/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180205.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, February 5, 2018, Vol. 22, No. 35 Headlines 111 BPR: Hires Daniel W. Murray Law as Counsel ABC FAMILY DENTAL: U.S. Trustee Unable to Appoint Committee ACHAOGEN INC: Kansas Facility Compliance Status Amended to VAI ADVANCED CONTRACTING: Court Approves Sale Transaction with Trident ADVANCED MICRO DEVICES: Posts $61M Net Income in Fourth Quarter AFFORDABLE ENTERPRISES: Capital Management Agreement Has Interim OK AFFORDABLE ENTERPRISES: Feb. 23 Auction of All Assets Set AIAD SAMUEL: Trustee's $2.2M Sale of Rio Linda Property Approved ALLY FINANCIAL: Posts $929 Million Net Income in 2017 AMERICAN HOMES: Moody's Assigns (P)Ba1 Sub. Debt Shelf Rating AMG INTERNATIONAL: Exclusive Filing Period Moved to March 16 ARIZONA - FOR BETTER: Seeks Authorization to Use Cash Collateral ATLAS DISPOSAL: Sale of Vehicles & Containers for $17K Approved BALLMAWR LAUNDRY: Hires Karalis PC as Bankruptcy Counsel BCC SANDUSKY: May Continue Using Cash Collateral Until Feb. 25 BCR EQUIPMENT: Selling 2017 Peterbilt Model 337 Tow Truck BESTWALL LLC: Asbestos Committee Hires FTI as Financial Advisor BLINK CHARGING: Files Amended Prospectus on 4.6 Million Units Sale BLUE BEE: Exclusive Plan Filing Period Extended Until March 19 BLUE DIAMOND: Hires Brewer & Giggenbach as Special Counsel BOEGEL FARMS: Hires GlassRatner Advisory as Financial Adviser BON-TON STORES: In Talks with Noteholders on Restructuring Options BOSTICK CONSTRUCTION: Seeks 60-Day Plan Exclusivity Extension BREVARD EYE: May Continue Using Cash Collateral Until March 2 BRIGHT MOUNTAIN: Expects $1.5 Million Revenue for Fourth Quarter BRUGNARA PROPERTIES: Trustee Taps Bachecki Crom as Accountant CALIFORNIA RESOURCES: BlackRock Has 6.9% Equity Stake CAREVIEW COMMUNICATIONS: Names Interim CFO, Secretary & Treasurer CATHOLIC SCHOOL: Hires Vilarino & Associates as Attorney CC CARE LLC: Court Okays Fifth Agreed Interim Cash Collateral Order CENVEO INC: Case Summary & 50 Largest Unsecured Creditors CENVEO INC: Files Ch.11 with Plan Backed by 1st Lien Bondholders CHASE MONARCH: Must Surrender Premises to Cherif Medawar CHINA COMMERCIAL: Stockholders Elect Five Directors CNT HOLDINGS: Moody's Revises Outlook to Neg. & Affirms B2 CFR CORBETT-FRAME INC: Needs Access to Cash for February Expenses CRIMSON INVESTMENT: Court Dismisses Chapter 11 Bankruptcy Case CURO HEALTH: Moody's Alters Outlook to Neg. & Affirms B3 CFR CYTORI THERAPEUTICS: Two Directors Quit as Part of Restructuring DAVE 60 NYC: Seeks May 21 Exclusive Plan Filing Period Extension DEX SERVICES: Court Signed Fourth Agreed Cash Collateral Order DIFFUSION PHARMACEUTICALS: Ally Bridge Has 3.7% Stake as of Jan. 22 DREAM MOUNTAIN: Trustee Hires Amore Law as Counsel EAGAN AVENATTI: JFL Settlement Delays Filing of Chapter 11 Plan ECOARK HOLDINGS: Strategic Planning Has 9% Stake as of Dec. 31 EDWARD W PAGANO: Hires Gleichenhaus Marchese & Weishaar as Counsel EM LODGINGS: Court Lifts Stay for NCB to Foreclose Property EM LODGINGS: Hires Rotherham & Company as Accountant ENCORE PROPERTY: Hires David S. Stern as Counsel ENDO SURGICAL CENTER: Court Prohibits Cash Collateral Use EXCELETECH COATING: Amended Cash Collateral Motion Filed FC GLOBAL: Gets $2.2M Second Funding from Opportunity Fund FILIPINO COMMUNITY: Case Summary & 20 Largest Unsecured Creditors FTTE LLC: Case Summary & 17 Largest Unsecured Creditors FUNCTION(X) INC: In Talks to Restructure Debt Obligations G-I HOLDINGS: Court Grants Ashland Bid for Permissive Abstention GASTAR EXPLORATION: Will Sell Non-Core Oklahoma Assets for $107.5M GIDEON SERVICES: Hires Manier & Herod as Counsel GIDEON SERVICES: Hires Ralph E. White, Jr. as Accountant GILDED AGE: Wants Access to Cash for February Expenses GLOBAL SOLUTIONS: Seeks April 30 Plan Filing Exclusivity Extension GORDON ST. CONDOS: Hires Levene Neale as Bankruptcy Counsel GORDON'S GLASS: Seeks Authorization to Use Cash Collateral HARTFORD COURT: Lease with Catherine Courts Deemed Rejected HATTRICK PROPERTIES: Case Summary & 4 Largest Unsecured Creditors HOOPER HOLMES: Holds Investor Meeting to Discuss Merger Results HOVNANIAN ENTERPRISES: Concludes Debt Exchange Transaction IAN-K LLC: Hires Gorman Consulting as Forensic Accountant INFINITY CUSTOM: Case Summary & 20 Largest Unsecured Creditors INTERNAP CORP: SingleHop Deal No Impact on Moody's B3 CFR ITUS CORP: Bruce Eames Lowers Stake to 4.10% as of Jan. 9 ITUS CORP: Bruce Eames Reports 5.68% Stake as of Dec. 31 J&S AUTO: Authorized to Use Cash Collateral Through Feb. 28 J.P. PYRAMID: March 9 Public Auction for Union Street Property JC FITS: Court Okays Prime Business Cash Collateral Stipulation JC FITS: Pacific City Bank Cash Collateral Stipulation Approved JOHN Q. HAMMONS: Hagale Buying Springfield Property for $1.5M JOHNS-MANVILLE: Marsh Bid to Enforce Channeling Injunction Granted JOURNAL-CHRONICLE: May Use Cash Collateral Through June 30 KAANAPALI TOURS: Petitioning Creditors Seek Appointment of Trustee KANZLER LANDSCAPE: Hires DeWald Law as Special Counsel KRK CP LLC: May Use TransPecos Cash Collateral on Interim Basis LABORATORIO CLINICO: Seeks Feb. 19 Plan Filing Extension LECENTRE ON FOURTH: Allowed to Use Cash Collateral on Interim Basis LEGACY RESERVES: Baines Creek Capital Has 8.8% Stake as of Sep. 30 LEI TRANSPORTATION: Hires Paul Reece as Attorney LEVEL III TRADING: Appointment of E. Andrus Needs Court OK LEVEL SOLAR: CEO Buying 2015 Isuzu NPRXD for $20K LIGNUS INC: Hires Curry Advisors as Special Counsel LOUISVILLE ROOF: Seeks Interim Approval to Use Cash Collateral MCCLATCHY CO: Board Adopots Executive Supplemental Plan MEMORIAL HEALTH: Fitch Lowers 2015 Hosp. Bonds Rating to BB- MICHELE MAYER: $93K Short Sale of Ivanhoe Property Approved MULTICARE HOME: Given Final Nod to Access IRS Cash Collateral NADER MOMENI: Proposes a $2M Private Sale Chevy Chase Property NASRIN OIL: Seeks May 1 Exclusive Plan Filing Period Extension NEVADA CLUB: Hires Frank T. Waters as Attorney NEXT COMMUNICATIONS: Given Last Exclusivity Extension Until March 1 OCULAR THERAPEUTIX: Prudential Owns 6.8% Stake as of Dec. 31 OL FRESH: Case Dismissed, Cash Collateral Use Deemed Moot OMEROS CORP: BlackRock Has 8.2% Equity Stake as of Dec. 31 ONCOBIOLOGICS INC: Amends Fiscal 2017 Form 10-K to Add Part III OSCAR SQUARED: Hires Madoff & Khoury as Counsel PAULA OLIVER: $880K Sale of Torrance Property to Kirkemos Approved PERLL DIAGNOSTICS: Case Summary & 8 Unsecured Creditors PHILADELPHIA HEALTH: Atlantic Diagnostic Leaves Creditors' Panel PITTSBURGH ATHLETIC: Steinway Piano, Antique Chandeliers for Sale PREMIER MARINE: Court Approved Cash Collateral Stipulation PREMIER PCS: Has Permission to Use Cash Collateral on Final Basis PRIME GLOBAL: Incurs $960K Net Loss in Fiscal 2017 PRODUCTION PATTERN: May Continue Using Cash on Interim Basis PROFLO INDUSTRIES: SkyMark Bid for Ch. 11 Trustee Appointment Nixed R & S ANTIQUES: Sale of Beverly Hills Merchandise Approved RAGGED MOUNTAIN: Seeks 30-Day Access to Cash Collateral RENT-A-WRECK: Plan Held in Abeyance Amid Dismissal/Transfer Bids RESOLUTE ENERGY: Lion Point Discloses 4.3% Stake as of Jan. 30 RIO POZO: U.S. Trustee Unable to Appoint Committee RPM HARBOR: Court Terminates Plan Exclusivity Period SAEXPLORATION HOLDINGS: Alan Menkes Fills Board Vacancy SCIENTIFIC GAMES: Unit Proposes Add-On Offering of Senior Notes SE PROFESSIONALS: Allowed to Use Cash Collateral Through March 3 SECOND PHOENIX: Hires Marc Stuart Goldberg as Bankruptcy Counsel SHIEKH SHOES: Feb. 23 Auction of All Assets Set SHIFFER INC: Plan Outline Hearing Set for March 22 SHUTTERFLY INC: Moody's Puts Ba3 CFR on Review for Downgrade SOLAT LLC: Sets Procedures for San Antonio Real & Personal Property SPECIALTY CONTRACTING: Hires Harris Law as Attorney STEMTECH INTERNATIONAL: Hires De la Hoz Perez as Tax Accountant STONE CRAZY: Hires Law Offices of Ken McCartney as Attorney SUNSET PARTNERS: Trustee Seeks Continued Cash Use Through July 3 TENET CONCEPTS: Seeks Approval of Factoring Agreement, Cash Use TERRAVIA HOLDINGS: Liquidation Plan Declared Effective TEXAS E&P OPERATING: Trustee Hires Searcy & Searcy as Counsel THINK FINANCE: Court Signs Supplemental Cash Collateral Order TOWERSTREAM CORP: Delaney Equity Has 8.1% Stake as of Dec. 31 TRANSMONTAIGNE PARTNERS: Moody's Assigns Ba3 Corp. Family Rating TUCSON ONE: Hires PICOR Commercial as Real Estate Broker US VIRGIN ISLANDS: Moody's Assigns Caa3 Issuer Rating, Outlook Neg VANTIV LLC: Moody's Affirms Ba2 CFR Following Worldpay Acquisition VINCE'S BLACK: May Use Cash Collateral on Interim Basis VITARGO GLOBAL: Trustee Seeks Further Use of Cash Through April 30 WALDRON DEVELOPMENT: Has Interim OK to Use Cash Collateral WELLNESS MEDICAL: Hires Penachio Malara LLP as Counsel WILLIAM FOCAZIO: Compelled to Segregate Cash Collateral WJA ASSET: $1.5M Sale of WJA REO's 90% Interest in CSO Approved WONDERWORK INC: Trustee Hires CR3 Partners as Accountants WWLC INVESTMENT: Wants to Maintain Plan Exclusivity Until April 13 XCELERATED LLC: Exclusive Filing Period Temporarily Extended [^] BOND PRICING: For the Week from Jan. 29 to Feb. 2, 2018 ********* 111 BPR: Hires Daniel W. Murray Law as Counsel ---------------------------------------------- 111 BPR LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ the Law Offices of Daniel W. Murray as counsel. Services to be rendered by the counsel are: a. analysis of the financial situation, and rendering advice to the Debtor relating to filing this petition; b. preparation and filing of the Chapter 11 petition, and related documents, and schedules, statement of affairs, and all subsequent pleadings in this Court; c. representation of the Debtor in this Court, and at all meetings of creditors; d. formulation of a Debtor's Disclosure Statement and any amendments, if warranted; e. preparation of a Debtor's Plan of Reorganization and any amendments, if warranted; f. completion of all legal tasks required for confirmation. g. representation of Debtor in any subsequent proceedings under the Bankruptcy Code. Daniel W. Murray attests that he and each member of his firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). There is a flat fee payment $4,000 in connection with the Debtor's case. The counsel can be reached through: Daniel W. Murray, Esq. Law Offices of Daniel W. Murray 526 Boston Post Road, Building 2 East Wayland, MA 01778 Tel: (978) 79-9800 E-mail: Dan@DanielMurrayLaw.com About 111 BPR LLC Based in Sudbury, Massachusetts, 111 BPR LLC filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-42175) on Dec. 8, 2017, estimating under $1 million both in assets and liabilities. The Debtor is represented by Daniel W. Murray, Esq., at the Law Offices of Daniel W. Murray, as counsel. ABC FAMILY DENTAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of ABC Neighborhood Dental & Orthodontics, P.C. as of Jan. 31, according to a court docket. About ABC Neighborhood Dental & Orthodontics P.C. ABC Neighborhood Dental & Orthodontics, P.C., is a dental clinic located at 1250 S Buckley Road, Aurora, Colorado. The company's gross revenue amounted to $938,213 in 2016 and $882,106 in 2015. ABC Family Dental is 100% owned by Michael Shifman. ABC Neighborhood sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 17-21637) on Dec. 26, 2017. Michael Shifman, its owner, signed the petition. At the time of the filing, the Debtor disclosed $92,521 in assets and $1.21 million in liabilities. Judge Kimberley H. Tyson presides over the case. The Debtor hired Kutner Brinen, P.C. as its bankruptcy counsel and Hristopoulos & Company, P.C. as its accountant. ACHAOGEN INC: Kansas Facility Compliance Status Amended to VAI -------------------------------------------------------------- Achaogen, Inc. said that the Food and Drug Administration (FDA) has classified the outcome of its fourth quarter 2017 reinspection of Pfizer's McPherson facility as Voluntary Action Indicated (VAI). The Company's New Drug Application (NDA) for plazomicin is currently under regulatory review, and the change to VAI status provides a clear regulatory path for approval for plazomicin out of the McPherson facility based on plazomicin's PDUFA date of June 25, 2018. "The upgraded VAI designation received by Pfizer's McPherson facility is a positive outcome," said Blake Wise, Achaogen's chief executive officer. "Our PDUFA date is five months away and, with additional clarity around our manufacturing efforts, we look forward to the potential marketing approval and launch of plazomicin." The Company's NDA for plazomicin is for the treatment of complicated urinary tract infections (cUTI), including pyelonephritis, and bloodstream infections (BSI) due to certain Enterobacteriaceae in patients who have limited or no alternative treatment options. The FDA has set a target action date under the Prescription Drug User Fee Act (PDUFA) of June 25, 2018. About Achaogen South San Francisco, California-based Achaogen, Inc. -- http://www.achaogen.com/-- is a late-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of innovative antibacterial treatments for MDR gram-negative infections. Achaogen is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. Achaogen's plazomicin program has been funded in part with Federal funds from the Biomedical Advanced Research and Development Authority (BARDA), Office of the Assistant Secretary for Preparedness and Response, Office of the Secretary, Department of Health and Human Services, under Contract No. HHSO100201000046C. The Company's second product candidate is C-Scape, an orally-administered beta-lactam/beta-lactamase inhibitor combination that is funded in part with federal funds from BARDA. Achaogen has other programs in early and late preclinical stages focused on other MDR gram-negative infections and additional disease areas. Achaogen reported a net loss of $71.22 million in 2016, a net loss of $27.09 million in 2015, and a net loss of $20.17 million in 2014. As of Sept. 30, 2017, Achaogen had $230.09 million in total assets, $66.81 million in total liabilities, $10.00 million in contingently redeemable common stock and $153.3 million in total stockholders' equity. "The Company has incurred losses and negative cash flows from operations every year since its inception. As of September 30, 2017, the Company had unrestricted cash, cash equivalents and short-term investments of approximately $199.4 million and an accumulated deficit of approximately $336.5 million. Management expects that, based on its current operating plans, the Company's existing cash, cash equivalents and short-term investments as of September 30, 2017 will be sufficient to fund its current planned operations for at least the next twelve months from the issuance of these financial statements. Management plans to raise additional funds through equity or debt financing arrangements, government contracts, and/or third party collaboration funding in the future to fund its operations, including the commercial development of plazomicin. However, there can be no assurance that such funding sources will be available at terms acceptable to the Company or at all. If the Company is unable to raise additional funding to meet its working capital needs, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations," said the Company in its quarterly report for the period ended Sept. 30, 2017. ADVANCED CONTRACTING: Court Approves Sale Transaction with Trident ------------------------------------------------------------------ Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York grants the sale motion filed by Debtor Advanced Contracting Solutions LLC. The Debtor filed a motion to sell substantially all of its assets free and clear and subject to higher and better offers. Through the motion, Debtor seeks authority to sell its concrete construction business. Through its motion and a complaint filed in an adversary proceeding, Debtor ACS also seeks a determination that: (1) it is not a party to any collective bargaining agreement(s) (or CBAs) and that it, therefore, has no CBAs to modify or reject under 11 U.S.C. section 1113; or (2), in the alternative, that the proposed sale does not implicate or offend Section 1113. Pursuant to its Sale Motion, the Debtor seeks to sell substantially all of its assets to Trident General Contracting LLC--whose offer was subject to higher and better offers--with a closing held prior to the end of January, hence the expedited nature of the proceeding now before the Court. The backdrop for all of Debtor's requested relief is a decision issued by the U.S. District Court for the Southern District of New York on Sept. 20, 2017 in a case called Moore v. Navillus Tile, Inc. In that Decision, the District Court issued a ruling finding that non-union ACS is the alter ego of a construction company called Navillus Tile, Inc., and thus liable for non-compliance with the CBAs of Navillus. As part of that ruling, the District Court held ACS and Navillus to be jointly and severally liable for a judgment of $73.4M for failure to make required contributions for ACS projects to certain union-maintained benefits funds under the applicable Navillus CBAs. As judgment creditors in the Debtor's bankruptcy case, several of those same Union Funds, together with the Unsecured Creditors Committee have objected to the relief sought by the Debtor. The Objectors argue that the District Court Decision represented a finding of alter ego status that remains applicable on a forward-looking basis and that ACS has failed to make a "bright line" demonstration that things are different now so as to disentangle ACS from Navillus, meaning that ACS is still bound under the Navillus CBAs. The Objectors further contend that the Debtor's assets cannot be sold free of those CBA obligations because ACS does not satisfy the requirements of Section 1113. Finally, the Objectors contend that the Debtor and proposed purchaser do not satisfy the bankruptcy requirements for a free and clear sale, including those for a good faith purchaser finding under Bankruptcy Code Section 363(m). Upon analysis of all factors and arguments presented, the Court finds that Debtor is not an alter ego of Navillus, that Trident is a good faith purchaser under Section 363(m), and that the sale transaction reflects an exercise of sound business judgment by the Debtor. Accordingly, the Court approves the sale transaction. A full-text copy of Judge Lane's Jan. 31, 2018 Decision is available at: http://bankrupt.com/misc/nysb17-13147-233.pdf Counsel for Debtor and Debtor-in-Possession: Tracy L. Klestadt, Esq. Fred Stevens, Esq. Brendan M. Scott, Esq. Lauren C. Kiss, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, New York 10036 tklestadt@klestadt.com fstevens@klestadt.com bscott@klestadt.com lkiss@klestadt.com Counsel for the Official Committee of Unsecured Creditors: Jeffrey Cohen, Esq. Eric S. Chafetz, Esq. LOWENSTEIN SANDLER LLP 1251 Avenue of the Americas New York, New York 10020 jcohen@lowenstein.com echafetz@lowenstein.com -and- Kenneth A. Rosen, Esq. Michael Papandrea, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, New Jersey 07068 krosen@lowenstein.com mpapandrea@lowenstein.com Counsel for Trustees of Cement Workers Funds: Thomas M. Kennedy, Esq. Richard Sletzer, Esq. Susan M. Jennik, Esq. COHEN, WEISS & SIMON, LLP 900 Third Avenue New York, New York 10022 Counsel for the Creditors Trustees and Fiduciaries of the Local 282 Welfare Trust Fund, the Local 282 Pension Trust Fund, the Local 282 Annuity Trust Fund, the Local 282 Job Training Trust Fund, and the Local 282 Vacation and Sick Leave Trust Fund: Christopher Smith, Esq. TRIVELLA & FORTE, LLP 1311 Mamaroneck Avenue, Suite 170 White Plains, New York 10605 Counsel for International Union of Operating Engineers Local 14-14B, AFL-CIO and International Union of Operating Engineers Local 15, 15A & 15D, AFL-CIO: M. Steinberg, Esq. BRADY MCGUIRE & STEINBERG, P.C. 303 South Broadway, Suite 234 Tarrytown, New York 10591 james@bradymcguiresteinberg.com Counsel for Trident General Contracting LLC: Isaac M. Marcushamer, Esq. BERGER SINGERMAN 1450 Brickell Avenue, Suite 1900 Miami, Florida 33131 jmarcushamer@bergersingerman.com About Advanced Contracting Advanced Contracting Solutions, LLC -- http://www.acsnyllc.com/-- is a large open-shop concrete foundation and concrete super-structure contractor. Advanced Contracting Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-13147) on Nov. 6, 2017. Judge Sean H. Lane presides over the case. At the time of the filing, the Debtor estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. Tracy L. Klestadt, Esq., Brendan M. Scott, Esq., and Fred Stevens, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, serve as the Debtor's bankruptcy counsel. On Dec. 8, 2017, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. ADVANCED MICRO DEVICES: Posts $61M Net Income in Fourth Quarter --------------------------------------------------------------- Advanced Micro Devices, Inc. reported fourth quarter and full year 2017 financial results. "2017 marked a key inflection point for AMD as we re-shaped our product portfolio, delivered 25 percent annual revenue growth, expanded gross margin and achieved full-year profitability," said Dr. Lisa Su, AMD president and CEO. "We are even more excited about 2018 as we launch our next wave of high-performance products and continue to position AMD as one of the premier long-term growth companies in the technology industry." Advanced Micro reported net income of $61 million on $1.48 billion of net revenue for the three months ended Dec. 30, 2017 compared to a net loss of $51 million on $1.10 billion of net revenue for the three months ended Dec. 30, 2016. For the year ended Dec. 31, 2017, Advanced Micro reported net income of $43 million on $5.32 billion of net revenue compared to a net loss of $497 million on $4.27 billion of net revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Advanced Micro had $3.54 billion in total assets, $2.92 billion in total liabilities and $611 million in total stockholders' equity. Cash and cash equivalents were $1.18 billion at the end of the year, down from $1.26 billion at the end of 2016. Quarterly Financial Segment Summary * Computing and Graphics segment revenue was $958 million, up 60 percent year-over-year and 17 percent sequentially. The year-over-year and sequential increases were primarily driven by strong sales of Radeon graphics and Ryzen desktop processors. - Operating income was $85 million, compared to an operating loss of $21 million in Q4 2016 and operating income of $70 million in Q3 2017. The year-over-year and sequential improvements were primarily driven by higher revenue. - Client average selling price (ASP) was up year-over-year driven by higher Ryzen desktop processors ASP. Client ASP was flat sequentially. - GPU ASP increased year-over-year and sequentially due to higher desktop and professional graphics ASP. * Enterprise, Embedded and Semi-Custom segment revenue was $522 million, up 3 percent year-over-year driven by server revenue. Sequentially, revenue decreased 37 percent driven by seasonally lower semi-custom SoC revenue. - Operating income was $19 million compared to $47 million in Q4 2016 and $84 million in Q3 2017. The year-over-year decrease was primarily due to the absence of a $31 million licensing gain in Q4 2016 and an increase in R&D expenses, partially offset by the benefit from a richer product mix. The sequential decrease was primarily due to seasonally lower semi-custom SoC revenue. * All Other operating loss was $22 million compared with operating losses of $29 million in Q4 2016 and $28 million in Q3 2017. The year-over-year and sequential improvement was primarily related to lower stock-based compensation charges in Q4 2017. Recent Corporate Highlights * AMD expanded its presence in the datacenter with new AMD EPYC processor-powered solutions and deployments: - Microsoft Azure became the first global cloud provider to deploy AMD EPYC processors in its datacenters for its latest L-Series of Virtual Machines. - Baidu deployed AMD EPYC single-socket platforms to power its AI, big data, and cloud computing datacenters. - New high-performance platforms powered by AMD EPYC CPUs are now available from ecosystem partners including ASUS, GIGABYTE Technology, and Supermicro. - The AMD EPYC processor-powered HPE ProLiant DL385 Gen10 server started shipping in volume in December 2017, which launched with record-setting SPEC CPU performance and features leadership cost per virtual machine configurations. - EPYC CPUs were recognized as the Linley Group Analysts' Choice Awards "Best Server Processor" and in the "Top 5 Products or Technologies to Watch" category of both the HPCWire Readers' Choice and Editors' Choice Awards. * AMD continued its commitment to bring innovation and competition to every segment of the PC market with the launch of its Ryzen Mobile Processors with Radeon Vega graphics, including the AMD Ryzen 7 2700U processor - the world's fastest processor for ultrathin notebooks. - Combining the power of the "Zen" CPU and "Vega" GPU architectures, Ryzen mobile processors deliver up to 3x the CPU performance, up to 2.3x the GPU performance, and up to 58 percent less power consumption compared to the previous generation AMD notebook processors. - Ryzen mobile-based notebooks are currently available from Acer, HP, and Lenovo, with more systems expected from Dell and other OEMs in Q1 2018. - AMD and Qualcomm announced a collaboration to bring smooth and fast PC connectivity based on Qualcomm Snapdragon LTE modem solutions to high-performance AMD Ryzen mobile processors designed for consumer and enterprise notebooks. * At CES 2018, AMD announced details for upcoming computing and graphics products including its first 7nm product, a Radeon "Vega" GPU specifically built for machine learning applications, as well as next-generation Ryzen CPUs and desktop Ryzen APUs. * Momentum around AMD's next-generation "Vega" graphics portfolio continues to build: - Apple launched its most powerful Mac ever, the iMac Pro featuring AMD Radeon Pro Vega graphics. - AMD designed a semi-custom GPU that will be integrated into the 8th Gen Intel Core processor with Radeon RX Vega M Graphics. - AMD announced the expansion of the "Vega" family with the Radeon Vega Mobile GPU for ultrathin notebooks. * AMD released a major update to its advanced GPU software suite for Radeon graphics, the Radeon Software Adrenalin Edition. * AMD announced the appointment of Mark Durcan to its board of directors. * AMD expanded its leadership team with the appointment of graphics industry leaders Mike Rayfield as senior vice president and general manager of AMD Radeon Technologies Group (RTG) and David Wang as senior vice president of engineering for RTG. Rayfield will be responsible for all aspects of strategy and business management for AMD's consumer graphics, professional graphics, and semi-custom products. Wang will be responsible for all aspects of graphics engineering, including the technical strategy, architecture, hardware, and software for AMD graphics products and technologies. Current Outlook For Q1 2018, AMD expects revenue to be approximately $1.55 billion, plus or minus $50 million, an increase of 32 percent year-over-year, primarily driven by the strength of the ramp of new Ryzen, GPU and EPYC products. Guidance for Q1 2018 and the year-over-year comparison are under the new revenue recognition accounting standard (ASC 606). AMD is adopting the new revenue recognition standard by applying the "full retrospective" method. For comparative purposes under the new standard, Q1 2017 restated revenue was $1.18 billion and Q4 2017 restated revenue was $1.34 billion. For fiscal 2018, AMD expects the impact of the new standard on revenue to be immaterial. For additional details regarding AMD's results and outlook please see the CFO commentary posted on the Investor Relations page at http://www.amd.com/ A full-text copy of the press release is available for free at: https://is.gd/U3OTpZ 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. * * * This concludes the Troubled Company Reporter's coverage of Advanced Micro Devices until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. AFFORDABLE ENTERPRISES: Capital Management Agreement Has Interim OK ------------------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York authorized Affordable Enterprises of Westchester, Inc., to enter into the Management Agreement with Capital Industries Corp., effective as of Jan. 26, 2018, on an interim basis pending the Final Hearing, in connection with the sale of all assets for $570,000, subject to overbid. The terms of the Management Agreement, as modified and supplemented, are approved and the Debtor is authorized to take any and all such actions that may be required to effectuate the terms of the Order and the Management Agreement. The Management Agreement is modified such that the last sentence of Section 4 thereof is deleted in its entirety. The term of the Management Agreement will commence on Jan. 26, 2018 and terminate as set forth in the Management Agreement. Any confidentiality or non-disclosure agreement entered into between the Debtor and Manager in connection with the acquisition of the Debtor's assets will remain in full force and effect and will be extended to cover the term of the Management Agreement and any of the Debtor's proprietary information encountered and obtained by Manager during the term of the Management Agreement. The Manager will obtain, or, as the case may be, ensure that all licenses necessary to operate the Business in compliance with all applicable laws are valid. The Manager will use its good faith efforts to comply with all laws, the Bankruptcy Code, and the U.S. Trustee Guidelines, specifically including, but not limited to, assisting the Debtor and its professionals in the preparation of monthly operating reports. The terms of the Order will not be subject to further amendment without prior written consent of the Manager and the Debtor, and will be binding upon the Manager and upon the Debtor, and their respective successors and assigns, including any successor trustee or examiner which maybe appointed in this or any superseding case. Notwithstanding any Bankruptcy Rule imposing a stay on the effectiveness of the Order, the terms and conditions of the Order will be immediately enforceable, for cause. A final hearing on the Motion will be held on Feb. 27, 2018 at 10:00 a.m. The Debtor's counsel will provide notice of the Final Hearing to all parties mandated by Bankruptcy Rule 4001(c) no later than 15 days prior to the Final Hearing. Objections will be filed no later than Feb. 20, 2018 at 5:00 p.m. About Affordable Enterprises Affordable Enterprises of Westchester, Inc., is fully licensed and insured carting and sanitation company and a member in good standing with the Better Business Bureau. It services all of Westchester, Putnam and Rockland counties, as well as the five boroughs of New York City. Approximately 75% of its customers are contractors and management companies, with the remaining 25% belonging to residential customers. Commercial services fall into broad categories including commercial roofing replacement, whole house renovation, and garbage demolition. Residential services include garage cleanouts, bathroom and kitchen remodels, basement and attic cleanout and deck or siding removal. Affordable Enterprises of Westchester, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 4-22168) on Feb. 6, 2014. Jonathan S. Pasternak, Esq., and Dawn Kirby, Esq., at DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP, in White Plains, New York, serve as counsel to the Debtor. AFFORDABLE ENTERPRISES: Feb. 23 Auction of All Assets Set --------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York authorized Affordable Enterprises of Westchester, Inc.'s bidding procedures and its Purchase and Sale Agreement, dated Jan. 16, 2018, with Capital Industries Corp. in connection with the sale of all assets for $570,000, subject to overbid. The PSA is amended to provide that the Termination Fee will be reduced to $26,300, broken down as (i) a termination fee of $13,150 and (ii) legal fee reimbursement up to $13,150. It is further amended to provide that the second full sentence of Section 8.2(a) will apply only in the event that the PSA is terminated not through any fault of the Purchaser. The Debtor is authorized to conduct an auction for the Sale of the Assets in accordance with the Bidding Procedures in the revised form, which Bidding Procedures are approved. The Termination Fee, in the reduced amount set forth, is approved. The salient terms of the Bidding Procedures are: a. Bid Deadline: Feb. 21, 2018 at 5:00 p.m. (EST) b. Minimum Bid: $550,000 c. Deposit: 10% of the Competing Bid d. Auction: The Debtor will conduct the Auction commencing on Feb. 23, 2018 at 11:00 a.m., the offices of the Debtor's counsel, DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, One North Lexington Avenue, 11th Floor, White Plains, New York 10601. e. Bid Increments: $10,000 f. Sale Hearing: Feb. 27, 2018 at 10:00 a.m. A copy of the Bidding Procedures attached to the Order is available for free at: http://bankrupt.com/misc/Affordable_Enterprises_86_Order.pdf The counsel to the Debtor will file with the Court a report of Qualified Bids no later than Feb. 22, 2018 at 12:00 p.m., which report will indicate, among other things, whether the Debtor intends to go forward with the Auction. The objections to the relief to be considered at the Sale Hearing will be filed by Feb. 23, 2018 at 4:00 p.m. Notwithstanding the possible applicability of Bankruptcy Rules 6004(h), 7062, 9014 or otherwise, the terms and conditions of the Order will be immediately effective and enforceable upon its entry, for cause. About Affordable Enterprises Affordable Enterprises of Westchester, Inc., is fully licensed and insured carting and sanitation company and a member in good standing with the Better Business Bureau. It services all of Westchester, Putnam and Rockland counties, as well as the five boroughs of New York City. Approximately 75% of its customers are contractors and management companies, with the remaining 25% belonging to residential customers. Commercial services fall into broad categories including commercial roofing replacement, whole house renovation, and garbage demolition. Residential services include garage cleanouts, bathroom and kitchen remodels, basement and attic cleanout and deck or siding removal. Affordable Enterprises of Westchester, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 4-22168) on Feb. 6, 2014. Jonathan S. Pasternak, Esq., and Dawn Kirby, Esq., at DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP, in White Plains, New York, serve as counsel to the Debtor. AIAD SAMUEL: Trustee's $2.2M Sale of Rio Linda Property Approved ---------------------------------------------------------------- Judge Michael S. McManus of the U.S. Bankruptcy Court Eastern District of California authorized Scott M. Sackett, the duly-appointed Chapter 11 trustee for the bankruptcy case of Aiad and Hoda Samuel, to sell the real property commonly known as 912-1000 Oak Lane and 6775-6801 Curved Bridge Road, Rio Linda, California, APN#207-0141-015-0000, including any related personal property items, to Stephen B. Tresner or his designee for $2,200,000. A hearing on the Motion was held on Jan. 22, 2018 at 10:00 a.m. The sale is on an "as is/where is" basis. The Trustee is authorized and directed to pay directly from the sale proceeds through escrow all amounts due or necessary to satisfy the following obligations as of the closing date under the Sale Agreement, which are secured by the liens and encumbrances as indicated or are an administrative expense of the Estate: a. All past due real property taxes in the estimated amount of $49,439; b. All other real property taxes and assessments pro-rated as of the closing date as will be finally approved by the Trustee, through close of escrow; c. Up to $25,000 to the County of Sacramento Municipal Services Agency in full satisfaction of all monetary amounts due, if any, related to liens recorded (i) on Feb. 11, 2014 at Book 20140211, Page 0650 of Official Records, (ii) Oct. 4, 2016 at Book 20161004, Page 0445, and (iii) Aug. 8, 2017 at Book 20170808, Page 0599. As stated at the hearing on the Motion, the Trustee is informed and believes that items (i) and (ii) have already been fully satisfied and that approximately $13,083 is due for item (iii). d. The brokers' commission(s) in the amount of $110,000; e. All other items, if any, payable at closing by the Trustee, as seller, including any closing costs and related fees and expenses, in accordance with the terms of the Sale Agreement, which amounts will be considered "Escrow Obligations;" and f. Such amounts as may be necessary to satisfy the Estate's cure claim obligations, or other payment obligations, as set forth in the accompanying motion to assume and assign leases at the Real Property. After funding the Payment Obligations, including the Cure Obligations and the Escrow Obligations, the Trustee is authorized and directed to deposit $65,000 in a blocked account, which funds will be subject to disbursement only upon further order of the Court or a written agreement between the Trustee and Sacramento County. Pursuant to Section 363(f) of the Bankruptcy Code, the Sale of the Real Property will be free and clear of, and in full satisfaction of, all monetary amounts due related to a Notice of Pending Enforcement Action recorded on Jan. 7, 2014 as at Book 20140107, Page 0761 of Official Records recorded by the County of Sacramento. The Sacramento County Lien for such monetary amounts will instead attach to the Sacramento County Lien Account. After funding the Payment Obligations, including the Cure Obligations, the Escrow Obligations, and the Sacramento County Lien Account, the Trustee is authorized and directed to pay directly from the sale proceeds through escrow the sum of $1,100,000 to the USA in exchange for the USA's consent to a full release of any liens, claims, or encumbrances asserted by the USA on the Real Property. All of the remaining net proceeds of the sale, if any, after funding the Payment Obligations, funding the Sacramento County Lien Account, and paying the USA Payment will be distributed to the Trustee to be deposited in a blocked account and will be subject to disbursement only upon further order of the Court or a written agreement between the Trustee and the USA. Pursuant to Bankruptcy Code Section 363(f), the Sale of the Real Property will be free and clear of the USA's lien on the Real Property pursuant to the Notice of Lien for Fine/Restitution recorded July 22, 2014 at Book 20140722, Page 0717 of Official Records against the Real Property. The USA Lien will instead attach to the USA Lien Account. The provisions of Federal Rule of Bankruptcy Procedure 6004(h) are waived so that the Order will be effective and enforceable immediately upon entry. About the Samuels Aiad Samuel and Hoda Samuel filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 16-21585) on March 15, 2016. The Debtors' principal business enterprise is real estate management and leasing. On May 10, 2016, the Court approved the appointment of Scott M. Sackett as the Chapter 11 Trustee for the Debtors' Estate. Attorneys for the Chapter 11 Trustee: Donald W. Fitzgerald Jason E. Rios, Esq. FELDERSTEIN FITZGERALD WILLOUGHBY & PASCUZZI LLP 400 Capitol Mall, Suite 1750 Sacramento, CA 95814 Telephone: (916) 329-7400 Facsimile: (916) 329-7435 E-mail: dfitzgerald@ffwplaw.com jrios@ffwplaw.com ALLY FINANCIAL: Posts $929 Million Net Income in 2017 ----------------------------------------------------- Ally Financial reported full year and fourth quarter 2017 financial results. Net income attributable to common shareholders was $929 million for 2017, compared to $1,037 million in the prior year. Results were impacted by a $119 million charge to net income largely due to a revaluation of Ally's net DTA in 4Q 2017 as well as a $98 million tax benefit in 2Q 2016 from a tax reserve release. Further, increased net financing revenue was offset by higher noninterest expense and provision for loan losses, as Ally invested in establishing new businesses and growing existing businesses while shifting to originate a more profitable auto loan portfolio mix, which has now largely normalized. Net financing revenue, including $71 million of OID expense, improved to $4.2 billion, up $314 million from the prior year, driven by the expansion of retail loan and commercial margins, higher asset balances and strong deposit growth more than offsetting a decline in net lease revenue. Other revenue was $1.5 billion for 2017, up $14 million over the prior year. Provision for loan losses increased $231 million over 2016, due to the deliberate shift to originate a more profitable full credit spectrum portfolio mix as well as higher loan balances and additional reserves associated with the hurricanes experienced in the third quarter of 2017. Full year NIM was 2.71%, including OID of 5 basis points, up 8 basis points year-over-year. Excluding OID, NIM was 2.76%, improving 9 basis points year-over-year, driven by higher retail and commercial auto margins. Auto originations totaled $34.7 billion in 2017, down from $36.0 billion in 2016, given the continued focus on portfolio optimization and risk-adjusted returns. Fourth Quarter Net income decreased $67 million versus the prior year quarter to $181 million primarily due to a revaluation of Ally's net DTA associated with tax reform. Pre-tax income was $30 million higher year-over-year due to higher net financing revenue, partially offset by higher provision for loan losses and higher noninterest expense. Other revenue decreased $13 million year-over-year, as higher insurance revenue earned was offset by lower investment gains. Provision for loan losses increased $27 million to $294 million, compared to the prior year quarter, driven by higher retail auto charge-offs as well as a reserve release in Mortgage Finance in the prior year quarter. Noninterest expense was up $48 million year-over-year due primarily to expenses related to new product expansion. Ally Chief Executive Officer Jeffrey Brown commented on the financial results: "In 2017, we successfully continued down our strategic and financial path to becoming the leading digital financial services company and delivering strong earnings growth." "Operationally, we navigated shifting dynamics within the auto industry with a strong focus on credit discipline and delivering improving risk-adjusted margins. We made progress expanding our consumer and commercial product offerings across mortgage, wealth management and corporate finance and look to build scale in the coming years. Ally Bank had a record year, increasing retail deposits by $11.3 billion while adding nearly 200 thousand customers." "We completed our regulatory normalization process upon receiving approval to book all eligible assets at Ally Bank, in addition to the removal of a 15% Tier 1 leverage requirement at Ally Bank. This was a significant accomplishment that allows us to optimize our capital and funding structure, and take full advantage of our growing deposit base." "Financially, we posted the highest revenue and Adj. EPS1 since becoming a public company and we have strong tailwinds heading into 2018. Looking forward, we expect to see earnings growth accelerate as our auto finance business transition is largely complete and we see favorability from tax reform. Overall, the foundation we've established is solid, the business is aligned with secular trends towards digital financial services, and we remain very well positioned to drive shareholder value in the future." Discussion of Segment Results Auto Finance Pre-tax income in the fourth quarter decreased to $285 million compared to $298 million in the prior year period, as higher net financing revenue was offset by higher provision for loan losses and higher noninterest expense. Quarter-over-quarter results were impacted by lower lease revenue, driven by lower lease assets, lower gains on asset sales, and higher noninterest expense, partially offset by lower provision for loan losses given the hurricane-specific additional reserves in 3Q 2017. Net financing revenue was $32 million higher versus the prior year quarter as higher retail and commercial revenue, driven largely by the expansion of retail and commercial asset yields, and higher retail assets, more than offset lower lease revenue associated with a declining lease portfolio. The net lease yield in the quarter was 6.29%, up 54 bps year-over-year but down 61 bps quarter-over-quarter. Provision for loan losses was $288 million for the quarter, up $13 million year-over-year, as the result of the company’s shift to a full credit spectrum retail auto finance portfolio mix that has now largely normalized, as well as growth of the retail auto loan portfolio. Provision for loan losses was lower quarter over-quarter given the hurricane-specific additional reserves in 3Q 2017. Full year 2017 pre-tax income decreased $160 million to $1.2 billion with higher retail and commercial auto revenue more than offset by lower lease revenue, higher provision for loan losses and higher noninterest expense to support the growing retail portfolio. Estimated retail auto originated yield increased from 5.82% in 2016 to 6.24% in 2017. Consumer originations were $9.1 billion in the fourth quarter, up $0.8 billion versus the prior year period, with used volume of $3.8 billion, or 42% of total originations. Consumer originations totaled $34.7 billion in 2017, with used volume of $15.7 billion, or 45% of total 2017 originations, and $14.7 billion of new retail loans and $4.2 billion of leases. Automotive earning assets were down $2.2 billion year-over-year to $113.9 billion. Consumer earning assets were down $0.4 billion year-over-year to $76.8 billion as growth in the retail auto portfolio, which increased $2.3 billion, was slightly outpaced by declines in operating lease assets. Commercial earning assets declined $1.8 billion year-over-year to $37.1 billion, primarily due to lower dealer inventory levels. Insurance Pre-tax income was $80 million in the quarter, up $11 million from a year ago, driven by higher revenue earned, lower weather losses and higher investment income. Weather losses in the quarter were down $4 million year-over-year to $6 million, benefiting from the reinsurance policy established in April 2017. Written premiums for the quarter increased $28 million year-over-year to $265 million, due to growth in F&I products and vehicle inventory insurance written premiums. Total investment income was $36 million, up $4 million from the prior year period. Full year 2017 pre-tax income was $168 million, up from $157 million in 2016 as higher revenue earned and lower weather losses more than offset lower investment income. Mortgage Finance Pre-tax income was $2 million in the quarter, compared to $15 million in the prior year period as higher net financing revenue was offset by higher noninterest expense and provision for loan losses. Net financing revenue was $34 million for the quarter, up $8 million year-over-year, with total assets up $3.4 billion in the past year, largely driven by bulk mortgage purchase activity. Noninterest expense for the quarter increased $12 million versus the prior year quarter due to expenses to support Ally's direct-to-consumer mortgage business as well as continued asset growth. Provision expense increased $10 million versus the prior year quarter due to asset growth, as well as a reserve release in 4Q 2016. Full year 2017 pre-tax income was $20 million, down $14 million from 2016, as improved net financing revenue was offset by higher provision for loan losses and higher noninterest expense driven by the continued expansion of the mortgage business. Corporate Finance Pre-tax income was $32 million in the quarter, compared to $31 million in the prior year period, as increased net financing revenue was largely offset by higher provision expense and higher noninterest expense, both of which were primarily related to asset growth. Net financing revenue was $46 million in the quarter, up $12 million year-over-year, driven by continued strong loan growth and expansion into new lending verticals. Total loans increased $0.8 billion year-over-year from $3.2 billion to $4.0 billion. Total other revenue in the quarter was flat year-over-year at $12 million and up $7 million quarter-over-quarter due to higher equity investment income. Full year 2017 pre-tax income was $114 million, up $43 million compared to $71 million of pre-tax income in 2016. Liquidity, Capital & Deposits Capital Approximately $937 million of capital was returned to common shareholders in 2017. Ally repurchased $753 million of common stock, or approximately 34.1 million shares, during the year, including shares withheld to cover income taxes owed by participants related to share-based incentive plans. Since initiating share repurchases in July 2016, Ally has repurchased 51.2 million shares and its outstanding share count has declined by 9.7%. During 2017, Ally paid four quarterly common dividends totaling $0.40 per share and increased the dividend per share from $0.08 in the second quarter of 2017 to $0.12 in the third quarter of 2017. Ally's Board of Directors approved a $0.13 per share dividend for the first quarter of 2018, reflecting a $0.01 increase per share relative to the prior quarter dividend. Total equity was $13.5 billion at quarter-end, up from $13.3 billion a year ago, and down from $13.6 billion in the prior quarter. Preliminary fully phased-in Basel III Common Equity Tier 1 (CET1) capital ratioB declined to 9.5% from 9.6% in the prior quarter due to growth in risk-weighted assets as well as the tax reform driven revaluation of Ally’s net DTA. Liquidity & Funding Consolidated cash and cash equivalents of $4.3 billion at quarter-end were down from $4.4 billion at the end of the third quarter. Total available liquidity was $18.1 billion at quarter-end. U.S. auto securitizations totaled $1.4 billion in the quarter. For the year, the company had $7.3 billion in domestic term auto securitization activity and renewed $5.2 billion of secured credit facilities. Approximately 82% of Ally's total assets were funded at Ally Bank at year-end. Deposits represented approximately 62% of Ally's funding portfolio at year-end, excluding Core OID balance, improving from 54% a year ago. Deposits Total deposits at Ally Bank grew to $93.3 billion at year-end. Retail deposits increased to $77.9 billion at year-end, up $3.0 billion for the quarter and up a record $11.3 billion year-over-year, with growth predominately driven by CD products. The average retail deposit rate was 1.30% for the quarter, up 20 bps year-over-year, and up 7 bps quarter-over-quarter. Deposit customer base grew 16% year-over-year, totaling 1.4 million customers at year-end, while adding nearly 200 thousand customers in 2017. Millennials continue to comprise the largest generation segment of new customers at 53% as of quarter-end. A full-text copy of the press release is available for free at: https://is.gd/ejUe9b For additional financial information, the fourth quarter 2017 earnings presentation and financial supplement are available in the Events & Presentations section of Ally's Investor Relations Website at http://www.ally.com/about/investor/events-presentations/. About Ally Financial Inc. Ally Financial Inc. (NYSE: ALLY) is a digital financial services company with assets of $167.1 billion as of Dec. 31, 2017. As a client-centric company with passionate customer service and innovative financial solutions, Ally is relentlessly focused on "Doing it Right" and being a trusted financial partner for its consumer, commercial, and corporate customers. Ally's online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. Ally also promotes the Ally CashBack Credit Card. Additionally, Ally offers securities brokerage and investment advisory services through Ally Invest. For more information and disclosures about Ally, visit https://www.ally.com/#disclosures. Ally Financial, formerly GMAC Inc., obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake while allowing private equity firm Cerberus Capital Management LP to keep 14.9 percent, and General Motors Co. owning 6.7 percent. Ally reported net income of $1.1 billion for the year ended Dec. 31, 2016, compared to net income of $1.28 billion for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed $164.01 billion in total assets, $150.44 billion in total liabilities and $13.57 billion in total equity. AMERICAN HOMES: Moody's Assigns (P)Ba1 Sub. Debt Shelf Rating ------------------------------------------------------------- Moody's Investors Service has assigned a Baa3 to American Homes 4 Rent, L.P.'s senior unsecured notes offering, a (P)Baa3 rating to the REIT's senior unsecured shelf and a (P)Ba1 rating to the preferred stock shelf. The issuer rating of American Homes 4 Rent (NYSE: AMH) was affirmed at Baa3. The ratings outlook is stable. The following ratings were assigned: Issuer: American Homes 4 Rent, L.P. Senior unsecured debt at Baa3 Senior unsecured debt shelf at (P) Baa3 Subordinated debt shelf at (P)Ba1 Preferred stock shelf at (P)Ba1 The following rating was affirmed: Issuer: American Homes 4 Rent Issuer rating at Baa3 RATINGS RATIONALE American Home 4 Rent's Baa3 issuer rating reflects the REIT's significant scale in the single-family rental market and solid rental rate growth in the 3-4% range. Fundamentals remain strong, with the homeownership rate at historical lows supporting continued demand for rental housing. New household creation is also exceeding the supply of new housing. The Baa3 rating is also supported by improved credit metrics, including lower leverage and higher fixed charge coverage. Debt + preferred % gross assets was 38.4% at Q3 2017, down from 44.9% at Q3 2016 and net debt/annualized EBITDA was 4.2x at Q3 2017 compared to 6.4x at Q3 2016. Fixed charge coverage also improved to 2.8x at Q3 2017 from 2.6x at Q3 2016. Over the next 12-18 months Moody's expect AMH to operate with debt + preferred % gross assets in the mid-30% range, net debt/annualized EBITDA in the 5x range and fixed charge coverage in the low 3x range. Proceeds from the proposed issuance will primarily be used to partially prefund the REIT's acquisition pipeline, which could reach up to $1.2 billion this year, as well as for general corporate purposes including the repayment of debt, capital expenditures, redevelopment, working capital and other general purposes, including repurchases of securities. This will be AMH's debut bond offering and represents an important step in demonstrating commitment to an unsecured debt strategy. Offsetting these credit strengths are AMH's high level of secured debt and modestly sized unencumbered asset pool. In addition, the institutionalization of the single-family rental sector remains relatively new and the business model has not operated through a full real estate cycle. The stable outlook reflects Moody's expectation that American Homes 4 Rent will continue to pursue an unsecured debt strategy, while increasing its unencumbered asset portfolio, and at least maintaining its current operating performance and credit profile. The single family rental REIT sector is still in its infancy and American Homes 4 Rent has a short history operating as a public company. Therefore, consideration for an upgrade would be predicated on strong operating performance through real estate and economic cycles. Positive ratings movement would also reflect unencumbered assets as a percent of gross assets above 65%, debt + preferred as a percent of gross assets below 40%, net debt/EBITDA below 5.0x, fixed charge coverage above 3.0x, and secured debt as a percent of gross assets below 15%, all on a sustained basis. Downward ratings pressure would likely reflect weakness in operating performance from deteriorating fundamentals, including weaker job and wage growth in its markets. Potential changes to lending standards that increase the pool of candidates that qualify for a home could lead to increases in delinquencies and volatility in occupancy levels at AMH. A negative ratings action would also result from deterioration in credit metrics, including debt + preferred as a percent of gross assets approaching 50%, net debt/EBITDA above 5.5x, secured debt levels at or above 25% or fixed charge coverage falling below 2.5x, all on a sustained basis. In addition, any liquidity challenges would also create downward pressure on the rating. American Homes 4 Rent owns and operates over 50,000 single-family rental properties across 22 states. As of September 30, 2017 the REIT had total gross assets of $9.4 billion. The principal methodology used in these ratings was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. AMG INTERNATIONAL: Exclusive Filing Period Moved to March 16 ------------------------------------------------------------ The Hon. John K. Sherwood of the U.S. Bankruptcy Court for the District of New Jersey granted AMG International, Inc., an extension of its exclusive periods within which to file a plan of reorganization and to solicit affirmative votes for the plan for a period of 60 days, or through and including March 16, 2018 and May 15, 2018, respectively. The Troubled Company Reporter has previously reported that the Debtor asked the Court to extend the exclusive filing period and exclusive solicitation period for a period of 60 days, or through and including March 31, 2018 and May 30, 2018, respectively. Although its case is not large, the Debtor said that as of the Petition Date, it had warehouses leased in five different states. Additionally, the Debtor purchases product from overseas and distributes domestically and internationally. The Debtor related that since the Petition Date, it has closed two warehouses to reduce costs and, consequently, continues to monitor and evaluate operations. In evaluating the operations and the impacts of the Chapter 11 filing, the Debtor is contemplating reorganization. Furthermore, the Debtor commenced an adversary proceeding against a supplier in possession of molds used to manufacture product. The Court recently granted the Debtor's request for injunctive relief pertaining to turnover of property of the estate. A hearing to determine the validity of an alleged lien against molds is currently scheduled for Jan. 30. The Debtor claimed that it has endeavored to cooperate with representatives of France Sport, S.A. and the Official Committee of Unsecured Creditors. France Sport, S.A., holds a first-priority lien against substantially all of the Debtor's assets, to secure a claim in the amount of at least $2,860,000. The Debtor said that it has provided variance reports, is current on filing monthly operating reports, and has provided other information relating to operations and financial dealings. The Debtor has cooperated in an effort to avoid costly discovery. Additionally, the Debtor's counsel has participated on several calls with counsel for the Committee to answer questions pertaining to the Debtor, its operations and potential restructuring alternatives. The Debtor also related that it has recently met with the Committee together with their representatives, and the parties continue with discussions regarding restructuring options. About AMG International AMG International, Inc., d/b/a Freeman-CMA and d/b/a Freeman Products Worldwide -- http://www.freeman-cma.com/-- is a designer, manufacturer, marketer and distributor of award and recognition products including trophy components, plastic and metal figures, resin awards, plastic and metal engraving stock, ribbons and medals, plaques, clocks, pen sets and executive gift items. The Company distributes one of the largest product lines in the awards and recognition industry throughout both the United States and Canada, as well as internationally. AMG International filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-25816) on Aug. 3, 2017. In the petition signed by Jean-Francois Lefebvre, its president, the Debtor estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. Judge Hon. John K. Sherwood is the case judge. Gibbons, PC, and SEESE, P.A., serve as counsel to the Debtor. The Official Committee of Unsecured Creditors formed in the case retained Jeffrey A. Cooper, Esq., at Rabinowitz, Lubetkin & Tully, LLC, as its counsel. ARIZONA - FOR BETTER: Seeks Authorization to Use Cash Collateral ---------------------------------------------------------------- Arizona - For Better Business Association, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to use certain cash and cash equivalents which are cash collateral and security for repayment of certain obligations owing to Rewards Network Establishment Services Inc. Rewards Network has had an ongoing business relationship with the Debtor since 2015. Most recently, on May 26, 2017, the Debtor executed and delivered to Rewards Network that certain Rewards Network Receivables Purchase and Marketing Agreement, whereby Rewards Networks purchased certain future credit card receivables and agreed to provide marketing and other services to its members for the benefit of the Debtor. Pursuant to the RN Agreement, upon receipt of the Purchase Price, Rewards Network asserts that it became the owner of the Receivables, and the Debtor would have no ownership rights in the Receivables. As of the Petition Date, Rewards Network asserts that it holds a liquidated secured claim of at least $104,330. The Debtor has requested that Rewards Network consent to its use of cash collateral, and the Debtor has undertaken arm's-length negotiations with Rewards Network, regarding its use of Cash Collateral. Rewards Network is willing to allow the Debtor the use of cash collateral subject to the terms and conditions set forth in the proposed Order, including providing adequate protection through the Debtor's continued performance pursuant to the terms of the RN Agreement and granting replacement liens to the same extent and priority. The Debtor has determined in its business judgment that it is in its best interest to continue to perform post-petition under the RN Agreement. By performing under the RN Agreement, the Debtor will continue to receive Rewards Network's marketing and loyalty services, which may drive Rewards Network's members to the Debtor's Restaurants and generate accounts receivable. In turn, Rewards Network's asserted secured claim will be reduced in the ordinary course of business. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/azb17-14075-30.pdf About Arizona - For Better Business Association LLC Founded in 2010, Arizona - For Better Business Association LLC is a privately-held company in the professional, labor, political, and similar organizations industry. Its principal place of business is 3990 S. Alma School Road, #3, in Chandler, Arizona. The Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-14075) on Nov. 28, 2017. In the petition signed by Robert E. Coulson, managing member, the Debtor estimated total assets of less than $1 million and liabilities of $1 million to $10 million. Judge Eddward P. Ballinger Jr. presides over the case. LAKE & COBB, P.L.C., serves as counsel to the Debtor. No official committee of unsecured creditors has been appointed in the Chapter 11 case. ATLAS DISPOSAL: Sale of Vehicles & Containers for $17K Approved --------------------------------------------------------------- Judge Vincent F. Papalla of the U.S. Bankruptcy Court for the District of New Jersey authorized Atlas Disposal Options, Inc.'s sale of six commercial vehicles and six steel roll-off containers to Recycle Oil and TMT Trucking for the sum of $17,000. The Vehicles and Roll off Containers to be sold are: a. 1999 Western Star 4964SX Tri-Axle Roll-off Container Truck (VIN 2WLPCD2H2XK958689) with 359,188 miles, an Eaton Fuller 8 speed transmission, Caterpillar C-12 diesel engine and a 60,000 pound Manupac hoist - To be sold to Recycle Oil, 1600 South 25th Street, Easton, Pennsylvania for $2,500. Its fair market value ("FMV") is $4,000. b. 1996 International 4900 Ingle Vacuum tank truck (VIN 1HTSDAAN2TH357640) with 164,920 miles, 6 speed plus transmission, DT466E Diesel Engine and 2500 gallon steel tank with Fruitland Pump - To be sold to Recycle Oil for $2,500. Its FMV is $2,500. c. 1996 Freightliner FLD120 tandem axle conventional cab truck tractor (VIN 1FUPDMCB9TL621692) with over 500,000 miles, Eaton Fuller 10 speed transmission, Cummins M11 Plus Diesel Engine (front fiberglass nose off vehicle and being repaired) - To be sold to Recycle Oil for $2,500. Its FMV is $3,500. d. 1996 Kenworth T800B Conventional cab Tri-Axle Vacuum Truck (VIN 1NKDXBTX3TJ717622) with 529,535 miles, 10 speed transmission, 14.6L Caterpillar diesel engine, 5000 gallon steel tank with Massport pump) Vehicle in a previous accident, frame damage and repaired - To be sold to Recycle Oil for $4,000. Its FMV is $4,500. e. 1988 FLD Freightliner (VIN 1FVUZCYB3JH405789) with 462,000 miles - To be sold to TMT Trucking, 68 North Dell, Kenvil, New Jersey for $1,500. Its FMV is 8$2,500. f. 1996 TRL RET Trailer (VIN 3R9A32446TM0012) - To be sold to Recycle Oil for $1,000. Its FMV is $1,500. g. Steel Roll Off Containers (Various condition, none better than Fair) - To be sold to Recycle Oil for $3,000. Its FMV is $2,500. The Vehicles sold and Roll off Containers sold, will be done free and clear of any and all liens, and said liens will attach to the Proceeds of the Sale. The counsel for the Debtor will impound the proceeds of the sale in his Attorney Trust Account and not be disbursed without further Order of the Court. About Atlas Disposal Options Atlas Disposal Options, Inc., was formed to offer environmental contractors and industrial clients a single source for all their disposal needs. It facilitates transportation and disposal of almost any waste stream, utilizing its own trucks, personnel and equipment to transport and dispose of any petroleum, sanitary or hazardous waste. Atlas Disposal Options sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 16-19253) on May 12, 2016. In the petition signed by Paul Masser, president, the Debtor disclosed $347,640 in assets and $1.05 million in liabilities. The case is assigned to Judge Vincent F. Papalia. Initially, the Debtor was represented by Richard Fogel, Esq. Subsequently, the Debtor employed Stuart M. Nachbar, Esq. at Law Office of Stuart M. Nachbar, P.C., to represent it in its case. The Debtor also tapped Walter B. Dennen, Esq. at Aimino & Dennen, LLC as special counsel; and Todd S. Marrazzo as accountant. BALLMAWR LAUNDRY: Hires Karalis PC as Bankruptcy Counsel -------------------------------------------------------- Ballmawr Laundry LLC d/b/a Liberty Laundry seeks authority from the U.S. Bankruptcy Court for the Eastern District of Pennsylvannia to hire Karalis PC as bankruptcy counsel. Legal services required of KPC are: a. advise the Debtor of its rights, powers and duties as debtor-in-possession in continuing to operate and manage its assets; b. advise the Debtor concerning, and assisting in the negotiation and documentation of the use of cash collateral and/or debtor-in-possession financing, debt restructuring and related transactions; c. review the nature and validity of agreements relating to the Debtor's business and advise the Debtor in connection therewith; d. review the nature and validity of liens, if any, asserted against the Debtor and advise as to the enforceability of such liens; e. advise the Debtor concerning the actions it might take to collect and recover property for the benefit of its estate; f. prepare on the Debtor's behalf all necessary and appropriate applications, motions, pleadings, orders, notices, petitions, schedules, and other documents, and review all financial and other reports to be filed in the Debtor's Chapter 11 case; g. advise the Debtor concerning, and preparing responses to applications, motions, pleadings, notices and other papers which may be files in the Debtor's Chapter 11 case; h. counsel the Debtor in connection with formulation, negotiation and promulgation of a plan of reorganization and related documents; and i. perform all other legal services for and on behalf of the Debtor, which may be necessary or appropriate in the administration of its Chapter 11 case. Aralis J. Karalis, Esq. attests that KPC does not hold nor represent any interest adverse to the Debtor or its creditors, and is a disinterested person within the meaning of Sec. 101(14) of the Bankruptcy Code. KPC's current hourly rates are: Shareholders $530 Associates $315-$445 Paralegals $130 The counsel can be reached through: Aralis J. Karalis, Esq. Karalis P.C. 1900 Spruce Street Philadelphia, PA Tel: 215-546-4500 Fax: 215-985-4175 Email: AKaralis@karalislaw.com About Ballmawr Laundry LLC d/b/a Liberty Laundry Based in Havertown, Pennsylvania, Ballmawr Laundry LLC d/b/a Liberty Laundry filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 17-13189) on May 3, 3017, estimating $1,000,001 to $10 million in both assets and liabilities. The Debtor is represented by Aralis J. Karalis, Esq., at Karalis P.C., as counsel. BCC SANDUSKY: May Continue Using Cash Collateral Until Feb. 25 -------------------------------------------------------------- The Hon. Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio authorized Richard D. Nelson, the Chapter 11 Trustee for BCC Sandusky Permanent, LLC further use of cash collateral for expenses incurred from January 29, 2018 through and including Feb. 25, 2018 as set forth in the Fifth Budget. The Budget provides total cash disbursements of approximately $35,260 during the week ending Feb. 4, 2018 through Feb. 25, 2018. The Trustee is authorized to use cash collateral to pay all ordinary and necessary expenses in the ordinary course of its business including but not limited to: (a) Maintenance and preservation of the Property; (b) The continued operation of the Debtor's business, including but not limited to, maintenance fees, management fees and insurance costs for the Property; (c) Payment of real estate taxes on the Property; (d) Payment of expenses reasonably incurred in the performance of the responsibilities of the Debtor pursuant to rental agreements between the Debtor and the tenants of the Property; (e) Payments of professional fees approved by the Court and authorized by the Lender; and (f) Payment of incidental overhead expenses concerning the property. The Bank of New York Mellon Trust Company National Association, as trustee for Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2007 IQ14, formerly known as Bank of New York Trust Company, National Association, claims an interest with respect to the Debtor's Property. As and for adequate protection, The Bank of New York Mellon will be entitled to the continued following: (a) The Bank of New York Mellon will be granted a replacement lien to the same extent, validity and priority as existed on the Petition Date under the Loan Documents, in Cash Collateral owned as of or acquired after the Petition Date. (b) The Bank of New York Mellon will be granted a superpriority administrative claim pursuant to Section 364(c)(1). (c) The Trustee will maintain insurance on the Property in an amount that is customarily appropriate to the nature of the Property. Trustee will make arrangements to have such insurance, or other like insurance, issued in the name of the Debtor, with the Trustee being listed as co-loss payee. (d) The Trustee will pay and keep current all real estate taxes which accrue postpetition. (e) On a monthly basis, the net-cash flow remaining after payment of all approved expenses set forth in the Fourth Budget will paid over to The Bank of New York Mellon. (f) The Trustee will continue to account for all funds. (g) The Bank of New York Mellon will continue to accrue post-petition interest at the default rate set forth in the Loan Agreement and all post-petition default interest and costs, including attorneys' fees, will be added to The Bank of New York Mellon's Claim as is permissible under applicable law. A full-text copy of the Fifth Agreed Order is available at: http://bankrupt.com/misc/ohnb17-30905-269.pdf About BCC Sandusky Permanent Based in Cincinnati, Ohio, BCC Sandusky Permanent LLC's business operation involves the lease of the structures and land on its real property known as the Crossings of Sandusky to the various retail-business establishments, which operate from the property. BCC Sandusky sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 17-30905) on March 30, 2017. George W. Fels, co-manager, signed the petition. At the time of the filing, the Debtor estimated its assets and debt at $10 million to $50 million. The Debtor was represented by Steven L. Diller, Esq. and Eric R. Neumann, Esq., at Diller and Rice, LLC, and Raymond L. Beebe, Esq., at Raymond L. Beebe Co. The Hon. Mary Ann Whipple is the case judge. On April 7, 2017, the Bankruptcy Court appointed NAI Daus as receiver for BCC Sandusky Permanent. The receiver hired Frost Brown Todd LLC as counsel. On July 14, 2017, by order of the court, Richard D. Nelson was appointed as Chapter 11 trustee for the Debtor. COHEN, TODD, KITE & STANFORD, LLC, is counsel for the Trustee. Business Property Specialist Inc. is the Trustee's property manager. BCR EQUIPMENT: Selling 2017 Peterbilt Model 337 Tow Truck --------------------------------------------------------- BCR Equipment Rental, LLC, asks the U.S. Bankruptcy Court for the Northern District of Texas to authorize the sale of interest in its 2017 Peterbilt Model 337 Tow Truck, VIN# 2NP2HM6X5HM432040, and with an attached Jerr-Dan Wrecker Body with S/N 220010674. Objections, if any, must be filed within 14 days from the date the Amended Motion was served. PACCAR Financial Corp. ("PFC") will be paid the total sum of $85,000 no later than Feb. 16, 2018 at 5:00 p.m., and after its timely receipt of said $85,000 tender, PFC will then relinquish to the Debtor, the buyer, or its designee, possession, custody, and control of the Tow Truck, and PFC will release its perfected security interest in the Tow Truck. There is no equity in the vehicle, therefore the Debtor's creditors, other than PFC, will not be interested in the transaction. About BCR Equipment Rental Based in Fort Worth, Texas, BCR Equipment Rental LLC filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-44202) on Oct. 14, 2017. The Debtor estimated both assets and liabilities to be less than $1 million. Craig Douglas Davis at Davis, Ermis & Roberts, P.C., is the Debtor's counsel. BESTWALL LLC: Asbestos Committee Hires FTI as Financial Advisor --------------------------------------------------------------- The Official Committee of Asbestos Claimants of Bestwall LLC, seeks authorization from the U.S. Bankruptcy Court for the Western District of North Carolina to retain FTI Consulting, Inc., as financial advisor to the Committee. The Committee requires FTI Consulting to: (a) review financial related disclosures required by the Court including the Schedules of Assets and Liabilities, the Statement of Financial Affairs, and Monthly Operating Reports; (b) prepare analyses required to assess the Debtor's funding agreement with Georgia Pacific and any other proposed financing; (c) assess and monitor the Debtor's and its subsidiaries' short term cash flow, liquidity, and operating results; (d) review the Debtor's analysis of core business assets, valuation of those assets, and the potential disposition or liquidation of non-core assets; (e) review the Debtor's cost/benefit analysis with respect to the affirmation or rejection of various executor contracts and leases; (f) review any tax issues associated with, but not limited to, claims trading, preservation of net operating losses, and refunds due to the Debtor; (g) review other financial information prepared by the Debtor, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; (h) attend, assist, and prepare materials related to due diligence sessions, discovery, depositions, negotiations, mediations, and other relevant meetings, and assisting in discussions with the Debtor, the Committee, any future claimant's representative appointed in this case (the "FCR"), Georgia Pacific, the bankruptcy administrator (the "Administrator"), other parties in interest, and their respective professionals; (i) evaluate, analyze, and perform forensic review of avoidance actions, including fraudulent conveyances and preferential transfers; (j) evaluate any pre-petition transactions of interest to the Committee; (k) assist in the prosecution of Committee positions, including providing expert reports/testimony; and (l) render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. FTI Consulting will be paid at these hourly rates: Senior Managing Directors $700 to $1,075 Directors/Senior Directors/ Managing Directors $450 to $855 Consultants/Senior Consultants $300 to $620 Administrative/Paraprofessionals $140 to $270 FTI Consulting will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew Diaz, senior managing director of FTI Consulting, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtor; (b) has not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. FTI Consulting can be reached at: Matthew Diaz FTI CONSULTING, INC. Three Times Square, 9th Floor New York, NY 10036 Tel: (212) 247-1010 Fax: (212) 841-9350 About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC, ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. Bestwall LLC sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) on Nov. 2, 2017. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as general bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The Committee retained Montgomery McCracken Walker & Rhoads LLP as its legal counsel, Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel, FTI Consulting, Inc., as financial advisor. BLINK CHARGING: Files Amended Prospectus on 4.6 Million Units Sale ------------------------------------------------------------------ Blink Charging Co. filed with the Securities and Exchange Commission an amendment no. 7 to its Form S-1 registration statement in connection with a firm commitment public offering of 4,600,000 units, each unit consisting of one share of its common stock, $0.001 par value per share, and one warrant to purchase one share of Common Stock, of Blink Charging Co. (formerly known as "Car Charging Group, Inc."), based on the last reported price of the Common Stock as reported on the OTC Pink Current Information Marketplace on Jan. 11, 2018, which was $5.00 per share. The warrants included within the units are exercisable immediately, have an exercise price of $___ per share, 150% of the public offering price of one unit, and expire five years from the date of issuance. The units will not be issued or certificated. Purchasers will receive only shares of Common Stock and warrants. The shares of Common Stock and warrants may be transferred separately, immediately upon issuance. The offering also includes the shares of Common Stock issuable from time to time upon exercise of the warrants. Blink Charging's Common Stock is presently quoted on the OTC Pink Current Information Marketplace under the symbol "CCGI". The last reported sales price for its Common Stock as reported on the OTC Pink Current Information Marketplace on Jan. 24, 2018 was $7.00. The Company has applied to have its Common Stock and warrants listed on The NASDAQ Capital Market under the symbols "BLNK" and "BLNKW," respectively, which listing the Company expects to occur upon consummation of this offering and is a condition of this offering. No assurance can be given that its application will be approved. There is no established public trading market for the warrants. No assurance can be given that a trading market will develop for the warrants. A full-text copy of the Form S-1/A is available for free at: https://is.gd/iZSCSN About Blink Charging Co. Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID), formerly known as Car Charging Group, Inc. -- http://www.CarCharging.com/, http://www.BlinkNetwork.com/and http://www.BlinkHQ.com/-- is a national manufacturer of public electric vehicle (EV) charging equipment, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink Charging's business is designed to accelerate EV adoption. Blink Charging offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages, and tracks the Blink EV charging stations and all the associated data. Blink Charging also has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools, and workplaces. The Company's name change to Blink Charging from Car Charging Group, Inc., integrates the Company's largest operating entity, Blink Network, and represents the thousands of Blink EV charging stations that the Company owns and/or operates, and the Blink network, the software that manages, monitors, and tracks the Blink EV stations and all its charging data. Car Charging reported a net loss attributable to common shareholders of $9.16 million for the year ended Dec. 31, 2016, compared with a net loss attributable to common shareholders of $9.58 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Blink Charging had $1.90 million in total assets, $67.79 million in total liabilities, $825,000 in series B convertible preferred stock, and a $66.71 million total stockholders' deficiency. Marcum 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 net losses since inception and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BLUE BEE: Exclusive Plan Filing Period Extended Until March 19 -------------------------------------------------------------- The Hon. Sandra R. Klein of the U.S. Bankruptcy Court for the Central District of California has extended Blue Bee, Inc.'s exclusive periods to file and obtain acceptances of a Plan through and including March 19, 2018 and May 18, 2018, respectively. The Troubled Company Reporter has previously reported that the Debtor made a final request to extend its exclusivity periods for a period of 60 days. The Debtor said that although it has made significant efforts during the past year that it has been in Chapter 11 to stabilize its business operations and increase sales, the efforts have been hampered by, among other things, the unexpectedly inclement weather in California during the 2016-2017 winter and spring seasons, which in turn negatively impacted the Debtor's ability to generate sales revenue, and the Debtor's constrained cash flow due to, among other reasons, demands by certain of the Debtor's vendors for up-front payments for necessary merchandise and inventory and the funding of lease cure payments required to be made in conjunction with the Debtor's assumption of the leases for its 13 operating retail stores. On Nov. 1, 2017, three of the Debtor's former landlords (whose leases the Debtor rejected) filed motions seeking the allowance and immediate payment of administrative expense priority claims for alleged unpaid post-petition rent totaling over $198,000. The hearings on the admin rent motions are currently set for Feb. 7, 2018. Although the Debtor disputed the calculation and amounts of the administrative expense priority claims asserted by the landlords in the admin rent motions, and is in discussions with the landlords regarding a potential consensual resolution of the admin rent motions, in the event that the Court determines that the landlords are entitled to the allowance and immediate payment of the administrative rent claims asserted in the admin rent motions, the Debtor's ability to continue operating its business and formulate a feasible Plan may be jeopardized, given the Debtor's current cash availability. About Blue Bee Headquartered near downtown Los Angeles, California in Vernon, California, Blue Bee, Inc., doing business as ANGL, is a retailer doing business under the "ANGL" brand offering stylish and contemporary women's clothing at reasonable prices to its fashion-savvy customers. As of Oct. 19, 2016, Blue Bee owns and operates 21 retail stores located primarily in shopping malls throughout the state of California. Founders Jeff Sunghak Kim and his wife, Young Ae Kim, continue to be actively involved in Blue Bee's business operations as the President and Secretary of the Company, respectively. Blue Bee filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-23836) on Oct. 19, 2016. The bankruptcy petition was signed by Jeff Sungkak Kim, its president. The Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge Sandra R. Klein. The Debtor is represented by Juliet Y. Oh, Esq., at Levene, Neale, Bender, Yoo & Brill LLP. BLUE DIAMOND: Hires Brewer & Giggenbach as Special Counsel ---------------------------------------------------------- Blue Diamond LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Brewer & Giggenbach, PLLC, as special counsel to the Debtor. Blue Diamond requires Brewer & Giggenbach to represent the Debtor in the pending litigation against West Virginia Lottery Commission. The Debtor is a member of a group of persons pursuing litigation against West Virginia Lottery Commission, and others, regarding the non disclosure of the need for expensive upgrades when bidding for new licenses was conducted. Brewer & Giggenbach will be paid at these hourly rates: Partners/Members $300 Senior Associates $230 Associates $200 Paralegals $90 Brewer & Giggenbach will also be reimbursed for reasonable out-of-pocket expenses incurred. William C.Brewer, partner of Brewer & Giggenbach, PLLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Brewer & Giggenbach can be reached at: William C.Brewer, Esq. BREWER & GIGGENBACH, PLLC PO Box 4206 Morgantown, WV 26504 Tel: (304) 291-5800 About Blue Diamond Blue Diamond LLC, based in Martinsburg, WV, filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 17-01234) on Dec. 20, 2017. In the petition signed by James Hutzler, Jr., member/manager, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Patrick M. Flatley presides over the case. Martin P. Sheehan, Esq., at Sheehan & Nugent, PLLC, serves as bankruptcy counsel. BOEGEL FARMS: Hires GlassRatner Advisory as Financial Adviser ------------------------------------------------------------- Boegel Farms, LLC, and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the District of Kansas to employ GlassRatner Advisory & Capital Group LLC, as financial adviser to the Debtors. Boegel Farms requires GlassRatner Advisory to: a. prepare a Teaser highlighting key attributes of the Debtors and the proposed use of such capital; b. prepare a detailed Confidential Information Memorandum ("CIM") that will be provided to prospective lenders upon execution of a Non-Disclosure Agreement; c. contact prospective lenders and maintain an active lender tracking list; d. collect and respond to various diligence requests from prospective lenders; e. compile and compare preliminary term sheets and letters of intent from prospective lenders; f. negotiate term sheets with prospective lenders; g. maintain communication with current lenders and other creditors; and h. work with counsel on any related matters, as necessary. GlassRatner Advisory will be paid as follows: -- Upon execution of the Agreement, The Debtor shall pay GlassRatner Advisory an initial fee of $12,000 to prepare the Teaser and CIM that will be used to solicit potential lenders (the "Lender Book Fee"). -- Upon the closing of the Financing Raise, GlassRatner Advisory shall be paid a 2.0% fee of the total amount of new financing (the "Financing Fee"). The Financing Fee shall be paid per standard bankruptcy procedures. GlassRatner Advisory will also be reimbursed for reasonable out-of-pocket expenses incurred. Brent King, financial adviser of GlassRatner Advisory & Capital Group LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. GlassRatner Advisory can be reached at: Brent King GLASSRATNER ADVISORY & CAPITAL GROUP LLC 2300 Main St., Suite 900 Kansas City, MO 64108 Tel: (816) 945-7825 About Boegel Farms Boegel Farms, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 17-10222) on Feb. 23, 2017, estimating its assets and debt at $10 million to $50 million. The case is jointly administered with the bankruptcy cases of Three Bo's, Inc. (Bankr. D. Kan. Case No. 17-10221) and Warren L. Boegel and the Warren L. Boegel Trust UTA 2-07-07, Warren L. Boegel, Trustee (Bankr. D. Kan. Case No. 17-10224). The petitions were signed by Jack Boegel, president. The cases are assigned to Judge Robert E. Nugent. The Debtors tapped David Prelle Eron, Esq. at Eron Law, P.A., as counsel. Roger Schulz and Cathleen Mueller of Schulz and Leonard, P.C., are the Debtors' accountant. GlassRatner Advisory & Capital Group LLC, as financial adviser. No trustee has been appointed in the Debtors' cases. BON-TON STORES: In Talks with Noteholders on Restructuring Options ------------------------------------------------------------------ The Bon-Ton Stores, Inc. has engaged in discussions, pursuant to a non-disclosure agreement, with certain noteholders under the indenture governing the 8.00% Second Lien Senior Secured Notes due 2021 issued by The Bon-Ton Department Stores, Inc., a wholly owned subsidiary of the Company, and guaranteed by the Company and its other direct and indirect subsidiaries, regarding potential restructuring alternatives. During the course of those discussions, and subject to the non-disclosure agreement, the Company shared certain confidential information with certain noteholders. The Company is obligated to disclose such confidential information pursuant to the terms of the non-disclosure agreement. Bon-Ton's revealed its business plan and financial projections for the three-year period from 2018 through 2020. The Company's turnaround plan includes: * A clear opportunity to enhance the Company's performance and regain ground lost due to recent challenges; * The Plan consists of a comprehensive set of turnaround initiatives that can be implemented and executed over a two-year timeframe in 2018 and 2019; * Detailed turnaround initiatives were developed from four major areas of business, including: (1) a more stringent review of the existing Store Portfolio and what locations fall outside a suitable go-forward investment thesis, (2) key retailing strategies in Merchandising, Planning & Allocation which will help stabilize top line sales in B&M, grow the eCommerce platform and drive improvements in overall gross margin levels; (3) necessary changes to spend, tactics and systems utilized in Marketing to effectively capture higher performance returns; (4) capital investment strategies within the stores and back-office operations required to stem the decline and support the turnaround initiatives; * Further review and refinement still needs to be conducted in several areas: (a) determining the overall sufficiency of the back-office support functions, personnel and other S&G categories; and (b) developing an execution plan that supports the urgency of required initiatives but complies with timing efforts of the restructuring process and available capital. A copy of the Cleansing Materials is available for free at: https://is.gd/7GGAg2 The Company has not yet reached an agreement on mutually acceptable terms and conditions with the noteholders party to the non-disclosure agreement with the Company regarding a potential restructuring transaction. There are no assurances that the Company and such noteholders will come to an agreement on the terms of a restructuring transaction. In accordance with the terms of the non-disclosure agreement that the Company entered into with such noteholders, the Company agreed to publicly disclose the material terms of the potential restructuring transaction being negotiated with such noteholders. In connection therewith, the Cleansing Materials include the material terms of a potential restructuring transaction. The previously announced Forbearance Agreement between the Company and certain noteholders expired on Jan. 26, 2018 in accordance with its terms. About The Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin -- http://www.bonton.com/-- operates 260 stores, which includes nine furniture galleries and four clearance centers, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. Bon-Ton Stores reported a net loss of $63.41 million for the year ended Jan. 28, 2017, a net loss of $57.05 million for the fiscal year ended Jan. 30, 2016, and a net loss of $6.97 million for the year ended Jan. 31, 2015. As of Oct. 28, 2017, Bon-Ton Stores had $1.58 billion in total assets, $1.74 billion in total liabilities and a total shareholders' deficit of $155.96 million. * * * As reported by the TCR on Dec. 21, 2017, S&P Global Ratings lowered its corporate credit rating on Bon-Ton Stores to 'SD' (selective default) from 'CCC'. The downgrade follows Bon-Ton's recent announcement that it did not make a $14 million interest payment on its 8% second-lien notes due on Dec. 15. A payment default has not yet occurred under the indenture governing the notes, which provides a 30-day elected grace period. S&P said, "However, we believe there is a high likelihood that the company will not make the interest payment in full within the stated grace period. We think the company did not make the interest payment to preserve shrinking liquidity and a restructuring, either out of court or through a court reorganization, is likely in the near future." In November 2017, Moody's Investors Service downgraded The Bon-Ton Stores' Corporate Family Rating to 'Caa3' from 'Caa1'. The downgrade reflects the high likelihood of a distressed exchange to reduce its debt obligations and improve the company's long term liquidity profile. BOSTICK CONSTRUCTION: Seeks 60-Day Plan Exclusivity Extension ------------------------------------------------------------- Bostick Construction, LLC, asks the U.S. Bankruptcy Court for the Northern District of Mississippi that it be granted an additional 60 days from the date of an order granting its motion within which to file its Disclosure Statement and Plan, and a similar extension to obtain Plan confirmation and for the same extensions of its periods of exclusivity. The Debtor is required to file its Disclosure Statement and Plan of Reorganization on or before Jan. 29, 2018. The Debtor and its counsel have diligently attempted to gather the information necessary to complete these documents and file them in a timely manner. However, because of the extent of the information involved, they have not been able to complete gathering the information. As a result of these ongoing reviews, the Debtor has preliminarily formulated a plan of reorganization and a disclosure statement, but they are not yet in final form as of Jan. 29, 2018. About Bostick Construction Bostick Construction, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Miss. Case No. 17-12814) on July 31, 2017, estimating under $1 million in assets and liabilities. Managing member Joseph Bostick signed the petition. The Debtor is represented by Jarret P. Nichols, Esq., at the Law Offices of Craig M. Geno, PLLC. BREVARD EYE: May Continue Using Cash Collateral Until March 2 ------------------------------------------------------------- The Hon. Karen S. Jennemann of the U.S. Bankruptcy Court for the Middle District of Florida authorized Brevard Eye Center, Inc., and its affiliates to continue to use cash collateral on an interim basis subject to the same terms and conditions of the Court's previous orders until and including March 2, 2018. The Court will conduct a further hearing on the continued use of cash collateral on Feb. 21, 2018 at 10:00 a.m. At the hearing on Feb. 21, the Debtors are required to provide the Court with an updated administrative accounts payable schedule and its proposal for payment of its administrative accounts payable, which should be shared with SummitBridge and other creditors prior to the hearing. The Order provides that no compensation will be paid to Dr. Trespalacios until the administrative expense claims are current. Administrative expense claims will include monthly payments to equipment lessors, maintenance of the real estate tax escrow and all other operating expenses that are required in the ordinary course. In addition, the Debtors' monthly real estate tax escrows will continue to be maintained in a separate bank account. The Debtors are expected to promptly provide the balance of the real estate tax escrow account and all activity in such account since the last monthly operating report. The Debtors may not access the real estate escrow account, for any purpose whatsoever, other than for paying real estate taxes. The Debtors are expected to cure their shortfall in escrowing real estate taxes due for 2017 by March 2, 2018. The Debtors are required to continue to escrow one-twelfth of all real estate taxes. A full-text copy of the Order is available at: http://bankrupt.com/misc/flmb17-01828-432.pdf About Brevard Eye Center, et al. Brevard Eye Center Inc., Brevard Surgery Center Inc., Medical City Eye Center, P.A. and THMIH, Inc., own and operate four retail optometry centers and clinics and a surgical center. The optometry centers and clinics are located in Melbourne, Merritt Island, Palm Bay, and Orlando, Florida. The surgical center and the corporate offices are located in Melbourne, Florida. Brevard Eye Center operates three of the four optometry centers, Medical City Eye Center operates only the Orlando optometry center, and Brevard Surgery Center operates the surgical center. THMIH owns the real estate leased to the surgical center/corporate offices located at 665 S. Apollo Blvd., Melbourne, FL. THMIH also owns the real estate leased to the optometry centers at 250 N. Courtenay Pkwy., Merritt Island, FL and 214 E. Marks St., Orlando, FL. Medical City Eye Center has been serving East Central Florida as The Brevard Eye Center for over 28 years and serving Downtown Orlando as Yager Eye Institute for over 50 years. Dr. Rafael Trespalacios, an ophthalmologic surgeon, is the 100% owner of Brevard Eye Center, et al. Brevard Eye Center, et al., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 17-01828 to 17-01831) on March 21, 2017. In the petitions signed by Dr. Trespalacios, as president, each debtor estimated its assets at $1 million to $10 million and liabilities at $10 million to $50 million. The Debtors are represented by Geoffrey S. Aaronson, Esq., and Tamara D. McKeown, Esq., at Aaronson Schantz Beiley P.A. No official committee of unsecured creditors has been appointed. BRIGHT MOUNTAIN: Expects $1.5 Million Revenue for Fourth Quarter ---------------------------------------------------------------- Bright Mountain Media, Inc. announced that its estimated total revenue (unaudited) for the three months ended Dec. 31, 2017 was approximately $1.5 million, a year over year increase in excess of 100% from its total revenue (unaudited) of approximately $645,000 reported for the fourth quarter of 2016. The company also announced that following the continued integration of its Daily Engage Media subsidiary after the closing of the acquisition during the third quarter of 2017 that it now has relationships with over 700 publishers. The preliminary fourth quarter 2017 (unaudited) revenue information is not based upon the Company's audited financial statements and may change. The preliminary revenue information includes calculations that have been prepared internally by management and have not been reviewed or audited by its independent registered public accounting firm. There can be no assurance that Bright Mountain Media's actual results for the fourth quarter of 2017 will not differ from the preliminary information presented herein and such changes could be material. This preliminary revenue data should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future period. The Company's audited financial statements for 2017 and unaudited fourth quarter 2017 financial statements will be contained in its Annual Report on Form 10-K for the year ended Dec. 31, 2017 to be filed with the Securities and Exchange Commission on or before April 2, 2018. About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc., a media holding company, owns and manages Websites in the United States. It operates through two segments, Product Sales and Services. The company develops Websites, which provide information and news to military, law enforcement, first responders, and other public sector employees; and information, including originally written news content, blogs, forums, career information, and videos. Bright Mountain reported a net loss attributable to common shareholders of $2.94 million on $1.49 million of product sales for the year ended Dec. 31, 2016, compared to a net loss attributable to common shareholders of $2.01 million on $1.41 million of product sales for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Bright Mountain had $3.58 million in total assets, $2.69 million in total liabilities and $882,370 in total shareholders' equity. Liggett & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has a net loss of $2,667,051 and used cash in operations of $1,860,515 and an accumulated deficit of $8,824,806 at Dec. 31, 2016. These matters raise substantial doubt about the Company's ability to continue as a going concern. BRUGNARA PROPERTIES: Trustee Taps Bachecki Crom as Accountant ------------------------------------------------------------- Janina M. Hoskins, Chapter 11 Trustee of Brugnara Properties VI, seeks authority from the Northern District of California, San Francisco Division, to retain Bachecki, Crom & Co., LLP, Certified Public Accountants, as the Trustee's accountant. Services to be rendered by Bachecki are: a. prepare and file tax returns; to prepare tax projections and perform tax analysis; b. investigate and evaluate tax claims filed in this case; c. analyze the tax impact of potential transactions, if necessary; d. analyze as to avoidance issues, if necessary; e. testify as to avoidance issues, if necessary; f. prepare a solvency analysis, if necessary; g. prepare wage claim withholding computations and payroll tax returns, if necessary; h. serve as Trustee's general accountant and to consult with the Trustee and the Trustee's counsel as to those matters during the Chapter 11 proceeding and during any subsequent Chapter 7 proceeding. The normal billing rates for the Accountant are: Partners $380 to $525 per hour Senior Accountant $270 to $360 per hour Junior Accountant $165 to $260 per hour Jay D. Crom, a managing partner at the firm, attests that his firm does not hold any interest adverse to the estate and are disinterested persons as defined by 11 U.S.C. Sec. 101(14). The accountants can be reached through: Jay D. Crom, CPA Bachecki, Crom & Co., LLP 400 Oyster Point Blvd., Suite 106 South San Francisco, CA 94080 Phone: (415)398-3534 Fax: (415)788-0855 E-mail: jcrom@bachcrom.com About Brugnara Properties VI Brugnara Properties VI own real property described as 224 Sea Cliff Avenue, San Francisco, California. The Property is a single family residence and is the home of the Company's principal, Kay Brugnara and her family. The Company acquired the Property in 2002 for $8 million and invested $2 million in capital improvements. The Property was appraised in 2016 at a value of $21 million, and the Company believes the property is now worth at least $25 million. The Property was acquired with a loan from Vestin, which was refinanced out with a 1st TD loan from World Savings Bank (acquired by Wachovia Bank whom was acquired by Wells Fargo Bank). Brugnara Properties VI previously sought bankruptcy protection on Sept. 17, 2010 (Bankr. N.D. Cal. Case No. 10-33637), which case was converted to a Chapter 7 liquidation. It filed another Chapter 11 case on Dec. 31, 2014 (Bankr. N.D. Cal. Case No. 14-31867), which was dismissed by the judge. Brugnara Properties VI again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 17-30501) on May 22, 2017. In the petition signed by Katherine Brugnara, president, the Debtor estimated assets and liabilities of $10 million to $50 million. Judge Hannah L. Blumenstiel presides over the new case. Ruth Elin Auerbach, Esq., who has an office in San Francisco, California serves as the Debtor's legal counsel. Janina M. Hoskins was appointed as the Chapter 11 Trustee of Brugnara Properties VI. The Trustee hired Dentons US LLP as counsel. CALIFORNIA RESOURCES: BlackRock Has 6.9% Equity Stake ----------------------------------------------------- BlackRock, Inc. reported to the Securities and Exchange Commission that as of Dec. 31, 2017, it beneficially owns 2,959,318 shares of common stock of California Resources Corporation, constituting 6.9 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at https://is.gd/htYMTo About California Resources California Resources Corporation -- http://www.crc.com/-- is an independent oil and natural gas exploration and production company operating properties exclusively within the State of California. The Company was incorporated in Delaware as a wholly-owned subsidiary of Occidental on April 23, 2014, and remained a wholly-owned subsidiary of Occidental until if was spun off. On Nov. 30, 2014, Occidental distributed shares of the Company's common stock on a pro rata basis to Occidental stockholders and the Company became an independent, publicly traded company, referred to in the annual report as the Spin-off. Occidental retained approximately 18.5% of the Company's outstanding shares of common stock which it has stated it intends to divest on March 24, 2016. The Company is headquartered in Based in Los Angeles, California. California Resources reported net income of $279 million for the year ended Dec. 31, 2016, compared to a net loss of $3.55 billion for the year ended Dec. 31, 2015. As of Sept. 30, 2017, California Resources had $6.18 billion in total assets, $6.75 billion in total liabilities and a total deficit of $574 million. * * * As reported by the TCR on Nov. 14, 2017, S&P Global Ratings affirmed its 'CCC+' corporate credit rating on Los Angeles-based exploration and production company California Resources Corp (CRC). The outlook is negative. "The affirmation of the 'CCC+' corporate credit rating on CRC reflects our assessment of the company's improving, but still weak financial measures combined with increased capital spending that should stem production declines following a tumultuous 2016. In November 2017, Moody's Investors Service upgraded California Resources' Corporate Family Rating (CFR) to 'Caa1' from 'Caa2' and Probability of Default Rating (PDR) to 'Caa1-PD' from 'Caa2-PD'. The upgrade of CRC's CFR to 'Caa1' and stable outlook reflects CRC's improved liquidity and the likelihood that it will have sufficient liquidity to support its operations for at least the next two years at current commodity prices. CAREVIEW COMMUNICATIONS: Names Interim CFO, Secretary & Treasurer ----------------------------------------------------------------- As CareView Communications, Inc., previously reported in its Form 8-K filed with the Securities and Exchange Commission on Jan. 4, 2018, the Company accepted the resignation of Jon E. Freeman as its chief financial officer, secretary and treasurer effective Dec. 31, 2017. The Company is actively pursuing a qualified candidate to serve as chief financial officer, treasurer and secretary. Effective Jan. 24, 2018, Steven G. Johnson, the Company's president and chief executive officer, was appointed to serve as the Company's secretary and treasurer until those positions are filled. In addition, effective Jan. 24, 2018, Jason T. Thompson, one of the Company's directors and the chairman of the Audit Committee, was appointed serve as the Company's principal financial officer and chief accounting officer until those positions are filled. Mr. Thompson, 43, was elected as a director of the Company effective as of Jan. 1, 2014. Mr. Thompson is a partner and a member of the transactional group of Michael Best & Friedrich LLP where he focuses on mergers and acquisitions and general corporate matters, having joined Michael Best in September 2006. Mr. Thompson assists his clients with negotiating and structuring many types of transactions and agreements, including those related to corporate reorganizations, buyout transactions and venture capital investment transactions. In addition, he is president of Thompson Family Holdings, LLC, which invests in, and consults for, a number of healthcare companies, having joined Thompson Holdings in 2010. From 1999 to 2004, Mr. Thompson served as vice president of Development and Planning for Bulk Petroleum Corporation, where he oversaw sales, operations, client maintenance, scheduling accounting and workforce management for its construction projects. Prior to joining Bulk Petroleum, Mr. Thompson was a senior auditor with Arthur Andersen. He is a certified public accountant. Mr. Thompson received a BBA in Accounting from the University of Wisconsin -- Madison in 1996, and in 2006 received his JD from the University of Wisconsin, where he was a member of the Wisconsin Law Review. According to the Company, there is no family relationship between Mr. Thompson and any of the Company's executive officers or directors. There is no arrangement or understanding between Mr. Thompson and any other person pursuant to which he was selected as a director or officer. Mr. Thompson receives compensation for his service as a director, but he will not receive additional compensation for his service as principal financial officer and chief accounting officer. About CareView Communications Headquartered in Lewisville, Texas, CareView Communications, Inc. -- http://www.care-view.com/-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. Its proprietary, high-speed data network system is the next generation of patient care monitoring that allows real-time bedside and point-of-care video monitoring designed to improve patient safety and overall hospital costs. The entertainment packages and patient education enhance the patient's quality of stay. CareView reported a net loss of $18.66 million in 2016 following a net loss of $16.35 million in 2015. As of Sept. 30, 2017, CareView had $14.32 million in total assets, $71.54 million in total liabilities, and a total stockholders' deficit of $57.21 million. CATHOLIC SCHOOL: Hires Vilarino & Associates as Attorney -------------------------------------------------------- Catholic School Employees Pension Trust seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Firm of Vilarino & Associates, as attorney to the Debtor. Catholic School requires Vilarino & Associates to: a. advise the Debtor with respect to its duties, powers and responsibilities in the bankrupty case under the laws of the U.S. and Puerto Rico in which the debtor in possession conducts its operations, do business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help the Debtor in the orderly liquidation of its assets; c. assist the Debtor with respect to negotiation with creditors for the purpose of arranging the orderly liquidation of assets and propose a viable plan of reorganization; d. prepare, on behalf of the Debtor, the necessary complaints, answers, orders, reports, memoranda of law and any other legal paper of documents; e. appear before the bankruptcy court, or any court in which the Debtors assert a claim interest or defense directly or indirectly related to the bankruptcy case; f. perform such other legal services for the Debtors as may be required in these proceedings or in connection with the operation of and involvement with the Debtor's business, including but not limited to notarial services; and g. employ other professional services, if necessary. Vilarino & Associates will be paid at these hourly rates: Senior Attorneys $275 Associates $175 Law Clerks $100 Paralegals $85 Vilarino & Associates will be paid a retainer in the amount of $9,000. Vilarino & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Javier Vilarino, principal of the Law Firm of Vilarino & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Vilarino & Associates can be reached at: Javier Vilarino, Esq. LAW FIRM OF VILARINO & ASSOCIATES PO Box 9022515 San Juan, PR 00902-2515 Tel: (787) 565-9894 E-mail: jvilarino@vilarinolaw.com About Catholic School Employees Pension Trust The Catholic School Employees Pension Trust is a business trust duly constituted under the laws of the Commonwealth of Puerto Rico. The Pension Trust filed a Chapter 11 petition (Bankr. D.P.R. Case No. 18-00108) on Jan. 11, 2018. In the petition signed by Ramon Guzman, president of Board of Trustees, the Debtor estimated $1 million to $10 million to $1 million to $10 million in assets and liabilities. The Hon. Enrique S. Lamoutte Inclan presides over the case. Javier Vilarino, Esq., at the Law Firm of Vilarino & Associates, serves as bankruptcy counsel. CC CARE LLC: Court Okays Fifth Agreed Interim Cash Collateral Order ------------------------------------------------------------------- The Hon. Janet S. Baer of the U.S. Bankruptcy Court for the Northern District of Illinois authorized CC Care, LLC, and each of its affiliates to use cash collateral during the term of the Fifth Interim Order, solely to pay the ordinary and reasonable expenses of operating their businesses. The Debtors, together with certain non-debtor affiliates, the Lenders Party from time to time (AR Lenders), and MidCap Funding IV Trust (f/k/a MidCap Funding IV, LLC) as assignee of Midcap Financial Trust (f/k/s MidCap Financial, LLC) and successor administrative agent entered into a Credit and Security Agreement that was amended numerous times through the present. The AR Lenders' Prepetition Obligations are secured by the accounts receivable of the Operating Debtors. As of the Petition Date, the AR Lenders assert they were owed $8,390,988 in revolving loan principal obligations, plus interest, fees, costs and expenses. The United States Department of Housing and Urban Development ("HUD") as assignee of the FHA mortgage, asserts claims against each Operating Debtor based on the HUD Loan Documents, mortgage insurance contracts, and operating lease rents applicable to each facility and against JLM, for the aggregate, are no less than (a) $81,834,514, representing the approximate total outstanding principal amount of the HUD loans as of the Petition Date; (b) $82,898,528, representing the approximate aggregate amount paid by HUD under its contracts for mortgage insurance; (c) the amount of rents with respect to each facility, in an approximate amount not less than the amount of debt service on the applicable HUD mortgage loan; and (d) other unpaid amounts, obligations or claims. The Pre-petition Agent, the AR Lenders, the HUD and Edward Don & Company have consented to the individual Budgets for each of the Operating Debtors. The AR Lenders, the HUD and Edward Don, are each granted valid and perfected, replacement security interests in and liens on all of the Debtors' right, title and interest in to and under the collateral. The AR Lenders, the HUD and Edward Don are also granted an administrative expense claim with priority in payment over any and all administrative expenses of the kinds, if and to the extent the adequate protection of the interests of the Lenders, the HUD and Edward Don in the collateral proves inadequate. Moreover, pursuant to the Order, the Debtors are mandated to: (a) deliver to the AR Lenders, the HUD and Edward Don financial and other information concerning the business and affairs of the Debtors, as the AR Lenders and the HUD will reasonably request from time to time; (b) provide the AR Lenders, the HUD and Edward Don with detailed information as to the extent and composition of the collateral and any collections thereon; (c) maintain insurance on the collateral to cover its assets from fire, theft and other damage; and (d) maintain the collateral and their businesses in good repair. In addition, the Debtors will make adequate protection payment of $10,000 to the AR Lenders, on or before the fourth business day of each week during the Fifth Interim Order, which payment will be applied against the interest accruing on the AR Lenders' Prepetition Obligations. The hearing to consider entry of a final order authorizing use of cash collateral will be held on Feb. 6, 2018 at 10:00 a.m. Any party-in-interest objecting to the Debtors' use of cash collateral must file written objections on Feb. 2, 2018, and will contemporaneously serve such objections to any other party-in-interest. A full-text copy of the Fifth Agreed Interim Order is available at: http://bankrupt.com/misc/ilnb17-32406-116.pdf About CC Care, LLC CC Care, LLC, and its affiliates are Delaware limited liability companies owned by JLM Financial Healthcare, LP, that operate long-term care facilities that provide nursing, healthcare, therapeutic and social services to the chronically ill with a diagnosis of mental illness. The operating entities own these nursing care facilities: Entity Facility Name/Location ------ ---------------------- CC Care Community Care Center, Chicago, Illinois BT Care Bourbonnais Terrace Nursing Home, Bourbonnais, Ill. CT Care Crestwood Terrace Nursing Center, Crestwood, Ill. FT Care Frankfort Terrace Nursing Center, Frankfort, Ill. JT Care Joliet Terrace Nursing Center, Joliet, Illinois KT Care Kankakee Terrance Nursing Center, Bourbonnais, Ill. SV Care Southview Manor, Chicago, Illinois TN Care Terrace Nursing Home, Waukegan, Illinois WCT Care West Chicago Terrace Nursing Home, West Chicago, Ill. On Oct. 30, 2017, Chapter 11 bankruptcy petitions were filed by CC Care, LLC, doing business as Community Care Center (Bankr. N.D. Ill. Lead Case No. 17-32406), and BT Bourbonnais Care, LLC, doing business as Bourbonnais Terrace Nursing Home (Case No. 17-32411), CT Care, LLC (17-32417), FT Care, LLC (17-32423), JT Care, LLC (17-32425), KT Care, LLC (17-32427), SV Care, LLC (17-32430), TN Care, LLC (17-32429), WCT Care, LLC (17-32433), JLM Financial Healthcare, LP (17-32421). Patrick Laffey, their manager and designated representative, signed the petitions. The cases are jointly administered under Case No. 17-32406 and assigned to Judge Janet S. Baer. At the time of filing, CC Care estimated $1 million to $10 million in assets and liabilities. The Debtors are represented by Burke Warren Mackay & Serritella P.C. On Nov. 27, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. CENVEO INC: Case Summary & 50 Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: Cenveo, Inc. 777 Westchester Avenue, Suite 111a White Plains, NY 10604 Type of Business: Cenveo, Inc. -- http://www.cenveo.com-- is a diversified manufacturing company focused on print-related products. Founded in 1919, Cenveo's portfolio of products includes printed labels, print magazine and book solutions, mailing solutions and creative services, and inventory and warehouse management software. Cenveo serves its global customer base from its corporate headquarters in Stamford, Connecticut, its production facilities in approximately 20 states, and its content business in India. Chapter 11 Petition Date: February 2, 2018 Affiliates that simultaneously filed Chapter 11 petitions: Debtor Case No. ------ -------- Cenveo, Inc. (Lead Case) 18-22178 Commercial Envelope Manufacturing Co., Inc. 18-22177 Cadmus Delaware, Inc. 18-22179 Cadmus Financial Distribution, Inc. 18-22180 Cadmus International Holdings, Inc. 18-22181 Cadmus Journal Services, Inc. 18-22182 Cadmus Marketing Group, Inc. 18-22183 Cadmus Marketing, Inc. 18-22184 Cadmus Printing Group, Inc. 18-22185 Cadmus UK, Inc. 18-22186 Cadmus/OKeefe Marketing, Inc. 18-22187 CDMS Management, LLC 18-22188 Cenveo CEM, Inc. 18-22189 Cenveo CEM, LLC 18-22190 Cenveo Corporation 18-22191 Cenveo Omemee, LLC 18-22192 Cenveo Services, LLC 18-22193 CNMW Investments, Inc. 18-22194 Colorhouse China, Inc. 18-22195 CRX Holding, Inc. 18-22196 CRX JV, LLC 18-22197 Discount Labels, LLC 18-22198 Envelope Product Group, LLC 18-22199 Expert Graphics, Inc. 18-22200 Garamond/Pridemark Press, Inc. 18-22201 Lightning Labels, LLC 18-22202 Madison/Graham Colorgraphics Interstate Services 18-22203 Madison/Graham Colorgraphics, Inc. 18-22204 Nashua Corporation 18-22205 Nashua International, Inc. 18-22206 Old TSI, Inc. 18-22207 Port City Press, Inc. 18-22208 RX JV Holding, Inc. 18-22209 RX Technology Corp. 18-22210 Vaughan Printers Incorporated 18-22211 VSUB Holding Company 18-22212 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtors' Counsel: Jonathan S. Henes, P.C. Joshua A. Sussberg, P.C. George Klidonas, Esq. Natasha Hwangpo, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: jonathan.henes@kirkland.com joshua.sussberg@kirkland.com george.klidonas@kirkland.com natasha.hwangpo@kirkland.com - and - James H.M. Sprayregen, P.C. Melissa N. Koss, Esq. Gregory F. Pesce, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: james.sprayregen@kirkland.com melissa.koss@kirkland.com gregory.pesce@kirkland.com Debtors' Investment Banker: ROTHSCHILD, INC. Debtors' Restructuring Advisors: Eric Koza Jesse DelConte Adam Searles ZOLFO COOPER LLC Grace Building 1114 Avenue of the Americas, 41st Floor New York, NY 10036 http://www.zolfocooper.com Tel: 212.561.4000 Fax: 212.213.1749 E-mail: ekoza@zolfocooper.com jdelconte@zolfocooper.com asearles@zolfocooper.com Debtors' Notice, Claims & Balloting Agent and Administrative Advisor: PRIME CLERK LLC Web site: https://cases.primeclerk.com/cenveo Total Assets as of Dec. 31, 2017: $789,547,000 Total Debt as of Dec. 31, 2017: $1,426,133,000 The petitions were signed by Ian R. Scheinmann, general counsel and secretary. A full-text copy of Cenveo, Inc.'s petition is available for free at http://bankrupt.com/misc/nysb18-22178.pdf List of Debtors' 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Bank of New York Mellon Unsecured $105,352,000 225 Liberty Street Noteholder New York, NY 10286 Attn: Charles W. Scharf, CEO Tel: 212-495-1784 Fax: 212-635-1799 GCC/IBT National Pension Fund Pension $35,522,126 13191 Crossroads Parkway N., #205 City of Industry, CA 91746-3434 Attn: James P. Hoffa, General President Tel: 800-322-1489 Fax: 532-463-5993 Email: info@gccibt-npf.org CWA/ITU Negotiated Pension Fund Pension $10,399,610 1323 Aeroplaza Dr. Colorado Springs, CO 80916 Attn: President or General Counsel Tel: 719-473-3862 Fax: 719-473-3134 Email: membersvc@cwaitu.com International Paper Vendor $5,670,344 6400 Poplar Ave Memphis, TN 38197 Attn: Mark S. Sutton Tel: 901-419-9000 Fax: 901-763-6140 Email: sharon.ryan@ipaper.com Jenco Productions Incorporated Vendor $4,262,609 401 South J Street San Bernardino, CA 92410 Attn: Jennifer Imbriani Tel: 909-381-9453 Fax: 909-381-5762 Email: jen@jencoproductions.com Fasson/Avery Dennison Vendor $4,114,972 35 Penn Am Drive Quakertown, PA 18951 Attn: Philip M. Neal, CEO Tel: 215-536-9000 Fax: 215-538-6799 Oregon Printing Industry Pension Pension $4,049,616 Plan OPI Pension Trust 1220 SW Morrison Street, Suite 300 Portland, OR 97205-2222 Attn: President or General Counsel Tel: 503-224-0048 x1669 Email: opi@aibpa.com Evergreen Packaging Inc. Vendor $3,477,233 5350 Poplar Ave., Suite 600 Memphis, TN 38119 Attn: John Rooney, Chief Executive Officer and President Tel: 901-821-5350 Fax: 901-821-5391 Email: evergreen.packaging@everpack.com FedEx Custom Critical Vendor $2,932,014 1790 Kirby Parkway 500 Memphis, TN 38138 Name: FedEx Custom Critical Attn: Vicki Hunt Tel: 866-274-6117 Email: candice.carlyon@fedex.com Veritiv Vendor $2,687,378 1000 Abernathy Rod NE Building 400 Suite 1700 Atlanta, GA 30328 Attn: Mary A. Laschinger Tel: 770-391-8200 Fax: 770-659-4421 Email: media@veritivcorp.com Transcendia Vendor $2,558,995 9201 W. Belmont Ave Franklin Park, IL 60131 Attn: Andy J. Brewer, President and CEO Tel: 847-678-1800 Fax: 847-233-0199 Gadge USA Inc. Vendor $2,298,474 3000 Marcus Avenue Lake Success, NY 11042 Attn: President or General Counsel Tel: 516-437-6340 Fax: 516-437-6542 Email: info@gadgeusa.com Old Dominion Freight Line Inc. Vendor $2,240,117 500 Old Dominion Way Thomasville, NC 27360 Attn: President or General Counsel Tel: 800- 432-6335 Email: customer.service@odfl.com Clifford Paper Incorporated Vendor $2,183,333 600 E Crescent Avenue Upper Saddle River, NJ 07458 Attn: Scott Clifford Tel: 201-934-5188 Fax: 201-934-5188 Email: mpolicatti@cliffordpaper.com Central National Gottesman Inc. Vendor $2,167,850 Three Manhattanville Road Purchase, NY 10577 Attn: Jan Gottesman, President Tel: 914-696-9000 Fax: 914-696-1066 Email: jbabcock@cng-inc.com Connemara Converting Vendor $1,936,446 544 Territorial Dr. Bolingbrook, IL 60440 Attn: President or General Counsel Tel: 630-771-1209 Fax: 630-771-9358 Email: info@cmaraconverting.com UPM Raflatac Inc (Lockbox 3175) Vendor $1,918,878 Dept Ch 19515 Palatine, IL 60055-9515 Attn: President or General Counsel Tel: 800-992-3882 Fax: 888-870-6222 Email: juha.makela@upmraflatac.com P.H. Glatfelter Paper Vendor $1,588,860 96 South George Street, Suite 520 York, PA 17401 Attn: President or General Counsel Tel: 717-225-4711 Fax: 717-846-7208 Email: info@glatfelter.com C.H. Robinson Worldwide Vendor $1,557,851 11760 Miramar PkwyBuilding E, Suite 100 Miramar, FL 33025 Attn: President or General Counsel Tel: 952-937-7829 Fax: 952-937-7840 Email: ben.campbell@chrobinson.com Victory Packaging Vendor $1,390,203 3555 Timmons Lane Houston, TX 77027 Attn: Ed Franza, National Account Manager Tel: 713-961-3824 Fax: 713-961-3299 Email: efranza@victorypackaging.com JohnsByrne Company Vendor $1,266,736 6701 W. Oakton St. Niles, IL 60714-3932 Attn: President or General Counsel Tel: 847-583-3100 Fax: 847-470-4400 Accent Group Solutions Vendor $1,168,454 1154 Reco Ave Crestwood, MO 63126 Attn: President or General Counsel Tel: 314-965-5388 Fax: 314-965-6384 Email: info@accentgroupsolutions.com Daneels Graphic Press Inc. Vendor $1,027,320 13681 Newport Ave, Ste 8-386 Tustin, CA 92780 Attn: President or General Counsel DLS Worldwide - LTL Vendor $1,011,991 11163 Blossom Avenue Parma Heights, OH 44130 Attn: President or General Counsel Tel: 877.744.3818 Fax: 630.226.6565 Email: agentinquiry@dls-ww.com Graphics Arts Industry Pension $963,389 Joint Pension Plan 25 Louisiana Ave NW Washington, DC 20001 Attn: Marty L. Halberg, Co-Chairman Tel: 202-508-6670 Fax: 202-508-6671 Email: jpt@gciu.org AGFA/Pitman Vendor $843,770 611 River Drive, Center 3 Elmwood, NJ 07407 Attn: President or General Counsel Tel: 888-274-8626; 800-526-5441 Fax: 201-440-6794 Email: na_marketing@agfa.com The Boston Consulting Group Inc. Vendor $825,000 Exchange Place, 31st Floor Boston, MA 02109 Attn: Rob Souza Tel: 617-973-1200 Fax: 617-973-1339 Centimark Corp Vendor $694,589 12 Grandview Circle Canonsburg, PA 15317 Attn: President or General Counsel Tel: 855-814-5352 Fax: 724-743-7770 Email: thor.dicesare@centimark.com United Parcel Service Vendor $667,476 55 Glenlake Parkway NE Atlanta, GA 30328 Attn: President or General Counsel Tel: 404-828-6022 Fax: 404-828-6912 Email: tmcclure@ups.com INX International Ink Co Vendor $645,950 150 North Martingale Road Suite 700 Schaumburg, IL 60173 Attn: Rick Clendenning, President and CEO Tel: 630-382-1800 Fax: 847-969-9758 Email: CustomerService@inxintl.com XPO Logistics Freight Inc. Vendor $611,081 Five American Lane Greenwich, CT 06831 Attn: President or General Counsel Tel: 844-742-5976 Email: contact@xpo.com Manpower Incorporated Vendor $608,568 100 Manpower Place Milwaukee, WI 60673-1212 Attn: Jonas Prising, CEO Tel: 414-961-1000 Fax: 414-961-7081 Acucote, Inc. Vendor $564,325 910 E Elm Street P.O. Box 538 Graham, NC 27253-0538 Attn: President or General Counsel Tel: 800-228-2683 Fax: 800-807-0795 Email: sales@acucote.com Westrock Vendor $530,021 1000 Abernathy Road NE Atlanta, GA 30328 Attn: President or General Counsel Tel: 770-448-2193 Fax: 770-246-4646 Email: bob.mcintosh@westrock.com Color Dynamics Inc. Vendor $510,498 200 East Bethany Drive Allen, TX 75002 Attn: Matt Coltharp Tel: 800-445-0017 Fax: 972-390-6699 Email: cchalifoux@colordynamics.com Multi Plastics Incorporated Vendor $499,792 7770 N Central Drive Lewis Center, OH 43035 Attn: President or General Counsel Tel: 740-548-4894 Fax: 740-548-5177 Email: orders@multi-plastics.com Actega Vendor $497,759 Abelstraße 43 Wesel 46483 Germany Attn: President or General Counsel Tel: +49 281 670-8 Fax: +49 281 670-12040 Email: info.ACTEGA@altana.com Ricoh Electronics Incorporated Vendor $491,103 One Ricoh Square 1100 Valencia Avenue Tustin, CA 92780 Attn: President or General Counsel Tel: 714-566-2500 Fax: 714-566-2509 Email: asuzuki@rei.ricoh.com Ross Bindery Incorporated Vendor $453,044 15310 Spring Avenue Santa Fe Springs, CA 90670 Attn: President or General Counsel Tel: 562-623-4565 Fax: 562-623-4575 Email: karld@rossbindery.com Eastman Kodak Company Vendor $420,537 343 State Street Rochester, NY 14650 Attn: Jeffrey J. Clarke Tel: 800-698-3324 Fax: 585-724-0663 Email: EIAmericas@kodak.com USF Holland Inc. Vendor $401,468 700 S. Waverly Rd. Holland, MI 49423 Attn: President or General Counsel Tel: 616-395-5000 Fax: 616-392-3104 Email: support@hollandregional.com Creative Label Inc. - Vendor $394,616 Elk Grove Village 2450 Estest Ave Elk Grove Village, IL 60007 Attn: President or General Counsel Tel: 847-956-6960 Bindagraphics Incorporated Vendor $390,272 DBA Pack Appeal 2701 Wilmarco Ave Baltimore, MD 21223 Attn: President or General Counsel Tel: 410-362-7200 Fax: 410-362-7233 Email: info@bindagraphics.com ServiceNow Inc. Vendor $398,275 2225 Lawson Lane Santa Clara, CA 95054 Attn: John Donahoe Tel: 408-501-8550 Fax: N/A Email: CustomerSupport@servicenow.com ALG Worldwide Logistics LLC Vendor $377,110 745 Dillon Drive Wood Dale, IL 60191 Attn: President or General Counsel Tel: 630-766-3900 Fax: 630-766-2037 Email: info@algworldwide.com Papercone Corporation Vendor $361,697 3200 Fern Valley Rd. Louisville, KY 40213 Attn: President or General Counsel Tel: 502-961-9493 Fax: 502-961-9346 Email: pam_johansen@papercone.com E-Pallet Incorporated Vendor $358,091 14701 Detroit Avenue Suite 610 Lakewood, OH 44107 Attn: President or General Counsel Tel: 888-805-9670 Fax: 440-735-9270 Finch Paper LLC Vendor $337,454 1 Glen Street Glen Falls, NY 12801-2167 Attn: President or General Counsel Tel: 518-793-2541 Email: info@finchpaper.com Electronics for Imaging Vendor $331,690 6750 Dumbarton Circle Fremont, CA 94555 Attn: President or General Counsel Tel: 650-357-3500 Fax: 650-357-3907 Email: info@efi.com Pension Benefit Guaranty Pension Unliquidated Corporation Attn: President or General Counsel 1200 K Street NW Washington, DC 20005 Name: Pension Benefit Guaranty Corporation Attn: President or General Counsel Tel: 202-326-4020 Fax: 202-326-4026 Email: mypension@pbgc.gov Affiliates that filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Scottish Holdings, Inc. 18-10160 14120 Ballantyne Corporate Pl., #300 Charlotte, NC 28277 Scottish Annuity & Life Insurance Company (Cayman) 18-10161 Type of Business: Scottish Re Group Limited -- http://www.scottishre.com-- is a holding company organized under the laws of the Cayman Islands with its principal executive office in Bermuda. Through its operating subsidiaries, the company is engaged in the reinsurance of life insurance, annuities and annuity-type products. These products are written by life insurance companies and other financial institutions primarily located in the United States. Scottish Re Group has operating companies in Bermuda, Ireland, and the United States. Scottish Holdings, Inc. and Scottish Annuity operate as subsidiaries of Scottish Re Group Ltd. Chapter 11 Petition Date: January 28, 2018 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Counsel: Eric D. Schwartz, Esq. Gregory W. Werkheiser, Esq. Matthew B. Harvey, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Floor PO Box 1347 Wilmington, DE 19899-1347 Tel: (302) 658-9200 Fax: (302) 658-3989 E-mail: eschwartz@mnat.com gwerkheiser@mnat.com mharvey@mnat.com - and - Peter Ivanick, Esq. Lynn W. Holbert, Esq. John D. Beck, Esq. HOGAN LOVELLS US LLP 875 Third Avenue New York, NY 10022 Tel: (212) 918-3000 Fax: (212) 918-3100 E-mail: peter.ivanick@hoganlovells.com lynn.holbert@hoganlovells.com john.beck@hoganlovells.com Debtors' Special Counsel: MAYER BROWN LLP Debtors' Investment Banker: KEEFE, BRUYETTE & WOODS, INC. Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $1 billion to $10 billion The petition was signed by Gregg Klinenberg, chief executive officer. A full-text copy of Scottish Holdings' petition is available at: http://bankrupt.com/misc/deb18-10160.pdf Consolidated List of Debtors' Five Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Wilmington Trust Corporation, Debentures $61,248,313 as Indenture Trustee Rodney Square North 1100 North Market Street Wilmington, DE 19890-1600 Michael H. Wass Tel: (302) 636-6398 Fax: (302) 636-4145 Email: mwass@wilmingtontrust.com U.S. Bank National Association, Debentures $39,816,513 as Indenture Trustee Global Corporate Trust Services 60 Livingston Ave EP-MN-WS1D St. Paul, MN 55107 Benjamin J. Krueger Tel: (651) 466-5860 Fax: (651) 466-7401 Email: benjamin.krueger@usbank.com U.S. Bank National Association, Debentures $25,025,241 as Indenture Trustee Global Corporate Trust Services 60 Livingston Ave EP-MN-WS1D St. Paul, MN 55107 Benjamin J. Krueger Tel: (651) 466-5860 Fax: (651) 466-7401 Email: benjamin.krueger@usbank.com U.S. Bank National Association, Debentures $21,977,245 as Indenture Trustee Global Corporate Trust Services 60 Livingston Ave EP-MN-WS1D St. Paul, MN 55107 Benjamin J. Krueger Tel: (651) 466-5860 Fax: (651) 466-7401 Email: benjamin.krueger@usbank.com BNY Mellon, Corporate Trust, as Debentures $12,506,585 Indenture Trustee 200 Ashford Center North, Suite 550 Atlanta, GA 30338 Lee Ann Willis Tel: (770) 698-5131 Fax: (770) 698-5195 Email: Lee.Ann.Willis@bnymellon.com Debtor affiliates that filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Rand Logistics, Inc. (Lead Case) 18-10175 333 Washington Street, Suite 201 Jersey City, NJ 07302 Lower Lakes Transportation Company 18-10176 Grand River Navigation Company, Inc. 18-10177 Black Creek Shipping Company, Inc. 18-10178 Rand LL Holdings Corp. 18-10179 Rand Finance Corp. 18-10180 Black Creek Shipping Holding Company, Inc. 18-10181 Type of Business: Rand Logistics, Inc. -- http://www.randlogisticsinc.com-- provides bulk freight shipping services in the Great Lakes region. Through its subsidiaries, the Company operates a fleet of ten self-unloading bulk carriers, including eight River Class vessels and one River Class integrated tug/barge unit, and three conventional bulk carriers, of which one is operated under a contract of affreightment. The Company's vessels operate under the U.S. Jones Act -- which dictates that only ships that are built, crewed and owned by U.S. citizens can operate between U.S. ports - and the Canada Marine Act -- which requires Canadian commissioned ships to operate between Canadian ports. Headquartered in Jersey City, New Jersey, Rand Logistics was formed in 2006 through the acquisition of the outstanding shares of capital stock of Lower Lakes Towing Ltd. Common shares of Rand Logistics trade on the NASDAQ Capital Market under the symbol RLOG. Chapter 11 Petition Date: January 29, 2018 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Delaware Bankruptcy Counsel: David B. Stratton, Esq. David M. Fournier, Esq. Evelyn J. Meltzer, Esq. PEPPER HAMILTON LLP Hercules Plaza, Suite 5100 1313 Market Street P.O. Box 1709 Wilmington, DE 19899 Tel: (302) 777-6500 Fax: (302) 421- 8390 Email: strattond@pepperlaw.com fournierd@pepperlaw.com meltzere@pepperlaw.com Debtors' General Bankruptcy Counsel: Meredith A. Lahaie, Esq. Alexis Freeman, Esq. Zach Lanier, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: mlahaie@akingump.com afreeman@akingump.com zlanier@akingump.com Debtors' Turnaround Managers: CONWAY MACKENZIE, INC. Debtors' Investment Banker & Financial Advisor: MILLER BUCKFIRE & CO. LLC Debtors' Noticing, Balloting & Claims Agent: KURTZMAN CARSON CONSULTANTS Web site: http://www.kccllc.net/rand Total Consolidated Assets as of Nov. 30, 2017: $268,948,855 Total Consolidated Debts as of Nov. 30, 2017: $258,535,349 The petition was signed by Mark S. Hiltwein, chief financial officer. A full-text copy of Rand Logistics' petition is available at: http://bankrupt.com/misc/deb18-10175.pdf List of Rand Logistics's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Central Machine & Marine Inc. Trade $326,160 649 McGregor Road P.O. Box 2163 Sarnia, ON N7T 7L7 Canada Tel: (519) 337-3722 Email: generalmanager@centralmm.ca Thompson Hine LP Professional $287,846 3900 Key Centre Services Cleveland, OH 44114,1291 Rob Burger Tel: (216) 566-5790 Email: Rob.Burger@thompsonhine.com Great Lakes Towing Company Trade $71,038 4500 Division Ave. Cleveland, OH 44102-2228 Tel: (216) 621-484 Email: CI@thegreatlakesgroup.com Samsel Supply Company Trade $51,362 Box 5717 Clevemand, OH 44191 Tel: (216) 241-0333 Email: ncampbell@samselsupply.com Hansen Industries Ltd. Trade $44,629 Email: Riverside@hhansenind.com Marine Market Inc. Trade $44,213 Email: orders@marinemarketinc.com Northern Machining & Repair Inc. Trade $34,275 Email: melisaj@northernmachining.com CSX Transportation Inc. Trade $30,581 Email: GB_Accounts_Receivable@csx.com Veson Nautical LLC Trade $27,487 Email: billing@veson.com Workiva LLC Trade $22,952 Email: accounting@workiva.com EAN Services, LLC Trade $14,923 Email: aradmin@ehi.com Kendall Electric Inc. Trade $13,736 Email: inda.cary@kendallgroup.com Warner Petroleum Corp. Trade $12,991 Email: dritchie@wpcgroup.us Padgett Swann Machinery Company, Inc. Trade $12,950 Email: lhouse@padgettswann.com John Duffy Electrical Co. Trade $12,880 Email: duffyelectrical@sympatico.ca Wilhelmsen Ships Service Inc. Trade $8,908 (Houston) Email: Christopher.Moreno@wilhelmsen.com Kinder Morgan Energy Partners, L.P. Trade $6,776 Email: midwestar@kindermorgan.com UP Environmental Services Trade $6,570 Wm. Neundorfer & Co. Trade $6,467 Email: info@wmneudorfer.com Ulysses Systems Trade $5,968 National Westminster Bank Email: tkalfadopoulos@ulysses- systems.com Debtor: Optimized Leasing, Inc. P.O. Box 528042 Miami, FL 33152-8042 Type of Business: Optimized Leasing, Inc. is a one-stop shop for every aspect of truck and trailer leasing. Optimized Leasing is a privately held company whose principal place of business is located at 3400 NW 74th Ave., Unit 1, Miami, FL 33122. Chapter 11 Petition Date: January 21, 2018 Court: United States Bankruptcy Court Southern District of Florida (Miami) Case No.: 18-10746 Judge: Hon. Jay A. Cristol Debtor's Counsel: Elena P Ketchum, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E Madison St #200 Tampa, FL 33602 Tel: (813) 229-0144 Fax: (813) 229-1811 E-mail: eketchum.ecf@srbp.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Ronen Koubi, chief financial officer. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/flsb18-10746.pdf List of Debtor's 18 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Banc of America Leasing & Unknown Capital, LLC 2059 Northlake Parkway, 3rd Floor Tucker, GA 30084 BMO Harris Bank, N.A. Unknown 300 E. John Carpenter Fwy. Irving, TX 75062 City National Bank of Florida Unknown 25 W. Flagler St. Miami, FL 33130 DCFS USA, LLC Unknown 13650 Heritage Parkway Fort Worth, TX 76177 Engs Commercial Finance Co. Unknown P.O. Box 4062 Lisle, IL 60532 Everbank Commercial Finance Unknown 10 Waterview Blvd. Parsippany, NJ 07054 Evolve Bank & Trust Unknown 6070 Poplar Ave., #200 Memphis, TN 38119 Fifth Third Bank Unknown 38 Fountain Square Plaza MD10904A Cincinnati, OH 45263 Florida Community Bank, N.A. Unknown 369 N. New York Ave. Winter Park, FL 32789 Huntington National Bank Unknown 525 Vine St., 14th Floor Cincinnati, OH 45202 Nissan Motor Acceptance Corp. Unknown P.O. Box 742658 Cincinnati, OH 45274-2658 People's Capital and Leasing Corp. Unknown 850 Main St. BC03/RC871 Bridgeport, CT 06604 Signature Financial and Leasing, LLC Unknown 10545 Willows Rd. NE, #120 Redmond, WA 98052 VFS Leasing Co. Unknown P.O. Box 26131 Greensboro, NC 27402 VFS US, LLC Unknown P.O. Box 26131 Greensboro, NC 27402 Webster Capital Finance, Inc. Unknown 3 Farm Glen Blvd. Farmington, CT 06032 Wells Fargo Equipment Finance, Inc. Unknown 733 Marquee Ave., #700 Minneapolis, MN 55402 Debtor: Ohlone Tribe of Carmel First Settlers of Chino Valley CA Inc 10790 Civic Center Drive, Suite 202 Rancho Cucamonga, CA 91730 Type of Business: Ohlone Tribe of Carmel is a domestic nonprofit corporation based in Rancho Cucamonga, California. This organization is primarly engaged in activities related to real estate. Ohlone Tribe is the fee simple owner of a parcel of land in the city of Hesperia commonly known as 15400 hwy 173, Hesperia, California valued by the company at $13 million. Ohlone Tribe previously sought bankruptcy protection on Dec. 4, 2017 (Bankr. C.D. Cal. Case No. 17-19965). Chapter 11 Petition Date: January 18, 2018 Court: United States Bankruptcy Court Central District of California (Riverside) Case No.: 18-10381 Judge: Hon. Mark D. Houle Debtor's Counsel: Odeha L Warren, Esq. LAW OFFICE OF ODEHA WARREN 25096 Jefferson Ave, Ste C Murrieta, CA 92563 Tel: 951-216-5577 Fax: 888-665-2294 E-mail: odeha.warren@gmail.com Total Assets: $13.01 million Total Liabilities: $3.40 million The petition was signed by David Vargas, chief executive officer. The Debtor did not file a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb18-10381.pdf RCR INTERNATIONAL: Chapter 15 Case Summary ------------------------------------------ Affiliated companies that filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- RCR International Inc. 18-10112 1155 Rene-Levesque Blvd W, Suite 4100 Montreal, QC H3B 3V2 Canada W.J. Dennis & Company 18-10113 1209 Orange Street Wilmington, DE 19801 Type of Business: Headquartered in Montreal, Canada, RCR International -- www.rcrint.com -- is a consumer-based manufacturer of more than 3000 products including weatherstripping, insulation components, floor protection products and squeegees. In 1996, WJ Dennis was purchased by RCR International. WJ Dennis is a manufacturer of complete lines of products for professionals and do-it-yourselfers. WJ Dennis sells its products through two-step distribution, mass merchants and hardware coops. Its offices are maintained in Elgin, Illinois. The company supplies its products to major retailers in the United States including Menards, Aubuchon Hardware, Mills Fleet Farm, Farm King, Hardware Hank, Trust Worthy Hardware Stores, ACE, Doit Best, Marvin's, Sutherlands, Friedman's Home Improvement, Jerry's Home Improvement Center, Busy Beaver and North40 Outfitters. http://www.wjdennis-rcr.com/ Foreign Proceeding in Which Appointment of the Foreign Representative Occurred: In the matter of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended: RCR International Inc. and W.J. Dennis & Company; in the Quebec Superior Court of Justice (Commercial Division) in the Judicial District of Montreal, Canada. Chapter 15 Petition Date: January 18, 2018 Court: United States Bankruptcy Court District of Delaware (Delaware) Chapter 15 Petitioner: Mario Petraglia President and Chief Executive Officer of RCR International Inc. Chapter 15 Petitioner's Counsel: Derek C. Abbott, Esq. Matthew B. Harvey, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street P.O. Box 1347 Wilmington, DE 19899 Tel: (302) 658-9200 Fax: 302-658-3989 E-mail: dabbott@mnat.com mharvey@mnat.com - and - Rebecca L. Kennedy, Esq. Mitchell W. Grossell, Esq. THORNTON GROUT FINNIGAN LLP Suite 3200, Canadian Pacific Tower 100 Wellington St. West Toronto (Ontario), Canada M5K 1K7 Tel: (416) 304-1616 Fax: (416) 304-1313 E-mail: rkennedy@tgf.ca mgrossell@tgf.ca Estimated Assets: Unknown Estimated Debts: Unknown Full-text copies of the petitions are available for free at: http://bankrupt.com/misc/deb18-10112.pdf http://bankrupt.com/misc/deb18-10113.pdf Debtor: Fox Property Holdings, LLC 12803 Schabarum Avenue Irwindale, CA 91706 Business Description: Fox Property Holdings, LLC listed itself as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: January 17, 2018 Court: United States Bankruptcy Court Central District of California (Los Angeles) Case No.: 18-10524 Judge: Hon. Robert N. Kwan Debtor's Counsel: Timothy J. Yoo, Esq. LEVENE, NEALE, BENDER, YOO & BRILL LLP 10250 Constellation Blvd Ste 1700 Los Angeles, CA 90067 Tel: 310-229-1234 Fax: 310-229-1244 E-mail: tjy@lnbyb.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ji Li, managing member. A full-text copy of the petition is available at: http://bankrupt.com/misc/cacb18-10524.pdf List of Debtor's 13 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ US Longton Inc. Loan $1,000,000 12803 Schabarum Avenue Baldwin Park, CA 91706 Fung, Christina Loan $20,000 SGV Capital, Inc. Services $17,000 Rendered Southern California Edison Utility $15,057 Services City of San Utility $3,165 Bernardino Services Municipal Water (for 340 West Department 4th Street) Burrtec Waste Utility $1,708 Industries, Inc. Services Hedrick Fire Fire Alarm $1,262 Protection Testing Services City of San Utility $520 Bernardino Services Municipal Water (for 399 North Department D Street) City of San Utility $473 Bernardino Services Municipal Water (for 399 North S Street, Unit 2) The Gas Company Utility $363 Services City of San Utility $91 Bernardino Services Municipal Water (for 369 North Department D Street) G.W. Group LLC Property $0 Management Fees Hwang, Harry and Litigation $0 Hwang, Jung H. Claim c/o Tomlinson & Prince, L.L.P. ABC CO: ------------------------------------------------------------ Debtor: Norfolk Street Management LLC 60 Riverside Blvd., Apt. 1901 New York, NY 10069 Type of Business: Norfolk Street Management LLC is a privately held company engaged in activities related to real estate. Its principal assets are located at 46 East 82nd Street New York, NY 10028. Chapter 11 Petition Date: January 17, 2018 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Case No.: 18-10113 Debtor's Counsel: Dawn Kirby, Esq. DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP One North Lexington Avenue White Plains, NY 10601 Tel: (914) 681-0200 Fax: 914-681-0288 E-mail: dkirby@ddw-law.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Penny Bradley, managing member. The Debtor failed to include a list of the names, addresses, and contact details of its 20 largest unsecured creditors at the time of the filing. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nysb18-10113.pdf ABC CO: ------------------------------------------------------------ Debtor: Kingman Farms Ventures, LLC 8912 Spanish Ridge Avenue, Suite 200 Las Vegas, NV 89148 Type of Business: Kingman Farms Ventures, LLC, is a privately held company that operates in the crop farms industry located in Las Vegas, Nevada. Chapter 11 Petition Date: January 16, 2018 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Case No.: 18-10180 Judge: Hon. Laurel E. Davis Debtor's Counsel: Nedda Ghandi, Esq. GHANDI DEETER BLACKHAM 725 South 8th Street Suite 100 Las Vegas, NV 89101 Tel: (702) 878-1115 Fax: (702) 979-2485 E-mail: nedda@ghandilaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by James R. Rhodes, president of Truckee Springs Holdings, Inc., manager of the Debtor. The Debtor listed Avery Land Group, LLC as its sole unsecured creditor holding a claim of $4,509,451. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nvb18-10180.pdfs EXCO RESOURCES: ------------------------------------------------------------ Lead Debtor: EXCO Resources, Inc. 12377 Merit Drive, Suite 1700 Dallas, TX 75251 Type of Business: EXCO Resources-- www.excoresources.com -- is an independent oil and natural gas company engaged in the exploration, exploitation, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays. Principal operations are conducted in certain key U.S. oil and natural gas areas including Texas, Louisiana and the Appalachia region. Chapter 11 Petition Date: January 15, 2018 Affiliates that simultaneously filed Chapter 11 petitions: Debtor Case No. ------ -------- EXCO Resources, Inc. (Lead Case) 18-30155 EXCO GP Partners Old, LP 18-30156 EXCO Holding (PA), Inc. 18-30157 EXCO Holding MLP, Inc. 18-30158 EXCO Land Company, LLC 18-30159 EXCO Midcontinent MLP, LLC 18-30160 EXCO Operating Company, LP 18-30161 EXCO Partners GP, LLC 18-30162 EXCO Partners OLP GP, LLC 18-30163 EXCO Production Company (PA), LLC 18-30164 EXCO Production Company (WV), LLC 18-30165 EXCO Resources (XA), LLC 18-30166 EXCO Services, Inc. 18-30167 Raider Marketing GP, LLC 18-30168 Raider Marketing, LP 18-30169 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Marvin Isgur Debtors' Counsel: Marcus A. Helt, Esq. Tel: (214) 999-4526 Fax: (214) 999-3526 E-mail: mhelt@gardere.com Michael K. Riordan, Esq. Tel: (713) 276-5178 Fax: (713) 276-6178 E-mail: mriordan@gardere.com GARDERE WYNNE SEWELL LLP 1000 Louisiana St., Suite 2000 Houston, Texas 77002 - and - Patrick J. Nash, Jr., P.C. Alexandra Schwarzman, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 E-mail: patrick.nash@kirkland.com alexandra.schwarzman@kirkland.com - and - Christopher T. Greco, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: christopher.greco@kirkland.com Debtors' Financial Advisor: PJT PARTNERS LP Debtors' Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Notice, Claims, Balloting Agent and Administrative Advisor: EPIQ BANKRUPTCY SOLUTIONS, LLC Web site: http://dm.epiq11.com/#/case/ERI Total Assets: $829,095,000 as of September 30, 2017 Total Debts: $1,355,377,000 as of September 30, 2017 The petition was signed by Tyler Farquharson, chief financial officer, treasurer, and vice president. A full-text copy of EXCO Resources, Inc.'s petition is available for free at: http://bankrupt.com/misc/txsb18-30155.pdf Consolidated List of Debtors' 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Wilmington Savings Fund Society, 7.5% Senior $131,576,000 FSB Notes Due 2018 500 Delaware Avenue Wilmington, DE 19801 Attn: Patrick J. Healy Tel: (302) 888-7420 Email: phealy@wsfsbank.com Wilmington Savings Fund Society, 8.5% Senior Notes $70,169,000 FSB Due 2022 500 Delaware Avenue Wilmington, DE 19801 Attn: Patrick J. Healy Tel: (302) 888-7420 Email: phealy@wsfsbank.com Azure ETG LLC Trade Debt $28,698,314 12377 Merit Drive, Suite 300 Dallas, TX 75251 Attn: I. J. Bertholet, II, President Tel: (972) 888-7420 Attn: Chip Berthelot President Tel: (972) 674-5200 Email: chipb@azuremidstream.com BHP Billiton Petroleum Trade Debt $10,001,897 Properties LP 1100 Louisiana, Suite 400 Houston, TX 77002 Attn: Andrew Mackenzie Chief Executive Officer Tel: (832) 204-2700 Fax: (613) 9609-3015 Attn: Ryan Linton Tel: (713) 499-5526 Email: ryan.linton@bhpbilliton.com Trade Debt $7,631,198 FTS International Services LLC 777 Main Street, Ste 3000 Fort Worth, TX 76102 Attn: Michael J. Doss Chief Executive Officer Tel: (817) 862-2000 Fax: (713) 428-4099 Attn: Cody Dubois Acct Manager Tel: (972) 385-2671 Email: Cody.DuBois@ftsi.com Goodrich Petroleum Co LLC Trade Debt $4,586,270 801 Louisiana, Ste 700 Houston, TX 77002 Attn: Robert C. Turnham, Jr. President & Chief Executive Officer Tel: (713) 780-9494 Fax: (713) 780-9254 Attn: Mark Leiserowitz, CPA Tel: (832) 399-3147 Fax: (832) 389-5347 Email: markl@goodrichpetroleum.com Louisiana Midstream Gas Services LLC Trade Debt $4,035,577 6100 North Western Ave PO Box 18496 Oklahoma City, OK 73154-0496 Attn: J. Michael Stice Chief Executive Officer Tel: (405) 848-8000 Attn: Seth Daniel Commercial Development Rep Tel: (918) 572-6180 Email: seth.daniel@williams.com BP America Production Co. Trade Debt $2,555,702 501 Westlake Park Blvd Houston, TX 77079 Attn: John Minge President Tel: (281) 366-2000 Fax: (281) 366-7584 Attn: Lucia Sporleder, JV Accts Receivable Analyst Tel: +54 11 5432 3837 Email: sporleder.lucia@bp.com Chesapeake Energy Marketing LLC Trade Debt $2,455,392 6100 North Western Ave Oklahoma City, OK 73118 Attn: Robert D. Lawler President & Chief Executive Officer Tel: (405) 848-8000 Fax: (405) 879-9575 Attn: Matt Beller Sr. Crude Oil Marketing Rep Tel: (405) 935-7144 Email: matt.beller@chk.com Indigo Minerals LLC Natural Gas $2,204,413 600 Travis, Ste 5500 Purchasers Houston, TX 77002 and OBO JIB Attn: Frank D. Tsuru Trade President & Chief Executive Officer Tel: (713) 237-5000 Fax: (713) 237-5040 Attn: Sue Anne Smith Accounting Supervisor Tel: (713) 237-5014 Email: s.smith@indigominerals.com Nabors Drilling Technologies USA Inc. Trade Debt $1,770,820 515 West Greens Rd, Ste 1200 Houston, TX 77067 Attn: Anthony G. Peterello President & Chief Executive Officer Tel: (281) 874-0035 Fax: (281) 872-5205 Attn: Trevor Brinkley Manager-Contracts Tel: (903) 747-5545 Email: trevor.brinkley@nabors.com Select Energy Services LLC Trade Debt $1,480,775 515 Post Oak Blvd, Ste 200 Houston, TX 77027 Attn: Holli Ladhani President & Chief Executive Officer Tel: (713) 235-9500 Attn: Eric Mattson Chief Financial Officer Tel: (713) 235-9500 Email: EMattson@selectenergyservices.com Oil States Energy Services LLC Trade Debt $1,309,391 Three Allen Center 333 Clay St, Ste 4620 Houston, TX 77002 Attn: Cindy B. Taylor President & Chief Executive Officer Tel: (713) 652-0582 Fax: (713) 652-0499 Attn: Justin Spataro Regional Sales Tel: (903) 812-3142 Email: Justin.Spataro@oilstates.com Leam Drilling Systems, LLC Trade Debt $1,062,974 3114 West Old Spanish Trail New Iberia, LA 70560 Attn: Danny Childers President Tel: (800) 426-5349 Attn: Noelle Hoening Sales Tel: (214) 505-6135 Email: noelle.hoening@leam.net Paradigm Midstream Services-St LLC Trade Debt $990,821 545 John Carpenter Freeway, Suite 800 Irving, TX 75062 Attn: John Steen Chief Executive Officer Attn: Jenney Waggoner Vice President - Business Development Tel: (214) 389-8166 Email: jwaggoner@paradigmmidstream.com Sun Coast Resources Inc. Trade Debt $930,395 6405 Cavalcade St., Bldg 1 Houston, TX 77026 Attn: Kathy Lehne Chief Executive Officer Tel: (800) 677-3835 Attn: Terah Parks Sales Tel: (713) 429-8868 Email: tparkins@suncoastresources.com GE Oil Gas Pressure Control LP Trade Debt $869,610 3960 Commerce St SW Canton, OH 44706 Attn: Lorenzo Simonelli Chairman, President & Chief Executive Officer Tel: (330) 915-2500 Fax: (832) 325-4350 Attn: Rusty Spinks Regional Sales Tel: (972) 447-2614 Email: rusty.spinks@ge.com Patterson UTI Drilling Company LLC Trade Debt $764,541 10713 West Sam Houston Parkway North, Suite 800 Houston, TX 77064 Attn: William A. (Andy) Hendricks President and Chief Executive Officer Tel: (281) 765-7100 Fax: (281) 765-7175 Attn: Danny Brumley VP of Mkt Tel: (817) 523-5267 Email: danny.brumley@patenergy.com MS Directional LLC Trade Debt $743,966 3335 Pollock Drive Conroe, TX 77303 Attn: Allen R. Neel President and Chief Executive Officer Tel: (936) 442-2500 Fax: (936) 442-2599 Attn: Jeff R. Jones SW Sales Manager Tel: (469) 540-5514 Email: jjones@msenergyservices.com Sky-Lin Trade Debt $606,720 6911 Vardaman Rd Keithville, LA 71047 Attn: Linda Williams Managing Member Tel: (318) 925-5249 Fax: (318) 925-5248 Attn: Tyler Williams Tel: (318) 925-5249 Fax: (318) 925-5248 Email: tyler@skylin.net Stallion Oilfield Services Trade Debt $571,996 950 Corbindale, Ste 400 Houston, TX 77024 Attn: David C. Mannon President and Chief Executive Officer Tel: (713) 528-5544 Fax: (713) 528-1276 Attn: Steve Thompson BD Tel: (817) 229-7128 Email: sthompson@sofs.cc Baker Hughes Business Support SVS Trade Debt $564,919 17021 Aldine Westfield Houston, TX 77073 Attn: Mark S. Craifield Chairman and Chief Executive Officer Tel: (713) 439-8600 Attn: Jason M Price Acct Manager Tel: (972) 465-1034 Email: jason.price@bakerhughes.com Gulf Coast TMC LLC Trade Debt $532,919 7670 Hwy 10 Ethel, LA 70730 Attn: Charles E. Weaver III Member Tel: (225) 683-6636 Fax: (225) 683-6652 Attn: Trae Weaver Sales Email: tw@gulfcoasttmc.com S3 Pump Service Trade Debt $504,964 1918 Barton Dr Shreveport, LA 71107 Attn: Malcolm H. Sneed III President Tel: (318) 996-7030 Fax: (318) 221-7096 Attn: Jeff Silva President Tel: (318) 423-0414 Email: rsilva@s3pumpservice.com Cogent Energy Services LLC Trade Debt $489,062 919 Milam St., Ste 2480 Houston, TX 77002 Attn: Chet Erwin President and Chief Executive Officer Tel: (713) 554-1200 Attn: Brad Slaton Tel: (318) 548-9245 Email: bslaton@cogentenergyservices.com Fluid Disposal Specialties Inc. Trade Debt $415,013 209 Sam Baird Road Homer, LA 91040-2019 Attn: Mike Hays President Tel: (318) 927-6178 Fax: (318) 927-6965 Attn: Timothy G. Brown Chief Financial Officre Email: timbrown@hayscompanies.biz Thomas Oilfield Services LLC Trade Debt $355,556 4250 Loop 281 Longview, TX 75602 Attn: Greg Peeler President Tel: (855) 778-5940 Fax: (855) 778-5940 Attn: Christopher Steele, Sr. Executive Sales Email: CSteele2@slb.com CNC Oilfield Services LLC Trade Debt $325,412 2000 Cedar St Shreveport, LA 71103 Attn: Colton Sanders Managing Operator Tel: (318) 584-7099 Email: colton.s@cncoilfield.com Chesapeake Operating Inc. Trade Debt $307,565 6100 North Western Ave Oklahoma City, OK 73118 Attn: Robert D. Lawler, President President and Chief Executive Officer Tel: (405) 848-8000 Fax: (405) 879-9575 Attn: Michelle Surratt Accounting Assistant II Tel: (405) 935 4123 Email: michelle.surratt@chk.com West Louisiana Aggregates LLC Trade Debt $301,439 10305 John W Holt Jr. Blvd Shreveport, LA 71115 Attn: Mathew Carroll President Tel: (936) 639-2215 Fax: (318) 317-5971 Email: mcarroll@westlaagg.com Weatherford U.S. L.P. Trade Debt $296,725 2000 Saint James Place Houston, TX 77056 Attn: Karl Blanchard Executive Vice President Operating Officer Tel: (713) 836-4000 Fax: (713) 693-4300 Attn: Angela Martin Corporate Sales Tel: ( 972) 661-6724 Email: angela.martin@weatherford.com Curtis Oilfield Services LLC Trade Debt $270,374 PO Box 1236 Silsbee, TX 77656 Attn: Buford E. Curtis Manager Tel: (409) 385-2937 Fax: (409) 385-4202 TDJ Oilfield Services, LLC Trade Debt $263,843 5857 Highway 80 East Princeton, LA 71067 Attn: Thomas Steven Moore Consultant/Manager Tel: (318) 949-9279 Fax: (318) 949-4639 Email: tdjoil@yahoo.com Attn: Randy Ward Tel: (318) 949-9279 Fax: (318) 949-4639 Email: randy@tdjoilfieldservicesllc.com Curtis and Son Vacuum Service Inc. Trade Debt $261,500 Hwy 146 Liberty, TX 77575 Attn: Curtis Hudnall President Tel: (936) 1188 Email: csvs@curtisandsonco.com M6 Energy Services LLC Trade Debt $251,039 Email: tbone@m6energy.com Southern Soil Environmental Inc. Trade Debt $233,633 Email: amymize@southernsoilenv.com Kinderhawk Field Services LLC Trade Debt $212,435 Email: Nicholas_Cherry@kindermorgan.com Magnolia Midstream Gas Services LLC Trade Debt $209,294 Email: seth.daniel@williams.com BJ Services Company USA Trade Debt $191,343 Email: jason.price@bakerhughes.com Downhole Technology LLC Trade Debt $190,465 Email: thomas.barton@downholetechnology.com Heckmann Water Resources CVR Inc. Trade Debt $184,391 Email: steve.london@nuverra.com TEC Well Service LLC Trade Debt $180,875 Email: SShore@tecwell.com Light Tower Rentals Trade Debt $178,083 Email: coavary@ltr.com Peak Fishing Services LLC Trade Debt $173,380 Email: grace@peakfishingservices.com Peroxy Chem LLC Trade Debt $160,321 Email: carleton.parker@peroxychem.com Freedom Oilfield Service LLC Trade Debt $159,728 Email: matt@freedomoilfield.net Enterprise Products Operating LLC Contract Dispute Undetermined Email: pikner@eprod.com Long Petroleum LLC Litigation Undetermined Email: kevin@longpetro.com OOGC America LLC (Eagle Ford) Contract Undetermined Email: Kim.Woima@nexencnoocltd.com Dispute Regency Gas Services LP Contract Undetermined Email:martin.anthony@regencygas.com Disputes CENVEO INC: Files Ch.11 with Plan Backed by 1st Lien Bondholders ---------------------------------------------------------------- Cenveo, Inc., said Friday it has reached an agreement with holders of a majority of its first lien debt to support a Chapter 11 plan of reorganization, which will significantly increase its financial flexibility by reducing its debt and obtaining new financing, strengthening the Company and its best-in-class products and services. To facilitate the financial restructuring, Cenveo and its domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York, White Plains (Bankr. S.D.N.Y. Lead Case No. 18-22178). The Chapter 11 filing does not include foreign entities, such as those located in India. In conjunction with the filing, Cenveo has entered into a Restructuring Support Agreement (RSA) with noteholders representing more than 50% of its first lien debt. The RSA demonstrates the strong support of the Company's creditors for the financial restructuring and their confidence in management and the future of Cenveo, and provides a clear path to emergence on an expedited basis, Cenveo said in a press statement on Friday. The Company has also negotiated agreements with certain of its existing lenders to provide Cenveo up to $290 million of debtor-in-possession financing ("DIP"), which includes: -- $190 million of ABL financing, and -- $100 million of Term Loan financing. In total, the DIP financing will allow Cenveo to access up to $100 million in incremental liquidity during the Chapter 11 case. The incremental liquidity will ensure that suppliers and other business partners will be paid in a timely manner for goods and services provided during the Chapter 11 process, in accordance with customary terms. "The plan we are pursuing today will significantly reduce our debt and improve our capital structure to support our long-term business strategy," said Robert G. Burton, Sr., Cenveo's Chairman and Chief Executive Officer. "Since 2005, we have transformed Cenveo from its print-focused roots into the largest envelope manufacturer and one of the largest labels manufacturers in North America. This court-supervised restructuring process will protect our business operations, as we will continue to operate in the ordinary course. We are pleased that our plan has the backing of a number of our key financial stakeholders, and we are confident that Cenveo will emerge from this process with a stronger balance sheet to support its profitable growth in the years ahead." Mr. Burton continued, "Our foremost priority is providing seamless, high-quality service to our customers across multiple market segments, and that standard of excellence will remain unchanged throughout this process. This financial restructuring will significantly reduce the amount of debt on the balance sheet, increase cash flow available to invest in the business, and create a stronger and more competitive company in the future." "In previous times of challenge, we have proven our ability to adapt and transform our Company with a business solution that is value maximizing. Our work on this debt recapitalization will be no different," Mr. Burton concluded. In a regulatory filing with the Securities and Exchange Commission in November, the Company disclosed that over the course of the second and third quarters of 2017, it has been actively marketing for sale its office product envelope product line. The Office Products Business is available for immediate sale in its present condition subject only to terms that are usual and customary and the price at which the Office Products Business is being marketed is reasonable in relation to its current fair value. As of the end of the third quarter, management has been given the appropriate authority to move forward with one strategic party on a potential sale of the Office Products Business. During the second quarter of 2017, in connection with the closure of an envelope manufacturing facility associated with the Office Products Business, the Company classified the owned facility as held for sale. Accordingly, $2.2 million of property, plant and equipment, net, which had been held in other assets, net during the third quarter of 2017, was reclassified to assets of discontinued operations - long-term, in the Company's condensed consolidated balance sheets. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its top-sheet lithographic print operation. On Friday, the Company said it has made customary filings, including first day motions, which will facilitate the normal course of business operations during the financial restructuring process. These include, among other things, requesting authority to pay pre-filing wages, salaries, and benefits; honor customer commitments; and pay certain pre-petition vendors and suppliers. In addition, the plan provides the Company with sufficient liquidity to continue operating as usual with customers and vendors. Cenveo's legal advisors are Kirkland & Ellis, led by Jonathan S. Henes, Esq. The Company's financial advisor is Rothschild, Inc., and its restructuring advisor is Zolfo Cooper LLC. About Cenveo Cenveo (NASDAQ: CVO) -- http://www.cenveo.com/-- world headquartered in Stamford, Connecticut, is a global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions. The Company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, we pride ourselves on delivering quality solutions and services every day for our more than 100,000 customers. As of Sept. 30, 2017, Cenveo disclosed $870,017,000 in total assets against $255,448,000 in total current liabilities, and $1,050,441,000 in total long-term debt, and $618,921,000 in total shareholders' deficit. CHASE MONARCH: Must Surrender Premises to Cherif Medawar -------------------------------------------------------- Judge Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico granted creditor Cherif Medawar's urgent motion for immediate surrender of premises being held by Debtor Chase Monarch International, Inc. On Sept. 5, 2017, Debtor and Mr. Medawar executed a Lease Contract Agreement with Option to Purchase with Debtor. On Oct. 23, 2017, Mr. Medawar sent an email to the Tenant's email address, as stated in the Lease, indicating that the October 2017 rent payment had not been received and requesting that Debtor deliver the rent payment on that date. On Oct. 31, 2017, eight calendar days after the email was sent to Debtor, a letter was sent by a legal representative of Mr. Medawar in effect terminating the Lease for Tenants "due to tenant's noncompliance with the terms of the same…." On Nov. 14, 2017, Debtor filed its bankruptcy petition under chapter 11 of the Code. Debtor argues that Mr. Medawar unilaterally terminated the Lease and cites Andreu v. Popular Leasing, Inc., and Article 1208, 31 L.P.R.A. section 3373, as support. The present case is inapposite to the issue at hand, and Debtor misconstrues and misapplies the purpose of Article 1208 for its benefit. Andreu Fuentes dealt with the lease of a vehicle, which the Supreme Court of Puerto Rico described as a type of lease agreement where one party, the lessor, purchases a vehicle from a seller and then leases the same to a third party. In Andreu Fuentes, Mr. Andreu (the third party lessee) signed receipts and releases acknowledging that he would still be responsible for all the monthly payments even if the vehicle suffered damages or was lost. Thereafter, lessee Andreu unilaterally canceled the lease agreement after the vehicle was not operating correctly, going against the letter of the agreements he had signed with Popular Leasing. The Lease, which this court finds was legally binding under state law, and legally terminated on Oct. 31, 2017, is not property of the Debtor's estate pursuant to 11 U.S.C. section 541(b)(2). Therefore, the Debtor and Medawar will coordinate a date within the next 10 days for Debtor to surrender and vacate the premises. A full-text copy of Judge Tester's Jan. 24, 2018 Opinion and Order is available at: http://bankrupt.com/misc/prb17-06841-11-91.pdf About Chase Monarch International, Inc. Chase Monarch International, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-06841) on November 14, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Hector Juan Figueroa Vincenty, Esq. CHINA COMMERCIAL: Stockholders Elect Five Directors --------------------------------------------------- China Commercial Credit, Inc. held its 2017 annual meeting of stockholders on Dec. 29, 2017, at which the stockholders: 1. elected Mr. Mingjie Zhao, Mr. Teck Chuan Yeo, Mr. Weiliang Jie, Ms. Boling Liu, and Mr. Long Yi to serve on the Company's Board of Directors until the 2018 annual meeting of stockholders of the Company; 2. ratified the selection of Marcum Bernstein & Pinchuk LLP as the Company's independent registered public accounting firm for fiscal year ending Dec. 31, 2017; and 3. approved, by a non-binding vote, the Company's executive compensation plan. About China Commercial Credit Founded in 2008, China Commercial Credit -- http://www.chinacommercialcredit.com/-- is a financial services firm operating in China. Its mission is to fill the significant void in the market place by offering lending, financial guarantee and financial leasing products and services to a target market which has been significantly under-served by the traditional Chinese financial community. The Company's current operations consist of providing direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses, farmers and individuals in the city of Wujiang, Jiangsu Province. China Commercial's independent accounting firm Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has accumulated deficit that raises substantial doubt about its ability to continue as a going concern. China Commercial reported a net loss of US$1.98 million for the year ended Dec. 31, 2016, compared with a net loss of US$61.26 million for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed US$7.71 million in total assets, US$8.48 million in total liabilities and a total shareholders' deficit of US$774,251. CNT HOLDINGS: Moody's Revises Outlook to Neg. & Affirms B2 CFR -------------------------------------------------------------- Moody's Investors Service changed CNT Holdings III Corp's ("CNT", or "1-800 Contacts") outlook to negative from stable and affirmed all of the company's ratings, including the B2 Corporate Family Rating ("CFR"), B2-PD Probability of Default Rating and B1 first-lien senior secured credit facilities ratings. "The change in outlook to negative from stable reflects the risk of weakening in the company's free cash flow profile, including as a result of any potential adverse developments in its paid search litigation and related class action cases, coupled with ongoing risks related to competitive encroachment," according to Raya Sokolyanska, Moody's VP-Senior Analyst. "The ratings affirmations reflect Moody's view that CNT's overall liquidity remains good, albeit modestly weaker, and that favorable sector fundamentals and reasonably solid interest coverage (mid-1 times EBITA/interest expense) continue to mitigate the company's elevated financial leverage," added Sokolyanska. Moody's took the following rating actions for CNT Holdings III Corp.: Corporate family rating, affirmed B2 Probability of default rating, affirmed B2-PD $80 million first-lien revolving credit facility expiring 2021, affirmed B1 (LGD3) $500 million first-lien term loan due 2023, affirmed B1 (LGD3) Outlook, revised to Negative from Stable RATINGS RATIONALE The B2 CFR reflects CNT's small scale relative to retail industry peers, and operations in the highly competitive and commoditized contact lens retail sector. The rating also incorporates the company's high leverage of over 7 times (Moody's-adjusted, as of September 30, 2017) and risks associated with private equity ownership. Nevertheless, the rating is supported by the growing and recession-resistant demand for contact lenses, and CNT's leading position in the online sub-segment. Moody's also expects the company to benefit from the ongoing demand shift to daily-wear contact lenses, and considers the potential upside from online prescription renewal and online vision tests. CNT's still-good liquidity profile, as assessed under Moody's speculative grade liquidity framework and anticipated for the next 12-18 months (including positive free cash flow, ample revolver availability and a lack of near-term maturities) also supports its credit profile. The outlook could be stabilized at the B2 CFR if the company generates solid positive free cash flow over the next 12-18 months and resolves outstanding litigation with minimal impact to its operations and liquidity. Even though unlikely in the near term given the rating's weak position in the B2 category, the ratings could be upgraded if the company generates solid revenue and earnings growth, maintains good liquidity and demonstrates a commitment to more conservative financial policies. Quantitatively, the ratings could be upgraded with expectations of debt/EBITDA maintained below 5.5 times and EBITA/interest expense above 2 times. The ratings could be downgraded if liquidity deteriorates for any reason, including weak free cash flow generation and limited revolver availability. Quantitatively, the ratings could be downgraded if debt/EBITDA does not trend towards 7 times, or if EBITA/interest is sustained below 1.5 times. The principal methodology used in these ratings was Retail Industry published in October 2015. CNT Holdings III Corp ("CNT" or "1-800 Contacts") is an online retailer and distributor of contact lenses in the United States, with revenues $629 million for the twelve months ended September 30, 2017. CNT has been majority-owned by AEA Investors following its January 2016 buyout transaction. CORBETT-FRAME INC: Needs Access to Cash for February Expenses ------------------------------------------------------------- Corbett-Frame, Inc., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Kentucky to use cash collateral on an extended basis through Feb. 28, 2018 as set forth on the budget. The Debtor's Budget for the month February 2018 provides total operating expenses of approximately $56,637. The Debtor states that access to cash collateral is necessary to ensure continued going-concern operations and to protect and preserve the value of the Debtor's assets and ongoing operations. The Debtor proposes to provide the Cash Collateral Creditors with the same adequate protection as provided in previous orders including replacement liens and payment. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/kyeb17-51607-86.pdf About Corbett-Frame Corbett-Frame, Inc., d/b/a Corbett-Frame Jewelers, owns a jewelry store in Lexington, Kentucky, offering contemporary designer collections & customized pieces. The Company is a small business debtor as defined in 11 U.S.C. Section 101(51D). Corbett-Frame filed a Chapter 11 petition (Bankr. E.D. Ky. Case No. 17-51607) on Aug. 9, 2017. In the petition signed by Jennifer Lykins, its president, the Debtor estimated its assets and liabilities at between $1 million and $10 million. The case is assigned to Judge Gregory R. Schaaf. The Debtor is represented by Jamie L. Harris, Esq., at the Delcotto Law Group PLLC. No trustee or examiner has been appointed in the Chapter 11 case, and no creditors' committee or other official committee has been appointed. CRIMSON INVESTMENT: Court Dismisses Chapter 11 Bankruptcy Case -------------------------------------------------------------- Judge Trish M. Brown of the U.S. Bankruptcy Court for the District of Oregon dismissed Crimson Investment Group, LLC's chapter 11 case and denied Kimco Properties, LTD's motion to convert the case to chapter 7. Kimco urged conversion to chapter 7 so that a trustee can oversee the disposition of Kimco's collateral. The Court is unpersuaded by Kimco's argument. There is no evidence indicating that a chapter 7 liquidation would produce any recovery for unsecured creditors. On the other hand, dismissal would avoid the costs of a chapter 7 trustee, while allowing secured creditors such as Kimco to exercise their state-law remedies. Accordingly, the Court finds that dismissal of the case is the appropriate action. The Court finds that cause exists to dismiss this case. The Court is mindful, however, that section 1112(b)(1) allows dismissal only after notice and a hearing. It is true that all creditors previously received notice of the court's notice of proposed dismissal and Kimco's motion, and that an evidentiary hearing was held on the Motion on Dec. 13, 2017. Nonetheless, the Motion sought conversion of the case and expressly objected to dismissal. For purposes of section 1112, "notice and hearing" means "such notice as is appropriate in the particular circumstances, and such opportunity for a hearing as is appropriate in the particular circumstances." Under Federal Rule of Bankruptcy Procedure 2002(a)(4), creditors are typically entitled to 21 days' notice of the proposed dismissal of a chapter 11 case, but given the unique procedural history of the case, the Court concludes that a shortened notice period is appropriate in this situation. The court is authorized to shorten notice of dismissal for cause shown. A full-text copy of Judge Brown's Opinion dated Jan. 24, 2018 is available at: http://bankrupt.com/misc/orb16-32747-11-204.pdf About Crimson Investment Crimson Investment Group, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 16-32747) on July 14, 2016. The petition was signed by Tracey Baron, manager. The case is assigned to Judge Trish M. Brown. The Debtor tapped Michael D. O'Brien & Associates P.C. as counsel. At the time of the filing, the Debtor disclosed $852,102 in assets and $1.4 million in liabilities. CURO HEALTH: Moody's Alters Outlook to Neg. & Affirms B3 CFR ------------------------------------------------------------ Moody's Investors Service changed the rating outlook for Curo Health Services Holdings, Inc. and its debt to negative from positive. At the same time, Moody's affirmed the company's B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating (PDR), and the B2 senior secured first-lien bank debt and credit facility ratings. "The negative outlook reflects Curo's constrained free cash flow profile owing to losses emanating from operating de novo facilities that have not yet matured, as well as elevated cash flow deployment into organic expansion," said Vladimir Ronin, Moody's lead analyst for the company. "Curo's expansion strategy renders more difficult and unlikely the ability to reduce a heavy financial burden, or even to internally fund any potential payouts related to ongoing legal proceedings," added Ronin. Moody's took the following rating actions for Curo Health Services Holdings, Inc.: -- Corporate Family Rating, Affirmed B3 -- Probability of Default Rating, Affirmed B3-PD -- Senior Secured Bank Credit Facilities, Affirmed B2 (LGD3) -- Outlook, Changed To Negative From Positive RATINGS RATIONALE Curo's B3 Corporate Family Rating broadly reflects the risks associated with being a pure-play hospice operator, as compounded by the company's high financial leverage, which Moody's expects will remain around 6.0 times over the next 12 months. The rating also reflects Curo's small absolute size in a market that is highly fragmented, and with a high concentration of revenue from Medicare. More recently, the company's strategy has shifted in favor of accelerated organic expansion of new offices in lieu of M&A. This continued increase in de novo investment will offset some of the growth in the base business over the short term. That said, Moody's believes new offices opened over the last two years will contribute to earnings growth in 2018, as on average it takes new operations 12-15 months to turn EBITDA-positive. The rating also incorporates uncertainty surrounding several legal proceedings, which could result in meaningful cash outflows. Curo benefits from its position as one of the largest for-profit hospice operators in the US. Moody's assesses Curo's liquidity profile as adequate, with limited free cash flow generation and minimal cash balances as forecast for the next 12-18 months. The company will continue to reinvest a material amount of its excess cash flow into de novo office expansion, although these investments could be tempered should liquidity become constrained. Mandatory debt amortization is also relatively modest at roughly $4.5 million per year. Liquidity is further bolstered by a $45 million undrawn revolver, with approximately $39 million of availability after taking into account outstanding letters of credit. Moody's believes the company could periodically draw on the revolver with the expectation that it would be repaid shortly thereafter. The credit agreement contains a first-lien maximum debt-to-EBITDA financial covenant of 6.5 times. Moody's expects the company will remain in compliance with its maintenance-based financial covenant over the next 12 months. The ratings could be upgraded if the company can generate free cash flow on a consistent basis, with debt-to-EBITDA improving towards 5.5 times (including a reduction in adjustments and hence better quality of earnings). Progress towards resolution of pending litigation would also be needed to fully warrant consideration of a prospective ratings upgrade. The ratings could be downgraded if liquidity deteriorates or free cash flow remains negative on a sustained basis. The ratings could also be downgraded if debt-to-EBITDA is sustained above 6.5 times, or if ongoing legal and regulatory proceedings result in material payouts (funded by additional debt and/or liquidity eroding means). The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Mooresville, North Carolina, Curo Health Services Holdings, Inc. is a provider of hospice services in the Southeastern and Southwestern regions of the U.S. and operates 228 agencies in 21 states. The company recognized revenues of $451 million for the twelve months ended September 30, 2017. Curo is owned by private equity firm Thomas H. Lee L.P. CYTORI THERAPEUTICS: Two Directors Quit as Part of Restructuring ---------------------------------------------------------------- As part of the ongoing restructuring of Cytori Therapeutics, Inc., David M. Rickey and Gail K. Naughton, Ph.D. submitted their resignations as members of the Board of Directors of the Company, effective Jan. 25, 2018, and the Board of Directors decreased its size from seven to five members. In addition, Richard J. Hawkins was appointed to serve as Chairman to succeed Mr. Rickey. Mr. Rickey's and Ms. Naughton's decisions to resign did not result from any disagreement with the Company concerning any matter relating to the Company's operations, policies or practices, as disclosed in a Form 8-K filed with the Securities and Exchange Commission. About Cytori Based in San Diego, California, 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 Sept. 30, 2017, Cytori had $26.44 million in total assets, $18.62 million in total liabilities and $7.81 million in total stockholders' equity. DAVE 60 NYC: Seeks May 21 Exclusive Plan Filing Period Extension ---------------------------------------------------------------- Dave 60 NYC Inc. asks the U.S. Bankruptcy Court for the Southern District of New York to further extend the time within which (a) the Debtor has the exclusive right to file a plan of reorganization for 90 days through and including May 21, 2018 and (b) the deadline upon which the Debtor must file its plan and disclosure statement (if any) for 90 days through and including May 21, 2018. Absent the requested extension, the Debtor's current exclusivity period us set to expire Feb. 19, 2018. This is the Debtor's fifth request for an extension of the Exclusivity Period. The Debtor submits that the requested extensions of the Exclusivity Period and Plan Filing Deadline should be granted so that it will have sufficient time to complete its negotiations with the City of New York and formulate and confirm a plan. Since the Debtor's previous motion to extend the Exclusivity Period, the Debtor is still waiting for the District Court to approve a settlement resolving the prepetition class action lawsuit against the Debtor and other defendants based on wage claims from certain prepetition claims. While the Court approved the settlement, the District Court initially denied approval of the settlement, because of certain issues with respect to the releases for the named plaintiffs. Counsel to the Defendants, of which the Debtor is one, moved for reconsideration and that motion was denied without to the parties rights to submit a revised settlement. Ultimately, the settlement was revised to remove the offending general release provision and has been resubmitted for approval. Prior to the Debtor's filing, the Debtor had a settlement agreement in place with the City of New York to pay certain prepetition taxes on an installment basis. However, since the Debtor's filing, the City of New York filed a proof of claim in an amount more than three times what was due under the settlement agreement. The Debtor continues to engage the City of New York in discussions to resolve this outstanding prepetition tax liability, a determination of which affects the Debtor’s liabilities by approximately $500,000. As such, the Debtor anticipates that upon approval of the revised settlement in the class action litigation in the District Court as well as a resolution of the Debtor's outstanding tax liability with the City of New York, the Debtor will then be able to determine an appropriate exit strategy. The Debtor believes that the requested extensions will promote the orderly reorganization of the Debtor without the need to devote unnecessary time, money and energy to defending against or responding to a competing plan or filing a plan before it is ready. About Dave 60 NYC Dave 60 NYC Inc. operates a holding company, which holds a non-managing 59.05% interest in an entity which operates a restaurant in Manhattan, Philippe by Philippe Chow. Dave 60 NYC Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-12146) on July 27, 2016. Judge Michael E. Wiles presides over the case. The Debtor has employed Robinson Brog Leinwand Greene Genovese & Gluck P.C. as its counsel, and Kenny Nachwalter, P.A. as its Florida special litigation counsel. No trustee, examiner or committee has been appointed in Debtor's Chapter 11 case. DEX SERVICES: Court Signed Fourth Agreed Cash Collateral Order -------------------------------------------------------------- Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas has entered a Fourth Agreed Order authorizing DEX Services, LLC, to use the cash collateral realized from the collection of accounts receivable on an interim basis and in accordance with and to pay the expenses set forth in the Budget. The approved Budget provides total monthly expenses of approximately $54,072 for the month of January 2018, and $52,447 for the month of February 2018. InterBank of Canadian, Texas asserts a security interest in various assets of the Debtor, including the Debtor's prepetition accounts receivable. The Internal Revenue Service has also filed federal tax liens against the Debtor and by virtue of those tax liens asserts a lien against the Debtor's assets, including the Debtor's prepetition accounts receivable. In order to allow InterBank and the IRS to properly monitor the Debtor's use of cash collateral, the Debtor agrees to provide counsel for InterBank and the IRS: (1) copies of the monthly operating reports; (2) copies of monthly bank statements; and (3) copies of any and all monthly invoices. The Debtor is required to deposit all collections from its prepetition accounts receivable into the Debtor-in-Possession Account upon opening said DIP Account at a financial institution authorized by the U.S. Trustee. The Debtor will pay out of the DIP Account only the expenses referred to in the Order. Until such time as the DIP Account is opened, the Debtor is authorized to use its current checking account at InterBank to deposit all collections and to pay its expenses by check. InterBank and the IRS are each granted a replacement lien and security interest in the Debtor's postpetition accounts receivable generated by the Debtor's oilfield services operations in an amount equal to the amount of cash collateral used in the same priority and in the same nature, extent and validity as such liens, if any, existed prepetition. The Debtor will be entitled to utilize the asserted cash collateral of the IRS and to utilize the property in which the IRS has asserted a secured interest, subject to these terms and conditions: (1) The Debtor will file all past due tax returns, if any, within 60 days if the entry of the Order and will file such return with Mikeal Smith, Bankruptcy Specialist, IRS, Insolvency Group II , Stop: MC5026DAL, 1100 Commerce St., Dallas Texas 75242. (2) The Debtor will file all postpetition federal tax returns on or before the due date and will pay any balance due upon filing of the return. Copies of these returns must be sent to: IRS, Insolvency Group II, Stop: MC5026DAL, 1100 Commerce St., Dallas Texas 75242, Telephone: (214) 413-5204, Facsimile (888) 851-1227. (3) The Debtor will, during the pendency of its bankruptcy case, provide proof of deposit of all federal trust fund taxes, sent to: IRS, Insolvency Group II, Stop: MC5026DAL, 1100 Commerce St., Dallas Texas 75242, Telephone: (214) 413-5204, Facsimile (888) 851-1227. (4) The Debtor will permit the Debtor to inspect, review, and copy any financial records of the Debtor at the IRS' expense. A hearing on the Debtor's request for continued use of cash collateral is specially set on February 21, 2018 at 1:30 p.m. The Debtor's authority to use cash collateral will terminate automatically on Jan. 31, 2018 unless the Debtor files a motion to sell assets pursuant to 11 U.S.C. 363 (such assets being described at the hearing on January 4, 2018) on or before that date. In addition, the Debtor's authority to use cash collateral will terminate automatically on April 1, 2018 unless the Debtor has conducted an auction authorized by the Sale Motion on or before that date. A full-text copy of the Fourth Agreed Order is available at: http://bankrupt.com/misc/txnb17-50242-48.pdf About DEX Services DEX Services, LLC, is a privately-held company in Canadian, Texas, operating under the "Other Professional, Scientific, and Technical Services" industry. Its principal business address is 10955 Exhibition Lane Road, Canadian, Texas, 79014, Hempill County. DEX Services filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-50242) on Sept. 30, 2017. In the petition signed by managing member James Poindexter, the Debtor estimated assets and liabilities between $1 million and $10 million. The case is assigned to Judge Robert L. Jones. The Debtor is represented by Brad W. Odell, Esq., at Mullin Hoard & Brown, L.L.P. DIFFUSION PHARMACEUTICALS: Ally Bridge Has 3.7% Stake as of Jan. 22 ------------------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, Ally Bridge Group Capital Partners II, L.P. reported that as of Jan. 22, 2018, it beneficially owns 1,860,055 shares of common stock, par value $0.001 per share, of Diffusion Pharmaceuticals Inc., constituting 3.68 percent of the shares outstanding. ABG II-USL1 Limited also beneficially owns 1,853,956 common shares and ABG II-SO Limited beneficially owns 6,099 common shares. A full-text copy of the regulatory filing is available for free at https://is.gd/FqQmii About Diffusion Pharmaceuticals Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc. -- http://www.diffusionpharma.com/-- is a clinical-stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments including radiation therapy and chemotherapy. Diffusion is developing its lead product candidate, trans sodium crocetinate, for use in the many cancers where tumor hypoxia (oxygen deprivation) is known to diminish the effectiveness of SOC treatments. TSC targets the cancer's hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more vulnerable to the therapeutic effects of SOC treatments without the apparent occurrence of any serious side effects. Diffusion reported a net loss of $18.03 million for the year ended Dec. 31, 2016, compared to a net loss of $6.71 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $28.32 million in total assets, $21.97 million in total liabilities and $6.35 million in total stockholders' equity. KPMG LLP, in McLean, Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, has limited resources available to fund current research and development activities, and will require substantial additional financing to continue to fund its research and development activities. These conditions raise substantial doubt about its ability to continue as a going concern. DREAM MOUNTAIN: Trustee Hires Amore Law as Counsel -------------------------------------------------- Aaron C. Amore, the Ch. 11 Trustee of Dream Mountain Ranch, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Amore Law, PLLC, as counsel to the Trustee. The Trustee requires Amore Law to: a. represent the Trustee in preparing pleadings and attend hearings, if any; b. file suit to collect amounts owed to the Debtor; c. seek Bankruptcy Court approval to liquidate assets of the Debtor; and d. provide any and all legal services on other matters which may arise in connection with the administration of the bankruptcy case. Amore Law will be paid at these hourly rates: Attorneys $350 Paralegals $100 Amore Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Aaron C. Amore, partner of Amore Law, PLLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Amore Law can be reached at: Aaron C. Amore, Esq. AMORE LAW, PLLC 206 West Liberty Street Charles Town, WV 25414 Tel: (304) 885-4117 About Dream Mountain Ranch Dream Mountain Ranch, LLC is a privately-held company that owns a deer and elk hunting game area in North Central West Virginia. It offers 15 hunting stands and still hunts scattered across a 1,000-plus acres property. It offers lodge featuring four bedrooms, three baths, a full-sized kitchen, wrap around porch, and a hot tub. The area also features several activities guest can enjoy including the Ohiopyle State Park, Falling Water, Blackwater Falls, and Coopers Rock. Dream Mountain Ranch sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. W.Va. Case No. 17-01051) on Oct. 27, 2017. In the petition signed by managing member Dietrich Steve Fansler, the Debtor disclosed $5.02 million in assets and $2.53 million in liabilities. Judge Patrick M. Flatley presides over the case. The Debtor hired Gianola, Barnum, Bechtel & Jecklin, L.C. as its legal counsel; Dietrich Fansler as its managing agent; and Tetrick & Bartlett, PLLC as its accountant. On Jan. 18, 2018, Aaron C. Amore was appointed as the Chapter 11 Trustee of Dream Mountain Ranch. The Trustee retained his own firm, Amore Law, PLLC, as counsel. EAGAN AVENATTI: JFL Settlement Delays Filing of Chapter 11 Plan --------------------------------------------------------------- Eagan Avenatti LLP asks the U.S. Bankruptcy Court for the Central District of California to extend: (a) the exclusive period to file a plan through and including April 30, 2018, and (b) the exclusive period to solicit acceptances of such plan through and including June 30, 2018. A hearing will be held on Feb. 28, 2018, at 10:00 a.m. to consider the Debtor's Amended Motion for an Order Extending Time Periods During Which Debtor Has Exclusive Right to File a Plan and Solicit Acceptances. On Jan. 30, 2018, the Debtor asked the Court's approval of a settlement with Jason Frank Law, PLC ("JFL") and the implementation of the payment terms of a stipulation with the United States of America on behalf of the Internal Revenue Service. The Settlement Case Dismissal Motion also implements payment terms that the Debtor expects will be agreed to by the Committee on behalf of its constituency by the date of the hearing on the Settlement and Case Dismissal Motion. It also requests dismissal of this case, as required by the JFL Settlement and United States Payment Stipulation. As such, the Debtor believes that extension of its exclusivity periods is in the best interests of its estate and creditors. The Debtor contends that if the Debtor's Settlement and Case Dismissal Motion were granted, the case would be dismissed, and the requested extension of its exclusivity periods would then be moot. However, if the Settlement and Case Dismissal Motion were denied, the Debtor would work with its constituencies toward confirmation of a chapter 11 plan of reorganization that could be supported by the Committee, the IRS and the JFL Parties. About Eagan Avenatti Headquartered in Newport Beach, California, Eagan Avenatti LLP provides legal services specializing in commercial, civil law and business litigation cases. Eagan Avenatti filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-11878) on May 10, 2017. The Hon. Catherine E. Bauer presided over the case. The Debtor tapped Baker & Hostetler LLP and Pachulski Stang Ziehl & Jones, LLP, as counsel. An involuntary case under Chapter 11 was previously filed against Eagan Avenatti on March 1, 2017 (Bankr. M.D. Fla. Case 17-01329). That case was transferred to the Santa Ana Division and reassigned to Bankruptcy Judge Catherine E. Bauer under Case No. 17-11878. The Office of the U.S. Trustee on June 16, 2017, appointed three creditors to serve on an official committee of unsecured creditors in the Chapter 11 case. The Committee retained Dinsmore & Shohl LLP, as counsel. ECOARK HOLDINGS: Strategic Planning Has 9% Stake as of Dec. 31 -------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Strategic Planning Group, Inc. reported that as of Dec. 31, 2017, it beneficially owns 4,166,128 common shares of Ecoark Holdings, Inc., constituting 9 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at https://is.gd/KYolaD About Ecoark Holdings Rogers, Arkansas-based Ecoark Holdings, Inc. -- http://www.ecoarkusa.com/-- is an innovative and growth-oriented company founded in 2007 that develops and deploys intelligent technologies and products in order to meet the demand for sustainable, integrated solutions to contemporary business needs. Ecoark Holdings is a holding company that supports the businesses of its subsidiaries in providing technological solutions for customers to achieve ecological conservation through improvements in efficiency or reduction of waste. Ecoark Holdings is the parent company of Ecoark, Inc. and Magnolia Solar Inc. KBL, 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 substantial losses and needs to obtain additional financing to continue the development of their products. The lack of profitable operations raises substantial doubt about the Company's ability to continue as a going concern. Ecoark reported a net loss of $25.23 million in 2016 and a net loss of $10.47 million in 2015. As of Sept. 30, 2017, Ecoark Holdings had $17.43 million in total assets, $3.40 million in total liabilities and $14.02 million in total stockholders' equity. EDWARD W PAGANO: Hires Gleichenhaus Marchese & Weishaar as Counsel ------------------------------------------------------------------ Edward W. Pagano, Jr. Concord Trail, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of New York to employ Gleichenhaus, Marchese & Weishaar, PC as its general counsel. Services to be rendered by GMW are: (a) give Debtor legal advice with respect to its powers and duties as Debtor-in Possession in the continued operation of its business and in the management of its property; (b) take necessary action to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances of liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor in which property Debtor has substantial equity; (d) represent your Applicant as Debtor-in-Possession in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare on behalf of your Applicant, as Debtor-in-Possession, necessary petitions, answers, orders, reports, and other legal papers; (f) perform all other legal services for the Debtor as Debtor-in-Possession, or to employ attorneys for such services. Michael A. Weishaar, Esq. attests that GMW has no connection with the Debtor, creditors, any other party in interest, their respective attorneys and accountants, the United States trustee, or any person employed in the office of the United States trustee and are disinterested persons, within the meaning of the Bankruptcy Code Section 101(14). The counsel can be reached through: Michael A. Weishaar, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, PC 930 Convention Tower 43 Court Street Buffalo, NY 14202 Tel: (716) 845-6446 Fax : 716-845-6475 Email: RBG_GMF@hotmail.com About Edward W. Pagano, Jr. Concord Trail, LLC Based in Dunkirk, New York, Edward W. Pagano, Jr. Concord Trail, LLC is a limited liability company and its principal assets are located in Pomfret, New York. The Debtor's primary activity is the business of owning and operating commercial real property and activities incidental thereto. The Debtor filed a Chapter 11 petition (Bankr. W.D. N.Y. Case No. 17-12645) on December 14, 2017, listing $500,001 to $1 million in both assets and liabilities. The Debtor is represented by Michael A. Weishaar, Esq. at Gleichenhaus, Marchese & Weishaar, PC as general counsel. EM LODGINGS: Court Lifts Stay for NCB to Foreclose Property ----------------------------------------------------------- Judge Thomas L. Perkins of the U.S. Bankruptcy Court for the Central District of Illinois granted National Cooperative Bank's motion for relief from the automatic stay in the chapter 11 case of EM Lodgings, LLC. The Debtor owns a hotel located in East Peoria, Illinois, operating as a Fairfield Inn, a Marriott brand in the limited service category. The Debtor filed a Chapter 11 petition on Feb. 6, 2017, and has continued to operate the hotel as a debtor in possession since that time. The largest creditor is National Cooperative Bank which holds a first mortgage on the hotel real estate as well as a blanket security interest covering most of the personal property, including rents. Seven months into the case, on Sept. 11, 2017, with the Debtor not having filed a plan of reorganization, NCB moved for relief from the automatic stay under section 362(d)(2), alleging that the Debtor does not have equity in the hotel property and that the property is not necessary to an effective reorganization. NCB had previously filed Claim 12-1 asserting a petition date loan balance of $7,259,253.67, which sum includes a prepayment premium of $70,828.67. In the proof of claim, NCB valued its collateral at $5,100,000. On Dec. 21, 2017, NCB filed an amended proof of claim, Claim 12-2, asserting a total balance due as of Dec. 20, 2017, of $7,898,155.21. The amended claim increased the stated value of NCB’s collateral to $5,700,000. In response to the motion, the Debtor takes the position that the hotel property is worth more than the balance due NCB. Whether the Debtor has equity in the hotel property was the primary focus of the evidence presented at trial. The Debtor concedes that it has no intention of filing a plan of reorganization. Instead, the Debtor is hoping to refinance or sell the property for an amount sufficient to pay off NCB in full, but it has not filed a plan of liquidation or moved to sell or refinance the property. In chapter 11 cases, where stay relief to permit foreclosure is at issue, debtors often express a desire to control the sale of the property with a reasonable belief that a higher price could be obtained through normal commercial marketing efforts rather than through foreclosure. A lack of equity in the property in question is not necessarily fatal so long as the secured creditor is adequately protected and the debtor is making demonstrable and timely progress toward a successful liquidation. However, relief from the stay is warranted where the debtor fails to present evidence of such progress. There is little evidence in the record to demonstrate that the Debtor is making demonstrable progress in selling or refinancing the hotel property. A liquidating plan has not been filed or even suggested. Neither has a section 363 sale motion been filed. The Debtor still owes a large (almost $200,000) arrearage to Marriott and no apparent progress has been made to pay that down. The Debtor is now moving forward to complete the property improvement plan, but that can hardly be characterized as substantial progress toward a sale. Based on the record before the Court, the Debtor has failed to carry its burden to prove that an effective reorganization (including liquidation) is in prospect. Thus, NCB is entitled to relief from the automatic stay under section 362(d)(2). A full-text copy of Judge Perkins Opinion dated Jan. 25, 2017 is available at: http://bankrupt.com/misc/ilcb17-80150-190.pdf About EM Lodgings L.L.C. EM Lodgings L.L.C. dba Fairfield Inn & Suites East Peoria filed a Chapter 11 petition (Bankr. C.D. Ill., Case No. 17-80150), on Feb. 6, 2017. The Petition was signed by Gary E. Matthews, manager. The case is assigned to Judge Thomas L. Perkins. The Debtor is represented by Sumner Bourne, Esq., at Rafool, Bourne & Shelby, P.C. At the time of filing, the Debtor had both assets and liabilities estimated at $1 million to $10 million each. The Office of the U.S. Trustee on March 7 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of EM Lodgings, LLC. EM LODGINGS: Hires Rotherham & Company as Accountant ---------------------------------------------------- EM Lodgings, LLC, seeks authority from the U.S. Bankruptcy Court for the Central District of Illinois to employ Rotherham & Company P.C., as accountant to the Debtor. EM Lodgings requires Rotherham & Company to: -- assist the Debtor in filing the State and Federal tax filings; -- assist the Debtor in preparing financial and related reports. Rotherham & Company will be paid at these hourly rates: Senior Accountants $125 Junior Accountans $80 Rotherham & Company will also be reimbursed for reasonable out-of-pocket expenses incurred. Kent A. Rotherham, a partner at Rotherham & Company, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Rotherham & Company can be reached at: Kent A. Rotherham ROTHERHAM & COMPANY, P.C. 2308 W. Altorfer Drive Peoria, IL 61615 Tel: (309) 692-3190 About EM Lodgings EM Lodgings L.L.C., doing business as Fairfield Inn & Suites East Peoria, filed a Chapter 11 petition (Bankr. C.D. Ill. Case No. 17-80150) on Feb. 6, 2017. In the petition signed by Gary E. Matthews, manager, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge Thomas L. Perkins. The Debtor is represented by Sumner Bourne, Esq., at Rafool, Bourne & Shelby, P.C. No official committee of unsecured creditors has been appointed in the Chapter 11 case. ENCORE PROPERTY: Hires David S. Stern as Counsel ------------------------------------------------ Encore Property Management of Western New York, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of New York to employ David S. Stern, Esq., as counsel. Services to be rendered by Mr. Stern are: a. provide counselling on filing the Chapter 11, preparing Bankruptcy schedules and financial statements, and negotiating with creditors to go forward with the reorganization; b. appear at Sec. 341 hearings and necessary Court appearances; c. prepare and file a Plan of Arrangement and Reorganization; and d. represent the Debtor with respect all matters concerning Chapter 11 matter. Mr. Stern charges $275 per hour for his services. David Stern attests that neither he nor any person employed by him has any adverse connection with the Debtor. creditors or any other party in interest, or their respective attorneys or accountants or the United States Trustee's Office. The counsel can be reached through: David S. Stern, Esq. ELLIOTT STERN CALABRESE One East Main Street, 10th Floor Rochester, NY 14614 Tel: (585) 232-4724 E-mail: dstern@elliottstern.com About Encore Property Management Encore Property Management of Western New York, LLC, is a privately owned company that leases real estate. Encore Property has 10 commercial and apartment buildings and three parking lots in Rochester and Greece, New York with an aggregate value of $55.74 million. The Company previously sought bankruptcy protection (Bankr. W.D.N.Y. Case No. 17-21325) on Dec. 15, 2017. Encore Property Management again filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 18-20014) on Jan. 8, 2018. At the time of filing, the Debtor estimated $50 million to $100 million in total assets and $100 million to $500 million in total liabilities. The Hon. Warren, U.S.B.J., presides over the case. David S. Stern, Esq., is the Debtor's counsel. ENDO SURGICAL CENTER: Court Prohibits Cash Collateral Use --------------------------------------------------------- The Hon. Vincent F. Papalia of the U.S. Bankruptcy Court for the District of New Jersey has entered an Order prohibiting Endo Surgical Center of North Jersey, P.C. from using any cash collateral of First Commerce Bank ("FCB") unless and until an Order is entered by the Court allowing such use. FCB claims a perfected security interest in property of the Debtor, including but not limited to prepetition accounts receivable of the Debtor and insurance payments/reimbursements due to the Debtor. FCB opposed the application of William J. Focazio, M.D., P.A., (Debtor's affiliate) seeking authorization for the use of cash collateral. The Debtor and FCB have reached agreement that the Debtor will not use FCB Cash Collateral unless and until an Order is entered allowing such use. William J. Focazio, individually, has represented to the Court and to FCB and the Office of the U.S. Trustee that he has made a prepetition capital contribution to the Debtor in the amount of $25,000 to fund the Debtor's initial operations post-petition. The bank account maintained by the Debtor at Clifton Savings Bank, account number ****0373 will be used by the Debtor solely for the deposit of FCB Cash Collateral in accordance with the terms of the Order, and will not at any time, after the first deposit of any FCB Cash Collateral, contain any funds which are not FCB Cash Collateral, except the Focazio contribution to the extent that it has not been moved out of the Segregated Account. The Focazio contribution, to the extent contained in the Segregated Account, will be immediately moved by the Debtor to another account or accounts of Debtor in its entirety. The Debtor is required to provide to counsel for FCB a daily report, which may be by email, of the receipt, amount and source of all FCB Cash Collateral received by Debtor or its agents postpetition, and the dates and amounts of all deposits of FCB Cash Collateral into the Segregated Account. To the extent that the amounts contained in bank accounts of the Debtor existing on the petition date are traceable to FCB Cash Collateral, and to the extent such funds are used by the Debtor in its operations post-petition, FCB is granted a replacement perfected lien on post-petition accounts receivable of the Debtor, to the same extent and priority as FCB's prepetition liens on Debtor's accounts receivable. A full-text copy of the Order is available at: http://bankrupt.com/misc/njb18-10752-34.pdf About Endo Surgical Center of North Jersey, P.C. Headquartered in Clifton, New Jersey, William Focazio, MD, PA, Endo Surgical Center of North Jersey, and Fenner Ave., LLC, are privately held companies that operate in the health care industry specializing in internal medicine and gastroenterology. William Focazio, MD, PA and its affiliates Endo Surgical Center of North Jersey and Fenner Ave., LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 18-10752, 18-10753 and 18-10755, respectively) on Jan. 13, 2018. William Focazio, M.D., principal, signed the petitions. At the time of filing, William Focazio, MD, PA has $1,130,000 in total assets and $12,830,000 in total liabilities; and Endo Surgical Center has $1,170,000 in total assets and $16,490,000 in total liabilities. Judge Vincent F. Papalia presides over the case. Trenk DiPasquale Della Fera & Sodono, P.C., is the Debtor's counsel. EXCELETECH COATING: Amended Cash Collateral Motion Filed -------------------------------------------------------- Exceletech Coating & Applications, LLC, filed an amended motion, asking the U.S. Bankruptcy Court for the Middle District of Florida for authority to use cash collateral, and to add Direct Capital, a Division of CIT Bank, N.A. as a secured creditor who may have an interest in its cash collateral. The cash collateral which Exceletech seeks to use is comprised in whole or in part of funds on hand and to be received from services rendered as well as all accounts, cash on hand, goods, contract rights, inventory, equipment, tax refunds, insurance proceeds, accounts receivable and general intangibles. Exceletech believes that these parties may have an interest in the cash collateral: Direct Capital, and Acentium Capital. Both Direct Capital and Acentium Capital were paid current prior to the filing of the case. Exceletech has no funds other than cash collateral and no other means to obtain operating funds. As such, if Exceletech is not permitted to use cash collateral it will be forced to halt operations which will adversely affect the operations of its business, which will result in a loss of the going concern value of the business, reduction of the value of the estates assets, reduce the possibility of an effective organization in this case. As adequate protection for the use of cash collateral, Exceletech proposes to give replacement liens on the property to the same extent and with the same priority as the respective prepetition liens, as well as, an adequate protection payment. A full-text copy of the Motion is available at: http://bankrupt.com/misc/flmb18-00263-20.pdf About Exceletech Coating Based in Clermont, FL, Exceletech Coating & Applications, LLC, is a limited liability company and contractor specializing in the application of coatings and linings to protect structures from attack from chemicals and environmental factors causing corrosion and/or deterioration of substrate. Exceletech Coating & Applications filed for Chapter 11 protection (Bankr. M.D. Fla. Case No. 18-00263) on Jan. 17, 2018, with Cynthia E Lewis, Esq., and James H Monroe, Esq., at James H Monroe PA, serving as legal counsel. The Hon. Karen S. Jennemann is the case judge. FC GLOBAL: Gets $2.2M Second Funding from Opportunity Fund ---------------------------------------------------------- As previously reported on Dec. 29, 2017, FC Global Realty Incorporated, entered into a securities purchase agreement with Opportunity Fund I-SS, LLC, a Delaware limited liability company, on Dec. 22, 2017, pursuant to which the Investor may invest up to $15,000,000 in the Company in a series of closings, in exchange for which the Investor will receive shares of the Company's newly designated Series B Preferred Stock at a purchase price of $1.00 per share. As previously reported, the Company and the Investor completed the first closing under the Purchase Agreement on Dec. 22, 2017, pursuant to which the Investor provided $1,500,000 to the Company in exchange for 1,500,000 shares of the Company's Series B Preferred Stock. The proceeds from the first closing will be used for working capital and general corporate purposes. On Jan. 24, 2018, the Company and the Investor completed a second closing under the Purchase Agreement, pursuant to which the Investor provided $2,225,000 to the Company in exchange for 2,225,000 shares of the Company's Series B Preferred Stock. The issuance of these securities was made in reliance upon an exemption from the registration requirements of Section 5 of the Securities Act of 1933, as amended. The proceeds from this closing shall be used to perform due diligence and invest in Income Generating Properties (as defined in the Purchase Agreement) that have been approved by the Company's Board of Directors. About FC Global Realty Formerly known as PhotoMedex, Inc., FC Global Realty Incorporated (and its subsidiaries) re-incorporated in Nevada on Dec. 30, 2010, originally formed in Delaware in 1980, is a real estate investment company holding or in the process of acquiring investments in a variety of current and future real estate projects, including residential developments, hotels and resort communities and commercial properties including gas station sites. The company is headquartered in New York, NY. PhotoMedex reported a loss of $13.26 million in 2016 following a loss of $34.55 million in 2015. As of Sept. 30, 2017, FC Global had $14.06 million in total assets, $9.03 million in total liabilities and $5.03 million in total stockholders' equity. Fahn Kanne & Co. Grant Thornton Israel, in Tel-Aviv, Israel, issued a "going concern" opinion on the consolidated financial statements for the year ended Dec. 31, 2016, citing that as of Dec. 31, 2016, the Company had an accumulated deficit of $115.6 million and shareholders' deficit of $1.408 million. Also, during the most recent periods the Company has incurred losses and negative cash flows from continuing operations and was forced to sell certain assets and business units to obtain additional liquidity resources to support its operations. In addition, on Jan. 23, 2017, the Company completed the sale of its consumer products division which represented the sale of substantially all of the remaining operations and assets of the Company. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. FILIPINO COMMUNITY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: The Filipino Community Center, Inc. fdba Filipino Community Center, Inc. dba FILCOM 94-428 Mokuola Street, Suite 302 Waipahu, HI 96797 Business Description: The Filipino Community Center, Inc. -- http://filcom.org-- is a tax-exempt, non- profit organization as defined under section 501(c) 3 of the U.S. Internal Revenue Service, whose mission is to develop, own and operate a community center that provides social, economic and education services and to promote and perpetuate Filipino culture and customs in the State of Hawaii. Chapter 11 Petition Date: February 2, 2018 Case No.: 18-00109 Court: United States Bankruptcy Court District of Hawaii (Honolulu) Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808.533.1877 Fax: 808.566.6900 Email: cchoi@hibklaw.com - and - Allison A. Ito, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808 533-1877 Fax: 808 566-6900 Email: aito@hibklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Franz D. Juan, executive director. A full-text copy of the petition, along with a list of 20 largest unsecured creditors, is available for free at http://bankrupt.com/misc/hib18-00109.pdf FTTE LLC: Case Summary & 17 Largest Unsecured Creditors ------------------------------------------------------- Debtor: FTTE, LLC 39450 Bermont Road Punta Gorda, FL 33982 About the Debtor: FTTE, LLC is a limited liability company based in Punta Gorda, Florida. Case No.: 18-00841 Chapter 11 Petition Date: February 2, 2018 Court: United States Bankruptcy Court Middle District of Florida (Ft. Myers) Debtor's Counsel: Richard A Johnston, Jr., Esq. JOHNSTON LAW, PLLC 7370 College Parkway, Suite 207 Fort Myers, FL 33907 Tel: 239-600-6200 Fax: 877-727-4513 E-mail: richard@richardjohnstonlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Terry J. Cooke, manager of Taurus Adventure Mgt LLC, as manager of the Debtor. A full-text copy of the petition, along with a list of 17 unsecured creditors, is available for free at: http://bankrupt.com/misc/flmb18-00841.pdf FUNCTION(X) INC: In Talks to Restructure Debt Obligations --------------------------------------------------------- As reported on its Current Report on Form 8-K filed on Nov. 13, 2017, on Oct. 24, 2017 Function(X) Inc. entered into (i) a settlement and mutual release agreement with the holders of the Company's Series G Preferred Stock, and (ii) a confession of judgment. The G Series Settlement Agreement provides that if an aggregate amount equal to the sum of four monthly installment payments due to the G Series Holders is not received by the escrow agent on or before Jan. 24, 2018, the escrow agent will immediately release the G Series Confessions of Judgment to the G Series Holders. The Company was unable to make three out of the four monthly installment payments. As a result of the G Series Payment Default, the G Series Holders may file the G Series Confession of Judgment in a court of competent jurisdiction. The Company has not received any notice that such G Series Confession has been filed. As reported further on the Current Report on Form 8-K filed on Nov. 13, 2017, on Oct. 24, 2017 the Company also entered into (i) a settlement and mutual release agreement with the holder of the Rant Note, (ii) a confession of judgment. The Rant Settlement Agreement provides that if an aggregate amount equal to the sum of the initial four monthly installment payments is not been received by the escrow agent on or before Jan. 24, 2018, the escrow agent will immediately release the Rant Confession of Judgment to the Rant Noteholder. The Company was unable to make three of four monthly installment payments. As a result of the Rant Note Payment Default, the Rant Noteholder may file the Rant Note Confession of Judgment in a court of competent jurisdiction. The Company has not received any notice that such Rant Note Confession has been filed. Function(X) said it is in discussions with the G Series Holders and the Rant Noteholder to restructure its obligations under the G Series Settlement Agreement and the Rant Note Settlement Agreement, respectively, but no assurances can be made that the parties will come to an agreement. About Function(x) Based in New York, FunctionX Inc (NASDAQ:FNCX) -- http://www.functionxinc.com/-- is a diversified media and entertainment company. The Company conducts three lines of businesses, which are digital publishing through Wetpaint.com, Inc. (Wetpaint) and Rant, Inc. (Rant); fantasy sports gaming through DraftDay Gaming Group, Inc. (DDGG), and digital content distribution through Choose Digital, Inc. (Choose Digital). Wetpaint is a media channel reporting original news stories and publishing information content covering television shows, music, celebrities, entertainment news and fashion. Choose Digital is a business-to-business platform for delivering digital content. DDGG is a business-to-business operator of daily fantasy sports. The Company's digital publishing business also includes Rant, which is a digital publisher that publishes original content in over 13 verticals, such as in sports, entertainment, pets, cars and food. On Jan. 27, 2016, Function(x) Inc. changed its name from Viggle Inc. to DraftDay Fantasy Sports, Inc., and changed its ticker symbol from VGGL to DDAY. On June 10, 2016, the Company changed its name from DraftDay Fantasy Sports, Inc., to Function(x) Inc., and changed its ticker symbol from DDAY to FNCX. It now conducts business under the name Function(x) Inc. BDO USA, LLP, in New York, 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 and at June 30, 2016, has a deficiency in working capital that raise substantial doubt about its ability to continue as a going concern. Function(x) incurred a net loss of $63.68 million for the year ended June 30, 2016, compared to a net loss of $78.53 million in fiscal 2015. As of Dec. 31, 2016, Function(x) had $31.80 million in total assets, $27.94 million in total liabilities, and $3.85 million in total stockholders' equity. G-I HOLDINGS: Court Grants Ashland Bid for Permissive Abstention ---------------------------------------------------------------- Debtor G-I Holdings, Inc., filed a renewed motion to enforce the Plan injunction against Ashland, LLC, International Specialty Products, Inc., and ISP Environmental Services, Inc. by barring Ashland from seeking payment from the Debtor under a 1996 Indemnification Agreement which the Debtor assumed under the confirmed Plan. Ashland filed an objection and a separate cross-motion for permissive and mandatory abstention in favor of a state court action, which is a complaint for declaratory judgment and other relief filed by Ashland against the Debtor in Superior Court of New Jersey, Law Division, Morris County. The issue underlying the motion and cross-motion is whether confirmation of the Plan foreclosed the recovery which Ashland now seeks from the Debtor under the 1996 Agreement. After considering all arguments, Bankruptcy Judge Rosemary Gambardella granted Ashland's cross-motion for abstention. Bankruptcy courts have broad discretion to abstain from hearing state law claims under the permissive abstention doctrine, and such decision is committed to the sound judgment of the court. Under the "permissive abstention" doctrine, bankruptcy courts "have broad discretion to abstain from hearing state law claims whenever appropriate in the interest of justice, or in the interest of comity with State courts or respect for State law." The determination of whether to exercise discretionary abstention is fact driven, and the factors should be applied flexibly. The seven-part test includes the following factors: 1) the effect on the efficient administration of the bankruptcy estate; 2) the extent to which issues of state law predominate; 3) the difficulty or unsettled nature of the applicable state law; 4) comity; 5) the degree of relatedness or remoteness of the proceeding to the main bankruptcy case; 6) the existence of the right to a jury trial; and 7) prejudice to the involuntarily removed defendants. The twelve-part test includes: (1) the effect or lack thereof on the efficient administration of the estate if a court recommends abstention; (2) the extent to which state law issues predominate over bankruptcy issues; (3) the difficulty or unsettled nature of the applicable state law; (4) the presence of a related proceeding commenced in state court or other non-bankruptcy court; (5) the jurisdictional basis, if any, other than 28 U.S.C. § 1334; (6) the degree of relatedness or remoteness of the proceeding to the main bankruptcy case; (7) the substance rather than form of an asserted “core” proceeding; (8) the feasibility of severing state law claims from core bankruptcy matters to allow judgments to be entered in state court with enforcement left to the bankruptcy court; (9) the burden of the court's docket; (10) the likelihood that the commencement of the proceeding in a bankruptcy court involves forum shopping by one of the parties; (11) the existence of a right to a jury trial; and (12) the presence in the proceeding of non-debtor parties. Although not all the permissive abstention "factors necessarily need to be considered," the Court has considered each factor as applied to the facts of this case, the procedural history of this case, and the currently pending state court proceeding, and finds that permissive abstention is appropriate as to the injunction motion. Ashland's cross-motion for abstention is, thus, granted. The Court permissively abstains under 28 U.S.C. section 1334(c)( 1) from hearing the Debtor's injunction motion in favor of the related State Court proceedings in the remanded state court action. In so ruling, the Court finds that it is unnecessary to reach the law of the case doctrine or quasi-estoppel arguments. A full-text copy of the Court's Opinion dated Jan. 26, 2018 is available at: http://bankrupt.com/misc/njb01-30135-11117.pdf Co-Counsel for G-I Holdings, Inc.: Dennis J. O'Grady, Esq. Joseph L. Schwartz, Esq. Riker, Danzig, Scherer, Hyland & Perretti, LLP Headquarters Plaza One Speedwell Avenue Morristown, New Jersey 07962-1901 dogrady@riker.com jshcwartz@riker.com -and- Andrew J. Rossman, Esq. Sylvia E. Simson, Esq. Scott C. Shelley, Esq. Jonathan B. Oblak, Esq. Quinn Emanuel, Urquhart & Sullivan, L.P. 51 Madison Avenue New York, New York 10010 andrewrossman@quinnemanuel.com sylviasimson@quinnemanuel.com scottshelley@quinnemanuel.com jonathanoblak@quinnemanuel.com Attorneys for Ashland LLC (f/k/a Ashland. Inc.), International Specialty Products, Inc., and ISP Environmental Services, Inc.: Michael R. Griffinger, Esq. Brett S. Theisen, Esq. Natasha Songonuga, Esq. William S. Hatfield, Esq. Gibbons P.C. One Gateway Center Newark, New Jersey 07102 mgriffinger@gibbonslaw.com btheisen@gibbonslaw.com nsongonuga@gibbonslaw.com whatfield@gibbonslaw.com About G-I Holdings Based in Wayne, New Jersey, G-I Holdings, Inc., is a holding company that indirectly owns Building Materials Corporation of America, a manufacturer of premium residential and commercial roofing products. The Company filed for bankruptcy after already spending $1.5 billion paying asbestos claims from the 1967 acquisition of Ruberoid Co. G-I Holdings, Inc., fka GAF Corporation, filed a chapter 11 petition (Bankr. D.N.J. Case No. 01-30135) on Jan. 5, 2001, and continued to operate its business as a debtor-in-possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. ACI, Inc., a subsidiary of G-I Holdings, filed a voluntary chapter 11 petition (Bankr. D.N.J. Case No. 01-38790) on Aug. 3, 2001. On Oct. 10, 2001, the Bankruptcy Court entered an Order directing the joint administration of the G-I Holdings and ACI bankruptcy cases. Dennis J. O'Grady, Esq., and Mark E. Hall, Esq., at Riker, Danzig, Scherer, Hyland & Perretti, LLP, serve as co-counsel to the Reorganized Debtors. Andrew J. Rossman, Esq., and Jacob J. Waldman, Esq., at Quinn Emanuel, Urquhart & Sullivan, LLP, serve as special counsel to Reorganized Debtors. An Official Committee of Unsecured Creditors was appointed on Jan. 18, 2001, by the U.S. Trustee to represent those individuals who allegedly suffered injuries related to asbestos exposure from products manufactured by the predecessors of G-I Holdings. Lowenstein Sandler PC represents the Unsecured Creditors Committee. On Oct. 10, 2001, the Bankruptcy Court appointed C. Judson Hamlin as the Legal Representative, a fiduciary to represent the interests of persons who hold present and future asbestos-related claims against G-I. Keating, Muething & Klekamp, P.L.L., is the principal counsel to the Legal Representative of Present and Future Asbestos-Related Demands. G-I Holdings is the successor-in-interest to GAF Corporation, an entity named in approximately 500,000 asbestos-related lawsuits. The Committee submitted that, as successor-in-interest to GAF, G-I Holdings remained liable for roughly 150,000 asbestos-related lawsuits filed, but unresolved, as of the Petition Date and for unknown numbers of asbestos-related claims that would be filed in the future. In early 1994, GAF Building Materials Corporation, an indirect subsidiary of GAF, formed a new corporation as a wholly-owned subsidiary known as Building Materials Corporation of America. Pursuant to that transaction, BMCA received substantially all of the assets of GAF's roofing products business and expressly assumed $204 million of asbestos-related liability, with G-I indemnifying BMCA against any additional such liability. BMCA, also an indirect subsidiary of G-I Holdings, is the primary operating subsidiary and principal asset of G-I Holdings. In early 2007, the Debtors, the Committee and the Legal Representative commenced mediation under the auspices of former United States District Judge Nicholas H. Politan in an effort to resolve the asbestos-related lawsuits. Subsequently, the Parties outlined the principal terms of a global settlement and endeavored to complete a final global settlement with comprehensive documentation in the form of a proposed Chapter 11 plan and its ancillary documents. To preserve the status quo, the Parties mutually agreed to request a stay of all litigation which would be covered under the final global settlement from this Court and other courts of competent jurisdiction. Although lengthy and initially unsuccessful, the negotiations continued until the parties reached a settlement culminating in an agreement in early August 2008. On Aug. 21, 2008, the Parties filed the Joint Plan of Reorganization of G-I Holdings Inc. and ACI Inc. Pursuant to Chapter 11 of the Bankruptcy Code that implemented the Global Settlement of all asbestos-related lawsuits naming G-I Holdings and any other related entities as defendant(s). The Joint Plan of Reorganization provided for the creation of an asbestos trust pursuant to Section 524(g) of the Bankruptcy Code, to which all asbestos-related lawsuits against the Debtors now and in the future would be channeled. Pursuant to the Global Settlement, the Asbestos Trust would assume the Debtors' liability for asbestos-related lawsuits, in exchange for cash on the effective date of the Joint Plan of Reorganization in an amount not to exceed $215 million, and a note in the amount of $560 million issued by the reorganized Debtors and secured by a letter of credit. The Bankruptcy Court and Chief Judge Garrett Brown of the U.S. District Court for the District of New Jersey, by Order dated Nov. 12, 2009, jointly approved the Debtors' Eighth Amended Joint Plan of Reorganization. GASTAR EXPLORATION: Will Sell Non-Core Oklahoma Assets for $107.5M ------------------------------------------------------------------ Gastar Exploration Inc. has entered into a definitive purchase and sale agreement to divest its interest in the West Edmund Hunton Lime Unit for $107.5 million. The transaction, subject to customary closing conditions and adjustments, is expected to close on or before Feb. 28, 2018, with a property sale effective date of Oct. 1, 2017. Gastar received a deposit of 10% of the purchase price on Jan. 25, 2018. WEHLU is primarily located in Oklahoma and Logan counties, Oklahoma. During the third quarter of 2017, the Company's WEHLU assets' daily production net to the Company was approximately 2,836 barrels of oil equivalent comprised of 52% oil, 25% natural gas liquids and 23% natural gas, which constituted 46% of the Company's total equivalent production for such quarter. J. Russell Porter, Gastar's president and CEO, commented, "This divestiture of our WEHLU assets should provide Gastar with sufficient liquidity to fund our core STACK acreage development plan through 2018. Our one rig drilling program has been re-started and we expect to be able to drill and complete approximately 20 operated wells in 2018 to more fully delineate and develop the Meramec and Osage formations on our 65,200 net surface acres in our core STACK position. Due to our large, contiguous acreage position with as many as six potentially productive formations and multiple benches within certain prospective formations, we have a large inventory of undrilled horizontal locations to exploit to create value going forward." A full-text copy of the Sale Agreement is available at: https://is.gd/RzzOic Advisors Tudor, Pickering, Holt & Co. advised Gastar on the sale of its WEHLU assets. Vinson & Elkins L.L.P. served as legal counsel to Gastar for the transaction. About Gastar Exploration Based in Houston, Texas, Gastar Exploration Inc. -- http://www.gastar.com-- is a pure play Mid-Continent independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and natural gas liquids. Gastar's principal business activities include the identification, acquisition and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays. Gastar holds a concentrated acreage position in what is believed to be the core of the STACK Play, an area of central Oklahoma which is home to multiple oil and natural gas-rich reservoirs including the Meramec, Oswego, Osage, Woodford and Hunton formations. Gastar reported a net loss attributable to common stockholders of $103.5 million on $58.25 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $474.0 million on $107.3 million of total revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Gastar had $370.8 million in total assets, $391.6 million in total liabilities, and a total stockholders' deficit of $20.77 million. * * * In March 2017, S&P Global Ratings affirmed its 'CCC-' corporate credit rating, with a negative outlook, on Gastar Exploration. Subsequently, S&P withdrew all its ratings on Gastar at the issuer's request. In April 2017, Moody's Investors Service withdrew all assigned ratings for Gastar Exploration, including the 'Caa3' Corporate Family Rating, following the elimination of all of its rated debt. GIDEON SERVICES: Hires Manier & Herod as Counsel ------------------------------------------------ Gideon Services, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Manier & Herod, P.C., as counsel to the Debtor. Gideon Services requires Manier & Herod to: a. prepare and file appropriate pleadings, including without limitation, reports, applications, complaints, answers, motions, orders, plans, disclosure statements and other documents; b. represent the Debtor at hearings, proceedings, meetings and other appearances in court and before other tribunals and administrative agencies on behalf of the Debtor; c. negotiate with creditors and parties in interest; and d. provide such other services as are necessary or appropriate in representation of the Debtor as counsel. Manier & Herod will be paid at these hourly rates: Principals $350 to $450 Associates $250 to $290 Paralegals $80 to $130 Manier & Herod will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert W. Miller, a member of Manier & Herod, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Manier & Herod can be reached at: Robert W. Miller, Esq. MANIER & HEROD, P.C. 1201 Demonbreun St., Ste 900 Nashville, TN 37203 Tel: (615) 244-0030 Fax: (615) 242-4203 E-mail: rmiller@manierherod.com About Gideon Services Huntsville, Alabama-based Gideon Services, Inc. -- http://www.gideon-services.com/-- is an SBA 8(a) WOSB certified firm providing and delivering cost-effective solutions to companies nationwide and abroad for their logistical, training, technology and data security requirements. The company delivers added value with customized programs and solutions that streamline operations, improve efficiencies and responsiveness across an entire organization, utilize its organizations expertise in implementing Performance Based Logistics. Its services go beyond supply chain management, offering its customers technical data, support equipment, training and IT/computer resources. Gideon Services, Inc., based in Huntsville, AL, filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 18-80207) on Jan. 24, 2018. In the petition signed by CEO Anna Thornley, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Clifton R. Jessup Jr. presides over the case. Adrienne Blake Fazio, Esq., at Manier & Herod, P.C., serves as bankruptcy counsel to the Debtor. GIDEON SERVICES: Hires Ralph E. White, Jr. as Accountant -------------------------------------------------------- Gideon Services, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Ralph E. White, Jr., CPA, P.C., as accountant to the Debtor. Gideon Services requires Ralph E. White, Jr., to: a. prepare monthly operating reports; b. prepare and file all tax returns; and d. provide such other services as are necessary or appropriate as accountant to the Debtor. Ralph E. White, Jr., will be paid at the hourly rate of $85. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ralph E. White, Jr., owner of Ralph E. White, Jr., CPA, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Ralph E. White, Jr. can be reached at: Ralph E. White, Jr. RALPH E. WHITE, JR., CPA, P.C. Huntsville, AL 35804 Tel: (256) 767-3000 About Gideon Services Huntsville, Alabama-based Gideon Services, Inc. -- http://www.gideon-services.com/-- is an SBA 8(a) WOSB certified firm providing and delivering cost-effective solutions to companies nationwide and abroad for their logistical, training, technology and data security requirements. The company delivers added value with customized programs and solutions that streamline operations, improve efficiencies and responsiveness across an entire organization, utilize its organizations expertise in implementing Performance Based Logistics. Its services go beyond supply chain management, offering its customers technical data, support equipment, training and IT/computer resources. Gideon Services, Inc., based in Huntsville, AL, filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 18-80207) on Jan. 24, 2018. In the petition signed by CEO Anna Thornley, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Clifton R. Jessup Jr. presides over the case. Adrienne Blake Fazio, Esq., at Manier & Herod, P.C., serves as bankruptcy counsel to the Debtor. GILDED AGE: Wants Access to Cash for February Expenses ------------------------------------------------------ Gilded Age Properties LLC seeks authorization from the U.S. Bankruptcy Court for the District of Rhode Island to continue to use the cash collateral of Webster Bank, N.A., for 28 days from Feb. 1 through Feb. 28, 2018. There have been seven previous orders for use of cash collateral entered by the Court, but the latest one is due to expire on Jan. 31, 2018. The cash currently held and yet to be generated by the operation of the Debtor's business through the Rents is the sole source of the Debtor's funding for the continued operation of its business leading to its plan of reorganization. However, the cash-on-hand of the Debtor is subject to the claim of Webster Bank pursuant to the Loan Documents. The Debtor represents that it is indebted to Webster Bank pursuant to the following loan and security documents: (a) a $712,500 mortgage loan on the Bellevue Property; and (b) a $712,500 mortgage loan on the Freebody Property. Webster Bank appears to be the holder of a first-priority security interest in and lien upon substantially all of the Debtor's accounts, including but not limited to, the cash collateral arising from it. As of May 22, 2017, the balance due under the Loan Documents was $1,370,716. The Debtor is seeking the use of cash collateral conditioned upon the Debtor's continuing payment of, among other things, post-petition mortgage payments, real estate taxes and municipal charges for the Properties. The Debtor has prepared a Budget for February 2018 projecting total expenses of approximately $16,332. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/rib17-10738-144.pdf About Gilded Age Properties Gilded Age Properties, LLC, owns and operates two properties: a commercial rental property located at 117 Bellevue Avenue in Newport, Rhode Island and a residential apartment building located at 38-40 Freebody Street in Newport, Rhode Island. Gilded Age Properties filed a Chapter 11 petition (Bankr. D.R.I. Case No. 17-10738) on May 4, 2017. In the petition signed by member Peter M. Iascone, the Debtor estimated assets and liabilities between $1 million and $10 million. The case is assigned to Judge Diane Finkle. The Delaney Law Firm LLC is the Debtor's bankruptcy counsel. Kirby Commercial, LLC, is the Debtor's real estate agent. GLOBAL SOLUTIONS: Seeks April 30 Plan Filing Exclusivity Extension ------------------------------------------------------------------ Global Solutions & Logistics, LLC, asks the U.S. Bankruptcy Court for the Middle District of Alabama to extend the exclusive period for filing a Chapter 11 plan through April 30, 2018. The Court previously granted the Debtor an extension of its exclusive period for filing a plan through January 31, 2018. Prior to filing bankruptcy, the Debtor guaranteed L. David Alexander's purchase of Brenford Environmental Services, Inc. from Summit Company, L.P. Unfortunately, Brenford failed as a business venture and Summit obtained judgment against the Debtor in the amount of almost $3 million. Although Summit is an unsecured creditor as to the Debtor, it holds a security interest in substantially all Brenford's assets. The Debtor believes that liquidation or sale of Brenford's assets should significantly reduce the amount of Summit's claim against the Debtor. The Debtor is actively looking for a buyer for Brenford's assets. In addition, the Debtor mentions that its chief financial officer, who was the Debtor's primary person responsible for handling the bankruptcy, recently left the Debtor's employment to take a position at another company. Consequently, the Debtor has been forced to employ an accounting firm, Taylor CPA & Associates, CPA, which has needed time to get up to speed on the bankruptcy. The Debtor, with Taylor's help, is currently preparing long-term cash flow forecasts for an upcoming reorganization plan. Moreover, the Debtor contends that it is currently preparing objections to several claims, and looks forward to Favorable resolutions to these objections, which the Debtor believes will increase the overall distribution to creditors. The Debtor also anticipates filing actions to avoid and recover preferential payments and fraudulent conveyances, as well as possible breach of contract actions. Accordingly, given the claim these remaining issues that have yet to be resolved, especially Summit's third-party recourse and the claims objections, the Debtor asserts that it is currently premature for the Debtor to meaningfully prepare and propose a Chapter 11 plan accompanied by a disclosure statement that provides adequate information to creditors. Allowing creditors to propose plans would likewise not be in the best interests of the estate at this time, the Debtor adds. About Global Solutions Global Solutions & Logistics, LLC, doing business as Alexanders Industrial Services, in Phenix City, Alabama -- http://www.alexandersservices.com/-- is a veteran owned business that provides a full line of industrial services and cleaning, environmental services, and mechanical contracting to commercial clients, industrial facilities, and municipalities throughout the Southeast. Global Solutions & Logistics sought Chapter 11 protection (Bankr. M.D. Ala. Case No. 17-80775) on June 10, 2017. In the petition signed by CFO Keith Williams, the Debtor estimated less than $50,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Dwight H. Williams Jr. The Debtor is represented by William Wesley Causby, Esq., at Memory & Day. No trustee or examiner has been appointed to date in the case. GORDON ST. CONDOS: Hires Levene Neale as Bankruptcy Counsel ----------------------------------------------------------- Gordon St. Condos LLC seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Levene Neale Bender Yoo & Brill L.L.P., as general bankruptcy counsel to the Debtor. Gordon St. Condos requires Levene Neale to: a. advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the U.S. Trustee as they pertain to the Debtor; b. advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Levene Neale's expertise or which is beyond Levene Neale's staffing capabilities; e. prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. represent the Debtor with regard to obtaining use of debtor-in-possession financing and cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor-in-possession financing and/or cash collateral; g. assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and h. perform any other services which may be appropriate in Levene Neale's representation of the Debtor during its bankruptcy case. Levene Neale will be paid at these hourly rates: Attorneys $425 to $595 Paraprofessionals $250 The Debtor has agreed to pay to Levene Neale a total retainer of $51,800 in connection with its representation of the Debtor, inclusive of the $1,717 filing fee. Prior to the bankruptcy filing, the Debtor paid $26,800 of the retainer to Levene Neale with funds belonging to the Debtor. The remaining $25,000 of the retainer that is still owing will be paid to Levene Neale with funds not belonging to the Debtor (Napa will contribute), which will be disclosed through a filed notice upon receipt of funds. Levene Neale will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Golubchik, a partner at Levene Neale, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Levene Neale can be reached at: David B. Golubchik, Esq. LEVENE NEALE BENDER YOO & BRILL L.L.P. 10250 Constellation Blvd., Suite 1700 Los Angeles, CA 90067 Tel: (310) 229-1234 Fax: (310) 229-1244 E-mail: dbg@lnbyb.com About Gordon St. Condos Gordon St. Condos LLC, a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B)), is the fee simple owner of a four-unit real property located at 1200 Gordon Street Los Angeles, CA 90038 with a comparable sale value of $1.30 million. The company had gross rental revenue of $72,000 in 2017 and $72,000 in 2016. Gordon St Condos LLC, based in Agoura Hills, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-10096) on Jan. 11, 2018. In the petition signed by Paul Morady, manager of Napa Industries, LLC, manager of Debtor, the Debtor disclosed $1.58 million in assets and $1.14 million in liabilities. The Hon. Martin R. Barash presides over the case. David B Golubchik, Esq., at Levene Neale Bender Yoo & Brill L.L.P., serves as bankruptcy counsel. GORDON'S GLASS: Seeks Authorization to Use Cash Collateral ---------------------------------------------------------- Gordon's Glass, Ltd., seeks authorization from the United States Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The principal of the Debtor and his wife obtained a commercial business loan from Harleysville Savings Bank, which was guaranteed by the Debtor and secured by the Debtor's assets. As of the Petition Date, the Debtor remains current on its obligations to Harleysville and the Debtor believes that amount due and owing to Harleysville as of the Petition Date is $629,136. The Debtor needs immediate authority to use cash collateral to continue operations, to pay for goods and services, and to meet other ongoing obligations of the Debtor's business, including the Debtor's upcoming payroll of January 15, through Jan. 22, 2018 and its weekly payroll thereafter. The Debtor projects its interim cash collateral needs for the 19-day period commencing on Jan. 17, 2018 and continuing through and including Feb. 4, 2018 to be $75,119, which includes weekly payroll and related obligations, overhead expenses, administrative expenses, a pro-rata amount of the monthly secured loan payment to Harleysville and its purchasing requirements. The Debtor believes that the going concern value of its business exceeds its liquidation value. The Debtor also believes that the value of the cash collateral will not decrease during this proceeding, and that even if the going concern value of the Debtor decreases during this proceeding, it will still exceed the liquidation value. Moreover, Harleysville's interest in cash collateral will be protected as follows: (a) The Debtor will continue making the monthly secured loan payment to Harleysville in the amount of $3,349 on Note 1 and its monthly interest payments on the Line of Credit in the amount of $606. (b) To the extent that Harleysville has a valid, perfected and a non-avoidable lien in the cash collateral and the Debtor's use of the cash collateral diminishes such interest, the Debtor will grant Harleysville replacement liens on post-petition accounts and proceeds thereof to secure such diminution. Counsel for the Debtor has discussed this request for the use of cash collateral with counsel for Harleysville, and Harleysville has no objection to the Debtor's use of cash collateral. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/paeb18-10321-4.pdf About Gordon's Glass Gordon's Glass, Ltd. -- http://gordonsglassltd.com/-- specializes in the design, fabrication, and installation of frameless shower enclosures and custom mirrors. With its two locations, the company now services the entire Mid-Atlantic region. Gordon's Glass' forte is residential work (including the homes of celebrities such as Bill Cosby, Will Smith and David Morse) and commercial projects. The Company is headquartered in Warminster, Pennsylvania. Gordon's Glass filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 18-10321) on Jan. 18, 2018. In the petition signed by Mel Gordon, president, the Debtor estimated $100,000 to $500,000 in assets and 1 million to $10 million in liabilities. The case is assigned to Judge Magdeline D. Coleman. The Debtor is represented by Robert Mark Bovarnick, Esq. of Bovarnick & Associates, LLC. HARTFORD COURT: Lease with Catherine Courts Deemed Rejected ----------------------------------------------------------- Creditor Ghaleb Azroui, derivatively on behalf of Catherine Courts Condo Association, has moved to deem an unexpired lease between Catherine Courts and the Debtor, Hartford Court Development, Inc., rejected and to surrender the leased property to the lessor, Catherine Courts. Upon analysis of the case, Judge Jack B. Schmetterer of the U.S. Bankruptcy Court for the Northern District of Illinois grants Azroui's motion. The parties are in dispute over two issues: first, whether Azroui has standing to pursue his motion at all, derivatively, on behalf of Catherine Courts; second, the parties are in dispute as to whether the lease was automatically deemed rejected. Catherine Courts has not has not filed any response to the motion, and on Dec. 5, 2017, Counsel for Catherine Courts appeared before the Court and indicated that it had no interest to file a brief pertaining to the motion. Given that Catherine Courts has indicated that it has no interest or position with regards to the instant motion, it must be found that any demand by Azroui upon the board of directors of Catherine Courts would be unavailing. Pursuant to Illinois precedent, Azroui is excused from making a demand upon Catherine Courts’ board of directors and is deemed to have derivative standing on behalf of Catherine Courts to pursue the instant motion. In the instant case, the Debtor has neither filed a motion to assume the lease within the 120 day period, nor has it requested any extension of time to do so. Thus, the lease between Debtor and Catherine Courts is deemed to have been automatically rejected 120 days after the date of the order for relief, on May 17, 2017. The lease between Debtor and Catherine Courts is deemed to have been rejected on that date and Debtor will be ordered to return the leased property to Catherine Courts by separate order to be entered concurrently. A full-text copy of the Court's Memorandum Opinion dated Jan. 25, 2018 is available at: http://bankrupt.com/misc/ilnb17-01356-240.pdf About Hartford Court Development Hartford Court Development, Inc., is an Illinois corporation that owns and manages 14 residential condominiums and their related parking spaces, all located in the 5300 block of North Cumberland Avenue, Chicago, IL. Hartford Court Development filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-01356) on Jan. 17, 2017. Paula Walega, the company's president, signed the petition. The Debtor estimated assets and liabilities at $500,000 to $1 million. The case is assigned to Judge Jack B. Schmetterer. The Debtor is represented by David P. Lloyd, Esq. at David P. Lloyd, Ltd. HATTRICK PROPERTIES: Case Summary & 4 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Hattrick Properties, LLC 2516 Faulkner Drive Midland, TX 79705 Business Description: Midland, Texas-based Hattrick Properties, LLC listed itself as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Company owns in fee simple real property and improvements located at 3404 N. Midland Drive, Midland, Texas. The appraised value of the property is $3.97 million. Chapter 11 Petition Date: February 2, 2018 Case No.: 18-70011 Court: United States Bankruptcy Court Western District of Texas (Midland) Debtor's Counsel: Todd J. Johnston, Esq. MCWHORTER, COBB & JOHNSON, LLP P.O. Box 2547 Lubbock, TX 79408 Tel: 806-762-0214 Fax: 806-762-8014 Email: tjohnston@mcjllp.com Total Assets: $3.97 million Total Liabilities: $6.07 million The petition was signed by Kurt Wayne Griffin, manager. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at: http://bankrupt.com/misc/txwb18-70011.pdf HOOPER HOLMES: Holds Investor Meeting to Discuss Merger Results --------------------------------------------------------------- Hooper Holmes, Inc., delivered to the Securities and Exchange Commission a copy of a slide presentation which will be used at investor meetings beginning on Jan. 29, 2018. As disclosed in the Presentation, "The merger of Hooper Holmes and Provant resulted in the company becoming the largest publicly-traded pure-play, well-being provider in the industry. To reflect this new position in the marketplace, we assumed a refreshed brand entity. "Rebranding the company Provant Health speaks to our current comprehensive, life-changing services for employee well-being, and positions us to take advantage of the rapidly evolving changes taking place in the healthcare industry. "Moving forward, we are building on our combined strengths, to ensure that Provant Health is the distinctive well-being provider of choice." The Company also disclosed key accomplishments, including: * Synergy target exceeded thus positioning the company to leverage scale and combined operations in 2018 and beyond * Clients retained * New sales with annual contract value of $14.3mm booked * Team working well together integration completed * The combination resonates with shareholders but they are waiting for validation through execution A full-text copy of the SEC filing is available for free at: https://is.gd/yFS3JO About Hooper Holmes Founded in 1899, Hooper Holmes, Inc. -- http://www.hooperholmes.com/-- is a publicly-traded New York corporation that provides health risk assessment services. With the acquisition of Accountable Health Solutions, Inc. in 2015, the Company has expanded to also provide corporate wellness and health improvement services. This uniquely positions the Company to transform and capitalize on the large and growing health and wellness market as one of the only publicly-traded, end-to-end health and wellness companies. Mayer Hoffman McCann P.C., in Kansas City, Missouri, the Company's independent accounting firm, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and other related liquidity concerns, which raises substantial doubt about the Company's ability to continue as a going concern. Hooper Holmes reported a net loss of $10.32 million on $34.27 million of revenues for the year ended Dec. 31, 2016, compared to a net loss of $10.87 million on $32.11 million of revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Hooper Holmes had $37.20 million in total assets, $42.11 million in total liabilities and a total stockholders' deficit of $4.91 million. HOVNANIAN ENTERPRISES: Concludes Debt Exchange Transaction ---------------------------------------------------------- Hovnanian Enterprises, Inc., disclosed that in connection with the previously announced exchange offer by its wholly owned subsidiary, K. Hovnanian Enterprises, Inc., to exchange up to $185,000,000 aggregate principal amount of its outstanding 8.000% Senior Notes due 2019 for (1) cash, (2) its newly issued 13.5% Senior Notes due 2026 and (3) its newly issued 5.0% Senior Notes due 2040 on the terms and subject to the conditions set forth in a Confidential Offering Memorandum, dated Dec. 28, 2017, and in the related Letter of Transmittal: (1) the Exchange Offer expired at 11:59 p.m., New York City time, on Jan. 29, 2018; (2) as of the Expiration Time, K. Hovnanian had received tenders from the holders of $170,226,000, or 72.14%, of the total outstanding principal amount of the Existing Notes; and (3) all other conditions of the Exchange Offer have been satisfied or waived, as applicable, and K. Hovnanian intends to accept all of the Existing Notes validly tendered and not validly withdrawn in the Exchange Offer. Registered holders of the Existing Notes who validly tendered and did not validly withdraw their Existing Notes on or prior to the withdrawal deadline will receive on Feb. 1, 2018 the following per $1,000 principal amount of Existing Notes that are accepted for exchange: (1) an amount of cash (the "Cash Amount") equal to the product of (a) $1,000 multiplied by (b) the quotient of (i) $26,000,000 divided by (ii) the total principal amount of the Existing Notes validly tendered in connection with the Exchange Offer, (2) an additional amount in cash equal to the product of (a) the Cash Amount multiplied by (b) 0.02000, (3) the principal amount of New 2026 Notes equal to the product of (a) the sum of (i) $1,000 minus (ii) the Cash Amount multiplied by (b) 0.62827 and (4) the principal amount of New 2040 Notes equal to the product of (a) the sum of (i) $1,000 minus (ii) the Cash Amount multiplied by (b) 0.62500. The aggregate amount of each series of New Notes forming part of the Exchange Consideration in respect of each participating Holder's Existing Notes validly tendered (and not validly withdrawn prior to the withdrawal deadline) and accepted in the Exchange Offer will be rounded down, if necessary, to $2,000 or the nearest whole multiple of $1,000 in excess thereof, and no additional cash will be paid in lieu of any principal amount of the New Notes not received as a result of such rounding down. The Company also announced that (in accordance with the financing condition described in the Offering Memorandum), on Jan. 29, 2018, it entered into agreements providing for the previously announced financing arrangements with affiliates of GSO Capital Partners LP, which include: (i) a senior unsecured term loan credit facility of $132.5 million of initial term loans and up to $80.0 million of delayed draw term loans and (ii) a senior secured first lien revolving credit facility of up to $125.0 million of senior secured first priority revolving loans. Borrowings under the Financing Arrangements will be available on the dates and subject to the terms and conditions set forth therein. About Hovnanian Enterprises Hovnanian Enterprises, Inc. (NYSE:HOV) -- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is a homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Brighton Homes and Parkwood Builders. As the developer of K. Hovnanian's Four Seasons communities, the Company is also a builder of active lifestyle communities. Hovnanian Enterprises reported a net loss of $332.2 million for the year ended Oct. 31, 2017, compared to a net loss of $2.81 million for the year ended Oct. 31, 2016. As of Oct. 31, 2017, Hovnanian Enterprises had $1.90 billion in total assets, $2.36 billion in total liabilities and a total stockholders' deficit of $460.37 million. * * * In April 2016, Moody's Investors Service downgraded the Corporate Family Rating of Hovnanian Enterprises to 'Caa2' and Probability of Default Rating to 'Caa2-PD'. The downgrade of the Corporate Family Rating reflects Moody's expectation that Hovnanian will need to dispose of assets and seek alternative financing methods in order to meet its upcoming debt maturity wall. In January 2018, S&P Global Ratings lowered its corporate credit rating on Hovnanian Enterprises to 'SD' from 'CC'. The downgrade follows the disclosure that Hovnanian has completed a debt exchange, whereby holders of up to $185 million of the 8% senior notes received newly issued 3.5% unsecured notes due 2026, 5% unsecured notes due 2040, and $26.5 million in cash. In January 2018, Fitch Ratings downgraded Hovnanian Enterprises, Inc.'s (NYSE: HOV) Issuer Default Rating (IDR) to 'C' from 'CCC' following the company's announcement that it will be exchanging up to $185 million of its $236 million 8% senior unsecured notes due Nov. 1, 2019 for a combination of cash, new 13.5% senior unsecured notes due 2026 and new 5% senior unsecured notes due 2040. IAN-K LLC: Hires Gorman Consulting as Forensic Accountant --------------------------------------------------------- Ian-K, LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Arizona to employ Gorman Consulting Group L.L.C., as forensic accountant to the Debtors. Ian-K requires Gorman Consulting to: -- provide analysis and consultation regarding financial calculations; and -- provide professional opinion regarding financial issues of the Debtors. Gorman Consulting will be paid at the hourly rates of $120 to $280. Gorman Consulting received a retainer from the Debtors in the amount of $6,000. Gorman Consulting will also be reimbursed for reasonable out-of-pocket expenses incurred. To the Debtors' best knowledge the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Gorman Consulting can be reached at: Gorman Consulting Group L.L.C. 7204 N 16th St., Suite 100 Phoenix, AZ 85020 Tel: (602) 850-5111 About Ian-K, LLC Ian-K, LLC, was formed for the purpose of owning certain commercial real properties located at 3150 N. 7th St., Suite 100, Phoenix, Maricopa County, Arizona, and 3100 N. Robert Road, Prescott Valley, Yavapu County, Arizona. Ian-K has no employees. J. Tina Keyhani DDS-Oral & Maxillofacial Surgery, P.C., was formed on Oct. 15, 2001 for the purpose of providing dental services, specializing in oral and maxillofacial surgery. DDS-Oral has 2 full-time employees and 1 part-time employee (not including Keyhani). Ian-K, LLC and DDS-Oral filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 18-00002 and 18-00003) on Jan. 2, 2018. The Debtors are represented by D. Lamar Hawkins, Esq., at Aiken Schenk Hawkins & Ricciardi, P.C. Ian-K is operated by J. Tina Keyhani. Keyhani holds 100% membership interest and is the manager of Ian-K. DDS-Oral is owned and operated by Keyhani. Keyhani is the sole shareholder and president of DDS-Oral. Because Ian-K and DDS-Oral are owned, operated and managed by Keyhani, the Debtors filed a motion to have the cases jointly administered. INFINITY CUSTOM: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Infinity Custom Homes, LLC PO Box 352 Winter Park, FL 32790 Business Description: Infinity Custom Homes, LLC, headquartered in Winter Park, Florida, is engaged in activities related to real estate. Its principal assets are located at 1761 Legion Drive; 1550 Hibiscus Avenue; 1640 Oneco Avenue; and 130 W lake Sue Avenue. Chapter 11 Petition Date: February 2, 2018 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Case No.: 18-00622 Debtor's Counsel: R Scott Shuker, Esq. LATHAM, SHUKER, EDEN & BEAUDINE, LLP Post Office Box 3353 Orlando, FL 32802 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: bknotice@lseblaw.com rshuker@tseblaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David P. Croft, manager. A full-text copy of the petition, along with a list of 20 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/flmb18-00622.pdf INTERNAP CORP: SingleHop Deal No Impact on Moody's B3 CFR --------------------------------------------------------- Moody's Investors Service said that Internap Corporation's announcement that it has entered into a definitive agreement to acquire SingleHop, LLC (SingleHop) will add scale and broaden Internap's product capabilities. But the acquisition will result in heightened execution risk in addition to the company's ongoing efforts to reverse its weak revenue trajectory and streamline costs. Moody's does not expect the $132 million cash acquisition of SingleHop to impact Internap's B3 corporate family rating (CFR), stable outlook, or B3 first lien senior secured rating. The company expects the transaction to close before the end of the first quarter of 2018 and plans to issue an incremental $135 million senior secured first lien term loan to finance the acquisition. Moody's views the transaction as neutral to Internap's credit strength due to improved product portfolio and capabilities, offset by heightened execution risk associated with integrating SingleHop and the short-term deterioration of credit metrics. Moody's forecasts leverage (5.3x Moody's adjusted as of September 30, 2017) to increase modestly from the debt undertaken to fund the deal but remain well below 6.5x, Moody's limit for Internap's B3 rating. Moody's also forecasts free cash flow for 2018 to be negative due to the high capital intensity of the data center industry, and the transaction could lead to weaker liquidity. Despite these factors, Moody's views the transaction to be beneficial in the longer-term for Internap. SingleHop operates in the managed hosting and infrastructure as a service business segment and offers automated and on-demand IT infrastructure. Moody's views SingleHop as complementary to Internap's business, and the increased scale enables Internap to become a more formidable competitor in the data center industry. Internap's B3 corporate family rating is constrained by its small scale, declining revenues, high leverage and weak free cash flow which is primarily the result of its high capital intensity. Further, the company derives a meaningful portion of its revenue from its lower margin partner data center business and its IP services business which faces continual price pressure and represents somewhat of a commodity-like service. These limiting factors are offset by Internap's stable base of contracted recurring revenues, its high quality assets within its company controlled datacenter business and its established market position in the fast growing colocation, managed services and cloud segments. Despite revenue declines, management has successfully, and continues to, cut costs and expand margins. A new sales team is also in place to accelerate sales productivity but the transition may take time to reinvigorate revenue growth. The stable outlook reflects Moody's view that Internap will produce relatively consistent margins and stabilize its revenue trajectory over the next 12 to 18 months. Moody's could consider a rating upgrade if free cash flow approaches 5% of debt and leverage were to trend towards 4x (both on a Moody's adjusted basis). Downward rating pressure could develop if liquidity becomes strained or Moody's adjusted leverage increases above 6.5x. Headquartered in Atlanta, Georgia, Internap Corporation is a publicly traded provider of data center and internet protocol services. The company generated $285 million in revenue for the last twelve months ended September 30, 2017. ITUS CORP: Bruce Eames Lowers Stake to 4.10% as of Jan. 9 --------------------------------------------------------- Bruce P. Eames, Meetrix Communications, Inc., AVG Ventures, LP, AVG Ventures GP, LLC, AVG Holdings, LP, AVG GP, LLC, and Starfighter Trust reported to the Securities and Exchange Commission that as of Jan. 9, 2018, they beneficially own 680,452 shares of common stock, par value $0.01 per share, of ITUS Corporation, constituting 4.10 percent based on 16,609,399 shares of common stock outstanding of the issuer as of Jan. 4, 2018. A full-text copy of the regulatory filing is available for free at: https://is.gd/hDo0xy About ITUS Corporation San Jose, California-based ITUS Corporation (NASDAQ:ITUS) -- http://www.ITUScorp.com/-- funds, develops, acquires, and licenses emerging technologies in areas such as biotechnology. Formerly known as CopyTele, the Company is developing a platform called Cchek, a series of non-invasive, blood tests for the early detection of solid tumor based cancers, which is based on the body's immunological response to the presence of a malignancy. CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014, to reflect the Company's change in its business operations. ITUS Corporation reported a net loss attributable to common stockholders of $7.01 million on $362,500 of revenue for the year ended Oct. 31, 2017, compared to a net loss attributable to common stockholders of $5.01 million on $300,000 of revenue for the year ended Oct. 31, 2016. As of Oct. 31, 2017, ITUS Corp. had $8.81 million in total assets, $889,493 in total liabilities and $7.92 million in total shareholders' equity. "As of the date of filing of our last annual report on Form 10-K, there was substantial doubt about our ability to continue as a going concern due to the limited amount of cash, cash equivalents and short-term investments we held as compared to our projected cash needs for the ensuing twelve months. We evaluated our cash position and future plans for the Company and embarked on a plan to ensure we had sufficient resources to execute our plans. Accordingly, over the past twelve months, we raised nearly $12 million through multiple financing arrangements, including a shareholder rights offering, a registered direct offering, and an at-the-market equity offering, and satisfied debt obligations through payments of cash and common stock. With no significant debt and approximately $6.8 million in cash, cash equivalents and short-term investments as of October 31, 2017, we believe that we have alleviated substantial doubt about our ability to continue as a going concern," the company stated in its quarterly report for the year ended Oct. 31, 2017. "Based on currently available information as of January 9, 2018, we believe that our existing cash, cash equivalents, short-term investments and expected cash flows will be sufficient to fund our activities for the next 12 months." ITUS CORP: Bruce Eames Reports 5.68% Stake as of Dec. 31 -------------------------------------------------------- Bruce P. Eames, Meetrix Communications, Inc., AVG Ventures, LP, AVG Ventures GP, LLC, AVG Holdings, LP, AVG GP, LLC, and Starfighter Trust reported to the Securities and Exchange Commission that as of Dec. 31, 2017, they beneficially own 942,606 shares of common stock, par value $0.01 per share, of ITUS Corporation, constituting 5.68 percent based on 16,609,399 shares of common stock outstanding of the issuer as of Jan. 4, 2018. A full-text copy of the regulatory filing is available for free at https://is.gd/Ivcpeu About ITUS Corporation San Jose, California-based ITUS Corporation (NASDAQ:ITUS) -- http://www.ITUScorp.com/-- funds, develops, acquires, and licenses emerging technologies in areas such as biotechnology. Formerly known as CopyTele, the Company is developing a platform called Cchek, a series of non-invasive, blood tests for the early detection of solid tumor based cancers, which is based on the body's immunological response to the presence of a malignancy. CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014, to reflect the Company's change in its business operations. ITUS Corporation reported a net loss attributable to common stockholders of $7.01 million on $362,500 of revenue for the year ended Oct. 31, 2017, compared to a net loss attributable to common stockholders of $5.01 million on $300,000 of revenue for the year ended Oct. 31, 2016. As of Oct. 31, 2017, ITUS Corp. had $8.81 million in total assets, $889,493 in total liabilities and $7.92 million in total shareholders' equity. "As of the date of filing of our last annual report on Form 10-K, there was substantial doubt about our ability to continue as a going concern due to the limited amount of cash, cash equivalents and short-term investments we held as compared to our projected cash needs for the ensuing twelve months. We evaluated our cash position and future plans for the Company and embarked on a plan to ensure we had sufficient resources to execute our plans. Accordingly, over the past twelve months, we raised nearly $12 million through multiple financing arrangements, including a shareholder rights offering, a registered direct offering, and an at-the-market equity offering, and satisfied debt obligations through payments of cash and common stock. With no significant debt and approximately $6.8 million in cash, cash equivalents and short-term investments as of October 31, 2017, we believe that we have alleviated substantial doubt about our ability to continue as a going concern," the company stated in its quarterly report for the year ended Oct. 31, 2017. "Based on currently available information as of January 9, 2018, we believe that our existing cash, cash equivalents, short-term investments and expected cash flows will be sufficient to fund our activities for the next 12 months." J&S AUTO: Authorized to Use Cash Collateral Through Feb. 28 ----------------------------------------------------------- The Hon. Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts authorized J&S Auto Inc. to use cash collateral through February 28, 2018 under the same terms and conditions as previously ordered. J&S Auto is required to file and serve a proposed form of order in ECF as a supplemental document and submit a copy in Word format to msh@mab.uscourts.gov forthwith. A further hearing will be held on Feb. 27, 2018, at 10:30 a.m. A full-text copy of the Order is available at: http://bankrupt.com/misc/mab17-13911-104.pdf About J&S Auto Inc. Based in Revere, Massachusetts, J&S Auto Inc. filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-13911) on Oct. 20, 2017. Sami Morsy, the Company's president, signed the petition. At the time of filing, the Debtor estimated $50,001 to $100,000 in assets, and $100,001 to $500,000 in liabilities. The Debtor's counsel is George J. Nader, Esq., at Riley & Dever, P.C. J.P. PYRAMID: March 9 Public Auction for Union Street Property -------------------------------------------------------------- Scott G. Kaufman, Esq., as Referee, will sell at public auction at the Queens County Supreme Courthouse, 88-11 Sutphin Blvd., in Courtroom # 25, Jamaica, NY on March 9, 2018, at 10:00 a.m., the premises known as Unit CFIC Tax Lot 1004 in Block 4414, in Queens County, New York. The premises is known as 31-22 Union Street, Unit No. CFIC, in Flushing, NY. The property has a lien of $3,883.13 plus interest and costs. Premises will be sold subject to provisions of the Judgment of Foreclosure and Sale dated December 4, 2017 and entered on December 21, 2017, in the case, NYCTL 1998-2 TRUST, and THE BANK OF NEW YORK MELLON, as Paying Agent and Collateral Agent and Custodian for the NYCTL 1998-2 TRUST, Plaintiffs -against- J.P. PYRAMID LLC, et al. Defendant(s), pending before the Queens County Supreme Court, Index Number 21961/2013. Attorney(s) for Plaintiffs: Seyfarth Shaw LLP 620 Eighth Avenue New York, NY 10018 JC FITS: Court Okays Prime Business Cash Collateral Stipulation --------------------------------------------------------------- Judge Robert Kwan of the U.S. Bankruptcy Court for the Central District of California signed an order approving a stipulation between JC Fits, Inc. and Prime Business Credit, Inc., regarding the interim use of cash collateral. The Court deemed Prime Business' security interest has first priority ahead of Pacific City Bank's security interest, and granted Prime Business adequate protection of its interest as set forth in the Stipulation which will have the same extent, priority, effect and validity over Prime Business Credit's security interest. A full-text copy of the Order is available at: http://bankrupt.com/misc/cacb17-21123-67.pdf About JC Fits JC Fits Inc. is in the business of selling wholesale garments and its assets consist primarily of garment inventory, which the Debtor sells to its wholesale customers. The sales revenue from this sale business is the sole source of the Company's income. JC Fits, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D.CA. Case No. 17-21123) on Sept. 12, 2017. In the petition signed by Jeong H. Choi, president, the Debtor disclosed total assets of $588,530 and total liabilities of $1.56 million. The Hon. Robert N. Kwan presides over the case. Joon M. Khang, Esq. of Khang & Khang, LLP, is the Debtor's counsel. JC FITS: Pacific City Bank Cash Collateral Stipulation Approved --------------------------------------------------------------- The Hon. Robert Kwan of the U.S. Bankruptcy Court for the Central District of California, at the behest of JC Fits Inc., has approved the Debtor's stipulation with Pacific City Bank regarding the Debtor's interim use of cash collateral. Pacific City Bank's security interest is deemed subordinated to the security interest of Prime Business Credit, Inc., and the Court has granted Pacific City Bank adequate protection of its interests as set forth in the Stipulation. A full-text copy of the Order is available at: http://bankrupt.com/misc/cacb17-21123-68.pdf About JC Fits JC Fits Inc. is in the business of selling wholesale garments and its assets consist primarily of garment inventory, which it sells to its wholesale customers. The sales revenue from this sale business is the sole source of the Company's income. JC Fits, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 17-21123) on Sept. 12, 2017. In the petition signed by Jeong H. Choi, president, the Debtor disclosed total assets of $588,500 and total liabilities of $1.56 million. The Hon. Robert N. Kwan presides over the case. Joon M. Khang, Esq. of Khang & Khang, LLP, is the Debtor's counsel. JOHN Q. HAMMONS: Hagale Buying Springfield Property for $1.5M ------------------------------------------------------------- John Q. Hammons Fall 2006, LLC, and its affiliates ask the U.S. Bankruptcy Court for the District of Kansas to authorize the sale of approximately 7 acres of vacant land in the Highland Springs development located in Springfield, Missouri, also known as 7 AC m/l Highland Springs, Missouri, to J.A. Hagale for $1,500,000. One of the assets owned by the Trust is the Real Estate. Great Southern Bank claims a lien on the Real Estate by virtue of its Deed of Trust dated Aug. 21, 1995, recorded Aug. 22, 1995 in the Green County, Missouri Recorder of Deeds Office as Document Number 028071-95 in Book 2397 at Page 73. By order entered Dec. 13, 2016, the Court granted the Debtors' motion to reject a "Sponsor Entity Right of First Refusal Agreement, Dated September 16, 2005 and Agreement and Amendment, Dated December 10, 2008" executed by and among JD Holdings, LLC ("JDH") and Debtors ("ROFR"). JDH has stated in response to prior motions to sell residential lots at the Highland Springs residential development located in Springfield, Missouri that the ROFR is not an interest in such lots, including but not limited to, the Real Estate. Other than the Deed of Trust and any real estate taxes currently owing to Greene County, Missouri, there are no liens or other encumbrances on the Real Estate. Real estate taxes have historically ranged from $1,500 to $1,600 per year. The Trust previously engaged Murney Associates to solicit offers for the Real Estate. Based on its knowledge of the market and the area, the Broker recommended that the Trust list the Real Estate for sale at a list price of $1,500,000. On Jan. 6, 2018, the Trust received an offer to purchase the Real Estate from the Purchaser for list price. After negotiating with the Purchaser, the Trust and the Purchaser entered into a Commercial & Industrial Real Estate Contract. Under the terms of the Purchase Agreement, the Purchaser agreed to pay $1,500,000 in cash for the Real Estate, iwth $20,000 earnest money, and free and clear of all claims and interests to include the Deed of Trust and the ROFR. The Purchase Agreement provides that the sale is conditioned upon Court approval is set to close by Feb. 28, 2018. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/John_Q_Hammons_1721_Sales.pdf Based on the Broker's opinion of the Real Estate's value and the offer received, the Debtors believe that the Purchase Price is equal to the fair market value of the Real Estate and represents the highest and best offer for the Real Estate. One possible lien against the Real Estate is to secure current real estate taxes owed. As set forth, those taxes are significantly less than the sale price. Moreover, the taxes will be paid at closing, thus extinguishing any such lien. The Deed of Trust grants Great Southern Bank a lien on the Real Estate. Pursuant to an agreement with Great Southern Bank, its lien will be satisfied by payment to Great Southern Bank from the sale of the Real Estate of the greater of 80% of the sale proceeds, less standard closing costs or $50,000. Great Southern Bank has consented to the transaction. On May 22, 2017, the Court held a hearing on the Debtors' Sale No. 2 Motion, which sought authority to sell another lot in the Highland Springs subdivision. At the May 22 Hearing, the counsel for JDH stated on the record that JDH did not consider that lot subject to the ROFR. The counsel for the Debtors then asked JDH for a list of all properties which JDH claims are subject to the ROFR and counsel for JDH responded that he would need to check with his client before providing the Debtors with such a list. As of the date of the Motion, JDH has not provided the list to the Debtors. The Debtors anticipate that JDH will not include the Highland Springs land on its list and, as with prior motions to sell Highland Springs real estate, will not claim that the Real Estate is subject to the ROFR. However, out of an abundance of caution, the Debtors request that the Court approves the sale free and clear of the ROFR. The Debtors ask that in the order approving the sale, that the Court waives the 14-day waiting requirement of Rule 6004 so that, in reliance on the order approving the Motion, the Debtors and the Purchaser can immediately close the sale transaction. About John Q. Hammons Fall 2006 Springfield, Missouri-based John Q. Hammons Hotels & Resorts (JQH) -- http://www.jqhhotels.com/-- is a private, independent owner and manager of hotels in the United States, representing brands such as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG, Chateau on the Lake Resort / Spa & Convention Center, and Plaza Hotels Collection. It has portfolio of 35 hotels representing approximately 8,500 guest rooms/suites in 16 states. John Q. Hammons Fall 2006, LLC, and its affiliated debtors filed chapter 11 petitions (Bankr. D. Kan. Case Nos. 16-21139 to 16-21208) on June 26, 2016. The petitions were signed by Greggory D. Groves, vice president. The Debtors are represented by Mark A. Shaiken, Esq., Mark S. Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard Street LLP. The Debtors' conflict counsel is Victor F. Weber, Esq., at Merrick Baker and Strauss PC. At the time of filing, the Debtors estimated assets at $100 million to $500 million and liabilities at $100 million to $500 million. JOHNS-MANVILLE: Marsh Bid to Enforce Channeling Injunction Granted ------------------------------------------------------------------ Judge Cecelia G. Morris of the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum decision granting Marsh USA's motion to enforce the channeling injunction following remand from the Southern District of New York. The dispute between Salvador Parra, Jr., and Marsh US regarding the effect of the channeling injunction issued in the Johns-Manville Corporation's chapter 11 bankruptcy case was remanded to the Bankruptcy Court from the District Court. The District Court's March 14, 2016 decision affirmed in part and reversed and remanded in part the Bankruptcy Court's July 27, 2015 memorandum decision enjoining Parra's asbestos claims against Marsh. On remand, the Bankruptcy Court is instructed to apply the due process principles articulated by the Second Circuit in Johns-Manville Corp. v. Chubb Indemnity Ins. Co to the facts of this case. As part of the due process analysis, the Bankruptcy Court is to determine whether the future claims representative appointed in the Manville case was actually charged with representing the future claimants' in personam claims against a settling insurer, and, if so, whether the quality of that representation satisfied due process concerns. On remand, the question for the Bankruptcy Court is whether assuming there was some sort of due process violation, is Parra prejudiced, taking into consideration the fact that he can recover from the Manville Trust. The answer is clearly no. The Court can find no procedural defect that would warrant a different outcome. Beyond the requirements of due process, and under the heightened Rule 23 standard, Parra was represented by the Future Claims Representative. The very objections Parra seeks to make now have been raised, repeatedly, and were explicitly considered by the Future Claims Representative prior to confirmation of the Manville Plan. Parra argues that even if he recovers from the Manville Trust, he will be prejudiced by a deprivation of his right to pursue independent claims against Marsh. Parra also argues that deprivation of the right to sue Marsh amounts to a due process violation of service of process, claiming he was deprived of notice and the right to be heard. Parra also claims he is deprived of due process on the grounds the injunction unjustly limits the amount he can recover for his injuries. Due process does not preserve for time immemorial the right to assert a claim against another individual. This cannot be so or the fundamental discharge injunction in every bankruptcy case would be a due process violation. Additionally, any statute of limitations would amount to a due process violation. The injunction does not violate Parra's due process rights to notice and an opportunity to be heard. As this Court has already determined, the Manville bankruptcy proceedings satisfied Parra's due process rights to notice and an opportunity to object. Parra was adequately represented by the Future Claims Representative who took into consideration the effect of the settling insurers' order and injunction on the rights of the future claimants. Further, the injunction does not violate due process by limiting the amount Parra is able to recover on his injury claims. Parra does not have a due process right to recover more than is available for distribution. The only reason there is anything to recover for any asbestos plaintiff is the existence of the Manville Trust. The Manville Trust’s purpose is to ensure there are funds available for all claimants. While Parra may not recover as much from the Manville Trust as he would like, it would be unfair to allow him to recover more than other similarly situated claimants. It would also be unfair to permit recovery against a settling insurer in a way that could jeopardize the continuing existence of the Manville Trust, thus, preventing recovery for the dozens, hundreds, or thousands of additional future claimants still yet unknown. As there is no dispute that Parra could submit a claim to the Manville Trust, pursuant to the District Court's questions on remand, this Court finds that Parra does not suffer any prejudice since he is able to recover from the Manville Trust. Parra received due process in every possible respect. A full-text copy of Judge Morris' Jan. 24, 2018 Memorandum Decision is available at: http://bankrupt.com/misc/nysb82-11656-4313.pdf About Johns-Manville Johns-Manville Corp. was, by most sources, the largest manufacturer of asbestos-containing products and the largest supplier of raw asbestos in the United States from the 1920s until the 1970s. Manville sold raw asbestos to manufacturers of asbestos-based products in 58 countries and distributed its own asbestos-based products "across the entire spectrum of industries and employment categories subject to asbestos exposure." As a result of studies linking asbestos with respiratory disease, Manville became the target of a growing number of products liability lawsuits in the 1960s and 1970s. Buckling under the weight of its asbestos liability, Manville filed for Chapter 11 protection on August 26, 1982, before Judge Lifland. To avoid the uncertainty of insurance litigation and to fund its plan of reorganization, Manville sought to settle its insurance claims. Manville obtained in excess of $850,000,000 from settlements with its insurers. The U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Debtors' Second Amended and Restated Plan of Reorganization on Dec. 22, 1986. JOURNAL-CHRONICLE: May Use Cash Collateral Through June 30 ---------------------------------------------------------- Judge William J. Fisher of the U.S. Bankruptcy Court for the District of Minnesota authorized Journal-Chronicle Company to use cash collateral through June 30, 2018. The Debtor has entered into a prior stipulation with Profinium, Inc. which was approved by the Court by an Order dated Nov. 16, 2017. Pursuant to the Stipulation, the Debtor's authority to use cash collateral will expire on Jan. 31, 2018. The terms of the Stipulation and the grant of replacement liens to Profinium, Inc. and for all others claiming an interest in cash collateral remain in full force and effect. A full-text copy of the Order is available at: http://bankrupt.com/misc/mnb17-33322-34.pdf About Journal-Chronicle Co. Journal-Chronicle Company, a Minnesota corporation -- http://www.j-cpress.com/services-- provides offset, digital and wide-format printing services. The Company also offers mailing, fulfillment and marketing support to its clients. J-C Press works with UPS, FedEx, USPS and a variety of other carriers to make sure customers get the products on time. The company ships to all 50 states and across the globe. Journal-Chronicle Company, doing business as J-C Press, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-33322) on Oct. 23, 2017. In the petition signed by Patrick J. McDermott, president, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge William J Fisher. The Debtor is represented by Thomas Flynn, Esq., at Larkin Hoffman Daly & Lindgren Ltd. KAANAPALI TOURS: Petitioning Creditors Seek Appointment of Trustee ------------------------------------------------------------------ Petitioning Creditors Shannon Wood, Amy Richards, Ashley Olson, Billie Bell, Susan Fernandez and Ken Clark request the U.S. Bankruptcy Court for the District of Hawaii to direct the appointment of Trustee to administer the assets of Kaanapali Tours, LLC. The Court has scheduled a hearing on the Petitioners' request will be held on February 26, 2018 at 2:00 p.m. Jan Nolan is one of the two member-managers of Kaanapali Tours, and has been a member and a manager of Kaanapali Tours since March 2010, when she and Ms. Amy Sutherland acquired ownership of Kaanapali Tours from the prior owner, Kyle Bebee. The Members Agreement provides that the manager-members would be Ms. Nolan and Ms. Sutherland, as reflected in the records of the Department of Commerce and Consumer Affairs. The only major asset of Kaanapali Tours is a 65-foot catamaran named "Queen's Treasure," with a value of some $900,000 as of March 2016. It is understood that due to storms in the Caribbean and destruction of vessels there, that the value might be greater if the vessel were properly marketed and sold. Queen's Treasure is unencumbered by any ship mortgage or other lien. It is Ms. Nolan's understanding that Ms. Sutherland is a beneficiary of the Sutherland Family Trust and the trustees of the Trust are Ms. Sutherland's mother and father, Sylvia and William Sutherland. The Sutherland Trust funded the construction of Queen's Treasure in the period of 2010-2011 by loaning Kaanapali Tours some $950,000 in 2010. Due to various permit issues with the State of Hawaii, Department of Land and Natural Resources, Kaanapali Tours was not allowed to operate the vessel as it had planned, thus severely affecting Kaanapali Tours's long-term potential success. As a result, Kaanapali Tours leased Queen's Treasure to Fun Charters, Inc., until August 31, 2017. Only Ms. Sutherland signed the lease and she did not collect on outstanding receivables owed by Fun Charters to Kaanapali Tours even though she was the "accountant" for Fun Charters, which now owes Kaanapali Tours some $240,000 in late lease payments and approximately $140,000 for liquor purchases that Kaanapali Tours had paid for. Since early 2017, Ms. Sutherland had communicated to Ms. Nolan her intention to withdraw from Kaanapali Tours and leave the business. She asked if Ms. Nolan wanted to buy her out. Negotiations for the "buy out" continued in March 2017. Ms. Sutherland insisted that any sale of her interest had to include a payoff of $1,674,639.53 to the Trust. Ms. Nolan was willing to buy Ms. Sutherland's member interest, but Ms. Nolan would not accept the proposed arrangement. Subsequently, Ms. Sutherland cancelled all of Kaanapali Tours' company credit cards, cutting off that financial resource for Kaanapali Tours. On May 9, 2017, Ms. Sutherland informed Ms. Nolan that she, Ms. Sutherland, was resigning as the "accountant" for Fun Charters. However, in July 2017, Ms. Sutherland and Fun Charters ordered new sails for Queen's Treasure at a cost of approximately $18,000, without Ms. Nolan's consent. On or about August 26, 2017, Ms. Nolan learned that Ms. Sutherland had withdrawn $50,000 from Kaanapali Tours' bank account without Ms. Nolan's knowledge or consent, to pay the Sutherland Family Trust, an unsecured creditor, for a 2017 interest payment without obtaining a forbearance agreement for the Trust not to file suit in exchange for that payment -- which payment benefited the family trust of which Ms. Sutherland seems to be a beneficiary, and thus Ms. Sutherland, in essence, used Kaanapali Tours' funds to enrich herself. Prior to the filing of the involuntary petition on December 15, 2017, Kaanapali Tours, by Janice Nolan, entered into a lease with Privacy Charters. This would be an executory contract with Privacy Charters and subject to assumption or rejection by way of the "business judgment," by the Trustee. The Petitioners believe that the conflict between the two co-managers, Ms. Sutherland and Ms. Nolan, is irreparable which resulted in a deadlock and management impasse. The Petitioners assert that in an involuntary bankruptcy, such as the Debtor's case, if the co-managers with divided management responsibility cannot break the impasse, then a Trustee must be appointed to preserve the value of the Debtor's property. In the State Circuit Court, Ms. Sutherland, concluded that it would be in the best interest of Kaanapali Tours to have a receiver appointed as a step towards dissolution. The Petitioners agree that a neutral and independent party -- a federal court bankruptcy trustee -- should be appointed to administer the affairs of Kaanapali Tours, either by negotiating a lease of Queen's Treasure, or a sale of Queen's Treasure to Fun Charters or Privacy Charters LLC, or a third party. Since Kaanapali Tours does not have an active permit to operate, and given the deadlock and impasse over the management of Kaanapali Tours, the Petitioners assert that only a Bankruptcy Court appointed Trustee should be in charge of Kaanapali Tours and Queen's Treasure -- to either lease the vessel to a permit holder such as Fun Charters or Privacy Charters, or put the vessel up for sale to the highest bidder. The Petitioners argue that only a disinterested bankruptcy Trustee can accomplish these objectives and protect the creditors and others. As such, the Petitioners assert that the appointment of a trustee is in the best of the bankruptcy estate and all of its creditors. About Kaanapali Tours Kaanapali Tours LLC is a privately held company based in Lahaina, Hawaii in the business of promoting and operating tours. Petitioning Creditors Shannon Wood, Amy Richards, Ashley Olson, Billie Bell, Susan Fernandez and Ken Clark filed an involuntary petition (Case No. 17-01296) against Kaanapali Tours, LLC on December 15, 2017. Judge Robert J. Faris presides over the case. Petitioning Creditors' Counsel: Jerrold K. Guben, Esq. O'CONNOR PLAYDON & GUBEN LLP 733 Bishop St., Fl. 24 Honolulu, HI 96813 Tel: 808.524.8350 Fax: 808.531.8628 E-mail: jkg@opgilaw.com KANZLER LANDSCAPE: Hires DeWald Law as Special Counsel ------------------------------------------------------ Kanzler Landscape Contractor, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Illinois to employ DeWald Law Group, as special counsel to the Debtor. Kanzler Landscape requires DeWald Law render legal services and continue in the representation on the Debtor in Possession's behalf in the matter entitled Kanzler Landscape Contractor, Inc. v. Riverwood Venture, 17 L 1650 and the consolidated cases currently pending in the Circuit Court of Cook County, Illinois. DeWald Law is also required to: (a) continue to prosecute the matter with Riverwood Venture in order to recover the approximate sum of $350,000; (b) defend any court claims; and (c) take all other further and necessary legal actions in order to adequately represent the Debtor in Possession in an attempt to collect all monies lawfully due and to defend against any claims. DeWald Law will be paid at the hourly rate of $350. DeWald Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Lee DeWald, a partner at DeWald Law Group, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. DeWald Law can be reached at: Lee DeWald, Esq. DEWALD LAW GROUP 1237 S Arlington Heights Rd. Arlington Heights, IL 60005 Tel: (847) 437-1246 About Kanzler Landscape Kanzler Landscape Contractor, Inc., is a small business debtor that primarily operates in the landscape contractors industry. The company's gross revenue amounted to $1.48 million in 2016 and $3 million in 2015. Kanzler Landscape is a private company located in Round Lake, Illinois. Kanzler Landscape Contractor filed a Chapter 11 petition (Bankr. E.D. Ill. Case No. 17-37355) on Dec. 18, 2017. In the petition signed by James Kanzler, its president and owner, the Debtor disclosed $3.26 million in assets and $2.69 million in liabilities. The case is assigned to Judge LaShonda A. Hunt. Lester A Ottenheimer, III, Esq. at Ottenheimer Law Group, LLC, is the Debtor's bankruptcy attorney. DeWald Law Group, is the special litigation counsel. KRK CP LLC: May Use TransPecos Cash Collateral on Interim Basis --------------------------------------------------------------- The Hon. Tony M. Davis of the U.S. Bankruptcy Court for the Western District of Texas, at the behest of KRK CP, LLC, has entered an interim order authorizing the use of cash collateral to pay actual expenses in accordance with the Budget. TransPecos asserts security interest in certain personal property of the Debtor, including furniture, fixtures, equipment and accounts. TransPecos claims an interest in the revenues derived from the operations on the Property on which it claims a lien. TransPecos asserts that as of the Petition Date, Debtors were indebted and liable to TransPecos under the Loan Agreement in the principal amount of $3,238,010.36 plus interest of $141,585.33 as of the Petition Date. TransPecos does not consent to the use of its cash collateral, except upon the express terms of the Interim Order. Among the material terms of the Interim Order are: (a) TransPecos is granted valid, perfected, and enforceable replacement security interests in and liens and mortgages upon all categories of property of the Debtor and its estate, whether now existing or hereafter acquired or arising, upon which TransPecos held valid, perfected and enforceable prepetition liens, security interests, and mortgages, and all proceeds, rents, products, or profits thereof, including, without limitation, the Collateral owned by the Debtor as of the Petition Date. (b) The security interests, liens and mortgages granted in the interim order: (i) are and will be in addition to all security interests, liens, mortgages, and rights to set off existing in favor of TransPecos on the Petition Date; (ii) in the same priority as prepetition to the extent that prepetition liens, security interests, and mortgages are valid, perfected, enforceable and nonavoidable; and (iii) are and will be valid, perfected, enforceable, and effective as of the Petition Date. (c) The Debtor will timely file its Monthly Operating Reports and provide a copy to counsel for TransPecos by email upon filing of such. (d) During the term of the Interim Order, the Debtor will provide to TransPecos all reports, documents, materials including financial reports as may be required in the Interim Order, the Loan Documents and such other and further access to the Debtor's books and records, advisors and professionals as may be reasonably requested by TransPecos from time to time. In addition, the Debtor will furnish TransPecos with (i) a 13-week cash flow forecast (by week) as of the Petition Date by no later than January 15, 2018, (ii) weekly actual-to-budget reporting each Wednesday for the week prior starting on January 17, 2018, and (iii) an aged report on accounts receivable within 5 business days of the end of the Budget. (e) The Debtor will maintain and keep the property and all other property constituting the Collateral in good repair and condition, make all necessary replacements thereof, operate the property safely, efficiently, and in compliance with all applicable laws, codes and ordinances, and not commit any waste in connection with any Collateral or operation of the property. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/txwb18-10002-25.pdf About KRK CP, LLC Cedar Park, Texas-based Kids R Kids Cedar Park -- https://www.krkcedarpark.com/ -- offers full time care for children from six-weeks to five years including an accredited academic curriculum and enrichment programs. The company provides before and after school care for children from kindergarten through 5th grade. It also offers full day summer camps for school age children. Trimur Partners, Inc., KRK CP's landlord, is an Austin, Texas-based company that is engaged in the real estate leasing business. Trimur Partners, Inc. and KRK CP, LLC, d/b/a Kids R Kids Cedar Park, filed separate Chapter 11 petitions (Bankr. W.D. Tex. Case Nos. 18-10001 and 18-10002, respectively) on Jan. 1, 2018. Patrick W. Murphey, president, signed the petitions. At the time of filing, the Trimur Partners disclosed $3,800,000 in assets and $3,780,000 in liabilities; and KRK CP, LLC estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Frank B. Lyon, Esq., of Frank B. Lyon - Attorney At Law, serves as the Debtors' counsel. LABORATORIO CLINICO: Seeks Feb. 19 Plan Filing Extension -------------------------------------------------------- Laboratorio Clinico Los Robles, Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to allow the extension of time until Feb. 19, 2018 to file the Disclosure Statement and the Chapter 11 Small Business Plan. The Court has previously granted the Debtor's motion for extension of time to file the Disclosure Statement and the Chapter 11 Small Business Plan to Jan. 29, 2017. The Debtor has previously informed the Court that due to the damages caused by Hurricane Irma and later with Hurricane Maria, electricity was connected only until January 26, 2018. The situation with the electricity has impaired the Debtor's ability to complete the Disclosure Statement, the Chapter 11 Small Business Plan and other documents that need to be revised and filed. Now, the Debtor is still trying to complete all the requirements in order to be ready to file the Disclosure and the plan. As such, the Debtor request an extension of time until February 19, 2017 due to this exigent situation that it is more likely than not that the Court will confirm the plan within a reasonable period of time. About Laboratorio Clinico Los Robles Laboratorio Clinico Los Robles, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 17-03196) on May 5, 2017. The petition was signed by the Debtor's president, Luis Armando Berrios Diaz. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $100,000 to $500,000 in liabilities. Ada M. Conde, Esq., at Estudio Legal 1611 Corp, is the Debtor's bankruptcy counsel. LECENTRE ON FOURTH: Allowed to Use Cash Collateral on Interim Basis ------------------------------------------------------------------- The Hon. Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida authorized LeCentre on Fourth, LLC to use cash collateral on an interim basis. Pursuant to the Interim Order, the Debtor is required to segregate and maintain all cash collateral solely for the benefit of U.S. Bank and Stonehenge Community Development, and may only use cash collateral pursuant to the budget. The approved Budget provides Interim Disbursements Projection in the aggregate sum of $1,185,394 during the period commencing on January 20, 2018 through February 24, 2018. The Debtor and Stonehenge Community Development are parties to that certain QLICI Loan Agreement as evidenced by those certain promissory notes: (a) by the Debtor to Stonehenge Community Development LX, LLC in the original principal amount of $10,000,000, (b) by the Debtor to Stonehenge Community Development LXVIII, LLC in the original principal amount of $3,740,631, (c) by the Debtor to Stonehenge Community Development LVI, LLC in the original principal amount of $10,000,000, and (d) by the Debtor to Le Center of Fourth Master Tenant LLC in the original principal amount of $7,759,369. As of the Petition Date, the Debtor is indebted to U.S. Bank in an amount not less than $32,750,909. The Debtor is expected to deliver to U.S. Bank and Stonehenge Community Development an updated Budget for the immediately succeeding 13 week period -- accompanied by a variance analysis to the most recently accepted Budget. Absent further order of the Court to the contrary, the Debtor will maintain (i) its bank accounts that existed on the Petition Date, and (ii) and all other accounts of the Debtor holding property of the Debtor opened with the written approval of U.S. Bank at U.S. Bank. The Interim Order also provides that U.S. Bank and Stonehenge Community Development are granted an administrative expense claim, in consideration of the use cash collateral, pursuant to Sections 507(a)(1) and (b) and 503(b) of the Bankruptcy Code solely to the extent of the diminution, if any, in the value of their interests in the Cash Collateral as of the Petition Date. Each of U.S. Bank and Stonehenge Community Development is also granted a replacement lien on and in all property, owned acquired or generated post-petition by the Debtor and its continued operations to the same extent and priority and of the same kind and nature as U.S. Bank and Stonehenge Community Development had prior to the filing of the bankruptcy case. The Administrative Expense Claim and the Replacement Lien will be junior and subordinate to (a) fees due the U.S. Trustee; (b) fees due the Clerk of Court; (c) the fees and expenses due to the Debtor's Chief Restructuring Officer and professionals through a Termination Event up to the amount set forth in the Budget; and (d) following a Termination Event, up to $50,000 in fees and expenses incurred by the Debtor's Chief Restructuring Officer and professionals from and after the Termination Event. The Debtor will provide further adequate protection to U.S. Bank in the form of monthly payments of interest at the non-default rate, plus monthly principal payments of $150,000, with the first such payment due on the date of the Order for all interest accrued on the U.S. Bank Prepetition Obligations from and after the Petition Date to the date of the Order, and subsequent payments due on the first day of each month thereafter. The occurrence of any of the following will constitute a Termination Event under the Interim Order: (a) Failure to abide by any term, covenant or condition of the Interim Order, including nonperformance of any obligation imposed by the Order. However, the Debtor’s failure to realize the revenue projected in the Budget for the period prior to February 23, 2018 based the failure or refusal to timely deliver net revenues from the operation of the Property in accordance with the Management Agreement (which would facilitate the Master Tenant’s ability to pay rent under the Master Lease), will not constitute a Termination Event; (b) The automatic stay is terminated with respect to the U.S. Bank Collateral or the Stonehenge Community Development Collateral; (c) Any of the U.S. Bank Collateral or the Stonehenge Community Development Collateral is converted by the Debtor, lost or stolen in any material amount, or not accounted for by the Debtor; (d) The Interim Order or any subsection hereof, will be vacated, reversed or modified; (e) The Debtor fails to comply with any of their material obligations under the Bankruptcy Code or other applicable law; (f) The Debtor fails to timely deliver any reports or information required under the Interim Order; (h) The Debtor fails to pay, when due, the administrative expenses incurred in this bankruptcy case which are not subject to bona fide dispute, or will otherwise fail to have sufficient cash available to conduct its businesses; (i) An Event of Default occurs under any of the Senior Secured Loan Documents; (j) An Event of Default occurs under any of the QLICI Secured Loan Documents; (k) Failure by Debtor to provide, by February 2, 2018, unaudited financial statements as of December 31, 2017 sufficient for Stonehenge Community Development to confirm that the Debtor is in compliance with all applicable tax regulations; (l) If at any time the Debtor accumulates Cash Collateral, or is anticipated to accumulate Cash Collateral, in excess of applicable tax regulations or is, or is anticipated to be, in violation of Section 7.32(k) of the QLICI Loan Agreement, the Debtor fails to remit Cash Collateral to U.S. Bank for application to the U.S. Bank Prepetition Obligations such that it maintains, and is anticipated to maintain, compliance with all applicable tax regulations, including, without limitation, Section 7.32(k) of the QLICI Loan Agreement; (m) Entry of an order converting any of this bankruptcy case to a proceeding under Chapter 7; (n) Entry of an order appointing a trustee or examiner with expanded powers; (o) Entry of an order dismissing this bankruptcy case; or (p) The passage of February 23, 2018 without the entry of an order from the Court permitting the use of cash collateral beyond that date. The Court will conduct a final hearing on the Cash Collateral Motion on February 21, 2018 at 10:00 a.m. Objections, if any, to the entry of final order granting the Motion will be filed and served on or before February 16, 2018 at 5:00 p.m. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/flsb17-23632-130.pdf About Le Centre on Fourth Le Centre on Fourth LLC is a privately held company in Plantation, Florida that operates under the traveler accommodation industry. Its principal assets are located at 501 South Fourth Street Louisville, KY 40202. Bachelor Land Holdings, LLC, is the holder of the majority of the issued and outstanding units of membership interest of the company. Le Centre on Fourth filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 17-23632) on Nov. 10, 2017, estimating its assets and liabilities at between $50 million and $100 million each. CRO Ian Ratner signed the petition. Judge Raymond B. Ray presides over the case. The Debtor tapped the Law Firm of Berger Singerman LLP as its legal counsel, and GlassRatner Advisory & Capital Group, LLC, as its restructuring advisor. LEGACY RESERVES: Baines Creek Capital Has 8.8% Stake as of Sep. 30 ------------------------------------------------------------------ Baines Creek Partners, L.P. reported to the Securities and Exchange Commission that as of Dec. 31, 2017, it beneficially owns 564,127 Series B Preferred Equity Units of Legacy Reserves, LP, constituting 7.8 percent of the Units outstanding. Baines Creek Capital, LLC also disclosed beneficial ownership of 632,183 Units or 8.8 percent of the Series B Units outstanding. The percentages are calculated based on 7,200,000 units of Common Stock outstanding as of Sept. 30, 2017, as disclosed in the Issuer's most recent Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2017, as filed with the SEC on Nov. 1, 2017. A full-text copy of the regulatory filing is available at: https://is.gd/SkE3BJ About Legacy Reserves LP Legacy Reserves LP -- http://www.LegacyLP.com/-- is a master limited partnership headquartered in Midland, Texas, focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. Legacy Reserves LP reported a net loss attributable to unitholders of $74.82 million for the year ended Dec. 31, 2016, compared to a net loss attributable to unitholders of $720.54 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Legacy Reserves had $1.48 billion in total assets, $1.73 billion in total liabilities and a $247.2 million total partners' deficit. * * * In September 2016, S&P Global Ratings said that it lowered its corporate credit rating on Legacy Reserves to 'CCC' from 'B-'. The rating outlook is negative. The downgrade reflects S&P's expectation that the borrowing base on Legacy's revolving credit facility could be lowered substantially at its re-determination in October. In March 2017, Moody's Investors Service upgraded Legacy Reserves LP's Corporate Family Rating to 'Caa2' from 'Caa3'. "Legacy's upgrade to Caa2 reflects Moody's expectations of improved cash flow and credit metrics in 2017 as a result of debt reduction and higher commodity prices underpinned by good hedges in 2017 and 2018," said RJ Cruz, Moody's vice president. "The upgrade also reflects improved liquidity and the benefits of the amended joint development agreement with TPG." LEI TRANSPORTATION: Hires Paul Reece as Attorney ------------------------------------------------ LEI Transportation, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, P.C., as attorney to the Debtor. LEI Transportation requires Paul Reece to: (a) provide the Debtor with legal advice regarding its powers and duties as debtor-in-possession in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. Paul Reece will be paid at these hourly rates: Attorneys $325 Paralegals $125 Clericals $50 Paul Reece will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Reece Marr, owner of Paul Reece Marr, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Paul Reece can be reached at: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 300 Galleria Parkway, Suite 960 Atlanta, GA 30339 Tel: (770) 984-2255 E-mail: paul.marr@marrlegal.com About LEI Transportation Based in Tucker, GA, LEI Transportation, Inc. -- http://www.leitransportation.com/-- is a full-service freight shipping company with the assets, experience and logistics to handle freight shipments of any size. The company is headquartered in Tucker, Georgia. LEI Transportation filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-50786) on Jan. 17, 2018. In its petition signed by CEO Michael D. Walling, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, P.C., serves as bankruptcy counsel to the Debtor. LEVEL III TRADING: Appointment of E. Andrus Needs Court OK ---------------------------------------------------------- The Beneficial Interest Holders in the Level III Trading Partners, LP Litigation Trust, Gene and Linda Fendler, and the McAshan Group of creditors seek approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana of the appointment of Elizabeth Andrus to serve as successor trustee. The "McAshan Group" of creditors is comprised of Charlotte C. Meade, Kenneth A. McAshan, Shannon L. C. Collins, Samantha S. T. McAshan, William A. C. McAshan, Hudson F. McAshan, and Garner McAshan. Counsel for the Litigation Trust has briefed Ms. Andrus on all issues relating to the requirements of administering the Trust, as well as the details of the Trust only asset, its claims asserted in Cotter v. Gwyn et al in the District Court. Ms. Andrus accepts the nomination and appointment as successor trustee, pending final approval by the Court, pursuant to the terms of the confirmed Chapter 11 Plan. The Beneficial Interest Holders contend that the appointment of Ms. Andrus will not hinder the prosecution of the Trust's claims in Cotter v. Gwyn et al., and the appointment will likely help expedite the prosecution of those claims. The Beneficial Interest Holders, the unsecured creditors of the Debtor (as determined by the Court's order of February 3, 2015) approve the appointment of Ms. Andrus as successor trustee. The Beneficial Interest Holders submit that with the appointment of Ms. Andrus as Litigation Trustee, the Court should issue an order extending the term of the Litigation Trust for as long as necessary to liquidate the claims in Cotter v. Gwyn et al, and for the Trustee to distribute any proceeds from that case. The confirmed Chapter 11 Plan expressly authorizes the Court to enter such an order at Article XIII-A, I, K. The Beneficial Interest Holders believe that the appointment of Ms. Andrus as the successor trustee and the extension of the litigation trust are in the best interests of the Beneficial Interest Holders, the creditors, and the estate, and otherwise serves the object and purpose of the confirmed Chapter 11 plan. About Level III Trading Level III Trading Partners, L.P.'s bankruptcy proceedings began with the filing of an involuntary Chapter 7 petition against the Company (Bankr. E.D. La. Case No. 2:13-bk-12120) on Aug. 2, 2013, by petitioning creditor Kenneth Alexander McAshan, Charlotte Collins Meade, and Samantha Simms McAshan. The Petitioning Creditors were represented by: Adam G Young, Esq. 315 S. College, Suite 163 Lafayette, LA 70503 Tel: (337) 261-8800 Fax: (337) 234-3133 E-mail: Adam@AdamYoungLaw.com The case was later converted to Chapter 11 and Patrick Cotter was appointed as Chapter 11 trustee. He has retained his own firm, Young, Cotter & Meade, LLC, for legal advice. LEVEL SOLAR: CEO Buying 2015 Isuzu NPRXD for $20K ------------------------------------------------- Level Solar, Inc., asks the U.S. Bankruptcy Court for the Southern District of New York to authorize the sale of a 2015 Isuzu NPRXD bearing VIN JALC4W167F7002852 to the Debtor's CEO, Wolfs Jackson Dodge, for $20,000. A hearing on the Motion is set for Feb. 21, 2018 at 10:00 a.m. (PET). The objection deadline is Feb. 14, 2018 at 4:00 p.m. (PET). The Debtor has determined that there exists property of its Estate that is no longer being used in its business and is depleting its Estate in that it is required to insure and store this property. Included in this property is the Asset. Pursuant to the negotiation with the Buyer, the Buyer has made an offer to purchase the Asset for $20,000 as set forth in the letter. The Debtor proposes to sell the Asset to the Buyer in exchange for a payment of $20,000, free and clear of all liens, claims, interests and encumbrances, to the Debtor's Estate. A copy of the Letter attached to the Motion is available for free at: http://bankrupt.com/misc/Level_Solar_37_Sales.pdf In the Debtor's business judgment, the Asset is not the type of asset that is necessary to its reorganization effort and will merely be a drain on the Estate. The offer by the Buyer is deemed by the Debtor, after reviewing similar sales for similar assets on the open market to be a fair price. Furthermore, the Trustee believes that the costs associated with marketing and selling the Asset at a public auction would far outweigh the potential benefit to be derived from a public sale of the Asset. The sole obligation of the Debtor to the Buyer, or its successors or assigns, under the terms of the Sale, is to execute and deliver documents evidencing and effectuating the transfer of the Asset as may become necessary following entry of the proposed Order submitted with the Motion so long as the Debtor is so empowered. The costs of the fulfilling such limited, post-sale obligations will be borne by the Buyer or its successors or assigns. Neither the Debtor nor the Estate have any further obligations to the Buyer, or its successors or assigns, related to recovery on the Asset. The Debtor is not aware of any lien or encumbrance relating to the Asset. The Debtor asks that the Court orders that the 14-day stay under Bankruptcy Rule 6004(h) not apply with respect to the sale of the Asset. About Level Solar Based in New York, Level Solar Inc. operates under the solar-energy installation industry. Incorporated in 2013, the Company has operatios in Long Island, New York City and Massachusetts. Level Solar filed for bankruptcy protection (Bankr. S.D.N.Y. Case No. 17-13469) on Dec. 4, 2017. In the petition signed by Richard Pell, secretary of the Company, the Debtor estimated assets of $50 million to $100 million and debt of $1 million to $10 million. Michael Conway, Esq., of Shipman & Goodwin LLP serves as bankruptcy counsel to the Debtor. Akin Gump Strauss Hauer & Feld LLP acts as corporate counsel to the Debtor. LIGNUS INC: Hires Curry Advisors as Special Counsel --------------------------------------------------- Lignus, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of California to employ Curry Advisors, A Professional Law Corporation, as special counsel to the Debtor. By order entered on Oct. 6, 2017, the Law Offices of Kit. J. Gardner was approved to be the Debtor's general bankruptcy counsel. A potential conflict of interest exists in that: (1) the Debtor is the lessee, and JPMorgan Chase Bank, N.A. is the lessor, with respect to a certain vehicle described as a 2015 Land Rover RR Sport HSE, Vin. # SALWR2VFXFA627907; and (2) Kit. J. Gardner has represented JPMorgan Chase, and does represent JPMorgan Chase, in other legal matters unrelated to the Debtor and the Debtor's bankruptcy case. Lignus, Inc.requires Curry Advisors to: (a) advise, consult with, and assist the Debtor with regard to its options concerning the Land Rover Lease and any claim that may be asserted by JPMorgan Chase in the Debtor's Chapter 11 case; (b) prepare and represent the Debtor in connection with (i) any motion to assume or reject the Land Rover Lease, (ii) provisions of the Debtor's Plan of Reorganization concerning treatment of the Land Rover Lease and any claim arising from the Land Rover Lease, (iii) any objections by JPMorgan Chase concerning the Debtor's proposed treatment of the Land Rover Lease and of any claim arising from the Land Rover Lease, and (iv) any objections to any Claim filed by JPMorgan Chase; (c) represent the Debtor as its sole bankruptcy counsel with respect to any and all matters associated with the Land Rover Lease and any claim asserted by JPMorgan Chase in the Debtor's Chapter 11 bankruptcy case. Curry Advisors will be paid at the hourly rate of $445. Curry Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. K. Todd Curry, principal of Curry Advisors, A Professional Law Corporation, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Curry Advisors can be reached at: K. Todd Curry, Esq. CURRY ADVISORS, A PROFESSIONAL LAW CORPORATION 525 B Street, Suite 1500 San Diego, CA 92101 Tel: (619) 238-0004 Fax: (619) 238-0006 About Lignus, Inc. Established in 2004, Lignus, Inc., is a privately held company engaged in the lumber, plywood, and millwork trade. Lignus, Inc., filed a Chapter 11 petition (Bankr. S.D. Cal. Case No. 17-05475) on Sept. 8, 2017. In the petition signed by CFO Jose Gaitan, the Debtor estimated assets and liabilities between $1 million and $10 million. The case is assigned to Judge Christopher B. Latham. The Law Offices of Kit J. Gardner is the Debtor's bankruptcy counsel. Curry Advisors, A Professional Law Corporation, is special counsel, and Integro Consultants serves as the Debtor's accountant. LOUISVILLE ROOF: Seeks Interim Approval to Use Cash Collateral -------------------------------------------------------------- Louisville Roof Repair and Replace, Limited Liability Company, seeks authorization from the U.S. Bankruptcy Court for the Southern District of Indiana to use cash collateral on an interim basis through Feb. 15, 2018. The Debtor seeks to meet its ordinary and necessary postpetition expenditures through use of approximately $201,267 of cash collateral as set forth in the Debtor's proposed 30-day budget for the interim period from January 15, 2018 through February 15, 2018. The Debtor asserts that the use of cash collateral is imperative to ensure its continued operations and to maximize creditors' recovery. The Debtor claims that the use of cash collateral will preserve the value of its assets, such that absent authorization to use the cash collateral, there would be no reasonable prospect that the Debtor would be able to reorganize successfully in this Chapter 11 case. National Funding, Inc., has a claim against the Debtor arising from a Business Loan Agreement. At the time of the bankruptcy filing, the amount of the National Funding's claim under the National Funding Agreement was approximately $73,675. National Funding claims a pre-petition security interest in substantially all of the Debtor's property. Wise Funding Group, LLC has a claim against the Debtor arising from a Merchant Sales Agreement. The Wise Funding Agreement matures by its terms after weekday payments of $681, or approximately March 16, 2018. At the time of the bankruptcy filing, the amount of the Wise Funding's claim under the Wise Funding Agreement was approximately $45,391. Wise Funding claims a pre-petition security interest in substantially all of the Debtor's property. As and for adequate protection in consideration of the Debtor's continued possession and use of cash collateral, the Debtor will grant to National Funding and Wise Funding, replacement liens on all collateral of the same type and priority as they held as valid and properly perfected liens prior to the petition date. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/insb18-90039-7.pdf About Louisville Roof Repair Louisville Roof Repair and Replace, Limited Liability Company, d/b/a Capital Roofing Solutions d/b/a Louisville Roof, is a residential roofing contractor in the southern Indiana and Louisville, Kentucky region. Louisville Roof bears the marketing, administrative, and job material costs, but it subcontracts the installation labor as necessary for the various contracts. Sales commissions, materials, and subcontractors constitute approximately 80% of the Debtor's expenses, making the Debtor very responsive to changes in market demand. Louisville Roof Repair and Replace filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 18-90039), on Jan. 15, 2018. In the petition signed by Lora Bentley, managing member, the Debtor estimated $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. Louisville Roof Repair and Replace is represented by KAPLAN JOHNSON ABATE & BIRD LLP, in Louisville, Kentucky. MCCLATCHY CO: Board Adopots Executive Supplemental Plan ------------------------------------------------------- The Board of Directors of The McClatchy Company approved the adoption of The McClatchy Company Executive Supplemental Retirement Plan, effective on Jan. 24, 2018. The Executive Supplemental Plan provides a means for executives, including the Company's named executive officers, to obtain additional retirement accumulation, thereby supporting the Company's retention of key personnel. The Compensation Committee of the Board may extend eligibility to participate in the Executive Supplemental Plan to any executive officer or other key employee of the Company or its affiliates. Prior to each calendar year, the Committee will approve a list of executive officers and/or other key employees who will remain as active participants under the Executive Supplemental Plan for the upcoming calendar year. The Executive Supplemental Plan provides that, for each calendar year after the effective date of the plan, the Company will make a contribution of 10% of a participant's compensation for the calendar year to each participant who remains employed by the Company or its affiliates on the last day of such calendar year or who experiences a separation from service during the calendar year on account of retirement on or after age 55 with ten years of service, involuntary termination by the Company or its affiliate without cause, death, or disability. Any Company contributions under the Executive Supplemental Plan will be credited to a participant's bookkeeping account, which account will be adjusted to reflect increases or decreases based on the allocation of the account in one or more investment indexes or a credited interest rate based on a published benchmark index selected by the plan administrator. A participant's benefits under the Executive Supplemental Plan vest over a ten-year vesting schedule, with fifty percent (50%) of the benefits vesting after five years of service and an additional ten percent (10%) of the benefits vesting for each additional year of service thereafter. A participant becomes fully vested immediately upon a separation from service on account of retirement on or after age 55 with ten years of service, involuntary termination by the Company or its affiliate without cause, death, or disability. Except in the case of termination of employment due to a participant's death, a participant's vested benefits under the Executive Supplemental Plan will be distributed in three equal annual installments commencing in January of the calendar year following his or her termination date or, if later, as of the first day of the seventh month following his or her termination date. In the case of a termination of employment due to a participant's death, the full amount of the participant's account will be paid to the participant's beneficiary in a single lump sum. The Company may, in its sole discretion, terminate the Executive Supplemental Plan at any time. The Company may partially or completely terminate the Executive Supplemental Plan. About McClatchy McClatchy operates 30 media companies in 14 states, providing each of its communities with news and advertising services in a wide array of digital and print formats. McClatchy is a publisher of iconic brands such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News & Observer, and the (Fort Worth) Star-Telegram. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange American under the symbol MNI. McClatchy reported a net loss of $34.19 million for the year ended Dec. 25, 2016, compared to a net loss of $300.2 million for the year ended Dec. 27, 2015. As of Sept. 24, 2017, the Company had $1.51 billion in total assets, $1.77 billion in total liabilities and a stockholders' deficit of $258.65 million. * * * McClatchy continues to hold Moody's Investors Service's "Caa1" corporate family rating. In December 2015, Moody's affirmed the "Caa1" corporate family rating rating and changed the rating outlook to stable from positive due to continued weakness in the print advertising market and the ongoing pressure on the company's operating cash-flow. McClatchy's Caa1 Corporate Family Rating reflects persistent revenue pressure on the company's newspaper and print operations, reliance on cyclical advertising spending, and its high leverage including a large underfunded pension. MEMORIAL HEALTH: Fitch Lowers 2015 Hosp. Bonds Rating to BB- ------------------------------------------------------------ Fitch Ratings has assigned a 'BB-' Issuer Default Rating (IDR) to Marietta Area Health Care (dba Memorial Health System; MHS) and downgraded the rating on the following bonds issued by Southeastern Ohio Port Authority on behalf of MHS to 'BB-' from 'BB': -- $60 million hospital revenue bonds, series 2015; -- $136 million in hospital refunding and improvement bonds, series 2012. The Rating Outlook is Stable. SECURITY The bonds are secured by general revenues of the obligated group, a mortgage on certain system facilities, and a debt service reserve fund. ANALYTICAL CONCLUSION The 'BB-' IDR primarily reflects MHS's weaker net leverage profile under a stress scenario through the cycle relative to its operating profile. The Stable Outlook at the lower rating level reflects Fitch's expectation that MHS will improve profitability and operating margins to historical levels over the medium term and manage its leverage position commensurate with a 'BB-' rating. Comparatively weaker fiscal 2017 and first quarter 2018 results reflect disruption from an electronic medical record (EMR) implementation in November 2016. MHS's longer term track record of adequate cost management and consistent volume growth supports Fitch's expectation for a return to historically strong profitability levels. The downgrade to 'BB-' from 'BB' reflects the application of Fitch's revised criteria "U.S. Not-For-Profit Hospitals and Health Systems Rating Criteria" dated Jan. 9, 2017, which places an enhanced focus on net leverage position through the rating cycle. KEY RATING DRIVERS Revenue Defensibility: 'bbb' - Growing Market Share Fitch views MHS's revenue defensibility as mid-range, which is characterized by a growing market share in its primary service area (PSA) and a payor mix less than 25% reliant on medicaid/self-pay. MHS remains the leading provider in Washington County with a 70% market share and continues to expand its presence in Wood County, where it has grown its market share to 25% in 2016 from 17% in 2013. However, both Washington and Wood counties exhibit unfavorable demographics compared to state and national trends, which could pressure the payor mix over time. Fitch expects MHS to maintain or improve its market position in the coming years and sustain its revenue defensibility for the foreseeable future. Operating Risk: 'bbb' - Track Record of Adequate Cost Management and Capital Investment MHS's history of adequate cost management and volume growth supports Fitch's expectation for a return to its historically strong operating performance over the medium term. A comparatively weaker fiscal 2017 and still challenged three-month interim (ending Dec. 31, 2017) performance reflects inefficiencies and complications related to its November 2016 EMR implementation. MHS's EMR implementation had a negative impact on outpatient and emergency department (ED) volumes, while also elevating expenses from one-time costs. Operating costs flexibility should return to historical norms as revenue base/volumes normalize and related non-recurring costs dissipate. Given MHS's track record of elevated capital spending to fund strategic efforts, Fitch expects capital spending to rise again following a return to its historical operating performance. Financial Profile: 'bb' - Weaker Net Leverage Financial Flexibility Under Stressed Scenario Despite strong historical operating performances, MHS has consistently maintained a weak liquidity position due to ongoing strategic capital investments and inefficiencies in revenue cycle management. Fitch anticipates MHS will improve operations to historical levels and increase its liquidity position over the medium term, which would be necessary to support expected further strategic capital expenditures. MHS's weaker net leverage position and minimal financial flexibility under a stressed scenario (rating case) is exacerbated by recent operational losses causing comparatively thinner liquidity. Asymmetric Additional Risk Considerations Asymmetric risk factors are neutral. RATING SENSITIVITIES IMPROVEMENT IN FINANCIAL PERFORMANCE/REVENUE CYCLE: The 'BB-' rating and/or Stable Outlook would be pressured should MHS fail to recover historical profitability levels or not adequately address the high accounts receivable. A failure to recover from current performance levels would likely reduce MHS's ability to handle further stress to a level possibly inconsistent with a 'BB' category rating. MICHELE MAYER: $93K Short Sale of Ivanhoe Property Approved ----------------------------------------------------------- Judge Louise DeCarl Adler of the U.S. Bankruptcy Court for the Southern District of California authorized Michele Ann Mayer's short sale of her real property located at 15865 Paradise Ave, Ivanhoe, California for $92,500. The Debtor is authorized to pay commissions, taxes, and fees related to the sale in an amount not exceeding $7,538. The 14-day stay of FRBP 6004(h) is waived and the Debtor is authorized to close the Shout Sale, subject to the terms and conditions set forth in The Stipulation, immediately upon entry of the Order. Lakeside, California-based Michele Ann Mayer sought Chapter 11 protection (Bankr. S.D. Cal. Case No. 16-07171) on Nov. 25, 2016. The Debtor tapped Andrew Moher, Esq., at Moher Law Group, as counsel. She also engaged Cindy Coray and Modern Broker as her real estate broker through March 5, 2018. MULTICARE HOME: Given Final Nod to Access IRS Cash Collateral ------------------------------------------------------------- Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the Northern District of Texas authorized Multicare Home Health Services, LLC, to use cash collateral subject to the protections and consideration described in this Agreed Final Order, in the amounts and for the expenses set forth on the monthly budget. The approved one-month budget provides total expenses of approximately $36,771. The Debtor is expected to account each month to the Internal Revenue Service for all funds received. The Debtor may utilize the asserted cash collateral of the Internal Revenue Service and to utilize the property in which the IRS has asserted a secured interest subject to the provisions of the Interim Order under the following terms and conditions: (1) The Debtor will file all past due tax returns, if any, (including, but not limited to, income, excise, employment, and unemployment returns) and will file such return with Leo Carey, Bankruptcy Specialist, IRS, Insolvency Group II, Stop: MC5026DAL, 1100 Commerce St., Dallas, Texas 75242. (2) The Debtor will file all post-petition federal tax returns and will pay any balance due upon filing of the return. (3) The Debtor will, during the pendency of this bankruptcy case, provide proof of deposit of all federal trust fund. (4) Upon reasonable notice, the Debtor will, during the pendency of this case, permit the IRS to inspect, review, and copy any financial records of the Debtor. As adequate protection of the IRS' interest in the cash collateral, the IRS is granted: (a) Replacement liens on post-petition cash collateral and property of the Debtor, but only to the same extent, validity and priority that IRS' liens existed prepetition. These replacement liens will be in addition to the liens that the IRS had in the assets of the Debtor as of the petition date. (b) The Debtor will make the following adequate protection payment to the IRS in the amount of $2,500 to be applied on the secured prepetition tax debt. The Debtor will make said payment to the United States of America, Attn: Donna Webb, Burnett Plaza, Suite 1700, 801 Cherry Street, Unit No. 4, Fort Worth, Texas, 76102-6882. A full-text copy of the Agreed Final Order is available at: http://bankrupt.com/misc/txnb17-34205-44.pdf About Multicare Home Health Services Based in Dallas, Texas, Multicare Home Health Services, LLC, provides home health care services including nursing, physical therapy, occupational therapy, speech pathology, medical social, home health aide. The company previously sought bankruptcy protection (Bankr. N.D. Tex. Case No. 17-32419) on June 21, 2017 . Multicare Home Health Services again sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 17-34205) on Nov. 6, 2017. In the petition signed by Gloria Wilson, managing member, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities as of the bankruptcy filing. The Hon. Harlin DeWayne Hale presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is the Debtor's counsel. NADER MOMENI: Proposes a $2M Private Sale Chevy Chase Property -------------------------------------------------------------- Nader Momeni filed with the U.S. Bankruptcy Court for the District of Maryland a third notice of his intended private sale of his right, title and interest in a parcel of real estate known as 115 Quincy Street, Chevy Chase, Maryland to Evan R. Weschler and Marrisa B. Weschler or his nominee for the sum of $1,800,000 or $1,959,904 if certain conditions are met. A hearing on the Motion is set for Feb. 21, 2018 at 2:00 p.m. The objection deadline is Feb 14, 2018. Concurrently with the Notice, the Debtor has mailed a new Motion to Sell. The proposed sale will be a private sale to the Weschlers or nominee for the sum of $1,800,000; but if certain conditions are met then the purchase price will be $1,959,904. The Buyers have signed a contract to purchase the Quincy property pursuant to the offer to purchase at a price of $1,800,000 or $1,959,904 if certain conditions are met. The Property is currently leased by the Debtor to the Buyers on the following terms: rent of $9,084 payable monthly and the lease term ends March 2019. As part of the sale, the Debtor intends to reject the lease. The Buyers have already put down a earnest money deposit of $10,000. The Buyers will obtain a mortgage of $1,371,932 and will bring cash of $664,273 to closing. The Property has an assessed value of $1,390,900 per court index search dated Oct. 17, 2017. Around December 2017, the Buyers through their lender obtained an appraisal on the property which was $2,000,000. The Debtor has not obtained an appraisal. At the settlement date, the Debtor proposes to disburse the sale proceeds as follows: a. From the Debtor's share: (i) Chase first mortgage $1,469,871; (ii) U.S. Bank second mortgage $176,612; (iii) Kenyan claim $15,236; (iv) Bhargava lien $0; (v) Suntrust lien $0; (vi) one-half of the US Trustee fee of $19,940, or $9,970; (vii) legal fees to Dain, Walker, Sobhani & Nicoli, PLLC of $7,400; (viii) final water bill to WSSC of $400; (ix) remaining funds, if any, will be paid to Nader Momeni, the Debtor. If the Court does not eliminate the liens of Suntrust ($218,458) and Bhargava ($52,535), the Debtor must bring $481 to settlement. b. From the Buyers' share: (i) processing fee of $725; (ii) appraisal fee of $600; (iii) credit report of $30; (iv) LOL flood cert of $5; (v) tax service fee of $144; (vi) UDM Alert fee of $11; (vii) deed preparation fee to Cyrus Sobhani of $250; (viii) release tracking fee of $90; (ix) prepaid interest to SunTrust Bank of $739; (x) homeowners insurance of $1282; (xi) propert taxes of $7,206; (xii) abstract search (estimate) of $300; (xiii) archive fee of $90; (xiv) courier fee of $200; (xv) examination fee of $150; (xvi) insurance binder fee of $175; (xvii) lender's policy of $3,293; (xviii) settlement closing fee of $500; (xix) verification of release of $300; (xx) owner's policy of $3,607; (xxi) Montgomery County transfer taxes of $19,500; (xxii) State of Maryland Transfer taxes of $9,750; (xxiii) recording fee deed of $60; (xxiv) recording fee mortgage of $60; (xxv) state recordation tax of $24,025; (xxvi) homeowners insurance premium to Erie of $3,874; (xxvii) one-half of the US Trustee fee of $19,940, or $9,970; and (xxviii) legal fees to Dain, Walker, Sobhani & Nicoli, PLLC of $12,500. The Creditors: CHASE P.O. Box 24696 Columbus, OH 43224 SUNTRUST BANK P.O. Box 85052 Richmond, VA 23285 U.S. BANK P.O Box 65450 Salt Lake City, UT 84165 Nader Momeni sought Chapter 11 protection (Bankr. D. Md. Case No. 12-19999) on May 25, 2012. Randall J. Borden, Esq., in Fairfax, Virginia, serves as counsel to the Debtor. NASRIN OIL: Seeks May 1 Exclusive Plan Filing Period Extension -------------------------------------------------------------- Nasrin Oil Corp. asks the U.S. Bankruptcy Court for the Southern District of Florida for a 90-day extension of the exclusivity period to file a Plan of Reorganization and file a Disclosure Statement and related deadlines, through and including May 1, 2018. Pursuant to 11 U.S.C. Section 1121(b), the Debtor has the exclusive right to file a plan of reorganization which, in this case, was set as January 31, 2018. There are presently open and pending issues related to the Debtor's case that must be resolved prior to the formulation of a Plan and Disclosure Statement, including and relating to adequate protection payments. In addition to these unresolved issues, the Debtor's president is currently out and of the country and cannot settle these outstanding matters until he returns, thus requiring additional time for the Debtor to discuss and negotiate with its creditors. The Debtor contends that it has been making good faith progress towards reorganization; it has been managing its assets and preserving the Estate's value; there is no intent to seek an extension of exclusivity to pressure any creditor into accepting a plan, but rather are seeking the extension in order to allow pending negotiations and other issues to be resolved which will, ultimately, impact the form and substance of the Debtor's Plan and Disclosure Statement. About Nasrin Oil Corp. Nasrin Oil Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-22086) on Oct. 3, 2017. In the petition signed by Mohammad K. Miah, its president, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Erik P. Kimball presides over the case. Merrill P.A. is the Debtor's bankruptcy counsel. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case. NEVADA CLUB: Hires Frank T. Waters as Attorney ---------------------------------------------- Nevada Club Inn seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ the Law Office of Frank T. Waters, as attorney to the Debtor. Nevada Club requires Frank T. Waters to: a. give legal advice as to the procedures of a Bankruptcy; b. prepare on behalf of the Debtor documents that may pertain to the bankruptcy proceedings; and c. advise the Debtor regarding bankruptcy procedure and practices. Frank T. Waters will be paid based upon its normal and usual hourly billing rates. Frank T. Waters will be paid a retainer in the amount of $5,000. The Debtor paid Frank T. Waters $2,000 as advance retainer. Frank T. Waters will also be reimbursed for reasonable out-of-pocket expenses incurred. Frank T. Waters, owner of the Law Office of Frank T. Waters, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Frank T. Waters can be reached at: Frank T. Waters, Esq. LAW OFFICES OF FRANK T. WATERS 6870 S. Highway 95, Bldg. C Ste. 451 Mohave Valley, AZ 86440 Tel: (928) 768-1105 Fax: (928) 768-1106 About Nevada Club Inn Nevada Club Inn, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-14944) on Dec. 20, 2017. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. The case is assigned to Judge Eddward P. Ballinger Jr. The Law Offices of Frank T. Waters is the Debtor's bankruptcy counsel. NEXT COMMUNICATIONS: Given Last Exclusivity Extension Until March 1 ------------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida has granted Next Communications, Inc., en extension of its exclusive right to file a plan through and including March 1, 2018, but warned that it will not grant a further extension of the exclusivity period. The Debtor is directed to file a plan of reorganization by March 1, 2018. The Debtor will have through May 1, 2018 to obtain acceptance of the filed plan. The Troubled Company Reporter has previously reported that the Debtor filed a fourth motion seeking for an extension of the exclusivity periods for filing and obtaining acceptance of a chapter 11 plan through March 30, 2018 and May 30, 2018, respectively. The Debtor sought exclusivity extension to allow the Debtor ample time to finalize a Chapter 11 Plan and Disclosure Statement. The Debtor told the Court that it has been working on its claims analysis to determine expected claims filed against it. The Debtor still needed to resolve the claim of 100 NWT Fee. In addition, the Debtor said that it has filed an adversary proceeding against Verizon and Equinix for the loss of server equipment while in their custody and control. About Next Communications Next Communications, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-10411) on Dec. 21, 2016. In the petition signed by CEO Arik Maimon, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Robert A. Mark presides over the case. AM Law, LLC, is the Debtor's bankruptcy counsel, and Hasapidis Law Offices is the special counsel. OCULAR THERAPEUTIX: Prudential Owns 6.8% Stake as of Dec. 31 ------------------------------------------------------------ Prudential Financial, Inc. reported to the Securities and Exchange Commission that as of Dec. 31, 2017, it beneficially owns 1,995,968 shares of common stock of Ocular Therapeutix, Inc., constituting 6.8 percent of the shares outstanding. Prudential Financial, Inc. is a Parent Holding Company and the indirect parent of the following subsidiaries, who are the beneficial owners of the number and percentage of securities which are the subject of this filing: Subsidiaries Number of Shares Percentage ------------ ---------------- ---------- Jennison Associates LLC 1,994,768 6.78 Quantitative Management Associates 1,200 0 A full-text copy of the regulatory filing is available at: https://is.gd/Laamd8 About Ocular Therapeutics Ocular Therapeutix, Inc., headquartered in Bedford, Massachusetts -- http://www.ocutx.com/-- is a biopharmaceutical company focused on the development and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary hydrogel platform technology. Its bioresorbable hydrogel-based drug product candidates are designed to provide extended delivery of therapeutic agents to the eye. Its lead product candidates are DEXTENZA (dexamethasone insert), for the treatment of post-surgical ocular inflammation and pain, allergic conjunctivitis and dry eye disease, and OTX-TP, for the treatment of glaucoma and ocular hypertension, which are extended-delivery, drug-eluting inserts that are placed into the canaliculus through a natural opening called the punctum located in the inner portion of the eyelid near the nose. Its intracanalicular inserts combine its hydrogel technology with U.S. Food and Drug Administration, or FDA, approved therapeutic agents with the goal of providing extended delivery of drug to the eye. Ocular reported a net loss of $44.70 million in 2016, a net loss of $39.74 million in 2015, and a net loss of $28.64 million in 2014. As of Sept. 30, 2017, Ocular had $64.39 million in total assets, $28.47 million in total liabilities and $35.92 million in total stockholders' equity. "As of September 30, 2017, we had cash and cash equivalents of $51.2 million and outstanding debt of $18.0 million. Cash in excess of immediate requirements is invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. In August 2017, we announced that we expected to realize savings in operating expenses, including personal costs, as a result of streamlining headcount, as part of an initiative to enhance operations and reduce expenses. Based on our current plans and forecasted expenses, with these costs savings, we believe that existing cash and cash equivalents will fund operating expenses, debt service obligations and capital expenditure requirements into the fourth quarter of 2018. If we are unable to obtain additional financing, we will be required to implement further cost reduction strategies. These factors, and the factors described above, continue to raise substantial doubt about our ability to continue as a going concern," the Company stated in its quarterly report for the period ended Sept. 30, 2017. OL FRESH: Case Dismissed, Cash Collateral Use Deemed Moot --------------------------------------------------------- The Hon. Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts, having granted the U.S. Trustee's Motion to Dismiss, has declared moot OL Fresh, LLC's continued interim authorization for use of cash collateral. About OL Fresh OL Fresh, LLC, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-10994) on March 23, 2017. In the petition signed by James W. Amatucci, managing member, the Debtor disclosed $30,400 in total assets and $298,003 in total liabilities. The case is assigned to Judge Joan N. Feeney. The Debtor is represented by Timothy M. Mauser, Esq. OMEROS CORP: BlackRock Has 8.2% Equity Stake as of Dec. 31 ---------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2017, it beneficially owns 3,930,578 shares of common stock of Omeros Corporation, constituting 8.2 percent of the shares outstanding. A full-text copy of the regulatory filing is available at: https://is.gd/LPELvh About Omeros Corporation Omeros Corporation -- http://www.omeros.com/-- is a commercial-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, complement-mediated diseases and disorders of the central nervous system. The company's drug product OMIDRIA (phenylephrine and ketorolac injection) 1% / 0.3% is marketed 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. In the European Union, the European Commission has approved OMIDRIA for use in cataract surgery and other IOL 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. The U.S. Food and Drug Administration has granted breakthough therapy, fast-track and orphan drug designations across a number of Omeros' clinical programs. In addition, Omeros has a diverse group of preclinical programs and a proprietary G protein-coupled receptor (GPCR) platform through which it controls 54 new GPCR drug targets and corresponding compounds, a number of which are in pre-clinical 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. ONCOBIOLOGICS INC: Amends Fiscal 2017 Form 10-K to Add Part III --------------------------------------------------------------- Oncobiologics, Inc., filed with the Securities and Exchange Commission an amendment No. 1 to its annual report on Form 10-K/A to amend its Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2017 as filed with the SEC Dec. 29, 2017. The principal purpose of this Amendment No. 1 is to include the Part III information that was previously omitted from the Form 10-K in reliance on General Instruction G(3) to Form 10-K. Part III of the Annual Report discloses these information: Item 10. Directors, Executive Officers and Corporate Governance Item 11. Executive Compensation Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Item 13. Certain Relationships and Related Transactions, and Director Independence Item 14. Principal Accounting Fees and Services A full-text copy of the Form 10-K/A is available for free at: https://is.gd/173klF About Oncobiologics Oncobiologics, Inc. -- http://www.oncobiologics.com/-- is a clinical-stage biopharmaceutical company focused on identifying, developing, manufacturing and commercializing complex biosimilar therapeutics. The Cranbury, New Jersey-based Company's current focus is on technically challenging and commercially attractive monoclonal antibodies, or mAbs, in the disease areas of immunology and oncology. Oncobiologics reported a net loss attributable to common stockholders of $40.02 million for the year ended Sept. 30, 2017, compared to a net loss attributable to common stockholders of $63.13 million for the year ended Sept. 30, 2016. As of Sept. 30, 2017, Oncobiologics had $20.73 million in total assets, $51.46 million in total liabilities, $2.92 million in series A convertible preferred stock, and a $33.65 million total stockholders' deficit. KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2017, citing that the Company has incurred recurring losses and negative cash flows from operations since inception and has an accumulated deficit at Sept. 30, 2017 of $186.2 million, $13.5 million of senior secured notes due in December 2018 and $4.6 million of indebtedness that is due on demand, which raises substantial doubt about its ability to continue as a going concern. OSCAR SQUARED: Hires Madoff & Khoury as Counsel ----------------------------------------------- Oscar Squared, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Madoff & Khoury LLP, as counsel to the Debtor. Oscar Squared requires Madoff & Khoury to represent the Debtor in the Chapter 11 bankruptcy proceedings. Madoff & Khoury will be paid based upon its normal and usual hourly billing rates. Madoff & Khoury received a retainer in the amount of $9,717, of which $3,000 was drawn prepetition and $1,717 was paid as the Court filing fee, leaving a retainer balance of $5,000. On Jan. 8, 2018, the Debtor paid Madoff & Khoury $2,500, which was drawn for services provided to the Debtor prior to the Chapter 11 filing. The Debtor's principal, who borrowed the funds from family members, is the source of the funds. Madoff & Khoury will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Madoff, partner of Madoff & Khoury LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Madoff & Khoury can be reached at: David B. Madoff, Esq. Steffani M. Pelton Nicholson, Esq. MADOFF & KHOURY LLP 124 Washington Street Foxboro, MA 02035 Tel: (508) 543-0040 About Oscar Squared Oscar Squared, Inc., is a single asset real estate entity that owns an undeveloped parcel of land on Berkley Street in Taunton, Massachusetts. Oscar Squared has two secured creditors: (1) Mechanics Cooperative Bank, which holds a first mortgage on the Property; and, (2) the Acheson Family Trust, which holds a second mortgage. Oscar Squared's bankruptcy case was precipitated by an impending foreclosure sale of the Property by Mechanics. However, the Property has been listed for sale, and is currently under agreement. The Debtor intends to sell the Property in order to satisfy its current obligations to the Secured Creditors. Oscar Squared filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 18-10223) on Jan. 24, 2018. The Debtor hired David B. Madoff, at Madoff & Khoury LLP, as counsel. PAULA OLIVER: $880K Sale of Torrance Property to Kirkemos Approved ------------------------------------------------------------------ Judge Vincent P. Zurzolo of the U.S. Bankruptcy Court for the Central District of California authorized Paula Rae Oliver's sale of real property located at 4209 Scott Street, Torrance, California to John Kirkemo and Dawn Kirkemo for $880,000. A hearing on the Motion was held on Jan. 9, 2018 at 11:00 a.m. The sale of the Property will be "as-is" and "where-is" with all faults and without warranty, representation, or recourse whatsoever. The loan secured by a first lien on the Property will be paid in full as of the date of the closing of the sale, and the sale will be conducted through an escrow and based on a non-expired contractual payoff statement received directly from Select Portfolio Servicing, Inc., servicing agent for The Bank of New York Mellon, formerly known as The Bank of New York, as trustee, for the Certificateholders CWALT, INC., Alternative Loan Trust 2007-HY9 Mortgage Pass-Through Certificates, Series 2007-HY9. As of Jan. 18, 2018, the BONY Payoff amount is currently $768,249. In regards to the second lien recorded on the Property held by lienholder, Rajesh Vashdev, per the Court's Order Determinging Value of the Property, signed by the Court on Aug. 28, 2015, the second lien is wholly unsecured and will receive zero from Escrow. The Internal Revenue Service liens on the Property for the tax years 2004, 2008, 2009, and 2014, will be paid in full as of the date of the closing of the sale, and the sale will be conducted through an escrow and based on a nonexpired payoff statement received directly from the Internal Revenue Service. As of Jan. 18, 2018, the IRS Liens Payoff amount is $34,932. Interest and penalties continue to accrue until the liens are paid in full. To the extent remaining funds are available in escrow after payment of the first deed held by BONY, and the IRS liens, the Debtor is authorized to pay the IRS, on account of its priority claims and post-petition claims for 2015 and 2016, in full through escrow. To the extent funds are available; the IRS claims should be paid in the order set forth. The following claim amounts are calculated through Jan. 18, 2018: (i) IRS Priority Claim (Tax Years 2012 & 2013) - $28,557; (ii) IRS Post-Petition Claim (Tax Year 2015) - $762; and (iii) IRS Post-Petition Claim (Tax Year 2016) - $6,608. The payment on the Priority and Post-Petition Claims for 2015 and 2016 will be based on a nonexpired payoff statement received directly from the IRS. Interest and Penalties continue to accrue until the claims are paid in full. The Escrow is authorized to pay the Buyer's brokers' commission, the Seller's share of customary closing costs, and administrative costs from Escrow. The Escrow is directed to pay any net proceeds, if any, currently estimated to be approximately $605, to A.O.E. Law & Associates, to pay toward the balance of $7,215 for the attorney's fees and costs owed A.O.E. for its First Interim Fee Application, for the application period of May 26, 2015, through and including Jan. 12, 2016, granted by the Court on Feb. 29, 2016. The Buyers will receive title to the Property free and clear of all other liens, claims and interests. Should the Buyer not timely complete the purchase of the Property, the Debtor is authorized to cancel the sale pursuant to California law and the terms of the PSA. If the sale is canceled, the Debtor is authorized to retain the Buyer's deposit. Paula Rae Oliver sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 15-18116) on May 20, 2015. On May 12, 2016, the Court confirmed the Debtor's Chapter 11 Plan of Reorganization. PERLL DIAGNOSTICS: Case Summary & 8 Unsecured Creditors ------------------------------------------------------- Debtor: Perll Diagnostics, Inc. pka Penn Diagnostics, Inc. 5010 Ritter Road, Suite 104 Mechanicsburg, PA 17055 Business Description: Perll Diagnostics, Inc., headquartered in Mechanicsburg, Pennsylvania, is a locally- owned full-service diagnostics laboratory. The Company provides drug testing, basic metabolic panel, an allergy testing or and some other types of diagnostic testing services. Perll Diagnostics previously sought bankruptcy protection on June 6, 2013 (Bankr. M.D. Pa. Case No. 13-02985). https://www.perlldiagnostics.com/ Chapter 11 Petition Date: February 2, 2018 Case No.: 18-00437 Court: United States Bankruptcy Court Middle District of Pennsylvania (Harrisburg) Judge: Hon. Henry W. Van Eck Debtor's Counsel: Lawrence V. Young, Esq. CGA Law FIRM 135 North George Street York, PA 17401 Tel: 717 848-4900 Fax: 717 843-9039 Email: lyoung@cgalaw.com tlocondro@cgalaw.com Total Assets: $178,877 Total Liabilities: $3.13 million The petition was signed by Nava K. Nawaz, M.D., president. A full-text copy of the Debtor's petition containing a list of its eight largest unsecured creditors is available for free at: http://bankrupt.com/misc/pamb18-00437.pdf PHILADELPHIA HEALTH: Atlantic Diagnostic Leaves Creditors' Panel ---------------------------------------------------------------- Atlantic Diagnostic Laboratories, LLC, has resigned from the official committee of unsecured creditors of North Philadelphia Health System. As reported by the Troubled Company Reporter on Jan. 25, 2017, Andrew Vara, acting U.S. trustee for Region 3, on Jan. 23 appointed four creditors to the Committee, which included Atlantic Diagnostic. The committee is now composed of: (1) Independence Blue Cross, LLC Attn: Michael Zipfel and Jessica Tamaccio 1900 Market Street Philadelphia, PA 19103 Tel: (215) 241-4908 Fax: (215) 241-3824 E-mail: michael.zipfel@ibx.com jessica.tamaccio@ibx.com (2) PECO Energy Company Attn: Patrick J. Vogelei and Lynn Zack 300 Exelon Way, 2nd Floor Kennett Square, PA 19348 Tel: (610) 765-6655 E-mail: patrick.vogelei@exeloncorp.com lynn.zack@exeloncorp.com (3) Keystone Quality Transport Co. Attn: Todd M. Strine 1260 E. Woodland Avenue, Suite 200 Springfield, PA 19064 Tel: (215) 432-6926 E-mail: tstrine@gmail.com About North Philadelphia Health System North Philadelphia Health System, a Pennsylvania non-profit, non-stock, non-member corporation, operates the Girard Medical Center, a state-licensed 65-person private psychiatric hospital, and the Goldman Clinic, a medically assisted treatment center located Philadelphia, Pennsylvania. North Philadelphia Health System sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 16-18931) on Dec. 30, 2016. The petition was signed by George Walmsley III, president and CEO. The Debtor estimated assets and liabilities at $10 million to $50 million. The case is assigned to Judge Magdeline D. Coleman. The Debtor hired Martin J. Weis, Esq. at Dilworth Paxson LLP as counsel; John D. Kutzler, Esq., at Buzby & Kutzler, Attorneys at Law, as special counsel; and SSG Advisors as investment banker. On Jan. 23, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Obermayer Rebmann Maxwell & Hippel LLP as its legal counsel and M S Fox Real Estate Group as consultant. PITTSBURGH ATHLETIC: Steinway Piano, Antique Chandeliers for Sale ----------------------------------------------------------------- Fred Peters Auctioneers, LLC, will auction off personal property of Pittsburgh Athletic Association on Saturday, Feb. 17, 2018, starting at 9:30 a.m. The auction will be held at 4215 Fifth Ave., Pittsburgh, PA 15213. The assets for sale include: * Commercial Kitchen/Bakery/Lounge Equipment; * Exercise/Weight Rm Equipment w/Fixtures; * Apartment/Lobby Furnishings; * Steinway & Sons Baby Grand Piano; * Antique Crystal Chandeliers; * Maintenance Shop & Much More! FP Auctioneers will implement a 10% Buyers Premium. A complete listing and photos of the assets are available at http://www.fpauctioneers.com/ For information, contact: Fred Peters Auctioneers, LLC Tel: 724-785-8954 About Pittsburgh Athletic Association Pittsburgh Athletic is a private social club and athletic club in Pittsburgh, Pennsylvania, USA. Its clubhouse is listed on the National Register of Historic Places. Pittsburgh Athletic is a nonprofit membership club chartered in 1908. It ran into financial difficulties and had its liquor license temporarily suspended for not paying Allegheny County drink taxes. Affiliated debtors Pittsburgh Athletic Association (Bankr. W.D. Pa. Case No. 17-22222) and Pittsburgh Athletic Association Land Company (Bankr. W.D. Pa. Case No. 17-22223) filed for Chapter 11 bankruptcy protection on May 30, 2017. The Debtors each estimated their assets and liabilities at between $1 million and $10 million each. The petitions were signed by James A. Sheehan, president. Judge Jeffery A. Deller presides over the case. Jordan S. Blask, Esq., at Tucker Arensberg, P.C., serves as the Debtors' bankruptcy counsel. Gleason & Associates, P.C., is the Debtors' financial advisor. Holliday Fenoglio Fowler, L.P., is the Debtors' real estate advisors. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee hired Leech Tishman Fuscaldo & Lampl, LLC, as counsel. PREMIER MARINE: Court Approved Cash Collateral Stipulation ---------------------------------------------------------- The Hon. Katherine A. Constantine of the U.S. Bankruptcy Court for the District of Minnesota, at the behest of Premier Marine, Inc., has approved the Third Amendment to Stipulation for use of cash collateral. A full-text copy of the Order is available at: http://bankrupt.com/misc/mnb17-32006-222.pdf The Debtor is indebted to American Bank of the North in the approximate total principal amount of $6,521,648, as of the Petition Date, which is secured by a duly perfected first priority lien in substantially all assets of the Debtor, including inventory, accounts, equipment and general intangibles. The Debtor believes that American Bank is over secured. As of the Petition Date, the Debtor is indebted to Trusek, LLC, in the approximate amount of $500,000, secured by a duly perfected lien in substantially all assets of the Debtor, including inventory, accounts, equipment and general intangibles. The Trusek Debt is junior in priority to the lien of American Bank. About Premier Marine For 25 years, Premier Marine, Inc., has manufactured "Premier" brand pontoon boats -- http://www.pontoons.com/-- in Wyoming, Minnesota. Premier Marine designs, builds and markets luxury pontoons and holds many patents on manufacturing elements such as furniture hinges, J-Clip rail fasteners and the PTX performance package. The family-owned and operated Company sells its pontoons through boat dealers located throughout the United States and Canada. Premier Marine is a family owned business formed in 1992 by Robert Menne and Eugene Hallberg. The Menne family controls 72.8% of the company equity. Hallberg controls the remaining 27.2% and is Premier's landlord. Premier Marine, Inc., filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-32006) on June 19, 2017. The need for reorganization in chapter 11 was precipitated by a failed acquisition of another pontoon manufacturer in 2011. The Chapter 11 was filed in response to an eviction action commenced by Hallberg for the nonpayment of rent. The Chapter 11 is necessary to attract a new equity partner, reject the Hallberg leases, consolidate manufacturing under a single roof and reorganize the business for the mutual benefit of the Debtor creditors, employees and dealer network. In the bankruptcy petition signed by president Lori J. Melbostad, the Debtor estimated assets and liabilities between $10 million and $50 million. The case is assigned to Judge Katherine A. Constantine. The Debtor's counsel are Michael F. McGrath, Esq., and Will R. Tansey, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey, A Professional Association. Guidesource's Richard Gallagher is the Debtor's financial consultant. On June 27, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Fafinski, Mark & Johnson, P.A., is the Committee's bankruptcy counsel. PREMIER PCS: Has Permission to Use Cash Collateral on Final Basis ----------------------------------------------------------------- Judge H. Christopher Mott of the U.S. Bankruptcy Court for the Western District of Texas authorized Premier PCS of TX, LLC, to use cash collateral on a final basis. Premier PCS may use cash subject to the following changes in the Budget: (a) payment of ad valorem taxes on the property may be increased to $3,000 per month, (b) payments to utilities may be increased to $15,000 for gas, (c) $7,500 for electricity, and (d) $3,750 for water for January 2018. Premier PCS may use the estate's cash collateral under these conditions: (a) The automatic stay applies to all creditors holding interests in the cash equivalents including Wells Fargo Account #-2870. The Court has already ordered that Viceroy Capital Funding, LLC release any writ, encumbrance, restraint or other hold on such account. (b) The Court awards replacement liens upon the Debtor's cash equivalents to Metro PCS and Complete Business Solutions Group ("CBSG") in the order of priority that existed on petition date, and to the extent, in CBSG's instance, that such liens are valid and non-avoidable. (c) Premier PCS is required to keep the inventory adequately insured against fire, theft, water damage and other hazards. (d) Premier PCS is authorized to make payments from cash collateral to Metro PCS in accordance with the Order Authorizing Payment to Critical Supplier. Premier PCS is authorized to continue to perform all of the terms of the prepetition line of credit it had with Metro PCS, for prepetition as well as postpetition cellular telephone purchases. (e) The Debtor is expected to maintain the cash collateral at the aggregate level on hand for each creditor as of petition date, less amounts paid to that creditor from sales and operations and under the final order. (f) Metro PCS and CBSG and other lenders will each have rights to inspect its collateral and the Debtor's books and records. (g) The Debtor may make weekly adequate protection payments of $3,000 each Friday to Viceroy Finance. A full-text copy of the Order is available at: http://bankrupt.com/misc/txwb17-32021-54.pdf About Premier PCS of TX Based in El Paso, Texas, Premier PCS of TX, LLC, provides computer maintenance and repair services. Premier PCS of TX, based in El Paso, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 17-32021) on Dec. 6, 2017. In the petition signed by Managing Member Richard Ahn, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Christopher H. Mott presides over the case. E.P. Bud Kirk, a partner at the law firm of E.P. Bud Kirk, serves as bankruptcy counsel to the Debtor. PRIME GLOBAL: Incurs $960K Net Loss in Fiscal 2017 -------------------------------------------------- Prime Global Capital Group Incorporated filed with the Securities and Exchange Commission its annual report on Form 10-K reporting a net loss of US$960,069 on US$1.26 million of net total revenues for the year ended Oct. 31, 2017, compared to a net loss of US$911,522 on US$1.64 million of net total revenues for the year ended Oct. 31, 2016. As of Oct. 31, 2017, Prime Global had US$44.51 million in total assets, US$17.22 million in total liabilities, and US$27.28 million in total equity. ShineWing Australia, in Melbourne, Australia, issued a "going concern" opinion in its report on the Company's consolidated financial statements for the year ended Oct. 31, 2017, noting that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Oct. 31, 2017. All these factors raise substantial doubt about its ability to continue as a going concern. As of Oct. 31, 2017, the Company had cash and cash equivalents of US$294,261 and accounts receivable of US$154,619. "We expect to incur significantly greater expenses in the near future, including the contractual obligations that we discussed below, to begin development activities," stated the Company in the report. "We also expect our general and administrative expenses to increase as we expand our finance and administrative staff, add infrastructure, and incur additional costs related to being an accelerated filer, including directors' and officers' insurance and increased professional fees. "We have never paid dividends on our Common Stock. Our present policy is to apply cash to investments in product development, acquisitions or expansion; consequently, we do not expect to pay dividends on Common Stock in the foreseeable future." A full-text copy of the Form 10-K is available for free at: https://is.gd/AzgaNF About Prime Global Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc (OTCBB:PGCG) -- www. http://www.pgcg.cc/-- is engaged in the operation of a durian plantation, leasing and development of the operation of an oil palm plantation, commercial and residential real estate properties. PRODUCTION PATTERN: May Continue Using Cash on Interim Basis ------------------------------------------------------------ Judge Bruce T. Beesley of the U.S. Bankruptcy Court for the District of Nevada has approved the Stipulation between Production Pattern and Foundry Co., Inc. and Bank of the West, authorizing the use of cash collateral on an interim basis. Judge Beesley has also approved the Debtor's Initial Budget which provides total cash distributions in the aggregate sum of $5,485,300 during the week ending Jan. 6, 2018 through March 31, 2018. The Stipulation and the Adequate Protection Order entered by the Court on Dec. 19, 2017 will continue in full force and effect. The Debtor is expected to continue to provide Bank of the West with Subsequent Budgets in accordance with the terms of the Stipulation and the Adequate Protection Order. In addition, the Stipulation and the Adequate Protection Order are amended by adding the following provision: "In the event the Debtor's total Cash Receipts for any rolling four week period are less than 88% of the Debtor's budget projections, then the Bank may, at its option, either declare a default hereunder or waive the occurrence of the default… If the Debtor believes extraordinary and non-recurring circumstances caused its receipts to be less than projection which should relieve it of a declared default, it may…apply to the Court for a waiver of the default which application shall be heard on shortened time… " A full-text copy of the Order is available at: http://bankrupt.com/misc/nvb17-51106-129.pdf Attorneys for Bank of the West: John F. Murtha, Esq. Woodburn and Wedge Sierra Plaza 6100 Neil Road, Ste. 500 P.O. Box 2311 Reno, Nevada 89505 Tel: 775-688-3000 Fax: 775-688-3088 E-mail: jmurtha@woodburnandwedge.com sadams@woodburnandwedge.com About Production Pattern and Foundry Production Pattern and Foundry Co., Inc. -- http://www.ppfco.com/ -- is a TS-16949 Certified, casting foundry, producing aluminum castings for a wide variety of industries. PPF produces parts and equipment components for a broad spectrum of markets -- from chip-making equipment to drinking fountains. Typical PPF customer applications have included: housings mounting bases, manifolds, valve bodies, door hinges and brackets. The company also has experience in heavy truck manufacturing, semiconductor chip manufacturing equipment, medical and dental equipment manufacturing, construction, utility, packaging machinery and sports equipment industries. Production Pattern filed a Chapter 11 petition (Bankr. D. Nev. Case No. 17-51106) on Sept. 20, 2017. In the petition signed by Arlene Cochran, president, the Debtor estimated assets and liabilities of $10 million to $50 million. The case is assigned to Judge Bruce T. Beesley. The Debtor hired Minden Lawyers, LLC as its bankruptcy counsel and Harris Law Practice LLC as co-counsel. PROFLO INDUSTRIES: SkyMark Bid for Ch. 11 Trustee Appointment Nixed ------------------------------------------------------------------- Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio denied SkyMark Refuelers, LLC's motion to appoint a Chapter 11 trustee in the case of ProFlo Industries, LLC. Terry N. Bosserman is the President and sole member of Debtor, which is in the business of manufacturing and refurbishing aircraft refueling equipment. Bosserman testified that the business is a very small, specialized and technical industry and that Debtor's sales are relationship driven. Bosserman personally handles all sales, negotiates with vendors, approves all invoices and engineering drawings, and writes all of the technical specs for each unit. Bosserman is a 75% owner of ProFlo Latam, a Columbian entity that certain work for Debtor. He also owns Bosserman Automotive Engineering, LLC, which owns and leases the building where Debtor conducts business. SkyMark first argues that Bosserman, as Debtor's sole member and President, has engaged in fraud and gross mismanagement of Debtor both prior to and after the commencement of this bankruptcy case and that, as a result, the appointment of a Chapter 11 trustee is mandated under section 1104(a)(1). In support thereof, SkyMark relies on the State Court penalty default judgment entered against Bosserman, as well as Debtor and Automotive, on all claims asserted against them by SkyMark and First Federal Bank. Those claims include, among other things, claims for fraud, unfair competition, misappropriation of collateral, and conversion of assets purchased by SkyMark at the receivership auction. SkyMark argues that because entry of the default judgment resulted in the admission of all factual averments in the State Court complaint, the facts alleged therein are established by the deemed admissions. Here, SkyMark is relying on deemed admissions resulting from the State Court's entry of a penalty default judgment, which is not a final judgment. The fact of deemed admissions for purposes of SkyMark and First Federal's claims in State Court as a penalty for the failure to comply with the State Court's discovery order shed no light on the facts this court must determine in deciding whether the appointment of a Chapter 11 trustee is required, namely, whether Debtor's management, and specifically Bosserman, has, in fact, acted fraudulently or dishonestly, or whether Bosserman is incompetent or has grossly mismanaged Debtor's affairs. The court cannot rely on the deemed admissions to find by clear and convincing evidence that Bosserman has actually acted in such a manner that requires the appointment of a trustee. SkyMark also argues that cause exists to appoint a trustee because Debtor's bankruptcy case was filed as a litigation tactic and, thus, was filed in bad faith. SkyMark is correct in arguing that the statutory grounds listed for cause in section 1104(a)(1) are nonexclusive. Thus, "bad faith" conduct of a debtor's management may, under some circumstances, constitute cause for appointment of a trustee under section 1104(a)(1). However, the court does find that filing a petition in bad faith is such a circumstance. There is no question that filing a bankruptcy petition in bad faith may constitute "cause" for dismissal or conversion of a case but "bad faith" in that context is not a basis under section 1104(a)(1) for ousting current management of a debtor in an ongoing Chapter 11 case. SkyMark further argues that cause to appoint a trustee exists due to what it characterizes as Debtor's ongoing self-dealing transactions with ProFlo Latam. According to SkyMark, Bosserman is shifting business and thus, the related profits, from Debtor to ProFlo Latam. While there is evidence of transactions with ProFlo Latam, Bosserman testified that their purpose and effect is cost-savings for Debtor. The record before the court is insufficient to find an untoward purpose relating to those transactions. For all of the foregoing reasons, whether its arguments are taken individually or collectively, SkyMark has not met its high burden under section 1104(a)(1). To conclude, the court denies SkyMark's motion to appoint a Chapter 11 trustee but orders the United States Trustee to select an individual to be appointed an examiner for the limited purpose of investigating the transactions between Debtor and ProFlo Latam and payments to Terry N. Bosserman, Crystal Bosserman and Terry L. Bosserman as insiders of Debtor and reporting the results of that investigation. A copy of Judge Whipple's Memorandum of Decision dated Jan. 29, 2018 is available at: http://bankrupt.com/misc/ohnb17-33184-125.pdf About ProFlo Industries Headquartered in Alvada, Ohio, ProFlo Industries, LLC, is an Ohio Limited Liability Company engaged in the airline refueling business. The principal customers of the business are multi-national companies providing goods, services and advice in the global aviation industry. ProFlo consists of one shareholder: Terry N. Bosserman who owns 100% of the shares. ProFlo Industries filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 17-33184) on Oct. 8, 2017, estimating its assets at between $500,001 and $1 million and liabilities between $100,001 and $500,000. The petition was signed by Terry N. Bosserman, president. The Debtor is represented by Patricia A. Kovacs, Esq. The U.S. Trustee was unable to appoint an official committee of unsecured creditors in the Chapter 11 case of ProFlo Industries, LLC, according to a notice filed with the U.S. Bankruptcy Court for the Northern District of Ohio. R & S ANTIQUES: Sale of Beverly Hills Merchandise Approved ---------------------------------------------------------- Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California authorized R & S Antiques, Inc., doing business as David Orgell, (a) to immediately begin selling its remaining inventory ("Merchandise") (i) first at its store location at 262 North Rodeo Drive, Beverly Hills, California until the effective date of its rejection of its lease for the Store location; and (ii) thereafter at an alternate location until the earlier of March 31, 2018 or the date upon which the last of the Merchandise has been sold, through a store closing sale; and (b) to obtain goods on consignment and sell such goods alongside the Merchandise during the Store Closing Sale. A hearing on the Motion was held on Jan. 18, 2018 at 10:00 a.m. As long as the Debtor is conducting the Store Closing Sale at the Store, it will not be entitled to use "sign walkers" outside the Store or in the area around the Store, any signage relating to the Store Closing Sale will be comparable to standard signage used for store closings in the area around the Store. The Merchandise sold through the Store Closing Sale will be free and clear of all liens, encumbrances, and other interests, with such liens, encumbrances, and other interests to attach to the net sale proceeds, which proceeds will be paid as described in the Motion. The Store Closing Sale will be exempt from federal, state, and local laws, statutes, rules and ordinances related to store closing, liquidation, or similar type sales so long as the Store Closing Sale complies with the terms and conditions of the Guidelines. The Debtor will remain bound by and comply with remaining statutes laws, statutes, rules and ordinances, such as health and safety laws. The 14-day stay proscribed by Federal Rule of Bankruptcy Procedure 6004(h) is waived. About R & S Antiques Located in Beverly Hills, California, R & S Antiques, Inc., doing business as David Orgell -- http://www.davidorgell.com/-- is a family owned retailer of high-end jewelry and timepieces, as well as crystal, antique silver & gifts. The company's Rodeo Drive location was founded in 1958 by David Orgell, son of Spencer Orgell. The Orgell legend began in the late 1800s in England, where the Orgell family had developed a prominent clientele in London that included, among others, the Royal family. Immigrating to the United States, the Orgell family found its way to Los Angeles and settled in nearby Beverly Hills in the 1940s. David Orgell was purchased by the Soltani family in 1989. R & S Antiques, Inc., sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 17-23986) on Nov. 13, 2017. In the petition signed by Rahim Soltani, president, the Debtor estimated assets in the range of $500,000 to $1 million and $10 million to $50 million in debt. The case is assigned to Judge Julia W. Brand. The Debtor tapped Jason Balitzer, Esq., and Victor A Sahn, Esq., at SulmeyerKupetz APC as counsel. RAGGED MOUNTAIN: Seeks 30-Day Access to Cash Collateral ------------------------------------------------------- Ragged Mountain Equipment, Inc., filed a motion seeking authorization from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral on an interim basis for a period of up to 30 days starting Jan. 25, 2018. The Debtor proposes to use approximately $202,872 of cash collateral in January 2018 and $125,254 in February 2018. The Debtor contends that its inventory and receivables will be replaced dollar for dollar with new inventory and receivables so that the value of cash collateral will remain stable or increase during the emergency period. The Debtor estimates $34,018 of cash at the beginning of January and $52,129 of cash at the end of February. The Debtor seeks authority to use cash collateral on an interim immediate basis to avoid immediate and irreparable harm to its business -- a retail and manufacturing outdoor store selling mostly clothing -- which would be forced to shut down if the business is not permitted immediate use of cash pending a final hearing. The Debtor has accumulated a significant amount of debt over the past several years which it needs to be compromised in the bankruptcy case, but most of these debt are unsecured debt. The Debtor does have several prepetition secured creditors with liens on its assets, but they are junior in priority to senior secured lenders. The Debtor's first lien holder is Eastern Bank, which is owed approximately $330,000; the Debtor's second all asset lien holder is Northway Bank, who is owed approximately $100,000 on a line of credit; and the Debtor's third all asset lien holder is Mount Washington Valley Economic Council, who is owed $88,869. The Debtor believes these are the only secured creditors whose liens could possibly attach to any assets since their claims total in the aggregate $518,869 against a maximum value of $154,646 to $472,724 (100% value for inventory) of collateral value. The Debtor will provide Eastern Bank and all junior lienholders, in the same order of priority and to the extent their claims attach to any equity under 11 U.S.C. Section 506(b), replacement liens in its assets consistent with each lender's prepetition lien. In addition, the Debtor will provide monthly reports that are provided to the U.S. Trustee's Office and other reports required by the Court. The Debtor's counsel has no retainer and requests the Court authorize a retainer post-petition of $5,000 per month to be held by counsel until approval of fees, as reflected in the budget. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/nhb18-10091-2.pdf About Ragged Mountain Equipment d/b/a Durable Designs Ragged Mountain Equipment -- http://raggedmountain.com/-- operates a sporting goods store in Intervale, New Hampshire. The company offers equipment for camping, climbing, skiing, and pets such as handwear, gaiters, headgear, luggage and buckles. Lead Debtor Ragged Mountain Equipment, d/b/a Durable Designs, and its affiliate Hurricane Mountain Equipment LLC filed Chapter 11 petitions (Bank. D.N.H. Case Nos. 18-10091 and 18-10092, respectively) on Jan. 25, 2018. In the petitions signed by Robert D. Nadler, authorized representative, Ragged Mountain disclosed $627,408 in assets and $2,060,000 in liabilities; and Hurricane Mountain estimated $500,000 to $1 million assets and $500,000 to $1 million liabilities. The Debtor is represented by Steven M. Notinger, Esq., of Notinger Law, PLLC. RENT-A-WRECK: Plan Held in Abeyance Amid Dismissal/Transfer Bids ---------------------------------------------------------------- Rent-A-Wreck of America, Inc. and its affiliates request the U.S. Bankruptcy Court for the District of Delaware to extend (a) the period in which the Debtors have the exclusive right to file a chapter 11 plan by 91 days, through and including May 21, 2018, and (b) the period in which the Debtors have the exclusive right to solicit acceptances of the chapter 11 plan by 90 days, through and including July 19, 2018. While the Debtors have made appropriate progress in the Chapter 11 Cases, however, in an effort to avoid expending estate assets unnecessarily, the Debtors have held in abeyance their work toward exiting chapter 11, pending the resolution of the motion to dismiss or transfer venue filed by David S. Schwartz and his company, Rent-A-Wreck, Inc. The Debtors seek extension primarily to maintain the status quo pending the Court's ruling on the Motion to Dismiss. Assuming the Motion to Dismiss is denied, the resolution of the Debtors' motion to reject their franchise agreement with Schwartz and of any claims arising from such rejection. The Debtors relate that since they filed their first motion to extend the Exclusive Periods at the end of September, their attention in these Cases has necessarily been focused on the litigation with Schwartz. That litigation included, over the course of approximately three-and-a-half months: (a) briefing and argument on Schwartz's motion for a 2004 examination of the Debtors; (b) negotiation of a protective order; (c) preparing the Debtors' objection to the Motion to Dismiss and their reply in support of the Rejection Motion; (d) completing discovery as to both the Motion to Dismiss and the Rejection Motion; and (e) preparing for and conducting a trial on both Motions over two days, and preparing post-trial briefs for the Court. As a matter of basic economy, the Debtors have refrained from expending estate assets on the next stages of the Chapter 11 Cases until they know that those Cases will continue in this Court. Moreover, if the Cases do continue, the Debtors will need to finally resolve the Rejection Motion in order to properly deal with the universe of claims that may be asserted against the estates and to determine the structure of their franchise system post-emergence. The Debtors seek the requested extension so they can maintain the status quo in the Chapter 11 Cases -- if the Court grants the Motion to Dismiss, a further extension of the Exclusive Periods will have prejudiced no one. But, if the Court denies the Motion to Dismiss, a further extension now will provide the Debtors with the time they anticipate needing to: (a) evaluate their options for exiting chapter 11; (b) prepare for argument on the Debtors' motion to reject its franchise agreement with Schwartz and, if the Rejection Motion is granted, resolving disputes over any claim Schwartz and RAWI may assert as a result of that rejection, and (c) assemble necessary information for, and draft, a disclosure statement and plan of reorganization and/or other papers to effectuate the Debtors' exit from chapter 11. About Rent-A-Wreck of America Rent-A-Wreck of America, Inc. -- http://www.rentawreck.com/-- is a car rental company headquartered in Laurel, Maryland. Founded in 1968 and franchising since 1973, the Company offers for rent economy cars, full size luxury sedans, pickup trucks, box trucks, mini-vans, cargo vans, 15-passenger vans, SUVs, and station wagons. It has locations across the United States and internationally in Norway, Sweden and Denmark. Rent-A-Wreck of America, Inc. and affiliate Bundy American, LLC, filed for Chapter 11 bankruptcy protection on July 24, 2017 (Bankr. D. Del. Case No. 17-11592 and 17-11593), each estimating assets and liabilities at between $1 million and $10 million. The petitions were signed by James William Cash, the Debtors' president. Quarles & Brady LLP is the Debtors' counsel. Aaron S. Applebaum, Esq., at Saul Ewing LLP, serves as the Debtors' co-counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case of Rent-A-Wreck. RESOLUTE ENERGY: Lion Point Discloses 4.3% Stake as of Jan. 30 -------------------------------------------------------------- Lion Point Master, LP, Lion Point Capital GP, LLC, Lion Point Capital, LP, Lion Point Holdings GP, LLC, Didric Cederholm, and James Freeman reported to the Securities and Exchange Commission that as of Jan. 30, 2018, they beneficially own 975,000 shares of common stock of Resolute Energy Corporation, constituting 4.3 percent (based upon 22,503,907 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2017 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on Nov. 6, 2017). Lion Point GP is the general partner of Lion Point Master. Lion Point Capital is the investment manager to Lion Point Master. Lion Point Holdings is the general partner of Lion Point Capital. Mr. Cederholm is a founding partner and chief investment officer of each of Lion Point GP and Lion Point Capital. Mr. Cederholm is also a member and a manager of each of Lion Point GP and Lion Point Holdings. Mr. Freeman is a founding partner and Head of Research of each of Lion Point GP and Lion Point Capital. Mr. Freeman is also a Member and a Manager of each of Lion Point GP and Lion Point Holdings. By virtue of these relationships, each of Lion Point GP, Lion Point Capital, Lion Point Holdings, Mr. Cederholm and Mr. Freeman may be deemed to beneficially own the securities beneficially owned by Lion Point. A full-text copy of the regulatory filing is available at: https://is.gd/JHn125 About Resolute Energy Based in Denver, Colorado, Resolute Energy Corp. -- http://www.resoluteenergy.com/-- is an independent oil and gas company focused on the acquisition and development of unconventional oil and gas properties in the Delaware Basin portion of the Permian Basin of west Texas. The Company's common stock is traded on the NYSE under the ticker symbol "REN." Resolute reported a net loss of $161.7 million in 2016, a net loss of $742.3 million in 2015 and a net loss of $21.85 million in 2014. The Company had $792.32 million in total assets, $866.08 million in total liabilities and a total stockholders' deficit of $73.76 million as of Sept. 30, 2017. RIO POZO: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Rio Pozo, LLC, as of Feb. 1, according to a court docket. About Rio Pozo Rio Pozo, LLC, is a privately held company based in Phoenix, Arizona engaged in activities related to real estate. Its principal place of business is located at 4747 North Seventh Street, Suite 402, Phoenix, AZ 85014. Rio Pozo, LLC, filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz Case No. 17-15149) Dec. 27, 2017. In the petition signed by Bradley D. Wilde, manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. Gregory J. Gnepper, Esq., at Gammage & Burnham PLC, is the Debtor's counsel. RPM HARBOR: Court Terminates Plan Exclusivity Period ---------------------------------------------------- The Hon. Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California, at the behest of the Official Committee of Unsecured Creditors of RPM Harbor Services, Inc., has terminated RPM's exclusive right to file a chapter 11 plan effective Jan. 18, 2018. As reported by the Troubled Company Reporter on Jan. 10, 2018, the Debtor asked the Court to extend the exclusivity period for the Debtor to file a plan of reorganization from Jan. 8, 2018 to March 9, 2018, telling the Court that it will be unable to file a plan and disclosure statement before the expiration of the exclusivity period. While the Debtor is unsure when it will be able to file a plan and disclosure statement, the Debtor claimed that a 60-day extension of the exclusivity period will allow it to start the process to resolve the claims filed against it and to continue to make any necessary changes to its business model. Further, this period is short enough that creditors and the Official Committee of Unsecured Creditors can have assurance that Debtor will continue diligently on the path of reorganization. The Debtor said that its bankruptcy case presents complex issues of employment law that must be considered when resolving the claims brought by the Debtor's drivers. Further, 24 proofs of claim were filed in the bankruptcy case. Of these claims, 20 claims are based on alleged employment law violations. While the Debtor has evaluated the legitimacy of claims, the Debtor now needed time to object to the proofs of claim. The Debtor has currently expected to have started the process of objecting to the claims (including filing motions pursuant to Federal Rule of Bankruptcy Procedure 2004 and the motion to set procedures for objecting to claims) by the end of January 2018. Additionally, since the Committee was appointed, the Debtor needed time to work with the Committee and negotiate a plan of reorganization. Further, the Committee has been periodically requesting the Debtor provide it with several documents. The Debtor has been providing the Committee and its financial advisors with the documents they have requested. Finally, while the Debtor has currently been making any necessary changes to its business model, enough time needs to pass to assess profitability and provide projections supporting feasibility of any proposed plan. About RPM Harbor Services Based in Long Beach, California, RPM Harbor Services Inc. provides container delivery to import and export customers in California. RPM Harbor Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-14484) on April 12, 2017. In the petition signed by Shawn Duke, its president, the Debtor estimated its assets and debts at $1 million to $10 million. The case is assigned to Judge Julia W. Brand. Vanessa M. Haberbush, Esq., at Haberbush & Associates LLP, serves as the Debtor's counsel. The Official Committee of Unsecured Creditors formed in the case retained Levene, Neale, Bender, Yoo & Brill, LLP, as counsel; and CohnReznick LLP, as financial advisor. SAEXPLORATION HOLDINGS: Alan Menkes Fills Board Vacancy ------------------------------------------------------- Michael Kass resigned from the Board of Directors of SAExploration Holdings, Inc. on Jan. 29, 2018. Mr. Kass' letter did not identify any disagreement with the Company. On Jan. 30, 2018, the Company's Board of Directors filled the vacancy created by the resignation by the appointment of Alan B. Menkes as a director of the Company. Mr. Menkes will serve until his successor is duly elected and qualified, or until his earlier death, resignation, disqualification or removal. Mr. Kass had been nominated by Blue Mountain Capital Management, LLC, one of the Company's Principal Stockholders. The certificate of incorporation and bylaws of the Company permit Blue Mountain, as a Principal Stockholder, to nominate a director to fill a vacancy created by a resignation of a director nominated by it. Blue Mountain nominated Mr. Menkes to fill that vacancy, the Nominating Committee recommended his election and the Board of Directors elected Mr. Menkes. Alan B. Menkes, age 58, currently serves as the managing partner of Empeiria Capital Partners, a private equity firm that he co-founded in 2002. Prior to founding Empeiria, from December 1998 through February 2002, Mr. Menkes was co-director of Private Equity and a member of the Executive Committee of Thomas Weisel Partners, during which period he also served on the boards of directors of NextMedia Group, Ion Systems, The Capital Markets Company, Alliance Consulting, Centive, IPNet Solutions, Worldchain, QuantumShift, CS Technology and Stellent, a public company. Mr. Menkes currently serves as Chairman of the Board of Directors of Tank Partners Holdings LLC, a company controlled by Empeiria, and was previously on the Boards of Integrated Drilling Equipment Holdings, a public company, Stella Environmental Services and Conner Steel Products Holdings. From 2011 to 2012, Mr. Menkes served as the CEO of Empeiria Acquisition Corp., a public special purpose acquisition company until it closed its merger with an operating company in December 2012. From 2009-2010, Mr. Menkes served as the managing partner of G2 Investment Group LLC, a diversified asset management firm. Between 2007-2008, Mr Menkes was a partner of Enterprise Infrastructure Ventures, a real estate investment firm, and the Chief Strategic and Investment Officer of CS Technology, an affiliate of Enterprise Infrastructure Ventures. Mr. Menkes earned a B.A. in Economics with Highest Distinction from the University of Virginia in 1980 and an M.B.A. with Distinction from the Wharton School at the University of Pennsylvania in 1982. Mr. Menkes has been appointed to serve as a member of the Nominating Committee of the Company. The Board of Directors determined that Mr. Menkes is an "Independent Director" under the applicable Nasdaq listing standards for purposes of serving on the Board of Directors and the Nominating Committee. About SAExploration Holdings Based in Houston, Texas, SAExploration Holdings, Inc. -- http://www.saexploration.com/-- is an internationally-focused oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services in remote and complex environments throughout Alaska, Canada, South America, Southeast Asia and West Africa. SAExploration reported a net loss attributable to the Company of $25.03 million for the year ended Dec. 31, 2016, a net loss attributable to the Company of $9.87 million for the year ended Dec. 31, 2015, and a net loss attributable to the Company of $41.75 million for the year Dec. 31, 2014. The Company's balance sheet at Sept. 30, 2017, showed $158.62 million in total assets, $143.3 million in total liabilities and $15.28 million in total stockholders' equity. * * * In June 2016, S&P Global Ratings lowered its corporate credit rating on SAExploration Holdings to 'CC' from 'CCC-'. At the same time, S&P lowered the issue-level rating on the company's senior secured notes to 'CC' from 'CCC-'. The outlook remains negative. The downgrade follows SAExploration's announcement that it plans to launch an exchange offer to existing holders of its 10% senior secured notes for shares of common equity and a new issue of second-lien notes. Following the rating action, S&P withdrew the corporate credit and issue-level ratings at the company's request. Moody's Investors Service withdrew SAExploration's 'Caa2' Corporate Family Rating and other ratings. Moody's withdrew the rating for its own business reasons, as reported by the TCR on Sept. 13, 2016. SCIENTIFIC GAMES: Unit Proposes Add-On Offering of Senior Notes --------------------------------------------------------------- Scientific Games Corporation announced that its wholly owned subsidiary, Scientific Games International, Inc., intends, subject to market and other conditions, to offer an additional $500.0 million of its 5.000% senior secured notes due 2025, EUR325.0 million of senior secured notes due 2026 and EUR250 million of senior unsecured notes due 2026 in a private offering. The New 5.000% Dollar Notes will be issued under the same indenture pursuant to which SGI previously issued $350 million of its 5.000% senior secured notes due 2025. The New 5.000% Dollar Notes and the Existing Notes will be treated as a single series of debt securities for all purposes under the indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, will have terms identical to the Existing Notes, other than issue date and offering price and will have the same CUSIP and ISIN numbers as, and trade together with, the New 5.000% Dollar Notes, except that the New 5.000% Dollar Notes issued in offshore transactions under Regulation S will be issued and maintained under a temporary CUSIP number during a 40-day distribution compliance period commencing on the issue date. Scientific Games intends to use the net proceeds of the New Notes offering, together with borrowings under the term loan B facility of its Credit Agreement, to redeem a portion of its outstanding 7.000% senior secured notes due 2022 and pay accrued and unpaid interest thereon plus any related premiums, fees and costs, and pay related fees and expenses of the New Notes offering and for general corporate purposes. The New Notes will be guaranteed on a senior basis by Scientific Games and certain of its subsidiaries. The New 5.000% Dollar Notes and the Secured Euro Notes will be secured by liens on the same collateral that secures indebtedness under Scientific Games' credit agreement. The New Notes will not be registered under the Securities Act of 1933 as amended or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The New Notes will be offered only to qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act. The New Notes are not being offered, sold or otherwise made available to any retail investor in the European Economic Area. About Scientific Games Based in Las Vegas, Nevada, Scientific Games Corporation (NASDAQ: SGMS) -- http://www.scientificgames.com/-- is a gaming entertainment company offering a portfolio of game content, advanced systems, cutting-edge platforms and professional services. The company offers technology-based gaming systems, digital real-money gaming and sports betting platforms, casino table games and utility products and lottery instant games, and a leading provider of games, systems and services for casino, lottery and social gaming. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. 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. Scientific Games had $7.06 billion in total assets, $9.03 billion in total liabilities and a $1.97 billion total stockholders' deficit. SE PROFESSIONALS: Allowed to Use Cash Collateral Through March 3 ---------------------------------------------------------------- Judge Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois authorized SE Professionals, S.C., to use cash collateral on an interim basis during the period Jan. 28, 2018, through March 3, 2018, to the extent set forth in the Budget. In return to the Debtor's continued interim use of cash collateral, Bank First National is granted the following adequate protection for its purported secured interests in the property of the Debtor: (1) The Debtor will permit Bank First National to inspect its books and records; (2) The Debtor will maintain and pay premiums for insurance to cover all of its assets from fire, theft and water damage; (3) The Debtor will make available to Bank First National evidence of that which constitutes as its collateral or proceeds; (4) The Debtor will properly maintain its assets in good repair and properly manage its business; (5) Bank First National will be granted valid, perfected, enforceable security interests in and to the Debtor's postpetition assets, including all proceeds and products which become property of the estate, to the extent and priority of their alleged prepetition liens, but only to the extent of any diminution in the value of such assets during the period from the Petition Date through March 3, 2018; and (6) On or before Feb. 15, 2018, and each month thereafter, the Debtor will provide Bank First National with a budget-to-actual report comparing actual income and expenses against those set forth on the cash collateral budget approved for the preceding calendar month. A final hearing on the Debtor's Motion to use cash collateral is scheduled to take place on Feb. 27, 2018 at 10:00 a.m. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/ilnb17-18113-90.pdf About SE Professionals SE Professionals, doing business as Premier Vision, is a Wisconsin service corporation which employs licensed optometrists and sells eye-wear at three locations in the Milwaukee, Wisconsin area. SE Professionals' principal place of business is 840 W. Blackhawk St., Apt. 413, Chicago, Illinois, which is the residence of the president, sole director and sole shareholder of SE, namely, D. King Aymond, M.D. SE Professionals filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-18113) on June 14, 2017. King D. Aymond, M.D., president, signed the petition. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Donald R. Cassling. The Debtor is represented by Arthur G Simon, Esq., at Crane, Heyman, Simon, Welch & Clar. No trustee, examiner or official committee of unsecured creditors has been appointed in the case. SECOND PHOENIX: Hires Marc Stuart Goldberg as Bankruptcy Counsel ---------------------------------------------------------------- Second Phoenix Holding LLC seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to hire Marc Stuart Goldberg, LLC, as its bankruptcy counsel. The professional services that MSG will render are: (a) assist and advise Debtor relative to the administration of the Chapter 11 case; (b) attend meetings and negotiate with the representatives of and counsel to creditors of Debtor; (c) assist and advise Debtor in the conduct of its affairs; (d) assist Debtor in proposing any plan of reorganization that may be filed; (e) take all necessary action to protect and preserve the interests of Debtor, including the prosecution of actions on its behalf and negotiations concerning litigation in which Debtor is involved, other than with respect to matters for which special counsel may be engaged; (f) prepare, on behalf of Debtor, all necessary motions, applications, answers and orders; (g) appear before this Court and to protect the interest of Debtor before this Court; and (h) perform other necessary legal services requested or required of Debtor in the Chapter 11 Case. Marc Stuart Goldberg, sole member of Marc Stuart Goldberg, LLC, attests that MSG does not hold or represent any interest adverse to Debtor's estate. MSG is a "disinterested person" as that phrase is defined in Sec. 101(14) of the Bankruptcy Code, and MSG's employment is necessary and in the best interests of Debtor and its estate. The 2018 standard hourly rates for MSG are: Paralegals $195 Counsel and associates $295 to $395 Marc Stuart Goldberg $495 These hourly fee rates may be upwardly adjusted 5% annually, beginning in January of 2019. The counsel can be reached through: Marc Stuart Goldberg, Esq. MARC STUART GOLDBERG, LLC 670 White Plains Road, Suite 121 Scarsdale, NY 10583 Tel: (914) 725-8200 Fax: (914) 725-7724 E-mail: mgoldberg@msglegal.com About Second Phoenix Holding Second Phoenix Holding LLC, Harlem Phoenix Realty Corp., and Kshel Realty Corp. are privately held companies that are engaged in activities related to real estate. Second Phoenix is the fee simple owner of a real property located at 212 East 125th Street, New York, NY 10035 214-216 East 125th Street, New York, NY 10035 14 Second Avenue, New York, NY 10003 with an appraised value of $21.90 million. Harlem holds 47.58% of the equity of Second Phoenix and Kshel holds the other 52.42%. Evan Blum is the sole shareholder of Harlem and Kshel and is the managing member of Second Phoenix. Based in New York, New York, Second Phoenix Holding LLC filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 18-10009) on Jan. 3, 2018. In the petition signed by Evan Blum, sole managing member, the Debtor disclosed $21.92 million in total assets and $12.91 million in liabilities. The Debtor is represented by Marc Stuart Goldberg, Esq., at Marc Stuart Goldberg, LLC, as counsel. SHIEKH SHOES: Feb. 23 Auction of All Assets Set ----------------------------------------------- Judge Vincent P. Zurzolo of the U.S. Bankruptcy Court for the Central District of California authorized Shiekh Shoes, LLC's bidding procedures in connection with the marketing and potential sale of all its assets by auction. A hearing on the Motion was held on Jan. 25, 2018 at 11:00 a.m. The salient terms of the Bidding Procedures the Debtor developed together with the Committee are: a. Bid Deadline: Feb. 20, 2018 at 4:00 p.m. (PT) b. Good Faith Deposit: A cash deposit equal to 10% of the gross consideration payable at closing c. Baseline Bids: Qualified Bidders that have submitted Qualified Bids are eligible to participate in the Auction. The Sale Parties will select what they determine to be the highest and/or otherwise best Qualified Bid or combination of Qualified Bids for any portion of the Assets to serve as the starting point at the Auction taking into account all relevant considerations, including the financial condition of the applicable bidder and certainty of closing. d. Auction: If more than one Qualified Bid is received by the Bid Deadline, the Debtor will conduct the Auction. The Auction will take place at the offices of the Debtor's counsel, on Feb. 23, 2018 at 10:00 a.m. (PT) or such other time and place as the Debtor may notify Qualified Bidders who have submitted Qualified Bids. e. Bid Increments: $100,000 f. Sale Hearing: March 7, 2018 at 9 a.m. (PT) g. Sale Objection Deadline: Feb. 16, 2018 at 4:00 p.m. (PT) A copy of the Bidding Procedures attached to the Order is available for free at: http://bankrupt.com/misc/Shiekh_Shoes_384_Order.pdf By no later than Feb. 6, 2018, the Debtor will file the Cure Schedule. Objections to (a) the Cure Costs set forth in the Cure Schedule, and (b) the assumption and assignment of any executory contract or unexpired lease identified in the Cure Schedule, must be filed no later than Feb. 16, 2018 by the Notice Parties. The Debtor or the Committee may file a reply to any objection on March 5, 2018 at 4:00 p.m. (PT). In the event that a Successful Bidder fails to close a Sale Transaction prior to such date as specified in the applicable Purchase Agreement (or such date as may be extended by the Debtor), the Debtor may designate the applicable Next-Highest Bid as the Successful Bid for the Assets (or subset thereof), in which case, the Next-Highest Bidder will be deemed to be the Successful Bidder for such Assets. The Sale Hearing will proceed only as a status conference on the potential sale of Assets to the Next-Highest Bidder and the actual hearing to consider the sale of Assets to the Next-Highest Bidder will be rescheduled for a date no earlier than seven days after the Sale Hearing. If the Debtor pursues a sale of the Assets to the Next-Highest Bidder, the Debtor will promptly file a notice of the intended Sale Transaction to the Next-Highest Bidder and then the deadline for contract and lease counterparties to object to the Next-Highest Bidder's adequate assurance of future performance information will be two days before the rescheduled hearing. Notwithstanding any applicability of Bankruptcy Rule 6004(h), 6006(d), 7062 or 9014, the Order will be immediately effective and enforceable upon entry of the Order. All time periods set forth in this Order will be calculated in accordance with Bankruptcy Rule 9006(a). About Shiekh Shoes Based in Ontario, California, Shiekh Shoes, LLC -- http://www.shiekhshoes.com/-- is a shoe retailer company with 79 locations in California, five in Nevada, 11 in Arizona, 11 in Texas, two in New Mexico, one in Oregon, six in Illinois, eight in Michigan, and five in Washington. Shiekh Shoes features brands like Shiekh, Adidas, Puma, Timberland, Converse, among others. It offers dress, casual, athletic, infant, toddler, youth, basketball, running, training, and skate shoes; slippers, sandals, wedges, pumps, boots, high heels, and sneakers; and apparel. The company was founded in 1991. Shiekh Shoes sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-24626) on Nov. 29, 2017. In the petition signed by CEO Shiekh E. Ellahi, the Debtor estimated assets and liabilities of $50 million to $100 million. Judge Vincent P. Zurzolo presides over the case. The Debtor tapped SulmeyerKupetz, APC as its legal counsel; DJM Realty Services, LLC as real estate lease consultant; and KGI Advisors, Inc. as its financial advisor. On Dec. 11, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee is represented by Cooley LLP. SHIFFER INC: Plan Outline Hearing Set for March 22 -------------------------------------------------- Judge Robert N. Opel of the U.S. Bankruptcy Court for the Middle District of Pennsylvania issued an amended order setting the hearing to consider approval of Shiffer, Inc.'s disclosure statement, dated Jan. 22, 2018, on March 22, 2018 at 10:00 AM. Feb. 26, 2018 is fixed as the last day for filing and serving written objections to the disclosure statement. About Shiffer, Inc. Shiffer, Inc., filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 17-01234) on March 29, 2017, listing between $100,000 to $500,000 in both assets and liabilities. SHUTTERFLY INC: Moody's Puts Ba3 CFR on Review for Downgrade ------------------------------------------------------------ Moody's Investors Service has placed Shutterfly, Inc.'s Ba3 Corporate Family Rating (CFR) and Ba3 bank credit facility ratings on review for downgrade following the recent announcement that Shutterfly signed a definitive agreement to acquire Lifetouch, a market leader in school photography, for $825 million in cash or an EV/EBITDA multiple of roughly 8.25x (based on Shutterfly's pro forma next twelve months EBITDA calculation). Shutterfly plans to finance the transaction by raising an $825 million incremental term loan B. The company intends to temporarily suspend its share repurchase program to preserve cash flow to service the new debt and fund integration costs. Moody's expects any potential downgrade of Shutterfly's CFR to be limited to one notch. Moody's expect to conclude the review upon close of the transaction, which is anticipated to occur in the second quarter of 2018. Following is a summary of rating actions: Issuer: Shutterfly, Inc. Ratings Placed Under Review for Downgrade: -- Corporate Family Rating -- Ba3 -- Probability of Default Rating -- B1-PD -- $200 Million Senior Secured Revolving Credit Facility due 2022 -- Ba3 (LGD3) -- $300 Million Senior Secured Delayed Draw Term Loan B due 2024 -- Ba3 (LGD3) Ratings Unchanged: -- Speculative Grade Liquidity Rating -- SGL-2 Outlook Actions: -- Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE The rating review reflects the significant increase in debt that will elevate pro forma financial leverage to an estimated range of 4.25x-4.75x compared to 2.6x presently (incorporating Moody's standard adjustments, pro forma for repayment of the convertible notes with the term loan proceeds from last year's debt raise), which is well above the 4x downgrade trigger. The review will examine the timing for the company's plan to return leverage below 4x and commitment to sustaining solid credit metrics and a conservative financial profile given the growth challenges facing Shutterfly's consumer business. Lifetouch is organized as an ESOP (employee stock ownership plan) and contributes a significant proportion of operating income into the plan annually. Moody's adjusted EBITDA calculation does not adjust out employee stock compensation, which results in a comparatively lower LTM EBITDA for Lifetouch compared to the company's computation. However, Shutterfly plans to wind down the ESOP upon closing of the transaction. The review will focus on the expected level of employee stock compensation going forward that will be allocated to Lifetouch as a substitute for the ESOP (if any) and the resulting impact on Lifetouch's EBITDA contribution on a Moody's adjusted basis. Shutterfly expects to achieve approximately $50 million of revenue and cost synergies by the third year after transaction closing. The review will examine the timing for synergy realization, the associated costs to achieve them as well as the overall impact on the company's EBITDA growth. Shutterfly is targeting approximately $450 million of EBITDA by 2020 (includes adjustment for stock compensation, which Moody's does not include). Lifetouch generates just under $1 billion in revenue annually, which will nearly double Shutterfly's revenue to just over $2 billion. Shutterfly's large consumer business has struggled to lift organic revenue growth due to the secular decline in print-based products as consumers increasingly adopt digital-based photo products and services. The acquisition adds scale and provides Shutterfly the opportunity to extend its reach into new markets and cross-sell its wide selection of personalized photo-based products to the parents of school children during important life milestones. Lifetouch serves over 50,000 schools with access to more than 10 million households, which would be additive to Shutterfly's 10 million active customers. Moody's review will focus on the degree of manufacturing integration as well as the complementary nature of Lifetouch's assets and cash flow profile. Lifetouch, like Shutterfly, is a vertically-integrated operation. Management anticipates it can drive cost savings and improve utilization through facility consolidation and manufacturing platform sharing. Additionally, Lifetouch's peak selling season is in the September/October timeframe whereas Shutterfly's peak customer demand occurs in November/December. Since Shutterfly generates virtually all of its earnings and cash flows in the fourth calendar quarter, Moody's will assess whether the timing of Lifetouch's earnings materially improves the combined company's profitability during the January-September period when Shutterfly typically produces operating losses. Given the highly seasonal nature of the businesses, Moody's will also review the combined company's liquidity profile. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Redwood City, CA, Shutterfly, Inc. is a leading online manufacturer and retailer of personalized consumer photo products and services through premium brands such as Shutterfly (photo books, personalized holiday cards, announcements, invitations, stationery and home decor products); and Tiny Prints Boutique (online cards and stationery boutique offering stylish announcements, invitations and personal stationery). The company's SBS business unit provides customized direct marketing and variable print-on-demand solutions to enterprise customers. Revenue totaled $1.19 billion for the twelve months ended December 31, 2017. Cash and investments totaled $677 million at year end 2017, of which $300 million was earmarked to repay the company's convertible notes maturing May 2018. SOLAT LLC: Sets Procedures for San Antonio Real & Personal Property ------------------------------------------------------------------- SoLat, LLC, and LuLat, LLC, ask the U.S. Bankruptcy Court for the Western District of Texas to authorize the sale of real property located at 5115 Thousand Oaks, San Antonio, Texas, legally described as Longhorn Quarry Replat, Plat Book 9648, Page 168, NCB 14945, Block 13 Lot 2, Bexar County, Texas; and its related inventory, gasoline, furniture, equipment and fixtures, by auction free and clear of all liens and encumbrances. The Debtors were both formed on Jan. 27, 2012. SoLAT was formed with the intent of owning the commercial Property to be used in housing a Chevron gas station and convenience. LuLAT was formed with the intent of operating the Property. The Property is collateral for a loan with Texas Champion Bank, which holds a first lien on the Property. The United States Small Business Administration holds a second lien on the Property. The Texas Champion Bank lien is approximately $1.86 million and the SBA's lien is approximately $1.255 million. The property taxing authorities have filed a secured claim over the real estate in the amount of $106,930 and a secured claim over the inventory and equipment of $748. Said property is to be sold "as is and where is," and free of all liens and claims. The Debtor's have filed a motion to employ NRC Realty & Capital Advisors, LLC as broker to conduct the auction and the proposed auction procedures. The salient terms of the Bidding Procedures are: a. Creditors with a secured interest in the Property have the right to credit bid up to the amount of their collateral. b. Bid Deadline: All bids must be received by NRC Realty & Capital Advisors, LLC by a date and time to be determined by the Debtors. c. Bid Deposit: 2.5% of the purchase price, inclusive of the Buyer's Premium made payable to NRC d. Additional Bid Deposit: 10% of the purchase price, inclusive of the Buyer's Premium e. Buyer's Premium: At closing, the successful bidder will pay, in addition to the bid price, a Buyer's Premium at an amount equal to 5% of the bid price. If the Property, inventory, gasoline, and furniture, equipment and fixtures, are transferred to Texas Champion Bank pursuant to a credit bid or bid failure, the NRC, the broker, will not be entitled to any Buyer's Premium except, to the extent any bidder's deposit is retained by the estate, the Broker will be entitled to 1/2 of the deposit. The remaining 1/2 deposit will be paid to Texas Champion Bank. f. Evaluation and Award of Bids: The auction will be conducted by sealed bid. All bids received by the Bid Deadline will be reviewed by NRC and presented to the Debtor for consideration, other than rejected Nonconforming bids. After such evaluation by NRC, which will include consultation with the Debtors, NRC will select the bid that it deems is the highest and best for the Property. g. Sale Hearing: The Debtors are requesting the Court set a hearing for March 2, 2018, in advance to approve the sale to the winning bidder. h. Closing: 15 days after the date of final Bankruptcy Court approval, but under no circumstances later than March 31, 2018. A copy of the Bidding Procedures attached to the Motion is available for free at: http://bankrupt.com/misc/SoLat_llc_51_Sales.pdf The Debtor believes there are no tax consequences to the sale. The maximum tax gain is approximately 20% of the gross sales price and sale of the property will be a substantial loss. Bidders should discuss their potential tax liability with their own tax professional. Texas Champion Bank has a first lien over the Property of approximately $1,860,000, and a first lien over the fixtures, furniture, equipment, inventory and gasoline in the amount of approximately $45,000. The United States Small Business Administration has claimed a secured interest in the property of approximately $1,255,000. The property taxing authorities have filed a secured claim over the real estate in the amount of $106,930 and a secured claim over the inventory, gasoline, and equipment of $748. If the Property, inventory, gasoline and furniture, equipment and fixtures are sold to a bidder other than Texas Champion Bank, the Proceeds will be distributed as follows: a. Proceeds from sale of the Property (other than the Buyer's Premium) will be distributed in the following order: (i) administrative costs of sale ie recording costs, etc.; (ii) outstanding real and personal property taxes; (iii) all United States Trustee fees, which will be estimated for the quarter the Property is sold; (iv) Texas Champion Bank for its secured claim over the property; (v) $25,000 will be carved out for the Debtor's approved attorney fees that are directly; (vi) the United States Small Business Administration; and (vii) the bankruptcy estate. b. If the inventory and gasoline are sold to an entity other than Texas Champion Bank, proceeds from sale thereof will be distributed in the following order: (i) administrative costs of sale (i.e., recording costs, etc.); (ii) outstanding real and personal property taxes; (iii) suppliers of inventory and gasoline to the Property that supplied inventory or gasoline to the Property in the 20 days prior to the closing; (iv) Texas Champion Bank for its secured claim over the inventory and gasoline; and (v) the bankruptcy estate. Within two business days of the closing, Debtor will send written notice to all parties known to have delivered gasoline and inventory to the Property in the 20 days prior to the closing and file a certificate of service with the Court. The vendors will have 20 days from the date of mailing to file an administrative proof of claim with the court. If no objection to a claim is field within 21 days of the claim filing, the claim will be allowed and paid as provided for. c. Buyer's Premium: will be distributed to NRC subject to the limitations outlined. About SoLat, LLC and LuLAT, LLC Based in San Antonio, Texas, Solat, LLC, was formed with the intent of owning a commercial real property to be used in housing a Chevron gas station and convenience store, while LuLAT, LLC was formed with the intent of operating the Chevron gas station. The ownership of both companies is made up of A.D. Ismail, Nada Ismail Taha, and Hakim Taha. A.D. Ismail owns 2% of each Debtor, Nada Ismail Taha owns 50% of each Debtor, and Hakim Taha owns 48% of each Debtor. SoLat, LLC and its affiliate LuLAT, LLC, filed Chapter 11 petitions (Bankr. W.D. Tex. Case Nos. 17-52594 and 17-52595, respectively) on Nov. 6, 2017. In the petition signed by Nada L. Ismail, manager, SoLat estimated at least $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Craig A. Gargotta presides over the cases. Ronald J. Smeberg, Esq., at the Smeberg Law Firm, PLLC, serves as counsel the Debtors. SPECIALTY CONTRACTING: Hires Harris Law as Attorney --------------------------------------------------- Specialty Contracting Company seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ Harris Law Practice LLC, as attorneys to the Debtor. Specialty Contracting requires Harris Law to: a. examine and prepare of records and reports as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; b. prepare applications and proposed orders to be submitted to the Bankruptcy Court; c. identify and prosecute of claims and causes of action assertable by the Debtor on behalf of the estate herein; d. examine of proofs of claim anticipated to be filed herein and the possible prosecution of objections to certain of such claims; e. advise the Debtor and prepare documents in connection with the contemplated ongoing operation of the Debtor's business, if any; f. assist and advise the Debtor in performing other official functions as set forth in the Bankruptcy Code; and g. advise and prepare a Plan of Reorganization, Disclosure Statement, and related documents, and confirmation of said Plan, as provided in the Bankruptcy Code. Harris Law will be paid at these hourly rates: Attorneys $400 Paraprofessionals $150 to $250 An advance retainer of $9,717 was paid the Debtor's non-bankrupt entity Demo-Tec Ltd. Harris Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen R. Harris, a partner at Harris Law Practice, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Harris Law can be reached at: Stephen R. Harris, Esq. HARRIS LAW PRACTICE LLC 6151 Lakeside Drive, Suite 2100 Reno, NV 89511 Tel: (775) 786-7600 E-mail: steve@harrislawreno.com About Specialty Contracting Co Specialty Contracting is a privately held demolition contractor in Sparks, Nevada. Specialty Contracting filed a Chapter 11 petition (Bankr. D. Nev. Case No. 18-50037) on Jan. 11, 2018. In the petition signed by Kenneth Mercurio, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Bruce T. Beesley presides over the case. Stephen R. Harris, Esq., at Harris Law Practice LLC, serves as bankruptcy counsel. STEMTECH INTERNATIONAL: Hires De la Hoz Perez as Tax Accountant --------------------------------------------------------------- Stemtech International, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ De la Hoz Perez & Barbeito, P.A., as tax accountant to the Debtor. Stemtech International requires De la Hoz Perez to prepare and file the Debtor's consolidated income tax return and related filings for the year ended December 31, 2016. De la Hoz Perez will be paid a flat fee of $12,500 for the services rendered. David G. Barbeito, a partner at De la Hoz Perez & Barbeito, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. De la Hoz Perez can be reached at: David G. Barbeito, Esq. DE LA HOZ PEREZ & BARBEITO, P.A. 304 Parlermo Avenue Coral Gables, FL 33134 Tel: (305) 448-5585 About Stemtech International Stemtech International, Inc., is a holding company with assets comprising intellectual property, a leasehold interest, and direct and indirect equity interests in several subsidiaries operating both domestically and internationally. Stemtech filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 17-11380) on Feb. 2, 2017. In the petition signed by CEO Ray C. Carter, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. Raymond B. Ray presides over the case. The Debtor tapped Seese, P.A., as counsel; and GlassRatner Advisory & Capital Group, LLC, as its financial advisor. Guy Gebhardt, acting U.S. Trustee for Region 21, on Feb. 22, 2017, appointed three creditors of Stemtech International to serve on an official committee of unsecured creditors. The Committee members are (1) Wilhelm Keller; (2) Greg Newman; and (3) Andrew P. Leonard. The Committee retained Paul Steven Singerman, Esq., at Berger Singerman LLP, as counsel. STONE CRAZY: Hires Law Offices of Ken McCartney as Attorney ----------------------------------------------------------- Stone Crazy, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Wyoming to employ The Law Offices of Ken McCartney, P.C., as attorney to the Debtor. Stone Crazy requires Law Offices of Ken McCartney to represent the Debtor in the Chapter 11 bankruptcy proceedings. Law Offices of Ken McCartney will be paid at these hourly rates: Attorneys $365 Paralegals $95 Law Offices of Ken McCartney will also be reimbursed for reasonable out-of-pocket expenses incurred. Ken McCartney, a partner at the firm, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Law Offices of Ken McCartney can be reached at: Ken McCartney, Esq. THE LAW OFFICES OF KEN MCCARTNEY, P.C. PO Box 1364 Cheyenne, WY 82003 Tel: (307) 635-0555 E-mail: bnkrpcyrep@aol.com About Stone Crazy Stone Crazy, LLC, is a privately held company engaged in activities related to real estate. The company owns four properties in Wheatland, Wyoming having an aggregate current value of $2.70 million. Stone Crazy, LLC, filed a Chapter 11 petition (Bankr. D. Wyo. Case No. 18-20026) on Jan. 24, 2018. In the petition signed by Managing Member Jennifer Louise Stone, the Debtor disclosed $2.74 million in assets and $2.23 million in liabilities. The Hon. Cathleen D. Parker presides over the case. Ken McCartney, Esq., at The Law Offices of Ken McCartney, P.C., serves as bankruptcy counsel. SUNSET PARTNERS: Trustee Seeks Continued Cash Use Through July 3 ---------------------------------------------------------------- Lynne Riley, the duly appointed Chapter 11 trustee of Sunset Partners, Inc. and Chapter 7 trustee of Bema Restaurant Corporation asks the U.S. Bankruptcy Court for the District of Massachusetts to authorize the continued use of the cash collateral through July 3, 2018, on essentially the same terms as the existing cash collateral order entered on Jan. 8, 2018. Since the granting of the prior cash collateral order, the Trustee has moved for authority to sell the bankruptcy estate's Sunset Cantina restaurant located at 916 Commonwealth Avenue, Brookline, MA, as a going concern, subject to higher and better offers. That motion is set for hearing on Feb. 15, 2018. The proposed cash collateral budget is for the period the Trustee believes will be necessary to obtain necessary approvals for the transfer of the Sunset Cantina liquor license in order to close the sale Beginning in or about October of 2015, the Debtors entered into a financing arrangement with Harold Brown. As part of the transaction, Brown purchased the building in which two of the Debtors' restaurants are located. The obligation to Harold Brown is secured by a lien on all of the Debtors' assets, although the lien on the Debtors' three alcohol licenses was not properly perfected as of the Petition Date. As of the Petition Date, Debtor Sunset Partners stated that it owes Brown approximately $4,200,000 and Debtor Bema stated that it owes Brown approximately $3,246,000. Certain of these amounts are reportedly co-obligations of both Debtors, so the total amount owed to Brown is less than the sum of these figures. In or about February of 2016, the Debtor Sunset Partners entered into a financing arrangement with American Express Bank, FSB, which is secured by a lien on all of the Debtor's assets, although the lien on the Debtors' three alcohol licenses was not properly perfected as of the Petition Date. As of the Petition Date, American Express was owed approximately $125,000. The DOR filed four separate tax liens against the Sunset Partners' property. As of the Petition Date, the DOR was owed approximately $446,500 by Sunset Partners alleged to be secured, and approximately $72,500 by Bema alleged to be secured . The Massachusetts Department of Unemployment Assistance alleges that Sunset Partners owes it approximately $71,600 on a secured basis; and that Bema owes it approximately $49,970 on a secured basis. In or about April of 2014, the Debtor Sunset Partners entered into an agreement with Lenox-Martell, Inc. for the purchase of a soda mix system, a beer line cleaning system, and a mixed gas generator. As of the Petition Date, Lenox-Martell was owed approximately $7,700.00. In or about June of 2014, the Debtor entered into an agreement with US Foods, Inc. for ongoing purchase and delivery of various goods, inventory, and equipment. The US Foods Obligation is secured by the US Foods Inventory. As of the Petition Date, US Foods was owed approximately $25,000.00. The Trustee's continued operations are necessary to achieve a going concern sale of the Sunset Cantina operations. A going concern sale is expected to yield a substantially higher value for the assets securing the Secured Creditors' claims. As further adequate protection, the Trustee proposes to provide continuing replacement liens and security interests in the post-petition accounts receivable (if any) to the Secured Creditors to same validity and extent and priority that they would have had in the absence of the bankruptcy filing. Prior to the Trustee's appointment, the Debtors had received agreement from their landlords to defer certain rent payments. The Trustee has reached an agreement to a reduced use and occupancy payment to the Sunset Cantina landlord as reflected in the Budget. A full-text copy of the Trustee's Motion is available at: http://bankrupt.com/misc/mab17-12178-208.pdf About Sunset Partners Sunset Partners, Inc., is a Massachusetts corporation that owns and operates two Boston area restaurants: the Sunset Grill & Tap located at 130 Brighton Avenue, Allston, MA; and, the Sunset Cantina located at 916 Commonwealth Avenue, Brookline, MA. Affiliate Bema Restaurant Corporation, d/b/a Patron's, is a Massachusetts corporation that owns and operates a Boston area restaurant called Patrons, which is located at 138 Brighton Avenue, Allston, Massachusetts. Sunset Partners filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 17-12178) on June 7, 2017, disclosing $1.05 million in total assets and $5.67 million in total liabilities. Bema Restaurant Corporation filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-12434) on June 29, 2017, disclosing $1.12 million in assets and $4.45 million in liabilities. Marc Berkowitz, president, signed the petitions. The cases are jointly administered and assigned to Judge Joan N. Feeney. David B. Madoff, Esq., and Steffani Pelton Nicholson, Esq., at Madoff & Khoury LLP, served as bankruptcy counsel to the Debtors. Verdolino & Lowey, P.C., served as the Debtors' accountant. On Sept. 25, 2017, Lynee F. Riley was appointed as the Chapter 11 trustee to the Debtors. The Trustee retained Casner & Edwards LLP as counsel. TENET CONCEPTS: Seeks Approval of Factoring Agreement, Cash Use --------------------------------------------------------------- Tenet Concepts, LLC, asks the U.S. Bankruptcy Court for the Northern District of Texas to approve the extension of a prepetition factoring agreement on a postpetition basis and authorize its use of cash collateral. Prior to the Petition Date, the Debtor entered into a Factoring and Security Agreement with Triumph Business Capital. Pursuant to the Factoring Agreement, the Debtor routinely sold its accounts receivable due from Amazon.com arising from its operations to Triumph Business Capital. Under the Factoring Agreement, the purchase price for the Debtor's Receivables sold by the Debtor to Triumph Business Capital is the face amount of the invoices sold less a factoring fee of 0.85% to 1%. Triumph Business Capital advances 98% of the face amount of the invoices but has the right under the Factoring Agreement to retain 2% of the face amount of the invoices. The Reserve Funds are held in a reserve account by Triumph Business Capital to cover the payment of the Debtor's obligations under the Factoring Agreement. The Factoring Agreement requires the Debtor to repurchase certain Receivables, including those not paid within 90 days from the invoice date and those disputed by Amazon. As of the Petition Date, Triumph Business Capital held $11,394 in the Reserve Account. The Debtor wishes to continue the Factoring Agreement with Triumph Business Capital on a post-petition basis. The Factoring Agreement will continue to function as it did during the prepetition period. Specifically, the Debtor may sell, and Triumph Business Capital may acquire, Receivables under the terms of the Factoring Agreement, and the funds obtained from the sale of such Receivables will continue to be used to fund the ongoing expenses of the Debtor's bankruptcy estate. The Debtor also requests that it be authorized to grant a lien to Triumph Business Capital in its postpetition accounts, accounts receivable and proceeds thereof to secure the Debtor's obligation under the Factoring Agreement. The Debtor additionally requests that the Court grant Triumph Business Capital valid, perfected and enforceable new liens and security interests on all postpetition accounts, accounts receivable and proceeds thereof to the extent of any diminution in value of cash collateral caused by the Debtor's use of it. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/txnb18-40270-7.pdf About Tenet Concepts Tenet Concepts LLC -- http://www.tenetconcepts.com-- is a privately held company in Austin, Texas, in the freight transportation arrangement business. The company offers fleet replacement, on-site dispatch, vehicle choice flexibility, hot shot, warehousing, route work, scheduled deliveries, messenger local pick-up, on-line order entry & tracking, and luggage delivery services. The company serves the automotive, reprographics, retail delivery, home delivery, office delivery, and food delivery industries. Tenet Concepts has locations in Texas, California, and Illinois. Tenet Concepts filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 18-40270) on Jan. 25, 2018. In the petition signed by President/CFO David Scott Cass, the Debtor estimated its assets and liabilities at $1 million to $10 million. The case is assigned to Judge Russell F. Nelms. The Debtor is represented by J. Robert Forshey, Esq. and Laurie D. Rea, Esq., at Forshey & Prostok, LLP. TERRAVIA HOLDINGS: Liquidation Plan Declared Effective ------------------------------------------------------ TerraVia Holdings, Inc.'s Combined Disclosure Statement and Chapter 11 Plan of Liquidation was declared effective on Jan. 26, 2017. The Hon. Christopher S. Sontchi confirmed the Combined Disclosure Statement and Chapter 11 Plan following the confirmation hearing held on January 8, 2018. The Debtors filed the Plan documents on October 31, 2017. The Company on November 16, 2017, filed an amended proposed combined disclosure statement and plan of liquidation with the Bankruptcy Court and on and January 4, 2018, the Company filed a further amended proposed combined disclosure statement and plan of liquidation with the Bankruptcy Court. The Amended Plan generally provides for the payment in full of timely filed and undisputed Other Secured Claims, Other Priority Claims, and SVB Facility Claims, up to payment in full of Convenience Claims of not more than $20,000, with General Unsecured Claims to be paid their pro rata share of the assets remaining after payment of the Unimpaired Claims, the Convenience Claims and certain other amounts. Claims under Section 510(b) of the Bankruptcy Code will be cancelled on the effective date of the Amended Plan and Interests in the Subsidiary Debtors, at the option of the Debtors, shall be Reinstated or cancelled. In addition, upon the effective date of the Amended Plan, all Existing Equity Interests (as defined in the Amended Plan) shall be cancelled and released without any distribution or retention of any property on account of such Interests. The Amended Plan is not yet effective. In accordance with the Amended Plan, the Amended Plan will become effective upon the satisfaction or waiver of certain conditions precedent. The Company currently anticipates that the effective date of the Amended Plan will occur in the first quarter of 2018. On the effective date of the Amended Plan, all assets of the Company will be administered by Emerald Capital Advisors Corp, who will become the post-confirmation plan administrator, as further described in the Amended Plan. As of October 31, 2017, the Company had 108,510,762 shares of common stock outstanding, 1,753,656 restricted stock awards issued and outstanding, and 11,885,800 shares underlying stock options that are issued and outstanding. No shares of common stock are reserved for future issuance in respect of claims and interests filed and allowed under the Amended Plan. In its most recent monthly operating report filed with the Bankruptcy Court on December 28, 2017, the Company reported total assets of $50,505,208 and total liabilities of $184,960,540 as of November 30, 2017. The Debtors sought bankruptcy protection after reaching a deal to sell the assets to Corbion N.V. for $20 million in cash plus the assumption of liabilities. Following an auction on Sept. 11, 2017, Corbion was declared the winning bidder for most of the Debtors' assets. The Debtors also selected these alternate bids for the assets not purchased by Corbion: -- the bid submitted by Gruener Ventures for the purchase of the IP Assets for a purchase price of $3.2 million; -- the bid submitted by Lawrence Johnson, a representative of the Salim Group, for the purchase of the Peoria Facility for a purchase price of $3.325 million; and -- the bid submitted by Gruener Ventures for the purchase of the Algenist Equity for a purchase price of $875,000. * * * In accordance with the Plan Effective Date, any holder of a Claim arising from the rejection of an executory contract or unexpired lease pursuant to the Combined Disclosure Statement and Plan must submit a Proof of Claim on account of the Claim by no later than February 26, 2018 at 5:00 p.m. (PST), to the Claims and Balloting Agent at: TerraVia Claims Processing Center c/o KCC 2335 Alaska Avenue El Segundo, CA 90245 The Administrative Expense Claim Bar Date is February 26, 2018 at 4:00 p.m. (prevailing Eastern Time). All requests for compensation or reimbursement of Professionals retained in these Chapter 11 Cases for services performed and expenses incurred prior to the Effective Date shall be filed and served by no later than March 28, 2018 at 4:00 p.m. (prevailing Eastern Time), on: (a) counsel to the Plan Administrator William P. Bowden, Esq. Gregory A. Taylor, Esq. Katharina Earle, Esq. Ashby & Geddes, PA 500 Delaware Avenue, 8th Fl. Wilmington, DE 19801 E-mail: wbowden@ashbygeddes.com gtaylor@ashbygeddes.com kearle@ashbygeddes.com (b) the Debtors' counsel, Mark D. Collins, Esq. Amanda R. Steele, Esq. Richards, Layton & Finger, P.A. One Rodney Square 920 N. King Street Wilmington, DE 19801 - and - Damian S. Schaible, Esq. Steven Z. Szanzer, , Esq. Adam L. Shpeen, Esq. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (c) the United States Trustee Mark S. Kenney United States Trustee 844 King Street, Suite 2207, Lockbox #35 Wilmington, DE 19801 On December 18, 2017, the Board of Directors of the Company appointed John Madden of Emerald Capital Advisors Corp. as the plan administrator pursuant to the Amended Plan, upon the effective date of the Amended Plan. Accordingly, upon the effective date of the Amended Plan, John Madden of Emerald Capital Advisors Corp. will be the sole officer and/or responsible person pursuant to the Amended Plan. Further, upon the effective date of the Amended Plan, TerraVia shall issue one share of common stock in Liquidating TerraVia (as defined in the Amended Plan) to the Plan Administrator. The Plan Administrator may be reached at: Emerald Capital Advisors Corp. John P. Madden Heron Building 70 East 55th Street, 17th Floor New York, New York 10022 A copy of the Confirmation Order is available at https://is.gd/1CTbBE A copy of the Liquidation Plan is available at https://is.gd/iUEcmB About TerraVia Headquartered in South San Francisco, California, TerraVia Holdings, Inc. (NASDAQ:TVIA) -- http://www.terravia.com/-- is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth's original superfood. TerraVia also manufactures a range of specialty personal care ingredients for key strategic partners. TerraVia Holdings, Inc., and its wholly-owned U.S. subsidiaries filed voluntary petitions under chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11655) on Aug. 2, 2017. The subsidiary debtors in the Chapter 11 cases are Solazyme Brazil LLC and Solazyme Manufacturing 1, LLC. The Debtors hired Davis Polk & Wardwell LLP as their lead counsel and Richards, Layton & Finger, P.A., as co-counsel. Kurtzman Carson Consultants LLC is the Debtors' claims agent. No official committee of unsecured creditors has been appointed in the Chapter 11 case. TEXAS E&P OPERATING: Trustee Hires Searcy & Searcy as Counsel ------------------------------------------------------------- Jason R. Searcy, the Ch. 11 Trustee of Texas E&P Operating, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Searcy & Searcy, P.C., as counsel to the Trustee. The Trustee requires Searcy & Searcy to: a. advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend and represent the Debtor's interest in suits or legal matters arising in or related to the bankruptcy case; and specifically to appear for and represent the Debtor with respect to liquidation of non- exempt real and personal property, review of proofs of claim filed in the case and prepare subsequent objections that are necessary; and c. assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of the bankruptcy estate. Searcy & Searcy will be paid at these hourly rates: Attorneys $275 to $500 Paralegals $125 Searcy & Searcy will also be reimbursed for reasonable out-of-pocket expenses incurred. Jason R. Searcy, partner of Searcy & Searcy, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Searcy & Searcy can be reached at: Jason R. Searcy, Esq. SEARCY & SEARCY, P.C. PO Box 3929 Longview, TX 75606 Tel: (903) 757-3399 Fax: (903) 757-9559 E-mail: jsearcy@jrsearcylaw.com About Texas E&P Operating Based in Richardson, Texas, the Texas E&P group of companies -- http://texasepgroup.com/-- offer direct investment opportunities in its oil and natural gas projects in the Southwestern United States. From the initial investment to the production of each well, the Group oversees each phase of development. Texas E&P Operating is an independent oil and natural gas operator, with specialties in developing new and existing oil fields since 1994. Texas E&P Funding manages a diverse offering of oil and natural gas investments. Texas E&P Well Service is in the well workover and completion industry, with dedication to safety and innovation. Texas E&P Operating, Inc., f/k/a Chestnut Exploration and Production, Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 17-34386) on Nov. 29, 2017, estimating its assets and liabilities at between $10 million and $50 million each. Mark A. Plummber, president, signed the petition. Judge Stacey G. Jernigan presides over the case. John Mark Chevallier, Esq., at McGuire, Craddock & Strother, P.C., serves as the Debtor's bankruptcy counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors' in the Debtor's case. On Jan. 19, 2018, Jason Searcy was appointed as the Chapter 11 Trustee of the Debtor. The Trustee hired Searcy & Searcy, P.C., as counsel. THINK FINANCE: Court Signs Supplemental Cash Collateral Order ------------------------------------------------------------- The Hon. Harlin DeWayne Hale of the U.S. Bankruptcy Court for the Northern District of Texas signed an order supplementing the previous order authorizing Think Finance, LLC, and certain of its affiliates to use cash collateral. The GPLS Secured Parties are authorized to pay from the GPLS Funds the following amounts of the following invoices: (a) $805,564 to Kirkland & Ellis LLP, as counsel to the GPLS Secured Parties, in payment of the invoice of K&E delivered by the GPLS Secured Parties to the Notice Parties on December 29, 2017; (b) $33,007 to McGuireWoods LLP, as counsel to the GPLS Secured Parties, in payment of the invoices of McGuireWoods delivered by the GPLS Secured Parties to the Notice Parties on December 29, 2017; and (c) $1,700 to Potter Anderson Corroon LLP, as counsel to the GPLS Secured Parties, in payment of the invoice of Potter Anderson delivered by the GPLS Secured Parties to the Notice Parties on Dec. 29, 2017. These payments, however, are made subject to the reservation of rights of the Debtors and the Committee to seek disgorgement in the event the Court determines that the fees and/or expenses were not required to be paid to K&E, McGuireWoods, or PotterAnderson in accordance with applicable law. A full-text copy of the Order is available at: http://bankrupt.com/misc/txnb17-33964-270.pdf About Think Finance Think Finance, Inc. -- https://www.thinkfinance.com/ -- is a provider of software technology, analytics, and marketing services to financial clients in the consumer lending industry. Think Finance offers an end-to-end, professionally managed online lending program. The company's customized services allow clients to create, develop, launch and manage their loan portfolio while effectively serving customers. For over 15 years, the company has helped its clients originate more than 2 million loans enabling them to put more than $4 billion in credit on the street. Think Finance, LLC, along with six affiliates, sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 17-33964) on Oct. 23, 2017. Think Finance estimated assets of $100 million to $500 million and debt of $10 million to $50 million. The Hon. Harlin DeWayne Hale is the case judge. The Debtors tapped Hunton & Williams LLP as counsel; Alvarez & Marsal North America, LLC as financial advisor; and American Legal Claims Services, LLC, as claims and noticing agent. On Nov. 2, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Cole Schotz P.C. is the Committee's bankruptcy counsel. TOWERSTREAM CORP: Delaney Equity Has 8.1% Stake as of Dec. 31 ------------------------------------------------------------- Delaney Equity Group, LLC reported to the Securities and Exchange Commission that as of Dec. 31, 2017, it beneficially owns 31,897 shares of common stock, par value $0.001 per share, of Towerstream Corp., constituting 8.09% (based on 394,399 shares of common stock outstanding as of Jan. 5, 2018). David Delaney, managing member of Delaney Equity Group LLC, has voting and dispositive power over the securities held by Delaney Equity. A full-text copy of the regulatory filing is available for free at https://is.gd/VUj6AF About Towerstream Towerstream Corporation (OTCQB:TWERD) -- http://www.towerstream.com/-- is a fixed-wireless fiber alternative company delivering Internet access to businesses. The company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. Towerstream reported a net loss attributable to common stockholders of $22.15 million on $26.89 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $40.48 million on $27.90 million of revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Towerstream had $26.65 million in total assets, $39.04 million in total liabilities and a total stockholders' deficit of $12.39 million. Marcum 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 significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TRANSMONTAIGNE PARTNERS: Moody's Assigns Ba3 Corp. Family Rating ---------------------------------------------------------------- Moody's Investors Service assigned first time ratings to TransMontaigne Partners, LP (TransMontaigne), including a Ba3 Corporate Family Rating (CFR), a Ba3-PD Probability of Default Rating (PDR) and a B2 rating on its proposed senior unsecured notes. Moody's also assigned an SGL-3 Speculative Grade Liquidity Rating. The outlook is stable. The net proceeds from the issuance of the notes will be used to partially repay revolver borrowings. "TransMontaigne's notes issuance will improve the company's liquidity and return revolver borrowings back to the approximate levels drawn prior to the December 2017 acquisition of two refined products and crude oil terminals on the west coast for $275 million," stated James Wilkins, Moody's Vice President -- Senior Analyst. The following summarizes the ratings activity. Issuer: TransMontaigne Partners, LP Assignments: -- Corporate Family Rating, Assigned Ba3 -- Probability of Default Rating, Assigned Ba3-PD -- Senior unsecured notes due 2026, Assigned B2 (LGD5) -- Speculative Grade Liquidity Rating, Assigned SGL-3 Outlook Actions: -- Outlook, Assigned Stable RATINGS RATIONALE TransMontaigne's Ba3 CFR reflects the stable nature of its cash flows (from pipeline, terminal and tankage assets), large proportion of fee-based revenues under take-or-pay contracts, and diversity of operations in multiple US regions. The company enjoys strong market positions in niche markets that can have limited competition and significant barriers to entry. The two west coast terminals acquired in December 2017 provide added scale and geographic diversity to TransMontaigne's refined products terminal and transportation operations. Moody's expects future growth will be derived from internal asset expansions as well as potential acquisition opportunities sourced from its sponsor or third parties that are financed with a balance of debt and equity such that leverage typically remains at or below the 4.0x target. The rating is constrained by TransMontaigne's modest scale for the rating category, execution risks associated with growth opportunities, significant customer concentration, high distributions associated with the MLP structure, and high leverage for the rating category. TransMontaigne's SGL-3 Speculative Grade Liquidity rating reflects Moody's expectations that the company will have adequate liquidity supported by positive cash flow from operations and unused borrowing capacity under its revolving credit facility due in March 2022. The company keeps minimal cash balances ($5 million as of September 30, 2017). Pro forma for the notes issuance, TransMontaigne would have had approximately $150 million of revolver availability as of September 30, 2017, after accounting for $850 million of commitments, borrowings, letters of credit (less than $1 million), and after limitations that financial covenants would place on further borrowings. The company's legacy business has generally had little variation in working capital levels on a seasonal basis. The credit facility has three financial maintenance covenants: (1) a maximum total leverage ratio of 5.25x; (2) a senior secured leverage ratio of 3.75x; and (3) a minimum interest coverage ratio of 2.75x, following the issuance of the notes, all of which the company should remain in compliance with, although the maximum total leverage covenant could have limited room. The company has no near-term debt maturities. TransMontaigne's stable outlook reflects the stable nature of its midstream business and cash flows. TransMontaigne's ratings could be upgraded if EBITDA grows to more than $300 million, leverage (Debt / EBITDA) is maintained below 3.5x, and Distribution coverage ratio (FFO -- Maintenance Capex) / Distributions remains greater than 1.2x. TransMontaigne's ratings could be downgraded if business fundamentals deteriorated such that TransMontaigne did not execute on its growth plans, Debt to EBITDA rose above 4.75x, or Distribution coverage falls below 1.0x. The principal methodology used in these ratings was Midstream Energy published in May 2017. TransMontaigne Partners, LP, headquartered in Denver, Colorado, is a midstream energy master limited partnership (MLP) with storage terminals and product pipeline assets in multiple regions across the US: northern California, Florida, Southeast, Texas, Midwest and along the Mississippi and Ohio rivers. TransMontaigne GP, the general partner (GP), is indirectly, wholly-owned by ArcLight Energy Partners Fund VI, LP. TUCSON ONE: Hires PICOR Commercial as Real Estate Broker -------------------------------------------------------- Tucson One, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ PICOR Commercial Real Estate Services, as real estate broker to the Debtor. Tucson One requires PICOR Commercial to market and sell the Debtor's property real located at 3700 E. Ft Lowell Road in Tucson, Arizona. PICOR Commercial will be a commission of 6% of the lease or sale of the property. Rob Tomlinson, principal in retail properties of PICOR Commercial Real Estate Services, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. PICOR Commercial can be reached at: Rob Tomlinson PICOR COMMERCIAL REAL ESTATE SERVICES 1100 N. Wilmot Road, Suite 200 Tucson, AZ 85712 Tel: (520) 546-2757 E-mail: rtomlinson@picor.com About Tucson One Headquartered in Ventura, California, Tucson One, LLC, is a single asset real estate as that term is defined in 11 U.S.C. Section 101(51B). It filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 17-11219) on Sept. 22, 2017, estimating its assets and liabilities at between $1 million and $10 million. Henry Goldman, member and manager, signed the petition. Judge Brenda Moody Whinery presides over the case. Neff & Boyer, P.C., is the Debtor's bankruptcy counsel. US VIRGIN ISLANDS: Moody's Assigns Caa3 Issuer Rating, Outlook Neg ------------------------------------------------------------------ Moody's Investors Service has assigned an Issuer Rating of Caa3, with a negative outlook, to the government of the US Virgin Islands. The Issuer Rating is equivalent to the rating Moody's would assign to general obligation debt of the government. It serves as a reference point for the ratings on the territory's special tax and enterprise revenue debt. Moody's have also lowered the ratings on: the US Virgin Islands' Senior Lien Matching Fund Revenue Bonds to Caa2 from Caa1; its Subordinate Lien Matching Fund Revenue Bonds to Caa3 from Caa1; and its third lien Matching Fund Revenue Bonds, Subordinated Indenture (Diageo) and Matching Fund Revenue Bonds, Subordinated Indenture (Cruzan) to Caa3 from Caa2. The outlook on all four liens of matching fund revenue bonds is negative. These actions conclude Moody's review of the ratings on the matching fund revenue bonds. RATINGS RATIONALE The Issuer Rating of Caa3 reflects the territory's extremely weak economic, financial and liquidity condition, which has been made worse by the effects of Hurricanes Irma and Maria. While assistance from the federal government in response to the hurricanes has provided some near-term relief, Moody's believe the severity of the territory's fundamental fiscal and cash challenges, combined with the pending insolvency of the territory's government employees' retirement system, make a debt restructuring highly likely. The Caa2 and Caa3 on the four liens of matching fund revenue bonds ratings reflect Moody's expectation that the matching fund bonds will inevitably be included in any debt restructuring. The one notch distinction between the rating on the senior lien matching fund bonds and the Issuer Rating reflects structural features currently in place for the matching fund bonds which provide some protections to bondholders in the short term, but which are unlikely to survive a restructuring. Debt service is funded one year in advance, with matching fund revenues currently paid directly to the bond trustee by the US Treasury. This mechanism, however, has not been tested in a stress situation in which the government attempts to divert pledged revenue for general government purposes. RATING OUTLOOK The outlook on the ratings is negative, reflecting the severe fiscal challenges facing the government, the possibility that its liquidity and general credit profile could continue to deteriorate, and the high likelihood that the government may be forced to restructure its debt to address its financial problems. FACTORS THAT COULD LEAD TO AN UPGRADE - Restoration and maintenance of structural budget balance by the primary government. - Adoption of a credible plan to address the territory's extremely large unfunded pension liability. FACTORS THAT COULD LEAD TO A DOWNGRADE - Default on government debt and/or initiation of a debt restructuring. - Further erosion of the government's financial position and liquidity. - Decline in matching fund revenues and debt service coverage due to reduction in rum shipments by the two distilleries. LEGAL SECURITY The Issuer Rating is equivalent to the rating Moody's would assign to general obligation debt of the government. The matching fund revenue bonds are secured by remittances to the Virgin Islands government from the US government of excise taxes collected on rum produced in the territory and exported to the US. Security for the matching fund bonds is established by the trust indenture, the loan agreement, the special escrow agreement, and Virgin Islands statutes. The government has pledged and assigned matching fund revenues to the trustee for the benefit of bondholders, establishing a security interest in the revenues. The statutes are written to create a statutory lien on the revenues. In the loan agreement the government covenants to direct the US Treasury to pay the pledged matching fund revenues directly to the trustee. This structure provides apparent bondholder protections and stronger credit quality than unsecured general obligation bonds, but it has not been tested in a severe stress scenario. PROFILE The territory's economy was in decline prior to the hurricanes in September 2017. As a result of the closure of the Hovensa oil refinery in 2012 and weak performance in the tourism sector, nominal GDP declined at a compounded annual rate of 1.8% from 2011 to 2016. Population fell from 115,852 in 2008 to 103,190 in 2016, while employment fell from 49,590 to 43,186 over the same period. Unemployment in 2016 was 11.1%, more than twice the US levels. GDP per capita in 2016 was $36,982, 64.3% of the US level. The hurricanes have disrupted the islands' tourism industry which may take two to three years to recover. Government finances have been severely strained. Revenues fell abruptly in fiscal 2008 and 2009 as a result of the recession and operating losses at the Hovensa refinery. Since then the government addressed the resulting deficits primarily with deficit financings and one-time revenues. After failing to complete another deficit financing in January 2017, the government's financial position and liquidity deteriorated rapidly despite the enactment of some limited tax increases in February. The hurricanes resulted in a severe decline in tax revenues, further straining the government's financial position. While the receipt of grants and loans from the federal government in response to the hurricanes has provided some near-term relief, the general fund still has a large structural deficit and liquidity remains very weak. The Virgin Islands' government employees retirement system has an extremely large unfunded liability. As of September 30, 2016, the GAAP-basis net pension liability for the system was $4.6 billion. System assets were projected to be depleted by 2023, but this will likely happen much sooner because, among other factors, the government has been deferring its statutorily-required contributions. RATING METHODOLOGY The principal methodologies used in these ratings were US Public Finance Special Tax Methodology published in July 2017 and US States Rating Methodology published in April 2013. VANTIV LLC: Moody's Affirms Ba2 CFR Following Worldpay Acquisition ------------------------------------------------------------------ Moody's Investors Service affirmed all of Vantiv, LLC's ratings, including the Ba2 corporate family rating, and the Ba2 rating on Worldpay Finance plc's senior unsecured notes due 2022 ("2022 Notes") following the completion of the acquisition of Worldpay Group plc ("Legacy Worldpay") for about $12 billion in enterprise value. The rating outlook is stable. RATINGS RATIONALE The Ba2 CFR considers Vantiv's significant size in its markets and strong position as both a merchant acquirer and a card issuing processor for financial institutions. The merger brings significant strategic benefits as it strengthens Vantiv's business profile by providing enhanced scale and international diversity. Legacy Worldpay adds a large and rapidly growing e-commerce business and reduces Vantiv's reliance on its traditional card-processing business at large US retailers. While Vantiv's adjusted debt to EBITDA is initially high at over 5x times without reflecting any synergies upon acquisition close, Moody's expects leverage to improve to 4 times by the end of 2019. This is consistent with management's public commitment to reduce reported leverage to 4.0x debt to EBITDA leverage ratio over 12-18 months following the close as well as the company's prior track record of reducing leverage through a combination of debt repayment and accelerated profit growth. The de-leveraging will be supported by the substantial free cash flow of the combined entity which should exceed $800 million on an annual basis. In addition, Moody's expects that Vantiv will generate high-single digit adjusted annual profit growth aided by about $200 million of projected run-rate cost synergies, which are expected to be realized over a 3 year period after the close of the acquisition. The ratings for the debt instruments reflect both the probability of default of Vantiv reflected in the Ba2-PD PDR, and the loss given default assessment of the individual debt instruments. The secured credit facilities of Vantiv are rated Ba2 and are secured on a first lien basis by substantially all tangible and intangible assets of Vantiv's domestic subsidiaries. Both the senior secured debt and Vantiv's unsecured notes are guaranteed by Vantiv Holding, LLC (a holding company of Vantiv) and Vantiv's material domestic subsidiaries. The B1 rating on Vantiv's unsecured notes reflect effective subordination to a significant amount of secured debt. Worldpay Finance plc's senior unsecured notes due 2022 are rated Ba2, equivalent to the rating of the secured debt at Vantiv, given the priority position of the notes relative to the Legacy Worldpay assets and Moody's expectation that Legacy Worldpay will continue to maintain low leverage. While certain Legacy Worldpay subsidiary guarantees were released from the 2022 Notes following the repayment of the credit facilities upon closing of the merger, the parent guarantee from Worldpay Group Ltd (formerly Worldpay Group plc), which is the primary operating entity that accounts for the majority of the assets and EBITDA of the consolidated Legacy Worldpay, remains intact. The stable outlook reflects Moody's expectation that Vantiv will generate at least mid-single digit organic annual revenue and profit growth. Operating performance will likely be supported by a growing U.S. and European economy, an expanding sales network and merchant base, and the rapid growth of integrated payment solutions. The ratings could be upgraded if Vantiv increases market share through organic revenue growth without pressuring operating margins and Moody's expects debt to EBITDA to be sustained in the low 3x range. The ratings could be downgraded if Moody's expects declines in revenue and profits, increased customer churn, poor execution, or heightened competition. In addition, negative rating pressure could arise if it becomes apparent that Vantiv's financial leverage will remain in excess of 4.5x on Moody's basis beyond 18 months after the close of the acquisition. Outlook Actions: Issuer: Vantiv, LLC -- Outlook, Remains Stable Issuer: Worldpay Finance plc -- Outlook, Remains Stable Issuer: Worldpay Group Limited -- Outlook, Changed To Rating Withdrawn From Stable Affirmations: Issuer: Vantiv, LLC -- Probability of Default Rating, Affirmed Ba2-PD -- Speculative Grade Liquidity Rating, Affirmed SGL-1 -- Corporate Family Rating, Affirmed Ba2 -- Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD 3) -- Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD 6) Issuer: Worldpay Finance plc -- Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD 3 from LGD 4) Withdrawals: Issuer: Worldpay Group Limited -- Probability of Default Rating, Withdrawn , previously rated Ba2-PD -- Corporate Family Rating, Withdrawn , previously rated Ba2 The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Vantiv is an international payment solutions provider servicing financial institutions' and retailers' credit card, debit card, merchant and private label programs. Vantiv's indirect parent Worldpay, Inc. is a NYSE listed company with projected annual revenues of over $3.5 billion. VINCE'S BLACK: May Use Cash Collateral on Interim Basis ------------------------------------------------------- The Hon. Deborah Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Vince's Black Tie, Inc., to use cash collateral for the sole and limited purpose of paying its postpetition payroll obligations as set forth in the budget and subject to the terms and conditions provided in the interim order. The Debtor, as borrower, entered into a number of loans with various creditors from time to time, to wit: Carvelat Capital; Boerwors Finance, which is owed $9,089; Capcall, LLC, $38,408; Corporation Service Company, which is owed $44,285; Rojo Capital, which is owed $14,630.75; Procredit, which is owed $3,825; and Complete Business Solutions, which is owed $34,050. The Debtor purportedly executed security agreements and financing statements with each of the foregoing creditors in which the Debtor pledged all of its respective accounts, inventory, equipment, contract rights, goods and other business assets. In consideration for the use of its cash collateral, each of secured creditors, to the same extent and priority as their prepetition lien, will receive the following: (a) Each creditor is granted a post-petition lien against the same types of property of the Debtor, to the same validity and extent, as existed as of the Petition Date; (b) An allowed administrative claim under Section 507(b) of the Bankruptcy Code to the extent that the Adequate Protection Liens do not adequately protect the diminution in the value of each creditor's interest in the cash collateral. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/ilnb17-36681-35.pdf About Vince's Black Tie Based in Downers Grove, Illinois, Vince's Black Tie, Inc., operates an upscale tuxedo rental and sales establishment. Operating for over 10 years, Vince's claims to be a premier supplier of tuxedo and suit rental and sales for men's apparel wear throughout the Chicago metropolitan area. Vince's Black Tie filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-36681) on Dec. 11, 2017. In the petition signed by president Vincent P. Genova, the Debtor estimated assets of below $50,000 and liabilities at $500,000 to $1 million. Laxmi P. Sarathy, Esq., serves as bankruptcy counsel to the Debtor. VITARGO GLOBAL: Trustee Seeks Further Use of Cash Through April 30 ------------------------------------------------------------------ Richard J. Laski, the Chapter 11 Trustee for Vitargo Global Sciences, Inc., requests the U.S. Bankruptcy Court for the Central District of California, on an emergency basis, for approval of the Stipulation, expected to be entered into between the Trustee and senior secured lender Fisher Capital Investments, LLC, permitting cash collateral use pursuant to that certain 90-day budget through April 30, 2018. Other than the new Budget, which provides total operating expenses of approximately $918,000 through April 30, the salient terms of the Trustee's proposed use of cash collateral have not changed from those already approved by the Court on and interim and final basis through Jan. 31, 2018. Various entities have asserted a security interest in the cash collateral, including but not limited to: On Deck Capital, Lila Ekonomistyrning, AB; and Swecard AB. However the Chapter 11 Trustee understands that senior secured lender Fischer Capital Investments, LLC, is the only entity with a true interest in the cash collateral to be used in the Debtor's ongoing operations. Fischer Capital has $752,425 outstanding secured claim. The Trustee requires the use of cash collateral to pay the costs and expenses associated with operating the Debtor's business. The primary expenses going forward relate to paying rent, paying wages, purchasing goods, as well as funding a settlement and purchase agreement with the Debtor's sole supplier of raw goods that was previously approved by the Court and that will allow the Debtor continued access to its nutritional supplement product. Additional funds will be required to pay for general overhead, maintain current insurance, and pay the quarterly fees due to the Office of the U.S. Trustee. Secured creditors will receive replacement liens in the post-petition cash and accounts receivables and the proceeds thereof, to the same extent, validity, and priority as any lien held by the secured creditor as of the petition date, to the extent cash collateral is actually used by the Trustee. Additionally, as set forth in the Stipulation, the Trustee will pay Fischer Capital monthly interest payments of $6,600 through April 30, 2018, as additional adequate protection and will also make the settlement payments to Lila Ekonomistyrning, AB. A full-text copy of the Chapter 11 Trustee's Motion is available at: http://bankrupt.com/misc/cacb17-10988-292.pdf About Vitargo Global Sciences Vitargo Global Sciences, Inc., was initially formed as Vitargo Global Sciences, LLC, in June 2013, a follow-along entity of GENr8, Inc., a predecessor business to the Debtor. Conversion from LLC to Inc. took place on September 2015. The Company's line of business includes manufacturing dry, condensed, and evaporated dairy products. Vitargo Global Sciences previously filed a Chapter 12 bankruptcy petition (N.D. Tex. Case No. 92-42174) on May 5, 1992. Vitargo Global Sciences, based in Irvine, California, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-10988) on March 15, 2017. In the petition signed by CEO Anthony Almada, the Debtor estimated $1 million to $10 million in assets and liabilities. Judge Theodor Albert presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, served as the Debtor's bankruptcy counsel. Damian Moos, Esq., at Kang Spanos & Moos LLP, was the litigation counsel. Jeffrey Bolender, Esq., at Bolender Law Firm PC, served as the Debtor's state court insurance coverage counsel. On April 4, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee retained Marshack Hays LLP, as general counsel. Richard J. Laski has been appointed as the Chapter 11 Trustee. The Trustee hired Arent Fox LLP, as general bankruptcy and restructuring counsel. WALDRON DEVELOPMENT: Has Interim OK to Use Cash Collateral ---------------------------------------------------------- The Hon. Jacqueline Cox of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Waldron Development Company to use cash collateral of Wilmington Trust on an interim basis to pay the following persons, the following amounts, for the period through Feb. 23, 2018: Jose Carrillo (Maintenance) $100 Bank Direct (Insurance) $162 Elizabeth Mach (Cleaning) $60 Therese Waldron (Management fee) $375 Sanitary HVAC LLC (HVAC Repair) $661 Snow Plowing $300 Fay Servicing $2,340 Commed/Nicor $100 The Court will convene on Feb. 20, 2018 at 10:00 a.m. for status hearing on cash collateral and case status issues. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/ilnb17-37011-16.pdf The case is In re Waldron Development Company (Bankr. N.D. Ill. Case No. 17-37011). William J. Factor, Esq., at The Law Office of William J. Factor, Ltd., is the Debtor's counsel. WELLNESS MEDICAL: Hires Penachio Malara LLP as Counsel ------------------------------------------------------ Wellness Medical Care, P.C. seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Penachio Malara LLP as counsel. Sevices required of Penachio are: 1. assist in the administration of its Chapter 11 proceeding and complying with applicable law and rules; 2. set a bar date, review claims, and resolve any claims which should be disallowed; 3. address lease issues; and 4. assist in reorganizing and confirming a Chapter 11 plan. Hourly rates Penachio charges are: Anne Penachio $485 Frank Malara $375 Paralegal $175 Anne Penachio attests that Penchio Malara is a "disinterested person" as the term is defined in Bankruptcy Code Section 101(14). The counsel can be reached through: Anne Penachio, Esq. PENACHIO MALARA, LLP 235 Main Street-Suite 610 White Plains, NY 10601 Tel: (914) 946-2889 E-mail: apenachio@pmlawllp.com About Wellness Medical Care Wellness Medical Care PC is primarily engage in providing physical therapy services to individuals who are covered by Medicare. Based in Mount Vernon, New York, Wellness Medical Care filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-23740) on Nov. 14, 20017, estimating under $1 million on both assets and liabilities. The Debtor is represented by Anne Penachio, Esq., at Penachio Malara LLP, as counsel. WILLIAM FOCAZIO: Compelled to Segregate Cash Collateral ------------------------------------------------------- The Hon. Vincent F. Papalia of the U.S. Bankruptcy Court for the District of New Jersey prohibited William J. Focazio, M.D., P.A. from using, and required to segregate, any cash collateral of First Commerce Bank ("FCB") unless and until the Court allows such use. FCB claims a perfected security interest in property of the Debtor, including but not limited to prepetition accounts receivable of the Debtor and insurance payments/reimbursements due to the Debtor. FCB opposed the application of William J. Focazio, M.D., P.A., seeking authorization for the use of cash collateral. William J. Focazio, individually, has represented to the Court and to FCB and the Office of the U.S. Trustee that he has made a prepetition capital contribution to the Debtor in the amount of $25,000 to fund the Debtor's initial operations post-petition. The bank account maintained by the Debtor at Clifton Savings Bank, account number ****0381 will be used by the Debtor solely for the deposit of FCB Cash Collateral in accordance with the terms of the Order, and will not at any time, after the first deposit of any FCB Cash Collateral, contain any funds which are not FCB Cash Collateral, except the Focazio contribution to the extent that it has not been moved out of the Segregated Account. The Focazio contribution, to the extent contained in the Segregated Account, will be immediately moved by the Debtor to another account or accounts of Debtor in its entirety. The Debtor is required to provide to counsel for FCB a daily report, which may be by email, of the receipt, amount and source of all FCB Cash Collateral received by Debtor or its agents postpetition, and the dates and amounts of all deposits of FCB Cash Collateral into the Segregated Account. To the extent that the amounts contained in bank accounts of the Debtor existing on the petition date are traceable to FCB Cash Collateral, and to the extent such funds are used by the Debtor in its operations post-petition, FCB is granted a replacement perfected lien on post-petition accounts receivable of the Debtor, to the same extent and priority as FCB's prepetition liens on Debtor's accounts receivable. A full-text copy of the Order is available at: http://bankrupt.com/misc/njb18-10752-34.pdf About Endo Surgical Center of North Jersey, P.C. Headquartered in Clifton, New Jersey, William Focazio, MD, PA, Endo Surgical Center of North Jersey, and Fenner Ave., LLC, are privately held companies that operate in the health care industry specializing in internal medicine and gastroenterology. William Focazio, MD, PA and its affiliates Endo Surgical Center of North Jersey and Fenner Ave., LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 18-10752, 18-10753 and 18-10755, respectively) on Jan. 13, 2018. William Focazio, M.D., principal, signed the petitions. At the time of filing, William Focazio, MD, PA has $1,130,000 in total assets and $12,830,000 in total liabilities; and Endo Surgical Center has $1,170,000 in total assets and $16,490,000 in total liabilities. Judge Vincent F. Papalia presides over the case. Trenk DiPasquale Della Fera & Sodono, P.C., is the Debtor's counsel. WJA ASSET: $1.5M Sale of WJA REO's 90% Interest in CSO Approved --------------------------------------------------------------- Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California (i) authorized the bidding procedures of WJA Asset Management, LLC, and affiliates in connection with sale of WJA Express Fund, LLC's 50% interests and CA Express Fund II, LLC's 8% interests in Gothard Express Partners, L.P. to FAIT Insurance Partnership, LLC for $1,950,000; (ii) relieved Kingdom Trust Co. as the custodian of the partnership interests held by WJA Express Fund, LLC; and (iii) authorized the related settlement with the general partner and remaining limited partner of the Partnership regarding distributions owed through the date of closing. A hearing on the Motion was held on Jan. 23, 2018 at 11:30 a.m. Pursuant to Section 363(f) of the Bankruptcy Code, title to the WJA Express Interest will be transferred to the Buyer free and clear of any and all Liens and Claims. The terms and conditions of the Settlement Agreement are approved, and WJA Express is authorized to enter into the Settlement Agreement pursuant to Federal Rule of Bankruptcy Procedure 9019 and the Manager is authorized to enter into the Settlement Agreement on behalf of CA Express pursuant to Section 363(b) of the Bankruptcy Code. About WJA Asset Management Luxury Asset Purchasing International, LLC, et al., are part of a network of entities or "Funds" formed to offer a range of investment opportunities to individuals. Many of the existing Funds are performing and some Funds had substantial gains. However, certain Funds, i.e., those invested in private trust deeds secured by real estate, suffered losses. William Jordan Investments, Inc. ("Advisor"), is a registered investment advisor. Laguna Hills, California-based WJA Asset Management, LLC ("Manager"), is the managing member of Luxury, et al. William Jordan was the president and sole owner of Advisor and was the sole member and manager of Manager. On May 18, 2017, Luxury and its affiliates filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. On May 25, 2017, four other affiliated filed voluntary Chapter 11 petitions. On June 6, CA Real Estate Opportunity Fund III filed its Chapter 11 petition. The Debtors' cases are jointly administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the Debtors continue to operate their businesses and manage their affairs as DIP. Pursuant to court orders, Howard Grobstein is now serving as the chief restructuring officer of the Debtors and Mr. Jordan no longer has any ongoing role in the Debtors' operations. At the time of the filing, WJA estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Scott C. Clarkson presides over the cases. Lei Lei Wang Ekvall, Esq., Philip E. Strok, Esq., Robert S. Marticello, Esq., and Michael L. Simon, Esq., at Smiley Wang-Ekvall, LLP, serve as counsel to the Debtors. WONDERWORK INC: Trustee Hires CR3 Partners as Accountants --------------------------------------------------------- Stephen S. Gray, Chapter 11 trustee of the estate of WonderWork, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain CR3 Partners LLC to serve as his accountants, nunc pro tunc to Nov. 15, 2017. Services to be rendered by CR3 are: a. assist the Trustee in the identification, development and implementation of strategies to maximize the value of the Debtor's assets; b. assist the Trustee in managing the operations of the Debtor, to the extent necessary; c. assist the Trustee and (and his counsel) by providing forensic accounting/litigation support analytics work to support the development of potential causes of action; d. assist the Trustee in the formulation and analysis of potential Chapter 11 plans; e .assist the Trustee in the development of financial analysis and projections regarding the Debtor's operations and balance sheet; f. prepare monthly operating reports as required by the United States Trustee for the Southern District of New York; and g. provide advice and analysis with respect to all other related matters to support the Trustee in his administration of the Debtor. Antony Walker, a partner with CR3 Partners, attests that CR3 is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). The current normal and customary rates of CR3 are: Partner $500 to $695 Director $350 to $500 Manager $300 to $400 Associate $250 to $350 The accountants can be reached through: Antony Walker, CPA CR3 Partners LLC 450 Lexington Avenue, 4th Floor New York, NY 10017 Phone: 617-875-6401 E-mail: antony.walker@cr3partners.com About Wonderwork, Inc. Wonderwork, Inc., is a charity that has provided grants to fund more than 220,000 surgeries in just six years. Wonderwork filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-13607) on Dec. 29, 2016. In the petition signed by CEO Brian Mullaney, the Debtor estimated $10 million to $50 million in assets and $10 million to $50 million in debt. The Debtor was represented by Aaron R. Cahn, Esq., at Carter Ledyard & Milburn LLP, as counsel; and BDO USA, LLP, as auditor and tax advisor. Pursuant to the Court's order entered on April 21, 2017, Jason R. Lilien was appointed as Chapter 11 examiner. He hired Loeb & Loeb LLP as his counsel. On Nov. 3, 2017, the Examiner issued his final report wherein, among other things, the Examiner found that there were sufficient grounds to appoint a Chapter 11 trustee. On Nov. 9, 2017, the Court entered an order directing the appointment of a Chapter 11 Trustee. By application dated Nov. 15, 2017, the United States Trustee moved for the appointment of Stephen S. Gray as Chapter 11 trustee. On Nov. 15, 2017, the United States Trustee filed his notice appointing Stephen S. Gray as the Chapter 11 trustee of the Debtor, subject to Court approval. The Trustee tapped TOGUT, SEGAL & SEGAL LLP, as counsel. WWLC INVESTMENT: Wants to Maintain Plan Exclusivity Until April 13 ------------------------------------------------------------------ WWLC Investment, L.P., requests the U.S. Bankruptcy Court for the Eastern District of Texas for an extension of the 180-day exclusive period to confirm its Plan until April 13, 2018. The Debtor contend that the time requirements for obtaining a setting on both a disclosure statement and confirmation hearing within 60 days from filing a plan and disclosure statement is challenging anytime of the year, but is more so at the end of the year. The Debtor filed its Plan on Dec. 29, 2017. Typical delays caused by the end-of-the-year holidays and vacations partially resulted in the disclosure statement hearing being set on Feb. 13, 2018 using 46 of the 60 days. The Debtor continues to have the exclusive right to solicit votes for its Plan until Feb. 27, 2018. The process to set a confirmation hearing requires at least 28-day notice of the deadline to object to confirmation of the Plan, with the hearing typically a week later. Along with a few additional days for the Debtor to accomplish the mail-out of the Plan, Disclosure Statement, Ballots and Notice of Hearing, the Debtor will require approximately 6-weeks to reach confirmation after the disclosure statement hearing. Given the scheduling challenges, the Debtor believes that it will not be able to obtain approval of its Disclosure Statement any earlier than February 13, 2018. Moreover, the Debtor asserts that its plan is likely to be accepted by its creditors and confirmed in a timely fashion since the Plan provides for 100% payment of all allowed claims. About WWLC Investment WWLC Investment, L.P., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 17-41913) on Sept. 1, 2017. In the petition signed by authorized representative Wendy Chen, the Debtor estimated assets and liabilities of less than $50,000. Judge Brenda T. Rhoades presides over the case. The Debtor hired Quilling Selander Lownds Winslett & Moser, P.C., as legal counsel; and Palmer & Manuel, LLP, and The Erikson Firm as special counsel. XCELERATED LLC: Exclusive Filing Period Temporarily Extended ------------------------------------------------------------ The Hon. Gregory R. Schaaf of the U.S. Bankruptcy Court for the Eastern District of Kentucky, at the behest of Xcelerated, LLC, temporarily extended the Debtor's exclusive plan filing period, which would otherwise expire on Jan. 29, 2018, pending the Court's ruling on the Motion by further order following the required notice period and a hearing. About Xcelerated LLC Xcelerated, LLC -- http://www.xcelerated.com-- is a provider of data hygiene and data enhancement services including Black Book, Blue Book, C.A.R.S. and AutoVINdication. Xcelerated sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 17-20886) on June 29, 2017. In the petition signed by managing member Pam Lang, the Debtor estimated assets of less than $1 million and liabilities of $1 million to $10 million. The Hon. Gregory R. Schaaf presides over the case. Bingham Greenebaum Doll LLP is the Debtor's bankruptcy counsel. [^] BOND PRICING: For the Week from Jan. 29 to Feb. 2, 2018 ----------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- Alpha Appalachia Holdings Inc ANR 3.25 2.048 8/1/2015 Amyris Inc AMRS 9.5 65.328 4/15/2019 Amyris Inc AMRS 6.5 62.363 5/15/2019 Appvion Inc APPPAP 9 37.53 6/1/2020 Appvion Inc APPPAP 9 12.5 6/1/2020 Armstrong Energy Inc ARMS 11.75 25.75 12/15/2019 Armstrong Energy Inc ARMS 11.75 25.75 12/15/2019 Avaya Inc AVYA 10.5 6.25 3/1/2021 Avaya Inc AVYA 10.5 7 3/1/2021 BPZ Resources Inc BPZR 6.5 3.017 3/1/2015 BPZ Resources Inc BPZR 6.5 3.017 3/1/2049 Bon-Ton Department Stores Inc/The BONT 8 26.686 6/15/2021 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 6.5 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 7.875 6.875 4/15/2022 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 6.875 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 6.875 10/15/2020 Cenveo Corp CVO 8.5 16.5 9/15/2022 Cenveo Corp CVO 8.5 15.625 9/15/2022 Chassix Holdings Inc CHASSX 10 8 12/15/2018 Chassix Holdings Inc CHASSX 10 8 12/15/2018 Claire's Stores Inc CLE 9 71.049 3/15/2019 Claire's Stores Inc CLE 8.875 26.218 3/15/2019 Claire's Stores Inc CLE 7.75 11.875 6/1/2020 Claire's Stores Inc CLE 9 70.478 3/15/2019 Claire's Stores Inc CLE 7.75 11.875 6/1/2020 Claire's Stores Inc CLE 9 66.118 3/15/2019 Cobalt International Energy Inc CIEI 2.625 33.5 12/1/2019 Cumulus Media Holdings Inc CMLS 7.75 21 5/1/2019 EV Energy Partners LP / EV Energy Finance Corp EVEP 8 51.241 4/15/2019 EXCO Resources Inc XCOO 8.5 9.05 4/15/2022 Egalet Corp EGLT 5.5 46.25 4/1/2020 Emergent Capital Inc EMGC 8.5 58.492 2/15/2019 Energy Conversion Devices Inc ENER 3 7.875 6/15/2013 Energy Future Holdings Corp TXU 6.55 15.625 11/15/2034 Energy Future Holdings Corp TXU 6.5 15 11/15/2024 Energy Future Holdings Corp TXU 9.75 29.25 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 11.25 38 12/1/2018 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.75 37.625 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 11.25 38.5 12/1/2018 FGI Operating Co LLC / FGI Finance Inc GUN 7.875 18.428 5/1/2020 Federal Home Loan Banks FHLB 2 97 11/10/2026 Fleetwood Enterprises Inc FLTW 14 3.557 12/15/2011 GenOn Energy Inc GENONE 9.5 81.25 10/15/2018 GenOn Energy Inc GENONE 9.5 79 10/15/2018 GenOn Energy Inc GENONE 9.5 81 10/15/2018 Gibson Brands Inc GIBSON 8.875 82.028 8/1/2018 Gibson Brands Inc GIBSON 8.875 82.18 8/1/2018 Gibson Brands Inc GIBSON 8.875 82.102 8/1/2018 Global Brokerage Inc GLBR 2.25 47.125 6/15/2018 Goldman Sachs Group Inc/The GS 2.43567 98.706 2/19/2018 Homer City Generation LP HOMCTY 8.137 38.75 10/1/2019 Iconix Brand Group Inc ICON 1.5 76.05 3/15/2018 Illinois Power Generating Co DYN 6.3 33.375 4/1/2020 Interactive Network Inc / FriendFinder Networks Inc FFNT 14 70.25 12/20/2018 IronGate Energy Services LLC IRONGT 11 36.875 7/1/2018 IronGate Energy Services LLC IRONGT 11 36.875 7/1/2018 IronGate Energy Services LLC IRONGT 11 36.875 7/1/2018 IronGate Energy Services LLC IRONGT 11 36.875 7/1/2018 Lansing Trade Group LLC / Lansing Finance Co Inc LANTRA 9.25 98.153 2/15/2019 Lansing Trade Group LLC / Lansing Finance Co Inc LANTRA 9.25 98.153 2/15/2019 Las Vegas Monorail Co LASVMC 5.5 4.037 7/15/2019 Lehman Brothers Holdings Inc LEH 2.07 3.326 6/15/2009 Lehman Brothers Holdings Inc LEH 1.383 3.326 6/15/2009 Lehman Brothers Holdings Inc LEH 1.5 3.326 3/29/2013 Lehman Brothers Holdings Inc LEH 2 3.326 3/3/2009 Lehman Brothers Holdings Inc LEH 1.6 3.326 11/5/2011 Lehman Brothers Holdings Inc LEH 5 3.326 2/7/2009 Lehman Brothers Holdings Inc LEH 4 3.326 4/30/2009 Lehman Brothers Inc LEH 7.5 1.226 8/1/2026 Linc USA GP / Linc Energy Finance USA Inc LNCAU 9.625 1 10/31/2017 MF Global Holdings Ltd MF 3.375 30 8/1/2018 MModal Inc MODL 10.75 6.125 8/15/2020 Mashantucket Western Pequot Tribe MASHTU 7.35 15.25 7/1/2026 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.75 3.471 10/1/2020 Molycorp Inc MCP 10 1.301 6/1/2020 Nine West Holdings Inc JNY 8.25 8.848 3/15/2019 Nine West Holdings Inc JNY 6.125 13.185 11/15/2034 Nine West Holdings Inc JNY 6.875 12.356 3/15/2019 Nine West Holdings Inc JNY 8.25 9.827 3/15/2019 OMX Timber Finance Investments II LLC OMX 5.54 10.125 1/29/2020 Orexigen Therapeutics Inc OREX 2.75 34 12/1/2020 Orexigen Therapeutics Inc OREX 2.75 39.842 12/1/2020 PaperWorks Industries Inc PAPWRK 9.5 54.136 8/15/2019 PaperWorks Industries Inc PAPWRK 9.5 54.537 8/15/2019 Powerwave Technologies Inc PWAV 2.75 0.435 7/15/2041 Powerwave Technologies Inc PWAV 3.875 0.435 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.435 11/15/2024 Powerwave Technologies Inc PWAV 3.875 0.435 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.435 11/15/2024 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.25 48.25 10/1/2018 Real Alloy Holding Inc RELYQ 10 72 1/15/2019 Real Alloy Holding Inc RELYQ 10 61 1/15/2019 Renco Metals Inc RENCO 11.5 26.75 7/1/2003 Rex Energy Corp REXX 8.875 49.47 12/1/2020 Rex Energy Corp REXX 6.25 32.343 8/1/2022 SAExploration Holdings Inc SAEX 10 55.5 7/15/2019 SandRidge Energy Inc SD 7.5 2.081 2/15/2023 Sears Holdings Corp SHLD 6.625 79.484 10/15/2018 Sears Holdings Corp SHLD 8 46.092 12/15/2019 Sears Holdings Corp SHLD 6.625 80.063 10/15/2018 Sears Holdings Corp SHLD 6.625 80.063 10/15/2018 SiTV LLC / SiTV Finance Inc NUVOTV 10.375 69 7/1/2019 SiTV LLC / SiTV Finance Inc NUVOTV 10.375 68 7/1/2019 Talos Production LLC / Talos Production Finance Inc TALPRO 9.75 84.125 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.75 84.125 2/15/2018 TerraVia Holdings Inc TVIA 5 10.25 10/1/2019 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.5 0.597 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.5 0.597 10/1/2020 Toys R Us - Delaware Inc TOY 8.75 23 9/1/2021 Toys R Us Inc TOY 7.375 30 10/15/2018 Transworld Systems Inc TSIACQ 9.5 27.152 8/15/2021 Transworld Systems Inc TSIACQ 9.5 27.166 8/15/2021 UCI International LLC UCII 8.625 4.689 2/15/2019 Walter Energy Inc WLTG 8.5 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 4.5 12 11/1/2019 iHeartCommunications Inc IHRT 14 7.219 2/1/2021 iHeartCommunications Inc IHRT 6.875 41.961 6/15/2018 iHeartCommunications Inc IHRT 14 7.261 2/1/2021 iHeartCommunications Inc IHRT 14 7.267 2/1/2021 ********* 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 2018. 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 ***