/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170925.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, September 25, 2017, Vol. 21, No. 267 Headlines 135 WEST 13: Taps De Lotto & Fajardo as Special Counsel 5 STAR: Trustee's Sale of Mishawaka Property for $30K Approved ADAMS RESOURCES: Sale of Oil & Gas Assets for $180K Approved ADVANCED MICRO DEVICES: Okays Equity Awards to Top Management AMERICAN EQUITY: Fitch Affirms BB- Rating on Trust Pref. Securities ASAD QUMAR: Estevezes Buying Reunion Property for $550K AUTO INC: Exclusive Plan Filing Period Extended Until October 20 AVAYA INC: Court Denies Bid to Appoint Retiree Committee BADLANDS ENERGY: U.S. Trustee Unable to Appoint Committee BAILEY RIDGE: Committee Taps Triton Capital as Financial Advisor BBQ BOSS: Hearing on Plan Outline Approval Set for Oct. 26 BIG APPLE CIRCUS: Wants to Continue Plan Exclusivity Until Dec. 18 BIG TIME HOLDINGS: Sets Bidding Procedures for St. Albans Property BRUNO HOLDINGS: Taps Delaney Realty as Real Estate Broker C HARRIS PROPERTIES: Sale of Morton Property to Morrow for $65K OKd CALMARE THERAPEUTICS: Yarbro Demands Review of Stockholder List CAREFOCUS CORP: U.S. Trustee Unable to Appoint Committee CARITAS INVESTMENT: Sale of Stamford Property for $8.75M Approved CB ESCROW: Moody's Rates New $350MM Sr. Unsec. Notes Due 2025 'B3' CHARLOTTE RUSSE: S&P Downgrades CCR to 'CCC-', Outlook Negative CHRIS CARLSON: U.S. Trustee Forms 3-Member Committee CLIMATE CONTROL: U.S. Trustee Unable to Appoint Committee CLINE GRAIN: Nov. 15 Auction of 172 Acres of Farm Land Approved CLINE GRAIN: Sale of 148 Acres to Son for $770K Approved CLINE GRAIN: Sale of 60 Acres to Son for $422K Approved CLINE GRAIN: Sale of 80 Acres to Son for $627K Approved COMSTOCK RESOURCES: Incurs $21.4 Million Net Loss in 2nd Quarter COVENANT PLASTICS: Unsecured Creditors to be Paid 5% in 5 Years CROSIER FATHERS: H + W Buying Sauk Rapids Property for $165K CYTORI THERAPEUTICS: Amends Loan Agreement with Oxford Finance DATA COOLING: U.S. Trustee Forms 5-Member Committee DELCATH SYSTEMS: Establishes New Series C Preferred Stock DELCATH SYSTEMS: Harold Koplewicz Quits as Director DEXTERA SURGICAL: Settles Loan Dispute with Lender DON ROSE OIL: Committee Taps Polsinelli as Legal Counsel DONNIE EARNEST: Sale of Monroe Property for $115K Approved DOUBLE D. FITNESS: U.S. Trustee Unable to Appoint Committee DVR LLC: Trustee's Sale of 10K Acres in New Mexico for $4.8M Okayed DVR LLC: Trustee's Sale of Uninsurable Parcels for $4K Approved EAGLEVIEW TECHNOLOGY: Moody's Lowers PDR to 'Caa1-PD' EAST VILLAGE PROPERTIES: Wants to Continue Exclusivity to Jan. 23 EASTGATE PROFESSIONAL: Exit Plan to Pay Unsecured Claims in Full EMMANUEL'S AUTO SALES: Taps M. Tayari Garrett as Legal Counsel GATEWAY ENTERTAINMENT: Oct. 24 Auction of Pittsburgh Property GOD'S UNIVERSAL: Hassanzadeh Buying Temple Hills Property for $1.5M GREEN WIZARD TIRE: U.S. Trustee Unable to Appoint Committee HHH FARMS: Taps DeMarco-Mitchell as Legal Counsel IDDINGS TRUCKING: D&M Allied Buying 2009 Heil Trailer for $21K JACK ROSS: Unsecured Creditors to Get Quarterly Payment of $22K KEENEY TRUCK: Sale of 5 Volvo Tractors to TEC for $173K Approved KRATOS DEFENSE: Moody's Hikes CFR and Senior Secured Rating to B3 LAWRENCE D. FROMELIUS: Barriere Buying Lisle Vacant Lot for $60K LE-MAR HOLDINGS: Taps Moses & Singer as Legal Counsel LE-MAR HOLDINGS: Taps Underwood Perkins as Local Counsel MACAVITY COMPANY: Seeks to Hire CBIZ MHM as Accountant MARRONE BIO: Amends Bylaws to Modify Board Composition METROPOLITAN INDUSTRIAL: Nugen Group to Provide $230K to Fund Plan MISSISSIPPI POWER: Moody's Confirms Ba1 CFR; Outlook Stable MONAKER GROUP: Extends Maturity of Republic Credit Facility to 2018 MOREHEAD MEMORIAL: Oct. 30 Auction of All Assets Set MOUNTAIN BLUE HOTEL: Taps Scott B. Riddle as Legal Counsel NAVISTAR INTERNATIONAL: Downsizes BofA Credit Facility to $125M NEW JERSEY HEADWEAR: Plan Confirmation Period Extended to Dec. 10 NOVABAY PHARMACEUTICALS: Gets Another NYSE Noncompliance Notice OLT MERGER: Moody's Assigns B3 Corp. Family Rating; Outlook Stable OMEROS CORP: Incurs $14.4 Million Net Loss in Second Quarter PARALLAX HEALTH: Incurs $1.89M Net Loss in March 2016 Quarter PATRIOT COAL: Employment Discrimination Suit Transferred to W. Va. PERFUMANIA HOLDINGS: Shares Will Cease Trading on Nasdaq PORTRAIT INNOVATIONS: U.S. Trustee Forms 6-Member Committee PRECISION CASTING: First Amended Disclosure Statement Filed PRIDE OF THE HILLS: Taps Anthony DeGirolamo as Legal Counsel PRIME SECURITY: S&P Alters Outlook to Stable & Affirms B+ CCR PROINOS BREAKFAST: Taps Brundage Law as Special Counsel QUOTIENT LIMITED: Incurs $20.2 Million Net Loss in June 30 Quarter RAVENSTAR INVESTMENTS: Kaufman Buying Reno Property for $70K RAVENSTAR INVESTMENTS: PBL Buying Apricot Court Property for $200K RAVENSTAR INVESTMENTS: PBL Buying Caddo Court Property for $200K RAVENSTAR INVESTMENTS: PBL Buying Reno Property for $200K RAVENSTAR INVESTMENTS: PBL Buying Serrano Court Property for $200K REGAL ENTERTAINMENT: Fitch Lowers Sr. Unsec. Notes Rating to B/RR5 RINCON ISLAND: Trustee Taps Gollob Morgan as Accountant ROBERT LAMPE: Plan Confirmation Hearing Set for Nov. 9 ROCKY MOUNTAIN: Issues 789K Series E Preferred Shares to CEO SAINT ANNE'S RETIREMENT: Fitch Affirms BB+ on 2012 Revenue Bonds SCIENTIFIC GAMES: Moody's Puts B2 CFR on Review for Downgrade SCIENTIFIC GAMES: Will Acquire NYX Gaming for $631M SEONG KIM: Sale of Interest in Jersey City Property Approved SHABSI BRODY: Sale of Lakewood Property to MEOR 77 for $299K Okayed SIGNAL BAY: Announces First Licensed Lab in Florida SIX A CORP: U.S. Trustee Unable to Appoint Committee SIXTY SIXTY CONDO: Plan Exclusivity Period Extended Until Today SLIGO PARKWAY: U.S. Trustee Unable to Appoint Committee SNAP INTERACTIVE: Incurs $1.48 Million Net Loss in Second Quarter SOUTHEAST PROPERTY: Taps Jones Walker as Legal Counsel SPANISH BROADCASTING: Falls Short of OTC's $5M Market Cap Rule STERLING FERGUSON: Miami Property Sale to Pay Balloon Mortgage OK'd STOLLINGS TRUCKING: Blackhawk Mining Objects to Disclosures STOLLINGS TRUCKING: Willis Marcum Says Plan Outline Inadequate SUNBURST FARMS: L&N Pump's Rick Williamson Appointed to Committee TOYS "R" US: Taps Prime Clerk as Claims and Noticing Agent TOYS "R" US: Trepp Tabulates $5.5 Billion of CMBS Exposure TRANS-LUX CORP: Stockholders Elect Three Directors TUGG TRUCKING: Taps Linda Smith as Accountant & Bookkeeper VERTEX ENERGY: Incurs $1.86 Million Net Loss in Second Quarter W&T OFFSHORE: May Issue 7.7M Common Shars Under Incentive Plan WRIGHT'S WELL: Exit Plan to Pay Unsecured Creditors in Full YOGA SMOGA: Needs More Time to Conclude Talks, File Plan [^] BOND PRICING: For the Week from September 18 to 22, 2017 ********* 135 WEST 13: Taps De Lotto & Fajardo as Special Counsel ------------------------------------------------------- 135 West 13 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire De Lotto & Fajardo LLP. The firm will handle landlord-tenant disputes that may arise in the operation of the Debtor's business. The Debtor owns and operates two multi-family residential properties in New York. De Lotto & Fajardo will be paid an hourly fee of $425 and will be reimbursed for work-related expenses. Lauren De Lotto, Esq., a partner at De Lotto & Fajardo, disclosed in a court filing that her firm does not hold or represent any interest adverse to the Debtor. The firm can be reached through: Lauren De Lotto, Esq. De Lotto & Fajardo LLP 200 Liberty Street, 27th Floor New York, NY 10281 Phone: (212) 404-7069 About 135 West 13 LLC 135 West 13 LLC owns and operates two residential properties located at 133 West 13th Street and 135 West 13th Street, New York, New York. The properties are multi-family residential rental properties with a mix of rent stabilized and non-rent stabilized units. The properties contain a total of 12 units. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 17-11371) on May 17, 2017. The petition was signed by Max Dolgicer, member. The Debtor disclosed total assets of $15.02 million and total liabilities of $13.34 million. Fred B. Ringel, Esq. at Robinson Brog Leinwand Greene Genovese & Gluck, PC, represents the Debtor as bankruptcy counsel. James E. Schwartz, Esq. at Cyruli Shanks Hart & Zizmor, LLP, is the Debtor's special counsel. No trustee, examiner or creditors committee has been appointed. 5 STAR: Trustee's Sale of Mishawaka Property for $30K Approved -------------------------------------------------------------- Judge Harry C. Dees, Jr. of the U.S. Bankruptcy Court for the Northern District of Indiana authorizedthe private sale by Douglas R. Adelsperger, Trustee of 5 Star Investment Group, LLC and affiliates, of real estate commonly known as 727 Dale Avenue, Mishawaka, Elkhart County, Indiana, to TD Real Estate Investments, LLC for $30,000. The sale of the Real Estate is "as is and where is and with all faults," no representations or warranties of any kind are made by the Trustee, and free and clear of any and all liens, encumbrances, claims or interests. The Trustee is permitted to sell the Real Estate free and clear of the Tax Lien. At closing, the Trustee is authorized to direct Meridian Title Co. to disburse from the proceeds from the sale, first to pay the costs and expenses of the sale, including the commission owed to the Tiffany Group in the approximate sum of $1,500, second to pay all real estate taxes and assessments outstanding and unpaid at the time of closing, including the Tax Lien, and third to pay any other special assessments liens, utilities, water and sewer charges and any other charges customarily prorated in similar transactions. The Trustee is authorized and directed to retain the excess proceeds from the sale of the Real Estate until further order of the Court. Notwithstanding any provisions of the Bankruptcy Code or Bankruptcy Rules, the Order will be effective and enforceable immediately upon entry, and any stay thereof, including without limitation Bankruptcy Rule 6004(h), is abrogated. About 5 Star Investment Group On Nov. 5, 2015, the U.S. Securities Exchange Commission ("SEC") filed a complaint against Earl D. Miller, 5 Star Capital Fund, LLC and 5 Star Commercial, LLC, in the United States District Court for the Northern District of Indiana, Hammond Division ("SEC Action"). In its complaint, the SEC alleged that Miller, 5 Star Capital Fund, and 5 Star Commercial defrauded at least 70 investors from whom they raised funds of at least $3,900,000. Additionally, on Nov. 5, 2015, the SEC obtained an ex parte temporary restraining Order, asset freeze and other emergency relief in the SEC Action. 5 Star Investment Group and its 10 affiliates owned by Eardl D. Miller sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 16-30078) on Jan. 25, 2016. 5 Star estimated its assets at up to $50,000 and its liabilities between $1 million and $10 million. The Debtors' counsel was Katherine C. O'Malley, Esq., at Cozen O'Connor, in Chicago, Illinois. The cases are assigned to Judge Harry C. Dees, Jr. On Feb. 29, 2016, Douglas R. Adelsperger was appointed as Chapter 11 trustee in each of the bankruptcy cases. On March 23, 2016, the Court entered an order consolidating the bankruptcy cases for purposes of administration only. On June 24, 2016, the Court entered its agreed order granting the Trustee's Motion for substantive consolidation, substantively consolidating the Debtors' bankruptcy cases for all postpetition matters and purposes, effective as of the Petition Date, and deeming that all assets and liabilities of the bankruptcy cases to be consolidated into one bankruptcy estate, to be administered in accordance with the Bankruptcy Code under the jurisdiction of the Court ("Consolidated Bankruptcy Estate"). On July 21, 2016, the Court entered order granting application to employ Tiffany Group Real Estate Advisors, LLC, as the bankruptcy estates' broker. The Trustee's attorneys: RUBIN & LEVIN, P.C. Meredith R. Theisen Deborah J. Caruso John C. Hoard James E. Rossow, Jr. Meredith R. Theisen 135 N. Pennsylvania Street, Suite 1400 Indianapolis, Indiana 46204 Tel: (317) 634-0300 Fax: (317) 263-9411 E-mail: dcaruso@rubin-levin.net johnh@rubin-levin.net jim@rubin-levin.net mtheisen@rubin-levin.net ADAMS RESOURCES: Sale of Oil & Gas Assets for $180K Approved ------------------------------------------------------------ Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware authorized Adams Resources Exploration Corp.'s private sale of oil and gas assets to Petrodome Napoleonville, LLC for $180,365. The Sale Hearing was conducted on Sept. 20, 2017. The sale is free and clear of all Encumbrances, except Assumed Liabilities and Permitted Liens. All such Encumbrances will attach to the proceeds of the sale of the Acquired Assets. Pursuant to Sections l05(a), 363, and 365 of the Bankruptcy Code and subject to the Closing of the Sale, the Debtor's sale, assumption and assignment to Joint Operating Agreement ("JOA") to Petrodome is approved. No payment to Petrodome Operating, LLC is necessary to cure any defaults by the Debtor under the JOA. There will be no accelerations, assignment fees, increases or any other fees charged to the Purchaser or the Debtor as a result of the assumption and assignment of the JOA. The Order constitutes a final order within the meaning of 28 U.S.C. Section l58(a). Notwithstanding Bankruptcy Rules 6004(h) and 6006(d), the Order will be effective immediately upon entry and the Debtor and the Purchaser are authorized to close the sale of the Acquired Assets immediately upon entry of this Order, and the 14-day stays imposed by Bankruptcy Rules 6004(h) and 6006(d) will be, and are, deemed waived. About Adams Resources Houston, Texas-based Adams Resources Exploration Corporation -- http://www.adamsexploration.com-- is engaged in the development of the Haynesville Shale in East Texas and now own interest in a large number of producing dry gas wells. It also has interest in 405 wells and 131,236 gross developed acres in seven states. Adams Resources filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 17-10866) on April 21, 2017, estimating assets between $1 million and $10 million, and debt between $50 million and $100 million. The petition was signed by John Riney, president. Judge Kevin Gross presides over the case. William A. Hazeltine, Esq., and D. Sullivan, Esq., at Sullivan Hazeltine Allinson LLC, serve as the Debtor's bankruptcy counsel. The Debtor hired Gavin/Solmonese, LLC, as chief restructuring officer. No committee of unsecured creditors has been appointed in the case. On May 23, 2017, the Court approved the retention of Oil & Gas Asset Clearinghouse, LLC, as the Debtor's broker. ADVANCED MICRO DEVICES: Okays Equity Awards to Top Management ------------------------------------------------------------- The Compensation and Leadership Resources Committee of the Board of Directors of Advanced Micro Devices, Inc. approved equity awards to each of the named executive officers having the following target award values: Name and Title Value Target -------------- ------------ Devinder Kumar, Senior Vice President, $2,000,000 Chief Financial Officer and Treasurer James R. Anderson, Senior Vice President $2,000,000 and General Manager, Computing and Graphics Business Group Forrest E. Norrod, Senior Vice President $2,000,000 and General Manager, Enterprise, Embedded and Semi-Custom Business Group Mark D. Papermaster, Chief Technology $2,250,000 Officer and Senior Vice President, Technology and Engineering On Aug. 2, 2017, the Board of Directors approved an equity award to Dr. Lisa T. Su having the following Target Value: Name and Title Target Value -------------- ------------ Lisa T. Su, President and $8,000,000 Chief Executive Officer The Target Value of each equity award will be converted into a mix of performance-based restricted stock units, time-based stock options and time-based restricted stock units that were granted on Aug. 9, 2017, under the terms of the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan, as amended and restated. The target number of PRSUs will be determined by dividing 50% of the Target Value by the average closing price of the Company’s stock over the 30 trading-day period ending on the Grant Date (but not less than $8.00). The number of Stock Options will be determined by converting 25% of the Target Value using the Conversion Price and a binomial factor determined in accordance with the Company's equity valuation practices, and the number of RSUs will be determined by dividing 25% of Target Value by the Conversion Price. The number of PRSUs that a named executive officer may earn will range from 0% to 250% of his or her target number of PRSUs, provided that the maximum number of PRSUs that may be earned is capped at the number equal to (i) eight times the Target Value of the named executive officer's PRSU award, divided by (ii) the closing price of the Company's stock the last day of the Performance Period. Subject to the foregoing award limits, the actual number of PRSUs earned by the named executive officers will be based on the following performance criteria (as certified by the Committee): * The Company's total shareholder return (TSR) over the three- year performance period ending on Aug. 9, 2020 (or, if earlier, the date of a change of control); * The Company's TSR for the Performance Period relative to the TSRs of each of the companies included in the PHLX Semiconductor Sector Index at the start of the Performance Period and any additional companies added to the SOX during the Performance Period that are in the SOX at the end of the Performance Period; and * The Company's stock price performance, as measured during the last year of the Performance Period. Earned and vested PRSUs will generally be settled on the later of Aug. 15, 2020, or the date following the Committee's certification of performance. The Stock Options will have an exercise price equal to 100% of the fair market value of the Company's common stock on the Grant Date, and will vest 1/3 on each of Aug. 9, 2018, Aug. 9, 2019, and Aug. 9, 2020. The Stock Options will have a term of seven years. The RSUs will vest 1/3 on each of Aug. 9, 2018, Aug. 9, 2019 and Aug. 9, 2020. About Advanced Micro Devices Sunnyvale, California-based Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company. AMD -- http://www.amd.com/-- offers x86 microprocessors, as a standalone central processing unit (CPU) or as incorporated into an accelerated processing unit (APU), chipsets, and discrete graphics processing units (GPUs) for the consumer, commercial and professional graphics markets, and server and embedded CPUs, GPUs and APUs, and semi-custom System-on-Chip (SoC) products and technology for game consoles. AMD incurred a net loss of $497 million in 2016, a net loss of $660 million in 2015 and a net loss of $403 million in 2014. As of July 1, 2017, Advanced Micro had $3.37 billion in total assets, $2.95 billion in total liabilities and $417 million in total stockholders' equity. * * * In March 2017, S&P Global Ratings said it raised its corporate credit rating on Sunnyvale, Calif.-based Advanced Micro Devices to 'B-' from 'CCC+'. The outlook is stable. "Our upgrade reflects our view of the Company's capital structure as sustainable following a series of deleveraging transactions, a return to revenue growth, and improving, if still weak, profitability," said S&P Global Ratings credit analyst James Thomas. In February 2017, Moody's Investors Service upgraded Advanced Micro Devices' corporate family rating to 'B3', senior unsecured rating to 'Caa1', and speculative grade liquidity rating to SGL-1. The outlook is stable. The upgrade of the corporate family rating to 'B3' reflects AMD's improved performance outlook, driven by design wins, modest market share gains, and an expanded set of product offerings. AMERICAN EQUITY: Fitch Affirms BB- Rating on Trust Pref. Securities ------------------------------------------------------------------- Fitch Ratings has affirmed the 'BBB+' Insurer Financial Strength (IFS) ratings of American Equity Investment Life Holding Company's (AEL) insurance operating subsidiaries: American Equity Investment Life Insurance Company (AEILIC), American Equity Investment Life Insurance Company of New York and Eagle Life Insurance Company. At the same time, Fitch has affirmed the Issuer Default Rating (IDR) of AEL at 'BBB-'. The Rating Outlooks are Stable. KEY RATING DRIVERS The affirmation of AEL's ratings reflects the company's strong position in the fixed indexed annuity market (FIA), strong capitalization and leverage, and high quality investment portfolio. The ratings also reflect above-average business concentration, as well as interest rate risk associated with AEL's focus on FIA's. AEL's business is concentrated in the sale of FIAs through the independent agent distribution channel. Fitch believes AEL possesses well-established distribution relationships and has achieved significant operating scale in the FIA market. However, the company is exposed to business concentration risk due to its narrow product focus as changes in the competitive, regulatory and legal environment could negatively impact the demand for FIA products. Further, AEL's high concentration in fixed annuities results in above-average exposure to interest rate risk, particularly in the current low rate environment which has led to spread compression over recent years. From a longer-term perspective, a rapid increase in market rates could lead to increased disintermediation despite very strong surrender protection on AEL's annuity book. The anticipated full implementation of the Department of Labor's (DOL) fiduciary rule, and any changes to either the final applicability date or the language of the final rule would most likely have a greater impact on AEL relative to more diversified peers given the company's concentration in FIAs. While Fitch believes that many of the costs associated with the implementation of the rule have already been incurred, FIA sales continue to lag previous years and the final impact on AEL's primary distribution channel remains to be seen. Full implementation of the rule is not anticipated until at least 2019, and Fitch considers the uncertainty around the final form of the rule and its impact on the industry to be a credit negative for AEL. Fitch considers AEL's risk-adjusted capitalization to be good as measured by both Fitch's Prism capital model, and the NAIC risk-based capital (RBC) ratio of AEL's primary insurance subsidiary, AEILIC. Capital continues to be above median guidelines for the company's rating category, but reasonable for the company's business profile. At Dec. 31, 2016, the company reported an RBC ratio of 342%, up from 336% at year-end 2015. AEL's financial leverage has shown significant improvement in recent years. The company's financial leverage was approximately 27% at June 30, 2017, as compared to 28% at yearend 2016, after taking into account the impact from the refinancing of $400 million of senior notes due in 2021 in early July 2017 and the retirement of an outstanding term loan in June 2017. Financial leverage is expected to continue to improve over the near to intermediate term. Fitch considers AEL's bond portfolio to be of above-average credit quality. At June 30, 2017, the company's investment portfolio was constructed primarily of investment-grade fixed income securities. At year-end 2016, the company's surplus exposure to risky assets (which Fitch considers to be such investments as below investment grade bonds, troubled real estate, unaffiliated common equity and other similar assets) was 65%, which is elevated from the prior year-end but significantly below the industry average and peers. Fitch considers AEL's risky assets ratio to be overstated due to funds withheld reinsurance agreements. RATING SENSITIVITIES The ability of AEL to achieve a higher IFS rating is somewhat constrained by the company's limited diversity of earnings and cash flow given a heavy focus on fixed indexed annuities. This constraint could be overcome by the following: -- Enhanced capitalization with RBC above 375%, and a PRISM score well into the Strong category on a sustained basis -- Financial leverage below 25%; -- Continued stable or improved operating results and investment quality. The key rating sensitivities that could result in a downgrade include: -- A reduction in capitalization that results in a Prism score in the low range of Adequate and RBC below 300%; -- Sustained deterioration in operating results such that interest coverage is below 3x; -- Significant increase in lapse/surrender rates; -- Financial leverage above 35%. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: American Equity Investment Life Holding Company -- IDR at 'BBB-'; -- 5.00% senior unsecured notes due 2027 at 'BB+'; -- Trust preferred securities at 'BB-'; American Equity Investment Life Insurance Company American Equity Investment Life Insurance Company of New York Eagle Life Insurance Company -- IFS at 'BBB+' ASAD QUMAR: Estevezes Buying Reunion Property for $550K ------------------------------------------------------- Asad U. Qamar and Humeraa Qamar ask the U.S. Bankruptcy Court for the Middle District of Florida to authorize the sale of real property located at 1245 Radiant St., Reunion, Florida, legally described as Reunion Phase 1, Parcel 1, Unit 1, PB 14, PGS 15-23, Lot 157, Parcel Identification Number: 34252729790001F030, to Antonio and Maria Estevez for $550,000. The Property is a rental property of the Debtors. The Debtors have received a contract for the purchase and sale of the Property from the Buyers for the purchase price of $550,000. The Buyers have submitted an earnest money deposit of $20,000 with David Evans, Esq., of Baker/Hostetler. The Property will be sold free and clear of all security interests, liens, charges, other encumbrances, claims, options and interests, which will attach to the proceeds. The Buyers' offer to purchase the Property is contingent upon a seller financing for the amount of $255,000, for a 12 month period, at 6% interest-only monthly payments. Therefore, the Debtors ask that the Court approves the financing arrangement, which will help ensure that the contemplated transaction will close. A copy of the Contract attached to the Motion is available for free at: http://bankrupt.com/misc/Asad_Qamar_408_Sales.pdf From the proceeds of the sale, the Debtors propose to pay all usual and customary closing expenses, real estate taxes, and the real estate commission of 6% of the purchase price to Realtor TJ Cosgrove of Reunion Realty. Due to the urgency of the relief sought, as closing is to occur in early October 2017, the Debtors ask that the 14-day stay imposed by FRBP 4001 be waived. Counsel for the Debtor: Aaron A Wernick, Esq. FURR & COHEN, PA 2255 Glades Road, Suite 337W Boca Raton, FL 33431 Telephone: (561) 395-0500 Facsimile: (561) 338-7532 E-mail: awernick@furrcohen.com About the Qamars Asad U. Qamar and Humeraa Qamar sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 16-01490) on April 20, 2016. The Debtors estimated assets and liabilities in the range of $10 million to $50 million. The Debtors tapped Aaron A Wernick, Esq., at Furr & Cohen, PA, as counsel. The petition was signed by the Debtors. AUTO INC: Exclusive Plan Filing Period Extended Until October 20 ---------------------------------------------------------------- Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas extended the exclusivity period for Auto, Inc. to file its Plan of Reorganization until October 20, 2017. As reported by the Troubled Company Reporter on August 30, 2017, the Debtor asked the Court for exclusivity extension contending that while it was preparing its plan, it came to the Debtor's attention that a secured creditor has claimed an interest in certain vehicles the Debtor believed to be unencumbered. As a result of these new assertions, the Debtor required additional time to accurately determine the secured nature of the creditor's claim. About Auto Inc. Auto Inc. owns a vehicle towing business, providing road side assistance to drivers in Colorado and Texas. It operates out of five locations: San Antonio, Texas, Dallas, Texas, Houston, Texas, Denver, Colorado, and Colorado Springs, Colorado. Auto Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 17-50969) on April 27, 2017. The petition was signed by Michael Stine, president. The Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Lena M. James presides over the case. Eric Liepins, PC, serves as counsel to the Debtor. AVAYA INC: Court Denies Bid to Appoint Retiree Committee -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York on Sept. 20 denied the motion filed by Marlene Clark to appoint an official committee to represent retired workers of Avaya Inc. The court also denied the request to determine that survivorship benefits under a supplemental plan are "retiree benefits" under section 1114(a) of the Bankruptcy Code. About Avaya Inc. Avaya Inc., together with its affiliates, is a multinational company that provides communications products and services, including, telephone communications, internet telephony, wireless data communications, real-time video collaboration, contact centers, and customer relationship software to companies of various sizes. The Avaya Enterprise serves over 200,000 customers, consisting of multinational enterprises, small- and medium-sized businesses, and 911 services as well as government organizations operating in a diverse range of industries. It has approximately 9,700 employees worldwide as of Dec. 31, 2016. Avaya Inc. and 17 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017. The petitions were signed by Eric S. Koza, CFA, chief restructuring officer. Judge Stuart M. Bernstein presides over the cases. The Debtors have hired Kirkland & Ellis LLP as legal counsel; Centerview Partners LLC as investment banker; Zolfo Cooper LLC as restructuring advisor; PricewaterhouseCoopers LLP as auditor; KPMG LLP as tax and accountancy advisor; and The Siegfried Group, LLP, as financial services consultant. Prime Clerk LLC is their claims and noticing agent. On Jan. 31, 2017, the U.S. Trustee for Region 2, appointed an official committee of unsecured creditors. Morrison & Foerster is the creditors committee's counsel. On April 13, 2017, the Debtors filed their joint Chapter 11 plan of reorganization. Stroock & Stroock & Lavan LLP and Rothschild, Inc., serve as advisors to an ad hoc group -- Ad Hoc Crossholder Group -- comprised of holders of the Company's (i) 33.98% of the $3.235 billion total amount outstanding under loans issued pursuant to a Third Amended and Restated Credit Agreement, amended and restated as of December 12, 2012 (the "Prepetition Cash Flow Term Loans"); (ii) 28.38% of the $1.009 billion total principal amount outstanding under notes issued pursuant to an indenture for the 7.00% Senior Secured Notes Due 2019 (the "7.00% First Lien Notes"); (iii) 12.82% of the $290 million total principal amount outstanding under notes issued pursuant to an indenture for 9.00% Senior Secured Notes Due 2019 (the "9.00% First Lien Notes"); (iv) 83.70% of the $1.384 billion total amount outstanding under notes issued pursuant to an indenture for 10.5% Senior Secured Notes Due 2021 (the "Second Lien Notes"); and (v) 24% of the $725 million outstanding under loans issued under the Debtors' debtor-in-possession financing (the "DIP Facility") pursuant to a Superpriority Secured Debtor-In-Possession Credit Agreement, dated as of Jan. 24, 2017. BADLANDS ENERGY: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 cases of Badlands Energy, Inc. and its affiliates as of September 20, according to a court docket. About Badlands Energy Denver, Colorado-based Badlands Energy, Inc. -- http://badlandsenergy.framezart.com/-- is an E&P company that has been involved in the Uinta Basin for over a decade. The Company also operates in California and has been involved in exploration projects in Wyoming and Nevada. Initially operating as a public company known as Gasco Energy, Inc., the Company underwent a restructuring that was completed in October 2013. This resulted in a recapitalization followed by taking the company private. The final step in this was a name change to Badlands Energy, Inc. Badlands Energy, Inc., Badlands Production Co., Badlands Energy-Utah, LLC, and Myton Oilfield Rentals, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case Nos. 17-17465, 17-17467, 17-17469 and 17-17471) on Aug. 11, 2017. The petitions were signed by Richard Langdon, president and CEO. Badlands Energy estimated assets at $10 million to $50 million and liabilities at $50 million to $100 million; Badlands Production's assets at $1 million and $10 million and liabilities at $10 million to $50 million; Badlands Energy-Utah's assets at $1 million to $50 million; and Myton Oilfield Rentals' assets at $100,000 to $500,000 and liabilities at $10 million to $50 million. The cases are assigned to Judge Kimberley H. Tyson. The Debtors tapped Lindquist & Vennum LLP as their counsel and Parkman Whaling LLC as their financial advisor. R2 Advisors, LLC is the Debtor's consultant. BAILEY RIDGE: Committee Taps Triton Capital as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Bailey Ridge Partners LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to hire a financial advisor. The committee proposes to employ Triton Capital Partners, Ltd. to provide these services: (a) assist the committee and its legal counsel in reviewing and evaluating the Debtor's business plan, financial projections and overall valuation; (b) assist the committee in evaluating proposed sales or leases that the Debtor proposes to enter into or engage in; (c) evaluate the Debtor's liquidation analysis or create it from documents provided by the Debtor; (d) advise the committee as to what appropriate "new value" contributions would be from old equity and why; (e) attend court hearings as necessary; and (f) attend and participate in meetings with the committee and its legal counsel as necessary. The firm's standard hourly rates are: Greg Nowlin $450 Grant Lo Destro $250 George Elliot $200 Triton seeks to be paid 3.5% of the gross sale price as a success fee, less 50% of its hourly fees; and a retainer in the amount of $10,000. Gregory Nowlin, managing partner of Triton, disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory Nowlin Triton Capital Partners, Ltd. 566 West Lake, Suite 235 Chicago, IL 60661 Phone: (312) 575-0190 Fax: (312) 575-0168 About Bailey Ridge Partners LLC Bailey Ridge Partners LLC, based in Kingsley, Iowa, filed a Chapter 11 petition (Bankr. N.D. Iowa Case No. 17-00033) on Jan. 11, 2017. The petition was signed by Floyd Davis, its managing member. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $10 million to $50 million. The Debtor is represented by Donald H. Molstad, Esq., at Molstad Law Firm. On March 2, 2017, the Office of the U.S. Trustee appointed the official committee of unsecured creditors. The committee hired Goldstein & McClintock LLLP as lead counsel; Dickinson Mackaman Tyler & Hagen, P.C. as Iowa counsel; and Houlihan & Associates, P.C. as accountant. BBQ BOSS: Hearing on Plan Outline Approval Set for Oct. 26 ---------------------------------------------------------- The Hon. James J. Robinson of the U.S. Bankruptcy Court for the Northern District of Alabama has scheduled for Oct. 26, 2017, at 9:35 a.m., a hearing to consider the adequacy of BBQ Boss, LLC's disclosure statement dated Sept. 12, 2017, referring to the Debtor's Chapter 11 plan dated Sept. 12, 2017. Objections to the Disclosure Statement must be filed by Oct. 11, 2017. About BBQ Boss, LLC BBQ Boss, LLC of Oxford, AL, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Court (Bankr. N.D. Ala. Case No. 17-40046) on Jan. 12, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Harry P. Long, Esq., as counsel. BIG APPLE CIRCUS: Wants to Continue Plan Exclusivity Until Dec. 18 ------------------------------------------------------------------ TBAC Wind Down, Ltd. f/k/a The Big Apple Circus, Ltd. filed a third motion with the U.S. Bankruptcy Court for the Southern District of New York seeking an extension of the Debtor's exclusive period to file a chapter 11 plan through December 18, 2017, and solicit acceptances of a chapter 11 plan through February 13, 2018. On February 17, 2017, the Court entered an order establishing March 30 and May 19 as the deadlines for general creditors and governmental units, respectively, to file proofs of claim against the Debtor. During the case, with the Court's approval, the Debtor has sold substantially all of its assets through two separate sales -- one of its major real property asset -- the Walden Property, which sale closed on February 24, and certain equipment and property used for the annual ring show, which deal closed on February 23. Big Apple Circus contends that during the last extension of the Exclusive Periods, the Debtor and its advisors have continued to actively wind down its affairs, formulate and negotiate a viable chapter 11 plan, reconcile claims, settle significant liabilities of the Debtor's estate, collect previously awarded grant funds and other receivables, and expeditiously administer this chapter 11 case. The Debtor says that it has diligently prepared a chapter 11 plan to govern the orderly liquidation of its estate, a related disclosure statement providing detailed information about the Plan, procedures addressing the solicitation and tabulation of votes on the Plan, and a motion seeking approval of the Disclosure Statement, the Solicitation Procedures, and the proposed Plan confirmation timetable. Following consultation with its primary stakeholders and regulators, including the Creditors' Committee and the New York City Charities Bureau, the Debtor filed the Plan, the Disclosure Statement, and the Solicitation Procedures Motion on September 15, 2017. The hearing to consider approval of the Disclosure Statement and the other relief sought in the Solicitation Procedures Motion is scheduled for October 31, 2017. The Debtor tells the Court that it has also reviewed and reconciled nearly all of the scheduled and filed claims against it in order to facilitate distributions, and drafted its first omnibus claims objection, which was filed on September 18, 2017. In connection with the claim reconciliation process, the Debtor has negotiated a settlement with two significant creditors that resolves more than $700,000 of asserted claims and provides for the distribution of funds to other not-for-profit corporations advancing the Debtor's mission. Additionally, the Debtor relates that it has pursued its rights to a $250,000 good faith deposit placed in escrow by Weiner Holdings LLC in connection with a previous sale of the Walden Property that was never consummated. In May 2017, the Debtor participated in mediation with Weiner Holdings that concluded without settlement, and on July 3, filed a complaint against Weiner Holdings seeking, among other things, turnover of the deposit. Subsequently, the Debtor successfully defeated Weiner Holdings' motion to lift the automatic stay and compel arbitration with respect to the deposit dispute. After resuming negotiations, the Parties reached a settlement that is scheduled to be considered by the Court on October 31, 2017, TBAC Wind Down, Ltd. v. Weiner Holdings LLC and Executive Abstract Group, Inc., Adv. Pro. No. 17-01090 (SHL). During the last several months, the Debtor relates that it was also awarded and collected a grant of more than $134,000 by the New York City Department of Cultural Affairs for work performed during the 2016 fiscal year, which funds will be distributed under the Plan. Absent an extension, the Debtor's Exclusive Filing Period was slated to expire September 18 and its Exclusive Solicitation Period is slated to expire November 15. Therefore, despite having already filed the Plan, the Debtor now requests for a 90-day extension out of an abundance of caution and to preserve the its exclusivity through confirmation and effectiveness of the Plan. About The Big Apple Circus The Big Apple Circus, Ltd., filed a chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-13297) on Nov. 20, 2016. The petition was signed by Will Maitland Weiss, executive director. The Debtor is a Type B not-for-profit corporation organized under section 201 of the New York Not-for-Profit Corporation Law that is exempt from federal taxes under section 501(c)(3) of the Internal Revenue Code. Founded in 1977 by Paul Binder and Michael Christensen to establish a performing circus and school for the instruction and artistic development of circus arts, the Debtor is a venerated, New York cultural institution renowned for its critically-acclaimed performances and dedicated community programs. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Debtor retained Natasha M. Labovitz, Esq. and Christopher Updike, Esq., of Debevoise & Plimpton LLP, as bankruptcy counsel; Donlin, Recano & Company, Inc., as claims and noticing agent; and Goldin Associates, LLC, as financial advisor, all of whom agreed to provide their services on a pro bono basis in light of the Debtor's not-for-profit status. An official committee of unsecured creditors has been appointed in the case, and is represented by Robert J. Feinstein, Esq., Maria Bove, Esq., and Steven W. Golden, Esq., at Pachulski Stang Ziehl & Jones LLP. BIG TIME HOLDINGS: Sets Bidding Procedures for St. Albans Property ------------------------------------------------------------------ Big Time Holdings, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a notice that it asked the Bankruptcy Court to authorize the bidding procedures in connection with the sale of a 2-unit mixed commercial/residential use building located at 200-15 Linden Blvd., St. Albans, New York for $450,000, subject to overbid. The Debtor is the owner of the deed to the Property. On Nov. 4, 2014, Flushing Bank commenced an action the Debtor's against its sole member, Monique DeFour Jones ("MDJ"), the Debtor and others to foreclose on a mortgage executed by MDJ and secured by the Property. Thereafter, on Dec. 5, 2016, a judgment was entered in favor of Flushing Bank in the amount of $208,486 and a foreclosure sale was scheduled to take place on March 3, 2017. The bankruptcy filing is intended to prevent the forfeiture of the Debtor's asset through a reorganization process that will inure to the benefit of all of the Debtor's creditors and other parties in interest. It is the Debtor's intention to procure an exit financing loan in an amount sufficient to pay off the allowed secured claim of Flushing Bank, as well as all other claims against this estate and to satisfy the costs of administrating the case. However, to the extent the Debtor is unable to obtain such exit financing on a timely basis, the Debtor asks authorization to sell the Property that will undoubtedly allow the estate to realize a purchase price well in excess of what will likely be realized pursuant to a state-court foreclosure sale. In this regard, the Debtor proposes to proceed along a dual track, as follows: (i) the Debtor will have until Nov. 15, 2017 to close on the Exit Financing; and (ii) to the extent the Debtor is unable, for whatever reason, to close on the Exit Financing by Nov. 15, 2017, the Property will be sold in accordance with the procedures. With respect to the sale of the Property, the Debtor has already received indications of interest from at least one potential purchaser willing to purchase the Property for $450,000 ("Debtor Sale Transaction") -- an amount more than sufficient to satisfy Flushing Bank's allowed secured claim, as well as all other claims against this estate and to satisfy the costs of administrating this case. Accordingly, the Debtor is asking authorization to pursue the Debtor Sale Transaction, provided that (i) on or prior to Oct. 16, 2017 ("Debtor Sale APA Deadline") the Debtor files with the Court a fully executed asset purchase agreement providing, among other things, for (a) the purchase of the Property at a purchase price of no less than $450,000; (b) a $45,000, non-refundable deposit; (c) no financing, due diligence or other buyer "outs"; (d) a closing by no later than Nov. 15, 2017; and (e) together with proof of such purchaser's financial wherewithal to close on the Debtor Sale Transaction by no later than the Debtor Sale Closing Deadline at the purchase price provided in the Debtor Sale APA, time being of the essence; and (ii) in the event the Debtor fails to file the Debtor Sale APA by the Debtor Sale APA Deadline or a closing on such sale does not occur on or before the Debtor Sale Closing Deadline, whichever occurs earlier, the Property will be sold through Maltz Auctions pursuant to the Bidding Procedures ("Public Auction Sale"). The Bidding Procedures will ensure that the Debtor's estate received the greatest benefit available from the sale of the Property. The Debtor asks the Court to approve the Bidding Procedures in the event the Debtor fails to file the Debtor Sale APA by the Debtor Sale APA Deadline or a closing on such sale does not occur on or before the Debtor Sale Closing Deadline, whichever occurs earlier. The salient terms of the Bidding Procedures are: a. Qualifying Deposit: $30,000 b. Auction: The Auction will be conducted by Maltz Auction on Jan. 31, 2018 at 11:00 a.m. at the offices of White & Wolnerman, PLLC ("WW"), 950 Third Ave., 11th Floor, New York, New York. c. Deposit: Within 48 hours after conclusion of the Auction, the Successful Purchaser will deliver to WW an amount equal to 10% of the high bid realized at Auction minus the Qualifying Deposit plus a 6% Buyer's Premium. d. Buyer's Premium: 6% of the high bid at Auction e. Additional Deposit: The Debtor will grant the Successful Bidder a single 30-day extension, at the request of the Successful Bidder, provided Successful Bidder posts an additional, non-refundable deposit equal to 10% of the Purchase Price prior to the 30th day following Court approval. f. If the Successful Purchaser elects to exercise the Extension, the Successful Purchaser will be responsible for all real estate taxes incurred from the 30th day after the Court Approval Date through closing and will pay interest on the Purchase Price at a 9% annual rate from the 30th day after the Court Approval Date through to the actual day of closing. g. Closing: The closing will take place at the offices of WW. h. The commission for the registered real estate broker will be 2% of the Successful Bid. i. The Property is being sold "as is, where is, with all faults," without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale. A copy of the Bidding Procedures attached to the Notice is available for free at: http://bankrupt.com/misc/Big_Time_70_Sales.pdf The Debtor proposes two alternative sale hearing dates - (i) in the event the Debtor files the Debtor Sale APA by the Debtor Sale APA Deadline, a hearing ("Debtor Transaction Sale Hearing") to consider approval of the Debtor Sale Transaction will be held on Nov. 9, 2017 at 11:30 a.m.; and (ii) in the event the Debtor fails to file the Debtor Sale APA by the Debtor Sale APA Deadline or a closing on such sale does not occur on or before the Debtor Sale Closing Deadline, whichever occurs earlier, a hearing ("Public Auction Sale Hearing") to consider approval of the sale of the Property to the Successful Purchaser will be held on Feb. 8, 2018 at 2:30 p.m. In this regard, the Debtor is also asking entry of the "Sale Order approving, at the Debtor Transaction Sale Hearing or Public Auction Sale Hearing, as applicable, the sale of the Property free and clear of all liens, claims, encumbrances, and other interest pursuant to the Debtor Sale Transaction or to the successful bidder at the auction for the Property, as determined by the Bidding Procedures, as applicable. The Sale Order will be filed and served upon the Notice Parties no less than 23 days prior to the applicable sale hearing. Objections, if any, to the Sale Motion, will be filed no later than seven days prior to the applicable Sale Hearing. As applicable, a hearing for approval of (i) the Debtor Sale Transaction will be held on Nov. 9, 2017 at 11:30 a.m. (EST); and (ii) the Public Auction Sale will be held on Feb. 8, 2018 at 2:30 p.m. (EST), each before Judge Nancy Hershey Lord. Objections, if any, to entry of an order approving the Debtor Sale Transaction must be filed no later than 5:00 p.m. (EST) on Nov. 2, 2017. Objections, if any, to entry of an order approving the Public Auction Sale must be filed no later than 5:00 p.m. (EST) on Feb. 1, 2018. The Debtor asks that the Court waives the 10-day stay period under Bankruptcy Rules 6004(h), or in the alternative, if an objection to the sale of the Properties is filed, reduce the stay period to the minimum amount of time reasonably required by the objecting party to file its appeal. About Big Time Holdings Big Time Holdings, LLC, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 17-40960) on March 1, 2017. The petition was signed by Andrew Jones, President. The Debtor estimated assets and liabilities between $100,000 and $500,000. The case is assigned to Judge Nancy Hershey Lord. The Debtor is represented by David Y. Wolnerman, Esq., at White & Wolnerman PLLC. BRUNO HOLDINGS: Taps Delaney Realty as Real Estate Broker --------------------------------------------------------- Bruno Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire a real estate broker. The Debtor proposes to employ Delaney Realty Corp. in connection with the sale of its ownership interest in a commercial property located at 2 South Street, Suffern, New York. The firm will get a commission of 3.75% of the total sales price. Delaney does not hold or represent any interest adverse to the Debtor and its estate, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Patricia Delaney Delaney Realty Corp. 2 Heights Rd. Suffern, NY, 10901 Phone: 845-357-2141 Fax: 845-357-3613 Email: pat@delaneyrealty.com About Bruno Holdings Bruno Holdings, LLC, based in Suffern, N.Y., filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-22738) on May 27, 2016. In its petition, the Debtor listed total assets of $1.10 million and total liabilities of $763,782. The petition was signed by Anthony Bruno, managing member. Judge Robert D. Drain presides over the case. Pick & Zabicki, LLP represents the Debtor as bankruptcy counsel. C HARRIS PROPERTIES: Sale of Morton Property to Morrow for $65K OKd ------------------------------------------------------------------- Judge Neil P. Olack of the U.S. Bankruptcy Court for the Southern District of Mississippi authorized C. Harris Properties, LLC's sale of real property located at 155 South Main Street, Morton, Scott County, Mississippi, to Marquita Morrow for $65,000. The sale is free and clear of liens. The Community Bank of Mississippi's lien will attach to the sale proceeds and the Bank will be paid at closing the sum of $51,297 plus interest at the contract rate from Aug. 23, 2017. The automatic stay of 11 U.S.C. Section 362 is terminated to allow the Bank to accept and apply the sales proceeds. The Debtor will file a Report of Sale and attach thereto a copy of the settlement statement or other closing document within 14 days of the sale closing. The Debtor will deposit the net sale proceeds into a DIP account established pursuant to the United States Trustee's Chapter 11 Operating Guidelines and Reporting Requirements. At closing, the Debtor is authorized to pay the Delinquent Mobile Home Taxes, plus any accrued interest; the 2016 city and county ad valorem taxes; the 2017 pro-rated ad valorem taxes; and attorney's fees in the amount of $125 for the preparation of the Warranty Deed. The Order will become immediately effective and enforceable upon its entry and will not be stayed by Bankruptcy Rule 4001 (a)(3). About C. Harris Properties C. Harris Properties, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Miss. Case No. 17-02354) on June 29, 2017. The Debtor is represented by Eileen N. Shaffer, Esq., at Eileen N. Shaffer, Attorney at Law. CALMARE THERAPEUTICS: Yarbro Demands Review of Stockholder List --------------------------------------------------------------- Stanley Yarbro, Ph.D., the beneficial owner of 285,980 shares of Common Stock, made a formal demand under Section 220 of the General Laws of the State of Delaware to review the stockholder list of the Company. As of Sept. 21, 2017, the Company has not responded to the request. On or about Aug. 11, 2017, Yarbro, on behalf of certain stockholders of the Company representing approximately 23% of the Company's currently outstanding Common Stock, presented the Company's Secretary with Notice of Stockholder Proposal to Nominate Directors for Election at Annual Meeting in accordance with the Company's By-laws proposing for nomination a slate of five individuals to serve as directors of the Company. The five individuals are: * Dr. Stanley Yarbro, Ph.d.; * Vice Admiral Robert T. Conway, Jr.; * Steve Roehrich; * Robert Davis; and * Benjamin Large. The Company, through its counsel, agreed to a meeting between Company management and the Stockholder Group, to take place on Thursday, Aug. 24, 2017 at 2:00 p.m. (EST) at the offices of the Company. However, on Aug. 22, 2017, the Company, through its counsel, indicated that the meeting was cancelled by the Company's CEO, Conrad Mir, citing "ongoing material events" that prevented the Company from answering the Group's questions at this time and stating that the meeting would need to be rescheduled after Sept. 15, 2017. To date, the Company has not provided alternative dates to reschedule the meeting between Company management and the Stockholder Group. Beneficial Ownership Misstatement In a Schedule 13D/A filed with the Securities and Exchange Commission, Stanley Yarbro, et al., reported beneficial ownership of 6,567,766 shares of common stock of Calmare Therapeutics Incorporated, constituting approximately 22.81% of the Issuer's currently outstanding Common Stock. The aggregate number and percentage of shares of Common Stock are based upon the 28,787,831 shares of Common Stock outstanding as of Dec. 29, 2016, as reported in the Issuer's 10-Q filed with the Securities and Exchange Commission on Dec. 29, 2016. According to Mr. Yarbro, the disclosure made on Schedule 13D, filed on June 30, 2017, misstated his beneficial ownership and that of Mr. Ron Hirschi. As of Sept. 10, 2017, Stanley Yarbro beneficially owns 285,980 shares of Common Stock (including 50,000 stock options and has the right to acquire 95,238 shares upon conversion of $100,000 of convertible debt) and had invested approximately $174,850. As of Sept. 10, 2017, Ron Hirschi beneficially owns 832,011 shares of Common Stock and had invested approximately $478,843. As of Sept. 10, 2017, Steven Roehrich beneficially owns 12,500 shares of Common Stock and had invested approximately $0. The shares are represented by options which were granted to Mr. Roehrich for his service on the Board of Directors. A full-text copy of the regulatory filing is available at: https://is.gd/R5e7md About Calmare Therapeutics Calmare Therapeutics Incorporated, formerly known as Competitive Technologies, Inc. -- http://www.calmaretherapeutics.com/-- provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. Sales of the Company's Calmare(R) pain therapy medical device continue to be the major source of revenue for the Company. The Company currently employ the full-time equivalent of seven people. Mayer Hoffman McCann CPAs, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has incurred operating losses since fiscal year 2006 and has a working capital and shareholders' deficit at Dec. 31, 2016. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Calmare reported a net loss of $3.82 million for the year ended Dec. 31, 2016, compared to a net loss of $3.67 million for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Calmare had $3.88 million in total assets, $17.69 million in total liabilities, all current, and a total shareholders' deficit of $13.81 million. CAREFOCUS CORP: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of CareFocus Corporation, as of Sept. 21, according to a court docket. About CareFocus CareFocus Corporation filed a Chapter 11 bankruptcy petition (Bankr. D.Minn. Case No. 17-32654) on Aug. 18, 2017. Steven B. Nosek, Esq., at Steven B. Nosek, PA, serves as its bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. CARITAS INVESTMENT: Sale of Stamford Property for $8.75M Approved ----------------------------------------------------------------- Judge Julie A. Manning of the U.S. Bankruptcy Court for the District of Connecticut authorized Caritas Investment Ltd. Partnership's private sale of real estate commonly known as 140 Wallacks Drive, Stamford, Connecticut together with the improvements located thereon, to USC-CIF Corp. for $8,750,000. The sale is free and clear of liens and encumbrances. The closing of the Sale will be held at the Law Offices of Ellery E. Plotkin, LLC no later than Oct. 31, 2017 at 6:00 p.m. to the Purchaser for $8,750,000, of which $875,000 has been previously paid as a deposit and is being held in an IOLTA escrow account of Attorney Ellery E. Plotkin. The gross purchase price is subject to customary and contractual adjustments such as for fuel oil, utilities, sewer use fees, real estate taxes and the like. The Purchaser will pay to the Seller the penalty and expenses as provided in the Contract from May 18, 2017, to the date of closing. The Debtor as the Seller will at the closing pay the real estate commission due and owing to the Real Estate Broker of no more than 5% of the gross purchase price; conveyance taxes as may be due and owing to the State of Connecticut and to the City of Stamford; filing fees required to be paid to the Town Clerk of the City of Stamford. The attorney's fees to the counsel for the Seller will be withheld in an amount not to exceed $25,000, from the proceeds of Sale and remain in the escrow of Attorney Plotkin pending Court approval of said Attorney's Application for fees and expenses. At the time of the closing of the Sale, the Debtor will pay the following encumbrances in full, to wit: (i) mortgage in the face amount of $3,500,000 from the Debtor, Caritas Investment Limited Partnership, to Bank of America dated Jan. 19, 2007 and recorded Jan. 22, 2007 in Book 8858 at Page 312 of the Stamford Land Records; and (ii) Federal Tax Lien in favor of Internal Revenue Service of the United States of America, dated July 29, 2016 and recorded Aug. 9, 2016 in Book 11539 at Page 75 of the Stamford Land Records, in the face amount of $938,113. The payoff amount with a per diem figure of the debt owed with respect to the encumbrances of Bank of America and the IRS will be submitted to the Court by Oct. 27, 2017. Pursuant to paragraph 8 of Addendum II of the Contract, the Seller has the right to remain in the premises for a period of up to 30 days subsequent to the closing date. In the event a new prospective purchaser comes forth with a higher offer, that counsel for the Debtor will petition the Court for an Order of auction procedure. In the event there is no higher offer from another prospective purchaser, and the Contract purchaser, USC-CIF Corp., does not close the sale by paying the purchase price by the date and time of closing as set forth in the Order, then and in that event, USC-CIF Corp. will forfeit any and all rights to the deposit it had heretofore paid in the sum of $875,000 and all of said funds will then and there be property of the estate of the Debtor, time being of the essence. The counsel for the Debtor in possession will, within 14 days after the consummation of the Sale, file a report of sale with the Court, together with an accounting of all the funds received and disbursed in accordance with the Contract and the provisions of the Order. About Caritas Investment Headquartered at Stamford, Connecticut, Caritas Investment Limited Partnership is a single asset real estate as defined in 11 U.S.C. Section 101(51B). It owns the property at 140 Wallacks Drive, Stamford, which consists of a parcel on Stamford mainland and an island in the City of Stamford. Caritas Investment Limited Partnership filed a Chapter 11 petition (Bankr. D. Conn. Case No. 17-50456) on April 24, 2017. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by John A. Morgan, member of Morgan 2000, LLC, general partner. CB ESCROW: Moody's Rates New $350MM Sr. Unsec. Notes Due 2025 'B3' ------------------------------------------------------------------ Moody's Investors Service has assigned a B3 rating to CB Escrow Corp.'s proposed $350 million issuance of senior unsecured notes due 2025. The proceeds of the notes, together with cash on hand and borrowings under Cincinnati Bell Inc.'s (CBB) senior credit facilities and receivables facility, will fund the cash portion of the Hawaiian Telcom (HCOM) acquisition, refinance existing HCOM indebtedness, and pay fees and expenses in connection with the foregoing. Moody's raised CBB's Speculative Grade Liquidity (SGL) rating to SGL-2 from SGL-3, indicating good liquidity. Moody's has also affirmed CBB's B2 corporate family rating (CFR), B2-PD probability of default rating, B3 senior unsecured rating, and Ba3 senior secured rating. The outlook remains stable. At the closing of the HCOM acquisition (expected to occur in the second half of 2018), CB Escrow Corp. will merge with and into CBB, with CBB continuing as the surviving corporation. At the time of that merger, CBB will assume the obligations under these 2025 notes and the related indenture. Prior to the merger, the new notes will not be guaranteed. From and after the merger, the notes will be guaranteed, jointly and severally, on a senior unsecured basis, by certain of CBB's existing and future domestic subsidiaries. Upgrades: Issuer: Cincinnati Bell Inc. -- Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Affirmations: Issuer: Cincinnati Bell Inc. -- Probability of Default Rating, Affirmed B2-PD -- Corporate Family Rating, Affirmed B2 -- Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD 2) -- Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD 2) -- Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD 5) Issuer: Cincinnati Bell Telephone Company -- Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD1) Assignments: Issuer: CB Escrow Corp. -- Senior Unsecured Regular Bond/Debenture, Assigned at B3 (LGD 5) Outlook Actions: Issuer: CB Escrow Corp. -- Outlook, Assigned Stable Issuer: Cincinnati Bell Inc. -- Outlook, Remains Stable Issuer: Cincinnati Bell Telephone Company -- Outlook, Remains Stable RATINGS RATIONALE CBB's B2 CFR reflects the company's legacy market position as an incumbent local telecommunications provider and its evolving fiber-based business model, offset by relatively high, pre-acquisition leverage of 4.3x (Moody's adjusted) as of June 30, 2017. Moody's forecasts the OnX Enterprise Solutions Ltd. (OnX) acquisition (expected to close early fourth quarter 2017) and HCOM acquisition to be credit neutral in aggregate. CBB has been investing heavily in the expansion of a fiber network primarily in its Greater Cincinnati footprint and repositioning itself as a competitive provider of broadband data, voice and video services to residential, commercial and carrier customers. The OnX acquisition complements and strengthens CBB's enterprise-focused information technology (IT) services business, which includes managed infrastructure services, telephony and IT equipment sales, and professional IT staffing services. While not geographically adjacent to CBB's existing network footprint, the HCOM acquisition does add a similarly-focused incumbent local exchange carrier with leading market shares to the company's network-based revenue mix. Post the close of OnX and HCOM, about 50% of CBB's revenue will be derived from network-based assets with the remainder from the lower margin IT services business. Moody's views CBB's fiber network investment and IT business strategy as credit positive in the long term based on expectations for a lessening of capital intensity and improved cash flows from customer growth. The acquisitions of OnX and HCOM will help strengthen CBB's business positioning through increased scale, cost synergies, geographic diversification, and market growth opportunities. With slowing capital spending and recent and future planned cost cutting, CBB will begin to significantly ramp free cash flow generation beginning in 2018 and beyond following high negative free cash flow in recent years. Cincinnati Bell's SGL rating of SGL-2 indicates Moody's expectations that CBB will have good liquidity over the next 12 to 18 months, mainly due to Moody's expectations of free cash flow generation beginning in late 2017 and gradually ramping in 2018. Liquidity is supported by a $200 million revolving credit facility maturing in 2022, and a receivable financing facility maturing May 2019 that Moody's believes will allow for borrowings between $100 to $120 million of availability over the next 12 to 18 months. Moody's expects the revolver to remain largely undrawn over the next 12 to 18 months but expects CBB to draw approximately $75 million on its receivables facility as part of the funding for the acquisitions. CBB's and CB Escrow Corp.'s senior unsecured notes are rated B3 (LGD5). CBB's secured revolving credit facility, term loan B and approximately $22 million outstanding of secured notes are rated Ba3 (LGD2). The company's secured debt is rated two notches above its B2 CFR given the greater loss absorption now provided by the increase in unsecured debt outstanding associated with this CB Escrow Corp. issuance. The Ba2 (LGD1) rating of the senior unsecured notes issued at Cincinnati Bell Telephone Company (CBT) reflects the structural seniority to the obligations at the parent (CBB) and the proximity to the cash flows of the regulated telecom subsidiary, which generated approximately 57% of the company's total revenue in 2016. CBT note holders benefit from the guarantee from CBB but not from other subsidiaries of the company. Moody's also note that about half of the company's underfunded pension obligations are attributable to employees covered by its collective bargaining agreement, and have placed this liability at CBT. The stable rating outlook is based on Moody's expectations that CBB will expand the profitability of its IT services segment through the successful integration of OnX's broader geographic business, and continue to deliver profitable growth in the broadband data, voice and video offerings of its network segment following the acquisition of HCOM. Moody's could upgrade CBB if leverage is below 4x and the company generates sustained positive free cash flow. The rating could be downgraded if CBB's liquidity or profitability weakens materially, or if leverage was greater than 6x for an extended period of time. The principal methodology used in these ratings was Telecommunications Service Providers published in January 2017. With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. is a full-service regional provider of broadband data, voice and video services, a provider of managed information technology services, and a reseller of IT and telephony equipment. The company's anticipated acquisitions of OnX Enterprise Solutions Ltd., a provider of technology services and solutions to enterprise customers in the US, Canada and the UK, and Hawaiian Telcom Communications, Inc., a leading provider of voice, video, broadband, data center and cloud solutions in Hawaii, will nearly double the company's $1.2 billion of revenue generated for the 12 months ended June 30, 2017. CHARLOTTE RUSSE: S&P Downgrades CCR to 'CCC-', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Charlotte Russe Inc. to 'CCC-' from 'CCC+'. The outlook is negative. California- based specialty apparel retailer Charlotte Russe Inc.'s operating performance continues to be soft and, with looming debt maturities, S&P believes it is increasingly likely that the company will pursue a debt restructuring. S&P said, "At the same time, we lowered the issue-level ratings on the first-lien debt to 'CCC-' from 'CCC+'. Our '4' recovery rating on the term loans reflects our expectation for average (30% to 50%; rounded estimate: 30%) recovery in the event of default. "The downgrade reflects our view that the probability of financial restructuring, including at least some of the company's debt obligations, at less than par is likely within the next six months. This view reflects the company's sizable term loan obligations that mature in May 2019, and our belief that the company lacks prospects for a strong, sustained rebound amid an increasingly competitive specialty apparel environment. In addition, we note the reportedly very low pricing indications of the company's term loans. We believe capital market access for the company could be restricted given reduced investor appetite for distressed retailers. "The negative outlook reflects our view that there is an increasing likelihood that the company will pursue a debt restructuring within the next six months, given our expectation for continued soft performance, the reportedly distressed pricing indications of its debt, and looming sizeable debt maturities coming due in May 2019. "We could lower our ratings on Charlotte Russe if it announces a distressed debt exchange or restructuring or if it is unable to meet its principal and/or interest payments. "We could revise the outlook to stable and/or potentially raise the ratings if a debt restructuring becomes unlikely over the next 12 months, and the company's standing in the credit market materially improves. This would most likely be the result of an unexpected turnaround in operations, or a cash equity infusion by the company's sponsor, which we believe is unlikely. An upgrade would also require our expectation that Charlotte Russe can address its 2019 maturities absent a subpar exchange." CHRIS CARLSON: U.S. Trustee Forms 3-Member Committee ---------------------------------------------------- The Office of the U.S. Trustee on September 20 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Chris Carlson Hot Rods, LLC. The committee members are: (1) Donnie L. Peterson D & S Auto Supply, Inc. P.O. Box 540 Winfield, KS 67156 Email: Petdon0505@sbcglobal.net (2) William D. Schrader 6618 S. Osage Ct. Wichita, KS 67217 Email: mxbluebill@yahoo.com (3) Alfred J. Suraci 1715 N. Fairview Avenue Wichita, KS 67203-2574 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Chris Carlson Hot Rods LLC Chris Carlson Hot Rods, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 17-11660) on August 28, 2017. Christopher Carlson, manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Robert E. Nugent presides over the case. CLIMATE CONTROL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on September 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of The Alexander Group LLC, an affiliate of Climate Control Mechanical Services, Inc. About Climate Control Mechanical Climate Control Mechanical Services, Inc. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M. D. Fla. Lead Case No. 15-02248) on May 18, 2015. The petition was signed by Louie Wise III, president. At the time of the filing, the Debtors estimated their assets and liabilities at $1 million to $10 million. CLINE GRAIN: Nov. 15 Auction of 172 Acres of Farm Land Approved --------------------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana authorized Allen L. Cline and Teresa A. Cline and Michael B. Cline and Kimberly A. Cline to sell approximately 172 acres of farm land at auction to be conducted by Halderman Real Estate Services, Inc. on Nov. 15, 2017. The Farm Land is to be sold "as-is" with no express or implied warranty; and free and clear of all liens, claims, interests and encumbrances, with such liens to attach to proceeds of sale to the same extent and in the same priority as such liens to the Farm Land. The auction to be conducted will be a "multi parcel auction" whereby individual farms will be separately auctioned from the whole or larger tracts which will also be auctioned. The Debtors will accept the largest dollar amount. MetLife and Wells Fargo are entitled to credit bid against the final dollar amount to be received at auction. Everett L. Bamish will retain his right to credit bid on the Bamish Collateral. F. Denis and Janet O'Hair will entitled to credit bid their claim amount on 0000 S. County Road 550, Ladoga, Indiana. IDR and IRS will not be permitted to exercise their credit bid rights. The Auctioneer will have exclusive right to sell the Farm Land from Sept. 13, 2017 through the Auction. The Debtors are granted authority to sign DIP deeds, purchase agreements, vendor's affidavits, Indiana Sales Disclosure Forms, and similar documents in reference to any sale and closing in order to transfer title. They have authority to pay MetLife, Wells Fargo, Bamish, and the O'Hairs in full at any closing(s) without the need for further Court hearing or Order. The provisions of the Order will become effective immediately. 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 estimated $1 million to $10 million in liabilities. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. CLINE GRAIN: Sale of 148 Acres to Son for $770K Approved -------------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana authorize the private sale by Michael B. and Kimberly A. Cline of their piece of real estate farm land more particularly described as 1261 N. CR 650 E, Roachdale, Indiana, State Parcel Nos. 67-01-10-400-016.00-009 and 67-01-10-400-017.000-009, all containing +/- 148 acres, Farm Number 6954 3881 ("Allen Farm"), to Tyler Cline or his assigns for $770,247. A hearing on the Motion was held on Sept. 18, 2017. The Purchasers are the Debtors' son and daughter-in-law. The sale is "as-is" with no express or implied warranty; and free and clear of all liens, claims, interests and encumbrances, with liens to attach to proceeds. There will be no Closing Note pursuant to the Wells Fargo Agreed Entry. The Debtors are directed to hold the net proceeds in escrow subject to further order of the Court. Notwithstanding the foregoing, the Debtors will pay from the net proceeds the following secured creditors' claims up to the full amount of their claims at the closing of the Sale, to the same extent and in the same priority as such liens attached to the property which is the subject of the sale: MetLife and Wells Fargo. The Debtors are directed to file a report of sale within 15 days of closing on the Allen Farm. The Order is a final order. The 14-day stay imposed by Rule 6004(h) of the Federal Rules of Bankruptcy Procedure is waived. 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 and $10 million in liabilities. Cline Transport, Inc., estimated between $500,000 and $1 million in assets, while New Winchester Properties listed $10 million to $50 million in assets. Both debtors estimated $1 million and $10 million in liabilities. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. CLINE GRAIN: Sale of 60 Acres to Son for $422K Approved ------------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana authorized the private sale by Michael B. and Kimberly A. Cline of their two parcels of real estate farm land in Montgomery County, Indiana, which is comprised of approximately 52 acres and 8 acres of tillable land, Farm Number 6954 7028 ("Wallace/Arnold Farm"), to Kyle Cline and Tori Cline for $422,382. A hearing on the Motion was held on Sept. 18, 2017. The Purchasers are the Debtors' son and daughter-in-law. The sale is "as-is" with no express or implied warranty; and free and clear of all liens, claims, interests and encumbrances, with liens to attach to proceeds. The Debtors are directed to hold the net proceeds in escrow subject to further order of the Court. Notwithstanding the foregoing, the Debtors will pay from the net proceeds the following secured creditors' claims up to the full amount of their claims at the closing of the Sale, to the same extent and in the same priority as such liens attached to the property which is the subject of the sale: MetLife and Wells Fargo. The Debtors are directed to file a report of sale within 15 days of closing on the Wallace/Arnold Farm. The Order is a final order. The 14-day stay imposed by Rule 6004(h) of the Federal Rules of Bankruptcy Procedure is waived. 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 and $1 million in assets, while New Winchester Properties estimated $10 million and $50 million in assets. Both debtors estimated $1 million and $10 million in liabilities. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. CLINE GRAIN: Sale of 80 Acres to Son for $627K Approved ------------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana authorized the private sale by Michael B. and Kimberly A. Cline of their piece of real estate farm land in Montgomery County, Indiana, which is comprised of a section of non-tillable forest/creek land, approximately 80 acres of tillable land and their home, Farm Number 6954-3487, more particularly described as 10796 South County Road 875 East Ladoga, Indiana ("Mike's Farm"), to Michael L. Cline and Autumn L. Cline or their assigns for $626,912. The Purchasers are the Debtors' son and daughter-in-law. A hearing on the Motion was held on Sept. 18, 2017. The sale is "as-is" with no express or implied warranty; and free and clear of all liens, claims, interests and encumbrances, with liens to attach to proceeds. The Debtors are directed to hold the net proceeds in escrow subject to further order of the Court. Notwithstanding the foregoing, the Debtors will pay from the net proceeds the following secured creditors' claims up to the full amount of their claims at the closing of the Sale, to the same extent and in the same priority as such liens attached to the property which is the subject of the sale: MetLife and Wells Fargo. The Debtors are directed to file a report of sale within 15 days of closing on the Mike Farm. The Order is a final order. The 14-day stay imposed by Rule 6004(h) of the Federal Rules of Bankruptcy Procedure is waived. 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 and $1 million in assets, while New Winchester Properties listed $10 million and $50 million in assets. Both debtors estimated $1 million and $10 million in liabilities. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. COMSTOCK RESOURCES: Incurs $21.4 Million Net Loss in 2nd Quarter ---------------------------------------------------------------- Comstock Resources, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $21.44 million on $61.47 million of total oil and gas sales for the three months ended June 30, 2017, compared to net income of $4.85 million on $40.71 million of total oil and gas sales for the three months ended June 30, 2016. Comstock Resources recorded a net loss of $44.37 million on $115.27 million of total oil and gas sales compared to a net loss of $51.72 million on $76.87 million of total oil and gas sales for the same period during the prior year. As of June 30, 2017, Comstock Resources had $901.83 million in total assets, $1.20 billion in total liabilities and a total stockholders' deficit of $305.30 million. Comstock produced 17.3 billion cubic feet of natural gas and 243,000 barrels of oil or 18.8 billion cubic feet of natural gas equivalent in the second quarter of 2017. Natural gas production averaged 190 million cubic feet ("MMcf") per day, reflecting growth of 37% from pro forma natural gas production in the second quarter of 2016 (excluding divestitures completed in 2016). Natural gas production in the second quarter was also 22% higher than the first quarter of 2017. The growth in natural gas production is attributable to Comstock's successful Haynesville shale drilling program. The second quarter production rate was impacted by severe storms and tornadoes in the Company's Haynesville operating area in May 2017, causing electric power outages in the region. These power outages caused certain natural gas treating facilities to go off line, making it necessary for Comstock to shut-in wells during the quarter. Shut-in production, net to the Company's interest, related to the power outages and to wells that were shut-in for offset frac activity averaged 8.2 MMcf per day in the second quarter. Oil production in the second quarter of 2017, which averaged 2,674 barrels of oil per day, declined by 31% from the 3,900 barrels per day produced in the second quarter of 2016. The decrease in oil production is the result of the lack of drilling in the Company's South Texas Eagle Ford shale properties. Oil and natural gas prices improved in the second quarter of 2017. Comstock's average realized natural gas price, including hedging gains, increased 50% to $2.99 per Mcf in the second quarter of 2017 as compared to $1.99 per Mcf realized in the second quarter of 2016. The Company's average realized oil price increased by 7% to $45.34 per barrel in the second quarter of 2017 as compared to $42.21 per barrel in the second quarter of 2016. The higher realized prices and the growth in natural gas production caused oil and gas sales to increase by 50% in the second quarter of 2017 to $62.9 million (including realized hedging gains) as compared to 2016's second quarter sales of $41.8 million. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $43.8 million in the second quarter of 2017, more than double the EBITDAX of $19.3 million generated in the second quarter of 2016. Operating cash flow generated in the second quarter of 2017 was $25.9 million as compared to an operating cash flow deficit of $8.3 million in the second quarter of 2016. The second quarter of 2017 results include an unrealized gain from derivative financial instruments of $3.9 million and $9.5 million of non-cash interest expense associated with the discounts recognized and costs incurred on the debt exchange that occurred in 2016. Financial results for the second quarter of 2016 included a net gain on extinguishment of debt of $56.2 million, impairments on unevaluated acreage and oil and gas properties of $1.7 million, a $1.6 million loss on sale of oil and gas properties, an unrealized loss from derivative financial instruments of $1.1 million, and a charge of $0.1 million to reflect a change in state tax law. Excluding these items from each year's results, the net loss for the second quarter of 2017 would have been $15.8 million or $1.07 per share as compared to a net loss of $46.8 million or $4.05 per share in the second quarter of 2016. Comstock produced 31.3 billion cubic feet of natural gas and 508,000 barrels of oil or 34.4 billion cubic feet of natural gas equivalent in the first six months of 2017 compared to 27.3 Bcf of natural gas and 772,000 barrels of oil or 32.0 Bcfe in the first six months of 2016. Natural gas production averaged 173 million cubic feet per day in the first six months of 2017, an increase of 24% over pro forma 2016 natural gas production, excluding divestitures completed in 2016. Oil production in the first six months of 2017 declined by 34% from the first six months of 2016. Comstock's average realized natural gas price, including hedging gains, increased 54% to $2.98 per Mcf in the first six months of 2017 as compared to $1.94 per Mcf realized in the first six months of 2016. The Company's average realized oil price increased by 40% to $47.04 per barrel in the first six months of 2017 as compared to $33.69 per barrel in the first six months of 2016. The higher realized prices and the growth in natural gas production caused oil and gas sales to increase by 48% to $117.2 million (including realized hedging gains) as compared to $79.0 million in the first six months of 2016. EBITDAX of $78.0 million in the first six months of 2017 was 129% higher than the EBITDAX of $34.0 million generated in the first six months of 2016. Operating cash flow generated in the first six months of 2017 was $41.9 million as compared to an operating cash flow deficit of $22.3 million in the first six months of 2016. The results for 2017 include an unrealized gain from derivative financial instruments of $11.3 million and $14.9 million of non-cash interest expense associated with the discounts recognized and costs incurred on the debt exchange that occurred in 2016. Financial results for the first six months of 2016 included impairments on oil and gas properties and unevaluated leases of $32.2 million, a loss on sales of oil and gas properties of $0.9 million, an income tax charge to reflect a change in state law of $4.5 million, an unrealized gain from derivative financial instruments of $1.4 million and a net gain on extinguishment of debt of $89.6 million. Excluding these items from results for each period, the net loss for the first six months of 2017 would have been $40.7 million or $2.81 per share as compared to a net loss of $102.2 million, or $9.52 per share in the first six months of 2016. 