/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180719.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 19, 2018, Vol. 22, No. 199 Headlines * Recent Small-Dollar & Individual Chapter 11 Filings 505 CONGRESS: U.S. Trustee Forms 3-Member Committee ACTIVE CARE: July 26 Meeting Set to Form Creditors' Panel AEROGROUP INT'L: Court Rejects Polk's Summary Judgment Bid AMERICANN INC: Raises $3.8M in Equity Through Warrants Exercise ARECONT VISION: Costar Technologies Agrees to Acquire Assets BERNARD L. MADOFF: Recoveries Reach $13.26-Bil. After Ascot Deal BLACK BOX: Widens Net Loss to $100.1M in FY Ended March 31, 2018 BLACK IRON: Taps FTI Consulting as Valuation Expert BLUE EAGLE FARMING: Taps Barnwell Whaley as Special Counsel BLUE EAGLE FARMING: Taps Nexsen Pruet as Special Counsel CALHOUN SATELLITE: $900K Sale of Property to IMS Dismissed CALHOUN SATELLITE: July 26 Auction to Test IMS's $900,000 Offer CAMBER ENERGY: Granted Until Dec. 15 to Regain NYSE Compliance CAMBRIDGE REALTY: $3M Sale of Wall Property to Kogan Approved CAREVIEW COMMUNICATIONS: HealthCor Entities Have 25.6% Stake CAREVIEW COMMUNICATIONS: Issues $1M Notes to Four Directors CASHMAN EQUIPMENT: Public Sale of 1938 Packard Eight for $18K OK'd CASTILLO ENTERPRISES: U.S. Trustee Unable to Appoint Committee CENTRAL GROCERS: Court Dismisses Pension Funds' Appeal as Moot CHAPELDALE PROPERTIES: $100K Sale of Baltimore Lot to Griffin OK'd CROSS-DOCK SOLUTIONS: Trustee's Sale of Personal Property Approved DAVID HANKS: $239K Sale of Tipton County Property Approved DELEN RESOURCES: Taps David Jackson as Accountant DENNIS JOHNSON II: Trustee Suit's Bad Faith Claims vs PIA Junked DLN PROPERTIES: D. Guthans Suit vs JPMorgan Remanded to Bankr. Ct. DORIAN LPG: BW Group Has 14.2% Stake as of July 12 DORIAN LPG: BW LPG Will Nominate 3 Independent Directors DOWLING COLLEGE: Sale of Brookhaven Campus to Triple Five Approved DPW HOLDINGS: Extends QPAGOS & IPS Agreement Closing Date to Aug 17 ECOSHEL INC: Case Summary & 20 Largest Unsecured Creditors FANNIE MAE: Elects Antony Jenkins to Board of Directors FASTSHIP LLC: Court Tosses Lockheed, G&C Bid to Dismiss Suit FIRSTENERGY SOLUTIONS: Enters Into Stalking Horse Agreement FRANKLIN ACQUISITION: Trustee's $965K Sale of El Paso Propty Mooted GANDER MOUNTAIN: Wins Summary Judgment Bid vs Edward Martino GILL & PAL: Hollis Avenue Lot Up for August 10 Auction GUY A. WILLIAMS, SR: $210K Sale of Marlboro Property Approved HHGREGG INC: Gregg Appliances' $2.9M Sale of Buford Property Okayed HULTGREN CONSTRUCTION: Case Summary & 17 Unsecured Creditors INPIXON: Has 39.9 Million Outstanding Common Stock as of July 13 JEFFREY BERGER: $130K Sale of Automobiles Approved KEAST ENTERPRISES: Taps Gross & Company as Accountant LAS UVAS VALLEY: Asset Auctions Scheduled for Aug. 3-4 LEEBER REALTY: Case Summary & Unsecured Creditor LEHMAN BROTHERS: LBI Creditors Can Join Cash Out Program MCCLATCHY CO: Closes Offering of $310 Million Senior Secured Notes MICHAEL MCNULTY: $1.2M Sale of El Segundo Rental Property Approved MONEYONMOBILE INC: Provides Update on Rights Offering & 10-K Delay NEOVASC INC: Files "Administrative" Prospectus Supplement NEOVASC INC: Nasdaq Sets Hearing to Consider Appeal of Delisting NORTHWEST TERRITORIAL: Trustee's $420K Sale of Coining Dies Okayed PENTHOUSE GLOBAL: Trustee's Sale of All Assets to WCGZ Approved PEPPERTREE LAND: Taps Higgs Fletcher as Special Counsel PIER 81 INVESTMENTS: Taps Jacobson Hile as Legal Counsel PME MORTGAGE: Proposed Sale of Aguanga Property Approved PROVIDENCE WIRELESS: McGrath, TCI Suit Remanded to State Court PURPLE SHOVEL: Proposed Sale of Apopka Property Abated RELATIVITY MEDIA: Committee Taps Duff & Phelps as Fin'l Advisor RENNOVA HEALTH: Holders Swap $1.7M Debentures for Preferred Shares RENNOVA HEALTH: Will Issue $1.2M Additional Convertible Debentures REVOCABLE LIVING TRUST: Case Summary & 2 Unsecured Creditors RICHARD OSBORNE: $125K Sale of Concord Vacant Land to Sommers OK'd RODEO ROOFING: Case Summary & 20 Largest Unsecured Creditors RONNIE WHITEFIELD: $22K Sale of 2013 BMW 535 to Cook Approved SAMUEL MOORE: $165K Sale of Bethel Park Property to Fund Plan OK'd SCIENTIFIC GAMES: Park West Asset Has 5.2% Stake as of July 5 SHEEHAN PIPE LINE: Dismissed from Little Realty's Lawsuit SHIRLEY MCCLURE: Trustee's $580K Sale of La Mirada Property Okayed SHIRLEY MCCLURE: Trustee's $597K Sale of Fullerton Property Okayed SHIRLEY MCCLURE: Trustee's Sale of San Francisco Condo Units Okayed SIVYER STEEL: Proposed Sale of All Assets Approved SMF ENERGY: DG&S, et al.'s Joint Bid for Leave to Appeal Junked STONEMOR PARTNERS: Widens Net Loss to $75.2 Million in 2017 TEXAS E&P: Trustee's $50K Sale of Wellbores & Equipment Approved TINTRI INC: July 20 Meeting Set to Form Creditors' Panel TOYS R US: Fee Examiner Taps Hathaway Adair as Legal Counsel VALLEY C: Case Summary & 20 Largest Unsecured Creditors VENTURE INVESTMENTS: Taps Steidl and Steinberg as Legal Counsel WILLIAM B. LAWTON: $14K Sale of Calcasieu Parish Properties Okayed WJA ASSET: $549K Sale of Los Angeles Property to Kang Approved WJA ASSET: Retention of Ramboll to Review Gas Station Issues Okayed YINGLI GREEN: NYSE Files Form 25 with the SEC to Delist ADS Z-1 MANAGEMENT: $300K Sale of Memphis Property to Real Equity OK'd [*] Ankura Appoints Lynn Poss Veblen as Deputy General Counsel [*] Guggenheim Securities to Acquire Millstein & Co. [*] Kirkland & Ellis Leads The Deal Rankings for M&A, Bankruptcy [] 2018 DI Conference Discount Tickets Available for Early Birds ********* * Recent Small-Dollar & Individual Chapter 11 Filings ----------------------------------------------------- In re Gregory Anton Wahl Bankr. C.D. Cal. Case No. 18-12449 Chapter 11 Petition filed July 6, 2018 represented by: Christopher J Langley, Esq. LAW OFFICES OF LANGLEY & CHANG E-mail: chris@langleylegal.com In re Patricia M. Nedrick-Gray Bankr. C.D. Cal. Case No. 18-17790 Chapter 11 Petition filed July 6, 2018 represented by: Ivan M. Lopez Ventura, Esq. E-mail: ilecfbknotices@gmail.com In re Kenneth R. Steber Bankr. N.D. Fla. Case No. 18-30639 Chapter 11 Petition filed July 6, 2018 represented by: John E. Venn, Esq. JOHN E. VENN, JR., P.A. E-mail: johnevennjrpa@aol.com In re Andre Gaudreau Bankr. S.D. Fla. Case No. 18-18236 Chapter 11 Petition filed July 6, 2018 represented by: Kristopher Aungst, Esq. WARGO & FRENCH, LLP E-mail: kaungst@wargofrench.com In re Clayton Logomasini Bankr. E.D. Mo. Case No. 18-44312 Chapter 11 Petition filed July 6, 2018 represented by: Richard W. Engel, Jr., Esq. ARMSTRONG TEASDALE LLP E-mail: rengel@armstrongteasdale.com In re Michael Edward Bronson and Pamela Joy Bronson Bankr. E.D.N.C. Case No. 18-03396 Chapter 11 Petition filed July 6, 2018 represented by: Richard Preston Cook, Esq. RICHARD P. COOK, PLLC E-mail: capefeardebtrelief@gmail.com In re Tim's Wireless & Apparel Inc. Bankr. W.D.N.Y. Case No. 18-20704 Chapter 11 Petition filed July 6, 2018 See http://bankrupt.com/misc/nywb18-20704.pdf represented by: John D. Wieser, Esq. E-mail: jdwieseresq@hotmail.com In re Georganne Durrill Bankr. S.D. Tex. Case No. 18-20295 Chapter 11 Petition filed July 6, 2018 represented by: Reese W. Baker, Esq. BAKER & ASSOCIATES E-mail: courtdocs@bakerassociates.net In re Cowpuncher Investments, LLC Bankr. W.D. Tex. Case No. 18-10899 Chapter 11 Petition filed July 8, 2018 See http://bankrupt.com/misc/txwb18-10899.pdf represented by: Ronald J. Smeberg, Esq. The Smeberg Law Firm, PLLC E-mail: ron@smeberg.com In re Timothy M. Stevenson Bankr. D. Ariz. Case No. 18-08064 Chapter 11 Petition filed July 10, 2018 represented by: Thomas Allen, Esq. ALLEN BARNES & JONES,PLC E-mail: tallen@allenbarneslaw.com In re Richard Philip Dagres Bankr. C.D. Cal. Case No. 18-11729 Chapter 11 Petition filed July 10, 2018 represented by: Onyinye N. Anyama, Esq. ANYAMA LAW FIRM E-mail: onyi@anyamalaw.com In re Dale Garfield Knox and Cheryl Lynn Knox Bankr. C.D. Cal. Case No. 18-12520 Chapter 11 Petition filed July 10, 2018 represented by: Cheryl Lynn Knox, Esq. THE BISOM LAW GROUP E-mail: abisom@bisomlaw.com In re Martin G. Meier Bankr. N.D. Cal. Case No. 18-41579 Chapter 11 Petition filed July 10, 2018 See http://bankrupt.com/misc/canb18-41579.pdf Filed Pro Se In re Robert P Jaworski and Kelly Marie Jaworski Bankr. M.D. Ga. Case No. 18-51280 Chapter 11 Petition filed July 10, 2018 represented by: Daniel Lewis Wilder, Esq. LAW OFFICES OF EMMETT L. GOODMAN, JR. E-mail: dwilder@goodmanlaw.org In re Center for Plastic Surgery, Inc. Bankr. N.D. Ga. Case No. 18-61491 Chapter 11 Petition filed July 10, 2018 See http://bankrupt.com/misc/ganb18-61491.pdf represented by: Sims W. Gordon, Jr., Esq. THE GORDON LAW FIRM PC E-mail: law@gordonlawpc.com In re Sharon M. Bruner Bankr. S.D. Miss. Case No. 18-02671 Chapter 11 Petition filed July 10, 2018 represented by: R. Michael Bolen, Esq. HOOD & BOLEN, PLLC E-mail: rmb@hoodbolen.com In re Debra A Buchanan Bankr. S.D. Miss. Case No. 18-02672 Chapter 11 Petition filed July 10, 2018 represented by: R. Michael Bolen, Esq. HOOD & BOLEN, PLLC E-mail: rmb@hoodbolen.com In re Guerrero Deli & Restaurant, Inc. Bankr. D.N.J. Case No. 18-23840 Chapter 11 Petition filed July 10, 2018 See http://bankrupt.com/misc/njb18-23840.pdf represented by: Tomas Espinosa, Esq. E-mail: te@lawespinosa.com In re Marco A. Segoviano-Tellez Bankr. D. Nev. Case No. 18-14046 Chapter 11 Petition filed July 10, 2018 represented by: Michael J. Harker, Esq. E-mail: notices@harkerlawfirm.com In re 31 Northville Corp Bankr. E.D.N.Y. Case No. 18-74636 Chapter 11 Petition filed July 10, 2018 See http://bankrupt.com/misc/nyeb18-74636.pdf Filed Pro Se In re Asiatique Thai Bistro LLC Bankr. W.D. Pa. Case No. 18-22783 Chapter 11 Petition filed July 10, 2018 See http://bankrupt.com/misc/pawb18-22783.pdf represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG E-mail: chris.frye@steidl-steinberg.com In re Mo's House of Pizza, LLC Bankr. D.S.C. Case No. 18-03503 Chapter 11 Petition filed July 10, 2018 See http://bankrupt.com/misc/scb18-03503.pdf represented by: Reid B. Smith, Esq. BIRD AND SMITH, PA E-mail: rsmith@birdsmithlaw.com 505 CONGRESS: U.S. Trustee Forms 3-Member Committee --------------------------------------------------- The Office of the U.S. Trustee appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of 505 Congress Street, LLC. The committee members are: (1) Trinity Building and Construction Management Corp. One Jewel Drive, Suite 322 Wilmington, MA 01887 Matthew Kilty Tel: 781-305-2739 Email: Mkilty@trinitybcm.com David E. Wilson, Esq. Tel: 617-849-6058 Email: dew@corwinlaw.com (2) Trimark East, LLC 500 Collins Street South Attleboro, MA 02403 Walter J. Gould Tel: 508-399-6000 x 2476 Email: walter.gould@trimarkusa.com (3) Martignetti Companies 500 John Hancock Road Taunton, MA 02780-6958 John Graves Tel: 781-352-6122 Email: jgraves@martignetti.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About 505 Congress Street 505 Congress Street, LLC, which conducts business under the name La Casa de Pedro, is a familial dining destination for Latin cuisine. Pedro Alarcon, owner and chef, serves dishes that highlight the traditions of his native Venezuela and broader Latin American heritage. The restaurant has locations in the Boston Seaport and Watertown Massachusetts. 505 Congress Street sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 18-11352) on April 15, 2018. In the petition signed by Pedro S. Alarcon, manager, the Debtor estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge Joan N. Feeney presides over the case. The Debtor tapped Parker & Associates as its legal counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee retained The Law Offices of John F. Sommerstein as its legal counsel. ACTIVE CARE: July 26 Meeting Set to Form Creditors' Panel --------------------------------------------------------- Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on July 26, 2018, at 10:00 a.m. in the bankruptcy case of Active Care, Inc. The meeting will be held at: J. Caleb Boggs Federal Building 844 N. King Street 3rd Floor Room 3209 Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About ActiveCare, Inc. ActiveCare, Inc. -- https://www.activecare.com -- is a real-time health analytics and monitoring company that provides self-insured health plans with solutions that significantly reduce the impact and cost of diabetes. ActiveCare, Inc., along with affiliates 4G Biometrics, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11659) on July 15, 2018. ActiveCare, Inc. has total assets of $2,623,458 and 41,787,746 in liabilities. The petitions were signed by Mark J. Rosenblum, chief executive officer. The Hon. Laurie Selber Silversteinis the case judge. The Debtors tapped Christopher A. Ward, Esq. of POLSINELLI PC as cousel. AEROGROUP INT'L: Court Rejects Polk's Summary Judgment Bid ---------------------------------------------------------- Bankruptcy Judge Kevin J. Carey denied Polk 33 Lending, LLC's motion for summary judgment regarding THL Corporate Finance, Inc.'s Motion for Entry of Order (I) Valuing Secured Claims for Purpose of Allocating Sale Proceeds to Such Secured Claims and (II) Ordering Distributions. On March 6, 2018, Debtors Aerogroup International, Inc. and affiliates sold their assets at an auction, receiving net sale proceeds of $25,450,000. The assets sold are encumbered by the liens of THL Corporate Finance, Inc. and Polk 33 Lending, LLC. Pursuant to the Final DIP Order and the Order authorizing the Sale, the Sale Proceeds have been placed in a sale escrow account pending distribution to THL and Polk, either by mutual agreement of THL and Polk or pursuant to an order of this Court. THL and Polk filed three motions related to the escrowed Sale Proceeds: (1) Polk 33 Lending, LLC's Motion to Enforce Agreement By and Among the Debtors, Polk 33 Lending, LLC and THL Corporate Finance, Inc. (D.I. 779) (the Polk Motion); (2) THL Corporation Finance, Inc.'s Motion for Entry of Order (I) Valuing Secured Claims for Purpose of Allocating Sale Proceeds to Such Secured Claims and (II) Ordering Distributions; and (3) Motion to Strike the February 15-16, 2018 Transcript of Auction Proceedings and Debtors' Preliminary Draft Analysis Attached to and in Support of [the THL Motion]. On June 8, 2018, Polk filed a motion for summary judgment regarding the THL Motion along with a motion to shorten the briefing and notice period for that motion. At the auction, THL submitted a credit bid of approximately $12.2 million. Polk refers to THL's Credit Bid as a "final bid," because THL did not submit any further credit bids at the auction. THL explains that the Credit Bid was an "incremental bid" that met the minimum incremental amount required under the approved bidding procedures to top bids placed by other third-parties. THL also asserts that the Auction was paused after THL's Credit Bid and, during the break, counsel for the Debtors asked THL to refrain from further credit bidding, given that