Philadelphia Health System, a Pennsylvania non-profit, non-stock, non-member corporation, operates the Girard Medical Center, a state-licensed 65-person private psychiatric hospital, and the Goldman Clinic, a medically assisted treatment center located Philadelphia, Pennsylvania. North Philadelphia Health System sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 16-18931) on Dec. 30, 2016. The petition was signed by George Walmsley III, president & CEO. The Debtor estimated assets and liabilities at $10 million to $50 million. The case is assigned to Judge Magdeline D. Coleman. The Debtor hired Martin J. Weis, Esq. at Dilworth Paxson LLP as counsel; John D. Kutzler, Esq. at Buzby & Kutzler, Attorneys at Law, as special counsel; and SSG Advisors as investment banker. On Jan. 23, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Obermayer Rebmann Maxwell & Hippel LLP as its legal counsel and M S Fox Real Estate Group as consultant. PUERTO RICO: Panel Appeals Ruling Barring It From Bond Insurer Suit ------------------------------------------------------------------- Ryan Boysen, writing for Bankruptcy Law360, reports that the committee of unsecured creditors of Puerto Rico has criticized U.S. District Judge Laura T. Swain's decision that prevents it from appearing in a bond insurer lawsuit over the island' fiscal plan. According to Law360, the Committee told the First Circuit on appeal that Judge Swain erred by boxing them out of the crucial adversary proceeding. Judge Swain confused the meaning of Bankruptcy Code Section 1109(b), which gives official committees the right to "appear", the Committee said in its appellate brief. Alex Wolf of Law360 shares that the U.S. government was asked if it would like to respond to a Wall Street investor's court effort to unravel Puerto Rico's insolvency proceedings, in which the creditor hedge fund argues that the members of the federal board representing the commonwealth were unconstitutionally appointed. The report says that in an order issued by the judge overseeing Puerto Rico's restructuring cases, U.S. Attorney General Jeff Sessions was asked to weigh in on the legal briefing. Bradley Wendt of Law360 relates that Puerto Rico has embarked on the first phase of restructuring over $74 billion of debt. According to the report, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) governs the U.S.'s largest municipal restructuring. The report recalls that the U.S. Congress enacted PROMESA in 2016, providing Puerto Rico broad in-court restructuring methods modeled on Chapter 9 of the U.S. Bankruptcy Code. PROMESA, the report states, empowers a seven-member board (oversight board) with ultimate discretion and final authority over Puerto Rico's fiscal plans and budgets. Law360 shares that the Financial Oversight and Management Board for Puerto Rico said it planned to implement public employee furloughs to meet an $880 million savings benchmark for the 2018 fiscal year, in what amounts to a direct affront to the territory's governing leadership. Law360 recalls that the Financial Oversight said it opposed a bid from a group of creditors for a probe into the territory's debt, saying that it was the party best able to investigate the debt and its "relationship to the fiscal crisis." About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at: https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C., and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed a nine-member Official Committee of Retirees and a seven-member Official Committee of Unsecured Creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. PUTNAM COUNTY, MO: Moody's Lowers GOULT Rating to Ba3, Outlook Neg. ------------------------------------------------------------------- Moody's Investors Service has downgraded, to Ba3 from Baa2, the GOULT rating of Putnam County, MO. The downgrade affects $7 million in Moody's rated debt. The outlook is revised to negative. The downgrade reflects the county's exposure to a potentially fraudulent billing scheme of the county owned Putnam County Memorial Hospital which could result in financial challenges. The rating further considers a rural tax base with considerable economic concentration, modest financial operations reliant on economically sensitive revenue streams with nominally limited reserves, weak resident income levels, and an elevated debt burden. Rating Outlook The negative outlook reflects the expected financial challenges resulting from investigations and potential litigation related to the hospital's billing scheme coupled with the county's limited revenue raising flexibility. Factors that Could Lead to an Upgrade A ruling or binding legal opinion absolving the county of any financial liability related to the billing scheme Factors that Could Lead to a Downgrade A ruling or binding legal opinion finding the county financially liable for claims related to the billing scheme Bankruptcy filing or default on GO debtLoss of major taxpayer Legal Security The Series 2012 GO issuance is a general obligation of the county, payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all of the taxable tangible property, real and personal, with the territorial limits of the county. Use of Proceeds. Not Applicable Obligor Profile Putnam County is a rural county located in north central Missouri along the border with Iowa. The 2015 estimated population was 4,895 residents. Methodology The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016. RICEBRAN TECHNOLOGIES: Names New Member to Board of Directors ------------------------------------------------------------- RiceBran Technologies appointed Robert S. Bucklin, 67, to the Company's Board of Directors on Aug. 21, 2017. Mr. Bucklin brings over 38 years of extensive financial services experience within the food and agriculture industries to the Company. Mr. Bucklin recently completed 20 years of service at Rabobank International, culminating with his position as vice chairman of North America Wholesale banking where his primary responsibilities included U.S. and Canadian Wholesale Clients, Corporate Banking, Mergers and Acquisitions, and Food & Agribusiness Research and Advisory. Prior to being named vice chairman, he served as chief corporate banking officer of Rabobank International, where he led the significant growth of Rabobank's regional business and client relationships, and helped establish Rabobank as the premier Food & Beverage bank in North America. Before joining Rabobank International, he served as President and Chief Operating Officer of First City-Dallas bank and in various executive level capacities at The First Bank of Chicago. Mr. Bucklin currently serves as a member of the boards of directors of Fresh Del Monte Produce, OSI Group, LLC, Agrivida, Inc., Bay State Milling Company and Frequentz, Inc. He also serves as a member of the Advisory Board for Jacob Stern & Sons, as Chairman of the Investment Advisory Committee for Cultivian Sandbox, and as Chairman of Global Green USA, a non-profit organization. Mr. Bucklin holds a Bachelors degree in Finance from the University of Illinois and an MBA from the Harvard Business School. Mr. Bucklin will receive compensation for his service on the Board in accordance with the Company's standard compensatory arrangement for non-employee directors. The Board has not determined the Board committees on which Mr. Bucklin will serve. About RiceBran Scottsdale, Ariz.-based RiceBran Technologies, a California corporation -- http://www.ricebrantech.com/-- is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran Technologies has proprietary and patented intellectual property that allows it to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious food and feed ingredient products. Its global target markets are food and feed manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. RiceBran incurred a net loss attributable to common shareholders of $9.10 million in 2016 compared to a loss attributable to common shareholders of $8.3 million in 2015. As of June 30, 2017, RiceBrand had $31.58 million in total assets, $24.72 million in total liabilities and $6.86 million in total equity. Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations resulting in an accumulated deficit of $260 million at Dec. 31, 2016. This factor among other things, raises substantial doubt about its ability to continue as a going concern. RIO MOBILE: Golden Touch Buying Brownsville Property for $1.1M -------------------------------------------------------------- Rio Mobile Home and R.V. Parks, Inc., asks the U.S. Bankruptcy Court for the Southern District of Texas to authorize the private sale of real property located at 8801 Boca Chica Blvd., Brownsville, Cameron County, Texas, to Golden Touch Investments, LLC, for $1,100,000. Objections, if any, must be filed within 21 days of the date of service. The Debtor proposes to sell the property, which has also been disclosed in Schedule A of its bankruptcy schedules, because of the necessity of consummating the sale that will benefit the estate and the property's secured creditors -- the Internal Revenue Service, Rudy De La Garza, the Cameron County ad valorem taxation entities, and the unsecured creditors, if any. The property is not necessary to the administration of the estate for purposes of continuing an ongoing concern, but it is necessary in the sense that a sale of the property will generate cash and other more liquid assets that can be used to treat the claims of the creditors. The value of and debt owed on the tracts of land proposed to be sold are: a. Block 11, Share 32.2 Recreation Facilities -- 1 acre out of Block 11 El Jardin Subdivision Share 32.2 Block 11 W4W 10 134890: $379,145; b. Building on 1 acre Recreation Building El Jardin Subdivision Share 32.2 Block 11 W4W10 (building on the 1 acre tract) 375940: $7,826; c. Share 32.2 Blk W4W10 3.0 acres Block 11 (developed) El Jardin Subdivision Share 32.2 Block 11 W4W10, (3 acres) 134891: $30,807; d. 8 acres Lot 5 BLK 11 (developed) El Jardin Resubdivision Lot 5, Block 409E (8 acres), Brownsville, Cameron County, Texas: $100,736; e. Block 11 (5 acres) (undeveloped) El Jardin Subdivision Share 32 W (5 acres of E 30 Acres) of Block 11, Brownsville, Cameron County, Texas: $81,500; and f. Block 11 6 acres (undeveloped) El Jardin Subdivision Share 32 East 6 acres of Block 11 (E6 W10), Brownsville, Cameron County, Texas: $97,800. Rudy De La Garza is a first lien holder for the Debtor's properties with tax identification numbers 134886 and 134885 pursuant to a valid and perfected deed of trust with instrument number 2015-00023779 filed on July 2, 2015 and given to secure the payment of that one certain Promissory Note, dated May 28, 2015, in the original principal amount of $124,375 ("Property Loan"). The debt owed to Mr. De La Garza is $ 136,813. The amount owed to the Cameron County ad valorem tax entities is $34,088. The amount owed to the Texas Workforce Commission for unemployment taxes is $1,688. Lastly, the amount owed to the Internal Revenue Service is $2,151. The proposed sale price of $1,100,000, includes a down payment of $250,000, which after payment of closing costs, will payoff all of the secured debt of $174,740 and will pay off at least 50% of the Internal Revenue Service unsecured claims, and possibly more, depending on the IRS assessment of the Debtor's recent filings for 2013-2016. The remaining $850,000 balance will be paid by the Buyer to the Debtor's estate in monthly $4,697 payments which can payoff the unsecured debt owed to Marco Oliva ($3,952) in one month. Although the Debtor has objected to the claims of Elvia Reyna and J. Julian Rivera as unsubstantiated claims, even assuming that the Court allows those claims in full, its estate's revenue stream would pay off those claims in approximately 19.37 months. The Debtor proposes to sell the property to Golden Touch in accordance with the Commercial Contract – Improved Property and Commercial Contract Financing Addendum. The proposed sale price is in the amount of $1,100,000, which will be paid via a cash down payment of $250,000 to be made at closing and a note executed by the buyer payable to the seller for the $850,000 balance, earning 5.25% annual interest, to be paid in 360 monthly deferred payments of $4,697, following an initial 6 month period of no payments. A copy of the Commercial Contract attached to the Motion is available for free at: http://bankrupt.com/misc/Rio_Mobile_141_Sales.pdf The $1,100,000 proposed sales price is above the 2016 fair market value of the real property which is $697,814. Applying a discount factor of 25% to the aforementioned appraisal value of the property ($697,814) that is encumbered by secured liens would net a liquidated value of $523,361. The sale of the property will prevent any more ad valorem taxes on the property from accumulating. ll first liens, the ad valorem taxes, and a substantial amount of the tax debt owed to the Internal Revenue Service will be paid upon closing. The proceeds of the sale, after closing costs and other reasonable expenses related to the sale as well as payment of the ad valorem taxing authorities, will pay or satisfy Rudy De La Garza's claim(s) in full, in exchange for the full release of all of his liens on the property, after deducting expenses of the sale, if any. Any other valid junior lien and encumbrance, which is subordinate to the liens of Rudy De La Garza and the ad valorem taxing entities will be divested from the Property by the sale. The Purchaser: GOLDEN TOUCH INVESTMENTS, LLC 9508 200th St. E. Graham, WA 98338-8471 Telephone: (956) 592-2097 E-mail: beto@gti.investments.com About Rio Mobile Home and R.V. Parks Rio Mobile Home and R.V. Parks, Inc., is a Texas limited liability corporation that owns, develops, and manages a mobile home and R.V. park in Brownsville, Texas. Rio Mobile Home and R.V. Parks filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 16-10150) on May 10, 2016. In its petition, the Debtor estimated $16,117 in assets and $1,820,000 in liabilities. The petition was signed by Dean Gutierrez, president. Judge Eduardo V. Rodriguez presides over the case. Law Office of Antonio Martinez, Jr., P.C., is the Debtor's bankruptcy counsel. The Debtor can be reached at Dean Gutierrez, president of the Debtor, 8801 Boca Chica Blvd., Brownsville, Texas, Telephone: (956) 345-9939, E-mail: gutierrezsra@att.net. RMS TITANIC: Obtains Favorable Ruling in Dispute Over Artifacts --------------------------------------------------------------- RMS Titanic, Inc., a wholly owned subsidiary of Premier Exhibitions, Inc., on Aug. 30, 2017, disclosed that the United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has entered judgment in its favor in an action it brought against the Republic of France regarding ownership of approximately 2,100 artifacts recovered from the Titanic wreck site over the course of 32 dives in 1987. The ruling confirms that RMS Titanic, Inc., owns full and unconditional title to these artifacts and that the Republic of France has no right or interest in them. Brian Wainger, plaintiffs' counsel in this matter, said, "This ruling resolves any question about the company's title to these artifacts, and confirms RMS Titanic, Inc.'s complete and unconditional ownership of these artifacts." The Court granted the company's motion for default judgment from the bench after the hearing on August 17, 2017. An order has been lodged and is awaiting entry. RMS Titanic, Inc. has previously announced plans for the sale of its entire artifact collection including the artifacts recovered in 1987. For more information, visit http://www.titanicartifacts.com/ About About RMS Titanic, Inc. Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta, Georgia, is a presenter of museum quality exhibitions throughout the world. Premier -- http://www.PremierExhibitions.com/-- develops and displays unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES. The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions lies in its ability to produce, manage, and market exhibitions. RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Former Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Chapter 11 cases are assigned to Judge Paul M. Glenn. The Debtors estimated both assets and liabilities of $10 million to $50 million. The Debtors are represented by Daniel F. Blanks, Esq. and Lee D. Wedekind, III, Esq. at Nelson Mullins Riley & Scarborough LLP. The Debtors employ Brian A. Wainger, Esq. at Kaleo Legal as special litigation counsel, outside general counsel, securities counsel, and conflicts counsel; Robert W. McFarland, Esq. at McGuireWoods LLP as special litigation counsel; Steven L. Berson, Esq. at Dentons US LLP and Dentons Canada LLP as outside general counsel and securities counsel; Oscar N. Pinkas, Esq. at Dentons LLP as outside general counsel and securities counsel. The Debtors also employed Ronald L. Glass as Chief Restructuring Officer and GlassRatner Advisory & Capital Group, LLC, as financial advisors. Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016, appointed three creditors to serve on the official committee of unsecured creditors of RMS Titanic, Inc., and its affiliates. The Committee hired Avery Samet, Esq. and Jeffrey Chubak, Esq. at Storch Amini & Munves PC, and Richard R. Thames, Esq. and Robert A. Heekin, Jr., Esq. at Thames Markey & Heekin, P.A. as counsel. The official committee of equity security holders of Premier Exhibitions Inc. retained Peter J. Gurfein, Esq. at Landau Gottfried & Berger LLP as counsel; Jacob A. Brown, Esq. and Katherine C. Fackler, Esq. at Akerman LLP as Co-Counsel; and Teneo Securities LLC as financial advisor. ROBERT BLEZA: Nahnsen Buying Munster Property for $600K ------------------------------------------------------- Robert D. Bleza asks the U.S. Bankruptcy Court for the Northern District of Indiana to authorize the real property located at 1933 Birchwood Court, Munster, Indiana, to Mark Nahnsen for $600,000. The Debtor's assets include the Real Property. He has Contract For Purchase Of Real Estate with the Buyer for the sum of $600,000. The earnest money deposit is $9,500. The Debtor intends to sell the Property to the Buyer free and clear of all liens, claims or other interests, with such liens, claims or other interests to attach to the proceeds of the sale in the same order of priority as they are entitled to. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Robert_Bleza_19_Sales.pdf The Debtor believes that there is one mortgage on the Property, i.e. an outstanding mortgage to Centier Bank in the approximate amount of $437,175. He believes that the Internal Revenue Service holds a lien on the real estate in the approximate amount of $180,559. The Debtor believes that the Offer by the Buyer is in the best interest of the estate. The real property is listed for a Sheriff's sale by the mortgagor. The sale will benefit the estate by payment to the aforelisted creditors. Centier Bank can be reached at: CENTIER BANK 600 E. 84th Avenue Merrillville, IN 46410-6366 Counsel for the Debtor: Gordon E. Gouveia, Esq. GOUVEIA & ASSOCIATES 433 W. 84th Drive Merrillville, IN 46410 Telephone: (219) 736-6020 Facsimile: (219) 736-2545 E-mail: geglaw@gouveia.comcastbiz.net Robert D. Bleza sought Chapter 11 protection (Bankr. N.D. Ind. Case No. 17-22229) on Aug. 3, 2017. The Debtor tapped Gordon E. Gouveia, Esq., as counsel. RONALD CHILDRESS: Online Auction of John Deere 1700 Planter Okayed ------------------------------------------------------------------ Judge Katharine M. Samson of the U.S. Bankruptcy Court for the Southern District of Mississippi authorized Ronald T. Childress' sale of New John Deere 1700 Planter, Serial #1A01700TECS745143, via an online farm equipment auction, Horespower Auction, doing business as anytimeauction.com. The sale is free and clear of liens. The Court orders that the counsel for the Debtor will submit to the office of the United States Trustee information relating to the fees and expenses to be charged by the online auction and the Confirmed Debtor is further ordered to file a report with the Court following the sale closing in compliance with the provisions of Federal Rule of Bankruptcy Procedure 6004(f)(1). Ronald T. Childress sought Chapter 11 protection (Bankr. S.D. Miss. Case No. 16-52067) on Nov. 30, 2016. The Debtor tapped Nicholas Van Wiser, Esq., as counsel. The Debtor can be reached at 33081 Highway 98, Lucedale, Mississippi 39542. RONALD CHILDRESS: Sale of Mississippi Property for $123K Approved ----------------------------------------------------------------- Judge Katharine M. Samson of the U.S. Bankruptcy Court for the Southern District of Mississippi authorized Ronald T. Childress' sale by quit claim deed of his 50% undivided interest in a parcel of non-exempt real property described as Township 2 South, Range 8 West, in Mississippi Township, Georgetown County, Mississippi, to Christopher Chance Lee Parnel for $123,000. The sale is free and clear of liens. The Debtor will submit to the US Trustee a copy of the contract for sale reflecting the sale price and the real estate broker commission. Following the sale, the Confirmed Debtor will file a report of the sale with the Court in accordance with the provisions of Federal Rule of Bankruptcy Procedure 6004(f). Ronald T. Childress sought Chapter 11 protection (Bankr. S.D. Miss. Case No. 16-52067) on Nov. 30, 2016. The Debtor tapped Nicholas Van Wiser, Esq., as counsel. The Debtor can be reached at 33081 Highway 98 Lucedale, Mississippi. RYCKMAN CREEK: Wants to Obtain Additional $3M Financing ------------------------------------------------------- Ryckman Creek Resources, LLC, et al., ask for permission from the U.S. Bankruptcy Court for the District of Delaware to enter into the seventh amendment to senior secured, super-priority debtor-in-possession credit and security agreement to obtain additional financing on a secured, super-priority basis. On March 15, 2017, the Debtors filed a motion for court order authorizing them to further amend the DIP facility to obtain additional financing which, among other things, requested authorization for the Debtors to obtain additional financing and approval of the terms of the Fifth Amendment. On March 27, 2017, the Court entered an interim order authorizing the Debtors to obtain interim bridge financing in the amount of $2 million, subject to the terms of the Fifth Amendment and the final DIP court order, and on April 24, 2017, the Court entered a final order approving the Fifth Amendment and authorizing the Debtors to obtain additional financing totaling $10 million from the supplemental DIP lender pursuant to the terms of the Fifth Amendment and the final DIP court order. These provisions are amended by the Seventh Amendment and are justified and necessary in the context and circumstances of these cases: (a) Commitment: The Supplemental DIP Lender agreed to make advances to the Debtors, in an aggregate principal and face amount not to exceed the First Out Supplemental Commitment amount set forth opposite the lender's name on Appendix A(4) to Exhibit A to the Seventh Amendment, or $3 million; and (b) Term/Maturity: The Maturity Date is the earlier to occur of (i) effective date of a plan of reorganization in the Chapter 11 cases and (ii) Oct. 13, 2017. The Debtors say that their business and reorganization efforts depend on their ability to obtain the Additional Financing. Absent access to this financing, the Debtors will not have the necessary liquidity to continue their business, including to fund the costs of working-capital obligations, operating expenses, and expenses related to administration of the Chapter 11 cases, nor will they have the liquidity to complete a full and value-maximizing sale process. The Debtors are obtaining the Additional Financing on the same terms and secured by the same liens as commitments already approved by this Court pursuant to the final DIP court order, as modified by the first supplemental court orders. The terms of the Additional Financing are fair and reasonable and reflect the Debtors' exercise of prudent business judgment consistent with their fiduciary duties. The Debtors' ability to maximize value for the estates will be jeopardized if they do not have the funding to run the sale process to completion. The Debtors are unable to obtain adequate unsecured credit allowable as an unsecured claim or superpriority administrative expense because all of the Debtors' assets are subject to liens. At this stage in the Chapter 11 cases, the Debtors' only realistic option for additional financing was to obtain the same from the DIP Lenders. Because they are the lenders under the DIP Credit Agreement, the DIP Lenders would need to consent should the Debtors propose alternative financing and priming. A copy of the Debtors' motion is available at: http://bankrupt.com/misc/deb16-10292-1159.pdf About Ryckman Creek Resources Formed on Sept. 8, 2009, Ryckman Creek Resources, LLC, is engaged in the acquisition, development, marketing, and operation of a natural gas storage facility known as the Ryckman Creek Facility. The Ryckman Creek Facility is a depleted crude oil and natural gas reservoir located in Uinta County, Wyoming. The company began development of the reservoir into a natural gas storage facility in 2011. The Ryckman Creek Facility began commercial operations in late 2012 and received injections of customer gas and gas purchased by the company. The company and its affiliated debtors have approximately 35 employees. Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC, Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 16-10292) on Feb. 2, 2016. The petitions were signed by Robert Foss as chief executive officer. Kevin J. Carey has been assigned the case. The Debtors hired Skadden, Arps, Slate, Meagher & Flom LLP as counsel; AP Services, LLC, as management provider; Evercore Group LLC as investment banker; and Kurtzman Carson Consultants LLC as claims and noticing agent. On April 11, 2016, Ryckman Creek Resources disclosed total assets of more than $205 million and total debt of more than $391.2 million. On Feb. 12, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Attorneys for the committee are Greenberg Traurig, LLP's Dennis A. Meloro, Esq., David B. Kurzweil, Esq., and Shari L. Heyen, Esq. The committee retained Alvarez & Marsal, LLC, as financial advisor. SABEMOS BEVERAGES: Taps Leech Tishman as Legal Counsel ------------------------------------------------------ Sabemos Beverages, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ Leech Tishman Fuscaldo & Lampl Inc. to, among other things, give legal advice regarding the requirements of the bankruptcy court; assist in any transaction involving the disposition of its property; and prepare a plan of reorganization or liquidation. Prior to the petition date, Leech Tishman received a retainer from the Debtor's majority equity holder in the sum of $10,000, of which $13,023.50 was used to pay its pre-bankruptcy services while $1,717 was used to pay the filing fee. Stuart Koenig, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Stuart I. Koenig, Esq. Leech Tishman Fuscaldo & Lampl, Inc. 633 W. Fifth Street, 48th Floor Los Angeles, CA 90071 Tel: 213-246-4970 Fax: 213-640-4002 Email: skoenig@leechtishman.com Email: sfrey@leechtishman.com About Sabemos Beverages Founded in 2010, Sabemos Beverages, LLC, doing business as Sage Beverages -- http://www.sagebeverages.com/-- is a wholesale distributor of distilled spirits, including neutral spirits and ethyl alcohol used in blended wines and distilled liquors. Sage offers brands like Lucky Buddha, BraceRo, Tavi Tequila, Cerveza Cucapa and Iron Fist. Sabemos Beverages filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-19529) on Aug. 3, 2017. The petition was signed by Leonardo R. Fernandez, Jr., authorized signatory. At the time of filing, the Debtor disclosed $17.06 million in total assets and $8 million in total liabilities. The case is assigned to Judge Deborah J. Saltzman. SEADRILL LIMITED: Reports $158M Q2 Loss, Nears Chapter 11 --------------------------------------------------------- Seadrill Limited reported a net loss of $158 million on $577 million of total operating revenues for the three months ended June 30, 2017, compared to net income of $267 million on $868 million of total operating revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, Seadrill reported a net loss of $101 million on $1.14 billion of total operating revenues compared to net income of $416 million on $1.75 billion of total operating revenues for the six months ended June 30, 2016. As of June 30, 2017, Seadrill had $20.71 billion in total assets, $10.77 billion in total liabilities and $9.94 billion in total equity. Commenting on the results, Anton Dibowitz, CEO and president of Seadrill Management Ltd., said: "Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017. "Our business execution remains unaffected by these efforts as demonstrated by continued delivery of excellent safety and fleet uptime. "Although the market continues to be challenging, continued operational execution and strong customer relationships has enabled us to re-contract a number of units during the quarter. With a young versatile fleet and upon completion of our restructuring, we will be well placed to capitalize when the market recovers." EBITDA was $27 million lower in the second quarter due to higher operating costs related to upfront costs for stacking units, certain supplier rebates, and higher G&A related to restructuring costs. Excluding the one-off revenue items, EBITDA would have been $67 million lower in the second quarter. Net operating loss for the quarter was $100 million (Q1 2017: income of $83 million) after recognizing a $166 million loss on disposal of the West Triton, West Resolute and West Mischief during the quarter. Net financial and other items resulted in an expense of $65 million in the quarter (Q1 2017: expense of $31 million). The increase in expense was due to lower results from associated companies related to our share of Seadrill Partners net income and foreign exchange losses in the quarter. Income taxes for the second quarter were a benefit of $7 million, (Q1 2017: benefit of $5 million) reflecting an estimate of the annual effective tax rate for the full year being applied to the result for this reporting period. As at June 30, 2017, cash and cash equivalents were $1.3 billion. Net cash provided by operating activities for the three month period ended June 30, 2017 was $64 million (Q1 2017: $155 million) reflecting reduced income for the quarter. Net cash provided by investing activities was $85 million (Q1 2017: $181 million) reflecting lower proceeds from the settlement of the West Mira (Q1 2017: $170 million), compared to the sale of the West Triton and West Resolute (Q2 2017: $74 million). Net cash used in financing activities was $266 million (Q1 2017: $244 million) reflecting scheduled debt repayments during the period. Vessel and rig operating expenses increased by $15 million during the second quarter reflecting upfront stacking costs and certain supplier rebates. General and administrative expenses increased from $61 million for the first quarter to $88 million for the second quarter primarily due to restructuring costs. The Company continues to expect G&A, excluding restructuring costs, to be in the range of $220 million for full year 2017. In July 2017, Sevan Drilling and Cosco reached agreement to defer the Sevan Developer delivery period until June 30, 2020. As part of this agreement, Cosco agreed to refund $25.3 million plus interest to Sevan Drilling, which was received in July 2017 and Sevan Drilling continues to have the right to market the rig for work. The West Dorado and West Draco, currently under construction at Samsung, are not yet completed and the Company is in discussions with Samsung. The Company remains in constructive discussions with its shipyards as part of its restructuring. During the second quarter economic utilization was 97% (Q1 2017: 98%). The West Tucana, West Saturn and Sevan Louisiana completed their contracts, while the West Phoenix returned to work. The West Triton and West Resolute were sold during the quarter. Market Development "Market conditions remain challenging. Oil companies continue to focus on cash conservation and in the majority of cases their offshore capex for full-year 2017 is now forecast to be less than initial guidance. This alongside the supply overhang, both in the floater and jack-up markets, means that every tender is fiercely competitive. Oil companies continue to benefit from this by securing high-specification units at rates that are cash break even or lower. "Signs of a potential recovery are slowly becoming more evident. With an increase in tendering activity, fixtures, and scrapping over the last quarter we are seeing some positive data points that suggest the market is headed in the right direction. "The industry continues to achieve efficiencies that allow deepwater exploration and production to be economic in today's oil price environment. We remain confident in the long term fundamentals of the industry and believe that the years of under-investment offshore will assist in the recovery," as disclosed in the press release. Restructuring Update In July 2017, the Company reached an agreement with its bank group to extend the date by which a comprehensive restructuring plan must be agreed until Sept. 12, 2017. The Company also extended the maturities of its US$400 million credit facility and the US$450 million credit facility provided to Seadrill Eminence Ltd to Sept. 14, 2017. The Company is in advanced discussions with certain third party and related party investors, an ad hoc group of its bondholders and its secured lenders on the terms of a comprehensive recapitalization, which remains subject to further negotiation, final due diligence, final documentation and requisite approvals. As previously disclosed, the Company continues to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings, and the Company is preparing accordingly. The Company has now completed actions to insulate Archer, Seadrill Partners and Seamex from a default caused by a chapter 11 filing by Seadrill. The extension provides additional time to finalize negotiations and prepare for the necessary potential implementation filings. It is likely that the comprehensive restructuring plan will involve the raising of approximately $1 billion of new capital, an approximately five year extension of its bank facilities and a deferral of amortizations and will require a substantial impairment or conversion of its bonds, as well as impairment and losses for other stakeholders, including shipyards. As a result, the Company currently expects that shareholders are likely to receive minimal or no recovery for their existing shares. The Company's business operations remain unaffected by these restructuring efforts and the Company expects to continue to meet its ongoing customer and business counterparty obligations. Guidance Third Quarter 2017 With a number of the Company's units coming off contract and the impact of lower day rates, EBITDA will be lower for the third quarter, at around $175 million. This is based on third quarter expected operating loss of $20 million. The following units will have a full quarter of idle time or are expected to become idle during the third quarter of 2017: * West Tucana * Sevan Louisiana The following units will have lower dayrates and recognized revenues compared to the second quarter of 2017: * West Freedom * West Gemini These reductions are expected to be partially offset by the West Cressida operating for a full quarter and the West Telesto commencing operations. Operationally, performance in the third quarter of 2017 is strong with 99% utilization quarter to date. A full-text copy of the press release is available for free at: https://is.gd/yQvzvC About Seadrill Seadrill Limited is a deepwater drilling contractor, which provides drilling services to the oil and gas industry. It is incorporated in Bermuda and managed from London. Seadrill reported a net loss of US$155 million on US$3.17 billion of total operating revenues for the year ended Dec. 31, 2016, following a net loss of US$635 million on US$4.33 billion of