2017 First Six Months Drilling Results During the first six months of 2017, Comstock spent $86.6 million on its development and exploration activities and drilled ten horizontal natural gas wells (8.1 net) and had four wells (2.0 net) drilling at June 30, 2017. Since the last operational update, Comstock has completed five operated Haynesville shale wells. The average initial production rate of these wells was 27 MMcf per day. One of the wells set new a Company record for initial production rates. The Headrick 14-11 #2 well in Desoto Parish, Louisiana was drilled to a total vertical depth of 11,539 feet with a 6,861 foot lateral. This well was tested with an initial production rate of 37 MMcf per day. The Nash 19-18 #1 well was drilled in Desoto Parish, Louisiana to a total vertical depth of 11,514 feet with a 5,382 foot lateral. This well was tested with an initial production rate of 26 MMcf per day. Drilled from the same pad, the Nash 19-18 #2 well was drilled to a total vertical depth of 11,524 feet with a 5,347 foot lateral, and was tested with an initial production rate of 25 MMcf per day. The Powell 28 #2 well in Desoto Parish, Louisiana was drilled to a total vertical depth of 11,099 feet with a 4,453 foot lateral. This well was tested with an initial production rate of 20 MMcf per day. The Pace 8-17 #1 well in Desoto Parish, Louisiana was drilled to a total vertical depth of 11,183 feet with a 7,471 foot lateral. This well was tested with an initial production rate of 25 MMcf per day. Comstock is currently completing the Grantham 30-31 #1 and the Headrick 14-11 #1, which have 7,500 foot laterals, and has three wells waiting to be completed. To protect the returns that the Haynesville shale drilling program can generate, the Company has hedged, in the aggregate, 100 MMcf per day of its 2017 third and fourth quarter natural gas production at a NYMEX equivalent of $3.38 per Mcf and has hedged approximately 29 MMcf per day of natural gas production in the first quarter of 2018 at $3.38 per Mcf. A full-text copy of the Form 10-Q is available for free at: https://is.gd/JXpcIz About Comstock Resources Comstock Resources, Inc. -- http://www.comstockresources.com/-- is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company's stock is traded on the New York Stock Exchange under the symbol CRK. Comstock incurred a net loss of $135.1 million in 2016, a net loss of $1.0 billion in 2015, and a net loss of $57.11 million in 2014. * * * In September 2016, S&P Global Ratings raised its corporate credit rating on Comstock Resources Inc. to 'CCC+' from 'SD' (selective default). The outlook is negative. "The rating actions on Comstock are in conjunction with the Sept. 6, 2016, close of their comprehensive debt exchange and our assessment of the company's revised capital structure and credit profile," said S&P Global Ratings credit analyst Aaron McLean. Comstock Resources carries a 'Caa2' corporate family rating from Moody's Investors Service. COVENANT PLASTICS: Unsecured Creditors to be Paid 5% in 5 Years --------------------------------------------------------------- Unsecured creditors of Covenant Plastics, Inc., will be paid 5% of their claims under the company's proposed plan to exit Chapter 11 protection. The restructuring plan proposes to pay general unsecured claims in 60 months. Payments will start on the first day of the first month following 60 days after the effective date of the plan. Unsecured claims are impaired and holders of these claims are therefore entitled to vote to accept or reject the plan. Payments under the plan will be funded through the company's business operations, according to its disclosure statement filed on September 12 with the U.S. Bankruptcy Court for the Southern District of Texas. A copy of the disclosure statement is available for free at https://is.gd/pKTE1J About Covenant Plastics Inc. Founded in 1995, Covenant Plastics, Inc. is a small organization in the scrap and waste material companies industry located in Houston, Texas. It has seven full-time employees and generates an estimated $1.2 million in annual revenue. Covenant Plastics owns a commercial property located in Beaumont Highway, Houston valued at $1.63 million. Prentice S. Tillman is the 40% shareholder of Covenant Plastics. Vickie R. Tillman owns 60% stake. Covenant Plastics sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 17-31541) on March 9, 2017. The petition was signed by Prentice S. Tillman, president. The case is assigned to Judge David R. Jones. At the time of the filing, the Debtor disclosed $1.91 million in assets and $4.12 million in liabilities. Margaret Maxwell McClure, Esq., at the Law Office of Margaret M. McClure serves as the Debtor's attorney. Patricia M. Davis, Esq., represents the Debtor in all legal aspects seeking recovery from and the continuing suit against Angel Export Import, L.L.C., in Cause No. 2016-86572, in the 189th Judicial District Court of Harris County, Texas. No official committee of unsecured creditors has been appointed. CROSIER FATHERS: H + W Buying Sauk Rapids Property for $165K ------------------------------------------------------------ Crosier Fathers of Onamia asks the U.S. Bankruptcy Court for the District of Minnesota to authorize the sale of a vacant and undeveloped real property located at 15th St. NE Sauk Rapids, Benton County, Minnesota, known as parcel number 09.00313.00, to H + W Contractors, LLC for $165,000. A hearing on the Motion is set for Sept. 28, 2017 at 10:00 a.m. The property is approximately 30.89 acres of vacant and undeveloped land. It was part of the estate of Raymond F. Blank, who left a one-fifth interest in the property to the Debtor upon his death, with the remaining four-fifths interest being held by four separate members of Mr. Blank's family. On March 18, 2015, the four Blank family members and the Debtor entered into a Contract for Deed pursuant to which they sold approximately 2 acres of the 30.89 acre parcel to James D. Trewick and Barbara A. Trewick. The Contract for Deed was never recorded, but is fully executed and notarized by all parties. Under the Contract for Deed, the Trewicks agreed to pay the total sum of $27,500 in interest only installments of $138 per month, at 6% per annum. The first monthly installment was due on April 18, 2015, and each installment thereafter was due on the first day of each succeeding month, with a final balloon payment of the entire remaining balance coming due on Sept. 7, 2017. The Contract for Deed provides that upon full performance by the Trewicks, the sellers are obligated to, among other things, deliver to the Purchasers a Personal Representative's Deed, in recordable form, conveying marketable title to the property to Purchasers. The Trewicks have made all monthly installments required under the Contract for Deed, and are prepared to make the final balloon payment in the amount of $27,500. Once that payment is made, the Sellers will be obligated to transfer the property to the Trewicks. While the Debtor believes it, along with the other four owners of the property, will be legally obligated to transfer the property under the Contract for Deed and could be compelled to transfer the property in a legal proceeding, it asks the Court's approval of the transfer in an abundance of caution. The assessed value of the property is $247,000; the value of the Debtor's one-fifth interest in the property was scheduled as having one-fifth of the total assessed value of the property, or $49,400. Although the assessed value of the property is $247,000, the Debtor and other owners believe the property is worth significantly less due to the fact that only one residence can be constructed on the property, which is a right that the other owners only recently succeeded in getting. As for the remaining approximately 28.89 acres, the lower value is demonstrated by unsuccessful efforts to sell the property over the past four years. The Blanks were offering the property for sale by word of mouth in the community for approximately three and a half years, but received no offers. Approximately six months ago, the property was formally listed for sale with a purchase price of $225,000. The property has been listed for sale ever since. Since listing the property, the Blanks have received only one offer, which is the current offer on the property. The initial offer was $150,000, but the Blanks' counter offer of $165,000 was accepted by the Purchaser. The Debtor would receive 20% of the net sale proceeds for its 20% interest in the property. The parties entered into the Purchase Agreement: Vacant Land (Residential) dated Aug. 25, 2017 for the sale of the property. The Purchase Agreement provides that the sale is to close on Sept. 25, 2017. A copy of the Purchase Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Crosier_Fathers_75_Sales.pdf Due to that closing date, and a concern on the part of the debtor and other owners about losing their only offer on the property should there be a delay in closing the sale, the Debtor is asking an expedited relief to ensure that the sale closes in a timely manner. The Debtor receives no income from its minority interest in the property, and is obligated to pay its portion of the property taxes, which on a yearly basis are approximately $2,500. Selling the property will allow the debtor to realize actual value for the property and eliminate the obligation to pay future property taxes on a property it is otherwise unable to use or sell. To the best of the Debtor's knowledge, the property is not subject to any existing liens or encumbrances other than the Contract for Deed. The Debtor has discussed the relief requested with the committee, and the committee fully supports the Motion. The Debtor asks the Court to waive the stay provision of Bankruptcy Rule 6004(h). About Crosier Fathers and Brothers Province Inc. Crosier Fathers and Brothers Province, Inc. -- https://www.crosier.org/ -- is a Minnesota non-profit corporation that is the civil counterpart of the religious entity known as the Canons Regular of the Order of the Holy Cross Province of St. Odilia. Crosier, Crosier Fathers of Onamia and The Crosier Community of Phoenix sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 17-41681 to 17-41683) on June 1, 2017. The Rev. Thomas Enneking, president, signed the petitions. Crosier Fathers and Brothers estimated less than $1 million in assets and less than $500,000 in liabilities. Crosier Fathers of Onamia and The Crosier Community of Phoenix each estimated under $10 million in assets. Crosier Fathers of Onamia estimated under $10 million in liabilities, while The Crosier Community of Phoenix estimated under $500,000 in debt. Judge Robert J Kressel presides over the cases. The Debtors have hired Quarles & Brady LLP as lead counsel and Larkin Hoffman as local counsel. JND Corporate Restructuring has been retained as claims and noticing agent. The Debtors also have hired Keegan, Linscott and Kenon, P.C., as accountant; Gaskins Bennett Birrell Schupp LLP as special insurance counsel; Larson King LLP as special litigation counsel in civil actions filed before the petition date; and Larkin Hoffman Daly & Lindgren Ltd., as local counsel. On June 22, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Stinson Leonard Street LLP as its bankruptcy counsel. CYTORI THERAPEUTICS: Amends Loan Agreement with Oxford Finance -------------------------------------------------------------- Cytori Therapeutics, Inc., entered into an amendment to its existing Loan and Security Agreement, dated May 29, 2015, with Oxford Finance LLC, as collateral agent, and the lenders party thereto, including Oxford, pursuant to which, among other things, Oxford and the Lenders agreed to reduce the minimum liquidity covenant level from $5 million to $1.5 million. The Amendment also extends the interest-only period under the Loan Agreement to Jan. 1, 2018, with a further extension through Aug. 1, 2018, if the Company receives unrestricted net cash proceeds of at least $5 million on or before Dec. 29, 2017. The Amendment requires that the Company pledge its intellectual property in favor of Oxford. Such pledge will be released upon the Company achieving certain liquidity when the total principal outstanding under the Loan Agreement is less than $3 million. About Cytori Cytori -- http://www.cytori.com/-- is a therapeutics company developing regenerative and oncologic therapies from its proprietary cell therapy and nanoparticle platforms for a variety of medical conditions. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori's proprietary technologies and products. Cytori Nanomedicine is developing encapsulated therapies for regenerative medicine and oncologic indications using technology that allows Cytori to use the benefits of its encapsulation platform to develop novel therapeutic strategies and reformulate other drugs to optimize their clinical properties. BDO USA, LLP, in San Diego, California, Cytori's independent accounting firm, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Cytori reported a net loss of $22.04 million for the year ended Dec. 31, 2016, compared to a net loss of $18.74 million for the year ended Dec. 31, 2015. As of June 30, 2017, Cytori had $32.47 million in total assets, $21.24 million in total liabilities and $11.23 million in total stockholders' equity. The Company has an accumulated deficit of $392.7 million as of June 30, 2017. DATA COOLING: U.S. Trustee Forms 5-Member Committee --------------------------------------------------- The Office of the U.S. Trustee on September 20 appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Data Cooling Technologies LLC and Data Cooling Technologies Canada LLC. The committee members are: (1) Starr Manufacturing, Inc. c/o Andreas Foerster 4175 Warren Sharon Road Vienna, OH 44473 Phone: (330) 394-9891 x 1103 Fax: (330) 394-9890 (2) HDT Expeditionary Systems, Inc. c/o Rita A. Thomas 30500 Aurora Road, Suite 100 Solon, OH 44139 Phone: (216) 438-6165 Fax: (440) 248-1691 (3) The Sheet Metal Products, Co., Inc. c/o John Brokalo 5950 Pinecone Drive Mentor, OH 44060 Phone: (440) 392-9000 Fax: (440) 392-0000 (4) Ziehl-Abegg, Inc. c/o Gregg W. Schmidt 719 N. Regional Road Greensboro, NC 27409 Phone: (336) 834-9339 Fax: (336) 834-9340 (5) Complete Access Co. c/o Nick J. Vizzare 1345 Ryan Road Buckley, WA 98321 Phone: (360) 829-4220 Fax: (360) 829-2221 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Data Cooling Technologies LLC Data Cooling Technologies LLC is the exclusive North American licensee of US Patent No. 7753766. The KyotoCooling patented solution utilizes a heat wheel and an indirect economization process to produce the most reliable and efficient cooling technology in the data center industry. Based in Streetsboro, Ohio, Data Cooling Technologies LLC and Data Cooling Technologies Canada LLC filed Chapter 11 petitions (Bankr. N.D. Ohio Lead Case No. 17-52170) on September 8, 2017. The petitions were signed by Gregory Gyllstrom, chief executive. The Hon. Alan M. Koschik presides over the case. The Debtors are represented by Sean D. Malloy, Esq. of McDonald Hopkins LLC as counsel. At the time of filing, Data Cooling estimated assets and liabilities at $10 million to $50 million. Data Cooling Canada estimated assets of less than $50,000 and liabilities of less than $500,000. DELCATH SYSTEMS: Establishes New Series C Preferred Stock --------------------------------------------------------- Delcath Systems, Inc.'s Board of Directors authorized the establishment of a new series of preferred stock designated as Series C Preferred Stock, $0.01 par value, the terms of which are set forth in the certificate of designations for such series of Preferred Stock which was filed with the State of Delaware on Sept. 20, 2017. On Sept. 21, 2017, the Company entered into a securities purchase agreement with two of its investors which had purchased certain senior secured convertible notes, convertible into shares of the Company's common stock pursuant to a certain June 6, 2016, securities purchase agreement, of $0.5 million aggregate purchase price for 590 shares of Series C Preferred Stock. The purchase of the Series C Preferred Stock is being made in reliance upon the exemption from registration provided by Rule 4(a)(2) of the Securities Act of 1933, as amended. The Series C Preferred Shares will be entitled to 519,421,250 votes and may only vote on approval of a reverse split of our outstanding common stock. The Series C Preferred Stock has no dividend, liquidation or other preferential rights to the Company's common stock, and each share of Series C Preferred Stock will be redeemable for the amount of $1,000.00, payable in cash, per share at the Company's written election, and must be redeemed by the Company no later than Dec. 21, 2017. About Delcath Systems Delcath Systems, Inc. -- http://delcath.com-- is an interventional oncology Company focused on the treatment of primary and metastatic liver cancers. The Company's investigational product -- Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) -- is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In Europe, the Company's system is in commercial development under the trade name Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver. The Company has incurred losses since inception. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales. As a result of issuing $35.0 million in senior secured convertible notes in June 2016 and assuming the Company is able to effect a reverse stock split as proposed in its recent consent solicitation statement filed with the SEC on July 26, 2017, management believes that its capital resources are adequate to fund operations through the end of 2017. The Company stated in its quarterly report for the period ended June 30, 2017, that to the extent additional capital is not available when needed, the Company may be forced to abandon some or all of its development and commercialization efforts, which would have a material adverse effect on the prospects of the business. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainties and risks related to clinical research, product development; regulatory approvals; technology; patents and proprietary rights; comprehensive government regulations; limited commercial manufacturing; marketing and sales experience; and dependence on key personnel. Grant Thornton LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses from operations and as of Dec. 31, 2016, has an accumulated deficit of $279.2 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. Delcath Systems reported a net loss of $17.97 million on $1.99 million of product revenue for the year ended Dec. 31, 2016, compared to a net loss of $14.70 million on $1.74 million of product revenue for the year ended Dec. 31, 2015. DELCATH SYSTEMS: Harold Koplewicz Quits as Director --------------------------------------------------- Harold Koplewicz, M.D., resigned as a member of the Board of Directors of Delcath Systems, Inc., effective Sept. 15, 2017, according to a Form 8-K report filed with the Securities and Exchange Commission. The Company said the decision of Dr. Koplewicz to resign is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. About Delcath Systems Delcath Systems, Inc. -- http://delcath.com-- is an interventional oncology Company focused on the treatment of primary and metastatic liver cancers. The Company's investigational product -- Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) -- is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In Europe, the Company's system is in commercial development under the trade name Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver. The Company has incurred losses since inception. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales. As a result of issuing $35.0 million in senior secured convertible notes in June 2016 and assuming the Company is able to effect a reverse stock split as proposed in its recent consent solicitation statement filed with the SEC on July 26, 2017, management believes that its capital resources are adequate to fund operations through the end of 2017. The Company stated in its quarterly report for the period ended June 30, 2017, that to the extent additional capital is not available when needed, the Company may be forced to abandon some or all of its development and commercialization efforts, which would have a material adverse effect on the prospects of the business. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainties and risks related to clinical research, product development; regulatory approvals; technology; patents and proprietary rights; comprehensive government regulations; limited commercial manufacturing; marketing and sales experience; and dependence on key personnel. Grant Thornton LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses from operations and as of Dec. 31, 2016, has an accumulated deficit of $279.2 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. Delcath Systems reported a net loss of $17.97 million on $1.99 million of product revenue for the year ended Dec. 31, 2016, compared to a net loss of $14.70 million on $1.74 million of product revenue for the year ended Dec. 31, 2015. DEXTERA SURGICAL: Settles Loan Dispute with Lender -------------------------------------------------- Dextera Surgical Inc. and Century Medical, Inc. entered into an amendment to the Secured Note Purchase Agreement, dated as of Sept. 2, 2011, between Dextera and Century. Pursuant to the Note Purchase Agreement, Century had loaned Dextera $4.0 million, and pursuant to an amendment thereto in July 2014, the parties extended the maturity date of the loan to Sept. 30, 2018. In August 2016, Century asserted that Dextera had an obligation to repay the loan within ten days of receiving net proceeds from a financing in April 2014, notwithstanding that Dextera entered into the amendment to the agreement with Century in July 2014 to extend the due date to Sept. 30, 2018. Century further asserted that Dextera owed Century penalty interest at the incremental rate of 7% per annum. The parties settled the dispute by entering into the Amendment, pursuant to which: (1) Dextera agreed to make a principal payment on the loan in the amount of $125,000 on each of Sept. 30, 2017, Dec. 31, 2017, March 31, 2018, and June 30, 2018; (2) the parties waived any and all claims based on, or relating to, Century's allegation that the earlier payment was due, and (3) the parties agreed that no penalty interest was due. About Dextera Surgical Dextera Surgical (Nasdaq:DXTR) designs and manufactures proprietary stapling devices for minimally invasive surgical procedures. Dextera Surgical also markets automated anastomosis devices for coronary artery bypass graft (CABG) surgery on the market today: the C-Port Distal Anastomosis Systems and PAS-Port Proximal Anastomosis System. These products are sold by Dextera Surgical under the Cardica brand name. Dextera reported a net loss of $15.98 million for the fiscal year ended June 30, 2016, a net loss of $19.18 million for the year ended June 30, 2015, and a net loss of $16.96 million for the year ended June 30, 2014. As of March 31, 2017, Dextera had $5.79 million in total assets, $9.64 million in total liabilities and a total stockholders' deficit of $3.85 million. BDO USA, LLP, in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. DON ROSE OIL: Committee Taps Polsinelli as Legal Counsel -------------------------------------------------------- The official committee of unsecured creditors of Don Rose Oil Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire legal counsel. The committee proposes to employ Polsinelli LLP to, among other things, give legal advice regarding its duties under the Bankruptcy Code; investigate the Debtor's financial condition; and assist in its consultations with the Debtor. The firm's standard hourly rates range from $450 to $700 for shareholders, $275 to $450 for associates and senior counsel, and $125 to $300 for paraprofessionals. The attorneys and paralegal expected to represent the committee are: David Ferguson $500 Randye Soref $625 Shanti Katoma $425 Brad Gardner $340 Lindsey Suprum $250 Polsinelli does not represent any interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: David D. Ferguson, Esq. Polsinelli LLP 900 W. 48th Place, Suite 900 Kansas City, MO 64112 Phone: 816-753-1000 / 816-360-4311 Fax: 816-753-1536 / 816-753-1536 Email: dferguson@polsinelli.com About Don Rose Oil Co. Inc. Founded in 1972, Don Rose Oil Co., Inc., is in the business of wholesale distribution of petroleum and petroleum products. Based in Visalia, California, the Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 17-12389) on June 22, 2017. John Castellucci, president and CEO, signed the petition. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. Judge Fredrick E. Clement presides over the case. Riley C. Walter, Esq., at Walter Wilhelm Law Group, serves as the Debtor's bankruptcy counsel. On July 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. DONNIE EARNEST: Sale of Monroe Property for $115K Approved ---------------------------------------------------------- Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida authorized Donnie Ray Earnest, Sr., and Susan Christina Earnest to sell their real property located at 403 E Church Street, Monroe, Georgia, for $115,000, or higher and better offer. The Debtor will satisfy all outstanding liens with The Bank of New York Mellon, formerly known as The Bank of New York as Trustee with Bayview Loan Servicing as servicer, pay closing costs and realtor fees from the proceeds of the sale. After payment of The Bank of New York Mellon, all remaining proceeds will be deposited into the DIP account. Donnie Ray Earnest, Sr., and Susan Christina Earnest sought Chapter 11 protection (Bankr. N.D. Fla. Case No. 12-50592) on Dec. 27, 2012. Counsel for the Debtors: Charles M. Wynn, Esq. 4436 Clinton Street P.O. Box 146 Marianna, FL 32447 Telephone: (850) 526-3520 Facsimile: (850) 526-5210 E-mail: Charles@Wynnlaw-fl.com Court@Wynnlaw-fi.com DOUBLE D. FITNESS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Double D Fitness Company as of September 20, according to a court docket. About Double D. Fitness Company Double D. Fitness Company filed a Chapter 11 bankruptcy petition Bankr. N.D. Fla. Case No. 17-40242) on July 26, 2017. The Debtor hired Robert C. Bruner, Esq., at Robert C. Bruner, Attorney at Law. DVR LLC: Trustee's Sale of 10K Acres in New Mexico for $4.8M Okayed ------------------------------------------------------------------- Judge Elizabeth E. Brown of the U.S. Bankruptcy Court for the District of Colorado authorized Joli A. Lofstedt, the Chapter 11 trustee of DVR, LLC, to sell approximately 10,254.44 deeded acres, including an Agricultural Lease agreement and Parcel A, to Sidney Strebeck or his assigns for $4,750,000. The Trustees are authorized to pay, from the sale proceeds, customary closing costs, including title commitment, title insurance, recording fees, accrued but unpaid taxes and assessments against the Real Property, and broker commissions, in accordance with the Contract, as amended. The sale is free and clear of any other interests, with all such interests to attach to the sale proceeds. The Trustees and the Successful Bidder have stipulated and agreed that the sale of the Real Property will not be free and clear of any covenants, restrictions, rights of way, and easements of record as set forth on Exhibit B and the Successful Bidder will take title to the Real Property subject to the Permitted Exceptions. The DVR Trustee is authorized to assume and assign the New Mexico Lease. The terms of the agreement between the DVR Trustee and Janice Steinle, chapter 7 trustee of the bankruptcy estate of Ute Lake Ranch, Inc., as set forth in Section VI of the Sale Motion, are approved. A copy of the Sale Motion is available for free at: http://bankrupt.com/misc/DVR_LLC_135_Sales.pdf Since no objections to the sale remain outstanding, the Sale Order will be effective immediately upon entry. No automatic stay of execution will apply with respect to it and the Sale Order is a final order for purposes of 28 U.S.C. Section 158. About DVR LLC DVR, LLC is a Colorado limited liability company formed in 1999 for the purpose of acquiring and developing certain real property bordering Ute Lake in Quay and Harding Counties, New Mexico. DVR, LLC, based in Englewood, Colo., filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-17064) on July 18, 2016. The petition was signed by Edward B. Cordes, authorized representative. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Joseph G. Rosania Jr. presides over the case. Matthew T. Faga, Esq., and James T. Markus, Esq., at Markus Williams Young & Zimmerman LLC, serve as bankruptcy counsel. On Sept. 23, 2016, the court approved the appointment of Joli A. Lofstedt, as Chapter 11 trustee for the Debtor. The trustee hired Onsager, Guyerson, Fletcher, Johnson as legal counsel, and Dennis & Company PC as accountant. On Feb. 13, 2017, the Court appointed Scott Land Company, LLC, as the Trustee's Broker. DVR LLC: Trustee's Sale of Uninsurable Parcels for $4K Approved --------------------------------------------------------------- Judge Elizabeth E. Brown of the U.S. Bankruptcy Court for the District of Colorado authorized Joli A. Lofstedt, the Chapter 11 trustee of DVR, LLC to sell seven separate small parcels of real property with a combined acreage of approximately 80 acres that are appurtenant, adjacent, or intertwined with the Debtor's owned real property located in Quay and Harding Counties, New Mexico, to Sidney Strebeck or his assigns for $4,000. The 14-stay of Fed. R. Bankr. P. 6004(h) is waived. About DVR LLC DVR, LLC is a Colorado limited liability company formed in 1999 for the purpose of acquiring and developing certain real property bordering Ute Lake in Quay and Harding Counties, New Mexico. DVR, LLC, based in Englewood, Colo., filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-17064) on July 18, 2016. The petition was signed by Edward B. Cordes, authorized representative. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Joseph G. Rosania Jr. presides over the case. Matthew T. Faga, Esq., and James T. Markus, Esq., at Markus Williams Young & Zimmerman LLC, serve as bankruptcy counsel. On Sept. 23, 2016, the court approved the appointment of Joli A. Lofstedt, as Chapter 11 trustee for the Debtor. The Trustee hired Onsager, Guyerson, Fletcher, Johnson as legal counsel, and Dennis & Company PC as accountant. On Feb. 13, 2017, the Court appointed Scott Land Company, LLC, as the Trustee's Broker. EAGLEVIEW TECHNOLOGY: Moody's Lowers PDR to 'Caa1-PD' ----------------------------------------------------- Moody's Investors Service downgraded EagleView Technology Corporation's first-lien credit facilities rating to B3 from B2 and Probability of Default Rating (PDR) to Caa1-PD from B3-PD. Moody's also withdrew the Caa2 rating on the second-lien term loan facility. EagleView's B3 CFR and stable outlook remain unchanged. Ratings Downgraded: -- Probability of Default Rating to Caa1-PD from B3-PD -- $20 Million Senior Secured Revolving Credit Facility due 2020 to B3 (LGD-3) from B2 (LGD-3) -- $336 Million (originally $240 Million) Senior Secured First- Lien Term Loan due 2022 to B3 (LGD-3) from B2 (LGD-3) Rating Withdrawn: -- $100 Million Senior Secured Second-Lien Term Loan 2023 -- Caa2 (LGD-5) Ratings Unchanged: -- Corporate Family Rating -- B3 -- Outlook, remains Stable RATINGS RATIONALE The rating actions follow EagleView's recent refinancing of its debt capital structure in which it increased the existing first-lien term loan by $100 million to $336 million and used the proceeds to repay the second-lien term loan. The downgrades result from elimination of the second-lien term loan from the debt capital structure, which was structurally subordinated and provided support to the first-lien credit facilities under Moody's Loss Given Default (LGD) framework. Because the second-lien debt would absorb a greater proportion of losses in a distressed scenario, it was rated Caa2, two notches below the CFR. However, with its removal, the first-lien credit facilities would have to absorb those losses, resulting in a lower rating and higher LGD rate. The downgrade of the PDR is driven by Moody's use of a 65% mean family recovery rate for issuers with an all first-lien bank debt capital structure. EagleView's B3 CFR reflects its small revenue base and moderately high financial leverage of roughly 5.0x total debt to EBITDA (Moody's adjusted), absence of consistent positive free cash flow generation, lack of meaningful international diversification and exposure to the cyclical housing market. The potential for deep-pocketed competitors that could enter EagleView's markets with emerging i magery technologies is also a longer-term concern. There is a possible risk from private equity sponsor ownership that could lead to more liberal financial policies, in Moody's opinions, such as dividend payments to the sponsor, given EagleView's attractive high margin services-based revenue and strong EBITDA growth prospects. However, Moody's does not views this as a near-term risk. Despite its small size, EagleView is the leading provider of high resolution aerial imagery and 3D measurement software solutions to governments, property & casualty (P&C) insurance carriers and residential contractors with very little direct competition, which buttresses the B3 rating. The rating also benefits from EagleView's long-standing customer relationships characterized by its preferred vendor status, high retention rates and highly visible reoccurring revenue streams supported by multi-year contracts in the government business. Low production costs for image capture combined with its patented technology and extensive image library help establish a scalable business model with operating leverage. Rating Outlook The stable rating outlook reflects Moody's views that the US economy will continue to grow modestly to support organic revenue growth over the rating horizon in the high-single to low-double digit range with 35-40% adjusted EBITDA margins, offset by negative (albeit improving) free cash flow generation. What Could Change the Rating -- Up * Revenue growth and EBITDA margin expansion leading to consistent and increasing positive free cash flow generation and sustained reduction in total debt/EBITDA below 6.0x (Moody's adjusted). * Free cash flow to adjusted debt of at least 5% (-2.4% as of LTM June 30, 2017). * EagleView would also need to increase scale, maintain a good liquidity position and exhibit prudent financial policies. What Could Change the Rating -- Down * Financial leverage sustained above 8.5x (Moody's adjusted). * EBITDA growth is insufficient to maintain positive free cash flow generation. * Market share erosion, services revenue deterioration, weakened liquidity or if EagleView engages in leveraging acquisitions or significant shareholder distributions. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Seattle, Washington, EagleView Technology Corporation is a leading provider of 3D aerial measurement services to the government, property & casualty insurance and residential construction markets. The company has over 400 employees and operates primarily in the US. In August 2015, EagleView was acquired by Vista Equity Partners for approximately $715 million (excluding transaction fees, expenses and balance sheet cash). EAST VILLAGE PROPERTIES: Wants to Continue Exclusivity to Jan. 23 ----------------------------------------------------------------- East Village Properties, LLC and its affiliated debtors request the U.S. Bankruptcy Court for the Southern District of New York to extend by 120 days the time within which the Debtors have to solicit acceptances with respect to their Second Amended Joint Plan of Reorganization (as may be amended), through and including January 23, 2018. The Debtors tell the Court that they are only seeking to extend the Acceptance Period out of an abundance of caution. This is the Debtors' first request for an extension of their Acceptance Period. Without the requested extension, the Debtors' current Acceptance Period expires September 25, 2017. The Debtors have already filed their original Joint Plan of Reorganization together with their Disclosure Statement on May 30, 2017. The Plan was subsequently amended on June 23 and July 5. On July 5, 2017, the Court entered an order approving the Debtors' Disclosure Statement, which authorized the Debtors to solicit acceptances of the Plan. The Disclosure Statement also provided that ballots were to be received by the Debtors no later than August 8, and that a hearing to confirm the Plan has been scheduled for August 18. While the Debtors have solicited votes with respect to the Plan well in advance of the current deadline, the Confirmation Hearing has been adjourned to October 31, 2017. The Debtors assert that they have sufficient acceptances to confirm the Plan, but the Debtors seek to extend the Acceptance Period, in the unlikely event that they may be required to further amend the Plan and re-solicit acceptances. Should the Debtors confirm the Plan on October 31, there would be no need to extend the Acceptance Period. About East Village Properties East Village Properties, LLC, and its affiliates own 15 multi-family residential apartment buildings in the east village of New York City. The Debtors sought Chapter 11 protection (Bankr. S.D. N.Y. Lead Case No. 17-22453) on March 28, 2017, estimating assets and liabilities of less than $50,000. The petitions were signed by David Goldwasser, authorized signatory of GC Realty Advisors LLC, manager. Judge Robert D. Drain presides over the cases. Robinson Brog Leinwand Greene Genovese & Gluck P.C. represents the Debtors as legal counsel. EASTGATE PROFESSIONAL: Exit Plan to Pay Unsecured Claims in Full ---------------------------------------------------------------- Unsecured creditors of Eastgate Professional Office Park, Ltd., will receive full payment under the company's proposed plan to exit Chapter 11 protection. Under the restructuring plan, unsecured creditors, other than insiders, will be paid 100% of their allowed claims, without interest. These creditors will receive payments 90 days after the effective date of the plan. GLIC Real Estate Holding LLC, the company's lender, will receive 100% of its allowed secured claim amortized over 20 years at 5% with a 5-year balloon. Upon confirmation of the plan, the lender will not pursue third-party guarantors so long as payments are made as provided in the plan. Meanwhile, equity holders will retain their interests in Eastgate but will not receive payments until all secured and unsecured creditors are paid, according to the company's disclosure statement filed on September 12 with the U.S. Bankruptcy Court for the Southern District of Ohio. A full-text copy of the disclosure statement is available for free at https://is.gd/gT6Wf4 About Eastgate Professional Office Park Established in 1996, Eastgate Professional Office Park Ltd. is a privately-held company that operates nonresidential buildings. It owns real properties located at 4360, 4355, 4357, 4358 Ferguson Drive Cincinnati, Ohio, valued at $8.61 million. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 17-13307) on September 12, 2017. Gregory K. Crowell, manager, signed the petition. At the time of the filing, the Debtor disclosed $8.64 million in assets and $9.31 million in liabilities. Judge Jeffery P. Hopkins presides over the case. Goering & Goering LLC represents the Debtor as bankruptcy counsel. EMMANUEL'S AUTO SALES: Taps M. Tayari Garrett as Legal Counsel -------------------------------------------------------------- Emmanuel's Auto Sales and Service Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire legal counsel. The Debtor proposes to employ M. Tayari Garrett, Esq., to give legal advice regarding its duties under the Bankruptcy Code and provide other legal services related to its Chapter 11 case. Ms. Garrett will charge an hourly fee of $350 and has agreed with the Debtor to a minimum fee of $7,000. In a court filing, Ms. Garrett disclosed that she has not represented and will not represent any entity other than the Debtor in connection with its bankruptcy case. Ms. Garrett may be reached at: M. Tayari Garrett, Esq. Tayari Law PLLC 3131 McKinney Avenue, Suite 600 Dallas, TX 75204 Phone: 877-829-2740 Email: m.tayari@tayarilaw.com About Emmanuel's Auto Sales and Service Emmanuel's Auto Sales and Service Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-33209) on August 23, 2017. Emmanuel Osei Mainoo, director, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $500,000. Judge Harlin D. Hale presides over the case. GATEWAY ENTERTAINMENT: Oct. 24 Auction of Pittsburgh Property ------------------------------------------------------------- Gateway Entertainment Studios LP filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a notice that it will conduct a public sale to be held in Courtroom B, 54th Floor, U.S. Steel Tower, 600 Grant Street, Pittsburgh, Pennsylvania on Oct. 24, 2017 at 10:00 a.m. during the hearing on the Motion to sell its real property located at 24 32nd Street, Pittsburgh, Pennsylvania, in the 6th Ward of the City of Pittsburgh, County of Allegheny and Commonwealth of Pennsylvania, being designated as Block 25C, Lot 40 in Deed Book Volume Registry of Allegheny County, Pennsylvania. Each of the following entities may have an interest on the Property: (i) Burchick Construction Company; (ii) South Hills Builders, LLC; (iii) Skyline Industries, Inc.; (iv) 31st Street Business Park, LLC; (v) City of Pittsburgh Treasurer; (vi) City of Pittsburgh School District; (vii) Allegheny County Treasurer; (viii) Internal Revenue Service; and (ix) Pennsylvania Department of Revenue. In order to be considered for status as a Qualified Bidder for the aforementioned Public Sale, a potential bidder must deliver the following to the Debtor's Counsel, Robert O Lampl, Robert O Lampl Law Office, 960 Penn Avenue, Suite 1200, Pittsburgh, Pennsylvania, no later than Oct. 19, 2017, as follows: a. A fully executed Asset Purchase Agreement, the form of which is attached to the Expedited Motion to Approve Bidding Procedures as Exhibit A. b. An earnest money deposit of $200,000 in cash, cashier's check or wire transfer payable to Robert O Lampl, Escrow Agent for Gateway Entertainment Studios LP. The deposit must be submitted to Robert O Lampl. c. Proof, in a form satisfactory to the Debtor, of the bidder's financial ability to consummate its offer to purchase the Debtor's Real Property. d. A bid in an amount at least equal to $11,500,000 with respect to the cash consideration of the bid. About Gateway Entertainment Studios Gateway Entertainment Studios, L.P., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 16-21628) on April 29, 2016. At the time of filing, the Debtor listed total assets of $12.15 million and total debt of $9.87 million. Judge Carlota M. Bohm is assigned to the case. When it filed for bankruptcy, Gateway Entertainment tapped Richard R. Tarantine, Esq., at Tarantine & Associates, as its bankruptcy counsel. Mr. Tarantine later moved to Jones Gregg Creehan & Gerace, LLP. Gateway then hired the Law Offices of Robert O Lampl as counsel. The Debtor hired Hill Barth & King LLC as accountant. The U.S. trustee for Region 3 on June 2, 2016, appointed three creditors of Gateway Entertainment Studios, LP, to serve on an official committee of unsecured creditors. The committee is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C., in Pittsburgh, Pennsylvania. * * * On April 13, 2017, the Bankruptcy Court entered an order confirming the Debtor's Amended Chapter 11 Plan dated Dec. 22, 2016. GOD'S UNIVERSAL: Hassanzadeh Buying Temple Hills Property for $1.5M ------------------------------------------------------------------- God's Universal Kingdom Christian Church, Inc., asks the U.S. Bankruptcy Court for the District of Maryland to authorize the sale of real property known as 4350 Branch Avenue, Temple Hills, Prince George's County, Maryland to Zia Hassanzadeh for $1,450,000. The Debtor is the owner of the Property. The Debtor has negotiated a Contract for Sale of Real Property for the sale of the Property to the Buyer for the sum of $1,450,000 to be paid at closing. The Debtor proposes to sell the Property free and clear of all liens, claims, encumbrances and interests. After a long marketing period and extensive negotiations the Debtor believes that the Purchase Price reflects the fair market value of the Property. The terms of the Sale Agreement are: a. Purchase Price: $1,450,000 b. Buyer: Zia Hassanzadeh c. Deposit: The Buyer has deposited an initial sum of $100,000 and an additional deposit by wire in the $550,000. The Deposits totaling $650,000 will be held in an escrow account established and held by the Buyer's Agent Key Realty. At closing the deposits will be credited to the purchase price. d. Feasibility Study Period: The Sale Agreement allows for a period of 20 days from ratification for the Buyer to conduct a Feasibility Study of the Property. e. Closing: The Closing will take place after Court approval and no later than Oct. 31, 2017. f. Closing Costs: (i) Transfer Taxes and Recordation Fees - Unless otherwise provided for, the Buyer will pay all closing costs associated with the purchase of the Property, including (a) the cost of any title examination, (b) any state and county taxes payable in connection with the recording of the Deed (as defined herein) and any deed of trust that may be required by the Buyer's lender, and (c) any applicable transfer taxes; (ii) Other Costs - the Parties will pay their respective attorneys' fees incurred and charged to each party. g. IRS Section 1031 Tax Deferred Exchange: The Buyer is acquiring the Property as the replacement to complete a Tax Deferred Exchange. h. Debtor's Disclaimers: The Buyer agrees to take the Property (including all electrical, heating, air conditioning, plumbing, and other fixtures and equipment included within any and all improvements) "as is, where is, with all faults, and without any representations of any kind or nature." i. Leaseback Provision: The Sales Agreement provides that the Debtor will rent the Property after closing for up to 30 days at the rate of $166.67 per day. If the Debtor will continue in the Property after 30 days it will be obligated to pay the Buyer's PITI rate per day for each day of occupancy thereafter. j. Personal Property Excluded: The Debtor's personal property utilized in the Property is excluded from the sale. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Gods_Universal_63_Sales.pdf The Debtor's schedule "D" filed in the case identified a lien held against the Property by National Retail Properties, Inc. in the amount of $1,026,178 as of Aug. 7, 2017 and the Chapter 11 Plan discloses a judgment lien held by the Bankruptcy Estate of Lynette Nichols in the amount of $88,279 plus judgment rate of interest. The Debtor asks authority to pay the real estate agents, Exit Bennett Realty and Terrence Coles, Agent and Key Realty Group and Akhtar Yusufi, Agent, a co-broker's commission of 5% of the gross proceeds of sale. The Debtor proposes that the liens and commissions be paid at the settlement of the sale. The proceeds of the sale of the Property, after satisfaction of the valid liens and costs of sale, will be held by the Debtor's Counsel in trust in an amount sufficient to pay all claims in full, pending further Order of the Court. The Debtor asks that, in the event that the sale to the Buyer does not close, it be authorized to sell to a substitute purchaser without further notice so long as the contract has substantially the same or better terms. The Debtor asks the Court to waive the 14-day period under Fed. R. Bankr. P. 6004(h). About God's Universal Kingdom God's Universal Kingdom sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-21952) on Sept. 6, 2016. The petition was signed by Jennifer Robinson, treasurer. The case is assigned to Judge Wendelin I. Lipp. Michael G. Wolff, Esq., at Goren, Wolff & Orenstein, LLC, serves as the Debtor's bankruptcy counsel. At the time of the filing, the Debtor disclosed $2.66 million in assets and $924,570 in liabilities. On Dec. 28, 2016, the Court appointeed Exit Bennett Realty and Terrence Coles, Agent, as real estate broker for the Debtor. GREEN WIZARD TIRE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Green Wizard Tire Recyclers, LLC, as of September 20, according to a court docket. About Green Wizard Tire Recyclers Green Wizard Tire Recyclers, LLC, owns a recycling center in Tampa, Florida. It is a small business debtor as defined in 11 U.S.C. Sec. 101(51D). Green Wizard Tire Recyclers, LLC, based in Valrico, FIorida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-07160) on August 15, 2017. David W. Steen, Esq., at David W. Steen, P.A., serves as the Debtor's bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Beauchaine, manager. HHH FARMS: Taps DeMarco-Mitchell as Legal Counsel ------------------------------------------------- HHH Farms, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire legal counsel. The Debtor proposes to employ DeMarco-Mitchell, PLLC to assist in the preparation of a plan of reorganization and provide other legal services related to its Chapter 11 case. Robert DeMarco, Esq., and Michael Mitchell, Esq., will charge $350 per hour and $300 per hour, respectively. Barbara Drake, a paralegal, will charge an hourly fee of $125. The firm received a retainer in the amount of $12,000 prior to the petition date. Mr. DeMarco 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: Robert T. DeMarco, Esq. DeMarco-Mitchell, PLLC 1255 West 15th St., 805 Plano, TX 75075 Tel: 972-578-1400 Fax: 972-346-6791 Email: robert@demarcomitchell.com About HHH Farms LLC HHH Farms, LLC is engaged in crop farming and 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. E.D. Tex. Case No. 17-41795) on August 20, 2017. Scott Hartwell, president, 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 Brenda T. Rhoades presides over the case. IDDINGS TRUCKING: D&M Allied Buying 2009 Heil Trailer for $21K -------------------------------------------------------------- Iddings Trucking, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Ohio its fifth notice of its sale of Unit No. 181P, 2009 Heil trailer, SN 5HTSN422987T13207, to D&M Allied for $21,000. Any objection to the proposed sale of property must be filed not later than 10 days from the date of service of the Notice. The property will be sold for cash, free and clear of all liens, claims and encumbrances. Where no current lien is listed on the title, the proceeds will be paid to the IRS on the basis of its federal tax lien. The Buyer has no relationship to the Debtor or the shareholders or officers of the Debtor. The sales prices were determined to be fair based on a November 2016 appraisal of this property. All proceeds of sale will be disbursed to Settlers Bank, its secured creditor. A copy of the Buyer's Letter of Intent attached to the Notice is available for free at: http://bankrupt.com/misc/Iddings_Trucking_207_Sales.pdf The Purchaser can be reached at: Daniel Benson D&M ALLIED 3910 South I35, #310 Austin, TX 78704 Telephone: (512) 888-9532 Facsimile: (512) 253-7195 About Iddings Trucking Iddings Trucking, Inc., provides commercial trucking services. Iddings has been in business for more than 50 years; it was founded in 1966. Iddings Trucking filed a Chapter 11 petition (Bankr. S.D. Ohio Case No. 16-58202) on Dec. 30, 2016. The petition was signed by George C. Loeber, president. The Debtor estimated assets and liabilities between $1 million and $10 million. The case is assigned to Judge Kathryn C. Preston. The Debtor is represented by John W. Kennedy, Esq. and Myron N. Terlecky, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co., LPA. The Debtor employed Mulligan, Topy & Co. as accountant. No trustee, examiner or statutory committee has been appointed in the Debtor's case. JACK ROSS: Unsecured Creditors to Get Quarterly Payment of $22K --------------------------------------------------------------- Unsecured creditors of Jack Ross Industries LLC will receive a quarterly payment of $22,000 under the company's latest plan to exit Chapter 11 protection. Under the restructuring plan, Class 4 general unsecured claims will receive quarterly disbursements of their pro rata portion of a quarterly distribution of $22,000, without interest, until paid in full. Payments will commence once all priority claims and Classes 2 and 3 claims are paid in full, which is estimated to be approximately four years after the effective date of the plan. Jack Ross estimated that all payments to unsecured creditors will be completed by September 2034 or approximately 17 years, according to the company's latest disclosure statement filed on September 12 with the U.S. Bankruptcy Court for the District of Nevada. A copy of the second amended disclosure statement is available for free at https://is.gd/Krgcgu An earlier version of the plan had proposed to make a quarterly payment of $18,000 and estimated that all payments of unsecured claims will be completed by September 2032. About Jack Ross Industries Jack Ross Industries, LLC, based in Reno, Nevada, operates an indoor gun shooting range. The Debtor also sells ammunition and other supplies related to gun maintenance. The Debtor filed a Chapter 11 petition (Bankr. D. Nev. Case No. 16-51053) on Aug. 24, 2016. The petition was signed by Christopher Parker, managing member. The Debtor is represented by Alan R. Smith, Esq., at the Law Offices of Alan R. Smith. The case is assigned to Judge Bruce T. Beesley. The Debtor disclosed $168,100 in assets and $1.06 million in liabilities. No official committee of unsecured creditors has been appointed in the case. On April 3, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. KEENEY TRUCK: Sale of 5 Volvo Tractors to TEC for $173K Approved ---------------------------------------------------------------- Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central District of California authorized Keeney Truck Lines, Inc. to enter into the Amended Purchase and Sale Agreement with TEC Equipment, Inc. in connection with the sale outside the ordinary course of business of five 2013 Volvo tractors ("Lot 4") to TEC Equipment, Inc. for $173,333 (representing a unit price of $34,667 per truck). A hearing on the Motion was held on July 13, 2017 at 9:30 a.m. As set forth in Keeney's ex parte application, the auction the Court approved in the original Sale Order was held on July 18, 2017 and the original buyers approved by the Court, Flour Transport, Inc. and TEC Equipment, were the successful bidders, at the originally approved prices for the respective lots (Lot 2, Flour Transport, $350,000; Lot 4, TEC Equipment, $180,000). As further set forth in Keeney's application, it took the Department of Motor Vehicles eight weeks to issue new titles on the Volvo tractors and the Buyer has contended the Volvos' value declined during the delay. Pursuant to the Stipulation between Keeney and People's Capital and the amended Purchase and Sale Agreement between Keeney and TEC Equipment, the parties have agreed to lower both the sale price TEC Equipment is to pay on the Volvos and the amount People's Capital is to receive in satisfaction of its secured claim. The portion of the July 19, 2017 Order Approving Second Sale of Estate Property is amended by the addition of the new paragraphs 20 and 21. The Stipulation between Keeney and People's Capital and Leasing Corp. is approved. The figure of $490,000 in paragraphs 7, 8, 9, and 10 of the July 19, 2017 Order Approving Second Sale is struck out and the amount of $483,333 is inserted as the amount to be paid to People's Capital. These are the only changes made to the July 19, 2017 Order. A copy of the Amended Agreement attached to the Amended Order is available for free at: http://bankrupt.com/misc/Keeney_Truck_165_Order.pdf A copy of the July 19, 2017 Order is available for free at: http://bankrupt.com/misc/Keeney_Truck_120_Order.pdf About Keeney Truck Lines Keeney Truck Lines, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 16-12509) on Sept. 9, 2016. The petition was signed by Dan Hubbard, president/CEO. The Hon. Sandra R. Klein presides over the case. The Law Office of William Fennell, APLC, is serving as counsel to the Debtor. The Debtor disclosed total assets of $3.30 million and total liabilities of $1.68 million as of the bankruptcy filing. KRATOS DEFENSE: Moody's Hikes CFR and Senior Secured Rating to B3 ----------------------------------------------------------------- Moody's Investors Service has upgraded ratings of Kratos Defense & Security Solutions, Inc., including the Corporate Family and Senior Secured ratings to B3 from Caa1 and the Speculative Grade Liquidity rating to SGL-2 from SGL-3. The rating outlook is Stable. The rating upgrade reflects $186 million equity issuance proceeds received in early September, cash that Kratos can use to reduce debt and boost liquidity. RATINGS RATIONALE The CFR of B3 reflects expectations of an improved but still high level of financial leverage, with weak profitability and modest near-term free cash flow. With the proceeds of the primary equity offering, Kratos does have improved liquidity. Moody's also considers the potential for significant upside profits from Kratos' unmanned aerial system investments and development contracts. The investments cover both aerial target drones and, the more emerging, unmanned aerial tactical vehicle category. Pro forma for the debt reduction that Kratos will likely achieve from the September equity proceeds, Moody's estimates debt to EBITDA of just under 6x at June 30, 2017, with about $10 million to $15 million of free cash flow likely near-term, an amount which would be about 3% to 5% of debt. The expected improvement of free cash flow, after several deficit years, reflects Kratos' planned reduction of internal investment spending on unmanned aerial systems, the improved defense budgetary setting, and the US Navy's commencement of low rate initial production on Kratos' subsonic aerial target drone (BQM-177A). The company's progress within US Department of Defense unmanned aerial tactical vehicle programs offers substantial upside, but realization of a significant production award could take time and could require more capital than Kratos currently plans. Further, a significant production contract may not develop as program requirements could change and many well capitalized, innovative competitors are pursuing these promising opportunities. The speculative grade liquidity rating upgrade to SGL-2 from SGL-3, denoting good rather than just adequate liquidity, considers the improved cash position from the equity issuance. Kratos should enter 2018 with cash well above $100 million, which lessens likelihood of revolver dependence and provides cushion to absorb operational cash flow shortfalls. The stable rating outlook incorporates the near-term free cash flow expected, and the company's willingness and ability to deploy equity issuance proceeds in a creditor friendly fashion. Further, should unmanned aerial system opportunities require more investment capital than is expected across 2018, the company's improved cash balance provides a material degree of cushion. Upward rating momentum would depend on some stability and solid profits in the largest KGS unit, with some success in the UAVs programs producing some backlog growth, debt/EBITDA approaching the 5x level, and expectation of free cash flow closer to $20 million annually. Downward rating pressure would follow backlog decline, weakening liquidity, or diminishing credit metrics such as with debt/EBITDA approaching 7x. Issuer: Kratos Defense and Security Solutions, Inc. Upgrades: -- Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 -- Corporate Family Rating, Upgraded to B3 from Caa1 -- Probability of Default Rating, Upgraded to B3-PD from Caa1-PD -- Senior Secured Regular Bond/Debenture, Upgraded to B3 LGD4 from Caa1 LGD4 Outlook Actions: -- Outlook, Remains Stable The principal methodology used in these ratings was Global Aerospace and Defense Industry published in April 2014. Kratos Defense & Solutions, Inc., headquartered in San Diego, CA, operates in three sectors: Government Solutions (70% of 2016 revenues), Public Safety and Security (19%) and Unmanned Systems (11%). Revenues over the twelve months ended June 25, 2017 were $701 million. LAWRENCE D. FROMELIUS: Barriere Buying Lisle Vacant Lot for $60K ---------------------------------------------------------------- JuLawrence D. Fromelius asks the U.S. Bankruptcy Court for the Northern District of Illinois to authorize the sale of vacant lot known as Lot 10, Lisle Place, Lisle, Illinois to Barriere Construction, LLC for $60,000. A hearing on the Motion is set for Sept. 26, 2017, at 9:30 a.m. Under his chapter 11 plan, which has been confirmed (subject to a draft order), the Debtor intends to sell real estate to generate funds to pay his creditors. One of the parcels to be sold is the property at 1207 Lisle, Lisle Illinois. The Court entered an Order authorizing the Debtor to sell that property for $235,000. The Debtor also owns a vacant lot adjacent to the property at 1207 Lisle Place, which is the Lisle Vacant Lot. The Debtor recently received the offer from the Buyer to acquire the Lisle Vacant Lot for $60,000, which is the amount of the listing price for the property. The closing of the sale will occur 10 days from Court approval of the sale. The Debtor proposes to sell the Lisle Vacant Lot free and clear of all liens, claims, interests, and encumbrances, except for any liabilities specifically assumed. To the best of its knowledge, information, and belief, no entity claims an interest in the Lisle Vacant Lot. To the extent an interest holder is discovered, the holder will be paid in full from the sale proceeds or its interest will attach to the proceeds of the property. A copy of the Contract attached to the Motion is available for free at: http://bankrupt.com/misc/Lawrence_Fromelius_272_Sales.pdf On July 17, 2017, the Debtor filed a motion to retain At World Properties, LLC as Real Estate Broker to market and sell the Lisle Property, effective as of May 2, 2017 and to pay the Broker a commission of 5% for the sale of that property. On Aug. 8, 2017, the Court granted the Debtor's application to retain the Broker. Furthermore, on Sept. 12, 2017, the Court entered an Order authorizing the Debtor to accept an offer for the property at 1207 Lisle Place, Lisle, Illinois from a purchaser procured by the Broker. The Debtor would like to amend the order of Aug. 8, 2017, to also authorize the Debtor to use the Broker's services to sell the Lisle Vacant Lot and to pay the broker the same 5% commission for the sale, under the same terms and conditions referenced in the motion the Debtor filed on July 17, 2017, which the Court approved on Aug. 8, 2017. The Debtor contends there is ample cause to shorten the notice period to 7 days. It also reasonably believes that further delay will impair his ability to close on the sale with the Purchaser. The Purchaser: BARRIERE CONSTRUCTION, LLC 5151 Austin St. Downers Grove, IL 60515 About Lawrence Fromelius Lawrence D. Fromelius filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 15-22373) on June 29, 2015. The Debtor tapped William J. Factor, Esq., Ariane Holtschlag, Esq., and Jeffrey K. Paulsen, Esq., at FactorLaw, as counsel. L. Fromelius Investment Properties LLC filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 15-22943) on July 2, 2015, and Golden Marina Causeway LLC filed for relief under Chapter 11 (Bankr. N.D. Ill. Case No. 16-03587) on Feb. 5, 2016. Mr. Fromelius is the sole member of Investment Properties. He is also the sale member of East Greenfield Investors LLC, which in turn is the sole member of Golden Marina Causeway LLC. On Nov. 24, 2015, Lawrence Fromelius filed his initial plan of reorganization and on Dec. 1, 2016, Investment Properties filed its initial plan of reorganization. Both of the plans have been amended to incorporate changes requested by creditors, including the Ann Marie Barry Trust, which has filed a claim of approximately $6 million. Currently, the Debtors and the Ann Marie Barry Trust are negotiating the terms of a disclosure statement to accompany the plans. Golden Marina owns two parcels of real estate, located at 302 and 311 East Greenfield Avenue in Milwaukee, Wisconsin. The parcel at 311 E. Greenfield consists of 47 acres and the smaller parcel at 302 E. Greenfield is approximately 1 acre. On Aug. 8, 2017, the Court appointed At World Properties, LLC, as Broker for the Debtor. LE-MAR HOLDINGS: Taps Moses & Singer as Legal Counsel ----------------------------------------------------- Le-Mar Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Moses & Singer LLP as legal counsel. The firm will provide legal services to the company and its subsidiaries in connection with their Chapter 11 cases. These services include advising the Debtors regarding their duties under the Bankruptcy Code and negotiating with creditors and government agencies. The firm's standard hourly rates range from $525 to $1,145 for partners, $395 to $725 for counsel, $295 to $655 for associates, and $285 to $315 for paralegals. Mark Parry, Esq., the attorney who will be handling the case, will charge $895 per hour. Prior to the petition date, the firm received $250,000 for its services, including the filing of the Debtors' cases. Mr. Parry disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Moses & Singer can be reached through: Mark N. Parry, Esq. Moses & Singer LLP 405 Lexington Avenue, 12th Floor New York, NY 10174 Tel: (212) 554-7800 Fax: (212) 554-7700 About Le-Mar Holdings Inc. Le-Mar Holdings, Inc., together with its subsidiaries, is a mid-sized company in the general freight trucking business with operations in Grand Prairie, Amarillo, Midland, Abilene, San Angelo, Austin, San Antonio, Lufkin and Lubbock. Chuck and Tracey Edwards own approximately 63.9% of the equity interests in Le-Mar while the Lawrence and Margie Edwards' Grand-Children's Trust owns approximately 36.1% of the equity interests. Le-Mar Holdings owns 100% of the equity interests of Edwards Mail Service, Inc. and 50% of the membership interests of Taurean East, LLC. Chuck and Tracey Edwards own 50% of the membership interests of Taurean East. Le-Mar Holdings, Edwards Mail and Taurean East sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-50234 to 17-50236) on September 17, 2017. Chuck Edwards, its president, signed the petitions. At the time of the filing, Le-Mar Holdings disclosed that it had estimated assets and liabilities of $1 million to $10 million. Judge Robert L. Jones presides over the case. LE-MAR HOLDINGS: Taps Underwood Perkins as Local Counsel -------------------------------------------------------- Le-Mar Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Underwood Perkins, P.C. The firm will serve as local counsel to Le-Mar Holdings and its subsidiaries in connection with their Chapter 11 cases. The Debtors selected the firm because of its "extensive experience in the bankruptcy and financial restructuring areas of law and Texas creditors rights law," according to court filings. The firm's standard hourly rates are: David Campbell $450 Eli Pierce $225 Paralegals $125 Underwood Perkins received a retainer from the Debtors in the total amount of $45,000. David Campbell, 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: David L. Campbell, Esq. Underwood Perkins, P.C. 5420 LBJ Freeway Two Lincoln Centre, Suite 1900 Dallas, TX 75240 Phone: 972-661-5114 Fax: 972-661-5691 Email: info@underwoodperkins.com About Le-Mar Holdings Inc. Le-Mar Holdings, Inc., together with its subsidiaries, is a mid-sized company in the general freight trucking business with operations in Grand Prairie, Amarillo, Midland, Abilene, San Angelo, Austin, San Antonio, Lufkin and Lubbock. Chuck and Tracey Edwards own approximately 63.9% of the equity interests in Le-Mar while the Lawrence and Margie Edwards' Grand-Children's Trust owns approximately 36.1% of the equity interests. Le-Mar Holdings owns 100% of the equity interests of Edwards Mail Service, Inc. and 50% of the membership interests of Taurean East, LLC. Chuck and Tracey Edwards own 50% of the membership interests of Taurean East. Le-Mar Holdings, Edwards Mail and Taurean East sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-50234 to 17-50236) on September 17, 2017. Chuck Edwards, president, signed the petitions. At the time of the filing, Le-Mar Holdings disclosed that it had estimated assets and liabilities of $1 million to $10 million. Judge Robert L. Jones presides over the case. MACAVITY COMPANY: Seeks to Hire CBIZ MHM as Accountant ------------------------------------------------------ Macavity Company, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire an accountant. The Debtor proposes to employ CBIZ MHM, LLC to prepare its tax returns and pay the firm at its standard hourly rates: Managing Directors $350 - $400 Directors $300 - $350 Managers $250 - $300 Senior Consultants $200 - $250 Associates $90 - $145 Joel Kramer, managing director of CBIZ, 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: Joel Kramer CBIZ MHM, LLC 3101 N. Central Avenue, Suite 300 Phoenix, AZ 85012 Phone: (602) 264-6835 Fax: (602) 265-7631 Email: cbizphx@cbiz.com About Macavity Company LLC Macavity Company, LLC, develops real estate properties. It was incorporated in 2008 and is based in Mesa, Arizona. It has a fee simple interest in an 861.50-acre undeveloped land located at NW Corner of Monte Carlo Boulevard and FM 75, Princeton, Texas, valued at $28 million. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-08474) on July 24, 2017. The petition was signed by Lane Spencer of Ready RDC LLC, sole member. At the time of the filing, the Debtor disclosed $28.12 million in assets and $17.29 million in liabilities. Judge Brenda K. Martin presides over the case. Gallagher & Kennedy, PA represents the Debtor as bankruptcy counsel. The Debtor hired CBRE Inc. as appraiser; and MCA Financial Group Ltd. as financial advisor. MARRONE BIO: Amends Bylaws to Modify Board Composition ------------------------------------------------------ The board of directors of Marrone Bio Innovations, Inc., amended and restated the Company's bylaws, effective as of Aug. 4, 2017, to provide that three-quarters of the Board shall at all times consist of "independent directors," as that term is defined in Nasdaq Listing Rule 5605(a)(2) (or any successor rule thereof). The amendment and restatement also modified Section 3.1 to reflect that the current number of authorized directors is seven, as had previously been fixed by the Board and disclosed in connection with the Company's 2016 annual meeting of stockholders. The Board also adopted amendments to the Company's Code of Business Conduct and Ethics. The Code of Business Conduct and Ethics was updated to: (i) clarify that no Company personnel has any authority to engage in conduct inconsistent with or in violation of applicable U.S. laws and regulations, or to authorize, direct or condone such conduct by any other person; (ii) clarify that all company personnel are required to comply with the applicable rules and regulations of the Securities and Exchange Commission; (iii) clarify that if any company personnel is asked to improperly report revenue or falsify any other records related to compliance with the SEC's rules, regulations or guidance, or if any Company personnel is aware of such unlawful conduct by any other person, such personnel must immediately report the event to the Company's general counsel, corporate compliance officer or other relevant authority; and (iv) make additional technical, administrative and other non-substantive revisions. The updated Code of Business Conduct and Ethics will be made available on the Company's Web site at http://www.marronebioinnovations.com/on the "Corporate Governance" page in the "Investors" section as soon as practicable. About Marrone Bio Marrone Bio makes bio-based pest management and plant health products. Bio-based products are comprised of naturally occurring microorganisms, such as bacteria and fungi, and plant extracts. The Company's current products target the major markets that use conventional chemical pesticides, including certain agricultural and water markets, where the Company's bio-based products are used as alternatives for, or mixed with, conventional chemical products. The Company also targets new markets for which (i) there are no available conventional chemical pesticides or (ii) the use of conventional chemical pesticides may not be desirable or permissible either because of health and environmental concerns (including for organically certified crops) or because the development of pest resistance has reduced the efficacy of conventional chemical pesticides. All of the Company's current products are approved by the United States Environmental Protection Agency and registered as "biopesticides." Ernst & Young LLP issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has incurred losses since inception, has a net capital deficiency, and has additional capital needs that raise substantial doubt about its ability to continue as a going concern. Marrone Bio reported a net loss of $31 million on $14 million total revenues for the year ended Dec. 31, 2016, compared with a net loss of $43.7 million on $9.8 million total revenue for the year ended Dec. 31, 2015. As of June 30, 2017, Marrone Bio had $47.81 million in total assets, $83.46 million in total liabilities, and a total stockholders' deficit of $35.65 million. METROPOLITAN INDUSTRIAL: Nugen Group to Provide $230K to Fund Plan ------------------------------------------------------------------ Nugen Group Incorporated will provide $230,000 to fund the plan proposed by Metropolitan Industrial Food Services Inc. to exit Chapter 11 protection. According to the latest restructuring plan, Nugen will advance a total of $230,000 through the life of the plan, and will grant Metropolitan Industrial a management agreement for the cafeteria in the University of Puerto Rico Rio Piedras Campus. In return for the new value, all equity interests in Metropolitan Industrial will be cancelled on the effective date of the plan and new shares will be issued solely to Nugen, according to the plan filed on September 12 with the U.S. Bankruptcy Court for the District of Puerto Rico. A copy of the first amended plan is available for free at https://is.gd/0nLuNK About Metropolitan Industrial Headquartered in San Juan, Puerto Rico, Metropolitan Industrial Food Services, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 15-08302) on Oct. 23, 2015, listing $2.09 million in total assets and $4.62 million in total liabilities. The petition was signed by Josue V. Navarro, president. Judge Edward A. Godoy presides over the case. Alexis Fuentes Hernandez, Esq., at Alexis Fuentes-Hernandez serves as the Debtor's bankruptcy counsel. On February 27, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. MISSISSIPPI POWER: Moody's Confirms Ba1 CFR; Outlook Stable ----------------------------------------------------------- Moody's Investors Service confirmed the ratings of Mississippi Power Company, including its Ba1 Corporate Family Rating (CFR), Ba1 senior unsecured; Ba2-PD Probability of Default, Ba3 preferred stock, and affirmed the SG short-term pollution control revenue bond rating. The rating outlook is stable. Moody's also upgraded Mississippi Power's speculative grade liquidity rating to SGL-3 from SGL-4. This rating action concludes the review of Mississippi Power's ratings initiated on June 22, 2017. Upgrades: Issuer: Mississippi Power Company -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4 Outlook Actions: Issuer: Mississippi Power Company -- Outlook, Changed To Stable From Rating Under Review Confirmations: Issuer: Eutaw (City of) AL, Industrial Dev. Board -- Senior Unsecured Revenue Bonds, Confirmed at Ba1(LGD3) Issuer: Harrison (County of) MS -- Senior Unsecured Revenue Bonds, Confirmed at Ba1(LGD3) Issuer: Mississippi Business Finance Corporation -- Senior Unsecured Revenue Bonds, Confirmed at Ba1(LGD3) Issuer: Mississippi Power Company -- Probability of Default Rating, Confirmed at Ba2-PD -- Corporate Family Rating, Confirmed at Ba1 -- Pref. Stock Preferred Stock, Confirmed at Ba3(LGD5) -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1(LGD3) Affirmations: Issuer: Eutaw (City of) AL, Industrial Dev. Board -- Senior Unsecured Revenue Bonds, Affirmed S.G. Issuer: Harrison (County of) MS -- Senior Unsecured Revenue Bonds, Affirmed S.G. Issuer: Mississippi Business Finance Corporation -- Senior Unsecured Revenue Bonds, Affirmed S.G. RATINGS RATIONALE "The confirmation of Mississippi Power's ratings reflects the termination of construction and the expected near-term resolution of the remaining cost recovery issues associated with the Kemper Integrated Gasification Combined Cycle (IGCC) plant" said Michael G. Haggarty, Associate Managing Director. "It also reflects the utility's improved liquidity position and reduced leverage following a $1 billion capital contribution from its parent Southern Company (Baa2 stable) in June", added Haggarty. These developments have materially lowered the likelihood of further credit deterioration at Mississippi Power as a result of the Kemper plant. Mississippi Power's current credit profile and Ba1 rating reflect the cumulative effect of several years of high spending and concurrent delays and cost overruns on the Kemper plant, construction of which was suspended at the direction of the Mississippi Public Service Commission (MPSC) in June 2017. As a result of the suspension order, Mississippi Power recorded an additional charge to income of $2.8 billion ($2.0 billion after tax), bringing total Kemper plant charges to $6.0 billion ($3.9 billion after tax). The MPSC order directed the company to pursue a regulatory settlement with the Mississippi Public Utilities Staff that would reflect (i) at a minimum, no rate increase for Mississippi Power customers (with a rate reduction focused on residential customers encouraged); (ii) removal of all cost risk to customers associated with the Kemper IGCC gasifier and related assets; and (iii) modification or amendment of the Kemper certificate to allow for the operation of a natural gas facility only. The MPSC ordered that a settlement be filed after a 45 day negotiating period following the July 6, 2017 suspension order. Despite the 45 day period, and a subsequent three week extension, the utility and the Staff failed to reach a settlement, leading the MPSC to issue an order on September 12, 2017 laying out a procedural schedule for the remainder of this year with a final MPSC decision to be issued in January 2018, instead of October 2017 as Moody's had previously expected. A settlement is still possible over this period. Moody's believes the inability to reach a settlement demonstrates how seriously the Kemper project has negatively affected the utility's regulatory environment. The utility proposed a stipulation that included a $126.3 million revenue requirement based on a 9.413% return on equity (ROE), which includes some performance incentives, which would have kept customer rates unchanged. The Staff proposed a $122.1 million revenue requirement based on a 9.225% ROE, which would have resulted in a rate reduction for residential customers, better addressing the wishes of the MPSC. The Staff also proposed a shorter amortization period for some regulatory assets, which would result in the utility not recovering a portion of the costs it attributes to the Kemper natural gas combined cycle units and taking an additional charge of potentially up to $250 million. Moody's believes Mississippi Power's high customer rates (approximately 40% higher than Entergy Mississippi's retail residential rates), in a service territory with below average economic demographics, and excess reserve margins in the 50% range all played a role in the Staff's attempt to try to mitigate the impact of the Kemper natural gas plant on customer rates as much as possible. Attempts to bridge the difference between the proposals of the utility and the Staff were not successful. Despite the lack of a settlement, the confirmation of Mississippi Power's ratings considers the relatively narrow gap between the two proposals and the MPUC's intention to resolve the remaining cost recovery issues over the next four months. The near-term resolution of Kemper related cost recovery issues, along with the significant recent capital contribution and continued support from the parent company, has stabilized Mississippi Power's credit profile. Moody's expects Mississippi Power's cash flow coverage metrics, including its CFO pre-working capital to debt ratio, to improve rapidly over the next few years due for the most part to the deferred tax benefits that will result from the Kemper write-off. The utility will also return to a more normal level of capital expenditures post-Kemper. The magnitude of the increase in coverage metrics will be somewhat dependent on continued regulatory support for cost recovery under Mississippi Power's performance evaluation plan (PEP) going forward. The upgrade of Mississippi Power's Speculative Grade Liquidity Rating to SGL-3 from SGL-4 reflects the utility's improved liquidity position following the $1 billion parent company capital contribution in June 2017. The capital was used to repay $300 million of the company's $1.2 billion bank term loan, which the utility has relied on in lieu of long-term bonds while the Kemper project was pending, and the repayment of $591 million of promissory notes to the parent company, in effect replacing that debt with equity. On September 15, 2017, Mississippi Power issued a $150 million promissory note to parent Southern Company, under which it borrowed $109 million, to pay the utility's federal income tax obligations for the quarters ending September 30, 2017 and December 31, 2017. The utility expects to repay this borrowing from the proceeds of an income tax refund expected shortly. Rating Outlook The stable outlook on Mississippi Power's ratings reflects the anticipated near-term resolution of most of the cost recovery issues associated with the Kemper plant and the continued, demonstrated support of the Southern parent company, including substantial capital contributions. This has helped offset a regulatory environment that has been negatively affected by the Kemper IGCC plant construction project and is likely to remain below average for some time. The stable outlook reflects Moody's views that the utility has finally turned the corner on the problematic project and that its credit quality will not decline further despite the remaining cost recovery uncertainties. Factors That Could Lead to an Upgrade A positive rating action could be considered when the MPSC makes a final decision on cost recovery on the in-service natural gas combined cycle portion of the Kemper plant in January 2018, or there is an approved settlement before then, resolving the remaining uncertainty over project cost recovery. An upgrade is also possible if the utility's regulatory environment improves now that the Kemper project construction has ended, and if the utility returns to a more traditional capital structure by refinancing the $900 million of short-term bank loans, and exhibits improved financial coverage metrics, including CFO pre-working capital to debt at least in the mid-teens. Factors That Could Lead to a Downgrade A downgrade could occur if parent company support for Mississippi Power unexpectedly diminishes, if the utility's liquidity position worsens from current levels, if the regulatory environment remains below average; or if financial metrics remain below investment grade levels, including CFO pre-working capital to debt in below 13%. The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in June 2017. Mississippi Power Company, headquartered in Gulfport, Mississippi, is a regulated utility subsidiary of The Southern Company, a utility holding company headquartered in Atlanta, Georgia. MONAKER GROUP: Extends Maturity of Republic Credit Facility to 2018 ------------------------------------------------------------------- Monaker Group, Inc., entered into a replacement revolving line of credit agreement with Republic Bank, Inc. of Duluth, Minnesota, which replaced and superseded the Company's prior line of credit with Republic originally entered into in June 2016 and amended from time to time. The Line of Credit is in an amount of up to $1.2 million, which borrowed amount is due and payable by the Company on Sept. 15, 2018 (previously the amounts due under the line of credit were due on Sept. 13, 2017). Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated daily until maturity), payable monthly in arrears beginning on Oct. 15, 2017. The loan contains standard and customary events of default and no financial covenants. From June 16, 2016, through May 31, 2017, the Company has made draws of $1,193,000 under the line of credit. A full-text copy of the Line of Credit Agreement dated Sept. 15, 2017 by and between Monaker Group, Inc. and Republic Bank, Inc. is available for free at https://is.gd/BD06Nt About Monaker Monaker Group, Inc., formerly known as Next 1 Interactive, Inc. -- http://www.monakergroup.com/-- is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.4 million vacation rental homes, villas, chalets, apartments, condos, resort residences and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker's NextTrip.com B2C website, powered by the MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services, all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler's booking experience and assist in the search, decision and buying process for both individuals and groups. LBB & Associates Ltd. LLP, in Houston, Texas, stated in its report on the Company's consolidated financial statements for the year ended Feb. 28, 2017, that the Company's accumulated deficit and limited financial resources raise substantial doubt about the Company's ability to continue as a going concern. Monaker reported a net loss of $7.10 million on $400,277 of revenues for the year ended Feb. 28, 2017, compared to a net loss of $4.55 million on $544,658 of revenues for the year ended Feb. 29, 2016. As of May 31, 2017, Monaker had $2.11 million in total assets, $2.91 million in total liabilities and a total stockholders' deficit of $804,603. MOREHEAD MEMORIAL: Oct. 30 Auction of All Assets Set ---------------------------------------------------- Judge Benjamin A. Kahn of the U.S. Bankruptcy Court for the Middle District of North Carolina authorized Morehead Memorial Hospital bidding procedures in connection with the sale of substantially all of its assets in bulk or in separate lots, in single or multiple transactions, at an auction. A hearing on the Motion was held on Sept. 13, 2017. The salient terms of the Bidding Procedures are: a. Assets to be Sold: The Debtor will have the right, consistent with the procedures set forth, to sell substantially all of its assets in bulk or in separate lots, in single or multiple transactions. b. Bid Deadline: Oct. 23, 2017, 5:00 p.m. (ET) c. Bidder's Deposit: A bidder must deposit with counsel for the Debtor the higher of $500,000 or 10% of the Bid amount. d. Deadline to file notice of Qualified Bidders: Oct. 25, 2017 at 5:00 p.m. (ET) e. Deadline for Debtor to designate and communicate Starting Bid to Qualified Bidders: Oct. 27, 2017 f. Bid Deposit: 10% of the Bid amount f. Auction: Oct. 30, 2017, commencing at 10:00 a.m. (ET) at the offices of Waldrep LLP, 101 S. Stratford Rd., Suite 210, Winston-Salem, North Carolina f. Incremental Overbid: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be set forth in the Qualified Bidder Notice over the Starting Bid or the Leading Bid. g. Notice of Successful Bid and Next-Highest Bid: On Oct. 31, 2017 h. Sale Hearing: Nov. 6, 2017, at 2:00 p.m. (ET) i. Deadline to object to Sale and Cure Amount: Nov. 2, 2017 With respect to the Potentially Assumed Executory Contracts, no later than 10 business days after entry of the Order, the Debtor will file with the Court and serve on each party to a Potentially Assumed Executory Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. Any objection to the Cure Amount or the assumption and assignment of a Potentially Assumed Executory Contract must be filed by Nov. 2, 2017. Nothing in the Order will prevent or preclude Berkadia, HUD, or First-Citizens from exercising their rights to bid up to the full amount of their claims as a credit against the purchase price of their real property collateral in accordance with the Order. Each of the Consultation Parties, including First-Citizens Bank & Trust Co., expressly reserves and preserves any rights and claims regarding the valuation of the Transferred Assets and any Allocation of a Transferred Asset by a Potential Bidder will not bind any Consultation Party to the value ascribed thereto. Any valuation of any Transferred Asset will be subject to further Order of the Court. 