there was momentum for a higher sale price for the Debtors' assets. THL says that it agreed to refrain from credit bidding, but reserved its right to resume credit bidding if other bidders did not bid an amount that was satisfactory to THL. Consequently, two other bidders engaged in competitive bidding, one of whom became the winning bidder at a price for the combined assets, including THL's collateral, that was higher than THL's Credit Bid. Relying on the Third Circuit's decisions in Submicron and Philadelphia Newspapers, Polk argues that THL's "final" Credit Bid established the secured amount of THL's claim. The competing declarations in this case underscore the first reason for denying Polk's Summary Judgment Motion -- that is, a dispute over the material fact of whether THL's credit bid was a "final" bid. However, THL also contends that Polk's arguments rely on a disingenuous and misleading misinterpretation of Third Circuit law. The Court agrees. Polk's argument relies on language plucked out of cases without context and fails to recognize the basic premise: an auction allows the marketplace to determine the value of the collateral, which, in turn, determines the value of the secured portion of claim. In other words, the highest bid -- no matter who makes it -- sets the asset's value. "The ability to credit-bid helps to protect a creditor against the risk that its collateral will be sold at a depressed price. It enables the creditor to purchase the collateral for what it considers the fair market price (up to the amount of its security interest) without committing additional cash to protect the loan." Allowing the secured creditor to credit bid the full amount of its claim allows the secured creditor to submit a higher bid over a depressed price, but the secured creditor is not required to bid the full amount of its claim if third parties bid a fair price for the collateral. Indeed, if a secured creditor does not credit bid in a section 363 sale, it does not forfeit its right to recover the secured portion of its claim from the auction proceeds. Accordingly, the Court rejects Polk's argument that the secured portion of THL's claim is determined by its Credit Bid rather than the market price for the collateral. The Summary Judgment Motion is denied. The bankruptcy case is In re: AEROGROUP INTERNATIONAL INC., et al., Chapter 11, Debtors, Case No. 17-11962 (KJC) (Bankr. D. Del.). A full-text copy of the Court's Opinion dated June 25, 2018 is available at https://bit.ly/2ujoA4Z from Leagle.com. Aerogroup International, Inc., et al., Debtor, represented by Scott D. Cousins -- scousins@bayardlaw.com -- Bayard, P.A., Erin R. Fay -- eray@bayardlaw.com -- Bayard, P.A., Gregory Joseph Flasser -- gflasser@bayardlaw.com -- Bayard, P.A.,Gregg M. Galardi -- Gregg.Galardi@ropesgray.com -- Ropes & Gray LLP, William Alex McGee -- William.mcgee@ropesgray.com -- Ropes & Gray LLP &Mark R. Somerstein -- mark.somerstein@ropesgray.com -- Ropes & Gray LLP. U.S. Trustee, U.S. Trustee, represented by David L. Buchbinder, Office of the U.S. Trustee. Prime Clerk LLC, Claims Agent, represented by Benjamin Joseph Steele, Prime Clerk LLC. The Official Committee of Unsecured Creditors, Creditor Committee, represented by Michael G. Busenkell, Gellert Scali Busenkell & Brown, LLC,Sarah Ann Carnes, Cooley LLP, Ronald S. Gellert, Gellert Scali Busenkell & Brown, LLC & Michael Klein, Cooley LLP, pro hac vice. About Aerogroup International Aerogroup International, Inc. -- http://www.aerosales.com/-- was established in 1987 through a buyout of the What's What division of Kenneth Cole. Doing business as Aerosoles, the company is a New Jersey-based women's footwear brand offering a wide array of footwear, including heels, flats, wedges, boots and sandals that appeal to broad consumer tastes. With plans to close 74 of 78 stores they are operating, Aerogroup International, Inc., and five affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11962) on Sept. 15, 2017. The cases are pending before the Honorable Kevin J. Carey. Aerosoles disclosed $73 million in assets and $109 million in liabilities as of the Petition Date. Aerosoles' legal advisor in connection with the restructuring is Ropes & Gray LLP. The Debtors hired Bayard, P.A., as co-counsel; Berkeley Research Group, LLC as restructuring advisor; and EisnerAmper, LLC, as accountant. Hilco Merchant Resources is assisting on store closings. Prime Clerk LLC is the claims and noticing agent. On Sept. 26, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. No trustee or examiner has been appointed. AMERICANN INC: Raises $3.8M in Equity Through Warrants Exercise --------------------------------------------------------------- Americann, Inc., has raised $3,819,000 in equity through the exercise of 1,273,000 warrants at $3.00 per share. Between Oct. 27, 2016 and Nov. 7, 2016 the Company sold 2,000,000 units to a group of investors in a private offering. Each unit consisted of one share of the Company's common stock and one Series I Warrant. Each Series I Warrant entitles the holder to purchase one share of the Company's common stock at a price of $3.00 per share at any time on or before Nov. 4, 2020. To encourage holders to exercise their Series I Warrants, the Company agreed to issue one Series IX Warrant to each person that exercised a Series I warrant on or before July 10, 2018. Each Series IX Warrant is exercisable at a price of $1.00 per share at any time on or before July 10, 2021. As of July 10, 2018, a total of 1,273,000 Series I Warrants were exercised and the Company issued 1,273,000 shares of its common stock (as a result of the exercise of the Series I Warrants) and 1,273,000 Series IX Warrants to the persons that exercised the Series I Warrants. The proceeds from the exercise of the Series I Warrants will be used for construction on a 52.6 acre parcel of undeveloped land located approximately 47 miles southeast of Boston. The Company is developing the property as the Massachusetts Medical Cannabis Center. The shares issuable upon the exercise of the Series I Warrants were registered with the Securities and Exchange Commission and are free trading under an effective registration statement. The shares issuable upon the exercise of the Series IX Warrants will be "restricted securities" as that term is defined by the Securities and Exchange Commission, unless registered. The Company paid GVC Capital LLC, the Solicitation Agent for the offering, $0.18 for each Series I Warrant exercised and issued one warrant to GVC for each 20 Series I Warrants which were exercised. The warrants issued to GVC are exercisable at a price of $1.00 per share at any time on or before July 10, 2023. If the Company chooses to retain GVC to solicit the exercise of the Series IX Warrants, the Company will pay GVC $0.05 for each Series IX Warrant that is exercised. GVC allowed a portion of its compensation to selected dealers which assisted in the solicitation of the Series I Warrant holders The Company relied upon the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b)of the Securities and Exchange Commission in connection with issuance of the Series IX Warrants. The persons who acquired these warrants were accredited and sophisticated investors and were provided full information regarding the Company's operations. There was no general solicitation in connection with the offer or sale of the warrants. The persons who acquired the warrants acquired them for their own accounts. The certificates representing the warrants will bear a restricted legend providing that they cannot be sold except pursuant to an effective registration statement or an exemption from registration. About Americann Headquartered in Denver, Colorado, AmeriCann offers a comprehensive, turnkey package of services that includes consulting, design, construction and financing to approved and licensed marijuana operators throughout the United States. The Company's business plan is based on the anticipated growth of the regulated marijuana market in the United States. Americann reported a net loss of $2.77 million for the year ended Sept. 30, 2017, compared to a net loss of $2.21 million for the year ended Sept. 30, 2016. As of March 31, 2018, Americann had $5.41 million in total assets, $2.80 million in total liabilities and $2.61 million in total stockholders' equity. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Sept. 30, 2017 stating that the Company suffered recurring losses from operations and has an accumulated deficit. These conditions raise significant doubt about the Company's ability to continue as a going concern. ARECONT VISION: Costar Technologies Agrees to Acquire Assets ------------------------------------------------------------ Costar Technologies, Inc., on July 10, 2018, disclosed that it has signed a definitive agreement to acquire the assets of Arecont Vision, LLC, out of Chapter 11 bankruptcy. The purchase price is expected to be approximately $12 million in cash net of a net working capital adjustment, subject to certain post-closing adjustments as set forth in the definitive agreement. The acquisition, which is structured as an asset purchase, is subject to customary closing conditions. Costar is financing the transaction with proceeds from a new credit facility with UMB Bank. The Arecont Vision management team and employees are expected to join Costar following the closing of the acquisition. After integration costs, the acquisition is expected to be neutral to earnings per share in 2018 and mildly accretive in 2019, due to operating synergies and improved efficiencies. Full earnings benefits are expected to be realized in 2020. Arecont Vision is the leading manufacturer of network cameras and megapixel surveillance cameras, offering a large selection of megapixel IP cameras. Arecont Vision is a US company with headquarters, R&D, manufacturing, and customer support located in Glendale, California. Arecont Vision employs roughly 90 people and generated approximately $40 million in revenue last year. No camera manufacturer has contributed more to the development of megapixel camera technology for professional security applications than Arecont. Its well-known brands include the MegaDome, MegaViews, MegaBall, SurroundVideo Omni, and many others. In making the announcement, Costar President and Chief Executive Officer James Pritchett stated, "The acquisition of Arecont Vision expands Costar Technologies' video surveillance platform by strengthening our product line. It supports Costar's strategy to become a leader in the video surveillance industry, transitioning from a value-added OEM product company to a manufacturing and design company. Along with our other recent acquisitions, the Arecont acquisition increases our manufacturing and design from approximately 50% to 75% of our revenue." Raul Calderon, the Chief Operating Officer and General Manager of Arecont Vision, stated, "Costar's family of companies, composed of CohuHD Costar, Costar Video Systems, Innotech, and IVS Imaging, is a great strategic fit for Arecont Vision and provides synergies that can be leveraged to grow our business in new market verticals and product areas . Costar provides resources that will enable Arecont Vision to continue to innovate and lead the market. I am proud of our team, and we are grateful for the support, patience and continued commitment of our employees, suppliers and customers, as we look forward to being a new Costar business." Mr. Pritchett also stated, "The Costar management team has known Raul for over 20 years and has worked with him in the past. Raul brings strategic vision, an innovative spirit and proven leadership qualities. Together, with his team of sales managers and territory salespeople, he has built an extraordinary organization. We are very proud to welcome them to Costar Technologies." About Costar Technologies Costar Technologies, Inc. (OTC Markets Group: CSTI) develops, designs, manufactures and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company also develops, designs and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas, the Company's shares currently trade on the OTC Markets Group under the ticker symbol "CSTI." Costar was ranked as the 40th largest company in a&s magazine's Security 50 for 2017. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue. About Arecont Vision Holdings Based in Glendale, California, Arecont Vision Holdings, LLC -- https://www.arecontvision.com/ -- is in the business of designing, manufacturing, distributing and selling IP-based megapixel cameras for use in video surveillance applications globally, serving a broad range of industries including data centers, government, retail, financial, sports stadiums and healthcare. The company offers seven megapixel product families ranging from MegaVideo, single-sensor cameras from 1 to 10 megapixels and SurroundVideo multi-sensor cameras from 8 to 40 megapixels at various price points. Arecont Vision Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-11142 to 18-11144) on May 14, 2018. In the petitions signed by Scott T. Avila, chief restructuring officer, the Debtors estimated assets of less than $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Pachulski Stang Ziehl & Jones LLP as their legal counsel; Imperial Capital LLC as investment banker; and Armory Strategic Partners, LLC, as financial advisor. BERNARD L. MADOFF: Recoveries Reach $13.26-Bil. After Ascot Deal ---------------------------------------------------------------- Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), said that with the July 3, 2018 court approval of the SIPA Trustee's motion to approve the settlement with Ascot Partners, L.P., Ascot Fund Limited, J. Ezra Merkin, and Gabriel Capital Corporation, the Madoff Recovery Initiative has now reached more than $13.26 billion in recoveries, a new milestone for recoveries in Ponzi schemes. The recoveries exceed similar efforts related to prior Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered. "At the start of this recovery initiative nearly ten years ago, we were determined to recover as much as possible for Madoff's victims, but we were not sure how much we could recover," said Mr. Picard. "Thanks to the wonderful performance of our teams and the backing of SIPC, we have achieved unprecedented success – recovery of over $13.26 billion -- for those whose funds were stolen by Madoff. It's an exceptional outcome for Madoff's victims, many of whom didn't expect to get any of their stolen funds returned." "The SIPA Trustee and his teams are a shining example of a successful SIPC recovery effort," said Stephen P. Harbeck, SIPC's President and Chief Executive Officer. "SIPC was established to assist the victims of thefts like Madoff's. We have a long history of success, and the outstanding result of the Madoff Recovery Initiative is an extraordinary example." "Surpassing the $13.26 billion mark is great news for all of Madoff's victims, both