total operating revenues for the year ended in 2015. PricewaterhouseCoopers LLP, in Uxbridge, United Kingdom, issued a "going concern" opinion on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has near term liquidity constraints due to significant cash outflows for which sufficient cash is not available which raises substantial doubt about the Company's ability to continue as a going concern. SEATEQ CORPORATION: Lessors Seek Appointment of Ch. 11 Trustee -------------------------------------------------------------- CAI International, Inc., Triton Container International Limited; Textainer Equipment Management (U.S.) Ltd., and Container Leasing International, LLC ("Lessors") ask the U.S. Bankruptcy Court for the Northern District of California for an order directing the appointment of a Chapter 11 Trustee, or, in the alternative, converting the case of Seateq Corporation to a Chapter 7 case. The Lessors assert that there is cause for appointment of a trustee because of fraud, dishonesty, incompetence, and gross mismanagement of the Debtor's affairs. The Lessors claim that the Debtor, by and through its president, Bjorn Ervell, has been defrauding parties-in-interest and converting their property. Under its scheme, the Debtor would lease intermodal shipping containers from parties-in-interest, sell those containers without acquiring title to them and, for a time, pay the monthly lease amounts for the containers presumably with funds derived from the containers' sale. The Lessors assert that continued rent payments and partial declarations of sale concealed the scheme and induced the Lessors to continue to furnish new containers. The Lessors contend that had creditors have known of the Debtor's ongoing practice of selling off their containers while failing to purchase and pay for them from the Lessors, they would obviously have ceased to continue to give Debtor additional containers. Typical of Ponzi-like schemes, the Lessors relate that the Debtor's scheme appears to have collapsed and the Debtor has ceased to make any payments to the Lessors in approximately the end of March, 2017. The Lessors claim that by the time they became aware of the Debtor's scheme, the Debtor had already sold/converted at least $4,548,581 worth of containers. The Debtor admits that it owes approximately $4.5 million in outstanding lease and/or purchase payments. The Debtor owes the Lessors the following amounts: (a) CAI International, Inc. - $1,786,489; (b) Triton Container International, Ltd. - $746,262; (c) Textainer Equipment Management (US) Ltd. - $1,004,975; and (d) Container Leasing International, LLC - $1,010,855. The Lessors relate that on March 19, 2017, the Debtor transmitted to all parties-in-interest an informal proposed workout plan, which indicates that its proposal to save itself from bankruptcy requires the Lessors continue to provide additional equipment -- which the Lessors are unwilling to do. In addition, the Lessors relate that on April 3, 2017, CAI International requested information from the Debtor, including the identity of the purchasers of the containers at issue in this case. However, the Debtor refused to provide an unconditional, complete response, instead attempting to condition the information on confidentiality. To date, more than four months after CAI International's request for information, the Lessors claim that CAI International still does not know the whereabouts of the containers at issue, and the Debtor still has failed to explain where does more than $4.5 million has gone. The Lessors assert that because of the continuing loss to or diminution of the estate and an absence of a reasonable likelihood of rehabilitation, appointment of a trustee is appropriate. The Lessors fear that the Debtor has distributed the ill-gotten funds obtained via this fraudulent scheme to insiders in an effort to prevent Lessors from collecting. Accordingly, the Lessors assert that the appointment of a trustee is in the Lessors' best interest considering that the Debtor cannot be trusted to conduct its affairs honestly or with the Lessors' interests in mind. The Lessors are represented by: Conte C. Cicala, Esq. Reed Lyon, Esq. CLYDE & CO US LLP 101 Second Street, 24th Floor San Francisco, California 94105 Telephone: (415) 365-9800 Facsimile: (415) 365-9801 Email: conte.cicala@clydeco.us reed.lyon@clydeco.us About Seateq Corporation Based in San Francisco, California, Seateq Corporation filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 17-30697) on July 20, 2017. The petition was signed by Bjorn Ervell, chief executive officer. Judge Hannah L. Blumenstiel presides over the case. Matthew D. Metzger, Esq. at Belvedere Legal, PC represents the Debtor. At the time of filing, the Debtors estimate $500,000 to $1 million in total assets and $1 million to $10 million in total liabilities. SENTINEL MANAGEMENT: 7th Circuit Denies 2nd Suit Vs. FCStone ------------------------------------------------------------ Carmen Germaine, writing for Bankruptcy Law360, reports that the U.S. Court of Appeals for the Seventh Circuit has denied a renewed bid from Frederick Grede, trustee for Sentinel Management Group, to claw back $14.5 million from creditor FCStone LLC. The 7th Circuit opined that Mr. Grede's second attempt at clawing back the $14.5 payment fails because the 7th Circuit previously ruled, in 2014, that the transfer was authorized and that allowing a bankruptcy judge's after-the-fact comments to supersede prior binding orders would be "unrealistic," Law360 relates. The trustee is represented by Catherine L. Steege, Barry Levenstam, Vincent E. Lazar and Angela M. Allen of Jenner & Block LLP, and Chris C. Gair and Jeffrey S. Eberhard of Gair Law Group Ltd. The case is Frederick Grede v. FCStone LLC, case numbers 16-1896 and 16-1916, in the U.S. Court of Appeals for the Seventh Circuit. About Sentinel Management Based in Northbrook, Illinois, Sentinel Management Group Inc. -- http://www.sentinelmgi.com/-- was a full service firm offering a variety of security solutions. The Company filed a voluntary Chapter 11 petition (Bankr. N.D. Ill. Case No. 07-14987) on Aug. 17, 2007. Ronald Barliant, Esq., Randall Klein, Esq., and Kathryn A. Pamenter, Esq., at Goldberg, Kohn, Bell & Black Rosenbloom & Moritz, Ltd., represented the Debtor. Lawyers at Quinn, Emanuel Urquhart Oliver & Hedges, LLP, represented the Official Committee of Unsecured Creditors. When the Debtor sought bankruptcy protection, it estimated assets and debts of more than $100 million. On Aug. 28, 2007, the Court approved Frederick Grede as the Debtor's Chapter 11 Trustee. Marc I. Fenton, Esq., at DLA Piper US LLP, and Vincent E. Lazar, Esq., at Jenner & Block LLP, represent the Chapter 11 Trustee. The Court confirmed the Fourth Amended Chapter 11 Plan of Liquidation for Sentinel on Dec. 15, 2008, which created a Liquidation Trust. The Plan became effective Dec. 17, 2008, and Mr. Grede was appointed Liquidation Trustee. SERENITY HOMECARE: Taps Gold Weems as Legal Counsel --------------------------------------------------- Serenity Homecare, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Gold, Weems, Bruser, Sues & Rundell as legal counsel. The firm will advise the company and its affiliates regarding their duties under the Bankruptcy Code and will provide other legal services in connection with their Chapter 11 cases. Gold Weems will be employed under a general retainer. Bradley Drell, Esq., the attorney who will be handling the case, disclosed in a court filing that he does not represent any interest adverse to the Debtor. Gold Weems can be reached through: Bradley L. Drell, Esq. B. Gene Taylor, III, Esq. Gold, Weems, Bruser, Sues & Rundell P. O. Box 6118 Alexandria, LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 Email: bdrell@goldweems.com About Serenity Homecare LLC Serenity Homecare, LLC is a home health care service provider in Alexandria, Louisiana. Serenity Homecare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Lead Case No. 17-80881) on August 22, 2017. Thomas E. Cupples, II, member and manager, signed the petitions. Judge John W. Kolwe presides over the cases. Each of Serenity Homecare, Antigua Investments, Central Louisiana Home, Cupples Holdings, Hospice Care of Avoyelles, Quality Home Health I and Quality Home Health estimated under $50,000 in assets. Serenity Homecare and Cupples Holdings estimated under $1 million in liabilities. Antigua Investments listed $1 million to $10 million in liabilities. Central Louisiana Home, Hospice Care of Avoyelles and Quality Home Health I listed under $500,000 in liabilities. Quality Home Health estimated under $100,000 in liabilities. SHANGOL INC: Seeks to Hire A.J. Willner as Auctioneer ----------------------------------------------------- The Chapter 11 trustee for Shangol, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire an auctioneer to sell assets of the company. Donald Biase, the bankruptcy trustee, proposes to employ A.J. Willner Auctions, LLC to market and sell the assets located at 609 Eagle Rock Avenue, West Orange, New Jersey. A.J. Willner will get a commission of 10% of the gross sale proceeds, and will charge and retain a 10% buyers' premium to all customers. The firm does not seek reimbursement of expenses. Harry Byrnes, an auctioneer employed with A.J. Willner, disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Harry Byrnes A.J. Willner Auctions, LLC P.O. Box 1012 Springfield, NJ 07081 Phone: (908) 789-9999 About Shangol Inc. Shangol Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 16-29313) on Oct. 9, 2016. The petition was signed by Albert Nazarian, president. Shangol estimated assets of less than $50,000 and liabilities of $1 million to $10 million. On Oct. 24, 2016, Pleasandale Cocktail Lounge, Inc. filed a Chapter 11 petition (Bankr. D.N.J. Case No. 16-30281). The cases were administratively consolidated by order of the court on Dec. 9, 2016. The cases are assigned to Judge Stacey L. Meisel. David L. Stevens, Esq., at Scura, Wigfield, Heyer & Stevens, LLP, represented the Debtors. On Feb. 24, 2017, an order was entered appointing Donald V. Biase as Chapter 11 trustee for Shangol and Pleasandale estates. The trustee hired the Law Firm of Brian W. Hofmeister, LLC as attorney, and Bederson, LLP, as accountant. SOUTHCROSS ENERGY: Tailwater Beneficially Owns 72% of Common Units ------------------------------------------------------------------ TW Southcross Aggregator LP, TW/LM GP Sub, LLC, Tailwater Energy Fund I LP, TW GP EF-I, LP, TW GP EF-I GP, LLC, TW GP Holdings, LLC, Tailwater Holdings, LP, Tailwater Capital LLC, Jason H. Downie and Edward Herring reported in a Schedule 13D/A filed with the Securities and Exchange Commission that as of Aug. 11, 2017, they beneficially owned 56,725,598 common units representing limited partner interests of Southcross Energy Partners, L.P. which constitutes 72% of the Units outstanding. Southcross Holdings Borrower LP owns of record 26,492,074 Common Units and all 18,019,811 Class B Convertible Units and 12,213,713 Subordinated Units that are outstanding. SHB is an indirect, wholly owned subsidiary of Southcross Holdings LP. Holdings, through its indirect ownership of SHB, controls the activities of SHB. Southcross Holdings GP LLC is the general partner of Holdings and in such capacity, controls the activities of Holdings. Holdings GP is managed by a board of directors who have the power and authority to manage and control the business and affairs of Holdings GP, including its control of the activities of Holdings. As of Aug. 15, 2017, 48,559,258 Common Units, 18,019,811 Class B Convertible Units and 12,213,713 Subordinated Units are outstanding. The Class B Convertible Units convert into Common Units at the Class B Conversion Rate on the Class B Conversion Date; the initial Class B Conversion Rate is 1.0 (i.e., one Common Unit for each Class B Convertible Unit). The Subordinated Units convert into Common Units on a one-for-one basis on the expiration of the Subordination Period. Because such Class B Convertible Units and Subordinated Units were acquired in connection with transactions having the purpose or effect of changing or influencing the control of SXE, such Class B Convertible Units and Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934, as amended. As a result of the relationship of the Filing Parties to SHB, each of the Filing Parties is deemed to be the beneficial owner, with shared power to vote or direct the vote and shared power to dispose or direct the disposition, of 56,725,598 Common Units, which constitutes approximately 72.0% of the outstanding Common Units (giving effect to the conversion of all outstanding Class B Convertible Units and Subordinated Units). SHB was entitled to receive from the Issuer, within 45 days after the quarter ending Dec. 31, 2015, a Class B Quarterly Distribution (as defined in the Partnership Agreement), consisting of a payment-in-kind distribution on outstanding Class B Convertible Units of Class B PIK Units, in accordance with the terms of the Partnership Agreement. However, the Issuer did not timely make such Class B Quarterly Distribution. The Partnership Agreement provides that, notwithstanding the Issuer's failure to make such Class B Quarterly Distribution, the holders entitled to the unpaid Class B PIK Units will be entitled to Unpaid Class B PIK Rights. On Feb. 14, 2016, SHB acquired Unpaid Class B PIK Rights equivalent to 279,303 Class B Convertible Units. The Issuer subsequently determined to issue such Class B Convertible Units and issued the 279,303 Class B Convertible Units on May 9, 2016. A full-text copy of the regulatory filing is available at: https://is.gd/38TQtR About Southcross Energy Partners Southcross Energy Partners, L.P. -- http://www.southcrossenergy.com/-- is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Southcross Energy reported a net loss of $94.94 million for the year ended Dec. 31, 2016, following a net loss of $55.49 million for the year ended Dec. 31, 2015. * * * As reported by the TCR on Feb. 28, 2017, S&P Global Ratings said that it affirmed its 'CCC+' corporate credit and senior secured issue-level ratings on Southcross Energy Partners L.P. The outlook is stable. The rating action reflects S&P's view that the recent credit agreement amendment limits the likelihood of a default in the next two years as the partnership will have an improved liquidity position and need no longer adhere to its leverage covenants. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy's Corporate Family Rating to 'Caa1' from 'B2'. Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and Moody's expectation of continued high leverage and challenging industry conditions into 2017. STOP ALARMS: Ch.11 Trustee Hires Seyfarth Shaw as Local Counsel --------------------------------------------------------------- Michael E. Collins, the Chapter 11 Trustee for Stop Alarms Holdings, Inc., et al., asks the U.S. Bankruptcy Court for the Northern District of Georgia for permission to employ Seyfarth Shaw LLP as his local counsel. The Chapter 11 Trustee requires Seyfarth to perform services as necessary on behalf of the Trustee and the Debtors' estates. Seyfarth will be paid at these hourly rates: John W. Mills III $580 Associates $385 Paralegals $95 Seyfarth will also be reimbursed for reasonable out-of-pocket expenses incurred. John W. Mills, III, Esq., attorney in the law firm of Seyfarth Shaw, LLP, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. Seyfarth can be reached at: John W. Mills, III, Esq. Seyfarth Shaw, LLP 1075 Peachtree Street, NE Suite 2500 Atlanta, GA 30309 Tel: 404-885-6687 Fax: 404-724-1647 E-mail: JMills@seyfarth.com About Stop Alarms Headquartered in Memphis, Tennessee, Stop Alarms -- http://www.stopalarmsystems.com/-- is a security company providing security solutions for every aspect of security and life safety across the residential and commercial marketplace. It provides home security and automation via an Alarm.com enabled iPhone, iPad, Android, and other mobile apps. Stop Alarms Holdings, Inc. and affiliate Stop Alarms, Inc. filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Lead Case No. 17-57661) on April 28, 2017. Patrick Massey, president, signed the petitions. David L. Bury, Jr., Esq., at Stone & Baxter, LLP, serves as the Debtors' bankruptcy counsel. The Debtors tapped Alexander Thompson Arnold PLLC as public accountants. Stop Alarms Holdings estimated assets of less than $500,000 and liabilities of $1 million to $10 million. SAI estimated assets of less than $1 million and liabilities of $1 million to $10 million. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 cases of Stop Alarms Holdings, Inc. and Stop Alarms, Inc. as of June 7, according to a court docket. Michael E. Collins has been appointed the Chapter 11 Trustee. SUAREZ CORP: Says It's Business as Usual While in Chapter 11 ------------------------------------------------------------ SCI Direct, LLC, Suarez Corporation Industries Inc., Retail Partner, LLC, and Media Service Corporation ("SCI") filed petitions for relief under chapter 11 of the Bankruptcy Code with the court in Canton, Ohio on Aug. 7, 2017. The cases are being jointly administered under case number 17-61735. The goal of its chapter 11 filing is to restructure its finances and to continue uninterrupted operations. To achieve that goal, SCI obtained approval from the bankruptcy court on Aug. 10, 2017, to continue its operations in the ordinary course of business. SCI has authority to use its cash to pay all of its employees, and current business expenses including for the delivery of goods for its customers. Business as usual will continue at SCI and its owners and management are confident that SCI's customers and the community will be well-served by the chapter 11 filing and that all actions taken by SCI are in the best interests of its customers and the community. Ben Suarez wants all of his vendors and customers to know that "due to the initial court rulings, SCI has now stabilized its business operations. Its anticipated sales are adequate to meet its ongoing expenses. Also, in the past, I delegated much of the administrative authority so I could concentrate on marketing. I have now taken full responsibility of all administrative functions and marketing. I have reinstituted the administrative infrastructure and controls that made SCI successful for its first 43 years. SCI will soon be receiving its new line of advanced household appliances that are superior to its competitors' products on the market. This will give the company a significant competitive advantage and potential for growth in the future." About Suarez Corporation Suarez Corporation Industries -- http://www.suarez.com/-- is a direct marketing company currently offering hundreds of diversified products around the world. From heaters, food services, jewelry, body and skin care, collectible coins, and health products, SCI continues to lead the way through product innovation and multi-channel marketing. The Company offers services through mail, phone and internet, television, newspaper, and magazines. The company started in business in 1968 when Benjamin Suarez started a small business from his home which eventually became Suarez Corporation Industries. Suarez Corporation Industries is an operating entity involved in direct marketing products to consumers, and Retail Partner Enterprises, LLC, markets the same products on a wholesale basis to retail stores. SCI Direct, LLC, holds certain patents, trademarks, and other intellectual property used by Suarez Corporation Industries, and Retail Partner Enterprises, LLC. The entities are owned by Suarez Enterprises Holding Company. Each of SCI Direct LLC, Suarez Corporation Industries, and two affiliates filed separate voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio Case Nos. 17-61735 to 17-61738) on Aug. 7, 2017. The cases are jointly administered before the Honorable Russ Kendig under SCI Direct's Case No. 17-61735. Anthony J. DeGirolamo serves as the Debtors' bankruptcy counsel. The Phillips Organization is the Debtors' accountant. Craig T. Conley, Esq., is special counsel. Kurtzman Carson Consultants LLC is the claims and noticing agent. SUNGEVITY INC: US Trustee Tries to Block Bid for Case Dismissal --------------------------------------------------------------- Matt Chiappardi, writing for Bankruptcy Law360, reports that the U.S. Trustee filed an objection to the request from Sungevity Inc.'s estate for a structured dismissal of its Chapter 11 case. The U.S. Trustee, Law360 relates, described the bid as not comporting with the law, despite the Debtor's contention the move complies with the U.S. Supreme Court's Jevic decision. About Sungevity Sungevity, Inc, Sungevity SD, LLC, Sungevity Development, LLC, Sungevity International Holdings, LLC and their subsidiaries and affiliates -- http://www.sungevity.com/-- provide sales, marketing, system design, installation, maintenance, financing services, and post-installation services for solar energy systems in the U.S., the U.K., and Europe. Sungevity is a privately-held technology company that, until relatively recently, was successfully pursuing growth strategies. Sungevity Inc. and three of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del., Case No. 17-10561) on March 13, 2017. The petitions were signed by Andrew Birch, chief executive officer. The Debtors estimated $100 million to $500 million in both assets and debts. The Hon. Laurie Selber Silverstein presides over the case. The Debtors have tapped Morrison & Foerster LLP as general counsel; Young Conaway Stargatt & Taylor LLP as local counsel; AlixPartners LLC as financial advisor; Ducera Securities LLC as investment banker; and Kurtzman Carson Consultants LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on March 22, 2017, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Sungevity, Inc., and its affiliates. SUNSHINE HOME: Bentley Buying All Assets for $83K ------------------------------------------------- Sunshine Home Health Care, Inc., asks the U.S. Bankruptcy Court for the District of Kansas to authorize the sale of substantially all assets to Bentley Enterprises, LLC, doing business as Sunshine Home Health, for $82,500. As a home health provider, the Debtor is the owner of several licenses, permits, and contracts, including without limitation the following: (i) that home health license issued by the State of Kansas to it with which is maintained at the Business Address; (ii) the Medicare Provider Number for its business operated within the State of Kansas; (iii) its National Provider Number; (iv) its Medicaid provider number; (v) all its other payor contracts; and (vi) all contracts, agreements, and documents evidencing the foregoing subsections (i) through (v). The Debtor is struggling to make payroll and other obligations and needs to sell or wind down its business. On Aug. 25, 2017, the Debtor received an Asset Purchase Agreement for the sale of the Purchased Assets free and clear of any interest therein. The parties intend the Asset Purchase Agreement which provides for a purchase price of $82,500 for the Purchased Assets. The Purchased Assets do not include the account receivables or the bank account balances. The parties wish to close no later than Sept. 30, 2017, or as the Court permits. The principal of the Buyer is an employee of the Debtor. A copy of the Asset Purchase Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Sunshine_Home_61_Sales.pdf The Debtor has spent months looking for a Buyer and believes that the Purchaser is the only option. It submits that the service as set forth constitutes constitutionally adequate notice of the sale of the Purchased Assets, and it asks that the Court enters an Order deeming this service sufficient to give notice of the sale to all lienors, claimants, and all other parties claiming any interest in the Purchased Assets, including anyone claiming an ownership interest in such property. The Debtor asks the Court to approve these Notice Procedures. The Purchaser: BENTLEY ENTERPRISES, LLC 2901 Campbell Kansas, MO 64104 The Purchaser is represented by: Carla Barksdale, Esq. IN-HOUSE COUNSEL, LLC 10015 N. Ambassador Drive, Suite 204 Kansas, MO 64165 About Sunshine Home Health Care Sunshine Home Health Care, Inc., is a full-service home health care agency serving the greater Kansas City, KS area. It posted gross revenue of $3.23 million in 2016 and $3.78 million in 2015. Sunshine Home Health Care filed a Chapter 11 petition (Bankr. D. Kan. Case No. 17-20797) on May 5, 2017, disclosing $75,501 in assets and $1.62 million in liabilities. Vanessa Trobough, president, signed the petition. The case is assigned to Judge Robert D. Berger. The Debtor is represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. TENKORIS LLC: Revised Plan to Sell Assets to Pay Creditors ----------------------------------------------------------- Tenkoris, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a second amended Chapter 11 plan dated Aug. 10, 2017. The Plan is a liquidating plan that will result in payment in full of all administrative and secured claims and a distribution to the general unsecured creditors sufficient to meet the best interest of creditors test. The Second Amended Plan is filed to incorporate the settlement agreement between the Debtor and Amazon.com regarding plan treatment of its claim. Amazon.com has filed an unsecured claim in the amount of $1,000,000. Amazon.com's claim is classified as a Class 6 Unsecured Claim. The Debtor has filed an amended motion to sell all of the business assets and will utilize the proceeds of the sale as well as any remaining business profits generated to pay claims. Class 6 Unsecured Claims -- which total $1,119,741.36 -- includes the claim of Amazon.com, which total $1 million. The Debtor proposes to pay the Class 6 claim holders excess cash flow, to be distributed on a pro rata basis, starting on the 15th day of the month following the Effective Date of the Plan, for 54 months. Excess Cash Flow means the monthly note payment received by the Debtor from the sale of all of its assets ($4,934.21) less all monthly payments due to Classes 1 through 4. The Debtor estimates that its Excess Cash Flow will be $2,121.60 for months 1 through 23; $3,277.98 for months 24 through 28; and $4,655.02 for months 29 through 48, and $4,934.21 for months 49 through 54. A full-text copy of the Amended Plan is available at: http://bankrupt.com/misc/azb16-07290-114.pdf As reported by the Troubled Company Reporter on March 13, 2017, the Debtor filed with the Court a disclosure statement dated March 1, 2017, referring to the Debtor's plan of reorganization, which proposes to pay Class 6 Unsecured Claims -- totaling $70,100.22 -- in full, with interest at 3% per annum, in 36 monthly payments of $2,038.60, distributed on a pro rata basis, starting on the 15th day of the month following the Effective Date of the Plan. About Tenkoris LLC Tenkoris, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-07290) on June 27, 2016. The petition was signed by Ken Olcher, managing member. The Debtor tapped Davis Miles McGuire Gardner, PLLC, as its legal counsel, and Phillip Fitzekam as its accountant. At the time of the filing, the Debtor disclosed $305,855 in assets and $1.02 million in liabilities. TK HOLDINGS: 6 Automakers Try to Block $3.5M Fee to Moelis & Co. ---------------------------------------------------------------- Jeff Montgomery, writing for Bankruptcy Law360, reports that General Motors, along with Volkswagen, Fiat-Chrysler, Honda, Ford and Toyota, objected to the proposal by the Official Committee of Unsecured Creditors of Takata to pay a $3.5 million restructuring fee to Moelis & Co. LLC as part of its retention as the Committee's investment banker. The six automakers, Law360 relates, jointly argued against pre-approval of the Moelis fee provision sought by the Committee. According to the report, the automakers ask Judge Brendan L. Shannon to require linkage for any restructuring payout to Moelis actions. Nathan Hale of Law360 shares that Toyota Motor Corp. urged a Florida federal judge to deny a request from three car owners to be named as class plaintiffs and to form a new subclass in multidistrict litigation over the Debtor's dangerously defective air bags. Toyota and its affiliates told the court that the proposed intervenors, Ryan and Tara Majors and David Ginden, fail to establish that intervention is necessary and said that approving their request at this point would prejudice the parties, the report states. Judge Brendan L. Shannon's decision to freeze much of the litigation surrounding the Debtor's defective air-bag inflators takes automakers off the hook for liability for 90 days, but experts say a move that absolves the carmakers permanently could be a real possibility if certain chips fall into place, Matt Chiappardi of Law360 reports. The decision provides a short "breathing spell" so that the Debtor is able to focus its attention on a global restructuring, the report says. The Debtor and its unsecured creditors sounded off over a move by product liability lawyers group the Attorneys Information Exchange Group to install one of its own as the representative for future personal injury claimants in the Court, with the air bag maker citing conflicts of interest and creditors citing conflicts over cash, Law360 relates. The report shares that both groups objected to the Attorneys Information Exchange Group's call to appoint one of the attorney organization's founding members, Larry Coben, to future claims duties during and after the Debtor's Chapter 11. Citing consumers, Christopher Crosby of Law360 states that Nissan settled allegations in multidistrict litigation over defective Takata Corp. air bags, agreeing to a $97.7 million payout. The report says that under the preliminary settlement, consumers will receive $87 million in a settlement fund and will be allowed to apply for reimbursement for everything from child care payments and towing. Matt Chiappardi of Law360 recalls that Judge Shanonn gave the Debtor's Japanese parent temporary protection from collection efforts and lawsuits in the U.S., with a larger fight over whether that shield should become permanent set for September. The report states that Judge Shannon granted the provisional relief requested by Chapter 15 debtors Takata Corp. and affiliates Takata Kyushu Corp. and Takata Service Corp. According to Law360, the Debtor's corporate parent in Japan, already under a form of bankruptcy protection in its home country, had sought Chapter 15 recognition. Law360 reports that a fleet of objections rolled into the Debtor's Chapter 11, with attorneys for unsecured creditors, tort claimants, multidistrict litigation parties and the Office of the U.S. Trustee contesting proposals to manage claims and limit car company liability. Battle lines also sharpened over costs and terms for the tens of millions of notifications that will be required in the case, and over competing nominees for the attorney who will preside over claims filed by those injured after the Debtor's bankruptcy start date, Law360 relates. About Takata Corp Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. Headquartered in Tokyo, Japan, Takata operates 56 plants in 20 countries with approximately 46,000 global employees worldwide. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. Takata Corp. filed for bankruptcy protection in Tokyo and the U.S., amid recall costs and lawsuits over its defective airbags. Takata and its Japanese subsidiaries commenced proceedings under the Civil Rehabilitation Act in Japan in the Tokyo District Court on June 25, 2017. Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S. and Mexican affiliates each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11375) on June 25, 2017. Together with the bankruptcy filings, Takata announced it has reached a deal to sell all its global assets and operations to Key Safety Systems (KSS) for US$1.588 billion. Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese proceedings. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A., are serving as counsel in the U.S. cases. PricewaterhouseCoopers is serving as financial advisor, and Lazard is serving as investment banker to Takata. Ernst & Young LLP is tax advisor. Prime Clerk is the claims and noticing agent. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, KPMG is serving as financial advisor, Jefferies LLC is acting as lead financial advisor. UBS Investment Bank also provides financial advice to KSS. On June 28, 2017, TK Holdings, as the foreign representative of the Chapter 11 Debtors, obtained an order of the Ontario Superior Court of Justice (Commercial List) granting, among other things, a stay of proceedings against the Chapter 11 Debtors pursuant to Part IV of the Companies' Creditors Arrangement Act. The Canadian Court appointed FTI Consulting Canada Inc. as information officer. TK Holdings, as the foreign representative, is represented by McCarthy Tetrault LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Trade Creditors and a separate Official Committee of Tort Claimants. The Official Committee of Unsecured Creditors has selected Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F. Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington, Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, D.C., as its bankruptcy counsel. Chapter 15 Cases Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. TMR LLC: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: TMR, LLC PO Box 1045 Washington, MO 63090 Case No.: 17-45907 Type of Business: TMR, LLC listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). It is a small business debtor as defined in 11 U.S.C. Section 101(51D). Chapter 11 Petition Date: August 29, 2017 Court: United States Bankruptcy Court Eastern District of Missouri (St. Louis) Judge: Hon. Charles E. Rendlen III Debtor's Counsel: A. Thomas DeWoskin, Esq. DANNA MCKITRICK, PC 7701 Forsyth, Suite 800 St. Louis, MO 63105 Tel: (314) 726-1000 E-mail: edmoecf@dmfirm.com tdewoskin@dmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Timothy M. Roewe, managing member. The Debtor says it has no unsecured creditors who are not insiders; all creditors are either insiders or fully secured. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/moeb17-45907.pdf TRACY CLEMENT: Sale of Lake City Property for $675K Approved ------------------------------------------------------------ Judge Michael E. Ridgway of the U.S. Bankruptcy Court for the District of Minnesota authorized Tracy Clement and the Estate Professional, Nauni Jo Mantys, to sell the town home located at 410 Central Point Road, Lake City, Minnesota, legally described as Tract C, Registered Land Survey No. 4, Goodhue County, Minnesota, Property, Identification No. 54.210.0030, and the range, dishwasher, microwave, refrigerator, washer and dryer, to Frank and Peggy Pichelman for $675,000. The sale is "as is, where is" without any representations and warranties; and free and clear of liens, encumbrances and other interests. All liens, encumbrances or other interests will attach to the proceeds of the sale of the Lake City Property with the same dignity, priority and extent as held against the property prior to the sale. The Movants (or the operating trustee if one is appointed) are authorized to pay all valid liens, interests or expenses of the sale within five days of closing. The 14-day stay as provided by Fed. R. Bankr. P. 6004(h) is waived. About Tracy John Clement Tracy John Clement sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 16-31189) on April 11, 2016. The Debtor is represented by James C. Brand, Esq., at Fredrikson & Byron PA. TRANSDIGM INC: Fitch Rates $1.8BB Sr. Secured Term Loan 'BB/RR1' ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB/RR1' rating to TransDigm Inc.'s (TDI) recently funded $1.8 billion senior secured tranche G term loan, the proceeds of which were used to repurchase the $1.2 billion senior secured tranche C term loan and to fund part of an approximately $1.14 billion special dividend expected to be paid on Sept. 12, 2017. The Rating Outlook is Stable. Fitch's ratings cover approximately $11.8 billion of outstanding debt. KEY RATING DRIVERS The ratings are supported by the company's strong FCF (cash from operations less capital expenditures and regular dividends), good liquidity, strong margins, healthy commercial aerospace markets, higher U.S. defense spending, and a favorable debt maturity schedule. TDG has good diversification in its portfolio of products that supports a variety of commercial and military platforms/programs, and it is a sole-source provider for the majority of its sales. On Aug. 23, 2017, TDG completed the issuance of a new $1.8 billion first-lien senior secured tranche G term loan maturing in 2024. The issuance of the additional debt was already incorporated in Fitch's rating case and Fitch projects TDG's leverage will be approximately 7.0x by the end of fiscal 2017 after giving effect to the incremental debt. TDG's leverage metrics have been stable over the past four years, as leverage remained at 6.5x-7.5x, and Fitch expects the company's leverage will be in the range of 7.0x-8.0x for the rating horizon. Rating concerns include the company's high leverage, declining interest coverage, the long-term cash deployment strategy which focuses on acquisitions and occasional debt-funded special dividends, and weak collateral support for the secured bank facility in terms of asset coverage. TDG generates significant cash flows due to its ability to demand a premium for its products, partially driven by a large percentage of sales from a relatively stable and highly profitable aftermarket business, low research and development costs, and low capital expenditures. In addition, TDG's cash flows benefit from the lack of material pension liabilities and no other post-employment benefit (OPEB) obligations. DERIVATION SUMMARY TDG does not have any like-sized peers with similar operating profiles. The company has some of the highest operating margins and percentage of sole-source and proprietary product among aerospace and defense companies rated by Fitch. The company's diversification, high content of aftermarket sales, strong operations and cash generation are commensurate with higher-rated Aerospace & Defense companies such as Rockwell Collins. However, its financial policies, which include an appetite for high-leverage, debt-funded acquisitions and special dividends, override its strong, non-leverage credit metrics. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for TDG include: -- Revenues will grow by approximately 12% and 10% in fiscal 2017 and fiscal 2018, respectively, driven by acquisitions and anticipated growth of the aerospace and defense sector. The growth will slow to high single-digits thereafter. -- Margins will remain in the range of 44% to 46% over the rating horizon; -- The company will issue additional debt over the next three years, offsetting expected growth in EBITDA; -- Leverage will remain in the range of 7x to 8x over the rating horizon; -- TDG will make $1.5 billion in acquisitions annually; -- The company will maintain cash balances in the range of $700 million to $1 billion through fiscal 2018. KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes TDG would be considered a going concern and would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. TDG's recovery analysis reflects a potential severe down-cycle in the aerospace market and assesses the going-concern EBITDA at approximately $1.3 billion based on the company's stable operations, high operating margins and significant percentage of revenues derived from aftermarket products. The $1.3 billion ongoing EBITDA assumption represents an approximately 20% decline from Fitch's projected EBITDA at the end of fiscal 2017. Fitch expects the EV multiple used in the TDG recovery analysis will fluctuate in the range of 7x-8x, and Fitch is currently using a 7.5x multiple to calculate a post-reorganization valuation. Enterprise value-to-forward EBITDA multiples ranged from 4.8x-8.8x on the three Aerospace & Defense (A&D) bankruptcy plan observations available, with two of the three exit multiples being lower than the median 6.1x cross-sector exit multiple in Fitch's U.S. corporate bankruptcy database. The A&D defaulters typically had significant operational issues; low product, contract and customer diversification; or delays in receipt of contractual revenues in addition to over-leveraged capital structures. While TDG has a highly leveraged capital structure, Fitch believes the company's business profile is stronger than the profiles in the A&D bankruptcy observations. Fitch utilizes the 7.5x EV multiple based on TDG's solid contract and product diversifications, high percentage of sole-source and proprietary products, and significant EBITDA derivation from higher margin and more stable aftermarket sales. In addition, recent transactions for similar companies have been completed at EBITDA multiples in the range of 11x-12x, as evidenced by the recent purchase of BE Aerospace Inc. by Rockwell Collins Inc. at an approximately 11.3x EBITDA multiple earlier in 2017. The $600 million revolving credit facility (RFC) and the $250 million accounts receivable securitization facility (ARSF) are assumed to be fully drawn upon default. The ARSF, RFC and first lien senior secured term loans are senior to the senior subordinated unsecured notes in the waterfall. The waterfall results in a 100% recovery corresponding to a Recovery Rating of 'RR1' for the first lien ($7.6 billion after giving effect to the $600 million incremental issuance) and ARSF ($250 million). The waterfall also indicates a 23% recovery corresponding to 'RR5' for the senior subordinated unsecured notes ($4.6 billion). RATING SENSITIVITIES Fitch does not anticipate positive rating actions in the near term given current credit metrics and the company's cash deployment strategies. Positive rating actions could be considered if the company modifies its cash deployment strategy and focuses on debt reduction. A negative rating action may be considered if there is significant cash flow margin erosion without commensurate de-leveraging of the company. Additionally, Fitch may consider a negative rating action should TDG's leverage (debt-to-EBITDA) and FFO adjusted leverage increase and remain between 8.0x-8.25x and above 9.5x, respectively, driven by weakening of the global economy, a downturn in the aerospace sector, or by issuance of additional debt to fund special dividends or acquisitions. In addition, Fitch may take a negative rating action on the senior subordinated notes if their recovery prospects deteriorate due to an issuance of new senior secured debt. LIQUIDITY TDG has adequate financial flexibility and good liquidity supported by a $600 million RCF and a sizable cash balance, as the company typically holds above $500 million in cash. Fitch anticipates recently completed and future acquisitions will allow TDG to accelerate its revenue, EBITDA and FCF growth over the rating horizon. As of July 1, 2017, TDG held $971 million in cash and equivalents. The company does not have significant debt maturities until 2020 when $500 million of senior subordinated notes become due. Fitch estimates TDG's liquidity will fluctuate between $1 billion to $1.5 billion over the rating horizon.] FULL LIST OF RATINGS Fitch currently has the following ratings: TransDigm Group Inc. -- Long-term Issuer Default Rating (IDR) at 'B'. Transdigm Inc. -- IDR at 'B'; -- Senior secured revolving credit facility at 'BB/RR1'; -- Senior secured term loans at 'BB/RR1'; -- Senior subordinated notes at 'B-/RR5'. The Rating Outlook is Stable. TRANSMAR COMMODITY: CEO & Finance Exec Charged With Bank Fraud -------------------------------------------------------------- Pete Brush, writing for Bankruptcy Law360, reports that Transmar Commodity Group Ltd. CEO Peter G. Johnson, his son Peter B. Johnson and company finance executive Thomas Reich were charged in an indictment with bank fraud, wire fraud and conspiracy. They were hit with fraud charges two weeks after their bid to restructure more than $360 million of bank debt was converted by a bankruptcy judge into liquidation, Law360 states. About Transmar Commodity Group Transmar Commodity Group Ltd. filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-13625) on Dec. 31, 2016. The petition was signed by was signed by Peter G. Johnson, chairman, president and chief executive officer. At the time of filing, the Debtor estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Joseph L. Schwartz, Esq., Tara J. Schellhorn, Esq., and Rachel F. Gillen, Esq., at Riker Danzig Scherer Hyland & Perretti LLP. The Debtor has engaged Tracy L. Klestadt, Esq., Joseph C. Corneau, Esq., and Christopher J. Reilly, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, as local counsel; and GORG as German special counsel. The Debtor has hired DeLoitte Transactions and Business Analytics LLP as its restructuring advisor; and Donlin, Recano & Company, Inc., as its claims and noticing agent. The Office of the U.S. Trustee has appointed three creditors of Transmar Commodity Group to serve on the official committee of unsecured creditors. The Committee tapped Tarter Krinsky & Drogin, LLP, as counsel. TRANSMAR COMMODITY: CEO Denies Involvement in $360M Bank Fraud -------------------------------------------------------------- Pete Brush, writing for Bankruptcy Law360, reports that Transmar Commodity Group Ltd. CEO Peter G. Johnson, his son and a financial executive at the belly-up New Jersey cocoa distributor denied charges that they engaged in a massive $360 million bank fraud. The report says that U.S. District Jed S. Rakoff in the Southern District of New York put the case on track for an April trial. About Transmar Commodity Group Transmar Commodity Group Ltd. filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-13625) on Dec. 31, 2016. The petition was signed by was signed by Peter G. Johnson, chairman, president and chief executive officer. At the time of filing, the Debtor estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Joseph L. Schwartz, Esq., Tara J. Schellhorn, Esq., and Rachel F. Gillen, Esq., at Riker Danzig Scherer Hyland & Perretti LLP. The Debtor has engaged Tracy L. Klestadt, Esq., Joseph C. Corneau, Esq., and Christopher J. Reilly, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, as local counsel; and GORG as German special counsel. The Debtor has hired DeLoitte Transactions and Business Analytics LLP as its restructuring advisor; and Donlin, Recano & Company, Inc., as its claims and noticing agent. The Office of the U.S. Trustee has appointed three creditors of Transmar Commodity Group to serve on the official committee of unsecured creditors. The Committee tapped Tarter Krinsky & Drogin, LLP, as counsel. TRANSWORLD SYSTEMS: Moody's Affirms Caa2 CFR; Outlook Negative -------------------------------------------------------------- Moody's Investors Service affirmed Transworld Systems Inc.'s Caa2 Corporate Family Rating ("CFR"), Caa2-PD Probability of Default Rating, and Caa2 instrument rating on the payment-collections-services provider's $440 million of second-lien notes. The rating outlook remains negative. Affirmations: Issuer: Transworld Systems Inc. -- Probability of Default Rating, Affirmed Caa2-PD -- Corporate Family Rating, Affirmed Caa2 -- Second-lien senior secured notes, maturing 2021, Affirmed Caa2, LGD4 -- Outlook, Negative RATINGS RATIONALE The Caa2 CFR reflects concerns about the sustainability of TSI's capital structure given the ongoing strain on revenues and liquidity caused by changes in the Department of Education's ("DoE") policies for remediating defaulted student loans and for remunerating collection agencies, and by the suspension of a recently awarded DoE contract. Moody's expects the impact from the DoE's policy changes, which have caused revenues to fall sharply, will continue to be felt through the rest of 2017 and into 2018. Recent significant revenue declines should moderate somewhat as the shrinking student loan business is offset partially by relatively stable accounts receivable management ("ARM") and legal-claims-processing segments. Those segments, however, provide a roughly $200 million-revenue base of business that is insufficient to support TSI's shifting operations and $440 million of high-coupon notes. Moody's projects very high adjusted-debt-to-EBITDA of around 12.0 times by the end of 2017. Moody's views TSI's liquidity as weak, given typically very modest cash balances, Moody's expectations for negative free cash flow over at least the next year, and the company's heavy reliance on its revolver. The expanded, $75 million revolving credit facility provides supplemental liquidity to help fund expected free cash flow deficits and support ramp-up costs associated with the reinstatement, should it occur, of the DoE contract. The negative rating outlook reflects Moody's expectations for a roughly 12% net-revenue decline this year, heightened liquidity needs as the DoE delays reinstatement of the student-loans-collection contract with the company, and operational challenges in its other business lines that need to be met by a relatively new management team. Ratings could be upgraded if liquidity improves and if leverage can moderate -- driven, most likely, by a return to revenue growth in the ARM, claims processing, and education segments, the last due to a reinstatement of the DoE contract. Ratings could be downgraded if TSI is not awarded a new DoE contract, by late 2017, liquidity continues to weaken, or Moody's assessment of probability of default rises. Transworld Systems, Inc. provides accounts receivable management services and debt collection services to the government, healthcare, education, and commercial sectors. With Moody's-expected 2017 net revenues of roughly $225 million (a 12% decline from 2016), TSI conducts its operations primarily within the United States. A carve-out from Expert Global Solutions, Inc. ("EGS"), TSI was acquired by an affiliate of Platinum Equity Advisors ("Platinum") in October 2014 for about $510 million. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. TROVERCO INC: Taps TwentyOne Capital to Find Investor, Buyer ------------------------------------------------------------ Troverco, Inc., a debtor in the United States Bankruptcy Court for the Eastern District of Missouri (Case No. 17-44474), has retained Three TwentyOne Capital Partners to find an investor or buyer. Troverco is a multi-generational, family-owned, regional direct store delivery company serving 52 routes across nine states, covering a wide swath of the Midwest, United States. Troverco makes 3,000 stops per week to customers, including independent, regional chain convenience stores, gas stations, hospitals, golf courses, drug stores, schools and prisons. Distribution centers supply a network of freezer-equipped depots, storage pods and route service trucks, delivering a variety of national and regional branded refrigerated and frozen food products to customers. The Company also delivers 2 branded lines of donuts and pastries. Current Situation Since late 2016, management has been executing a multipronged turnaround plan. The Company has reduced overhead costs by condensing routes and adjusting the line of products carried. As a result of these changes, Troverco has reduced their cash burn and improved operating metrics. Troverco filed for Chapter 11 bankruptcy protection to better negotiate key contracts and present investor/acquirors with the cleanest path forward. Ownership is seeking an equity investor, partner and/or acquiror to ensure that the Company has the resources and time necessary to effectuate the successful turnaround of the business. For More Information: Please sign and return the Confidentiality Agreement via fax or email: E-mail: CA@321capital.com or Fax: 443-320-9225 A copy of the Summary and Confidentiality Agreement is available at https://is.gd/EVb71g About Troverco Inc. Headquartered in Saint Louis, Missouri, Troverco -- http://www.troverco.com/-- is in the food industry specializing in freshly prepared sandwiches and snacks for delivery to businesses. Troverco began as a franchise in 1959 under the name Lakeshire Sandwiches. Troverco filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mo. Case No. 17-44474) on June 29, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Joseph E. Trover, Jr., chief executive officer. Judge Charles E. Rendlen III presides over the case. Spencer Fane LLP serves as the Debtor's bankruptcy counsel. The Debtor hired Cullen and Dykman LLP as co-counsel and Three Twenty-One Capital Partners, LLC, as financial advisor and investment banker. On July 18, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Goldstein & McClintock LLLP represents the committee as bankruptcy counsel. TRUE AUTHORITY: BAC Buying Memphis Property for $375K ----------------------------------------------------- True Authority Church International asks the U.S. Bankruptcy Court for the District of Nevada to authorize the sale of real property located at 4017 S. Third St., Memphis, Tennessee, to Brothers About Change ("BAC") for $375,000. Listed on the Debtor's Schedules and Statements is the Property. It wishes to sell the Property to BAC in accordance with their Purchase and Sale Agreement. The earnest money deposit is in the amount of $5,000. The Property is being sold "as is" and free and clear of liens. In the event repairs are required to correct any defects, the Debtor will pay a maximum of $1,000. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/TRUE_AUTHORITY_40_Sales.pdf The sale will result in payment of all commissions, fees, escrow and title charges as customary in Clark County, Nevada, per the agreement contained in the Escrow Instructions and the Preliminary Title Report. The attorney's fees in the amount of $2,000 will be paid from funds from the sale of the house. The Debtor asks that the Court waives the 14-day appeals process if there is no objection to the sale. The Purchaser: BROTHERS ABOUT CHANGE Telephone: (901) 347-8620 Facsimile: (866) 271-7493 E-mail: admin@brothersaboutchange.com About True Authority Church True Authority Church International filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 17-11407) on March 23, 2017, estimating under $1 million in both assets and liabilities. The Debtor is represented by Thomas E. Crowe, Esq., at Thomas E. Crowe, Professional Law Corporation. TX CC INC: Sale of All Assets to Creative Foods for $65K Approved ----------------------------------------------------------------- Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas partially authorized TX. C.C., Inc., and affiliates to sell substantially all of their assets to Creative Foods, LLC for $55,000 plus payment of the Final Cure Amounts to the Creative Landlords, and assumption and payment of all 2017 ad valorem tax liabilities for the real property taxes and the business personal property taxes associated with the Creative Locations. A hearing on the Motion was held on July 24, 2017. The sale of Creative Assets is free and clear of all Creative Liens, Creative Claims, and other interests of any kind or nature whatsoever (except for any exceptions contained within the Creative Transaction Documents). Upon the Creative Closing, Creative will take title to and possession of the Creative Assets subject only to the Creative Permitted Encumbrances and Creative Assumed Liabilities contained within the Creative Transaction Documents. The transfer of the Creative assets is further subject to the protections provided to various tax authorities. The priority claims, interests, and/or rights of the PACA Creditors which have timely filed PACA Claim Notices under the relevant procedures order and similarly situated trust claimants' in said assets will attach to the proceeds of the Creative Sale. Upon (i) receipt by the Creative Landlords of the full amount of the Final Cure Amounts, (ii) the Debtors' receipt of the Cash Consideration, and (iii) and the Closing of the Creative Final Offer, the applicable Debtors as lessees to the Creative Leases will be directed to assume and assign the applicable Creative Leases for each such Debtor to Creative. To the extent that the Debtors receive any funds relating to business conducted at any Restaurant on or after the effective date of the Creative Closing, then (i) such funds at no point will constitute property of their estates, (ii) they will be obligated to pay such funds to Creative to the extent constituting Creative Assets and such obligation will be deemed to be their administrative obligation; and (iii) they will and are authorized to pay such amounts to Creative of such Restaurant location (including Restaurants relating to each Creative Designated Lease notwithstanding the fact that the election to assume or reject has not been made by Creative), without seeking further authority from the Court. All sales proceeds or other payments made to the Debtors under the Sale Order and/or the Creative Transaction Documents, but not including any payments made under any interim management or operations agreement, will be forwarded to the trust account of Weycer Kaplan Pulaski & Zuber, P.C. and thereafter will be moved, used, or otherwise allocated only upon further Order of the Court. Creative will be response for all 2017 ad valorem real property taxes and 2017 ad valorem business personal property taxes as to the Assets (and thus the Acquired Property under the Transaction Documents) and as to or under any Creative Assumed Lease. As to the Creative Assets, the liens of the Tax Authorities for taxes prior to 2017 will attach to the sale proceeds with the same validity, extent, and priority as existed on their collateral prior to the sale. With respect to Williamson County, notwithstanding anything to the contrary contained in the Order, for taxes prior to 2017, all liens of Williamson County, Texas will attach to the gross sale proceeds with the same validity, priority, and extent that they attached to any assets sold. With respect to any and all other tax authorities not enumerated above, the liens of the Tax Authorities for taxes prior to 2017 will attach to the sale proceeds with the same validity, extent, and priority as existed on their collateral prior to the sale. The Purchase Price in the APA will be increased by $10,000 to account for the Standbacks or cash on hand in the Restaurants. The Sale Order is not applicable to the Restaurant and the lease relating to the TXLC Katy, Texas location in which ABK Investors is the lessor unless the Debtors, Creative and ABK Investors file a certification by 11:59 p.m. on July 31, 2017 certifying that such this lease is not rejected. In order for Closing on the Stassney Lease to occur, a mutually acceptable Lease Amendment and Assignment and Assumption Documents must be fully executed and delivered to Capview and the Order Modified as agreed by Capview and Creative. For cause shown, pursuant to Bankruptcy Rules 6004(h) and 7062(g), the Sale Order will not be stayed, will be effective immediately upon entry, and the Debtors and Creative are authorized to close the sale of the Creative Assets immediately upon entry of the Sale Order. All time periods set forth in the Sale Order will be calculated in accordance with Bankruptcy Rule 9006(a). About TX.C.C., Inc. TX.C.C., Inc., et al., own and operate two steakhouse dining concepts, Texas Land & Cattle and Lone Star Steakhouse & Saloon. They currently operate a total of 29 locations across the two brands. TX.C.C. filed a Chapter 11 bankruptcy petition (Bankr. E.D.Tex. Case No. 17-40297) on Feb. 13, 2017. The petition was signed by Timothy Dungan, president. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. These affiliates also filed for Chapter 11 bankruptcy protection: a. Texas Land & Cattle of Fairview, LLC (Bankr. E.D. Tex. Case No. 17-40300) and Lone Star Steakhouse & Saloon of Springfield, Inc. (E.D. Tex. Case No. 17-40303) on Feb. 13, 2017; b. Lone Star Steaks, Inc. (E.D. Tex. Case No. 17-40330) on Feb. 17, 2017; c. Texas Land & Cattle Steakhouse of North Carolina, Inc. (E.D. Tex. Case No. 17-40332) and TXLC of Arlington II, LLC (E.D. Tex. Case No. 17-40333) on Feb. 18, 2017. d. Lone Star Steakhouse & Saloon of Southern Missouri (E.D. Tex. Case No. 17-40334) Lone Star Steakhouse & Saloon of Florida, Inc. (E.D. Tex. Case No. 17-40335) and TXLC of Missouri, Inc. (E.D. Tex. Case No. 17-40336) on Feb. 19, 2017; e. Lone Star Steakhouse & Saloon of Michigan, Inc. (E.D. Tex. Case No. 17-40339), Lone Star Steakhouse & Saloon of Mississippi, Inc. (E.D. Tex. Case No. 17-40340) and Lone Star Steakhouse & Saloon of Oklahoma, Inc. (E.D. Tex. Case No. 17-40341) on Feb. 20, 2017; f. Lone Star Steakhouse & Saloon of Ohio, Inc. (E.D. Tex. Case No. 17-40342) on Feb. 21, 2017; g. TX LC Liquor Company (E.D. Tex. Case No. 17-40443) on March 3, 2017; and h. LS Management, Inc. (E.D. Tex. Case No. 17-40508) on March 8, 2017. The cases are jointly administered. The Hon. Brenda T. Rhoades presides over the cases. Weycer, Kaplan, Pulaski & Zuber, P.C., serves as counsel to the Debtors. No trustee, examiner, or statutory creditors' committee has been appointed in the Chapter 11 cases. UNILIFE CORP: Sale of York Property to FNB for $3M Credit Bid OK'd ------------------------------------------------------------------ Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware authorized the private sale by Unilife Corp. and its affiliates of Unilife Cross Farm, LLC's real property commonly known as 250 Cross Farm Lane, York, Pennsylvania, to First National Bank of Pennsylvania ("FNB") for a credit bid of $3,000,000. The sale is free and clear of all Interests of any kind or nature whatsoever. The provision in the Sale Agreement for the Debtors' waiver of any claim or interest in the Deposit Account held at FNB is approved, as are the provisions in the Sale Agreement providing for mutual releases of the parties. For cause shown, pursuant to Bankruptcy Rules 6004(h), 6006(d), and 7062(g), the Sale Order will not be stayed and will be effective immediately upon entry, and the Debtors and the Buyer are authorized to close the Sale immediately upon entry of the Sale Order. The Debtors and the Buyer may consummate the Sale Agreement at any time after entry of the Sale Order by waiving any and all closing conditions set forth in the Sale Agreement that have not been satisfied and by proceeding to close the Asset Sale without any notice to the Court, any prepetition or postpetition creditor of the Debtors and/or any other party in interest. About Unilife Corporation Unilife Corporation -- http://www.unilife.com-- is a U.S.-based developer and commercial supplier of injectable drug delivery systems. Unilife has a portfolio of innovative, differentiated products with a primary focus on wearable injectors. Products within each platform are customizable to address specific customer, drug and patient requirements. Unilife Corporation filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 17-10805) on April 12, 2017. John Ryan, chief executive officer, signed the petition. The Debtor disclosed total assets of $82.98 million and total liabilities of $201.0 million as of the bankruptcy filing. The Hon. Laurie Selber Silverstein presides over the case. Cozen O'Connor serves as counsel to the Debtor. An official committee of unsecured creditors has been appointed in the case. The panel retained Lowenstein Sandler LLP as counsel. UNIPIXEL INC: To File Voluntary Ch.11 Bankruptcy Petition --------------------------------------------------------- UniPixel, Inc., said that on Aug. 24, 2017, its board of directors authorized the company to file a voluntary petition for relief under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of California. The petition has not yet been filed but it is anticipated that the company will do so in the next 1 to 2 business days. It is also currently anticipated that the company will file the petition under Chapter 11 of the Bankruptcy Code which would enable it to act as "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The company has retained the McNutt Law Group LLP as its counsel. As had been stated by the company, it is obligated to advance expenses for the defense of its two former executive officers, Reed Killion and Jeffrey Tomz, in their defense on an action brought against them by the Securities and Exchange Commission. A year ago, on August 22, 2016, Messrs. Killion and Tomz filed an action against the company for advancement of expenses in the Delaware Chancery Court. The company disputed a portion of the expenses incurred in 2016 as unreasonable, but has since been ordered to pay some of those disputed fees. In addition, only a portion of expenses incurred in 2017 have been advanced as of this time. The company and Messrs. Killion and Tomz have been in discussions regarding timing of payment of advancement of expenses, but have been unable to reach a resolution and Messrs. Killion and Tomz have moved to seek recourse in the Delaware Chancery Court, including seeking to have the company liquidate assets to provide funds for the advancement of expenses. In light of this, the company intends to use the bankruptcy process to seek to sell the assets of the company including manufacturing equipment, R&D equipment, intellectual property assets, individually or to an interested buyer in totality and subject to the approval of the Bankruptcy Court. In addition, all the directors of the Company other than Jeff Hawthorne resigned effective August 24, 2017, and on August 25, 2017, the Company terminated the employment of all employees, including Mr. Hawthorne and the other officers of the company. About UniPixel UniPixel, Inc. (NASDAQ: UNXL) -- http://www.unipixel.com/-- develops and markets high performance metal mesh capacitive touch sensors for the touchscreen and flexible displays markets. The Company's roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch(TM) and Diamond Guard(TM) brands. UNIQUE VENTURES: Ch.11 Trustee Taps Schaffner Knight as Accountant ------------------------------------------------------------------ M. Colette Gibbons, the Chapter 11 Trustee for Unique Ventures Group, LLC, asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for permission to employ Schaffner Knight Minnaugh & Company, PC as his tax accountant. The Chapter 11 Trustee requires Schaffner Knight to prepare and file all necessary state and federal tax returns for the year 2016, and any other year(s) that may become necessary. Schaffner Knight will be paid at these hourly rates: Principals $200-$325 Senior Managers/Managers $150-$175 Staff $100-$125 Schaffner Knight will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew J. Minnaugh, CPA, founding member of Schaffner Knight Minnaugh & Company, PC, 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. Schaffner Knight may be reached at: Matthew J. Minnaugh, CPA Schaffner Knight Minnaugh & Company, PC 1545 West 38th Street Erie, PA 16508 Phone: 814-454-1997 About Unique Ventures Unique Ventures Group, LLC, based in Pittsburgh, Pennsylvania, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 17-20526) on Feb. 13, 2017. Unique Ventures owns 28 Perkins Restaurant & Bakery locations in Pennsylvania and Ohio. Unique may have an interest in 10 Burger Kings, all in Ohio, through a related entity, according to a Pittsburgh Business Times report. The Hon. Thomas P. Agresti presides over the Chapter 11 case. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Eric E. Bononi, receiver, CEO and CRO. Unique Ventures hired Leech Tishman Fuscaldo & Lampl, LLC, and RudovLaw as counsel. It also hired Scott M. Hare, Attorney at Law, to provide legal advice on litigation-related issues. Andrew R. Vara, Acting U.S. Trustee for Region 3, on March 2, 2017, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Unique Ventures Group, LLC. The Committee hired Whiteford Taylor & Preston, as counsel, and Albert's Capital Services, LLC, as financial advisor. The Acting United States Trustee appointed M. Colette Gibbons, Esq., as the Chapter 11 Trustee for Unique Ventures Group. VITARGO GLOBAL: May Use Cash Collateral Through Oct. 31 ------------------------------------------------------- The Hon. Theodor C. Albert of the U.S. Bankruptcy Court for the Central District of California has granted on a final basis Richard J. Laski, the Chapter 11 Trustee for Vitargo Global Sciences, Inc.'s request for authorization to use cash collateral. The Chapter 11 Trustee may use cash collateral through Oct. 31, 2017. A copy of the Order is available at: http://bankrupt.com/misc/cacb17-10988-233.pdf As reported by the Troubled Company Reporter on Aug. 9, 2017, the Chapter 11 Trustee sought court authorization to continue using cash collateral of Fisher Capital Investments, LLC, On Deck Capital, Lila Ekonomistyrning, AB, and Swecarb AB, through Oct. 31. The Chapter 11 Trustee requires use of the cash collateral to pay the costs and expenses associated with operating the Debtor's business. About Vitargo Global Sciences Vitargo Global Sciences, Inc., was initially formed as Vitargo Global Sciences, LLC, in June 2013, a follow-along entity of GENr8, Inc., a predecessor business to the Debtor. Conversion from LLC to Inc. took place on September 2015. The Company's line of business includes manufacturing dry, condensed, and evaporated dairy products. Vitargo Global Sciences previously filed a Chapter 12 bankruptcy petition on May 5, 1992 (N.D. Tex. Case No. 92-42174). Vitargo Global Sciences, based in Irvine, California, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-10988) on March 15, 2017. The petition was signed by Anthony Almada, chief executive officer. The Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Theodor Albert presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, served as the Debtor's bankruptcy counsel. Damian Moos, Esq., at Kang Spanos & Moos LLP, was the litigation counsel. Jeffrey Bolender, Esq., at Bolender Law Firm PC, served as the Debtor's state court insurance coverage counsel. On April 4, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee retained Marshack Hays LLP, as general counsel. Richard J. Laski has been appointed as the Chapter 11 Trustee. The Trustee hired Arent Fox LLP, as general bankruptcy and restructuring counsel. WALKER RENAISSANCE: RSM Buying Tampa Properties for $1.6M --------------------------------------------------------- Walker Renaissance Manufacturing, Inc., asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize the sale of real properties (i) located at 8802 E. Broadway Ave., Tampa, Florida and (ii) located 8740 E. Broadway, Tampa, Florida to RSM Resources, Inc. for $1,550,000. On Aug. 17, 2017, the Debtor tiled an Application to Employ Grimaldi Commercial Realty Corp. as Real Estate Agent, who procured the Buyer. The Debtor believes that the sale of the Properties is in the best interest of the estate, and that the proposed sale price represents a fair market value for the property, and is the best offer which the Debtor has obtained. A copy of the Commercial Contract attached to the Motion is available for free at: http://bankrupt.com/misc/Walker_Renaissance_49_Sales.pdf Synovus Bank holds the mortgage on both of the Properties and will be paid in full from the proceeds of the sale. The Purchaser: RSM RESOURCES, INC. Telephone: (813) 247-7040 Synovus Bank can be reached at: SYNOVUS BANK c/o John T. Rogerson, III 501 Riverside Avenue, 1th Floor Jacksonville, FL 32202-4934 About Walker Renaissance Manufacturing Walker Renaissance Manufacturing Inc. is a packaging company in Hillsborough County, Florida, that owns a real property located at 8802 E. Broadway Ave., Tampa, Florida 33619 valued at $839,348. Walker Renaissance filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-05390) on June 21, 2017. Robert M. Walker, president and CEO, signed the petition. The Debtor disclosed $1.58 million in assets and $1.52 million in liabilities at the time of the filing. The Debtor is represented by David W. Steen, Esq. at David W Steen, P.A. WESTINGHOUSE ELECTRIC: Ex-Workers Sue for Dismissal Without Notice ------------------------------------------------------------------ Adam Lidgett, writing for Bankruptcy Law360, reports that former employees Kent Gladden and Andrew Fleetwood filed complaints against Westinghouse Electric Co. LLC and two of its units, WECTEC LLC and Stone & Webster. According to the report, Messrs. Gladden and Fleetwood said they lost their jobs without notice. The report recalls that the Debtor canceled the project to build two new nuclear reactors in South Carolina, and slid into bankruptcy following severe cost overruns for the $14 billion project at the Virgil C. Summer Nuclear Generating Station in Jenkinsville, South Carolina. About Westinghouse Electric Company Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, chief transition and development officer. The Debtors disclosed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The Hon. Michael E. Wiles presides over the cases. Weil, Gotshal & Manges LLP serves as counsel to the Debtors. The Debtors hired AlixPartners LLP as financial advisor; PJT Partners Inc. as investment banker; Kurtzman Carson Consultants LLC as claims and noticing agent; K&L Gates as special counsel; and KPMG LLP as tax consultant and accounting and financial reporting advisor. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. On April 7, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Proskauer Rose LLP is the committee's bankruptcy counsel. The Board of Directors of Westinghouse appointed a special panel called the U.S. AP1000 Committee to oversee the company's activities related to certain AP1000 nuclear plants located in Georgia and South Carolina. WILLIAM HAMSLEY: Brassells Buying Springfield Property for $130K ---------------------------------------------------------------- Judge Marian F. Harrison of the U.S. Bankruptcy Court for the Middle District of Tennessee will convene a hearing on Sept. 26, 2017 at 9:00 a.m. to consider William Todd Hamsley's sale of real property located at 111 9th Avenue West, Springfield, Tennessee, to Joey and Katrina Brassell for $130,000. The objection deadline is Sept. 15, 2017. The Debtor and his wife, Mitzi Hamsely, are the owners of the Property as tenants by the entirety. The Property is a commercial building that used to house a now defunct business of the Debtor. Said sale will be free and clear of the interests of any lien holder; however, said lien will attach to the proceeds of the sale and will be distributed pursuant to the priority of lienholders. The lienholders, Terry Ray and Aggi Hamsley, have agreed to release their lien for the stated sale price, as long as all proceeds are applied to the loan. A copy of the Commercial Purchase and Sale Agreement attached to the Notice is available for free at: http://bankrupt.com/misc/WILLIAM_HAMSLEY_87_Sales.pdf From the sale proceeds, the Debtor and his wife propose to pay the costs of a real estate agent, a closing attorney, an owner's title insurance policy, the deed tax and all outstanding property taxes, the total of which is estimated to be approximately $7,500. William Todd Hamsley sought Chapter 11 protection (Bankr. M.D. Tenn. Case No. 15-07117) on Oct. 5, 2015. Counsel for the Debtor: Steven L. Lefkovitz, Esq, LEFKOVITZ & LEFKOVITZ 618 Church Street, Suite 410 Nashville, TN 37219 Telephone: (615) 256-8300 Facsimile: (615) 255-4516 E-mail: slefkovitz@lefkovitz.com WILLIAM IPPOLITO: Sale of Staten Island Property for $2.7M Approved ------------------------------------------------------------------- Judge Carla E. Craig of the U.S. Bankruptcy Court for the Eastern District of New York authorized William S. Ippolito's sale of real property located at 484 Sharrotts Road, Staten Island, New York, to DonnaMarie Russo for $2,650,000. A hearing on the Motion was held on June 14, 2017 at 3:00 p.m. The auction sale of the Real Property was conducted on July 26, 2017 at 11:00 a.m. at the New York LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, New York. The Purchaser's bid was the highest and best bid received for the Real Property, and the bid of Zhong Wei Zhao in the amount of $2,597,000 was the second highest and best bid. The Sale Hearing was held on Aug. 2, 2017 at 3:00 p.m. In accordance with the Bidding Procedures, the Purchaser, or its designee, is required to pay the balance of the Purchase Price to the Debtor upon the closing of sale, to be held after confirmation of the Debtor's chapter 11 plan (CEC) upon mutual consent by the Purchaser or its designee, National Loan Investors, L.P., Victory Savings Bank, and NYCTL without the need for further court order. The Debtor will hold and retain the deposit of the Backup Bidder under the consummation of the sale of the Real Property to the Purchaser, or its designee. Upon the consummation of the sale of the Real Property to the Purchaser, or its designee, the Debtor will immediately return the Backup Bidder's deposit. In accordance with the Bidding Procedures, the Real Property will be sold and transferred to the Purchaser, or its designee, "as is, where is," "with all faults," without any representations, covenants, guarantees, or warranties of any kind or nature whatsoever; and free and clear of any and all liens, claims, encumbrances, interests, or adverse claims to title, of whatever kind or nature whatsoever, with all such Liens attaching to the sale proceeds in the same amount and with the same validity, extent and priority as they had in the Real Property prior to the bankruptcy filing. The Debtor will be authorized to pay at Closing all non-disputed ordinary closing costs, including but not necessarily limited to, (i) outstanding New York City Environmental Control Board violations arising out of and related to any violation assessed against the Real Property, (ii) outstanding New York City real estate taxes related to the Real Property, including any real estate taxes that may have been sold, transferred or otherwise assigned to a third party, (iii) outstanding New York City Housing Preservation and Development violations related to the Real Property, (vi) any outstanding water and/or sewer charges, (vii) all customary title charges; (iv) National Loan Investors, L.P. in the amount of $988,116 as of Aug. 3, 2017, with a per diem interest rate of $216; (v) NYCTL 2016-A in the amount of $52,943 as of Aug. 3, 2017, accruing interest at 18% compounded per statute; 2015-A Trust in the amount of $96,038, accruing interest at 18% per statute; NYCTL 1998-2 Trust as Assignee of NYCTL 2014-A Trusts in the amount of $445,100, accruing interest at 9% per statute, (vi) Victory Savings Bank in the amount of $70,214 as of Aug. 3, 2017 with a per diem interest rate of $16 and $3,500 legal fees for counsel to Victory Savings Bank; and (vii) Maltz Auctions and Casandra Properties, Inc.. In the event the Purchaser, or its designee, fails to close on the sale of the Real Property in accordance with the Bidding Procedures and the Order, then the Debtor is entitled to retain the Purchaser's deposit and the buyer's premium as liquidated damages, in addition to any other remedy allowable under the Bidding Procedures and the Order, without the need for further Order of the Court. Upon the failure of Purchaser, or its designee, to consummate the sale of the Real Property, the Debtor will be authorized and empowered to immediately close on the sale of the Real Property to the Backup Bidder pursuant to the terms of the Backup Bid. The 14-day stay provided for in Bankruptcy Rules 6004(h) and 6006(d) will not be in effect and, pursuant to Bankruptcy Rule 7062, the Order will be effective and enforceable immediately upon entry. William S. Ippolito filed a voluntary petition for relief under chapter 13 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 16-45609) on Dec. 13, 2016. The Debtor's case was converted to a case under chapter 11 of the Bankruptcy Code on Feb. 28, 2017. WOODSTOCK ORLANDO: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Woodstock Orlando LLC as of August 28, according to a court docket. Woodstock Orlando LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-04272) on June 28, 2017. Judge Karen Jennemann presides over the case. WRESTLER TAXI: Case Summary & Largest Unsecured Creditors --------------------------------------------------------- Debtor affiliates that filed Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Wrestler Taxi LLC 17-27436 25 E. 86th Street, #9F New York, NY 10028 Antibes Taxi Inc. 17-27437 25 E. 86th Street, #9F New York, NY 10028 Beaujolais Taxi Inc. 17-27438 Belvedere Taxi LLC 17-27439 Betmar Express Cab Corp. 17-27440 Black Label Taxi LLC 17-27441 Body Slam Taxi LLC 17-27442 Bordeaux Taxi Inc. 17-27444 Calvados Taxi LLC 17-27445 Chamonix Taxi LLC 17-27446 Chardonnay Taxi Inc. 17-27449 Cognac Taxi LLC 17-27454 Cuervo Taxi LLC 17-27455 Filya Taxi Inc. 17-27457 Finlandia Taxi LLC 17-27458 Frangelico Taxi LLC 17-27460 Gaze Service Co. Inc. 17-27462 Hankuri Taxi Inc. 17-27465 Loire Valley Taxi LLC 17-27467 Mediterranean Taxi Inc. 17-27472 Razor Service Corp. 17-27476 Sambuca Taxi LLC 17-27477 Sardinia Taxi Inc. 17-27479 Two Hump Taxi LLC 17-27481 XO Taxi Inc. 17-27484 Industry: Taxi and Limousine Service Chapter 11 Petition Date: August 29, 2017 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Vincent F. Papalia Debtors' Counsel: Joseph J. DiPasquale, Esq. Thomas M. Walsh, Esq. Robert S. Roglieri, Esq. TRENK, DiPASQUALE, DELLA FERA & SODONO, P.C. 347 Mount Pleasant Avenue, Suite 300 West Orange, New Jersey 07052 Tel: 973-243-8600 Email: jdipasquale@trenklawfirm.com twalsh@trenklawfirm.com rroglieri@trenklawfirm.com Debtors' Special Litigation Counsel: COLE SCHOTZ, P.C. - and - FOX ROTHSCHILD LLP Estimated Estimated Assets Liabilities --------- ----------- Wrestler Taxi LLC $100K-$500K $1M-$10M Antibes Taxi Inc. $100K-$500K $1M-$10M The petitions were signed by Evgeny A. Freidman, managing member. Wrestler Taxi LLC's list of seven unsecured creditors is available for free at http://bankrupt.com/misc/njb17-27436.pdf Antibes Taxi Inc.'s list of six unsecured creditors is available for free at http://bankrupt.com/misc/njb17-27437.pdf Pending bankruptcy cases filed by affiliates: Debtor Date Filed Case No. ------ ---------- -------- Badger Taxi LLC 8/17/2017 17-26680 Ben‐Khe Trans. Corp. 6/19/2017 17-22502 Bimbo Taxi LLC 6/19/2017 17-22503 Byblos Taxi Inc. 6/19/2017 17-22505 Cannes Taxi Inc 8/17/2017 17-26682 Caramel Taxi LLC 8/17/2017 17-26684 Cartier Taxi Inc. 6/19/2017 17-22507 Donkey Taxi LLC 8/17/2017 17-26685 Dov Jam Cab Corp. 8/17/2017 17-26686 Dragonfly Taxi Inc. 6/19/2017 17-22510 Ducati Taxi Inc. 6/19/2017 17-22511 Dylan Taxi Inc. 8/17/2017 17-26687 Golden Beetle Taxi LLC 6/19/2017 17-22514 Grasshopper Taxi LLC 6/19/2017 17-22515 Hot Fudge Taxi LLC 8/17/2017 17-26689 Hypnotic Taxi LLC, et al. 7/22/2015 15-43300 (Admin. Consolidated Chapter 7) JDS Trans. Inc. 8/17/2017 17-26692 Jolly Hacking Corp. 6/19/2017 17-22516 Koala Taxi LLC 8/17/2017 17-22693 London Taxi LLC 6/19/2017 17-22506 Macar Service Corp. 8/17/2017 17-26694 Marshmallow Taxi LLC 8/17/2017 17-26695 Moth Taxi LLC 6/19/2017 17-22513 NY Kind Taxi Corp. 6/19/2017 17-22517 Panda taxi LLC 8/17/2017 17-26678 Pelican Taxi LLC 6/19/2017 17-22519 Privet Taxi Inc. 6/19/2017 17-22520 Purlie Trans. Corp. 6/19/2017 17-22521 Red Bull Taxi Inc. 11/14/2016 16-13153 Saint Tropez Taxi Inc. 6/19/2017 17-22524 Split Transit Inc. 6/19/2017 17-22522 Taxopark Inc. 12/23/2016 16-13570 Tori & Sarah Hacking Corp. 8/17/2017 17-26696 Trestomos Trans. Inc. 6/19/2017 17-22523 Twinkie Taxi LLC 8/17/2017 17-26702 Wasp Taxi LLC 6/19/2017 17-22525 Wolverine Taxi LLC 6/19/2017 17-22500 WV STATE UNIVERSITY: Moody's Confirms B1 Rating on $10.7MM Bonds ---------------------------------------------------------------- Moody's Investors Service has confirmed the B1 rating on West Virginia State University's (WVSU) $10.7 million of Revenue Bonds. The outlook returns to negative from ratings under review. This concludes the rating review initiated on August 10, 2017. The confirmation is based on the university's reported successful execution of drawdown of federal financial aid on August 25th, under new heightened cash monitoring procedures. The B1 rating incorporates WVSU's severe financial stress marked by fundamentally unbalanced operations and extremely narrow liquidity. Confronted with a weak strategic position and poor fundamentals in its core student market, growing revenue will prove challenging. Recent years of state funding reductions, which Moody's expects to continue, exacerbate its already pressured financial position. As a result, absent material and rapid expense reductions, which have not been identified, or extraordinary support from the state of West Virginia, the university will confront significant financial distress in fiscal 2018. The rating favorably incorporates WVSU's role as a historically black public university in the Charleston metropolitan area. The university benefits from solid oversight from the West Virginia Higher Education Policy Commission (HEPC). Rating Outlook The negative outlook acknowledges the magnitude of WVSU's financial pressures, with limited opportunities for revenue growth and minimal available liquidity. Absent more fundamental operational restructuring, the university's already stressed financial condition will deteriorate further. Factors that Could Lead to an Upgrade Sustained improvement in cash flow generation leading to a material build up of liquidity Marked reduction in financial leverage Factors that Could Lead to a Downgrade Failure to balance operations and consistently generate debt service coverage above one-time Failure to stabilize and improve liquidity position Legal Security The 2012A and 2013A revenue bonds are secured by a limited pledge which includes auxiliary capital fees and gross operating revenues of designated auxiliary facilities. In fiscal 2016, pledged revenues totaled $1.9 million which covered debt service 2.7 times. There is a sum sufficient rate covenant. Use of Proceeds Not applicable. Obligor Profile Established by the Morrill Act of 1890, WVSU is a public, historically black, land-grant university located just outside of Charleston, West Virginia. The university serves a diverse population of students and offers a broad menu of undergraduate, graduate, certificate, and online programs. In fiscal 2016, the university had a headcount of over 3,500 students and generated $44 million in operating revenue. Methodology The principal methodology used in this rating was Global Higher Education published in November 2015. Y & Z WORLD: Taps Pryor & Mandelup as Legal Counsel --------------------------------------------------- Y & Z World Development, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ Pryor & Mandelup LLP to, among other things, give legal advice regarding its duties under the Bankruptcy Code and negotiate with creditors in the preparation of a plan of reorganization. The hourly rates charged by the firm range from $350 to $495 for partners and from $250 to $360 for associates. Paralegals charge $125 per hour. Pryor & Mandelup received a retainer of $40,000, inclusive of the filing fee, which was paid by We Global LLC, an entity in which Edward Zhu, the Debtor's secretary, is the 100% shareholder. Anthony Giuliano, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony F. Giuliano, Esq. Pryor & Mandelup LLP 675 Old Country Road Westbury, NY 11590 Phone: 516-997-0999 Email: afg@pryormandelup.com About Y & Z World Development Inc. Y & Z World Development Inc. -- http://www.wdny.com/-- is a wholesale distributor of women's, children's and infants' clothing and accessories. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-74779) on August 4, 2017. Edward Zhu, secretary, signed the petition. At the time of the filing, the Debtor disclosed $257,263 in assets and $5.18 million in liabilities. Judge Louis A. Scarcella presides over the case. ZUCKER GOLDBERG: Panel Says Michael Ackerman Took Millions From Co. ------------------------------------------------------------------- Cara Salvatore, writing for Bankruptcy Law360, reports that the official committee of unsecured creditors of Zucker Goldberg & Ackerman LLC launched an adversary proceeding against Michael S. Ackerman, a former 78% shareholder of the Firm, in New Jersey bankruptcy court. According to Law360, the Committee claims that the failure of the Firm was due in part to Mr. Ackerman, who allegedly deceitfully and abusively transferred millions out of the Firm to fund his unrelated startup. About Zucker Goldberg Formed in 1923 as Zucker & Goldberg, the law firm Zucker, Goldberg & Ackerman, LLC, was primarily engaged in the representation of lenders and secured parties in foreclosure matters, insolvency proceedings and related matters. The sole members of ZGA are Michael S. Ackerman, Esq., and Joel Ackerman, Esq. Michael S. Ackerman is the managing member of the firm. ZGA's primary offices are in Mountainside, New Jersey. Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3, 2015, to complete the orderly liquidation of the business. The case is assigned to Judge Christine M. Gravelle. The Debtor disclosed total assets of $11.5 million and total liabilities of $53.3 million as of June 30, 2015. ZGA tapped Wasserman, Jurista & Stolz, P.C., as bankruptcy counsel; Genova Burns as labor counsel; Stone Conroy, LLC, and Connell Foley, LLP, as special counsel; and BMC Group, Inc., as noticing and balloting agent. On Aug. 17, 2015, an official committee of unsecured creditors was appointed by the Office of the U.S. Trustee. The committee hired McCarter & English, LLP as its legal counsel, and Tseitlin & Glas, P.C., as its special counsel. * * * The Debtor in December 2015 filed a "Plan of Orderly Liquidation" which provides for the wind down of the firm's business. The plan was put on hold pending the issuance of a report by the examiner. The Court on Feb. 8, 2016, entered an order approving the appointment of former bankruptcy judge Donald H. Steckroth, Esq., as examiner. The creditors committee sought an examiner to investigate possible claims against current and former members of the bankrupt foreclosure law firm and related "insiders." Cole Schotz, P.C., is the examiner's legal counsel. ZUCKER GOLDBERG: Panel Wants to Claw Back $4.6M Spent on Members ---------------------------------------------------------------- Jeannie O'Sullivan, writing for Bankruptcy Law360, reports that the Official Committee of Unsecured Creditors of Zucker Goldberg & Ackerman LLC wants to recover $4.6 million it claims the Firm spent on members' car leases and personal credit cards, most of which was used to pay off American Express accounts for firm principal Michael Ackerman and other firm insiders. Law360 shares that the seven adversary complaints the Committee filed claim that almost $4.6 million was paid out to the credit and car leasing companies in the years before the Firm filed for Chapter 11 protection. About Zucker Goldberg Formed in 1923 as Zucker & Goldberg, the law firm Zucker, Goldberg & Ackerman, LLC, was primarily engaged in the representation of lenders and secured parties in foreclosure matters, insolvency proceedings and related matters. The sole members of ZGA are Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S. Ackerman is the managing member of the firm. ZGA's primary offices are in Mountainside, New Jersey. Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3, 2015, to complete the orderly liquidation of the business. The case is assigned to Judge Christine M. Gravelle. The Debtor disclosed total assets of $11.5 million and total liabilities of $53.3 million as of June 30, 2015. ZGA tapped Wasserman, Jurista & Stolz, P.C., as bankruptcy counsel; Genova Burns as labor counsel; Stone Conroy, LLC and Connell Foley, LLP as special counsel; and BMC Group, Inc., as noticing and balloting agent. On Aug. 17, 2015, an official committee of unsecured creditors was appointed by the Office of the U.S. Trustee. The committee hired McCarter & English, LLP as its legal counsel, and Tseitlin & Glas, P.C., as its special counsel. * * * The Debtor in December 2015 filed a "Plan of Orderly Liquidation" which provides for the wind down of the firm's business. The plan was put on hold pending the issuance of a report by the examiner. The court on Feb. 8, 2016, entered an order approving the appointment of former bankruptcy judge Donald H. Steckroth, Esq., as examiner. The creditors committee sought an examiner to investigate possible claims against current and former members of the bankrupt foreclosure law firm and related "insiders." Cole Schotz, P.C., is the examiner's legal counsel. [*] Erik & Renee Sundquist to Get Over $6M From Bank of America --------------------------------------------------------------- Ryan Boysen, writing for Bankruptcy Law360, reports that Erik and Renee Sundquist have reached a tentative settlement with Bank of America in California bankruptcy court that would net them over $6 million and finally end the bizarre episode. Law360 shares that the Sundquists' foreclosure proceedings with BofA spiraled into "a Kafakaesque nightmare" of ominous stalkers, stress-induced heart attacks and even suicide attempts. Law360 recalls that U.S. Bankruptcy Judge Christopher M. Klein handed down an opinion in March condemning BofA and its executives for pushing the Sundquists to breaking point and violating the automatic stay. [*] FDIC Extends Resolution Plan Filing for 19 Foreign Banks ------------------------------------------------------------ The Federal Reserve Board and the Federal Deposit Insurance Corporation extended the resolution plan filing deadline for 19 foreign banking organizations and two large domestic bank holding companies to Dec. 31, 2018, to give the firms an additional year to address any supervisory guidance in their next plan submissions. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. For foreign banking organizations, resolution plans are focused on their U.S. operations. The foreign banks are: Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Bank of China Limited, Bank of Montreal, BNP Paribas, BPCE, Cooperatieve Rabobank U.A., Credit Agricole S.A., HSBC Holdings plc, Industrial and Commercial Bank of China Ltd., Mitsubishi UFJ Financial Group, Inc., Mizuho Financial Group, Inc., Royal Bank of Canada, Societe Generale, Standard Chartered PLC, Sumitomo Mitsui Financial Group, Inc., The Bank of Nova Scotia, The Norinchukin Bank, and The Toronto-Dominion Bank. The two domestic firms are: CIT Group, Inc., and Citizens Financial Group, Inc. The agencies announced that they would allow two smaller foreign firms, Canara Bank and Mercantil Servicios Financieros, C.A., to file reduced-content resolution plans moving forward. The firms have submitted prior plans that provide the agencies with an understanding of their limited U.S. operations. Reduced-content plans focus on material changes the firms have made to their prior resolution plans, alterations or actions to improve the effectiveness of their plans, and, where applicable, actions to ensure any subsidiary insured depository institution is adequately protected from the risks arising from the activities of nonbank subsidiaries of the firm. [*] Kent, Diane Hoggan's Bid to Impose Sanctions on Gov't Junked ---------------------------------------------------------------- Michael Macagnone, writing for Bankruptcy Law360, reports U.S. District Judge Tena Campbell ruled that the government brought a fair case after Kent and Diane Hoggan, who attempted to impose sanctions on the federal government in their ongoing dispute with the U.S. over $2.4 million in allegedly overdue taxes, left bankruptcy. Law360 states that the Hoggans claimed that the IRS brought its case based on a "gross misunderstanding" of transactions that occurred before their bankruptcy. Judge Campbell wasn't convinced, the report states. According to Law360, Judge Campbell's ruling dismissed the motion to impose sanctions in the ongoing litigation, finding that the IRS had alleged sufficient facts to surmise that the tax liability at issue may not have been disposed of by the injunction that closed the bankruptcy proceeding. The report quoted Judge Campbell as saying, "Here, the United States alleges that Mr. Hoggan submitted fraudulent income tax returns and/or attempted to evade paying his tax liabilities. Consequently, says the United States, the liabilities are excluded from the discharge and the cause of action is not subject to the injunction." [*] NJ Supreme Court Denies Review of $1.2M Judgment vs. Feng Li ---------------------------------------------------------------- Jeannie O'Sullivan, writing for Bankruptcy Law360, reports that the New Jersey Supreme Court has refused to review an appeals panel's decision that disbarred attorney Feng Li wasn't entitled to the $1.2 million fee he took for his representation in a New York case because ethics authorities already determined as much. Law360 recalls that Feng Li had unsuccessfully appealed the $1 million judgment a Superior Court judge entered against him over a client's lawsuit alleging the fee contravened their retainer agreement. [*] Trey Monsour to Work From Polsinelli's Dallas, Houston Offices ------------------------------------------------------------------ Polsinelli PC is expanding its footprint in Texas with the addition of Bankruptcy and Financial Restructuring shareholder Trey A. Monsour. An accomplished attorney representing clients in industries like energy, manufacturing, retail, restaurants and healthcare, Mr. Monsour will jointly office in Dallas and Houston. Chris Ward, co-chair of Polsinelli's national Bankruptcy and Financial Restructuring practice, said, "Trey's extensive knowledge in workouts and restructurings will enhance our firm's capabilities in bankruptcy work and will deepen our ability to serve as a resource to clients. He has considerable experience, particularly in the energy sector, and will be instrumental in growing our Houston office while simultaneously playing an integral role in expanding our existing practice in the Dallas office." With more than two decades of experience, Mr. Monsour understands the complexities of restructuring troubled businesses, workouts, and commercial bankruptcy cases for both debtors and creditor constituencies, including committees, indenture trustees and agents, and senior lenders and buyers. Whether on behalf of a Chapter 11 debtor, an official committee of unsecured creditors or a party in bankruptcy litigation, Mr. Monsour always takes a practical, hands-on approach. Mr. Monsour said, "Polsinelli has a strong work ethic and is nationally ranked by BTI Consulting Group in the top ten law firms for superior client services, which was a major driving force in my decision to join the firm. I have personally seen the respect that clients and colleagues at other firms have for the Polsinelli name and reputation, and for the highly regarded attorneys who work alongside me every day. Both the Houston and Dallas offices are poised for continued strategic growth to the firm's core practice areas. I'm looking forward to extending Polsinelli's reach in the Texas market." Well-regarded for his insights related to bankruptcy matters, Mr. Monsour is frequently featured in both local and national publications. His 2014 article, "The Automatic Stay in Bankruptcy," is repeatedly featured on Law360's list of most-read expert analyses, claiming the number six spot in 2016. He has also authored articles for LexisNexis' Financial Restructuring and Bankruptcy Module for Lexis Practice Advisor, an instructive legal information resource that covers key topics of bankruptcy transactions. Recently, Mr. Monsour was invited to serve on the 2018 advisory board of the University of Houston's Hobby School of Public Affairs alongside former Governors William P. Hobby and Mark White. Mr. Monsour served six consecutive years on the board of trustees of the Dallas Children's Advocacy Center, and two consecutive years as course director of the State Bar of Texas Advance Business Bankruptcy Course. He also served three consecutive years as an alumni upper-level student mentor at the University of Houston Law Center. Mr. Monsour earned his Juris Doctor from the University of Houston Law Center and completed his Bachelor of Business Administration at The University of Texas at Austin. Polsinelli PC -- http://www.polsinelli.com/-- is an Am Law 100 firm with approximately 800 attorneys in 20 offices, serving corporations, institutions, and entrepreneurs nationally. Ranked No. 17* for Client Service Excellence among 650 U.S. law firms, Polsinelli has risen more than 50 spots in Am Law's annual firm ranking over the past five years. Polsinelli attorneys provide practical legal counsel infused with business insight, and focus on health care, financial services, real estate, intellectual property, mid-market corporate, labor and employment, and business litigation. Polsinelli attorneys have experience in 100 service areas and 70 industries. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Twelve Gage Holdings, LLC Bankr. D. Ariz. Case No. 17-09853 Chapter 11 Petition filed August 23, 2017 See http://bankrupt.com/misc/azb17-09853.pdf represented by: Scott D. Gibson, Esq. LAW OFFICE OF SCOTT D. GIBSON, PLLC E-mail: ecf@sdglaw.net In re Robert E. Smith and Deanna Clarkson-Smith Bankr. D. Ariz. Case No. 17-09921 Chapter 11 Petition filed August 23, 2017 represented by: Mark B. Pyper, Esq. OWENS & PYPER PLC E-mail: pyperlaw@aol.com In re Kevin Anton Kennedy Bankr. E.D. Cal. Case No. 17-25576 Chapter 11 Petition filed August 23, 2017 represented by: Mikalah R. Liviakis, Esq. In re Gregory Allan Heimann and Michele Ann Heimann Bankr. M.D. Fla. Case No. 17-07441 Chapter 11 Petition filed August 23, 2017 represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. E-mail: Buddy@TampaEsq.com In re Successful Asset Management, LLC Bankr. D.N.J. Case No. 17-27132 Chapter 11 Petition filed August 23, 2017 See http://bankrupt.com/misc/njb17-27132.pdf represented by: Scott E. Kaplan, Esq. SCOTT E. KAPLAN, LLC E-mail: scott@sekaplanlaw.com In re James Walter Gamble, Jr. Bankr. E.D. Tenn. Case No. 17-51401 Chapter 11 Petition filed August 23, 2017 represented by: Maurice K. Guinn, Esq. GENTRY, TIPTON & MCLEMORE P.C. E-mail: mkg@tennlaw.com In re Emmanuel's Auto Sales and Service Inc. Bankr. N.D. Tex. Case No. 17-33209 Chapter 11 Petition filed August 23, 2017 See http://bankrupt.com/misc/txnb17-33209.pdf represented by: M. Tayari Garrett, Esq. TAYARI LAW PLLC E-mail: m.tayari@tayarilaw.com In re Mahipal Ravipati Bankr. N.D. Ala. Case No. 17-82502 Chapter 11 Petition filed August 24, 2017 represented by: Tazewell Shepard, Esq. Tazewell Shepard, P.C. E-mail: taze@ssmattorneys.com In re State Technology & Manufacturing LLC Bankr. D. Ariz. Case No. 17-09940 Chapter 11 Petition filed August 24, 2017 Filed Pro Se In re Jennifer K. Wingate Bankr. D. Ariz. Case No. 17-09948 Chapter 11 Petition filed August 24, 2017 represented by: THOMAS ALLEN, Esq. ALLEN BARNES & JONES,PLC E-mail: tallen@allenbarneslaw.com In re Henri Raymond Traboulsi Bankr. C.D. Cal. Case No. 17-13400 Chapter 11 Petition filed August 24, 2017 represented by: Mufthiha Sabaratnam, Esq. MUFTHIHA SABARATNAM ESQ. INC E-mail: pke115mfs@yahoo.com In re Danilo Isaac Real and Laurel Blythe Brauer Bankr. C.D. Cal. Case No. 17-13408 Chapter 11 Petition filed August 24, 2017 represented by: Giovanni Orantes, Esq. ORANTES LAW FIRM PC E-mail: go@gobklaw.com In re Michael Haghighi Bankr. M.D. Fla. Case No. 17-03112 Chapter 11 Petition filed August 24, 2017 represented by: Jerrett M. McConnell, Esq. MCCONNELL LAW GROUP E-mail: jmcconnell@mcconnelllawgroup.com In re William Michael Kuether Bankr. M.D. Fla. Case No. 17-07460 Chapter 11 Petition filed August 24, 2017 represented by: Daniel R Fogarty, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. E-mail: dfogarty.ecf@srbp.com In re TDR Trust, LLC Bankr. M.D. Fla. Case No. 17-07470 Chapter 11 Petition filed August 24, 2017 See http://bankrupt.com/misc/flmb17-07470.pdf represented by: David W. Steen, Esq. DAVID W. STEEN, P.A. E-mail: dwsteen@dsteenpa.com In re Joseph Z. Zucchero Bankr. N.D. Ill. Case No. 17-25299 Chapter 11 Petition filed August 24, 2017 represented by: David P Lloyd, Esq. DAVID P. LLOYD, LTD. E-mail: courtdocs@davidlloydlaw.com In re Rhonda L. Farwell Bankr. D. Kan. Case No. 17-11653 Chapter 11 Petition filed August 24, 2017 represented by: Nicholas R. Grillot, Esq. HINKLE LAW FIRM, LLC E-mail: ngrillot@hinklaw.com In re Ilidia Pereira Crespo Bankr. D. Mass. Case No. 17-13167 Chapter 11 Petition filed August 24, 2017 represented by: Carmenelisa Perez-Kudzma, Esq. PEREZ-KUDZMA LAW OFFICE E-mail: carmenelisa@pklolaw.com In re Burning Sands, Inc. Bankr. E.D.N.C. Case No. 17-04146 Chapter 11 Petition filed August 24, 2017 See http://bankrupt.com/misc/nceb17-04146.pdf represented by: Danny Bradford, Esq. PAUL D. BRADFORD, PLLC E-mail: dbradford@bradford-law.com In re Amanda Soledad Torres Bankr. S.D. Cal. Case No. 17-05102 Chapter 11 Petition filed August 25, 2017 represented by: Dolores Contreras, Esq. CONTRERAS LAW E-mail: dc@contreraslawfirm.com In re Alberto Samuel Chang Rajii Bankr. S.D. Fla. Case No. 17-20788 Chapter 11 Petition filed August 25, 2017 See http://bankrupt.com/misc/flsb17-20788.pdf represented by: Gregory S. Grossman, Esq. SEQUOR LAW PA Email: ggrossman@sequorlaw.com In re P.T.J. Inc. Bankr. S.D. Fla. Case No. 17-20803 Chapter 11 Petition filed August 25, 2017 See http://bankrupt.com/misc/flsb17-20803.pdf represented by: Chad T Van Horn, Esq. VAN HORN LAW GROUP, P.A. E-mail: Chad@cvhlawgroup.com In re Carmen Sinaguinan Dadiernos Bankr. D. Nev. Case No. 17-14637 Chapter 11 Petition filed August 25, 2017 represented by: DAVID A. RIGGI, Esq. E-mail: darnvbk@gmail.com In re El Ideal Foods, Inc. Bankr. E.D.N.C. Case No. 17-04171 Chapter 11 Petition filed August 25, 2017 See http://bankrupt.com/misc/nceb17-04171.pdf represented by: Jason L. Hendren, Esq. HENDREN REDWINE & MALONE, PLLC E-mail: jhendren@hendrenmalone.com In re Carmen Sinaguinan Dadiernos Bankr. D. Nev. Case No. 17-14637 Chapter 11 Petition filed August 25, 2017 represented by: David A. Riggi, Esq. E-mail: darnvbk@gmail.com In re John Habjan Bankr. W.D. Pa. Case No. 17-10898 Chapter 11 Petition filed August 25, 2017 represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK E-mail: dcalaiaro@c-vlaw.com In re Rafael Ayala Gutierrez Bankr. C.D. Cal. Case No. 17-20543 Chapter 11 Petition filed August 28, 2017 represented by: Onyinye N. Anyama, Esq. ANYAMA LAW FIRM E-mail: onyi@anyamalaw.com In re Jose Dominguez Bankr. N.D. Cal. Case No. 17-52071 Chapter 11 Petition filed August 28, 2017 represented by: David S. Henshaw, Esq. HENSHAW LAW OFFICE E-mail: david@henshawlaw.com In re Colorado Property Repair, LLC Bankr. D. Colo. Case No. 17-18004 Chapter 11 Petition filed August 28, 2017 See http://bankrupt.com/misc/cob17-18004.pdf represented by: Lee M. Kutner, Esq. KUTNER, BRINEN, P.C. E-mail: lmk@kutnerlaw.com In re Charles David Cato Bankr. M.D. Fla. Case No. 17-07545 Chapter 11 Petition filed August 28, 2017 represented by: Jake C. Blanchard, Esq. BLANCHARD LAW, PA E-mail: jake@jakeblanchardlaw.com In re Chris Carlson Hot Rods, LLC Bankr. D. Kan. Case No. 17-11660 Chapter 11 Petition filed August 28, 2017 See http://bankrupt.com/misc/ksb17-11660.pdf represented by: David P. Eron, Esq. ERON LAW, P.A. E-mail: david@eronlaw.net In re Brookwood Academy Inc. Bankr. D. Ohio Case No. 17-55517 Chapter 11 Petition filed August 28, 2017 See http://bankrupt.com/misc/ohsb17-55517.pdf represented by: Richard K. Stovall, Esq. ALLEN KUEHNLE STOVALL & NEUMAN LLP E-mail: stovall@aksnlaw.com In re PR Gold Bond Administration Services, Inc. Bankr. D.P.R. Case No. 17-06052 Chapter 11 Petition filed August 28, 2017 See http://bankrupt.com/misc/prb17-06052.pdf represented by: Luis D. Flores Gonzalez, Esq. LUIS D FLORES GONZALEZ LAW OFFICE E-mail: ldfglaw@coqui.net In re C&C Alcoser Trucking, Inc. Bankr. W.D. Tex. Case No. 17-52008 Chapter 11 Petition filed August 28, 2017 See http://bankrupt.com/misc/txwb17-52008.pdf represented by: Johnny W. Thomas, Esq. JOHNNY W. THOMAS, LAW OFFICES, P.C. E-mail: jtlo0815@gmail.com In re Vardan Sandeep Bankr. E.D. Va. Case No. 17-12912 Chapter 11 Petition filed August 28, 2017 Filed Pro Se ********* 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. 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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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