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 also hired 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 retained law firms Nelson Mullins Riley & Scarborough LLP, and Sills Cummis & Gross, P.C., as co-counsel. MOUNTAIN BLUE HOTEL: Taps Scott B. Riddle as Legal Counsel ---------------------------------------------------------- Mountain Blue Hotel Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ the Law Office of Scott B. Riddle, LLC to, among other things, give legal advice regarding its duties under the Bankruptcy Code and assist in the preparation of a plan of reorganization. Scott Riddle, Esq., will charge an hourly fee of $350 for his services. Prior to the petition date, the Debtor paid $15,000, plus $1,717 for the filing fee. Mr. Riddle disclosed in a court filing that he does not represent any interest adverse to the Debtor. The firm can be reached through: Scott B. Riddle, Esq. Law Office of Scott B. Riddle, LLC Tower Place 100, Suite 1800 3340 Peachtree Road, NE Atlanta, GA 30326 Phone: 404-815-0164 Fax: 404-815-0165 Email: scott@scottriddlelaw.com About Mountain Blue Hotel Group Mountain Blue Hotel Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-66051) on September 13, 2017. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $50,000. NAVISTAR INTERNATIONAL: Downsizes BofA Credit Facility to $125M --------------------------------------------------------------- Navistar, Inc., entered into a Second Amended and Restated ABL Credit Agreement, among the Company, as borrower, certain lenders, Bank of America, N.A., as Administrative Agent, and JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as Syndication Agents. The Amended ABL Credit Agreement amended and restated the existing senior secured, asset-based revolving credit facility entered into on Aug. 17, 2012. The Amended ABL Credit Agreement, among other things, (i) reduces the size of the revolving credit facility from $175,000,000 to $125,000,000, (ii) reduces the interest rate applicable to the outstanding borrowings under the revolving credit facility by an average of 0.50% and reduces the fees applicable to cash collateralized letters of credit by an average of 1.00%, (iii) extends the maturity date from May 18, 2018, to Aug. 4, 2022, subject to a springing maturity based upon the maturity of the Borrower's Senior Secured Term Loan and the maturity of Navistar International Corporation's Senior Notes, (iv) provides for a maximum amount of uncommitted new revolving commitments of $150,000,000, (v) provides for an unlimited amount of secured and unsecured debt so long as the maturity is after the maturity date of the Amended ABL Credit Agreement, there is no default under the Amended ABL Credit Agreement and any collateral does not include assets that are part of the borrowing base for the Amended ABL Credit Agreement, (vi) reduces the liquidity block from $35,000,000 to $12,500,000, and (vii) increases various debt and investment baskets. Under the terms of the Amended ABL Credit Agreement, the interest rate on the outstanding borrowings is based, at the Borrower's option, on an adjusted eurodollar rate, plus a margin of 2.75%, or an alternate base rate, plus a margin of 1.75%. In connection with the Amended ABL Credit Agreement, the Borrower paid certain fees, the total of which the Borrower does not believe is material to its financial position or results of operations. A full-text copy of the Second Amended and Restated ABL Credit Agreement is available for free at https://is.gd/DjknsZ About Navistar Lisle, Illinois-based Navistar International Corporation (NYSE:NAV) -- http://www.navistar.com/-- is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, proprietary diesel engines, and IC Bus brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Navistar reported a net loss attributable to the Company of $97 million on $8.11 billion of net sales and revenues for the year ended Oct. 31, 2016, compared with a net loss attributable to the Company of $184 million on $10.14 billion of net sales and revenues for the year ended Oct. 31, 2015. As of July 31, 2017, Navistar had $6.08 billion in total assets, $11 billion in total liabilities, and a total stockholders' deficit of $4.92 billion. * * * Navistar carries a 'B3' Corporate Family Rating (CFR) and stable outlook from Moody's. Moody's said in January 2017 that Navistar's ratings reflects the continuing challenges the company faces in re-establishing its competitive position and profitability in the North American medium and heavy truck markets. In March 2017, S&P Global Ratings said it raised its corporate credit ratings on Navistar to 'B-' from 'CCC+'. The outlook is stable. The upgrade follows Navistar's strategic alliance with Volkswagen Truck & Bus, which includes Volkswagen Truck & Bus' 16.6% equity stake in Navistar, definitive agreements for the two companies to collaborate on technology, and the formation of a procurement JV. In March 2017, Fitch Ratings upgraded the Issuer Default Ratings for Navistar one notch to 'B-' from 'CCC' and removed the ratings from Rating Watch Positive. The upgrade reflects improved prospects for NAV's financial performance due to its alliance with VW T&B. NEW JERSEY HEADWEAR: Plan Confirmation Period Extended to Dec. 10 ----------------------------------------------------------------- The Hon. John K. Sherwood of the U.S. Bankruptcy Court for the District of New Jersey extended by 75 days the time within which New Jersey Headwear Corp. may obtain confirmation of its Chapter 11 plan, from September 26 through December 10, 2017. The Troubled Company Reporter has previously reported that the Debtor asked the Court to extend the time to obtain confirmation of its Chapter 11 plan to allow the confirmation process to continue unhindered by competing plans. The Debtor filed its plan and disclosure statement on August 11. The Debtor said that without the extension, the Exclusive Period will expire on the midst of the plan confirmation process, presenting a risk of undue interference and disruption to the confirmation process. About New Jersey Headwear New Jersey Headwear Corp. maintains its offices at 305 3rd Avenue West #5, NJ 07107. It manages and operates a manufacturing business producing headwear, tote bags and other textiles. New Jersey Headwear Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-31777) on Nov. 14, 2016. The petition was signed by Mitchell Cahn, president. The case is assigned to Judge Stacey L. Meisel. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. The Debtor is represented by William S. Katchen, Esq., at the Law Offices of William S. Katchen, LLC. The Debtor employs Edward Bond, Esq., and Bederson, LLP, as financial advisor. NOVABAY PHARMACEUTICALS: Gets Another NYSE Noncompliance Notice --------------------------------------------------------------- NovaBay Pharmaceuticals, Inc., was notified by the NYSE American LLC on Sept. 14, 2017, that the Company is not in compliance with the minimum stockholders' equity requirement of Section 1003(a)(ii) of the NYSE American Company Guide requiring stockholders' equity of $4.0 million or more if the Company has reported losses from continuing operations and/or net losses in three of the four most recent fiscal years. According to the Exchange, this notice does not impact the Company's ongoing plan to regain compliance with continued listing standards, which requires the Company to regain such compliance by May 16, 2018, or be subject to delisting procedures. As previously reported, the Company was notified by the Exchange on May 16, 2017, that it was not in compliance with the minimum stockholders' equity requirement of Section 1003(a)(iii) of the NYSE American Company Guide requiring stockholders' equity of $6.0 million or more if the Company has reported losses from continuing operations and/or net losses in its five most recent fiscal years. On June 29, 2017, the Company was further notified that its plan to regain compliance had been accepted, and the Exchange provided the Company until May 16, 2018, to satisfy the terms of its compliance plan or be subject to delisting procedures. About NovaBay Pharmaceuticals NovaBay Pharmaceuticals is a biopharmaceutical company focusing on the commercialization of prescription Avenova lid and lash hygiene for the domestic eye care market. Avenova is formulated with Neutrox which is cleared by the U.S. Food and Drug Administration (FDA) as a 510(k) medical device. Neutrox is NovaBay's proprietary pure hypochlorous acid. Laboratory tests show that hypochlorous acid has potent antimicrobial activity in solution yet is non-toxic to mammalian cells and it also neutralizes bacterial toxins. Avenova is marketed to optometrists and ophthalmologists throughout the U.S. by NovaBay's direct medical salesforce. It is accessible from more than 90% of retail pharmacies in the U.S. through agreements with McKesson Corporation, Cardinal Health and AmeriSource Bergen. Novabay reported a net loss of $13.15 million for the year ended Dec. 31, 2016, a net loss of $18.97 million for the year ended Dec. 31, 2015, and a net loss of $15.17 million for the year ended Dec. 31, 2014. The Company's balance sheet as of June 30, 2017, showed $12.07 million in total assets, $8.86 million in total liabilities and $3.21 million in total stockholders' equity. OLT MERGER: Moody's Assigns B3 Corp. Family Rating; Outlook Stable ------------------------------------------------------------------ Moody's Investors Service assigned a B3 Corporate Family Rating (CFR) and a B3-PD Probability of Default Rating to OLT Merger Sub Corporation. Concurrently, Moody's assigned B1 ratings to the company's proposed $295 million first lien senior secured credit facilities and a Caa2 rating to the company's $85 million second lien senior secured term loan. Proceeds from the new facilities along with a sponsor equity contribution will be used to fund the acquisition of Odyssey Logistics by The Jordan Company. Upon close of the transaction, OLT Merger Sub Corporation is expected to merge into Odyssey Logistics with Odyssey Logistics acting as the borrower going forward. The rating outlook is stable. RATINGS RATIONALE The B3 Corporate Family Rating (CFR) reflects Odyssey Logistics' comparatively modest footprint compared to other logistics providers, a cyclical set of end markets served, and elevated pro forma financial leverage. Moody's recognizes the company's good standing as a niche provider of intermodal and trucking services to chemical and metal producing customers. Odyssey's technical and regulatory expertise, as well as its select portfolio of specialized assets, are also viewed favorably and add further support to the rating. Odyssey has developed a technology infrastructure that is tailored to the needs of the industries served, and owns the specialized assets needed. Moody's expects these factors to position the company for future sales growth and Moody's anticipates organic revenue expansion in the low to mid-single-digits over the next few years. These positive considerations are tempered by the company's small size within the highly competitive logistics industry, as well as the cyclical nature of chemicals and metals, markets that Moody's believes would be susceptible to lower volumes and earnings pressures during an economic downturn. Moody's views Odyssey's intermodal segment (42% of sales) as a key ratings driver as this business generates the majority of company earnings while also presenting the best opportunities for future margin enhancement through a more favorable earnings mix. Pro forma Debt-to-EBITDA of around 5.5x (after Moody's standard adjustments) is high and is expected to limit near-term financial flexibility. The stable rating outlook reflects Moody's expectations that favorable demand drivers will allow moderate sales growth while supporting a steady operating profile. The ratings could be upgraded if Moody's adjusted Debt-to-EBITDA was expected to remain consistently below 5x. Any upgrade would be predicated on the maintenance of a good liquidity profile and strong operating performance in the key intermodal segment. Given the company's small scale because of its focused nature, Moody's would expects Odyssey to maintain credit metrics that are stronger than levels typically associated with companies at the same rating level. The ratings could be downgraded if Odyssey's liquidity were to deteriorate such that free cash flow generation turned negative or if the company became increasingly reliant on revolver borrowings. The ratings could be downgraded if Debt-to-EBITDA was expected to be sustained at or above 7x. A weakening of profitability metrics, particularly in the intermodal segment, could also result in downward rating pressure. Moody's anticipates a good liquidity profile over the next twelve months. The company has a track record of solid cash flow generation and Moody's expects free cash flow in excess of $15 million in 2018, which equates to FCF-to-Debt approaching the mid-single digits. Pro forma cash balances will be minimal and the company has no principal obligations due until 2024. Liquidity is supplemented by an undrawn $50 million five-year revolver. The facility is expected to contain a springing first lien net leverage ratio of 6.25x, that comes into effect if usage exceeds 35%. The following is a summary of rating actions: Issuer: OLT Merger Sub Corporation Corporate Family Rating, assigned B3 Probability of Default Rating, assigned B3-PD $50 million first lien senior secured revolver due 2022, assigned B1 (LGD3) $245 million first lien senior secured term loan due 2024, assigned B1 (LGD3) $85 million second lien senior secured term loan due 2025, assigned Caa2 (LGD5) Outlook, assigned Stable Odyssey Logistics & Technology Corporation, headquarter in Danbury, Connecticut, provides global logistics management services and third party logistics services (3PL) to a variety of end markets including chemicals, industrials, consumer, and food & beverage. 3PL solutions offered include intermodal services, truck services, and international transportation management. Net revenues for the twelve months ended June 2017 are approximately $205 million. The principal methodology used in these ratings was Global Surface Transportation and Logistics Companies published in May 2017. OMEROS CORP: Incurs $14.4 Million Net Loss in Second Quarter ------------------------------------------------------------ Omeros Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $14.35 million on $17.15 million of total revenue for the three months ended June 30, 2017, compared to a net loss of $12.61 million on $10 million of total revenue for the three months ended June 30, 2016. For the six months ended June 30, 2017, Omeros reported a net loss of $29.44 million on $29.40 million of total revenue compared to a net loss of $33.15 million on $17.42 million of total revenue for the six months ended June 30, 2016. As of June 30, 2017, Omeros Corp had $60.35 million in total assets, $115.20 million in total liabilities and a total shareholders' deficit of $54.85 million. Total costs and expenses for the three months ended June 30, 2017, were $29.1 million compared to $20.9 million for the same period in 2016. The increase in the current year quarter was primarily due to increased clinical research and development costs associated with OMS721, Omeros' MASP-2 product candidate in Phase 3 and Phase 2 clinical programs, and the filing fee required upon the company's submission of the supplemental NDA associated with Omeros' post-marketing OMIDRIA pediatric trial to the FDA. Legal costs associated with the Par lawsuit and increased employee-related costs also contributed to the increase. Interest expense for the three months ended June 30, 2017, was $2.7 million as compared to $1.9 million in the prior year second quarter. The increase is due to incremental funds borrowed by the company in 2016. As of June 30, 2017, the company had $29.7 million of cash and cash equivalents available for operations, a decrease of $4.0 million from March 31, 2017, and $5.8 million in restricted cash. Omeros has the ability to borrow an additional $25.0 million at its election, and potential access to an additional $20.0 million, from the company's existing lender. "We are required to expend substantial resources in the development of our product candidates due to the lengthy process of completing clinical trials and seeking regulatory approval," said the Company in the Form 10-Q. "Any failure or delay in completing clinical trials, or in obtaining regulatory approvals, could delay our generation of product revenue and increase our research and development expenses and, in turn, have a material adverse effect on our operations, financial condition and liquidity. Because of the factors above, we are unable to estimate with any certainty when or if we would recognize any net cash inflows from our research and development projects." Recent Highlights and Developments Omeros also announced recent highlights and developments for the second quarter ended June 30, 2017, which include: * 2Q 2017 total and OMIDRIA revenues were $17.2 million. Revenues from OMIDRIA sales rose 40% from 1Q 2017 and 71% from the prior year's second quarter. * OMIDRIA units shipped by wholesalers ("sell-through") increased 34% over 1Q 2017 and 113% over 2Q 2016. * FDA granted OMS721 breakthrough therapy and orphan drug designations in immunoglobin A (IgA) nephropathy. * Initiated OMS721 Phase 3 clinical program in IgA nephropathy; Phase 3 trial is expected to begin later this year. "OMIDRIA posted a strong quarter as revenues continue to grow across all sectors of our market -- ASCs, community hospitals and academic centers -- and from both new and existing accounts," said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. "This was also a watershed quarter for OMS721, our MASP-2 inhibitor, and the Omeros team is highly focused on securing regulatory approval for the first of multiple indications and making this drug available to patients as quickly as possible. OMS721 was granted breakthrough therapy and orphan drug designations from FDA in IgA nephropathy, which joined aHUS as a Phase 3 clinical program. OMS721 in patients with stem cell transplant-associated TMA has generated impressive data and is slated to enter Phase 3 later this year. On top of our clinical trial successes for OMS721, we are excited about the progress of our other pipeline programs, including the near-term prospects for our PDE7 inhibitor OMS527 for addictions and compulsive disorders, which is planned to enter the clinic in early 2018." A full-text copy of the Form 10-Q is available for free at: https://is.gd/du8kam About Omeros Corp Omeros Corporation -- http://www.omeros.com/-- Omeros is a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Part of its proprietary PharmacoSurgery platform, the company's first drug product, OMIDRIA' (phenylephrine and ketorolac injection) 1% / 0.3%, was broadly launched in the U.S. in April 2015. OMIDRIA is the first and only FDA-approved drug (1) for use during cataract surgery or intraocular lens (IOL) replacement to maintain pupil size by preventing intraoperative miosis (pupil constriction) and to reduce postoperative ocular pain and (2) that contains an NSAID for intraocular use. In the European Union, the European Commission has approved OMIDRIA for use in cataract surgery and lens replacement procedures to maintain mydriasis (pupil dilation), prevent miosis (pupil constriction), and to reduce postoperative eye pain. Omeros has multiple Phase 3 and Phase 2 clinical-stage development programs focused on: complement-associated thrombotic microangiopathies; complement-mediated glomerulonephropathies; Huntington's disease and cognitive impairment; and addictive and compulsive disorders. In addition, Omeros has a proprietary G protein-coupled receptor (GPCR) platform and controls 54 new GPCR drug targets and corresponding compounds, a number of which are in preclinical development. The company also exclusively possesses a novel antibody-generating platform. Ernst & Young LLP, in Seattle, Washington, issued a "going concern" opinion on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Omeros reported a net loss of $66.74 million for the year ended Dec. 31, 2016, a net loss of $75.09 million for the year ended Dec. 31, 2015, and a net loss of $73.67 million for the year ended Dec. 31, 2014. PARALLAX HEALTH: Incurs $1.89M Net Loss in March 2016 Quarter ------------------------------------------------------------- Parallax Health Sciences, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.89 million on $7.40 million of revenue for the three months ended March 31, 2016, compared to a net loss of $264,027 on $0 of revenue for the three months ended March 31, 2015. As of March 31, 2017, Parallax Health had $7.53 million in total assets, $14.49 million in total liabilities and a total stockholders' deficit of $6.95 million. As at March 31, 2016, the Company had cash in the amount of $416,519 compared to $912,399 as of Dec. 31, 2015. The Company had a working capital deficit of $103,091 as of March 31, 2016, compared to working capital of $827,499 as of December 31, 2015. The decrease in working capital of $930,590 is primarily attributable to a decrease in cash of $495,880, a decrease in accounts receivable, net of allowance, of $242,545, an increase in rebates receivable of $23,475, a decrease in inventory of $150,436, a decrease in employee advances of $14,117, an increase in prepaid expenses of $21,304, an increase in accounts payable and accrued expenses of $75,745, and a decrease in related party payables of $3,354. During the three months ended March 31, 2016, the Company used $341,018 of cash flow for operating activities compared with $17,979 for the three months ended March 31, 2015. The increase in cash used for operating activities of $323,039 is attributable an increase in net loss of $1,628,948, an increase in depreciation and amortization expense of $47,872, an increase in stock compensation/stock option amortization of $32,981, an increase in discount amortization of $1,171,300, an increase in bad debt allowance of $65,776, a decrease increase in accruals converted to related party loans of $100,385, a decrease in trade and other receivables of $170,003, a decrease in inventories of $150,435, an increase in prepaid expenses of $23,897, an increase in accounts payable and accrued expenses of $38,283, and a decrease in related party payables of $246,459. During the three months ended March 31, 2016, the Company used $45,384 of cash flow for investing activities compared with $0 for the three months ended March 31, 2015. The increase in cash used for investing activities of $45,384 is attributable the purchase of professional equipment. During the three months ended March 31, 2016, the Company used $109,478 of cash flow from financing activities, compared with being provided with $37,980 for the three months ended March 31, 2015. The decrease in cash flows provided by financing activities is attributable to an increase in proceeds from notes payable of $100,000, an increase in repayment of notes payable of $209,478, and a decrease in proceeds of $37,980 from the sale of common stock. During the three months ended March 31, 2016, the Company received no funds from the issuance of common shares or other equity instruments, compared to $37,980 in proceeds during the three months ended March 31, 2015. "The Company has suffered recurring losses from operations. The continuation of the Company's operations is dependent upon the Company's attaining and maintaining profitable operations and raising additional capital as needed. The Company anticipates that it will have to raise additional funds through private placements of the Company's equity securities and/or debt financing to complete its business plan," the Company said in the report. "The Company will require additional financing in order to proceed with its plan of operations, including approximately $2,000,000 over the next 12 months to pay for its ongoing expenses. These cash requirements include working capital, general and administrative expenses, the development of the Company's product line, and the pursuit of acquisitions. These cash requirements are in excess of the Company's current cash and working capital resources. Accordingly, the Company will require additional financing in order to continue operations and to repay its liabilities. There is no assurance that the financing will be completed as planned or at all. If the Company is unable to secure adequate capital to continue the Company's planned operations, the Company's shareholders may lose some or all of their investment and the Company's business may fail. "The Company anticipates continuing to rely on equity sales of its common stock and preferred stock in order to continue to fund its business operations. Issuances of additional shares will result in dilution to the Company's existing stockholders. There is no assurance that the Company will achieve any additional sales of its equity securities or arrange for debt or other financing to fund its planned business activities." A full-text copy of the Form 10-Q is available for free at: https://is.gd/MHDgoq About Parallax Health Parallax Health's principal focus is on personalized patient care through the Company's Pharmacy, RoxSan, and eventually through the diagnostic testing platform capable of diagnosing and monitoring several health issues. Through the Company's wholly owned subsidiary Parallax Diagnostics Inc., the Company holds the right, title, and interest in perpetuity to certain point-of-care diagnostic tests. The Company has the following two business segments: Retail Pharmacy Services (RPS) and Corporate. The Company's Web sites are at http://www.parallaxhealthsciences.com/, http://www.parallaxdiagnostics.com/, http://www.roxsan.com/and http://www.roxsanfertility.com/ Dave Banerjee CPA, an Accountancy Corporation, in Woodland Hills, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, noting that the Company has incurred recurring losses and recurring negative cash flow from operating activities and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. For the year ended Dec. 31, 2015, the Company incurred a net loss of $3.41 million following a net loss of $1.11 million for the year ended Dec. 31, 2014. PATRIOT COAL: Employment Discrimination Suit Transferred to W. Va. ------------------------------------------------------------------ In the adversary proceeding captioned James Hairston, Plaintiff, v. BLACKHAWK MINING, LLC, A Delaware limited liability company, PANTHER CREEK MINING, LLC, A Delaware limited liability company, & MARK GEORGE, Defendants. BLACKHAWK MINING, LLC, A Delaware limited liability company, PANTHER CREEK MINING, LLC, A Delaware limited liability company, & MARK GEORGE, Third-Party Plaintiffs, v. REMINGTON, LLC, A West Virginia limited liability company, Third-Party Defendant, Adversary Proceeding No. 2:17-ap-02012 (Bankr. S.D.W.V.), Judge Frank W. Volk of the U.S. Bankruptcy Court for the Southern District of West Virginia granted the Defendants' motion to transfer venue and denied plaintiff's motion for remand. On May 12, 2015, Remington, LLC, voluntarily petitioned for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. Remington is an affiliate of the Patriot Coal Corporation, which, in addition to Patriot and numerous Patriot affiliates, also petitioned for relief under Chapter 11 in the Virginia Bankruptcy Court on May 12, 2015. In June 2015, Blackhawk, LLC, and its related entities and affiliates entered into an asset purchase agreement with Patriot and its related entities and affiliates, by which Blackhawk acquired certain assets of Patriot, including Remington. Panther Creek, LLC, a subsidiary of Blackhawk, operates certain assets and mines previously operated by Remington. Blackhawk was named as a defendant in 23 similar adversary proceedings alleging employment discrimination which were removed to the District Court from various circuit courts in West Virginia. The cases were consolidated on June 27, 2016. Blackhawk moved for transfer of the consolidated cases to the home court, namely, the Virginia Bankruptcy Court. On September 30, 2016, the Court granted Blackhawk's Motion to Transfer. See Bolon v. Blackhawk Mining, LLC, et al., 2:16-AP-02008. On May 8, 2017, James Hairston instituted an action against Blackhawk alleging employment discrimination in the Circuit Court of Kanawha County. On June 5, 2017, Defendants removed the case. Defendants now seek to have the case transferred to the Virginia Bankruptcy Court. In seeking transfer, Defendants' reliance on Article XI of the Confirmation Order in Patriot is parallel to the argument asserted by Blackhawk in Bolon. The Confirmation Order provides that Judge Phillips may retain jurisdiction over "the matters set forth in Article XI and other applicable provisions of the Plan." As explained in Bolon, a split of authority exists concerning whether a remand request must first be adjudicated prior to a sought-after transfer. A hard-and-fast rule need not be here adopted. In accord with Bolon, however, where there is at issue the interpretation of a Confirmation Order entered in recent years by the judicial officer presiding over the main case, transfer should usually be the first order of business. An authoritative interpretation by the author of the Confirmation Order may obviate the need for further litigation altogether or decisively steer it to the appropriate forum. Having considered the applicable factors, and paying due regard to the all-important factor respecting the economical and efficient administration of the estate, along with the "home court" presumption, Judge Volk orders that the motion to transfer is granted and the motion to remand is denied without prejudice to its refiling pursuant to any collective briefing order previously entered by the undersigned or Judge Phillips. The bankruptcy case is In re: REMINGTON, LLC, Chapter 11, A West Virginia limited liability company, Debtor. James Hairston, Plaintiff, v. BLACKHAWK MINING, LLC, A Delaware limited liability company, PANTHER CREEK MINING, LLC, A Delaware limited liability company, & MARK GEORGE, Defendants. BLACKHAWK MINING, LLC, A Delaware limited liability company, PANTHER CREEK MINING, LLC, A Delaware limited liability company, & MARK GEORGE, Third-Party Plaintiffs, v. REMINGTON, LLC, A West Virginia limited liability company, Third-Party Defendant, Case No. 15-32454-KLP (E.D. Va.) (Bankr. S.D.W.V.). A copy of Judge Volk's Memorandum Opinion and Order dated Sept. 13, 2017, is available at https://is.gd/Zpr1cS from Leagle.com. James Hairston, Plaintiff, represented by Samuel Brown Petsonk, Mountain State Justice, Inc.. Blackhawk Mining, LLC, Defendant, represented by Jennifer J. Hicks, Dinsmore & Shohl LLP & Ashley C. Pack -- ashley.pack@dinsmore.com -- Dinsmore & Shohl LLP. About Patriot Coal Corporation Patriot Coal Corporation is a producer and marketer of coal in the United States. Patriot and its subsidiaries control 1.4 billion tons of proven and probable coal reserves -- including owned and leased assets in the Central Appalachia basin (in West Virginia and Ohio) and Southern Illinois basin (in Kentucky and Illinois) and their operations consist of eight active mining complexes in West Virginia. Patriot Coal first sought Chapter 11 protection on July 9, 2012, and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan from the U.S. Bankruptcy Court for the Eastern District of Missouri. The plan turned over most of the ownership of the company to bondholders that include New York hedge fund Knighthead Capital Management LLC. The linchpins of the plan were a global settlement among the Debtors, the United Mine Workers of America, and two third parties -- Peabody Energy Corporation and Arch Coal, Inc. -- and a commitment by a consortium of creditors, led by Knighthead, to backstop two rights offerings that funded the plan. Patriot Coal Corporation and its subsidiaries commenced new Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond, Virginia, on May 12, 2015. The cases are assigned to Judge Keith L. Phillips. Patriot Coal estimated more than $1 billion in assets and debt. The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock L.L.P., as co-counsel; Centerview Partners LLC as investment bankers; Alvarez & Marsal North America, LLC, as restructuring advisors; and Prime Clerk LLC, as claims and administrative agent. The U.S. trustee overseeing the Chapter 11 case of Patriot Coal Corp. appointed seven creditors of the company to serve on the official committee of unsecured creditors. The Committee is represented by Morrison & Foerster LLP as its counsel, and Tavenner & Beran, PLC, as its local counsel. Jefferies LLC serves as its investment banker. Patriot Coal Corporation, et al., in early October won confirmation of their Chapter 11 Plan. The Debtors have notified parties that on Oct. 26, 2015, the effective date of the Plan occurred. The consummation of the transactions contemplated by the asset purchase agreement with Blackhawk Mining LLC was deemed effective Oct. 26, and the transactions contemplated by the asset purchase agreement with Virginia Conservation Legacy Fund was deemed effective Oct. 27. Eugene Davis, serves as the Liquidating Trustee for the PCC Liquidating in the chapter 11 cases of Patriot Coal and certain of its direct and indirect subsidiaries. PERFUMANIA HOLDINGS: Shares Will Cease Trading on Nasdaq -------------------------------------------------------- Perfumania Holdings, Inc. received on Sept. 19, 2017, a letter from the staff of The Nasdaq Stock Market LLC notifying the Company that it is not in compliance with Listing Rule 5250(c)(1), having failed to file its Form 10-Q with the Securities and Exchange Commission when due in September 2017, and that, in light of the Company's bankruptcy filing, the staff has determined in accordance with Listing Rules 5101 and 5110(b), and IM-5101-1, that the Company's common stock will be delisted from The Nasdaq Stock Market. Considering Nasdaq's continued listing requirements and the Company's intention to emerge from Chapter 11 as a private company, the Company does not plan to appeal the Nasdaq staff's determination. Accordingly, trading of the Company's common stock on Nasdaq will be suspended as of the opening of business on Sept. 28, 2017, and Nasdaq will file a Form 25 (Notification of Removal from Listing) with the SEC, which will remove the Company's common stock from listing on Nasdaq. After the Company's common stock is delisted by Nasdaq, it may be eligible to be quoted on the over-the-counter market. There is no assurance that broker-dealers will commence or continue to provide public quotes of the common stock on this market during the Company's reorganization or, if so, whether the trading volume of the common stock will be sufficient to provide for an efficient trading market. The Company intends that, following delisting, if its plan of reorganization is confirmed by the Bankruptcy Court, it will file a Form 15 (Certification and Notice of Termination of Registration) with the SEC to deregister its common stock under the Securities and Exchange Act of 1934. The Company's obligation to file periodic reports such as Forms 10-Q and 10-K under the Exchange Act will be suspended immediately upon such filing and will terminate when deregistration becomes effective 90 days thereafter. About Perfumania Holdings Perfumania Holdings, Inc. (NASDAQ: PERF) -- http://www.perfumaniaholdings.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. The Company operates retail stores and e-commerce specializing in the sale of fragrances and related products across the United States, Puerto Rico, and the U.S. Virgin Islands. The Company also operates a wholesale distribution network, selling to mass retail, department stores as well as domestic and international distributors. On Aug. 26, 2017, Model Reorg Acquisition, LLC and 18 affiliated debtors, including perfumania Holdings, Inc., each filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases are jointly administered for procedural purposes under the case docket for Model Reorg Acquisition, LLC (Bankr. D. Del. Case No. 17-11794). Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, Ankura Consulting Group, LLC is serving as financial advisor, and Imperial Capital is serving as investment banker to the Company. The Skadden team includes Corporate Restructuring partners Lisa Laukitis and J. Gregory Milmoe (Boston), and associates Raquelle Kaye (Boston), Esther Adzhiashvili and AZ Biazar, as well as Corporate Restructuring and Bankruptcy Litigation partner Anthony Clark (Wilmington) and associate Cameron Fee (Wilmington); Banking partner Sarah Ward and associates Emily Stork, Shan Song (Chicago) and Katherine Webb; Tax partner Brian Krause and associate Joseph Soltis; and Corporate partner Richard Grossman (New York). Epiq Bankruptcy Solutions is the claims and noticing agent and maintains the Web site http://dm.epiq11.com/perfumania PORTRAIT INNOVATIONS: U.S. Trustee Forms 6-Member Committee ----------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina ordered the appointment of an official committee of unsecured creditors in the Chapter 11 cases of Portrait Innovations, Inc., and its affiliates. The unsecured creditors who were recommended by the U.S. Bankruptcy Administrator to be appointed are: (1) Access Point, Inc. Attn: Jason Brown 1100 Crescent Green, Suite 109 Cary, NC 27518 (2) DDR Corp. Attn: Renee B. Weiss Assoc. Gen. Counsel 3300 Enterprise Parkway Beachwood, OH 44122 (3) FUJIFILM North America Attn: Dennis Fennell 200 Summit Lake Dr. Valhalla, NY 10595-1356 (4) GDP Limited Partnership Attn: Julie Minnick Bowden 110 North Wacker Dr. Chicago, IL 60606 (5) Proximity Costa Rica LLC Attn: Adolfo Cruz-Luthmer Centro de Negocios Eurocenter 106, Heredia, Costa Rica (6) Regency Centers Attn: Ernst Bell Assoc. General Counsel One Independent Dr., Suite 114 Jacksonville, FL 32202 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Portrait Innovations Based in Charlotte, North Carolina, Portrait Innovations Inc. -- http://www.portraitinnovations.com/-- provides in-studio photography sessions to consumers on both a walk-in and appointment basis. The Company offers a variety of portrait packages and other products such as canvases, mugs, calendars and holiday cards to its customers after the session's completion, as well as through its online portal, http://www.portraits.com/ As of Sept. 1, 2017, Portrait operated more than 119 studios in 31 states. On Sept. 1, 2017, Portrait Innovations, Inc. and parent Portrait Innovations Holding Company filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code (Bankr. W.D.N.C. Lead Case No. 17-31455). The petitions were signed by John Grosso, president and chief executive officer. Each of the Debtors estimated assets and debt of $10 million to $50 million. The Hon. Craig J. Whitley is the case judge. Rayburn Cooper & Durham, P.A., serves as counsel to the Debtors. Rust Consulting/Omni Bankruptcy is the claims and noticing agent. PRECISION CASTING: First Amended Disclosure Statement Filed ----------------------------------------------------------- Precision Casting Prototypes & Engineering, Inc., on September 12 filed with the U.S. Bankruptcy Court for the District of Colorado its latest disclosure statement, which explains its proposed Chapter 11 plan of reorganization. The filing contains additional information regarding the company's projected recovery of avoidable transfers, the events leading up to its bankruptcy filing, and its current and historical financial conditions. According to the filing, as of August 31, Precision had accounts receivable of $410,878, of which $102,326 is attributable to Delphi Automotive and $87,907 to Northwest UAV (a division of Boeing). Delphi and Northwest UAV are two of the company's largest customers. Precision also has work in progress, which is not reflected on its balance sheet as an account receivable. As of August 31, the company had approximately $200,000 in work in progress. On average, the company takes about two to three weeks to complete a project for a customer, according to its latest disclosure statement. A full-text copy of the amended disclosure statement is available for free at https://is.gd/436LP3 About Precious Casting Precision Casting Prototypes & Engineering, Inc. is a veteran-owned foundry and machine shop in Colorado serving the entire United States. It operates at a leased property at 7501 East Dahlia Street in Commerce City, Colorado. Precise Cast specializes in rapid prototyping and the precision casting and machining of aluminum, magnesium, and zinc parts primarily for Fortune 500 companies in the aerospace, defense, automotive, commercial vehicle, electronic, and medical device industries. The Debtor filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-20113) on Oct. 13, 2016. The petition was signed by Craig R. Reeves, president. The Debtor is represented by Kenneth J. Buechler, Esq., at Buechler & Garber, LLC. The case is assigned to Judge Thomas B. McNamara. The Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in debt at the time of the filing. On June 16, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. PRIDE OF THE HILLS: Taps Anthony DeGirolamo as Legal Counsel ------------------------------------------------------------ Pride of the Hills Manufacturing Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Anthony DeGirolamo, Esq., as legal counsel. Mr. DeGirolamo will represent the company and its affiliates Pride of the Hills Manufacturing of Killbuck Inc. and Audrian Properties LLC in connection with their Chapter 11 cases. Mr. DeGirolamo will charge an hourly fee of $340 for his services. Paralegals assisting him will charge $170 per hour. During the preceding 12 months, Mr. DeGirolamo received $21,087.50 from the Debtor for services rendered and expenses incurred related to its restructuring needs. The attorney holds a retainer of $8,912.50. Mr. DeGirolamo disclosed in a court filing that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Mr. DeGirolamo maintains an office at: Anthony J. DeGirolamo, Esq. 3930 Fulton Drive, Suite 100B Canton, OH 44718 Phone: (330) 305-9700 Fax: (330) 305-9713 Email: ajdlaw@sbcglobal.net About Pride of the Hills Manufacturing Inc. Pride of the Hills Manufacturing Inc. -- http://www.prideofthehills.com/-- is a manufacturer of oil & gas production equipment, sand separators, line heaters, gas conditioning and automation systems in the Utica and Marcellus regions. It also provides field service and support, training and consulting. Founded by Curt Murray Sr., Pride of the Hills has been an active custom designer and manufacturer in the North American oil and natural gas Industry for 40 years. Pride of the Hills and its affiliates Pride of the Hills Manufacturing of Killbuck Inc. and Audrian Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case Nos. 17-62060 to 17-62062) on September 18, 2017. Curtis W. Murray, Sr., president, signed the petitions. Judge Russ Kendig presides over the cases. Manufacturing Inc. listed under $500,000 in assets; and Manufacturing of Killbuck Inc. estimated under $50,000 in assets. Both Debtors estimated between $1 million and $10 million in liabilities. Audrian Properties estimated between $1 million and $10 million in both assets and liabilities. PRIME SECURITY: S&P Alters Outlook to Stable & Affirms B+ CCR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Boca Raton, Fla.