the 'direct' and 'indirect' investors with BLMIS," said David J. Sheehan, Chief Counsel to the SIPA Trustee. "But our work is not done. We continue to pursue many avenues on behalf of Madoff's victims, and look forward to returning even more in stolen funds back to Madoff's victims as we pass additional, significant milestones in the future." As of July 5, 2018, and since his appointment in December 2008, the SIPA Trustee has recovered $13.26 billion for Madoff victims, every penny of which is placed into the BLMIS Customer Fund for distributions to Madoff victims. The $13.26 billion represents approximately 75% of the estimated $17.5 billion in principal lost in the Ponzi scheme by BLMIS customers who filed claims. Distributions from the Customer Fund are made to BLMIS customers with allowed claims. The SIPA Trustee has also structured agreements with Madoff feeder funds that insure "indirect" BLMIS customers receive distributions from the Customer Fund. No funds recovered in the Madoff Recovery Initiative are used to pay administrative costs. All trustee, legal and accounting fees, as well as administrative expenses, are paid by SIPC. The SIPA Trustee has completed nine interim pro rata distributions to BLMIS account holders with allowed claims, bringing the aggregate amount distributed to eligible claimants to more than $11.91 billion, which includes approximately $844.92 million in funds committed to be advanced by SIPC, and which represents 63.904 percent of each allowed claim amount. The SIPA Trustee's motion and the Court's order can be found on the United States Bankruptcy Court's website at http://www.nysb.uscourts.gov/;Bankr. S.D.N.Y., No. 08-01789 (SMB) / Adv. Pro. No. 09-01364 (SMB). The motion and the Court's order -- as well as further information on recoveries to date, other legal proceedings, further settlements, and general information -- can also be found on the SIPA Trustee's website: http://www.madofftrustee.com/ About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of Nov. 30, 2017, the SIPA Trustee has recovered, from pre-litigation and other settlements, nearly $12.789 billion -- more than 73% of the currently estimated principal amount lost in the Ponzi scheme by those who filed claims. Following the ninth distribution of $584.5 million in February 2018, the aggregate amount distributed to customers will total nearly $9.725 billion, with 1,386 BLMIS accounts fully satisfied. This ninth pro rata interim distribution, when combined with the prior eight distributions, will equal 63.683 percent of each customer's allowed claim amount, unless that claim has been fully satisfied. BLACK BOX: Widens Net Loss to $100.1M in FY Ended March 31, 2018 ---------------------------------------------------------------- Black Box Corporation has filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $100.09 million on $774.63 million of total revenues for the year ended March 31, 2018, compared to a net loss of $7.05 million on $855.73 million of total revenues for the year ended March 31, 2017. Net loss was $51.0 million for the three months ended March 31, 2018, compared to a net loss of $1.8 million for the same period last year and compared to a net loss of $27.9 million in the prior quarter. As of March 31, 2018, Black Box had $376.33 million in total assets, $325.99 million in total liabilities and $50.34 million in total stockholders' equity. The audit opinion included in the company's Annual Report on Form 10-K for the year ended March 31, 2018 contains a going concern explanatory paragraph expressing substantial doubt about the Company's ability to continue as a going concern. BDO USA, LLP, the Company's auditor since 2005, noted that the Company has suffered recurring losses from operations, has negative operating cash flow and is dependent upon raising additional capital or refinancing its debt agreement to fund operations that raise substantial doubt about its ability to continue as a going concern. CEO Comment "I have spent the last few weeks visiting with customers and hearing about the critical and valued services we are providing," stated Joel Trammell, president and CEO. "I have assured them as well as our vendors and employees that we have many work streams in process that are intended to restore the profitability and financial health of Black Box. Our Credit Agreement Amendment was only step one. The sale of our Federal Business will be step two. As mentioned in our Form 10-K, the next steps include plans to potentially restructure, refinance and/or sell additional assets. Of course, during this time, we are also working to improve the operating profitability and cash flow of our Company." "I am pleased with our operating results given the issues we have been dealing with as noted in our recent filings," continued Mr. Trammell. "This quarter marks the fourth consecutive quarter where revenue has been relatively flat. Our operations teams have done a great job of remaining focused on serving our clients well, despite the distractions. I would like to acknowledge our lenders for providing us the additional support to smoothly operate our business. Additionally, I thank our customers, vendors, suppliers and team members who continue to support our efforts. They are the reason I am proud to be leading Black Box." Mr. Trammell concluded by saying, "While we continue to face many challenges, our expectations for the first quarter of Fiscal 2019 is for flat to slightly lower revenues and improved gross profit margin." A full-text copy of the Form 10-K is available for free at: https://is.gd/4pTi84 About Black Box Black Box Corporation -- http://www.blackbox.com-- is a digital solutions provider dedicated to helping customers design, build, manage, and secure their IT infrastructure. The Company offers services and products that it distributes through two platforms it has built over its 41-year history. The Services platform is comprised of engineering and design, network operations centers, technical certifications, national and international sales teams, remote monitoring, on-site service teams and technology partner centers of excellence which includes dedicated sales and engineering resources. The primary services offered through this platform include: (i) communications lifecycle services, (ii) unified communications, (iii) structured cabling, (iv) video/AV services, (v) in-building wireless and (vi) data center services. The Products platform provides networking solutions through the sale of products including: (i) IT infrastructure, (ii) specialty networking, (iii) multimedia and (iv) keyboard/video/mouse switching. Founded in 1976, Black Box, a Delaware corporation, is headquartered near Pittsburgh in Lawrence, Pennsylvania. BLACK IRON: Taps FTI Consulting as Valuation Expert --------------------------------------------------- Black Iron, LLC, received approval from the U.S. Bankruptcy Court for the District of Utah to hire FTI Consulting, Inc., as valuation expert. The firm will provide services related to asset valuation issues, and the defense of claims and causes of action in Adversary Proceedings 17-2088 and 17-2094, including allegations by Wells Fargo Rail of a fraudulent transfer involving the Debtor's purchase of the Iron Mountain Mine in May 2015. The firm will charge these hourly rates: Senior Managing Directors $800 - $1,100 Directors/Senior Directors/ Managing Directors $400 - $750 Consultants/Senior Consultants $315 - $450 Administrative/Paraprofessionals $125 - $175 Howard Rosen, senior managing director of FTI, disclosed in a court filing that his firm neither holds nor represents any interest adverse to the parties involved in the adversary proceedings. FTI can be reached through: Howard Rosen FTI Consulting, Inc. TD South Tower, 79 Wellington Street West Toronto Dominion Centre, Suite 2010, P.O. Box 104 Toronto, ON, M5K 1G8 Tel: +1 416 649 8072 Fax: +1 416 649 8101 Email: howard.rosen@fticonsulting.com About Black Iron Black Iron, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 17-24816) on June 1, 2017. In the petition signed by Steve L. Gilbert, its manager, the Debtor estimated its assets and debts at $1 million to $10 million. The Hon. William T. Thurman is the case judge. The Debtor hired Adelaide Maudsley, Esq., and Ralph R. Mabey, Esq., at Kirton McConkie P.C., as bankruptcy counsel. The Debtor tapped Gary Thorup, Esq., at Durham Jones, to serve as its special litigation counsel; WSRP, LLC, as its accountant; and Alysen Tarrant as its environmental consultant. BLUE EAGLE FARMING: Taps Barnwell Whaley as Special Counsel ----------------------------------------------------------- Blue Eagle Farming, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Barnwell Whaley Patterson & Helms, LLC, as special counsel. The firm will represent Robert Bradford Johnson, general partner of the Debtor's sole owner, who is facing a qui tam action in the U.S. District Court for the District of South Carolina. Mr. Johnson's Chapter 11 case is jointly administered with Blue Eagle's bankruptcy case. M. Dawes Cooke, Jr., Esq., a partner at Barnwell and the primary attorney who will be providing the services, charges an hourly fee of $475. The billing rate for the firm's associates is $250 per hour. Barnwell received a retainer in the sum of $100,000 from a non-debtor. Mr. Cooke disclosed in a court filing that he and his firm do not represent any interest adverse to Mr. Johnson and his creditors or bankruptcy estate. Barnwell can be reached through: M. Dawes Cooke, Jr., Esq. Barnwell Whaley Patterson & Helms, LLC 288 Meeting Street Suite 200 Charleston, SC 29401 Phone: 843-577-7700 Email: mdc@barnwell-whaley.com About Blue Eagle Farming Blue Eagle Farming, LLC and its affiliate H J Farming, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case Nos. 18-02395 and 18-02397) on June 8, 2018. On June 9, 2018, five Blue Eagle affiliates filed Chapter 11 petitions: Blue Smash Investments LLC, Eagle Ray Investments LLC, Forse Investments LLC, Armor Light LLC, and War-Horse Properties, LLLP ((Bankr. N.D. Ala. Case Nos. 18-81707 to 18-81711). The cases are jointly administered under Case No. 18-02395. Blue Eagle Farming and H J Farming are engaged in the business of cattle ranching and farming. Blue Smash Investments operates in the financial investment industry; War-Horse Properties manages companies and enterprises; Eagle Ray Investments and Forse Investments are lessors of real estate while Armor Light, LLC is engaged in the business of residential building construction. In the petitions signed by Robert Bradford Johnson, general partner of the Debtor's sole owner, the Debtors disclosed these assets and liabilities: Estimated Estimated Assets Liabilities ------------ -------------- Blue Eagle $1 mil. to $10 million $100 mil. to $500 million H J Farming $1 mil. to $10 million $100,000 to $500,000 Blue Smash $1 mil. to $10 million $0 to $50,000 Eagle Ray $1 mil. to $10 million $100 mil. to $500 million Forse Inv. $1 mil. to $10 million $100 mil. to $500 million Armor Light $100,000 to $500,000 $0 to $50,000 War-Horse $1 mil. to $10 million $0 to $50,000 Judge Tamara O. Mitchell presides over the cases. The Debtors tapped Burr & Forman LLP as their legal counsel. BLUE EAGLE FARMING: Taps Nexsen Pruet as Special Counsel -------------------------------------------------------- Blue Eagle Farming, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Nexsen Pruet, LLC, as special counsel. Nexsen Pruet will assist Barnwell Whaley Patterson & Helms, LLC, another firm tapped by the Debtor to represent Robert Bradford Johnson, general partner of the Debtor's sole owner, who is facing a qui tam action in the U.S. District Court for the District of South Carolina. Specifically, the firm is being employed to assist Barnwell with respect to any appeal of the judgment issued by the district court. William Wilkins, Esq., and Kirsten Small, Esq., the attorneys who will be providing the services, will charge $700 per hour and $360 per hour, respectively. Nexsen Pruet received a retainer in the sum of $100,000 from a non-debtor. Mr. Wilkins disclosed in a court filing that he and his firm do not represent any interest adverse to Mr. Johnson and his creditors or bankruptcy estate. The firm can be reached through: William W. Wilkins, Esq. Nexsen Pruet, LLC 55 E. Camperdown Way, Suite 400 Greenville, SC 29601 Phone: 864.282.1199 Email: bwilkins@nexsenpruet.com About Blue Eagle Farming Blue Eagle Farming, LLC and its affiliate H J Farming, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case Nos. 18-02395 and 18-02397) on June 8, 2018. On June 9, 2018, five Blue Eagle affiliates filed Chapter 11 petitions: Blue Smash Investments LLC, Eagle Ray Investments LLC, Forse Investments LLC, Armor Light LLC, and War-Horse Properties, LLLP ((Bankr. N.D. Ala. Case Nos. 18-81707 to 18-81711). The cases are jointly administered under Case No. 18-02395. Blue Eagle Farming and H J Farming are engaged in the business of cattle ranching and farming. Blue Smash Investments operates in the financial investment industry; War-Horse Properties manages companies and enterprises; Eagle Ray Investments and Forse Investments are lessors of real estate while Armor Light, LLC is engaged in the business of residential building construction. In the petitions signed by Robert Bradford Johnson, general partner of the Debtor's sole owner, the Debtors disclosed these assets and liabilities: Estimated Estimated Assets Liabilities ------------ -------------- Blue Eagle $1 mil. to $10 million $100 mil. to $500 million H J Farming $1 mil. to $10 million $100,000 to $500,000 Blue Smash $1 mil. to $10 million $0 to $50,000 Eagle Ray $1 mil. to $10 million $100 mil. to $500 million Forse Inv. $1 mil. to $10 million $100 mil. to $500 million Armor Light $100,000 to $500,000 $0 to $50,000 War-Horse $1 mil. to $10 million $0 to $50,000 Judge Tamara O. Mitchell presides over the cases. The Debtors tapped Burr & Forman LLP as their legal counsel. CALHOUN SATELLITE: $900K Sale of Property to IMS Dismissed ---------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania dismissed Calhoun Satellite Communications, Inc.'s sale of all inventories, machinery and equipment, Federal Communications Commission ("FCC") Licenses, motor vehicles, miscellaneous equipment and all of the Seller's manuals and other records relating to the foregoing property, to IMS Productions, Inc. for $900,000, subject to higher or better offers. At the hearing, the Court reiterated the initial concerns laid out in the Order issued on June 4, 2018, and noted that the Proposed Order filed by the Debtor on June 13 , 2018 did not appear to adequately address these issues. The Debtor will refile its Amended Motion for Sale and specifically include all assets subject to the sale with detailed information of all liens and encumbrances affecting the property as required by the Local Rules. The Bid Procedures Motion is approved except as specifically set forth in the Order and in the case of any conflicting language, the Order will control. Due to the unique property for sale, the Court has realized the need for more widespread advertising. As a result, in addition to meeting the the requirements of the Local Rules of the Court as to publishing with a local newspaper of general circulation, the appropriate legal journal, and posting of the sale on the Court's website, the Debtor will advertise the sale in the Miami Herald, and the Philadelphia Inquirer. Posting on the Court's website should be done simultaneously with the filing of the Amended Motion for Sale. At the time of sale, the bidders will be able to qualify up to 24 hours prior to the time ofthe Sale Hearing. A qualified bid must conform to the same requirements as the private offer but hand monies in the amount of $30,000 must be delivered to the Debtor in cash or certified funds. Assets will be sold free and clear of liens and other interests so long as all such liens and interests, and the respective creditors are served with the sale motion and properly identified in the sale motion by name, address, and identity of the interest being divested. An appropriate break-up fee will be allowed by the Court following the time of the sale hearing. The break-up fee will not exceed $30,000. The Court will require docrnnentation of reasonable time spent and costs expended by the Buyer's Professionals in preparation for the sale in order to justify ultimate payment of the break-up fee. All bids received from Qualified Bidders will be cash offers. No offers subject to financing contingencies will be considered. Typically, asset sales before the Court are "contingency free" except for a final Order of Court approving the bankruptcy sale. Exhibit 1 to the original Motion for Sale of Property Free and Clear of Liens, Claims, and Encumbrances Under Section 363(b)(1) of the Bankruptcy Code will govern as to the proposed distribution to secured creditors from sale proceeds. Parenthetically, the Court notes that the representation of the Counsel as to the distribution of sale proceeds as stated at the June 18, 2018 hearing was unclear. When filing its Amended Motion for Sale, the Debtor will ensure that the total amounts to be distributed to creditors in Exhibit 1 are accurate. In the event the private sale is ultimately converted to a public auction at the sale hearing, the upset price (where bidding begins) will be $935,000 (assuming a private sale offer of $900,000) with subsequent bidding in increments of $25,000. The Order issued on June 11, 2018 requiring the Debtor to cure all pending tax deficiencies is vacated as to the June 21, 2018 deadline, only. The deadline for compliance with the Order is extended to five days before the Sale Hearing. On said date, the IRS will file a Certification as to whether the funds have been paid. If the postpetition taxes are not paid in full by this date, absent a showing of extraordinary circumstances for failure to comply with the extended deadline, the Sale Hearing will be cancelled without further notice or hearing. About Calhoun Satellite Communications Calhoun Satellite Communications, Inc. operates a satellite transmission business. Meanwhile, Transmission Solutions Group, Inc., was formed solely to hold Calhoun's stock. All of Transmission's creditors hold identical claims against Calhoun. Calhoun and Transmission sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 17-23389) on Aug. 22, 2017. Kevin Husband, its president, signed the petitions. The Debtors estimated assets of less than $50,000 and liabilities of $1 million to $10 million. CALHOUN SATELLITE: July 26 Auction to Test IMS's $900,000 Offer --------------------------------------------------------------- Calhoun Satellite Communications, Inc., will sell substantially all of its assets free and clear of liens, claims and encumbrances under Section 363(b)(1) of the Bankruptcy Code on July 26, 2018 at 9:30 a.m. at the United States Bankruptcy Court Located Courtroom C, 54th Floor U.S. Steel Tower, 600 Grant Street, Pittsburgh, PA 15219 OR the Erie Bankruptcy Courtroom, U.S. Courthouse, 17 South Park Row, Erie, PA 16501. The sale is being brought subject to an Asset Purchase Agreement between the Debtor and IMS Productions, Inc. for $900,000 pursuant to the Bid Procedures Motion and Bankruptcy Court Order dated June 19, 2018. The required opening bid to covert the sale to a public auction will be $935,000 with subsequent bidding increments of $25,000. Assets to be sold include all inventory, FCC Licenses, Satellite Transmission Trucks, machinery, equipment, and general tangible and intangible assets subject to any and all valid security interests. A copy of the Sale Motion, Bid Procedures Motion, Asset Purchase Agreement, and Court Orders regarding same can be provided to any prospective bidder upon request. Contact: Dennis J. Spyra, Esq. 1711 Lincoln Way White Oak, PA 15131 Tel: 412-673-5228 E-mail: attorneyspyra@dennisspyra.com The Purchaser: IMS PRODUCTIONS, INC. Attn: Kevin Sublette, President 4555 West 16th Street Indianapolis, IN 46222 E-mail: ksublette@imsptv.com The Purchaser is represented by: IMS PRODUCTIONS, INC. Attn: General Counsel 4790 West 16th Street Indianapolis, IN 46222 E-mail: gsnelling@brickyard.com - and - Victoria Powers, Esq. ICE MILLER LLP 250 West Street, Suite 700 Columbus, OH 43215 E-mail: victoria.powers@icemiller.com About Calhoun Satellite Communications Calhoun Satellite Communications, Inc., operates a satellite transmission business. Meanwhile, Transmission Solutions Group, Inc., was formed solely to hold Calhoun's stock. All of Transmission's creditors hold identical claims against Calhoun. Calhoun and Transmission sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 17-23389) on Aug. 22, 2017. In the petitions signed by Kevin Husband, its president, the Debtors estimated assets of less than $50,000 and liabilities of $1 million to $10 million. CAMBER ENERGY: Granted Until Dec. 15 to Regain NYSE Compliance -------------------------------------------------------------- By letter dated July 17, 2018, the NYSE Regulation granted Camber Energy, Inc. an extension for compliance with its listing requirements through Dec. 15, 2018, subject to compliance with initiatives outlined in the Company's compliance plan. As previously reported, the Company received notice from the NYSE American that the Company was not in compliance with Sections 1003(a)(i) through (iii) of the NYSE American Company Guide. In order to maintain the Company's listing on the Exchange, the Exchange had requested that the Company submit a plan of compliance addressing how the Company intended to regain compliance with Sections 1003(a)(i) through (iii) of the Guide by Aug. 3, 2018. The plan was submitted timely and the Exchange previously granted the Company until Aug. 3, 2018 to regain compliance with the continued listing standards of the Guide. The Company will be subject to periodic review by the Exchange during the extended plan period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards of the Guide by the end of the extended plan period could result in the Company being delisted from the Exchange. If the Company's common stock was ultimately delisted from the exchange, it would be expected to trade on the OTCQB market. The Company made the public announcement to disclose that it is not in compliance with NYSE American's continued listing standards and that the Company's listing has been continued pursuant to an extension, with a targeted completion date of Dec. 15, 2018. The Company is in the process of moving forward with the initiatives contained in the plan. About Camber Energy Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American: CEI) -- http://www.camber.energy/-- is an independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma in addition to anticipated project development in the Texas Panhandle. Camber Energy reported a net loss of $24.77 million for the year ended March 31, 2018, compared to a net loss of $89.12 million for the year ended March 31, 2017. As of March 31, 2018, Camber Energy had $14.26 million in total assets, $41.23 million in total liabilities and a total stockholders' deficit of $26.96 million. GBH CPAs, PC's audit opinion included in the company's Annual Report on Form 10-K for the year ended March 31, 2018 contains a going concern explanatory paragraph stating that the Company has significant losses from operations and had a working capital deficit as of March 31, 2018. These factors raise substantial doubt about its ability to continue as a going concern. CAMBRIDGE REALTY: $3M Sale of Wall Property to Kogan Approved ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey authorized Cambridge Realty, LLC's sale of the real property located at 1985 Route 34, Wall, New Jersey to Michael Kogan as nominee for an entity to be formed or his designee for $2,960,000. A hearing on the Motion is set for March 20, 2018 at 10:00 a.m. Any liens, claims or encumbrances will become a lien against the sale proceeds which will be distributed pursuant to a plan of liquidation. Kearny Bank will provide the Debtor with a payoff letter setting forth the total amount due and owing to satisfy the mortgage held by the bank on the Property. It will calculate interest at a default rate of interest of 11% and will credit the Debtor for all rents collected. If this transaction does not close on June 30, 2018, Kearny reserves the right to seek default interest pursuant to the loan documents. At the time of the closing of title, the Debtor will be authorized to pay any and all municipal charges and fees necessary to consummate the closing including redeeming any tax sale certificates or other municipal liens. The Seller will not be required to pay the realty transfer fee in connection with the closing as the sale is by a DIP with the rights of a Trustee in bankruptcy. The Debtor will be further authorized to pay any condominium association liens. At the time of closing of title, the Debtor will be authorized to pay a brokers commission of $148,000 to Richel Commercial Brokerage, LLC. The net proceeds of sale after payment of the municipal liens, Kearny Bank mortgage, Association fees and brokers commission will be deposited in the attorney trust account of Collins, Vella, & Casello, LLC and will be distributed through a Chapter 11 plan or will be held pending further order of the Court. The 14-day stay otherwise imposed by bankruptcy rule 6004(h) is waived and the Order will be effective immediately upon entry. About Cambridge Realty Cambridge Realty Associates, LLC, based in Sea Girt, New Jersey, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-26154) on Aug. 9, 2017. In the petition signed by Loretta Dweck, its managing member, the Debtor disclosed $5.53 million in assets and $2.99 million in liabilities. Judge Christine M. Gravelle presides over the case. Joseph Casello, Esq., at Collins Vella & Casello, LLC, serves as bankruptcy counsel. The Debtor tapped Richel Commercial Brokerage LLC as real estate broker. CAREVIEW COMMUNICATIONS: HealthCor Entities Have 25.6% Stake ------------------------------------------------------------ In a Schedule 13D/A filed with the Securities and Exchange Commission, these entities reported beneficial ownership of shares of common stock of CareView Communications, Inc. as of June 30, 2018: Shares Percentage Beneficially of Reporting Person Owned Shares ---------------- ------------ ---------- HealthCor Management, L.P. 14,227,312 9.3% HealthCor Associates, LLC 14,227,312 9.3% HealthCor Hybrid Offshore Master Fund 14,227,312 9.3% HealthCor Hybrid Offshore GP, LLC 14,227,312 9.3% HealthCor Group, LLC 14,227,312 9.3% HealthCor Partners Management, L.P. 15,931,857 10.3% HealthCor Partners Management GP, LLC 15,931,857 10.3% HealthCor Partners Fund, L.P. 15,931,857 10.3% HealthCor Partners L.P. 15,931,857 10.3% HealthCor Partners GP, LLC 15,931,857 10.3% Jeffrey C. Lightcap 28,683,427 17.1% Arthur Cohen 33,030,112 19.2% Joseph Healey 32,274,912 18.8% On June 30, 2018, Careview Communications paid in-kind interest on the 2011 Notes in the principal amounts of $522,229 and $598,916, on the 2012 Notes in the principal amounts of $120,917 and $138,673, and on the 2014 Notes in the principal amounts of $122,141 and $140,077, in each case to the HCP Fund and Hybrid Fund, respectively. On the same date, the Issuer paid in-kind interest on the 2015 Notes in the principal amounts of $45,868, $32,108, $37,344, and $27,521 to HCP Fund, Mr. Lightcap, Mr. Cohen and Mr. Healey, respectively, and paid in-kind interest on the 2018 Notes in the principal amount of $7,910 to Mr. Lightcap. On July 13, 2018, the Issuer, Mr. Lightcap, and certain other investors (including the Funds in their capacity as part of the Majority Holders approving the transaction and not as investors) entered into the Tenth Amendment to Note and Warrant Purchase Agreement, pursuant to which the Company sold and issued, for an aggregate of $1,000,000 in cash, additional Notes in the aggregate principal amount of $1,000,000, with a conversion price per share equal to $0.05 (subject to adjustment) and a maturity date of July 12, 2028. Of this amount, Mr. Lightcap purchased Tenth Amendment Supplemental Notes with an initial principal amount of $250,000. Collectively, the Reporting Persons beneficially own an aggregate of 47,897,425 shares of Common Stock, representing (i) 5,000,000 shares of Common Stock that may be acquired upon conversion of the Tenth Amendment Notes, (ii) 5,220,703 shares of Common Stock that may be acquired upon conversion of the 2018 Notes (including interest paid in kind through June 30, 2018), (iii) 9,064,882 shares of Common Stock that may be acquired upon conversion of the 2015 Notes (including interest paid in kind through June 30, 2018), (iv) 21,632,931 shares of Common Stock that may be acquired upon conversion of the 2014 Notes (including interest paid in kind through June 30, 2018), (v) 4,000,000 shares of Common Stock that may be acquired upon exercise of the 2014 Warrants, (vi) 1,916,409 shares of Common Stock that may be acquired upon exercise of the 2015 Warrants, (vii) 1,000,000 shares of Common Stock that may be acquired upon exercise of the Sixth Amendment Warrants and (viii) 62,500 shares of Common Stock that may be acquired upon exercise of the 2018 Warrants. This aggregate amount represents approximately 25.6% of the Issuer's outstanding common stock, based upon 139,380,748 shares outstanding as of May 15, 2018, as reported in the Issuer's most recent Quarterly Report on Form 10-Q, and gives effect to the conversion of all 2014 Notes, 2015 Notes, 2018 Notes and Tenth Amendment Notes held by the Reporting Persons into Common Stock and the exercise of all Warrants held by the Reporting Persons. A full-text copy of the regulatory filing is available at: https://is.gd/dlR3zZ 