-based Prime Security Services Borrower to stable from negative and affirmed our 'B+' corporate credit rating on the company. Prime Security Services Borrower LLC, a combination of ADT and Protection One and the largest U.S. alarm monitoring service provider, has improved operating metrics and free cash flow, S&P noted. S&P said, "We also affirmed our 'BB-' issue-level rating, with a recovery rating of '2', on the company's first-lien debt and our 'B-' issue-level rating on the company's second-lien debt with a recovery rating of '6'. The '2' recovery rating indicates our expectations for significant (70%-90%; rounded estimate: 75%) recovery in the event of payment default. The '6' recovery rating indicates our expectations for negligible (0%-10%; rounded estimate: 0%) in the event of payment default. "The rating action reflects improvement in key operating metrics at the combined ADT/Protection One since the close of the merger in May of last year. During the first 16 months as a combined company, Prime has reduced attrition and creation costs while cutting operating expenses and we expect the company to make further improvements in these areas over the next 12 months. The improvements, coupled with reduced integration and restructuring costs, should result in Prime's free operating cash flow growing to more than 5% of debt in 2018, consistent with similarly rated companies. "The stable outlook reflects the improvements in operating metrics at the combined ADT/Protection One since the acquisition closed and expectations for moderating integration costs. While capital expenditures remain high, Prime maintains a leading market position in the U.S. alarm monitoring market. We expect the company will maintain leverage in the 5x area and free operating cash flow (FOCF) to debt continuing to grow to the 6% range in 2018. "We could lower the rating if Prime fails to sustain positive free cash flow to debt above 3% on an annual basis or if the company pays another dividend to its sponsor prior to a significant repayment of debt most likely through a public equity offering. "Over the next 12 months, an upgrade is unlikely. However, we could raise the rating if Prime can improve free cash flow to approach 10% of debt on an annual run rate while maintaining strong operating metrics and demonstrating a commitment to pay down debt with free cash flow as opposed to shareholder returns." PROINOS BREAKFAST: Taps Brundage Law as Special Counsel ------------------------------------------------------- Proinos Breakfast Club, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Brundage Law, P.A. as its special counsel. The firm will represent the Debtor in a lawsuit involving a certain Allen Mardani, which is pending in a state circuit court (Case No. 15-0006188). Brundage Law received a $1,900 retainer from the Debtor. Michael Brundage, Esq., disclosed in a court filing that his firm does not represent any creditor or any party adverse to the Debtor and its estate. The firm can be reached through: Michael P. Brundage, Esq. Brundage Law, P.A. 100 Main Street, Suite 205 Safety Harbor, FL 34695 Phone: (727) 754-2971 About Proinos Breakfast Club Proinos Breakfast Club, Inc. operates a family restaurant serving breakfast and lunch in leased premises at 201 West Bay Drive, Suite E-5, Largo FL 33770 and has only one location. It is owned and managed by George Soulellis. Proinos Breakfast Club filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-01819) on March 7, 2017. George Soulellis, president, signed the petition. At the time of filing, the Debtor estimated assets and liabilities to be less than $50,000. The Debtor is represented by Jake C. Blanchard, Esq., at Blanchard Law, P.A. On August 21, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. QUOTIENT LIMITED: Incurs $20.2 Million Net Loss in June 30 Quarter ------------------------------------------------------------------ Quotient Limited filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $20.23 million on $6.82 million of total revenue for the quarter ended June 30, 2017, compared to a net loss of $16.23 million on $5.71 million of total revenue for the quarter ended June 30, 2016. As of June 30, 2017, Quotient Limited had $138.84 million in total assets, $134.37 million in total liabilities and $4.47 million in total shareholders' equity. "Since our commencement of operations in 2007, we have incurred net losses and negative cash flows from operations. As of June 30, 2017, we had an accumulated deficit of $213.5 million. During the quarter ended June 30, 2017, we incurred a net loss of $20.2 million and used $18.5 million of cash in operating activities. As described under results of operations, our use of cash during the quarter ended June 30, 2017 was primarily attributable to our investment in the development of MosaiQ and increased corporate costs, including costs related to being a public company. "We have not achieved profitability on an annual basis since we commenced operations in 2007 and we expect to incur net losses for at least the next fiscal year. As we move towards the commercial launch of MosaiQ, we expect our operating expenses during the year ended March 31, 2018 to be similar to those of the year ended March 31, 2017, as we continue to invest in growing our customer base, expanding our marketing and distribution channels, hiring additional employees and investing in other product development opportunities while our development expenditures on MosaiQ decrease," the Company said in the Form 10-Q report. A full-text copy of the Quarterly Report is available at: https://is.gd/V9pHcN About Quotient Limited Penicuik, United Kingdom-based Quotient Limited -- http://www.quotientbd.com/-- is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets. With an initial focus on blood grouping and serological disease screening, Quotient is developing its proprietary MosaiQ technology platform to offer a breadth of tests that is unmatched by existing commercially available transfusion diagnostic instrument platforms. The Company's operations are based in Edinburgh, Scotland; Eysins, Switzerland and Newtown, Pennsylvania. Ernst & Young LLP, in Belfast, United Kingdom, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended March 31, 2017, citing that the Company has recurring losses from operations and planned expenditure exceeding available funding that raise substantial doubt about its ability to continue as a going concern. Quotient Limited reported a net loss of US$85.06 million on US$22.22 million for the year ended March 31, 2017, a net loss of US$33.87 million for the year ended March 31, 2016, and a net loss of US$59.05 million for the year ended March 31, 2015. RAVENSTAR INVESTMENTS: Kaufman Buying Reno Property for $70K ------------------------------------------------------------ Ravenstar Investments, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to authorize the sale of real property located at 5282 Allegheny Street, Reno, Nevada to Todd Kaufman for $70,000, subject to overbid. A hearing on the Motion is set for Nov. 1, 2017 at 2:00 p.m. Any party interested in bidding on the purchase of the Property must pre-qualify for bidding by providing proof of available funds sufficient to complete the purchase of the Property. In order to be a qualified bidder, proof of funds will be provided to the Counsel for the Debtor by no later than two days before the hearing on the Motion. On Aug. 1, 2014, the Debtor acquired ownership of the Allegheny Street Property. Prior to its acquisition of the Allegheny Street Property, the improvements on the property were nearly destroyed by fire. No remediation work has been done since the fire. It may be necessary to tear down what is left of charred structure before rebuilding. At the time the case was filed the Allegheny Street was not encumbered by any known liens, deeds of trust or other claim. On Sept. 15, 2017, the Debtor received an all cash purchase offer of $70,000 for the Allegheny Street Property from Kaufman, which it accepted. The offer is for a sale "as is" with no loan or appraisal contingencies. The proposed sale will be free and clear of all liens and claims. The Debtor asks approval for the $200,000 in sales proceeds to be disbursed and held as follows: (i) First American Title Co. - $1,000 (estimated Sellers costs of sale); (ii) the Buyer's Agent - $5,000; (iii) Darby Law Practice, Ltd. - $15,000 (to be held as retainer and applied to fees & costs; all subject to Court approval and disgorgement); and (iv) the Debtor - $49,000. Given the condition of the Property, the Debtor believes the proposed purchase price of $70,000 maximizes the value of its assets. Therefore, it has determined that it is in its best business interest to sell the Allegheny Street Property, pursuant to the terms of the Residential Offer and Acceptance Agreement. Based upon the foregoing, the Debtor submits that the sale of the Allegheny Street Property is fair, equitable and a sound business decision. It further believes the sale is in the best interests of the creditors and the estate and that the estate would be prejudiced if it does not sell its assets to Kaufman. Accordingly, the Debtor asks the Court to approve the relief sought. The Debtor further asks the Court to waive the 14-day stay on or before the Order granting the Motion under Fed. R. Bankr. P. 6004(h). About Ravenstar Investments Ravenstar Investments, LLC, owns fee simple interests in eight properties located in Sun Valley and Reno, Nevada. It posted gross revenue from rental income of $38,960 for 2016 and $45,210 for 2015. Ravenstar Investments sought Chapter 11 protection (Bankr. D. Nev. Case No. 17-50751) on June 15, 2017. It disclosed $2.65 million in assets and $2.59 million in liabilities. RAVENSTAR INVESTMENTS: PBL Buying Apricot Court Property for $200K ------------------------------------------------------------------ Ravenstar Investments, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to authorize the sale of real property located at 5794 Apricot Court, Sun Valley, Nevada to Poker Brown, LLC ("PBL") for $200,000, subject to overbid. A hearing on the Motion is set for Nov. 1, 2017 at 2:00 p.m. Any party interested in bidding on the purchase of the Property must pre-qualify for bidding by providing proof of available funds sufficient to complete the purchase of the Property. In order to be a qualified bidder, proof of funds will be provided to the Counsel for the Debtor by no later than two days before the hearing on the Motion. On Dec. 12, 2006, Chris P. Spoon and Christina A. Spoon acquired ownership of the Apricot Court Property. In connection with his acquisition of the Apricot Court Property, on Dec. 7, 2006, Mr. & Mrs. Spoon executed the "Home123 Note." On Dec. 12, 2006, a Deed of Trust was recorded against the Apricot Court Property as Doc No. 3031311 in the Official Records of the Washoe County Recorder, which secured the Home123 Note. Mr. & Mrs. Spoon failed to make the payment due on the Home123 Note for Aug. 1, 2011, thereby defaulting on the Home123 Note. Mr. & Mrs. Spoon have made no payment since at least August 2011. In September 2011, Home123 accelerated the Home123 Note. On Jan. 11, 2012, an Assignment of Deed of Trust was recorded in the Official Records of the Washoe County Recorder, pursuant to which the Home123 Deed of Trust was assigned to U.S. Bank. On Jan. 11, 2012, another Assignment of Deed of Trust was recorded in the Official Records of the Washoe County Recorder, pursuant to which the Home123 Deed of Trust was again purportedly assigned to U.S. Bank. On Sept. 21, 2011, Highland Ranch Homeowners Association recorded a Notice of Delinquent Assessment and Claim of Lien for delinquent homeowners association dues related to the Apricot Court Property and owed to Highland Ranch HOA. On March 5, 2013, Highland Ranch HOA recorded a Notice of Foreclosure Sale. On April 16, 2013, Highland Ranch HOA foreclosed on the Highland Ranch Lien and Apricot Court Property and took ownership of the Apricot Court Property. On Jan. 15, 2014, the Highland Ranch HOA transferred all of its ownership interest in the Apricot Court Property to the Debtor. On Sept. 15, 2017, the Debtor received an all cash purchase offer of $200,000 for the Apricot Court Property from PBL, which it accepted. The offer is for a sale "as is" with no loan or appraisal contingencies. The proposed sale will be free and clear of all liens and claims. The Debtor asks approval for the $200,000 in sales proceeds to be disbursed and held as follows: (i) First American Title Co. - $2,500 (estimated Sellers costs of sale); (ii) the Buyer's Agent - $5,000; (iii) Darby Law Practice, Ltd. - $15,000 (to be held as retainer and applied to fees & costs; all subject to Court approval and disgorgement); and (iv) the Debtor - $177,500 (to be held pending further Court order/resolution of objection to U.S. Bank claim). Given the condition of the property, the Debtor believes the proposed purchase price of $200,000 maximizes the value of its assets. Therefore, it has determined that it is in its best business interest to sell the Apricot Court Property. Based upon the foregoing, the Debtor submits that the sale of the Apricot Court Property is fair, equitable and a sound business decision. It further believes the sale is in the best interests of the creditors and the estate and that the estate would be prejudiced if it does not sell its assets to PBL. Accordingly, the Debtor asks the Court to approve the relief sought. The Debtor further asks the Court to waive the 14-day stay on or before the Order granting the Motion under Fed. R. Bankr. P. 6004(h). About Ravenstar Investments Ravenstar Investments, LLC, owns fee simple interests in eight properties located in Sun Valley and Reno, Nevada. It posted gross revenue from rental income of $38,960 for 2016 and $45,210 for 2015. Ravenstar Investments sought Chapter 11 protection (Bankr. D. Nev. Case No. 17-50751) on June 15, 2017. It disclosed $2.65 million in assets and $2.59 million in liabilities. RAVENSTAR INVESTMENTS: PBL Buying Caddo Court Property for $200K ---------------------------------------------------------------- Ravenstar Investments, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to authorize the sale of real property located at 6453 Caddo Court, Sun Valley, Nevada to Poker Brown, LLC ("PBL") for $200,000, subject to overbid. A hearing on the Motion is set for Nov. 1, 2017 at 2:00 p.m. Any party interested in bidding on the purchase of the Property must pre-qualify for bidding by providing proof of available funds sufficient to complete the purchase of the Property. In order to be a qualified bidder, proof of funds will be provided to the Counsel for the Debtor by no later than two days before the hearing on the Motion. On April 30, 2004, Kyle K. Natenstedt acquired ownership of Caddo Court Property. In connection with his acquisition of the Caddo Court Property, on April 27, 2004, Mr. Natenstedt executed a promissory note in favor of Sierra Pacific Mortgage with an original principal balance of $189,989. On April 30, 2004, a Deed of Trust was recorded against the Caddo Court Property as Doc No. 3031311 in the Official Records of the Washoe County Recorder, which secured the Sierra Pacific Mortgage Note. Mr. Natenstedt failed to make the payment due on the Sierra Pacific Mortgage Note for Sept. 1, 2007, thereby defaulting on the Sierra Pacific Mortgage Note. Mr. Natenstedt has made no payment since at least August 2007. On Feb. 2, 2008, Sierra Pacific Mortgage recorded a Notice of Default related to the Sierra Pacific Mortgage Note in the Official Records of the Washoe County Recorder, and pursuant to which the entire balance of the Sierra Pacific Mortgage Note was accelerated and declared due on Feb. 12, 2008. On Sept. 18, 2008, Sierra Pacific Mortgage recorded a second Notice of Default related to the Sierra Pacific Mortgage Note in the Official Records of the Washoe County Recorder. On Dec. 12, 2008, a Notice of Sale was recorded in the Official Records of the Washoe County Recorder, which set a sale date of Jan. 14, 2009. Sierra Pacific Mortgage never proceeded with that foreclosure sale. On July 29, 2009, Highland Ranch Homeowners Association recorded a Notice of Delinquent Assessment and Claim of Lien for delinquent homeowners association dues related to the Caddo Court Property and owed to Highland Ranch HOA. On April 16, 2010, a third Notice of Default was recorded in relation to the Sierra Pacific Note and Deed of Trust. Thereafter, no less than three notices of sale related to the Sierra Pacific Mortgage Deed of Trust were recorded, including the following: (i) Document No. 3925696, recorded 9/24/2010, with a foreclosure sale date of 10/12/2010; (ii) Document No. 3978047, 2/28/2011, with a foreclosure sale date of 3/18/2011; and (iii) Document No. 4172317, recorded 11/9/2012, with a foreclosure sale date of 11/29/2012. Neither Sierra Pacific Mortgage, nor any of its successors in interest or agents, took any completed any of the noticed foreclosure sales of the Caddo Court Property. On Oct. 30, 2013, an Assignment of Deed of Trust was recorded in the Official Records of the Washoe County Recorder, pursuant to which the Sierra Pacific Mortgage Deed of Trust was assigned to Nationstar Mortgage, LLC. On March 5, 2013, Highland Ranch HOA recorded a Notice of Foreclosure Sale. On April 10, 2013, Highland Ranch HOA foreclosed on the Highland Ranch Lien and Caddo Court Property and took ownership of the Caddo Court Property. On Jan. 15, 2014, the Highland Ranch HOA transferred all of its ownership interest in the Caddo Court Property to the Debtor. On Nov. 7, 2016, Nationstar filed a Complaint in the United States District court for the District of Nevada alleging, in substance, that the Caddo Court Property remains encumbered by the Sierra Pacific Mortgage Deed of Trust and that the foreclosure sale by Highland Ranch HOA did not extinguish the Sierra Pacific Mortgage Deed of Trust. On Sept. 15, 2017, the Debtor received an all cash purchase offer of $200,000 for the Caddo Court Property from PBL, which it accepted. The offer is for a sale "as is" with no loan or appraisal contingencies. The proposed sale will be free and clear of all liens and claims. The Debtor asks approval for the $200,000 in sales proceeds to be disbursed and held as follows: (i) First American Title Co. - $2,500 (estimated Sellers costs of sale); (ii) the Buyer's Agent - $5,000; (iii) Darby Law Practice, Ltd. - $15,000 (to be held as retainer and applied to fees & costs; all subject to Court approval and disgorgement); and (iv) the Debtor - $177,500 (to be held pending further Court order/resolution of objection to Nationstar claim). Given the condition of the property, the Debtor believes the proposed purchase price of $200,000 maximizes the value of its assets. Therefore, it has determined that it is in its best business interest to sell the Caddo Court Property. Based upon the foregoing, the Debtor submits that the sale of the Caddo Court Property is fair, equitable and a sound business decision. It further believes the sale is in the best interests of the creditors and the estate and that the estate would be prejudiced if it does not sell its assets to PBL. Accordingly, the Debtor asks the Court to approve the relief sought. The Debtor further asks the Court to waive the 14-day stay on or before the Order granting the Motion under Fed. R. Bankr. P. 6004(h). About Ravenstar Investments Ravenstar Investments, LLC, owns fee simple interests in eight properties located in Sun Valley and Reno, Nevada. It posted gross revenue from rental income of $38,960 for 2016 and $45,210 for 2015. Ravenstar Investments sought Chapter 11 protection (Bankr. D. Nev. Case No. 17-50751) on June 15, 2017. It disclosed $2.65 million in assets and $2.59 million in liabilities. RAVENSTAR INVESTMENTS: PBL Buying Reno Property for $200K --------------------------------------------------------- Ravenstar Investments, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to authorize the sale of real property located at 8975 Silverkist Drive, Reno, Nevada to Poker Brown, LLC ("PBL") for $200,000, subject to overbid. A hearing on the Motion is set for Nov. 1, 2017 at 2:00 p.m. Any party interested in bidding on the purchase of the Property must pre-qualify for bidding by providing proof of available funds sufficient to complete the purchase of the Property. In order to be a qualified bidder, proof of funds will be provided to the Counsel for the Debtor by no later than two days before the hearing on the Motion. On Oct. 10, 2006, Alyse A Vickers acquired ownership of the Silverkist Drive Property. In connection with his acquisition of the Silverkist Drive Property, on Oct. 6, 2006, Ms. Vickers executed a promissory note in favor of CTX Mortgage with an original principal balance of $189,989. On Oct. 10, 2006, a Deed of Trust was recorded against the Silverkist Drive Property as Doc No. 3448793 in the Official Records of the Washoe County Recorder, which secured the CTX Mortgage Note. Ms. Vickers failed to make the payment due on the CTX Mortgage Note for Sept. 1, 2007, thereby defaulting on the CTX Mortgage Note. Ms. Vickers has made no payment since at least August 2007. On June 7, 20011, Silver Terrace II Landscape Maintenance Association recorded a Notice of Delinquent Assessment and Claim of Lien for delinquent homeowners association dues related to the Silverkist Drive Property and owed to Silver Terrace HOA. On Oct. 10, 2011, Silver Terrace HOA recorded a Notice of Foreclosure Sale. On April 10, 2013, Silver Terrace HOA foreclosed on the Silver Terrace Lien and Silverkist Drive Property and took ownership of the Silverkist Drive Property. On March 6, 2014, the Silver Terrace HOA transferred all of its ownership interest in the Silverkist Drive Property to the Debtor. On Aug. 20, 2014, Bank of America, N.A./Countrywide Bank NA purportedly assigned the CTX Mortgage Deed of Trust to the USA Secretary of Housing & Urban Development. On Sept. 12, 2014, the USA Secretary of Housing & Urban Development purportedly assigned the CTX Mortgage Deed of Trust to Bayview Loan Servicing, LLC. On April 20, 2017, Bayview Loan Servicing, LLC purportedly assigned the CTX Mortgage Deed of Trust to Bank of America, N.A. ("BofA"). On Dec. 8, 2016, BofA filed a Complaint in the United States District court for the District of Nevada alleging, in substance, that the Silverkist Drive Property remains encumbered by the CTX Mortgage Deed of Trust and that the foreclosure sale by Silver Terrace HOA did not extinguish the CTX Mortgage Deed of Trust. On Sept. 15, 2017, the Debtor received an all cash purchase offer of $200,000 for the Silverkist Drive Property from PBL, which it accepted. The offer is for a sale "as is" with no loan or appraisal contingencies. The proposed sale will be free and clear of all liens and claims. The Debtor asks approval for the $200,000 in sales proceeds to be disbursed and held as follows: (i) First American Title Co. - $2,500 (estimated Sellers costs of sale); (ii) the Buyer's Agent - $5,000; (iii) Darby Law Practice, Ltd. - $15,000 (to be held as retainer and applied to fees & costs; all subject to Court approval and disgorgement); and (iv) the Debtor - $177,500 (to be held pending further Court order/resolution of objection to BofA claim). Given the condition of the Property, the Debtor believes the proposed purchase price of $200,000 maximizes the value of its assets. Therefore, it has determined that it is in its best business interest to sell the Silverkist Drive Property, pursuant to the terms of the Residential Offer and Acceptance Agreement. Based upon the foregoing, the Debtor submits that the sale of the Silverkist Drive Property is fair, equitable and a sound business decision. It further believes the sale is in the best interests of the creditors and the estate and that the estate would be prejudiced if it does not sell its assets to PBL. Accordingly, the Debtor asks the Court to approve the relief sought. The Debtor further asks the Court to waive the 14-day stay on or before the Order granting the Motion under Fed. R. Bankr. P. 6004(h). About Ravenstar Investments Ravenstar Investments, LLC, owns fee simple interests in eight properties located in Sun Valley and Reno, Nevada. It posted gross revenue from rental income of $38,960 for 2016 and $45,210 for 2015. Ravenstar Investments sought Chapter 11 protection (Bankr. D. Nev. Case No. 17-50751) on June 15, 2017. It disclosed $2.65 million in assets and $2.59 million in liabilities. RAVENSTAR INVESTMENTS: PBL Buying Serrano Court Property for $200K ------------------------------------------------------------------ Ravenstar Investments, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to authorize the sale of real property located at 6438 Serrano Court, Sun Valley, Nevada to Poker Brown, LLC ("PBL") for $200,000, subject to overbid. A hearing on the Motion is set for Nov. 1, 2017 at 2:00 p.m. Any party interested in bidding on the purchase of the Property must pre-qualify for bidding by providing proof of available funds sufficient to complete the purchase of the Property. In order to be a qualified bidder, proof of funds will be provided to the Counsel for the Debtor by no later than two days before the hearing on the Motion. On June 28, 2006, Rossana Martinez-Acosta acquired ownership of the Serrano Court Property. In connection with his acquisition of the Serrano Court Property, on June 22, 2006, Ms. Martinez-Acosta executed a promissory note in favor of FNBN with an original principal balance of $176,400. On June 28, 2006, a Deed of Trust was recorded against the Serrano Court Property as Doc No. 3406839 in the Official Records of the Washoe County Recorder, which secured the FNBN Note. Ms. Martinez-Acosta failed to make the payment due on the FNBN Note for February 2010, thereby defaulting on the FNBN Note. Ms. Martinez-Acosta has made no payment since at least February 2010. On July 19, 2011, a Notice of Default related to the FNBN Note was recorded in the Official Records of the Washoe County Recorder, and pursuant to which the entire balance of the FNBN Note was accelerated and declared due on July 19, 2011. On Nov. 4, 2011, an Assignment of Deed of Trust was recorded in the Official Records of the Washoe County Recorder, pursuant to which the FNBN Deed of Trust was assigned to BONYM. No further action was ever taken by BONYM or its predecessor in interest to enforce the FNBN Note or FNBN Deed of Trust. On Nov. 9, 2012, Highland Ranch Homeowners Association recorded a Notice of Delinquent Assessment and Claim of Lien for delinquent homeowners association dues related to the Serrano Court Property and owed to Highland Ranch HOA. On March 9, 2013, Highland Ranch HOA recorded a Notice of Foreclosure Sale. On May 3, 2013, Highland Ranch HOA foreclosed on the Highland Ranch Lien and Serrano Court Property and took ownership of the Serrano Court Property. On Jan. 5, 2014, the Highland Ranch HOA transferred all of its ownership interest in the Serrano Court Property to the Debtor. On June 15, 2017, the Debtor filed its petition for relief under Chapter 11 of the Code. On Sept. 15, 2017, the Debtor received an all cash purchase offer of $200,000 for the Serrano Court Property from PBL, which it accepted. The offer is for a sale "as is" with no loan or appraisal contingencies. The proposed sale will be free and clear of all liens and claims. The Debtor asks approval for the $200,000 in sales proceeds to be disbursed and held as follows: (i) First American Title Co. - $2,500 (estimated Sellers costs of sale); (ii) the Buyer's Agent - $5,000; (iii) Darby Law Practice, Ltd. - $15,000 (to be held as retainer and applied to fees & costs; all subject to Court approval and disgorgement); and (iv) the Debtor - $177,500 (to be held pending further Court order/resolution of objection to BONY claim). Given the condition of the property, the Debtor believes the proposed purchase price of $200,000 maximizes the value of its assets. Therefore, it has determined that it is in its best business interest to sell the Serrano Court Property. Based upon the foregoing, the Debtor submits that the sale of the Serrano Court Property is fair, equitable and a sound business decision. It further believes the sale is in the best interests of the creditors and the estate and that the estate would be prejudiced if it does not sell its assets to PBL. Accordingly, the Debtor asks the Court to approve the relief sought. The Debtor further asks the Court to waive the 14-day stay on or before the Order granting the Motion under Fed. R. Bankr. P. 6004(h). About Ravenstar Investments Ravenstar Investments, LLC, owns fee simple interests in eight properties located in Sun Valley and Reno, Nevada. It posted gross revenue from rental income of $38,960 for 2016 and $45,210 for 2015. Ravenstar Investments sought Chapter 11 protection (Bankr. D. Nev. Case No. 17-50751) on June 15, 2017. It disclosed $2.65 million in assets and $2.59 million in liabilities. REGAL ENTERTAINMENT: Fitch Lowers Sr. Unsec. Notes Rating to B/RR5 ------------------------------------------------------------------ Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of Regal Entertainment Group (Regal) and Regal Cinemas Corporation (Regal Cinemas) at 'B+'. In addition, Fitch has downgraded the holding company senior unsecured notes to 'B/RR5' from 'B+/RR4' reflecting the reduced recovery prospects for the notes due to the higher proportion of senior secured debt in the capital structure. Fitch affirmed all other issue ratings. The Rating Outlook remains Stable. The ratings reflect Regal's size and scale as the second largest theatre exhibitor in the U.S., Fitch's belief that theatre exhibitors will remain an important window for film studios' largest releases, and that the company's investments in re-seating and expanding food and beverage offerings are prudent given the long-term secular pressures on movie attendance and will provide the company with opportunities to expand revenue per patron over the rating case. Fitch also acknowledges the company's high gross adjusted leverage of 5.6x, the inherent top-line volatility of the industry given its reliance on film studios for product and the high degree of operating leverage of the business model, and Fitch expectations that most of cash flow will be deployed to theatre upgrades and shareholder returns. Fitch notes that the 2017 box office has proved more challenging, with a weaker performing film slate against tough comparables in 2016 (box office [$11.4 billion, up 2.4% per Box Office Mojo]). Despite a strong first quarter (domestic box office up 4.5%) and the prospect for some well performing titles late in 2017, including: "Blade Runner 2049", "Justice League", "Thor: Ragnorak", "CoCo", "Ferdinand" and "Star Wars: The Last Jedi", Fitch does not believe this will be enough to offset the weaker summer and fall. Fitch now expects 2017 box office could be down low single-digits versus 2016, negatively impacting Regal's top-line results. Despite these operational headwinds, the Stable Outlook reflects Fitch's expectation that the remainder of 2017 will benefit from some better performing titles, Fitch beliefs that the weakness in 2017 is more reflective of cyclicality and the quality of film product, and that while margins could experience some compression over the near term, pre-dividend free cash flow (FCF) generation will remain relatively steady in a range of $150 million to $200 million over the rating case. KEY RATING DRIVERS Key Promotion Window for Studios: Regal's ratings reflect Fitch's belief that theatre exhibition will continue to be a key promotion window for the movie studios' tent-pole releases. Challenging 2017 Box Office: Fitch believes 2017's film box office will be down in the low single-digits compared to 2016 ($11.4 billion, up 2.4%), with attendance down low single-digits and flat to modestly higher average ticket prices. Summer box office was soft owing to underperformance of some franchises including "Pirates of the Caribbean" and "Transformers". However, spring box office was up 4.4%. Fitch believes that the remainder of the 2017 film slate looks solid with noteworthy titles including "Blade Runner 2049", "Thor: Ragnarok", "Justice League", "CoCo", and "Star Wars: The Last Jedi" later in 2017. However this is unlikely to offset the weaker summer. Prudent Investments in Premium Seating: Fitch believes the investments made by Regal and its peers to improve the patron's experience are prudent. Regal plans to outfit 30% of its total screens with reclining seats by year-end 2017 with a potential for an incremental 10% to 15% to be converted by 2019. Regal also continues to expand enhanced food and beverage menus. While high-margin concessions may be pressured, Fitch believes that, in the long term, the exhibitors will benefit from delivering an improved value proposition to its patrons, and that premium food services and/or offerings will grow absolute levels of revenue and EBITDA. Liquidity Supported By Meaningful FCF: Pro forma for Regal's modest incremental term loan issuance, gross adjusted leverage approximated 5.6x as of the latest 12 month (LTM) period ending June 30, 2017. Regal's solid liquidity position is supported by annual pre-dividend FCF in a range of $150 million-$200 million, and a favourable near-term maturity schedule. Fitch expects cash deployment to be used towards investments into premium seating and concessions, acquisitions and shareholder returns. Faster Video on Demand Poses Risk: A premium Video On Demand (PVOD) window being introduced over the near to intermediate term is a real possibility as it is supported by many of the larger studios. Fitch believes that an introduction of a PVOD window less than 45 days after theatrical release poses a threat to movie exhibitor's attendance. Fitch believes this plan would most likely be more suitable for lower budget films with targeted demos rather than franchises. Also, Fitch believes it is more likely that studios will need to negotiate with exhibitors and a potential revenue sharing agreement could help offset any declines in attendance. Increasing Competitive Threats: The ratings factor the intermediate- to long-term risks associated with increased competition from at-home entertainment media, limited control over revenue trends, shrinking film distribution windows and increasing indirect competition from other distribution channels (VOD, OTT, and streaming services). For the long term, Fitch continues to expect that the movie exhibitor industry will be challenged in growing attendance, and any potential attendance declines will offset some of the growth in average ticket prices and growth in concessions. Dependent on Film Studios Product: Finally, Regal and its peers rely on the quality, quantity, and timing of movie product, all factors out of management's control. DERIVATION SUMMARY Regal is the second largest theatre exhibitor in the U.S. and this affords the benefit of scale versus smaller peers, particularly given the high fixed cost structure that characterizes the movie exhibition sector. Fitch also believes that management's more conservative financial policy regarding capital allocation priorities, specifically M&A activity, positions Regal's credit metrics more strongly versus peer, AMC Entertainment (B/Stable). Fitch expects peers in the movie exhibitor sector to continue to focus on theatre upgrades and expanding concession offerings over the next couple of years. Fitch believes such investments are prudent given the longer-term secular pressures on attendance. However, Fitch expects that an elevated level of capital spending will continue to pressure free cash flow generation for the peer set. Fitch also expects exhibitors to maintain their historically shareholder-friendly financial policies over the longer term. As such, Fitch does not expect any material reductions in absolute debt balances. KEY ASSUMPTIONS Fitch's key assumptions within its ratings case for the issuer include: -- Low-single digit revenue declines in 2017 reflecting domestic industry box office declines in low single digits with weaker- than-expected 2Q'17 and 3Q'17 film slate and tough 2016 comps; -- Low-single digit declines in attendance in 2017, returning to better performance thereafter; -- Flat to low-single digit average ticket price growth; -- Low to mid-single digit increase in concession revenue per patron as a result of investments in food and beverage (F&B); -- EBITDA margin is forecasted to stay relatively steady around 19% (including NCM distribution); -- Capital expenditures of $130 million-$145 million net of landlord contributions; -- Share repurchases of $50 million completed by 2018. -- The recovery analysis assumes that Regal would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch assumes a 10% administrative claim in the recovery analysis. -- Regal's going concern EBITDA is based on Fitch's estimate of LTM EBITDA of $595 million. The going-concern EBITDA is 41% below LTM EBITDA to reflect the impact of a secular decline in attendance, the closure of theaters, the high degree of operating leverage of the theatre exhibitor business model, as well as a down box office cycle. -- Fitch estimates an adjusted, distressed enterprise valuation of $1.9 billion using a 5x multiple, and includes an estimate for Regal's equity stake in NCM of $147 million. An EV multiple of 5x is used to calculate a post-reorganization valuation, below the 5.5x median TMT emergence enterprise value (EV)/forward EBITDA multiple. This lower multiple considers the following factors: (1) The lower multiple is supported by Fitch's belief that movie exhibitors have limited tangible asset value; (2) current trading multiples (EV/EBITDA) of theatre exhibitor peers in a range of 8x-12x and; (3) recent transaction multiples in the 9x range (AMC purchased domestic circuit Carmike for $1.1 billion in December 2016 for a LTM Adjusted EBITDA purchase price multiple of 9.2x and AMC purchased international circuit Odeon and UCI for $1.2 billion in November 2016 at a purchase price multiple of 9.1x) . -- Fitch assumes a fully drawn revolver in its recovery analysis since credit revolvers are tapped as companies are under distress. Fitch assumes a full draw on Regal's $85 million revolver. -- For Fitch's recovery analysis, leases are a key consideration. While Fitch does not assign recovery ratings for the company's operating lease obligations, it is assumed the company rejects only 30% of its $2.9 billion (calculated at a net present value) in operating lease commitments due to their significance to the operations in a going-concern scenario and is liable for 15% of those rejected values. This incorporates the importance of the leased space to the core business prospects as a going concern. Fitch also includes all of Regal's capital leases as unsecured obligations in the recovery. -- The recovery model implies a 'BB+ and 'RR1' recovery rating for the company's secured bank facilities reflecting Fitch's belief that 91%-100% expected recovery is reasonable. The recovery model implies a 'B' rating and 'RR5' recovery rating for the senior unsecured notes, reflecting an expected recovery of 11%-30%. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Given the prospective secular challenges facing Regal and its industry peers, Fitch does not anticipate an upgrade over the near term. -- However, significant improvements in the operating environment (sustainable increases in attendance from continued success of operating initiatives) driving FCF/adjusted debt above 2%, interest coverage (including rents) above 2.5x, and gross adjusted leverage below 4.0x on a sustainable basis could have a positive effect on the rating. In strong box office years, metrics may be stronger in order to provide a cushion for weaker box office years. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- A meaningful sustained decline in attendance and/or per patron concession spending that result in volatile free cash flow generation, reduced interest coverage (including rents) below 1.5x, or increased gross adjusted leverage above 6.0x could pressure the rating. -- Fitch anticipates that the company, as well as other movie exhibitors, will continue to consolidate. While not anticipated, a debt-financed material acquisition or return of capital to shareholders that would raise the adjusted gross leverage beyond 6.0x in the absence of a credible delivering plan could have a negative effect on the rating. LIQUIDITY Regal's solid liquidity position is supported by $236 million of cash on hand as of June 30, 2017 and $82.3 million availability under its $85 million revolver due April 2020. Fitch expects cash flow to be largely deployed towards investments into premium seating and concessions and shareholder returns. Regal expects to re-seat 30% of its theatre circuit by year-end 2017 and it is targeting an possible incremental 10%-15% by 2019. LTM FCF before dividends as of June 30, 2017 was $150 million. Fitch expects pre-dividend FCF in a range of $150 million-$200 million annually over the next two years. Fitch estimates approximately $140 million in annual dividends. As a result of recent stock underperformance (Regal's share price down roughly 31% year-to-date), the Board of Directors authorized a $50 million share repurchase program in August 2017. Regal has a manageable maturity profile with Regal Cinemas' term loans due in 2022 as its next material maturity. Fitch believes that Regal will have sufficient liquidity, including access to credit markets, to address its maturities. Fitch calculates unadjusted gross leverage of 3.9x and interest coverage at 5.6x as of June 30, 2017. Regal had $2.5 billion in total debt as of June 30, 2017, including $1.1 billion outstanding under the Regal Cinemas senior secured credit facilities and $1.27 billion in holding company senior unsecured notes. The credit facilities require a 4.0x maximum consolidated leverage ratio and a 6.0x maximum consolidated adjusted leverage ratio only if revolver borrowings exceed 30% of the committed amount. FULL LIST OF RATING ACTIONS Fitch has taken the following rating actions: Regal Entertainment Group (Regal) -- IDR affirmed at 'B+'; -- Senior unsecured notes downgraded to 'B/RR5' from 'B+/RR4'. Regal Cinemas -- IDR affirmed at 'B+'; -- Senior secured credit facility affirmed at 'BB+/RR1'. The Rating Outlook is Stable. RINCON ISLAND: Trustee Taps Gollob Morgan as Accountant ------------------------------------------------------- Jason Searcy, the Chapter 11 trustee for Rincon Island Limited Partnership, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Gollob Morgan Peddy, Certified Public Accountants. The firm will, among other things, advise the trustee regarding the financial operations of the Debtor's business, and prepare the Debtor's tax returns and monthly operating reports. The firm's standard hourly rates for the services of its certified public accountants range from $125 to $250. Bookkeepers charge $100 per hour. Robert Peddy, a certified public accountant and a member of Gollob, disclosed in a court filing that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Gollob can be reached through: Robert W. Peddy Gollob Morgan Peddy Certified Public Accountants 1001 ESE Loop 323, Suite 300 Tyler, TX 75701 Phone: (903) 534-0088 Fax: (903) 581-3915 About Rincon Island Limited Partnership Rincon Island Limited Partnership filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-33174) on August 8, 2016. The petition was signed by Susan M. Whalen, SVP and general counsel of general partner. At the time of filing, the Debtor estimated assets at $50 million to $100 million and liabilities at $100 million to $500 million. The case is assigned to Judge Harlin DeWayne Hale. The Debtor's counsel is David A. Zdunkewicz, Esq., at Andrews Kurth, LLP. The Debtor hired Claro Group, LLC and Richard S. Schmidt as special purpose fiduciary to negotiate a debtor-in-possession financing. Jason R. Searcy, Esq., was appointed to serve as Chapter 11 trustee for the Debtor. The trustee hired Searcy & Searcy, P.C. as legal counsel; PLS, Inc. as broker and sales consultant; and Driltek, Inc. to operate its oil and gas properties. No examiner or official committee of unsecured creditors has been appointed in the case. ROBERT LAMPE: Plan Confirmation Hearing Set for Nov. 9 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Kansas is set to hold a hearing on November 9 to consider approval of the Chapter 11 plan of reorganization for Robert Thomas Lampe and his companies Whirlwind Farms, Inc. and Mariah Farms, Inc. The hearing will be held at 10:30 a.m. at Wichita Room 150. The court will also consider at the hearing approval of the third amended disclosure statement, which explains the plan. A copy of the disclosure statement filed on September 12 is available for free at https://is.gd/hm8Xj3 About Robert Thomas Lampe Robert Thomas Lampe is the sole officer, director, and stockholder of Mariah Farms Inc. and Whirlwind Farms Inc., which produce crops and livestock near Kendall, Kansas. Robert Thomas Lampe and his companies sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case Nos. 16-10621 to 16-10623) on April 12, 2016. On June 9, 2016, the court ordered the joint administration of the cases. At the time of the filing, both companies estimated their assets and liabilities at $1 million to $10 million. A committee of unsecured creditors was appointed on October 25, 2016. On November 21, 2016, the Debtors filed a combined disclosure statement and Chapter 11 plan of reorganization. ROCKY MOUNTAIN: Issues 789K Series E Preferred Shares to CEO ------------------------------------------------------------ Rocky Mountain High Brands, Inc.'s Board of Directors approved on Sept. 18, 2017, the issuance of 789,474 shares of the Company's newly designated Series E Preferred Stock to its President and CEO, Michael Welch. These shares were issued to Mr. Welch in payment of certain sums for accrued compensation due for the months of July and August 2017, totaling $15,000. On Sept. 18, 2017, the Board approved a Certificate of Designation for its newly designated Series E Preferred Stock. The class of Series E Preferred Stock consists of 789,474 shares. Each share of Series E Preferred Stock will automatically convert to one share of common stock immediately following the effectiveness of an amendment to the Company's Articles of Incorporation increasing the amount of its authorized capital stock. Series E Preferred Stock will have the right to cast 2,000 votes for every one share of Series E Preferred Stock on any and all proposals to amend its Articles of Incorporation to increase the authorized capital stock of the company. The holders of Series E Preferred Stock will have no other voting rights. On Sept. 19, 2017, the Board and Mr. Welch, acting pursuant to the special voting rights accruing under the Series E Preferred Stock, approved an amendment to the Company's Articles of Incorporation increasing its authorized common stock to 4,000,000,000 shares. Pursuant to Rule 14c-2 under the Securities Exchange Act of 1934, as amended, this amendment will not be implemented until a date at least 20 days after the date on which an Information Statement on Schedule 14C has been mailed to its shareholders. Upon legal effectiveness of the amendment to the Company's Articles of Incorporation, Mr. Welch's Series E Preferred Stock will automatically convert to 789,474 shares of common stock pursuant to the terms of the Certificate of Designation. About Rocky Mountain Dallas, Texas-based Rocky Mountain High Brands, Inc. (OTCMKTS:RMHB) is a consumer goods brand development company specializing in developing, manufacturing, marketing, and distributing high quality, health conscious, hemp-infused food and beverage products and spring water. The Company currently markets a lineup of five hemp-infused beverages. RMHB is also researching the development of a lineup of products containing Cannabidiol (CBD). The Company's intention is to be on the cutting edge of the use of CBD in consumer products while complying with all state and federal laws and regulations. Rocky Mountain reported net income of $2.32 million on $1.07 million of sales for the fiscal year ended June 30, 2016, compared with a net loss of $16.62 million on $489,849 of sales for the fiscal year ended June 30, 2015. As of March 31, 2017, Rocky Mountain had $2.56 million in total assets, $7.40 million in total liabilities, all current, and a total shareholders' deficit of $4.83 million. Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company has a shareholders' deficit of $1,477,250, an accumulated deficit of $16,878,382 at June 30, 2016, and has generated operating losses since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. SAINT ANNE'S RETIREMENT: Fitch Affirms BB+ on 2012 Revenue Bonds ---------------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' rating on the following Lancaster County Hospital Authority revenue bonds, issued on behalf of Saint Anne's Retirement Community, PA (SARC): -- $17.7 million revenue bonds, series 2012. The Rating Outlook is Stable. SECURITY The bonds are secured by a gross revenue pledge, mortgage lien, and a debt service reserve fund. KEY RATING DRIVERS UPCOMING CAPITAL PROJECT: SARC is moving forward on a multi-phase independent living unit (ILU) expansion project that will add 78 new IL apartments and 17 new IL cottages. The affirmation reflects Fitch's view that SARC can absorb the additional debt at the current rating level. Project cost is expected to be $41 million, of which $34 million is expected to be funded by private bank debt. The first phase of the IL expansion is approximately 54% pre-sold, and SARC expects to reach its pre-sale target of 70% by November, with construction starting soon after that. IMPROVED FINANCIAL PERFORMANCE: The affirmation is further supported by the improvement to SARC's operational performance in FY 2016 and FY 2017. In FY 2017, SARC reported a healthy 93.5% operating ratio and 11.2% net operating margin (NOM) which compare favorably to Fitch's below investment grade (BIG) medians of 97.8% and 5.7%, respectively. The improved performance has been driven by a memory care expansion that was completed in 2016. STRONG OCCUPANCY: SARC's improved census levels in FY 2016 have been maintained in FY 2017, including strong occupancy levels in its new memory care units (MCUs). In FY 2017, occupancy averaged a robust 97% in ILUs, 97% in assisted living units (ALUs), 91% in its MCUs, and 86% in its skilled nursing facility (SNF). SUFFICIENT LIQUIDITY: SARC's unrestricted cash and investments increased to $9.8 million in FY 2017 which equated to 231 days cash on hand (DCOH), 56.9% cash to debt, and 6x cushion ratio. Cash to debt will be affected by the additional debt, but a pro forma analysis shows it remaining thin but adequate for the rating level. INCREASED DEBT BURDEN: SARC is expected to borrow $34 million through a private bank placement to help fund the expansion project. A pro forma analysis shows total debt increasing by 197% and pro forma maximum annual debt service equaling a high 18.2% of total FY 2017 revenues, which compares unfavorably to the 'BIG' median of 15.8%. Additional revenues from the ILUs once they are filled mitigate some of the concerns over the increased debt burden. RATING SENSITIVITIES CAPITAL PROJECT FINANCING: The financing of the project has yet to be finalized. Should the final terms of the financing differ from Fitch expectations, it may impact the rating. CAPITAL PROJECT EXECUTION: Fitch believes Saint Anne's Retirement Communities (SARC) has the ability to absorb the increased debt burden associated with the upcoming ILU expansion project. However, construction delays, cost overruns, or fill-up delays that result in material deviations from forecasted operations could lead to negative pressure on the rating. SCIENTIFIC GAMES: Moody's Puts B2 CFR on Review for Downgrade ------------------------------------------------------------- Moody's Investors Service placed the rating of Scientific Games Corporation (SGC) on review for downgrade following the company's announcement that it has entered into a definitive agreement to acquire NYX Gaming Group Limited (NYX) for approximately US$631 million. NYX is a digital game provider headquartered in Las Vegas, NV and listed on the TSX Venture Exchange. "Although Moody's recognizes the longer-term benefits related to the acquisition, the decision to place SGC on review for downgrade considers the impact this acquisition will have on the company's ongoing effort to reduce leverage, a key consideration with respect to the company avoiding a downgrade," stated Adam McLaren, Moody's analyst. On Review for Downgrade: Issuer: Scientific Games Corporation -- Probability of Default Rating, Placed on Review for Downgrade, currently B2-PD -- Corporate Family Rating, Placed on Review for Downgrade, currently B2 Issuer: Scientific Games International, Inc. -- Senior Subordinated Regular Bond/Debenture, Placed on Review for Downgrade, currently Caa1(LGD6) -- Senior Secured Bank Credit Facility, Placed on Review for Downgrade, currently Ba3(LGD3) -- Senior Secured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba3(LGD3) -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Caa1(LGD5) Outlook Actions: Issuer: Scientific Games Corporation -- Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE In terms of leverage, SGC is considered weakly positioned in the B2 rating category, and although specifics regarding the financing plan have not been made available by the company, Moody's expects a significant portion of the acquisition price will be funded with debt, which in turn, could make it increasingly difficult for SGC to meet Moody's stated downgrade trigger targets of 6.0 times debt EBITDA by the end of fiscal 2018. Debt/EBITDA for the latest 12 months ended Jun. 30, 2017 was over 7 times. As part of the review process, Moody's will weigh the impact of what is expected to be a largely debt-financed acquisition against the longer-term benefits of the acquisition, particularly with respect to how these factors affect SGC's ability to reduce its high financial risk during the next 12-18 months. The longer-term benefits to be considered include how the acquisition will further enhance SGC's ability to benefit from existing and future sports betting opportunities, the growth of digital gaming products, as well as increase diversification and further reduce the company's reliance on its traditional slot machine products. The less than favorable outlook for slot machine demand will increasingly pressure revenue and earnings, both in terms of pricing and demand. SGC is a developer of technology-based products and services and associated content for the worldwide gaming, lottery and interactive gaming industries. SGC is the parent company of Scientific Games International, Inc., the direct borrower of over $8 billion of SGC's rated debt. SGC is a publicly traded company (NASDAQ:SGMS) with consolidated revenue for the latest 12-month period ended June 30, 2017 of approximately $3 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. SCIENTIFIC GAMES: Will Acquire NYX Gaming for $631M --------------------------------------------------- Scientific Games Corporation and NYX Gaming Group Limited have entered into a definitive agreement under which Scientific Games will acquire NYX, further strengthening Scientific Games' leadership position and ability to provide the broadest portfolio of content, technologies and digital products and services for its global Gaming and Lottery customers. Under the terms of the transaction, Scientific Games will acquire all of the outstanding ordinary shares of NYX for CAD$2.40 per share, equivalent to an enterprise value of approximately CAD$775 million, or approximately US$631 million. Strategic Benefits * Creates Global Digital Gaming and Lottery Powerhouse -- Together, Scientific Games, a world leader offering customers a fully integrated portfolio of technology platforms, robust systems, engaging content and services, and NYX, one of the fastest growing B2B real-money digital gaming and sports betting platforms in the world, will form an industry-leading force across iGaming, iLottery and Sports. * Adds #1 Global Sports Betting Platform to Scientific Games' Strong Portfolio -- Scientific Games will now be perfectly positioned to capitalize on future regulatory developments in real-money wagering and sports betting by adding NYX's industry-leading OpenBet Sportsbook. NYX's digital Sportsbook can be seamlessly delivered throughout Scientific Games' global gaming and lottery networks in existing and future regulated U.S. and global markets. * Accelerates Growth of Scientific Games Interactive Business -- NYX's worldwide channels, markets and customer base offer new growth opportunities to build on the significant momentum of Scientific Games' existing interactive gaming business. * Strengthens and Supports Growth of NYX's Business -- NYX has significant stand-alone strategic momentum, an industry- leading suite of products, a growing global customer base and is the leading digital casino and account platform in North America. The acquisition will add significant new intellectual property, expertise and global reach to NYX, one of the world's leading digital gaming content and technology companies. * Transaction Accretive to Earnings and Cash Flow in First Year "This important transaction creates a global gaming and lottery powerhouse. Scientific Games will be a stronger industry leader offering one of the broadest end-to-end portfolios of engaging content, innovative technologies and digital products and services across gaming and lottery," said Kevin Sheehan, Scientific Games' president and chief executive officer. "This strategic and financially compelling acquisition combines NYX's premier digital gaming and sports betting platforms and expansive distribution network to our own global, industry-leading content, technologies and digital products and services. NYX ideally positions us to capitalize on the growing online gaming and sports betting markets." "Scientific Games' acquisition of NYX will provide immediate and compelling cash value for our shareholders, expand the products and solutions we are collectively able to offer our customers and accelerate the execution of our long-term strategic plan," said Matt Davey, chief executive officer of NYX. "We will now have scale, content and product development capabilities, complementary global infrastructure and access to an expanded customer base. We believe Scientific Games is the ideal partner for NYX, and we look forward to working alongside the talented Scientific Games team." Transaction Terms and Details The transaction will be financed with cash on hand and debt. It represents a 112 percent premium to NYX's closing stock price on Sept. 19, 2017; and the transaction is expected to be accretive to earnings and cash flow in the first year and leverage neutral at closing. The Arrangement Agreement provides for the acquisition of the shares of NYX by way of a statutory scheme of arrangement under Guernsey Law, NYX's jurisdiction of incorporation, and is subject to court approval and the approval of (i) a majority in number of NYX shareholders voting, either in person or by proxy, representing at least 75% in value of the outstanding NYX ordinary shares; and (ii) a simple majority of the votes cast by the holders of NYX ordinary shares, excluding those shares held by certain interested shareholders. The transaction, which was approved by each Company's board of directors, is expected to close in the first quarter of 2018, subject to the satisfaction of certain conditions, including NYX shareholder approval, approval by the Royal Court of Guernsey and receipt of gaming approvals in certain jurisdictions. NYX's shareholder meeting and court hearing are currently anticipated to occur in the fourth quarter of 2017. In making its determination, the board of directors of NYX considered, among other factors, fairness opinions, subject to the assumptions and limitations therein, from each of Lazard Freres & Co. LLC and Macquarie Capital Markets Canada Ltd. to the effect that the price per share of CAD$2.40 to be received by NYX shareholders pursuant to the transaction is fair, from a financial point of view, to the shareholders. In connection with the transaction, certain shareholders who together hold in the aggregate approximately 18.4 million (or 17.0 percent) of NYX's fully diluted shares, have entered into voting support agreements pursuant to which they have agreed to vote all of their shares in favor of the transaction. This includes Mr. Davey, who holds approximately 12.8 million of the fully diluted shares, or 11.8 percent. The Arrangement Agreement contains customary deal protections in favor of Scientific Games, including a termination fee payable by NYX in certain circumstances. A full-text copy of the Agreement and Plan of Merger is available for free at https://is.gd/5mgOs9 Management It is expected that upon completion of the transaction, Matt Davey, currently chief executive officer of NYX, will oversee a newly created Digital Gaming and Sports division at Scientific Games, working with the leadership of NYX and SG Interactive, including Leigh Nissim, managing director, B2B Interactive of Scientific Games. Matt Davey will report to Kevin Sheehan, chief executive officer and President of Scientific Games. Financial and Legal Advisory Deutsche Bank Securities Inc. served as financial advisor to Scientific Games, and Cravath, Swaine & Moore LLP, McMillan LLP and Appleby (Guernsey) LLP served as legal advisors to Scientific Games. Lazard and Macquarie Capital served as joint-lead financial advisors to NYX, and Latham & Watkins LLP, Carey Olsen LLP and Stikeman Elliott LLP served as legal advisors to NYX. Information Circular and NYX Shareholders Meeting A management information circular of NYX will be prepared and mailed to NYX's shareholders over the coming weeks in advance of the special meeting to vote on the scheme of arrangement, providing shareholders with important information about the transaction and including copies of the Arrangement Agreement, the support agreements and the Fairness Opinions and certain related documents. Details of the transaction, as well as the rationale for the support of the transaction by NYX's board of directors, will be set out in the circular and will be filed with the Canadian securities regulators and available on SEDAR at www.sedar.com. About NYX NYX Gaming Group Limited (TSXV: NYX) is a digital gaming provider, headquartered in Las Vegas, USA, with a staff of more than 1,000 employees globally, including more than 600 engineers. NYX delivers value by adhering to the highest standards of customer service, probity and responsibility. It has one of the broadest distribution bases in the industry, with more than 200 unique customers. The award-winning NYX OGS (Open Gaming System), which allows licensees to leverage the best-of-breed, multi-vendor casino content from around the world, is acknowledged to be the industry's market-leading gaming offering. From its own studios and a broad partner network of the most innovative third party suppliers, NYX offers customers the widest portfolio of content available, with access to more than 2,000 game titles, via OGS. In addition, NYX's award winning sports betting division OpenBet is utilized and trusted by leading sports book operators, with its scale and performance world-renowned. In 2016, the OpenBet Sportsbook processed more than two billion bets and broke new records at the 2017 Grand National, where it processed 68,000 peak bets-per-minute. NYX Gaming Group Limited is listed on the TSX Venture Exchange under the symbol TSXV: NYX. About Scientific Games Scientific Games Corporation (NASDAQ: SGMS) -- http://www.scientificgames.com/-- is a developer of technology-based gaming systems, table games, table products and instant games and a leader in products, services and content for gaming, lottery and interactive gaming markets. Scientific Games delivers what customers and players value most: trusted security, creative content, operating efficiencies and innovative technology. Today, the Company offers customers a fully integrated portfolio of technology platforms, robust systems, engaging content and unrivaled professional services. Scientific Games reported a net loss of $353.7 million in 2016, a net loss of $1.39 billion in 2015 and a net loss of $234.3 million in 2014. As of June 30, 2017, Scientific Games had $7.06 billion in total assets, $9.06 billion in total liabilities and a total stockholders' deficit of $2 billion. * * * In November 2014, Moody's Investors Service downgraded Scientific Games' Corporate Family Rating to 'B2' from 'B1' following the announcement that the company had completed its merger with Bally Technologies, Inc. In July 2017, S&P Global Ratings affirmed its ratings on Scientific Games, including its 'B' corporate credit rating. The outlook is stable. "The affirmation of our 'B' corporate credit rating reflects our expectation for adjusted EBITDA coverage of interest to remain around 2x through 2018 and for the company to prioritize the use of free cash flow for debt repayment, which we believe partially mitigates currently high leverage. We are forecasting adjusted debt to EBITDA to be in the low- to mid-7x area in 2017 and around 7x in 2018, given our forecast for only modest EBITDA growth and debt reduction." SEONG KIM: Sale of Interest in Jersey City Property Approved ------------------------------------------------------------ Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York authorized Seong J. Kim's sale of interests in the real property located at 10 Regent Street, #108, Jersey City, New Jersey. A hearing on the Motion was held on Sept. 18, 2017. The sale is free and clear of all judgments, liens, and encumbrances of any kind or nature. The Debtor is authorized and directed to pay the Broker Commission to Re/Max, (more specifically, $10,800 to Re/Max, the Seller's agent, and $10,200 to Najjar Group Real Estate, the Buyer's agent, upon the closing of the Sale, without the need for further Court order. The proceeds of the Sale will be used to satisfy the transfer tax, title pick up fees, title fees, all open real estate taxes, closing attorney fee, and any other reasonable and/or necessary expense of Sale. The Debtor will deposit the remaining balance of the Sale proceeds into the DIP account. Within five business days of the closing of the Sale, the Debtor will file a copy of the closing statement of the Sale. Counsel for the Debtor: Dong Sung Kim, Esq. KIM, CHOI & KIM, P.C. 460 Bergen Blvd., Ste 206 Palisades Park, NJ 07650 E-mail: kimchoikim@gmail.com Seong J. Kim sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 17-11514) on June 1, 2017. The Debtor estimated assets and liabilities in the range of $1,000,001 to $10 million. Dong Sung Kim, Esq., at Kim, Choi & Kim, P.C., serves as counsel for the Debtor. SHABSI BRODY: Sale of Lakewood Property to MEOR 77 for $299K Okayed ------------------------------------------------------------------- Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the District of New Jersey authorized Shabsi Brody and Luba Brody to sell the real property located at 19 Shilo Road, Lakewood, Ocean County, New Jersey, to MEOR 77, LLC for $299,000. A hearing on the Motion was held on Aug. 22, 2017. The proceeds of sale must be used to satisfy the liens for real estate taxes and other municipal liens. Until such satisfaction the real property is not free and clear of those liens. The sale is free and clear of the liens set forth on Schedule A and the tax liens of the United States of America, which liens will attach to the proceeds of sale. At closing, Partners Realty Group will be paid 3% of the purchase price for listing and marketing the Property and another 3% for producing the Buyer. Other closing fees payable by the Debtor may be satisfied from the proceeds of sale and adjustments to the price as provided for in the contract of sale may be made at closing. The amount of $0 claimed as exempt may be paid to the Debtor, provided that all liens are first satisfied or avoided by an order of the Court. The Order may be recorded with the County Clerk to evidence that the Property was authorized to be sold. The 14-day stay of Bankr. Rule 6004(h) does not apply and the sale of the Property can be consummated upon entry of the Order. A copy of the Schedule A attached to the Order is available for free at: http://bankrupt.com/misc/Shabsi_Brody_99_Order.pdf Shabsi Brody and Luba Brody sought Chapter 11 protection (Bankr. D.N.J. Case No. 16-24242) on July 26, 2016. The Debtors tapped Timothy P. Neumann, Esq., at Broege, Neumann, Fischer & Shaver, as counsel. SIGNAL BAY: Announces First Licensed Lab in Florida --------------------------------------------------- Signal Bay, Inc., announced that its cannabis testing division EVIO Labs has licensed its first lab in Florida. Kaycha Holdings, LLC will operate under the EVIO Labs brand and the lab will be managed by a lab director with over 18 years of experience in development of Nutraceutical and Pharmaceutical Products. CEO Mr. William Waldrop stated, "With operations in California, Oregon and soon to be Massachusetts, Signal Bay is proud to bring its accredited testing services to Florida. This expansion into Florida allows Signal Bay to continue to execute on its core mission of ensuring medical patients have access to clean cannabis. Our Florida expansion also marks another first as we executed our first license agreement. We are excited to have found a partner with deep ties into the community and shares our common core values." According to the Department of Health Office of Medical Marijuana Use, there are currently seven licensed Medical Marijuana Treatment Centers (MMTC) in Florida. Each MMTC is authorized to cultivate, process and dispense medical marijuana. On June 23, 2017, Florida Governor Scott signed SB 8A, that instructs the Department of Health to increase the number of licensed MMTCs to 17. It also allows for each MMTC to open 25 dispensaries. "We are excited to help ensure clean and safe cannabis to the patients of Florida. Our partnership with EVIO offers strong support to achieve our goal. EVIO Labs is known for their strength and breadth of knowledge in the marijuana testing industry and raises the standard of cannabis testing throughout the state. With EVIO's experienced team and proven testing methodologies we will ensure Florida treatment centers sell only the highest quality cannabis," Christopher Martinez, president/co-founder of Kaycha Holdings, LLC About Signal Bay Signal Bay, Inc. -- http://www.signalbay.com/-- is a life sciences company that provides testing and advisory services to the legal cannabis industry. The Company's EVIO Labs division operates state-of-the-art testing facilities and offers accredited testing methodologies performed by a team of professional scientists to ensure the safety and quality of the nation's cannabis supply. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, stating that the Company has negative working capital, recurring losses from operations and likely needs financing in order to meet its financial obligations. These conditions raise significant doubt about the Company's ability to continue as a going concern. Signal Bay reported a net loss of $2.55 million for the year ended Sept. 30, 2016, following a net loss of $1.45 million for the year ended Sept. 30, 2015. As of June 30, 2017, Signal Bay had $3.97 million in total assets, $3.13 million in total liabilities and $838,396 in total equity. SIX A CORP: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Six A Corporation, as of Sept. 21, according to a court docket. Headquartered in Wall, South Dakota, Six A Corporation filed for Chapter 11 bankruptcy protection (Bankr. D.S.D. Case No. 17-50186) on Aug. 7, 2017, estimating its assets at between $500,001 and $1 million and its liabilities at between $100,001 and $500,000. Stanton A. Anker, Esq., at Anker Law Group, P.C., serves as the Debtor's bankruptcy counsel. SIXTY SIXTY CONDO: Plan Exclusivity Period Extended Until Today --------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida on Friday entered an order extending the exclusive period for Sixty Sixty Condominium Association, Inc. to file and to solicit acceptances of the plan through September 25, 2017 and November 24, 2017, respectively. As reported by the Troubled Company Reporter on September 22, the Debtor and Schecher Group, Inc., through an Agreed Motion, asked the Court for a short extension of time to allow the Debtor an opportunity to integrate the terms of a Settlement Agreement as it pertains to the Closing into its Second Amended Plan. On September 15, the Debtor, Schecher Group, the Residential Unit Owners -- which own approximately 70 residential units -- and Marc Realty Capital, LLC, the Buyer of the Debtor's assets, participated in a judicial settlement conference facilitated by the Hon. Judge Paul Hyman. During the Settlement Conference, the Parties reached an agreement related specifically to and conditioned upon a closing of the Marc Realty Contract as approved by the Court. Consequently, the Parties were still in the process of working diligently to document the terms of the settlement insofar as the Closing. Furthermore, the Schecher Group and Marc Realty must separately reach a final agreement as to terms and conditions under which the remaining amount of assumed liabilities of the Schecher Group claims will be satisfied post-Closing. About Sixty Sixty Condominium Sixty Sixty Condominium is a mixed-use hotel/residential building located at 6060 Indian Creek Drive in Miami Beach, Florida. Sixty Sixty Condominium Association, Inc., a non-profit corporation, is responsible for, among other things, the management, operation, and maintenance of the Condominium's "Common Elements", and other obligations imposed by state statute. Sixty Sixty Condominium Association, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-26187) on December 5, 2016, listing $100,000 to $500,000 in total assets, and $1 million to $10 million in liabilities. The petition was signed by Maria Velez, president of the Board of Directors. The Hon. Robert A. Mark presides over the case. Brett D. Lieberman, Esq., at Messana, P.A., represents the Debtor as counsel. Juda Eskew & Associates, PA, serves as the Debtor's accountant. An official committee of unsecured creditors has not been appointed in the Chapter 11 case. SLIGO PARKWAY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Sligo Parkway LLC, as of Sept. 21, according to a court docket. About Sligo Parkway Sligo Parkway listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). It owns a fee simple interest in a property located at 415 Firestone Drive Silver Spring, Maryland 20906, valued at $842,204. The Debtor previously sought bankruptcy protection on July 9, 2015 (Bankr. D. Md. Case No. 15-19754). The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 17-20745) Aug. 9, 2017, listing $842,229 in total assets and $1.12 million in total liabilities. The petition was signed by Edward Woody, managing member. Judge Thomas J. Catliota presides over the case. Richard S. Basile, Esq., at Richard Basile, Esq., serves as the Debtor's bankruptcy counsel. SNAP INTERACTIVE: Incurs $1.48 Million Net Loss in Second Quarter ----------------------------------------------------------------- Snap Interactive, Inc. reported a net loss of $1.48 million on $6.23 million of total revenues for the three months ended June 30, 2017, compared to a net loss of $742,172 on $4.35 million of total revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, Snap Interactive reported a net loss of $2.52 million on $12.95 million of total revenues compared to a net loss of $701,383 on $9.29 million of total revenues for the same period during the prior year. As of June 30, 2017, Snap Interactive had $25.78 million in total assets, $6.75 million in total liabilities and $19.03 million in total stockholders' equity. "We have historically financed our operations through cash generated from operations. Currently, our primary source of liquidity is cash on hand and cash flows from continuing operations. As of June 30, 2017, we had $4,614,619 in cash and cash equivalents, as compared to cash and cash equivalents of $4,162,596 as of December 31, 2016, and no long-term debt. "We are focused on reducing costs and increasing profitability following the Merger and we believe that our cash balance and our expected cash flow from operations will be sufficient to meet all of our financial obligations for the twelve months from the filing date of this Form 10-Q. It is possible that we would need additional capital in the future to fund our operations, particularly growth initiatives, which we expect we would raise through a combination of equity offerings, debt financings, other third-party funding and other collaborations and strategic alliances. Our future capital requirements will depend on many factors including our growth rate, headcount, sales and marketing activities, research and development efforts, and the introduction of new features, products, acquisitions and continued user engagement. "Our primary use of working capital is related to user acquisition costs, including sales and marketing expense and product development expense. Our sales and marketing expenditures are primarily spent on channels where we can estimate the return on investment without long-term commitments. Accordingly, we can adjust our advertising and marketing expenditures quickly based on the expected return on investment, which provides flexibility and enables us to manage our advertising and marketing expense. In addition, we allocate significant resources to product development in order to maintain and create new features and products which will enable a better user experience and increase interactions. "We are continuously evaluating and implementing cost reduction initiatives to manage the expense of our operations. During 2017, we plan to continue to reduce costs by consolidating vendors (including office space, payment processing, licensing agreements, etc.), consolidating advertising affiliate partners, consolidating internal departments (such as customer service) and by using incremental offshore product development resources." A full-text copy of the Form 10-Q is available for free at: https://is.gd/2ziHtZ About Snap Interactive Snap Interactive, Inc. -- http://www.snap-interactive.com/-- is a provider of live video social networking and interactive dating applications. SNAP has a diverse product portfolio consisting of nine products including Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 25 patents related to video conferencing and online gaming. On Oct. 7, 2016, Snap Interactive and its wholly owned subsidiary, Snap Mobile Limited completed a business combination with privately-held A.V.M. Software, Inc. and its wholly owned subsidiaries, Paltalk Software Inc., Paltalk Holdings, Inc., Tiny Acquisition Inc., Camshare, Inc. and Fire Talk LLC in accordance with the terms of an Agreement and Plan of Merger, by and among SNAP, SAVM Acquisition Corporation, SNAP's former wholly owned subsidiary, AVM and Jason Katz, pursuant to which AVM merged with and into SAVM Acquisition Corporation, with AVM surviving as a wholly owned subsidiary of SNAP. Snap Interactive reported a net loss of $1.45 million on $20.98 million of total revenue for the year ended Dec. 31, 2016, compared with a net loss of $265,926 on $20.12 million of total revenue for the year ended Dec. 31, 2015. SOUTHEAST PROPERTY: Taps Jones Walker as Legal Counsel ------------------------------------------------------ Southeast Property Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ Jones Walker LLP to give legal advice regarding its duties under the Bankruptcy Code and provide other legal services related to its Chapter 11 case. Mark Mintz, Esq., and Laura Ashley, Esq., the attorneys who will be handling the case, will charge $350 per hour and $295 per hour, respectively. The firm received a retainer from the Debtor in the amount of $15,000. Jones Walker does not hold any claim or interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Mark A. Mintz, Esq. Laura F. Ashley, Esq. Jones Walker LLP 201 St. Charles Street, 49th Floor New Orleans, LA 70170 Tel: (504) 582-8368 Fax: (504) 589-8368 Email: mmintz@joneswalker.com About Southeast Property Group LLC Southeast Property Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 17-12468) on September 15, 2017. Michael Peralta, member and manager, signed the petition. Southeast Property Group is the fee simple owner of 14.38 acres of land in Lafayette Parish, Louisiana, valued by the Debtor at $1.10 million. The Debtor is a "single asset real estate business." At the time of the filing, the Debtor disclosed $1.10 million in assets and $1.54 million in liabilities. Judge Elizabeth W. Magner presides over the case. SPANISH BROADCASTING: Falls Short of OTC's $5M Market Cap Rule -------------------------------------------------------------- Spanish Broadcasting System, Inc., received a written notice from OTC Markets on Sept. 15, 2017, advising the Company that its market capitalization had stayed below $5 million for more than 30 consecutive calendar days and that it no longer met the Standards for Continued Qualification for the OTCQX Best Market (U.S. Tier) as per the OTCQX Rules for U.S. Companies. OTC further notified the Company that a cure period of 180 calendar days to regain compliance had begun, during which the minimum criteria must be met for 10 consecutive trading days. The 180-calendar day grace period expires March 14, 2018. If the Company's market capitalization has not been at or above $5 million for 10 consecutive trading days by that time, then the Company has the option to move its Class A common stock from OTCQX U.S. to the OTC's OTCQB Venture Market, if not, then its Class A common stock will be moved from OTCQX U.S. to OTC Pink. About Spanish Broadcasting Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- is a Spanish-language media and entertainment company with radio and/or television stations in the top U.S. Hispanic markets, including Puerto Rico. The Company's owned and operated radio stations serve markets representing approximately 35% of the U.S. Hispanic population, and its television operations serve markets representing over 3.5 million Hispanic households. The Company produces and distributes Spanish-language content, including radio programs, television shows, music and live entertainment through its radio stations and its television group, MegaTV, which produces over 70 hours of original programming per week. MegaTV broadcasts via its owned and operated stations in South Florida, Houston, and Puerto Rico and through programming and/or distribution agreements with other stations, as well as various cable and satellite providers. Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the 12.5% Senior Secured Notes had a maturity date of April 15, 2017. Cash from operations or the sale of assets was not sufficient to repay the notes and other short term obligations when they became due, which resulted in significant liquidity requirements on the Company that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2017, Spanish Broadcasting had $437.53 million in total assets, $559.7 million in total liabilities and a total stockholders' deficit of $122.2 million. Spanish Broadcasting reported a net loss of $16.34 million for the year ended Dec. 31, 2016, compared with a net loss of $26.95 million in 2015. * * * In May 2017, S&P Global Ratings withdrew its 'D' corporate credit rating and issue-level ratings on Spanish Broadcasting System. "We withdrew the ratings because we were unlikely to raise them from 'D', based on SBS' ongoing plans to restructure its debt," said S&P Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS to 'D' on April 21, 2017, following the company's announcement that it didn't repay its $275 million 12.5% senior secured notes that were due April 15, 2017. In April 2017, Moody's Investors Service downgraded SBS's corporate family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family rating reflects an elevated expected loss rate following the recently announced default under the company's 12.5% senior secured notes due April 2017. STERLING FERGUSON: Miami Property Sale to Pay Balloon Mortgage OK'd ------------------------------------------------------------------- Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida authorized Sterling and Michelle Ferguson to sell the real property known as 5140 N.W. 12th Avenue, Miami, Florida A hearing on the Motion was held on Aug. 30, 2017 at 10:00 a.m. Creditor Equity Capital Lending Partners I, LLC, holds a first mortgage that encumbers the Property. On Oct. 16, 2013 the parties entered into an Agreed Order Valuing Real Property which provides that the loan will balloon in month 48. In order to avoid default, the Debtors need to sell the Property so that the outstanding balloon payment due October 2017 can be timely made. Sterling E. and Michelle Ferguson sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 13-28991) on Aug. 9, 2013. STOLLINGS TRUCKING: Blackhawk Mining Objects to Disclosures ----------------------------------------------------------- Blackhawk Mining, LLC, filed with the U.S. Bankruptcy Court for the Southern District of West Virginia a joinder to the objection of the U.S. Trustee to Stollings Trucking Company, Inc.'s disclosure statement dated July 20, 2017. Blackhawk is an unsecured creditor holding a claim of $1,332,056.76, subject to revision based on additional taxes and royalties. Blackhawk concurs with the arguments raised by the U.S. Trustee and incorporates same by reference. The Disclosure Statement does not provide adequate liquidation analysis, is unclear as to the permits and properties the Debtor would intend to administer through the Plan, does not appropriately address the massive reclamation obligations the Debtor faces, and fails to fully define the proposed Liquidating Trust. To the extent the Disclosure Statement is amended by the Debtor prior to a hearing on this objection, Blackhawk reserves the right to present at the hearing any additional arguments it may have to the amendment. A copy of the Objection is available at: http://bankrupt.com/misc/wvsb15-20624-414.pdf Blackhawk is represented by: Ellen Arvin Kennedy, Esq. John M. Spires, Esq. DINSMORE & SHOHL LLP 250 West Main Street, Suite 1400 Lexington, KY 40507 Tel: (859) 425-1000 Fax: (859) 425-1099 E-mail: ellen.kennedy@dinsmore.com john.spires.@dinsmore.com About Stollings Trucking Stollings Trucking Company, Inc., began its operations in 1990. Throughout the years, the Debtor both hauled coal and mined coal for its own profit. As it grew, it acquired more equipment and rolling stock. Stollings also obtained mining permits on property in Logan County, West Virginia, and was a party to coal leases. Stollings Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 15-20624) on Dec. 7, 2015. Rhonda Marcum, president, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Frank W. Volk presides over the case. Joseph W. Caaldwell, Esq., at Caldwell & Riffee, in Charleston, WV, is serving as counsel to the Debtor. STOLLINGS TRUCKING: Willis Marcum Says Plan Outline Inadequate -------------------------------------------------------------- Willis Marcum and Marcum & Associates, Inc., filed with the U.S. Bankruptcy Court for the Southern District of West Virginia an objection to Stollings Trucking Company, Inc.'s disclosure statement dated July 20, 2017. The Marcum Group claims that: a. the Disclosure Statement fails to describe its active litigation cases with reasonable specificity; b. there are multiple material discrepancies between the Disclosure Statement and the Plan; and c. The Disclosure Statement fails to describe the Liquidation Trust Agreement. The Marcum Group asserts that the Disclosure Statement fails to provide adequate information and requests that the Court order the Debtor to revise, amend, supplement or otherwise modify the Disclosure Statement and Plan to address its concerns. The Debtor identifies three causes of action as assets of the Debtor's estate but fails to provide enough information for a creditor to assess the likelihood that Debtor will succeed in any of those causes of action. The Debtor, says the Marcum Group, fails to identify the defenses and counterclaims being alleged by the other parties in the cases. The Debtor also fails to describe the procedural posture of any of the cases or the amount of expenses incurred by the Debtor in prosecuting those cases. Given the material nature of each of the foregoing causes of action to the feasibility of Debtor's Plan, the Marcum Group and other creditors should at the very least understood the basic arguments of each party to those cases, the funds expended in prosecuting those cases so far and an estimated date of when those cases will conclude. According to the Marcum Group, the Disclosure Statement describes a variety of claims accorded various priorities that differ from the claims and priorities set forth in the Plan. The most obvious example of the discrepancies is the fact that the Debtor identified Lyndon Property Insurance Company as holding a secured claim in the Disclosure Statement, but does not even identify Lyndon Property Insurance Company as a secured creditor in the Plan. Another striking example of inconsistency is the Debtor's identification of the Marcum Group as an unsecured creditor in Exhibit F of the Disclosure Statement, but the identification of the Marcum Group as a secured creditor elsewhere in the Disclosure Statement and the Plan. Without consistent treatment of claims throughout the Disclosure Statement and the Plan, the Marcum Group and other creditors cannot adequately assess whether the plan is feasible or fair and equitable. The Marcum Group complains that the Disclosure Statement also refers to the appointment of a Liquidating Trustee whose powers are governed by a Liquidation Trust Agreement but fails to provide a copy of the agreement. If the Liquidating Trustee will implement the Plan pursuant to the requirements of the Liquidation Trust Agreement, the Marcum Group and other creditors cannot adequately assess whether the Plan is feasible or fair and equitable without reviewing the Liquidation Trust Agreement. A copy of the Objection is available at: http://bankrupt.com/misc/wvsb15-20624-411.pdf Willis Marcum is represented by: Joseph G. Bunn, Esq. Peter J. Raupp, Esq. Tyler A. Carpenter, Esq. Steptoe & Johnson PLLC 707 Virginia St., E., 17th Floor P.O. Box 1588 Charleston, WV 25326-1588 About Stollings Trucking Stollings Trucking Company, Inc., began its operations in 1990. Throughout the years, the Debtor both hauled coal and mined coal for its own profit. As it grew, it acquired more equipment and rolling stock. Stollings also obtained mining permits on property in Logan County, West Virginia, and was a party to coal leases. Stollings Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 15-20624) on Dec. 7, 2015. Rhonda Marcum, president, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Frank W. Volk presides over the case. Joseph W. Caaldwell, Esq., at Caldwell & Riffee, in Charleston, WV, is serving as counsel to the Debtor. SUNBURST FARMS: L&N Pump's Rick Williamson Appointed to Committee ----------------------------------------------------------------- The Office of the U.S. Trustee on September 20 appointed Rick Williamson of L & N Pump, Inc., as new member of the official committee of unsecured creditors in the Chapter 11 case of Sunburst Farms Partnership. The committee is now composed of: (1) Bill Vernon Bartlett Grain Co. LP 4900 Main St., Ste. 1200 Kansas City, MO 64112 Email: b.vernon@bartlett-grain.com (2) Nina Sipes Sipes Seed Sales, Inc. 12894 S. RDX Manter, KS 67862 (3) Ab Smith Stockholm Grain, LLC P.O. Box 547 Sharon Springs, KS 67758 Email: sorccoro@hotmail.com (4) John Lawrence Poole Chemical Co, Inc. 111 N. 1st Texline, TX 79087 Email: jlawrence@poolechemical.com (5) Rick Williamson L & N Pump, Inc. P.O. Box 504 Johnson, KS 67855 Email: pump1977@hotmail.com The U.S. Trustee previously appointed Bill Vernon of Bartlett Grain Co. LP, Nina Sipes of Sipes Seed Sales, Inc., and Ab Smith of Stockholm Grain, LLC, as members of the Committee. About Sunburst Farms Sunburst Farms Partnership is engaged in wheat and feed sorghum production. The principal place of business of Sunburst Farms is 116 W Greeley, Tribune, Kansas 67879. Sunburst Farms filed for Chapter 11 bankruptcy protection (Bankr. D. Kan. Case No. 17-11389) on July 19, 2017, disclosing $4.29 million in total assets and $6.60 million in total liabilities. The petition was signed by Carol Bloesser, president of Western Plains, the Debtor's general partner. Judge Robert E. Nugent presides over the case. David P. Eron, Esq., at Eron Law, P.A., serves as the Debtor's bankruptcy counsel. The Debtor hired K.Coe Isom, LLC as its accountant. TOYS "R" US: Taps Prime Clerk as Claims and Noticing Agent ---------------------------------------------------------- Toys "R" Us, Inc. and its Debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Prime Clerk LLC as its claims and noticing agent. Services to be rendered by Prime Clerk are: (a) prepare and serve required notices and documents in these chapter 11 cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors and/or the Court; (b) maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs, listing the Debtors' known creditors and the amounts owed thereto; (c) maintain (i) a list of all potential creditors, equity holders and other parties-in-interest, (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010, and (iii) all lists required under any case management order entered by the Court; update and make said lists available upon request by a party-in-interest or the Clerk; (d) furnish a notice to all potential creditors of the last date for filing proofs of claim and a form for filing a proof of claim, after such notice and form are approved by the Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service within seven business days of service; (g) process all proofs of claim received, including those received by the Clerk, check the processing for accuracy and maintain the original proofs of claim in a secure area; (h) maintain the official claims register for each Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers; and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, that filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), (vi) the applicable Debtor and (vii) any disposition of the claim; (i) provide public access to the Claims Registers, including complete proofs of claim with attachments, if any, without charge; (j) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (k) record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); (l) relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of Prime Clerk, not less than weekly; (m) upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the Claims Registers for the Clerk's review; (n) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the claims register and any service or mailing lists, including to identify and eliminate duplicative names and addresses from such lists; (o) identify and correct any incomplete or incorrect addresses in any mailing or service lists; (p) assist in the dissemination of information to the public and respond to requests for administrative information regarding these chapter 11 cases as directed by the Debtors or the Court, including through the use of a case website and/or call center; (q) monitor the Court's docket in these chapter 11 cases and, when filings are made in error or containing errors, alert the filing party of such error and work with them to correct any such error; (r) if these chapter 11 cases are converted to cases under chapter 7 of the Bankruptcy Code, contact the Clerk's office within three days of notice to Prime Clerk of entry of the order converting the cases; (s) 30 days prior to the close of these chapter 11 cases, to the extent practicable, request that the Debtors submit to the Court a proposed order dismissing Prime Clerk as Claims and Noticing Agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of these chapter 11 cases; (t) within seven days of notice to Prime Clerk of entry of an order closing these chapter 11 cases, provide to the Court the final version of the Claims Registers as of the date immediately before the close of the chapter 11 cases; and (u) at the close of these chapter 11 cases, (i) box and transport all original documents, in proper format, as provided by the Clerk's office, to (A) the applicable Federal Records Center or (B) any other location requested by the Clerk's office; and (ii) docket a completed SF-135 Form indicating the accession and location numbers of the archived claims. Prior to the Petition Date, the Debtors provided Prime Clerk a retainer in the amount of $60,000. Shai Y. Waisman, CEO of Prime Clerk LLC, attests that neither Prime Clerk nor any of its partners or employees hold or represent any interest materially adverse to the Debtors' estates with respect to any matter upon which Prime Clerk is to be engaged, and he believes that Prime Clerk is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The Agent can be reached through: Shai Y. Waisman Prime Clerk LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Tel: (212) 257-5450 Email: swaisman@primeclerk.com About Toys "R" Us Toys "R" Us, Inc. is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is now a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. Judge Keith L. Phillips is the case judge. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Kirkland & Ellis LLP is serving as principal legal counsel to Toys "R" Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor. Prime Clerk LLC is the claims and noticing agent. Grant Thornton is the monitor appointed in the CCAA case. TOYS "R" US: Trepp Tabulates $5.5 Billion of CMBS Exposure ---------------------------------------------------------- Catherine Liu at Trepp, LLC, reports that, like she and her colleagues usually do following a major bankruptcy filing, searched their database for any CMBS loans that feature Toys "R" Us or Babies "R" Us as one of the five largest tenants. Trepp's findings show that 109 outstanding loans totaling about $5.5 billion currently carry Toys "R" Us exposure. A large portion of the loans are CMBS 2.0 and 3.0 notes issued after 2010. Backed by 123 Toys "R" Us and Babies "R" Us stores, the $404.7 million Toys R Us portfolio is the loan with the largest CMBS exposure. The loan is the only one behind the single-asset/single-borrower TRU 2016-TOYS transaction, and also includes a $102.4 million freely payable portion. Those 123 collateral properties span a combined five million square feet across 29 different states. The loan, which amortizes on a 30-year schedule, features relatively conservative underwriting metrics. At securitization in 2016, DSCR (NCF) and LTV clocked in at 1.85x and 58.3%, respectively. Other major loans with heavy exposure to the retailer include: (A) The $380 million Bronx Terminal Market loan, which is split into a $140 million piece that makes up 12.06% of COMM 2014-CR17, a $135 million note that comprises 13.96% of COMM 2014-CR18, and a $105 million piece that represents 10.13% of COMM 2014-UBS3. Toys "R" Us is listed as the fourth-largest tenant (8.43% of the net rentable area) at the 912,333 square-foot, superregional mall in Bronx, New York with a lease that runs through January 2020. (B) The $123 million The Plant San Jose note, which makes up 8.76% of WFRBS 2013-C14 and matures in May 2023. As the second-largest tenant, Toys "R" Us/Babies "R" Us occupies 13.35% of the 485,895 square-foot regional mall in San Jose, California under a lease that expires in January 2023. The retail center was 90% occupied for the first quarter of 2017 and generated a DSCR (NCF) of 2.75x. (C) Toys "R" Us is the second-largest anchor behind the $61.1 million Plaza La Cienega note, which comprises 6.13% of JPMBB 2013-C14. Backing the loan is a 308,146 square-foot, mixed-use property in Los Angeles, California. The retailer leases 20.11% of the property's space through November 2020. Scheduled to mature in August 2023, the loan generated a DSCR (NCF) of 1.97x on an occupancy rate of 98% last year. (D) The $31.5 million Summerhill Square loan is secured by a 125,862 square-foot community shopping center in East Brunswick, New Jersey. Toys "R" Us occupies 51.45% of the retail center's space on a lease that runs through December 2023. For the 2016 fiscal year, the property was fully leased while DSCR (NCF) clocked in at 1.50x. Scheduled to mature in May 2023, the loan represents 2.28% of the remaining collateral behind MSBAM 2013-C10. If you're a Trepp client, this list can be found in the In the Spotlight section of the firm's Web site under Toys "R" Us Bankruptcy. If you're not a client but would like to see how Trepp compiles these lists, Trepp invites you to sign up for a demo. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is now a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. Judge Keith L. Phillips is the case judge. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Kirkland & Ellis LLP is serving as principal legal counsel to Toys "R" Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor. Prime Clerk LLC is the claims and noticing agent. Grant Thornton is the monitor appointed in the CCAA case. TRANS-LUX CORP: Stockholders Elect Three Directors -------------------------------------------------- At the 2017 annual meeting of stockholders of Trans-Lux Corporation held on September 18, the Company's stockholders: (i) elected Jean-Marc Allain, Marco M. Elser and George W. Schiele, each to serve as directors until the 2020 Annual Meeting of Stockholders or until the election and qualification of their successors, or their earlier death, resignation or removal; and (ii) ratified the appointment of Marcum LLP as the independent registered public accounting firm of the Company for the fiscal year ending Dec. 31, 2017. About Trans-Lux Trans-Lux Corporation is a supplier of LED technology for displays and lighting applications. The Company designs, manufactures, distributes and services the elements of these systems that are real-time, programmable digital displays. These display systems utilize light emitting diode (LED) technologies. Marcum LLP, in Hartford, CT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the Company is in default of the indenture agreements governing its outstanding 9 1/2% subordinated debentures which were due in 2012 and its 8 1/4% limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the Company has a significant amount due to their pension plan over the next 12 months. Trans-Lux reported a net loss of $611,000 for the year ended Dec. 31, 2016, compared to a net loss of $1.74 million on $23.56 million of total revenues for the year ended Dec. 31, 2015. As of June 30, 2017, Trans-Lux had $13.35 million in total assets, $17.15 million in total liabilities, and a total stockholders' deficit of $3.79 million. "We do not have adequate liquidity, including access to the debt and equity capital markets, to operate our business. The Company incurred a net loss of $2.5 million in the six months ended June 30, 2017 and has a working capital deficiency of $5.9 million as of June 30, 2017. As a result, our short-term business focus continues to be to preserve our liquidity position. Unless we are successful in obtaining additional liquidity, we believe that we will not have sufficient cash and liquid assets to fund normal operations for the next 12 months from the date of issuance of this Form 10-Q," the Company said in its quarterly report for the period ended June 30, 2017. TUGG TRUCKING: Taps Linda Smith as Accountant & Bookkeeper ---------------------------------------------------------- Tugg Trucking Inc. seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire an accountant and bookkeeper. The Debtor proposes to employ Linda Smith to review its books and records and prepare its tax returns. Ms. Smith will charge $25 per hour for bookkeeping and $130 per hour for tax preparation. In a court filing, Ms. Smith disclosed that she does not represent any interest adverse to the Debtor or its estate. Ms. Smith's address is: Linda Smith, E.A. 810 Jewel Blackfoot, ID Phone: 208-339-6683 Email: lssmith@cableone.net About Tugg Trucking Tugg Trucking Inc., an Idaho corporation formed in June 2011, is in the business of hauling crude oil in several states, including North Dakota. A $218,156 judgment obtained by the State of North Dakota's Workforce Safety & Insurance in August 2016 hurt Tugg Trucking's ability to obtain ongoing workers' compensation insurance. Tugg Trucking filed a Chapter 11 petition (Bankr. D. Idaho Case No. 16-40960) on Oct. 12, 2016. The petition was signed by Staci Sneddon, secretary. The Debtor disclosed $783,200 in assets and $1.37 million in liabilities. The Hon. Jim D Pappas is the case judge. The Debtor tapped Holly Roark, Esq., at Roark Law Offices, as bankruptcy counsel. No trustee, examiner or statutory committee has been appointed in the Chapter 11 case. VERTEX ENERGY: Incurs $1.86 Million Net Loss in Second Quarter -------------------------------------------------------------- Vertex Energy, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss attributable to the Company of $1.86 million on $36.91 million of revenues for the three months ended June 30, 2017, compared to a net loss attributable to the Company of $42,660 on $24.42 million of revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, Vertex reported a net loss attributable to the Company of $5.06 million on $71.68 million of revenues compared to a net loss attributable to the Company of $1.44 million on $38.56 million of revenues for the six months ended June 30, 2016. As of June 30, 2017, Vertex had $82.59 million in total assets, $28.49 million in total liabilities, $6.44 million in series B preferred stock, $14.80 million in series B-1 preferred stock, and $32.85 million in total equity. The Company had total assets of $82,595,961 as of June 30, 2017, compared to $86,985,968 at Dec. 31, 2016. The decrease was mainly due to depreciation and amortization expense and cash used in operations and a decrease in prepaid expenses. The Company had total current liabilities of $12,115,545 as of June 30, 2017, compared to $22,453,644 at Dec. 31, 2016. This decrease was largely due to the approximate $10.5 million pay down of the Goldman Sachs and Midcap debt as a result of the Feb. 1, 2017, refinancing on a long-term basis, as well as the approximately $1.5 million reduction in accounts payable and accrued expenses. Vertex had working capital of $4,862,302 as of June 30, 2017, compared to a working capital deficit of $1,268,192 as of Dec. 31, 2016. Benjamin P. Cowart, Chairman and CEO of Vertex Energy, stated, "We are encouraged by the continued improvements of the Company's operations. One of our goals for 2017 has been to increase our throughput at our facilities. In addition, our progress was demonstrated in our operating performance. Production volumes at each of our facilities were significantly above our internal goals driven by continued improvements at each of our facilities." Mr. Cowart added, "Capital investments in our facilities and our focus on increasing volume continue to have a positive impact on our business operations. Although we experienced spread compression in our Marrero operations during the second quarter, we are pleased by the increase in our collected volume and the performance at our Heartland facility." Mr. Cowart concluded, "Our team has worked very hard to stabilize and improve our financial performance this year. We are confident in our business model and the stability of our business operations for the long-term." A full-text copy of the Form 10-Q is available for free at: https://is.gd/GtI2Io About Vertex Energy Vertex Energy, Inc. (VTNR) -- http://www.vertexenergy.com/-- is a specialty refiner and marketer of hydrocarbon products. The Company's business divisions include aggregation and transportation of refinery feedstocks such as used motor oil and other petroleum and chemical co-products to produce and commercialize a broad range of high purity intermediate and finished products such as fuel oils, marine grade distillates and high purity base oils used for lubrication. Vertex operates on a regional model with strategic hubs located in key geographic areas in the United States. With its headquarters in Houston, Texas, Vertex Energy's processing operations are located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). For more information on Vertex Energy please contact Porter, LeVay & Rose, Inc.'s investor relations representative Marlon Nurse, D.M. at 212-564-4700. Vertex Energy reported a net loss of $3.95 million for the year ended Dec. 31, 2016, a net loss of $22.51 million for the year ended Dec. 31, 2015, and a net loss of $5.87 million for the year ended Dec. 31, 2014. W&T OFFSHORE: May Issue 7.7M Common Shars Under Incentive Plan -------------------------------------------------------------- W&T Offshore, Inc. filed with the Securities and Exchange Commission a Form S-8 registration statement to register 7,700,000 shares of common stock of the Company issuable under Amended and Restated Incentive Compensation Plan. On June 30, 2005, the Company filed a Registration Statement on Form S-8 with the SEC to register 1,667,293 shares of Common Stock for issuance pursuant to the W&T Offshore, Inc. Long-Term Incentive Compensation Plan. On May 6, 2009, the Company filed a Registration Statement on Form S-8 with the Commission to register an additional 2,000,000 shares of Common Stock for issuance pursuant to the W&T Offshore, Inc. Long-Term Incentive Compensation Plan. On May 14, 2013, the Company filed a Registration Statement on Form S-8 with the Commission to register an additional 4,000,000 shares of Common Stock for issuance pursuant to the W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan. On May 26, 2016, the Company filed a Registration Statement on Form S-8 with the Commission to register an additional 7,300,000 shares of Common Stock, which reflected an amendment to the Incentive Compensation Plan to increase the shares of Common Stock available for distribution by 3,300,000, and the registering of an additional 4,000,000 for administrative convenience. The Registration Statement registers an additional 7,700,000 shares of Common Stock to increase the amount of Common Stock available for issuance pursuant to the Incentive Compensation Plan. About W&T Offshore Based in Houston, Texas, W&T Offshore, Inc., is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. In October 2015, the Company disposed of substantially all of its onshore oil and natural gas interests with the sale of its Yellow Rose field in the Permian Basin. The Company retained an overriding royalty interest in the Yellow Rose field production. W&T Offshore, Inc. is a Texas corporation originally organized as a Nevada corporation in 1988, and successor by merger to W&T Oil Properties, Inc., a Louisiana corporation organized in 1983. The Company's interest in fields, leases, structures and equipment are primarily owned by the parent company, W&T Offshore, Inc. and its wholly-owned subsidiary, W & T Energy VI, LLC, a Delaware limited liability company. W&T Offshore reported a net loss of $249.02 million for the year ended Dec. 31, 2016, a net loss of $1.04 billion for the year ended Dec. 31, 2015, and a net loss of $11.66 million for the year ended Dec. 31, 2014. The Company's balance sheet at June 30, 2017, showed $874.97 million in total assets, $1.47 billion in total liabilities, and a total stockholders' deficit of $597.95 million. * * * As reported by the TCR on April 14, 2017, S&P Global Ratings affirmed its 'CCC' corporate credit rating on U.S.-based oil and gas exploration and production (E&P) company W&T Offshore Inc. The rating outlook is negative. "The affirmations follow our review of W&T's capital structure and credit profile in light of challenging conditions in the offshore E&P industry," said S&P Global Ratings credit analyst Kevin Kwok. WRIGHT'S WELL: Exit Plan to Pay Unsecured Creditors in Full ----------------------------------------------------------- Unsecured creditors of Wright's Well Control Services, LLC, will receive full payment under the company's proposed plan to exit Chapter 11 protection. The restructuring plan proposes to pay creditors holding Class 4 unsecured claims up to 100% of their allowed claims from the proceeds of the patent litigation filed by the company against Oceaneering International, Inc., and Christopher Mancini in the U.S. District Court for the Eastern District of Louisiana. Class 4 is impaired and unsecured creditors are entitled to vote on the plan. Disputed claims, including the Class 4 unsecured claims of Oceaneering and Mike Trahan, will be treated later in the plan, according to Wright's Well's disclosure statement filed on September 12 with the U.S. Bankruptcy Court for the Western District of Louisiana. The Plan proposes to make the distributions from cash on hand and advances received from Northstar Offshore Ventures, LLC under the P&A Agreement. The P&A Agreement is contract between Wright's or the Reorganized Wright's and NOV which will provide for the Reorganized Wright's to perform plugging and abandoning services to NOV. The Holders of the Allowed Class 1 Claim shall be paid in full through the assumption and subsequent amendment of the Midsouth Loan by Northstar Leasing, LLC or Leaseco on terms and conditions agreeable to Midsouth Bank and Leaseco, at a closing to take place as soon as practicable after the Effective Date or otherwise. The Holders of Allowed Class 2 Claims will be paid in cash over time from and after the Effective Date by receiving an additional 5% of the amount of post-petition goods and services acquired by Wright's from such Holders. The Holders of Allowed Class 3 Claims shall be paid in full in cash within 60 days after the Effective Date. The Holders of the Allowed Unsecured Class 4 Claims and possibly Class 2 Claims shall receive distributions, up to the Allowed amount of each claim, from the proceeds of the Patent Litigation. Once all Unclassified Claims and Classes 1-4 Claims have been paid in full, Class 5, the Holders of the Equity Interests may receive distributions of any remaining proceeds of the Patent Litigation from the Reorganized Debtor. The Plan Support Agreement details the arrangement between Wright's, Northstar Leasing, LLC, and NOV. Essentially the Debtor has negotiated the transfer of the Acquired Assets to Leaseco. Leaseco through Clarke, who owns NOV, has agreed to engage Wright's to perform P&A work under contract with NOV. Essential to the P&A Agreement is the transfer of the Acquired Assets to Leaseco. This transfer shall be accomplished through this Plan via a confirmation order from the Court. A full-text copy of the Disclosure Statement dated September 12, 2017, is available for free at https://is.gd/355fgl A full-text copy of the Disclosure Statement dated September 15, 2017, is available for free at: http://bankrupt.com/misc/lawb17-50354-124.pdf About Wright's Well Control Services Based in Lake Charles, Louisiana, Wright's Well Control Services, LLC provides oil and gas well control solutions. The Debtor filed a Chapter 11 petition (Bankr. W.D. La. Case No. 17-50354) on March 22, 2017. In its petition, the Debtor estimated less than $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by David Christopher Wright, the Debtor's manager and member. Judge Robert Summerhays presides over the case. Kent H. Aguillard, Esq., at H. Kent Aguillard, represents the Debtor as bankruptcy counsel. The Debtor hired a joint venture composed of Hilco Industrial LLC, Myron Bowling Auctioneers and Cincinnati Industrial Auctioneers as its asset marketing and sales agent. YOGA SMOGA: Needs More Time to Conclude Talks, File Plan -------------------------------------------------------- Yoga Smoga Inc. asks the U.S. Bankruptcy Court for the Southern District of New York by approximately 90 days, the exclusive periods during which only the Debtor may: (a) file a chapter 11 plan through and including January 15, 2018; and (b) solicit acceptances of a chapter 11 plan of the Debtor through and including March 19, 2018. This is the Debtor's third extension request. A hearing on the Debtor's Third Exclusivity Motion will be held October 11, 2017 at 10:00 a.m. Any objections to the Motion are due on October 4. Yoga Smoga relates that in the three months since the filing of the Second Exclusivity Motion, the Debtor moved its business restructuring forward in many ways, including by: (a) working with suppliers to refresh its inventory for the upcoming holiday season; (b) reaching a favorable agreement with its main fabric supplier; (c) re-starting manufacturing with its historically second largest suppler; (d) developing a new line of product using new technology and fabric for sale during the holiday season; (e) continuing to develop strategies to increase sales on Amazon.com; (f) continuing its pursuit of a strategic wholesale partner, particularly with prospect; (g) continuing negotiations with a large foreign department store chain; and (h) continuing to make progress with a variety of other initiatives, including its SMOGI Club. SMOGI Club is a paid membership program providing customers with exclusive discounts, services and yoga-related information. Annual membership fees from the SMOGI Club will monetize the Debtor's existing customer base, thereby generating consistent revenue stream. The Debtor told the Court that it has made progress on the web design phase of this project, but the project is on-going, with the Debtor still in the design and testing phases of this project. The Debtor contends that the web designer is currently testing a web design on a new web platform, Shopify, which the Debtor intends to substitute as its new e-commerce platform. Likewise, the Debtor contends that it has continued to advance this chapter 11 case on the legal front, including by: (a) finalizing and filing its retention application for special litigation counsel and (b) finalizing and filing a confidentiality and common interest stipulation with the Committee that will enable special litigation counsel to apprise the Committee on estate causes of action. The Debtor relates that it has provided the Committee with a plan proposal term sheet and is awaiting a counterproposal from the Committee. The Debtor claims that it has continued to answer questions from and address raised by the Committee and responded to the Committee's several requests for additional information. As such, the Debtor believes the Committee will engage in further negotiations in the coming weeks now that the bid to retain special counsel and the stipulation over common interest will soon be heard by the Court. Accordingly, the Debtor asserts that its progress in the case to date on both the legal and business fronts, as well as the important work that it needs to do in the next several months -- with respect to completing plan negotiations and finalizing and filing a plan of reorganization -- warrants extension of the exclusive periods to file and solicit acceptances of a plan. About Yoga Smoga Yoga Smoga, Inc., filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-13538) on Dec. 19, 2016. The petition was signed by Tapasya Bali, chief executive officer. The case is assigned to Judge Michael E. Wiles. Yoga Smoga is represented by Jil Mazer-Marino, Esq., at Meyer, Suozzi, English & Klein, P.C. Joseph A. Broderick, PC, serves as its accountant. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Office of the U.S. Trustee on Jan. 6, 2017, appointed an official committee of unsecured creditors. Klestadt Winters Jureller serves as legal counsel to the Committee, and CBIZ Accounting, Tax and Advisory of New York, LLC, as financial advisors. [^] BOND PRICING: For the Week from September 18 to 22, 2017 ------------------------------------------------------------ Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- Alpha Appalachia Holdings Inc ANR 3.250 2.048 8/1/2015 American Eagle Energy Corp AMZG 11.000 0.933 9/1/2019 Amyris Inc AMRS 9.500 63.711 4/15/2019 Armstrong Energy Inc ARMS 11.750 11.750 12/15/2019 Armstrong Energy Inc ARMS 11.750 11.750 12/15/2019 Atwood Oceanics Inc ATW 6.500 97.687 2/1/2020 Avaya Inc AVYA 10.500 5.250 3/1/2021 Avaya Inc AVYA 10.500 4.612 3/1/2021 BPZ Resources Inc BPZR 6.500 3.017 3/1/2015 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Bon-Ton Department Stores Inc/The BONT 8.000 37.000 6/15/2021 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 7.875 7.375 4/15/2022 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 7.625 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 7.375 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 7.375 10/15/2020 Buffalo Thunder Development Authority BUFLO 11.000 37.375 12/9/2022 Caesars Entertainment Operating Co Inc CZR 5.750 86.500 10/1/2017 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chukchansi Economic Development Authority CHUKCH 9.750 55.000 5/30/2020 Chukchansi Economic Development Authority CHUKCH 9.750 53.250 5/30/2020 Cinedigm Corp CIDM 5.500 35.000 4/15/2035 Claire's Stores Inc CLE 9.000 57.500 3/15/2019 Claire's Stores Inc CLE 8.875 10.000 3/15/2019 Claire's Stores Inc CLE 7.750 13.625 6/1/2020 Claire's Stores Inc CLE 9.000 57.250 3/15/2019 Claire's Stores Inc CLE 9.000 57.250 3/15/2019 Claire's Stores Inc CLE 7.750 13.625 6/1/2020 Cobalt International Energy Inc CIE 2.625 20.000 12/1/2019 Cumulus Media Holdings Inc CMLS 7.750 30.131 5/1/2019 DFC Finance Corp DLLR 10.500 55.625 6/15/2020 DFC Finance Corp DLLR 10.500 55.625 6/15/2020 Denbury Resources Inc DNR 7.250 51.000 12/1/2017 EV Energy Partners LP / EV Energy Finance Corp EVEP 8.000 35.222 4/15/2019 EXCO Resources Inc XCO 7.500 23.579 9/15/2018 EXCO Resources Inc XCO 8.500 15.670 4/15/2022 Egalet Corp EGLT 5.500 52.750 4/1/2020 Emergent Capital Inc EMGC 8.500 49.244 2/15/2019 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Holdings Corp TXU 11.250 70.125 11/1/2017 Energy Future Holdings Corp TXU 6.500 12.500 11/15/2024 Energy Future Holdings Corp TXU 6.550 13.250 11/15/2034 Energy Future Holdings Corp TXU 5.550 12.500 11/15/2014 Energy Future Holdings Corp TXU 10.875 70.125 11/1/2017 Energy Future Holdings Corp TXU 10.875 69.875 11/1/2017 Energy Future Holdings Corp TXU 9.750 29.250 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 11.250 35.250 12/1/2018 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 11.250 36.000 12/1/2018 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.750 36.000 10/15/2019 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 GenOn Energy Inc GENONE 9.500 72.000 10/15/2018 GenOn Energy Inc GENONE 9.500 72.125 10/15/2018 GenOn Energy Inc GENONE 9.500 72.125 10/15/2018 Gibson Brands Inc GIBSON 8.875 80.750 8/1/2018 Gibson Brands Inc GIBSON 8.875 78.250 8/1/2018 Gibson Brands Inc GIBSON 8.875 79.782 8/1/2018 Global Brokerage Inc GLBR 2.250 45.500 6/15/2018 Gulfmark Offshore Inc GLFM 6.375 20.250 3/15/2022 Gymboree Corp/The GYMB 9.125 2.750 12/1/2018 Homer City Generation LP HOMCTY 8.137 38.750 10/1/2019 Illinois Power Generating Co DYN 7.000 33.875 4/15/2018 Illinois Power Generating Co DYN 6.300 35.375 4/1/2020 IronGate Energy Services LLC IRONGT 11.000 35.000 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 35.000 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 35.000 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 35.000 7/1/2018 Jack Cooper Holdings Corp JKCOOP 9.250 52.750 6/1/2020 Kellwood Co KWD 7.625 98.733 10/15/2017 Las Vegas Monorail Co LASVMC 5.500 2.500 7/15/2019 Lehman Brothers Holdings Inc LEH 1.383 3.326 6/15/2009 Lehman Brothers Holdings Inc LEH 2.070 3.326 6/15/2009 Lehman Brothers Holdings Inc LEH 5.000 3.326 2/7/2009 Lehman Brothers Holdings Inc LEH 1.500 3.326 3/29/2013 Lehman Brothers Holdings Inc LEH 4.000 3.326 4/30/2009 Lehman Brothers Holdings Inc LEH 1.600 3.326 11/5/2011 Lehman Brothers Holdings Inc LEH 2.000 3.326 3/3/2009 Lehman Brothers Inc LEH 7.500 1.226 8/1/2026 MF Global Holdings Ltd MF 3.375 27.375 8/1/2018 MModal Inc MODL 10.750 6.125 8/15/2020 Mashantucket Western Pequot Tribe MASHTU 7.350 19.250 7/1/2026 Morgan Stanley MS 3.146 99.018 9/30/2017 Newpark Resources Inc NR 4.000 100.100 10/1/2017 Nine West Holdings Inc JNY 8.250 18.500 3/15/2019 Nine West Holdings Inc JNY 6.125 16.763 11/15/2034 Nine West Holdings Inc JNY 6.875 15.500 3/15/2019 Nine West Holdings Inc JNY 8.250 18.000 3/15/2019 Nortel Networks Capital Corp NT 7.875 3.528 6/15/2026 OMX Timber Finance Investments II LLC OMX 5.540 9.850 1/29/2020 Permian Holdings Inc PRMIAN 10.500 29.125 1/15/2018 Permian Holdings Inc PRMIAN 10.500 29.125 1/15/2018 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 48.250 10/1/2018 Renco Metals Inc RENCO 11.500 21.375 7/1/2003 Rex Energy Corp REXX 8.875 41.682 12/1/2020 Rolta LLC RLTAIN 10.750 21.250 5/16/2018 SAExploration Holdings Inc SAEX 10.000 60.125 7/15/2019 SandRidge Energy Inc SD 7.500 2.081 2/15/2023 Sears Roebuck Acceptance Corp SHLD 6.875 98.698 10/15/2017 Southwestern Energy Co SWN 7.350 99.268 10/2/2017 SunEdison Inc SUNE 2.375 2.000 4/15/2022 SunEdison Inc SUNE 0.250 2.000 1/15/2020 SunEdison Inc SUNE 2.750 1.769 1/1/2021 SunEdison Inc SUNE 3.375 1.900 6/1/2025 SunEdison Inc SUNE 5.000 9.375 7/2/2018 SunEdison Inc SUNE 2.625 2.000 6/1/2023 TMST Inc THMR 8.000 19.500 5/15/2013 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 62.125 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 62.125 2/15/2018 TerraVia Holdings Inc TVIA 5.000 36.375 10/1/2019 TerraVia Holdings Inc TVIA 6.000 36.375 2/1/2018 Toys R Us - Delaware Inc TOY 8.750 27.339 9/1/2021 Toys R Us Inc TOY 7.375 29.825 10/15/2018 UCI International LLC UCII 8.625 6.875 2/15/2019 Vanguard Operating LLC VNR 8.375 20.750 6/1/2019 Walter Energy Inc WLTG 8.500 0.834 4/15/2021 Walter Energy Inc WLTG 9.875 0.834 12/15/2020 Walter Energy Inc WLTG 9.875 0.834 12/15/2020 Walter Energy Inc WLTG 9.875 0.834 12/15/2020 Walter Investment Management Corp WAC 4.500 20.000 11/1/2019 iHeartCommunications Inc IHRT 10.000 67.000 1/15/2018 iHeartCommunications Inc IHRT 6.875 59.847 6/15/2018 rue21 inc RUE 9.000 0.500 10/15/2021 rue21 inc RUE 9.000 1.540 10/15/2021 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***