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 Communications incurred a net loss of $20.07 million in 2017 following a net loss of $18.66 million for the year ended Dec. 31, 2016. As of March 31, 2018, Careview Communications had $12.51 million in total assets, $79.33 million in total liabilities and a total stockholders' deficit of $66.81 million. BDO USA, LLP, in Dallas, Texas, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has suffered recurring losses from operations and has accumulated losses since inception that raise substantial doubt about its ability to continue as a going concern. CAREVIEW COMMUNICATIONS: Issues $1M Notes to Four Directors ----------------------------------------------------------- CareView Communications, Inc. entered into a Tenth Amendment to Note and Warrant Purchase Agreement with Steven B. Epstein, Dr. James R. Higgins, Steven G. Johnson and Jeffrey C. Lightcap (the Tenth Amendment Investors) and sold and issued, for an aggregate of $1,000,000 in cash, the Tenth Amendment Supplemental Closing Notes in the aggregate principal amount of $1,000,000. In connection with the sale of the Notes to the Tenth Amendment Investors, the Company relied upon the exemption from registration provided by Regulation D under the Securities Act of 1933, as amended. In connection with the entry by CareView Communications into the Tenth Amendment and the Company's issuance of the Tenth Amendment Supplemental Closing Notes, the Company, CareView Communications, Inc., a wholly owned subsidiary of the Company (the "Borrower") and PDL Investment Holdings, LLC (as assignee of PDL BioPharma, Inc.), in its capacity as administrative agent and lender, entered into a Third Amendment to Credit Agreement, pursuant to which the parties agreed to amend the Credit Agreement dated as of June 26, 2015, as amended, by and among the Company, the Borrower and the Lender, to amend certain definitions in the Credit Agreement in order to reflect the Ninth Amendment, the Tenth Amendment and the issuance of the Tenth Amendment Supplemental Closing Notes. On April 21, 2011, CareView Communications entered into a Note and Warrant Purchase Agreement with HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP. Pursuant to the Purchase Agreement, the Company sold Senior Secured Convertible Notes to the HealthCor Parties in the aggregate initial principal amount of $20,000,000, subject to adjustment in accordance with anti-dilution provisions set forth in the 2011 HealthCor Notes. The Company also issued Warrants to purchase an aggregate of up to 11,782,859 shares of the Company's Common Stock at an exercise price per share equal to $1.40 per share to the HealthCor Parties. Amendment Agreement As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Jan. 6, 2012, the Company entered into a Note and Warrant Amendment Agreement with the HealthCor Parties on Dec. 30, 2011 to (i) amend the Purchase Agreement in order to modify the HealthCor Parties' right to restrict certain equity issuances; and (ii) amend the 2011 HealthCor Notes and the 2011 HealthCor Warrants, in order to eliminate certain anti-dilution provisions. Second Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Feb. 2, 2012, the Company entered into a Second Amendment to Note and Warrant Purchase Agreement with the HealthCor Parties on Jan. 31, 2012 which allowed the Company to sell additional Senior Secured Convertible Notes to the HealthCor Parties in the aggregate initial principal amount of $5,000,000. Third Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Aug. 26, 2013, the Company entered into a Third Amendment to Note and Warrant Purchase Agreement with the HealthCor Parties on Aug. 20, 2013 to redefine its minimum cash balance requirements. All other terms and conditions of the Purchase Agreement, including all amendments thereto, remained the same. Fourth Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Jan. 22, 2014, the Company entered into a Fourth Amendment to Note and Warrant Purchase Agreement with the HealthCor Parties on Jan. 16, 2014 to sell and issue to the HealthCor Parties (i) additional notes in the initial aggregate principal amount of $5,000,000, with a conversion price per share equal to $0.40 and (ii) additional warrants to purchase an aggregate of up to 4,000,000 shares of the Company's Common Stock at an exercise price per share equal to $0.40. Fifth Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Dec. 19, 2014, the Company entered into a Fifth Amendment to Note and Warrant Purchase Agreement with the HealthCor Parties and certain additional investors party thereto on Dec. 15, 2014 to sell and issue to the Fifth Amendment Investors (i) additional notes in the initial aggregate principal amount of $6,000,000, with a conversion price per share equal to $0.52 and (ii) additional warrants to purchase an aggregate of up to 3,692,308 shares of the Company's Common Stock at an exercise price per share equal to $0.52. The Fifth Amendment New Investors were composed of all but one of the Company's directors as well as one of the Company's officers (at such time and currently) who is not also a director. As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Feb. 19, 2015, the Company and the Fifth Amendment Investors closed on the transactions contemplated by the Fifth Amendment on Feb. 17, 2015. Sixth Amendment As previously reported in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2015, the Company entered into a Sixth Amendment to Note and Warrant Purchase Agreement with the HealthCor Parties and the Fifth Amendment New Investors on March 31, 2015, pursuant to which, among other things, (i) the requirement to maintain a minimum cash balance of $5,000,000 was reduced to a minimum cash balance of $2,000,000 and (ii) the amendment provision was revised to permit the Purchase Agreement to be amended by the Company and the holders of the majority of the Common Stock underlying the outstanding notes and warrants to purchase shares of the Company's Common Stock sold pursuant to the Purchase Agreement (on an as-converted basis). On March 31, 2015, the Company also issued warrants to the HealthCor Parties to purchase up to an aggregate of 1,000,000 shares of its Common Stock as consideration for certain prior waivers of the minimum cash balance requirement in the Purchase Agreement. The Sixth Amendment Supplemental Warrants have an exercise price per share equal to $0.53 (subject to adjustment). Seventh Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on June 30, 2015, the Company entered into a Seventh Amendment to Note and Warrant Purchase Agreement with the HealthCor Parties and the Fifth Amendment New Investors on June 26, 2015, pursuant to which the Purchase Agreement was amended to permit the Company to enter into and perform its obligations under the Credit Agreement, and on June 26, 2015 certain amendments were also made to each of the outstanding notes issued under the Purchase Agreement in connection with the Company's entrance into the Credit Agreement. Eighth Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on Feb. 26, 2018, the Company entered into an Eighth Amendment to Note and Warrant Purchase Agreement on Feb. 23, 2018 with the Fifth Amendment New Investors, an additional investor party thereto and the HealthCor Parties (solely in their capacity as the Majority Holders approving the Eighth Amendment and not as investors), pursuant to which the Company sold and issued, for an aggregate of $2,050,000 in cash, to the Investors on that date (i) additional notes in the initial aggregate principal amount of $2,050,000, with a conversion price per share equal to $0.05 (subject to adjustment) and a maturity date of Feb. 22, 2028 and (ii) additional warrants to purchase an aggregate of up to 512,500 shares of its Common Stock at an exercise price per share equal to $0.05 (subject to adjustment) and with an expiration date of Feb. 23, 2028. The Existing Investors were composed of all but one of the Company's directors (at such time and currently) as well as one of its officers (at such time and currently) who is not also a director. Of the total amount of Eighth Amendment Supplemental Closing Notes and Eighth Amendment Supplemental Warrants issued and sold by the Company pursuant to the Eighth Amendment, such directors and officer purchased, in aggregate, Eighth Supplemental Closing Notes in the initial aggregate principal amount of $1,950,000 and Eighth Amendment Supplemental Warrants to purchase an aggregate of up to 487,500 shares of the Company's Common Stock. Ninth Amendment As previously reported in the Company's Current Report on Form 8-K filed with the SEC on July 11, 2018, the Company entered into a Ninth Amendment to Note and Warrant Purchase Agreement on July 10, 2018 with the HealthCor Parties and the Investors, pursuant to which the parties agreed to amend the Purchase Agreement, the 2011 HealthCor Notes, the 2012 HealthCor Notes, the 2014 HealthCor Notes, the 2015 Supplemental Notes and the Eighth Amendment Supplemental Closing Notes, as applicable, to (i) remove the rights of the holders of the 2011 HealthCor Notes and the 2012 HealthCor Notes to convert those notes to Common Stock after June 30, 2018; (ii) suspend the accrual of interest on the 2011 HealthCor Notes and the 2012 HealthCor Notes for periods after June 30, 2018; (iii) provide for the potential earlier repayment of the 2011 HealthCor Notes and the 2012 HealthCor Notes by the Company, 120 calendar days following a written demand for payment by the holder of such notes; provided, however, that such written demand may not be given prior to the twelve-month anniversary of the date on which the obligations of the Company under the Credit Agreement are repaid in full; (iv) cancel the 2011 HealthCor Warrants; (v) provide for the seniority of the 2011 HealthCor Notes and the 2012 HealthCor Notes in right of payment over notes subsequently issued pursuant to the Purchase Agreement, including the 2014 HealthCor Notes, the 2015 Supplemental Notes and the Eighth Amendment Supplemental Closing Notes; (vi) amend the terms of the 2014 HealthCor Notes, the 2015 Supplemental Notes and the Eighth Amendment Supplemental Closing Notes to reflect the seniority in payment of the 2011 HealthCor Notes and 2012 HealthCor Notes; and (vii) reduce the number of shares of Common Stock that the Company must at all times have authorized and reserved for the purpose of issuance upon conversion of the notes issued pursuant to the Purchase Agreement and exercise of the warrants issued pursuant to the Purchase Agreement, from at least 120% of the aggregate number of shares of Common Stock then issuable upon full conversion of the Notes and exercise of the Warrants to at least 100% of such aggregate number of shares. Tenth Amendment On July 13, 2018, the Company entered into a Tenth Amendment to Note and Warrant Purchase Agreement with certain of its Existing Investors and the HealthCor Parties (solely in their capacity as Majority Holders (acting together with the Tenth Amendment Investors) approving the Tenth Amendment and not as investors), pursuant to which the Company sold and issued, for an aggregate of $1,000,000 in cash, to the Tenth Amendment Investors on that date additional notes in the initial aggregate principal amount of $1,000,000, with a conversion price per share equal to $0.05 and a maturity date of July 12, 2028. The Tenth Amendment Investors were composed entirely of the Company's directors. The Purchase Agreement and Tenth Amendment provide that the Company grant to the Tenth Amendment Investors a security interest in its assets as collateral for payment of the Tenth Amendment Supplemental Closing Notes, evidenced by the Amended and Restated Pledge and Security Agreement dated as of Feb. 17, 2015 and by the Amended and Restated Intellectual Property Security Agreement dated as of Feb. 17, 2015. The Purchase Agreement and the Tenth Amendment also provide that the Company grant registration rights to the Tenth Amendment Investors for the Common Stock into which the Tenth Amendment Supplemental Closing Notes may be converted as provided for by the Registration Rights Agreement dated as of April 20, 2011, as amended June 30, 2015, by and among the Company, the HealthCor Parties and the additional investors. 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 Communications incurred a net loss of $20.07 million in 2017 following a net loss of $18.66 million for the year ended Dec. 31, 2016. As of March 31, 2018, Careview Communications had $12.51 million in total assets, $79.33 million in total liabilities and a total stockholders' deficit of $66.81 million. BDO USA, LLP, in Dallas, Texas, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has suffered recurring losses from operations and has accumulated losses since inception that raise substantial doubt about its ability to continue as a going concern. CASHMAN EQUIPMENT: Public Sale of 1938 Packard Eight for $18K OK'd ------------------------------------------------------------------ Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts authorized James M. Cashman's retention of John Hayes and the firm of Skyway Classics to sell his right, title and interest in 1938 Packard Eight at public sale for a purchase price of not less than $18,000. The Debtors are authorized and empowered to retain Skyway on the terms set forth in the Motion to market and sell the Packard. The Court allowed and authorized the payment to Skyway of a 10% commission on the sale of the Packard without further Court order. The Debtor's request to limit service and notice as requested in the Motion is allowed. The hearing scheduled for July 17, 2018 on the motion to sell is canceled. About Cashman Equipment Corp. Headquartered in Boston, Massachusetts, Cashman Equipment Corp. -- http://4barges.com/-- was founded in 1995 as a barge rental and marine contracting company with a fleet of 10 barges, 9 of which were built in the 1950s and 1960s. Cashman Equipment and certain of its affiliates and subsidiaries own, operate, rent, and sell a fleet of vessels, including inland and ocean barges, marine accommodation barges, specialized oil spill recovery barges, and tugs, as well as marine equipment, such as cranes, accommodation units, and marine pollution skimmers. Cashman Equipment and certain of its affiliates and subsidiaries, Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC, Mystic Adventure Sails, LLC, and Cashman Canada, Inc., filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 17-12205) on June 9, 2017. The petitions were signed by James M. Cashman, the Debtors' president. Mr. Cashman also commenced his own Chapter 11 case (Bankr. D. Mass. Case No. 17-12204). The cases are jointly administered. CASTILLO ENTERPRISES: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The Office of the U.S. Trustee on July 5 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Castillo Enterprises, LLC. Castillo Enterprises, LLC, is a privately held company located at 6619 SW Archer Road Gainesville, Florida 32608. Castillo Enterprises is a small business debtor as defined in 11 U.S.C. Section 101(51D). It previously sought protection from creditors on June 18, 2012 (Bankr. N.D. Fla. Case No. 12-10282). The Debtor filed for Chapter 11 bankruptcy proteciton (Bankr. N.D. Fla. Case No. 18-10126) on May 15, 2018, estimating its assets at between $500,000 and $1 million and its liabilities at between $1 million and $10 million. The petition was signed by Tatiana Castillo, manager. Judge Karen K. Specie presides over the case. Jose I. Moreno, Esq., at Jose I Moreno, P.A., serves as the Debtor's bankruptcy counsel. CENTRAL GROCERS: Court Dismisses Pension Funds' Appeal as Moot -------------------------------------------------------------- Appellees Central Grocers, Inc., and its debtor affiliates and Supervalu Holdings, Inc., filed a joint motion to dismiss the appeals case captioned THE CHICAGO AREA I.B. OF T. PENSION FUND and THE LOCAL 703, I.B. OF T. PENSION FUND, Appellants, v. CENTRAL GROCERS, INC., et al., Appellees, Case No. 17-cv-05808 (N.D. Ill.) as moot. District Judge Robert M. Dow, Jr. grants the motion. After filing for bankruptcy, Debtors Central Grocers and affiliates sought to sell substantially all of their assets and filed a motion seeking approval of competitive bidding procedures to govern the process. Debtors sought to sell their assets free and clear of all liens, claims, interests, and encumbrances--including successor liability claims--pursuant to Section 363(f) of the Bankruptcy Code. Appellants filed objections to the proposed terms of the sale that--according to Appellants--would extinguish Appellants' ability to bring future claims based on successor and withdrawal liability. Over Appellants' objections, the Delaware bankruptcy court granted the Debtors' motion and approved the bidding procedures for the sale of Debtors' assets. Debtors filed a motion seeking--among other things--an entry of an order authorizing and approving the sale of assets (including the Joliet distribution center) free and clear of all liens, claims, interests, and encumbrances, which the bankruptcy court granted. Appellants appealed, asking that certain provisions of the sale order be stricken to bring the sale order in conformity with the law concerning the application of the withdrawal liability provisions of ERISA. Specifically, Appellants seek to preserve the right to proceed on claims against Supervalu, as a successor to CGI Joliet, outside of the bankruptcy court proceedings in accordance with ERISA withdrawal liability rules and procedures. Appellants did not move for a stay of the sale of the Joliet distribution center pending appeal. On September 14, 2017, the sale closed, and Debtors distributed the proceeds of the sale to secured lenders. Appellees argue that the bankruptcy appeal should be dismissed as moot because (i) Appellants never sought or obtained a stay of the sale pending appeal, and the sale was consummated on September 14, 2017, and (ii) allowing Appellants to pursue this appeal, with the sole objective of asserting their successor liability claims against Buyer, would effectively reverse the Sale Order and destroy the value created through the Debtors' competitive sale process, to the detriment of the Debtors' estates and creditors. Appellants argue that "[b]ankruptcy courts are not authorized in the name of equity to make wholesale substitutions of underlying law controlling the validity of a creditors' entitlements, but are limited to what the bankruptcy code itself provides." Thus, according to Appellants, ERISA and its applicable regulations and case law control the rights and abilities of the funds to pursue successor withdraw liability. However, none of the cases cited by Appellants addresses the threshold issue raised in the motion to dismiss pending before this Court--namely, whether this Court has authority to modify on appeal the bankruptcy court's order approving the sale of property to a good faith purchaser that was not stayed pending appeal.1 Appellants do not argue that Supervalu was not a good faith purchaser. Instead, Appellants argue that Supervalu "should bear the consequences of its premature closing" because it "knew of the legal challenge to the provision of the Sale Order negating any withdrawal liability and of the pendency of this appeal." This argument ignores the plain language of 11 U.S.C. section 363(m), which provides that a stay is required "whether or not [the buyer] knew of the pendency of the appeal." Appellants also argue that they are not barred from pursing their appeal because they seek to invalidate one provision of the sale order, as opposed to the entire sale order. Again, this argument ignores the plain language of Section 363(m), which applies to any "reversal or modification on appeal of an authorization under subsection (b) or (c)[.]" Given the plain language of Section 363(m), Appellants' appeal is moot. A full-text copy of the Court's Memorandum Opinion and Order dated June 25, 2018 is available at https://bit.ly/2umsLx1 from Leagle.com. The Chicago Area I.B. of T. Pension Fund and The Local 703, I.B. of T. Pension Fund, Appellant, represented by Scott R. Clar -- sclar@craneyheyman.com -- Crane, Simon, Clar & Dan. Supervalu Holdings, Inc., Appellee, represented by Kerri K. Mumford -- mumford@lrclaw.com -- Landis Rath & Cobb LLC, pro hac vice, Margaret Mary Anderson -- panderson@foxswibel.com -- Fox, Swibel, Levin & Carroll LLP & Richard S. Cobb -- cobb@lrclaw.com -- Landis Rath & Cobb LLC, pro hac vice. Central Grocers, Inc., Debtor in Possession, represented by Paul Richard Genender, Weil, Gotshal & Manges LLP, pro hac vice, Stephen Karotkin -- stephen.karotkin@weil.com -- Weil, Gotshal & Manges LLP, Amanda Pennington Prugh -- amanda.penningtonprugh@weil.com -- Weil, Gotshal & Manges LLP, pro hac vice, Danielle Donovan -- Daniel.donovan@weil.com -- Well Gotshal & Manges LLP, pro hac vice,David Andrew Agay, McDonald Hopkins LLC, Michael Marc Eidelman, Vedder Price P.C., Ray Clark Schrock, Jones Day, Rion M. Vaughan, McDonald Hopkins LLC, Salvatore A. Romanello -- Salvatore.romanello@weil.com -- Weil, Gotshal & Manges LLP, Sunny Singh -- sunny.singh@weil.com -- Weil, Gotshal & Manges LLP, pro hac vice, Timothy Michael Hughes, Lavelle Legal Services, Ltd. & William W. Thorsness, III, Vedder Price P.C.. About Central Grocers Joliet, Illinois-based Central Grocers, Inc. -- http://www.central-grocers.com/-- is a supplier to independent grocery stores in the Midwestern United States. Formed in 1917, Central Grocers is organized as a retail cooperative (co-op) owned by the independent supermarket retailers that it supplies. Central Grocers is the seventh largest grocery cooperative in the United States. It supplies over 400 stores in the Chicago area with groceries, produce, fresh meat, service deli items, frozen foods, ice cream and exclusively the Centrella Brand distributor. Sales have grown to $2 billion per year over the past 94 years. Central Grocers and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 17-10992 to 17-11003) between May 2 and May 4, 2017. Central Grocers estimated $100 million to $500 million in assets and liabilities. The petitions were signed by Donald E. Harer, chief restructuring officer. Prior to the Chapter 11 filing, certain creditors of CGI filed an involuntary case against the company under Chapter 7. The case was filed in the U.S. Bankruptcy Court for the Northern District of Illinois on May 2, 2017. On June 13, 2017, the Chapter 11 cases were transferred to the Illinois court, including CGI's case which was consolidated into the involuntary Chapter 7 case pending before the Illinois court. All the Chapter 11 cases are proceeding before the Illinois court, and are being jointly administered under Case No. 17-13886 for procedural purposes only. CGI's petition date is May 2, 2017 while the petition date for the other Debtors is May 4, 2017. Judge Pamela S. Hollis presides over the cases. Weil, Gotshal & Manges LLP serves as the Debtors' bankruptcy counsel. The Debtors also hired Richards, Layton & Finger P.A., as local counsel; McDonald Hopkins LLC as local counsel and conflicts counsel; Lavelle Law, Ltd., as general corporate counsel; Conway Mackenzie Inc. as chief restructuring officer; Peter J. Solomon Company as investment banker; and Prime Clerk as claims and noticing agent. Meanwhile, HYPERAMS, LLC and Tiger Capital Group, LLC, were employed as liquidation consultants. An official committee of unsecured creditors was appointed by the Office of the U.S trustee on May 15, 2017. The committee retained Kilpatrick Townsend & Stockton LLP as bankruptcy counsel; Saul Ewing LLP as Delaware counsel; and FTI Consulting, Inc., as financial advisor; and Reid Collins & Tsai LLP as special litigation counsel. CHAPELDALE PROPERTIES: $100K Sale of Baltimore Lot to Griffin OK'd ------------------------------------------------------------------ Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland authorized Chapeldale Properties, LLC's sale of a lot identified as Lot 1 as shown on the plat entitled "Resubdivision Plat, Part of Part I, Chapeldale," which plat is recorded among the Land Records of Baltimore County at Plat Book WJR, No. 28, folio 98 and further identified by Tax ID No. 25-00-005869, also known as 10802 Stansfield Road, Baltimore, Maryland, to Griffin Investments, LLC for $100,000. The sale is free and clear of liens, claims, encumbrances and interests, with liens, claims, encumbrances and interests attaching to the proceeds to the extent and in the order of their priority. The Debtor is authorized to pay closing expenses, including Real Estate Commissions and recording costs as described in the Motion together with the Secured Claims also described in the Motion. The Debtor will file a copy of the Settlement sheet within 10 days of closing. About Chapeldale Properties Chapeldale Properties LLC was incorporated in Maryland in 1998. Its principal assets are located in Baltimore County. Chapeldale Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 17-26995) on Dec. 21, 2017. In the petition signed by Ronald Talbert, its manager, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge David E. Rice presides over the case. The Debtor tapped the Law Offices of David W. Cohen as its legal counsel. Pending bankruptcy cases filed by affiliates: Debtor Petition Date Case No. ------ ------------- -------- College Park Investments, LLC 9/22/17 17-22678 Stein Properties, Inc. 9/22/17 17-22680 TSC/Green Acres Road, LLC 11/28/17 17-25912 TSC/JMJ Snowden River South, LLC 10/23/17 17-24510 TSC/Nesters Landing, LLC 11/28/17 17-25913 CROSS-DOCK SOLUTIONS: Trustee's Sale of Personal Property Approved ------------------------------------------------------------------ Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the District of New Jersey authorizes Nancy Isaacson, the Chapter 11 trustee for Cross-Dock Solutions, LLC, to sell at auction the personal property located at 145 Talmadge Road, Edison, New Jersey, consisting of assorted food stuff, furniture, fixtures and equipment, and racking systems. The sale of the Property is free and clear of all valid liens, claims, interests and encumbrances with valid liens, claims, interests and encumbrances attaching to the proceeds of the sale. The Trustee will conduct the auction pursuant to the terms (including bidding procedures and terms of sale) set forth in the Application in support of the Motion. The auction sale will take place on June 19, 2018 at 11:00 a.m. at the Property. About Cross-Dock Solutions Cross-Dock Solutions LLC -- http://cross-docksolutions.com/-- is a full-service third party provider with climate controlled warehousing and multiple compartmented less-than-load (LTL) and truckload equipment that can accommodate chilled and frozen products on the same refrigerated trailer. The Company also offers cross-dock capabilities, cold chain storage and a warehouse management solution (WMS) that can be customized to its customers' business needs. Cross-Dock Solutions, LLC, based in Edison, New Jersey, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-26993) on Aug. 22, 2017. In the petition signed by Pedro Cardenas, its managing member, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Kathryn C. Ferguson presides over the case. Patricia A. Staiano, Esq., at Hellring Lindeman Goldstein & Siegal LLP, serves as bankruptcy counsel to the Debtor. On Jan. 12, 2018, Nancy Isaacson was appointed the Chapter 11 trustee for the Debtor. The Court had granted Bedemco Inc.'s motion for appointment of a Chapter 11 trustee. The Trustee retained Greenbaum Rowe Smith & Davis LLP, as attorney. DAVID HANKS: $239K Sale of Tipton County Property Approved ---------------------------------------------------------- Judge Paulette J. Delk of the U.S. Bankruptcy Court for the Western District of Tennessee authorized David L. Hanks and Sandra B. Hanks to sell their interest in the real property known as 0 Sadler School Road in Tipton County, Tennessee, comprising approximately 92 acres of agricultural land, to Andrew Curtis Hanks and Rilla Reese-Hanks for $239,200. A hearing on the Motion was held on June 12, 2018. The sale is free and clear of any and all charges, liens, and claims. Notwithstanding the provisions of Bankruptcy Rules 6004(h) and 6006(d), the Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. David L. Hanks and Sandra B. Hanks sought Chapter 11 protection (Bankr. W.D. Tenn. Case No. 17-27085) on Aug. 14, 2017. The Debtor tapped Russell W. Savory, Esq., at Beard & Savory, PLLC, as counsel. On Oct. 19, 2017, the Court appointed Randal Lankford as real estate agent. DELEN RESOURCES: Taps David Jackson as Accountant ------------------------------------------------- Delen Resources, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire an accountant. The Debtor proposes to employ David Jackson, a certified public accountant, to prepare financial reports; assist in preparing financial projections needed to formulate of a plan of reorganization; and provide other accounting services. He will charge an hourly fee of $100. Mr. Jackson disclosed in a court filing that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Mr. Jackson maintains an office at: David Jackson 140 S Main St. Madisonville, KY 42431 Phone: +1 270-824-1122 About Delen Resources Delen Resources LLC, a privately held company, is an oil & gas exploration, development, and production company located in Madisonville, Kentucky. Delen currently holds and is operating three leases. Delen Resources, LLC, based in Madisonville, KY, filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 18-40279) on April 4, 2018. In the petition signed by Daniel Williams, managing member, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Thomas H. Fulton presides over the case. Russ Wilkey, Esq., at Wilkey & Wilson, P.S.C., serves as bankruptcy counsel to the Debtor. DENNIS JOHNSON II: Trustee Suit's Bad Faith Claims vs PIA Junked ---------------------------------------------------------------- District Judge Robert C. Chambers grants the Defendant's motion to dismiss Count Ten of Plaintiff's complaint captioned THOMAS H. FLUHARTY, Trustee of the Chapter 11 Bankruptcy Estates of Dennis Ray Johnson, II (No. 3:16-BK-30227); DJWV2, LLC (No. 3:16-BK-30062); Southern Marine Services, LLC (No. 3:16-BK-30063); Southern Marine Terminal, LLC (No. 3:17-BK-30064); Redbud Dock, LLC (No. 3:16-BK-30398); Green Coal, LLC (No. 3:16-BK-30399); Appalachian Mining & Reclamation, LLC (No. 3:16-BK-30400) Producer's Land, LLC (3:16-BK-30401); Producer's Coal, Inc. (3:16-BK-30402); Joint Venture Development, LLC (No. 3:16-BK-30403), Plaintiffs, v. PEOPLES BANK, NA, PEOPLES INSURANCE AGENCY, LLC, and GREAT AMERICAN INSURANCE COMPANY OF NEW YORK., Defendants, Civil Action No. 3:17-4220 (S.D.W.V.). In the motion, Peoples Insurance requests that the Court dismiss Count Ten of Plaintiff's Complaint, titled "Bad Faith Claim Against Insurers." Peoples Insurance argues that Plaintiff's bad faith claim should be dismissed against it because it is not an insurer, but is instead an insurance broker. Due to its status as a "middleman between the insured and the insurer," Peoples Insurance claims that the contractual obligations that would give rise to a bad faith claim do not exist between it and the group of entities for which Plaintiff is the trustee. And the relevant statutory obligations do not apply to an insurance broker in this context. Both parties largely rely upon the same case, Davidson v. Am. Freightways, Inc., 25 S.W.3d 94 (Ky. 2000), but differ in their respective readings of the case. Plaintiff contends the lack of an express prohibition against holding insurance agent accountable under the KUCSPA in the caselaw, means that insurance agents or brokers are subject to the KUCSPA's obligations. Thus, Plaintiff argues, he may bring a claim against Peoples Insurance under the KUSCPA. Unlike Plaintiff, Peoples Insurance, focuses upon what the court in Davidson said, instead of what the court did not say. The court in Davidson, as pointed out by Peoples Insurances, provided that the KUCSPA, and bad faith claims generally, applies "only to those persons or entities (and their agents) who are `engaged . . . in the business of entering into contracts of insurance.'" Indeed, "[t]he gravamen of the [KUCSPA] is that an insurance company is required to deal in good faith . . . with respect to a claim which the insurance company is contractually obligated to pay." The Court agrees with Peoples Insurance's reading of Davidson, and believes that the case counsels against applying the KUCSPA to Peoples Insurance. Limiting the reach of the KUCPSA, the Supreme Court of Kentucky relied upon the contractual obligation involved in an insurance company's relationship to an insured. Id. at 100-02 (generally emphasizing that bad faith claims, and the KUCSPA, depend upon the contractual obligation). The Kentucky court reviewed its previous distillations of bad faith claims under Kentucky law. Condensing both statutory and common law bad faith claims, the Supreme Court of Kentucky, in a 1993 case called Wittmer v. Jones, had "gathered all of the bad faith liability theories under one roof and established a test applicable to all bad faith actions." That test has three elements that an insured must prove: (1)the insurer must be obligated to pay the claim under the terms of the policy; (2) the insurer must lack a reasonable basis in law or fact for denying the claims; and (3) it must be shown that the insurer either knew there was no reasonable basis for denying the claim or acted with reckless disregard for whether such a basis existed. Relying upon the Supreme Court of Kentucky's explanation of the elements for bad faith claims, including those based upon the common law, the Court finds that Plaintiff's final basis for his bad faith claim fails. Kentucky's highest court made clear that a contractual obligation must underlie a bad faith claim. No contractual obligation to satisfy insurance claims existed between People Insurance and any of the Coal Group. Thus, Plaintiff's common law bad faith claim against Peoples Insurance also fails. A copy of the Court's Order dated June 22, 2018 is available at https://bit.ly/2NLrvLP from Leagle.com. Thomas H. Fluharty, Trustee of the Chapter 11 Bankruptcy Estates of & Dennis Ray Johnson, II, Plaintiffs, represented by Joe M. Supple, SUPPLE LAW OFFICE. DJWV2, LLC, Southern Marine Services, LLC, Southern Marine Terminal, LLC, Redbud Dock, LLC, Green Coal, LLC, Appalachian Mining & Reclamation, LLC, Producer’s Land, LLC, Producer’s Coal, Inc. & Joint Venture Development, LLC, Plaintiffs, represented by Joe M. Supple, SUPPLE LAW OFFICE & Martin P. Sheehan , SHEEHAN & NUGENT. Peoples Bank, NA, Defendant, represented by Arch W. Riley, Jr. -- ariley@bernsteinlaw.com -- BERNSTEIN-BURKLEY, John J. Richardson -- jrichardson@bernsteinlaw.com -- BERNSTEIN-BURKLEY & Kirk B. Burkley -- kburkley@bernsteinlaw.com -- BERNSTEIN-BURKLEY. Peoples Insurance Agency, LLC, Defendant, represented by Lawrence E. Morhous, BREWSTER MORHOUS CAMERON ROBERT C. CHAMBERS, Lisa M. Zaring -- lzaring@mrjlaw.com -- MONTGOMERY RENNIE & JONSON, pro hac vice & Ralph E. Burnham -- rburnham@mrjlaw.com -- MONTGOMERY RENNIE & JONSON. Great American Insurance Company of New York, Defendant, represented by Carol P. Smith -- csmith@fbtlaw.com -- FROST BROWN TODD & Christopher S. Burnside -- cburnside@fbtlaw.com -- FROST BROWN TODD, pro hac vice. About Dennis Ray Johnson Dennis Ray Johnson, II, filed a Chapter 11 petition (Bankr. S.D. W.Va. Case No. 16-30227) on May 9, 2016, and was represented by Christopher S. Smith, Esq., at Hoyer, Hoyer & Smith, PLLC. In January 2017, Mr. Johnson tapped Lewis Glasser Casey & Rollins PLLC as new counsel. Mr. Johnson is a businessman with ownership interests in at least 10 entities. He operates various rental real estate entities and coal associated operations. Mr. Johnson is a member of each of the following debtor companies - Appalachian Mining and Reclamation, LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and Processing, LLC, Green Coal, LLC, Joint Venture Development, LLC, Little Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal, Inc., Producer’s Land, LLC, Redbud Dock, LLC, Southern Marine Services, LLC, Southern Marine Terminal, LLC, and The Silo Golf Course, LLC - and has filed a motion asking the Bankruptcy Court to jointly administer the bankruptcy cases. Mr. Johnson is also a guarantor of the debt for most of the companies. Mr. Johnson operated as a debtor-in-possession until Thomas Fluharty was appointed Chapter 11 trustee on November 7, 2016. Counsel for the Trustee is Joe M. Supple, Esq., at Supple Law Office PLLC, in Point Pleasant, West Virginia. DLN PROPERTIES: D. Guthans Suit vs JPMorgan Remanded to Bankr. Ct. ------------------------------------------------------------------ In the case captioned IN RE: DLN PROPERTIES, LTD., SECTION: "E," Civil Action No. 17-10554 c/w 17-12719 (E.D. La.), Appellant Debra Guthans appeals the Bankruptcy Court's Sept. 28, 2017 order granting Appellee JPMorgan Chase Bank, N.A.'s motion for summary judgment. Ms. Guthans also appeals the Bankruptcy Court's Nov. 16, 2017 order denying her motion to compel Chase to amend its proof of claim. These matters were consolidated on Nov. 28, 2017. District Judge Susie Morgan reverses the Bankruptcy Court's order granting Chase summary judgment, reverses and renders the Bankruptcy Court's order denying Ms. Guthans' motion to compel, and remands both matters to the Bankruptcy Court for further proceedings. In her Adversarial Proceeding, Ms. Guthans included allegations of fraud to support her request that the confirmation of DLN's Chapter 11 Bankruptcy Plan be revoked. United States Code, Title 11, section 1144 provides that, "On request of a party in interest at any time before 180 days after the date of the entry of the order of confirmation, and after notice and a hearing, the court may revoke such order if and only if such order was procured by fraud." Because DLN procured the order confirming the mortgage, Ms. Guthans was required to show that DLN committed fraud in its failure to disclose certain information. On August 4, 2017, Chase filed its motion for summary judgment in the Adversarial Proceeding, seeking judgment as a matter of law that it did not commit fraud when it failed to include the Resolution in its proof of claim. In support of its motion, Chase argued Ms. Guthans "has no evidence whatsoever that Chase committed fraud on the court, her sole allegation against it." The Bankruptcy Court granted Chase's motion for summary judgment, relying on its findings that there were no misrepresentations made to the court by Chase and that Chase neither concealed anything from the court nor acted with fraudulent intent. Although not explained, it appears the Bankruptcy Court found Ms. Guthans would not be able to establish a likelihood of success on her request for an injunction because the court believed fraud on the part of Chase was a necessary element of showing the Independence Street Mortgage was a nullity. It does not appear that the Bankruptcy Court even addressed whether Chase's mortgage on the Independence Street Property was valid, which is the real measure of whether Ms. Guthans would be successful in her request for injunctive relief. In reviewing the Bankruptcy Court's grant of summary judgment, "[t]his Court reviews the bankruptcy court's findings of fact for clear error and its legal conclusions de novo." In granting Chase's motion for summary judgment, the Bankruptcy Court committed an error of law. On Oct. 13, 2017, in her capacity as the holder of an undivided fifty percent equity interest in DLN, Ms. Guthans filed a motion to compel Chase to amend its proof of claim to include the Resolution that Chase contends authorized Mr. Guthans to encumber the Independence Street Property. According to Ms. Guthans, should Chase amend its proof of claim to include the Resolution, it would reveal that "the mortgage forming the basis of its in rem claim against the Debtor [is] invalid. The Bankruptcy Court did not analyze whether the Resolution authorized Mr. Guthans to mortgage the Independence Street Property to secure the indebtedness of AHG before denying the motion to compel. This analysis was necessary to determine whether amendment of the proof of claim was required. Denial of the motion to compel was an abuse of the Bankruptcy Court's discretion. As a result, the Court reverses the Bankruptcy Court's order denying Ms. Guthans' motion to compel, and the motion to compel Chase to file an amended proof of claim that includes a copy of the Resolution is granted. On remand, after the filing of Chase's amended proof of claim and assuming Ms. Guthans files an objection thereto, the Bankruptcy Court will be required to determine whether Ms. Guthans' claim the mortgage the mortgage is invalid has prescribed. Under Louisiana law, any unauthorized action taken in the name of an entity cannot bind the entity, and "a mortgage of real property by mandate is a nullity if the mandatory lacked appropriate authority." Louisiana Civil Code article 2032 provides that an action for annulment of an absolutely null contract does not prescribe, and an action for annulment of a relatively null contract must be brought within five years from the time the ground for nullity either ceased, as in the case of incapacity or duress, or was discovered, as in the case of error or fraud. Moreover, "Nullity may be raised at any time as defense against an action on the contract, even after the action for annulment has prescribed." A contract is relatively null when it violates a rule intended for the protection of private parties, as when a party lacked capacity or did not give free consent at the time the contract was made. A contract is absolutely null when it violates a rule of public order, as when the object of a contract is illicit or immoral. Ms. Guthans filed her adversarial action more than eight years after Chase recorded the collateral mortgage note. On remand, assuming Ms. Guthans objects to the amended proof of claim based on the mortgage's invalidity, the Bankruptcy Court must determine whether the collateral mortgage on the Independence Street Property is a relative or absolute nullity. If the court determines the collateral mortgage is an absolute nullity, the action for an annulment of the mortgage does not prescribe. If the court determines the collateral mortgage is a relative nullity, it must then consider when Ms. Guthans discovered that Mr. Guthans mortgaged the Independence Street Property pursuant to the Resolution. Further, the bankruptcy court must determine whether her claim nevertheless may be asserted as a defense against an action on a contract. A full-text copy of the Court's Order dated June 25, 2018 is available at https://bit.ly/2NeDmkj from Leagle.com. Debra Guthans, Appellant, represented by Mark Samuel Goldstein -- mgoldstein@lowestein.com -- Lowe, Stein, Hoffman, Allweiss & Hauver, LLP, Alicia Martone Bendana -- abendana@lowestein.com -- Lowe, Stein, Hoffman, Allweiss & Hauver, LLP & Jeffrey M. Hoffman -- jhoffman@lowestein.com -- Lowe, Stein, Hoffman, Allweiss & Hauver, LLP. DLN Properties, Ltd, Appellee, represented by Leo David Congeni, Congeni Law Firm, LLC. JPMorgan Chase Bank, N.A., Appellee, represented by Barry H. Grodsky -- bgrodsky@taggartmorton.com -- Taggart Morton, LLC. U.S. Trustee, Trustee, represented by Mary Sprague Langston, Mary Spraque Langston, Attorney at Law. About DLN Properties DLN Properties, Ltd., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 15-12993) on Nov. 17, 2015. The petition was signed by Anthony H. Guthans, president. The case is assigned to Judge Jerry A. Brown. The Debtor is represented by Leo D. Congeni, Esq., at The Congeni Law Firm, LLC. At the time of the filing, the Debtor disclosed $1.92 million in assets and $2.41 million in liabilities. DORIAN LPG: BW Group Has 14.2% Stake as of July 12 -------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission these entities reported beneficial ownership of shares of common stock of Dorian LPG as of July 12, 2018: Shares Percentage Beneficially of Reporting Person Owned Shares ---------------- ------------ ---------- BW Euroholdings Limited 7,826,460 14.2% BW Group Limited 7,826,560 14.2% BW LPG Limited 100 0% Sohmen Family Foundation 7,826,560 14.2% The calculation of the percentages assume that there are a total of 55,228,723 Common Shares outstanding as of July 16, 2018, which is based on information provided by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2018. A full-text copy of the regulatory filing is available at: https://is.gd/DGQ56C About Dorian LPG Dorian LPG -- http://www.dorianlpg.com/-- is a liquefied petroleum gas shipping company and an owner and operator of modern very large gas carriers ("VLGCs"). Dorian LPG's fleet currently consists of twenty-two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece. Dorian LPG reported a net loss of US$20.40 million on US$159.33 million of total revenues for the year ended March 31, 2018, compared to a net loss of US$1.44 million on US$167.45 million of total revenues for the year ended March 31, 2017. As of March 31, 2018, Dorian LPG had US$1.73 billion in total assets, US$776.69 million in total liabilities and US$959.41 million in total shareholders' equity. DORIAN LPG: BW LPG Will Nominate 3 Independent Directors -------------------------------------------------------- BW LPG Limited has notified Dorian LPG of its intention to nominate three "independent, highly qualified" individuals to stand for election to Dorian's Board of Directors at Dorian's 2018 Annual Meeting of Shareholders. BW LPG intends to file a proxy statement with the Securities and Exchange Commission, accompanied by a WHITE proxy card, in connection with Dorian's 2018 Annual Meeting. On May 29, 2018, BW LPG proposed to combine with Dorian in an all-stock transaction, under which Dorian shareholders would have received 2.05 BW LPG shares for each Dorian share. On July 9, 2018, BW LPG increased its all-stock proposal to combine with Dorian, under which Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share. Based on BW LPG's current price of NOK 34.06 per share and an NOK/USD exchange rate of 8.13 as of July 13, 2018, BW LPG's proposal to combine with Dorian values each Dorian share at USD $8.88 per share, representing a 28% premium to Dorian's unaffected share price of USD $6.96 as of May 25, 2018, the last trading day prior to the announcement of BW LPG's initial proposal, and a premium of 19% to the long-term historical exchange ratio of Dorian and BW LPG since Dorian's IPO. BW LPG Chief Executive Officer, Martin Ackermann, said, "We are nominating three independent, highly qualified directors who each have a proven track record and have expressed their commitment to act in the best interest of all Dorian shareholders. Since announcing our proposal to combine with Dorian, the feedback we have received from a significant percentage of Dorian's shareholders has been overwhelmingly positive, including a recent public letter of support from SEACOR Holdings, one of Dorian's largest shareholders. We have been clear that our preference is to engage in meaningful discussions with Dorian regarding our proposed combination and we remain ready to do so. Due to Dorian's continued refusal to engage meaningfully with us on a proposed combination, we have decided to go directly to shareholders with our director nominees. We urge all Dorian shareholders to make their voices heard by voting to elect directors who are open to exploring opportunities to maximize value." BW LPG's nominees to the Dorian Board are: * Baudoin Lorans is a private equity investor, currently serving as senior advisor to Presidio Investors, a private equity firm based in San Francisco. Previously, Mr. Lorans was with Caisse de Depot et Placement du Quebec (CDPQ) where he co-led the firm's direct private equity investment activity in the United States and Latin America. Prior to joining CDPQ, Mr. Lorans served as managing director of One Point Capital Management, having previously worked with Rhone Group LLC and started his career in the mergers and acquisitions group of Merrill Lynch. Mr. Lorans has served as a director on the board of numerous privately-held companies, including TVS Logistics Services Limited, MyEyeDr., Rexair Holdings, as well as a board observer of SPIE SA. He graduated magna cum laude from Brown University with a BA in History and East Asian Studies. * Ouma Sananikone is an experienced senior investment executive and board member with broad international experience. She currently serves as a non-executive director of Macquarie Infrastructure Corporation. Previously, Ms. Sananikone served as Chairman of Smarte Carte and EvolutionMedia and acted as Australian Financial Services Fellow for the United States on behalf of Invest Australia. In addition, she also served as a non-executive director of Icon Property Parking Ltd., the Caisse de Depot et Placement de Quebec, Air-Serve Holdings, Moto Hospitality Ltd, State Super Corporation of NSW and Babcock and Brown Direct Investment Fund. Earlier in her career, Ms. Sananikone served as CEO of Aberdeen Asset Management (Australia) LTD, a division of Aberdeen Asset Management PLC, CEO of the EquitiLink Group and as a managing director of BNP Investment Management. Ms. Sananikone received a BA in Economics and Political Sciences from the Australian National University and a Master of Commerce in Economics from the University of New South Wales. She is a recipient of the Centenary Medal from the Australian Government for services to the Australian finance industry. * Jeffrey Schwarz was the co-founder of Metropolitan Capital Advisors, Inc., a New York-based money management firm founded in 1992. Mr. Schwarz served as Metropolitan's chief investment officer from the firm's inception until his retirement in 2012. Since 2012, Mr. Schwarz has served as the managing member of Metropolitan Capital Partners V LLC, the investment vehicle of the Schwarz family office. The Metropolitan entities were and remain active investors in the shipping and hydrocarbon logistics sectors as well as being champions of best practices in corporate governance. Mr. Schwarz is the chairman of the board of directors of HL Acquisitions Corporation and the co- chairman of the board of directors of each of Bogen Communications International Inc. and Bogen Corporation. Previously, Mr. Schwarz served as a director of Aurora Funds Management Ltd. and as the chairman of the board of directors of Molopo Energy Ltd. Mr. Schwarz received a BS in Economics (Summa Cum Laude) and an MBA from the Wharton School of the University of Pennsylvania. Citigroup Global Markets Inc. is acting as financial advisor to BW LPG and Cleary Gottlieb Steen & Hamilton LLP and Advokatfirmaet Thommessen AS are acting as legal advisors. About BW LPG BW LPG is an owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) with a total carrying capacity of over 4 million cbm. With four decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com. BW LPG is associated with BW Group, one of the world's leading shipping groups. BW's fleet of over 180 vessels includes oil tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, chemical tankers, dry cargo carriers and floating production storage and offloading (FPSO) units. About Dorian LPG Dorian LPG -- http://www.dorianlpg.com/-- is a liquefied petroleum gas shipping company and an owner and operator of modern very large gas carriers ("VLGCs"). Dorian LPG's fleet currently consists of twenty-two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece. Dorian LPG reported a net loss of US$20.40 million on US$159.33 million of total revenues for the year ended March 31, 2018, compared to a net loss of US$1.44 million on US$167.45 million of total revenues for the year ended March 31, 2017. As of March 31, 2018, Dorian LPG had US$1.73 billion in total assets, US$776.69 million in total liabilities and US$959.41 million in total shareholders' equity. DOWLING COLLEGE: Sale of Brookhaven Campus to Triple Five Approved ------------------------------------------------------------------ Judge Robert E. Grossman of the U.S. Bankruptcy Court for the Eastern District of New York authorized Dowling College's sale of real property consisting of a 105.33 acre campus located in the Town of Brookhaven, County of Suffolk, at William Floyd Parkway, Shirley, New York ("Brookhaven Campus"), including its 72,000 square foot, 289-bed dormitory facility located thereon ("Brookhaven Dorm"), to Triple Five Aviation, LLC. The sale is free and clear of all Liens, Claims and Encumbrances, with all such Liens, Claims and Encumbrances to attach to the net proceeds of the Sale. The automatic stay pursuant to Section 362 of the Bankruptcy Code is lifted with respect to the Debtor to the extent necessary, without further order of the Court. The Debtor is party to the Memorandum of Understanding dated as of April 9, 2003, by and among Brookhaven Science Associates, a Limited Liability Co. under contract with the U.S. Department of Energy to manage and operate the Brookhaven National Laboratory, the US Department of Energy, and the Town of Brookhaven ("Water Remediation MOU"). The Debtor is authorized to assume and assign the Water Remediation MOU to the Purchaser as of the Closing Date, together with all rights of the Debtor thereunder, pursuant to section 365 of the Bankruptcy Code. The MOU Assignment will be memorialized at Closing by a written Assignment Agreement. As provided by Bankruptcy Rules 6004(h), 6006(d) and 7062, the Order will be effective and enforceable immediately upon its entry, and the sale approved by the Order may close immediately upon entry of the Order, notwithstanding any otherwise applicable waiting periods. About Dowling College Dowling College was founded in 1955 as part of Adelphi College's outreach to Suffolk County, New York. Dowling College became the first four-year, degree-granting liberal arts institution in the county. It purchased the former W.K. Vanderbilt estate in Oakdale in 1962. Dowling College sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 16-75545) on Nov. 30, 2016, estimating assets of $100 million to $500 million and debt of less than $100 million. The Debtor is represented by Klestadt Winters Jureller Southard & Stevens, LLP. Ingerman Smith, LLP and Smith & Downey, PA have been tapped as special counsel. Robert Rosenfeld of RSR Consulting, LLC, serves as its chief restructuring officer while Garden City Group, LLC, serves as its claims and noticing agent. The Debtor has also hired FPM Group, Ltd., as consultants; Eichen & Dimeglio, PC, as accountants; A&G Realty Partners, LLC and Madison Hawk Partners, LLC, as real estate advisors; and Hilco Streambank and Douglas Elliman serve as brokers. Judge Robert E. Grossman presides over the Debtor's bankruptcy case. The Office of the U.S. Trustee on Dec. 9, 2016, appointed three creditors of Dowling College to serve on the official committee of unsecured creditors. The Committee named SilvermanAcampora LLP as its counsel. DPW HOLDINGS: Extends QPAGOS & IPS Agreement Closing Date to Aug 17 ------------------------------------------------------------------- DPW Holdings, Inc.'s wholly-owned subsidiary, Digital Power Lending, LLC has entered into an amendment to its agreement, dated June 14, 2018, as amended on June 29, 2018, to organize and operate a joint venture with QPAGOS and Innovative Payment Systems, Inc. to extend the expected closing date of the Agreement to on or before Aug. 17, 2018. About DPW Holdings Headquartered in Fremont, California, DPW Holdings, Inc., formerly known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a diversified holding company with a growth strategy of acquiring undervalued assets, disruptive technologies, sustainable solutions, and exciting ventures for incubation and development to their full potential for long-term growth and investor returns. DPW, through its wholly-owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing technology-based solutions for critical applications and lifesaving services, in which innovation is the main driver. Coolisys serves the defense, aerospace, naval, homeland security, medical, telecom, datacom, and industrial markets. DPW Holdings incurred a net loss of $10.89 million in 2017 following a net loss of $1.12 million in 2016. As of March 31, 2018, DPW Holdings had $38.49 million in total assets, $16.66 million in total liabilities and $21.83 million in total stockholders' equity. The report from the Company's independent accounting firm Marcum LLP, in New York, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has a significant working capital deficiency, 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. ECOSHEL INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Ecoshel, Inc. 126 Clark Siding Road Ashland, ME 04732 Business Description: Ecoshel, Inc. -- http://www.ecoshel.com-- is a cedar shingle manufacturer based in Ashland, Maine. Ecoshel has produced shingle system cedar shingle panels for roofing and siding. The Ecoshel Cedar Shingle System was developed specifically to provide the best protection from the moisture related decay that typically determines the lifespan of a structure. Chapter 11 Petition Date: July 18, 2018 Case No.: 18-10412 Court: United States Bankruptcy Court Maine (Bangor) Judge: Hon. Peter G Cary Debtor's Counsel: Sam D. Anderson, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle St. PO Box 9729 Portland, ME 04104-5029 Tel: (207) 774-1200 Fax: (207) 774-1127 Email: sanderson@bernsteinshur.com Total Assets: $505,547 Total Liabilities: $3,361,404 The petition was signed by Bryan Kirley, CEO and president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/meb18-10412.pdf FANNIE MAE: Elects Antony Jenkins to Board of Directors ------------------------------------------------------- Antony Jenkins was elected to the Board of Directors of Fannie Mae (formally, the Federal National Mortgage Association) on July 13, 2018. Mr. Jenkins was appointed to the Strategic Initiatives and Technology Committee and the Nominating and Corporate Governance Committee of the Board. Mr. Jenkins, age 57, is the founder and executive chair of 10x Future Technologies Limited, a company that is building a digital banking platform designed to redefine how banks operate and engage with customers. Mr. Jenkins was the group chief executive officer and a member of the Board of Directors of Barclays PLC from August 2012 to July 2015. He served as a member of the group executive committee from November 2009 to July 2015. Prior to becoming group chief executive officer, Mr. Jenkins served in various other roles at Barclays, including as chief executive officer for the Retail and Business Banking Division from November 2009 to August 2012, and chief executive officer for Barclaycard Global Operations from January 2006 to November 2009. Mr. Jenkins served in various roles at Citigroup Inc. from 1989 to 2005, including as executive vice president for Citibrands, executive vice president for U.S. Hispanic, Global and Strategic Delivery SBU, chief executive officer for eConsumer, and chief executive officer for c2it, Citigroup's Internet payment initiative. Mr. Jenkins currently serves as Group Chairman of the Board of Directors of Currencies Direct Ltd. and as a member of the Board of Directors of Blockchain Luxembourg SA. Mr. Jenkins also serves as Chair for the Institute for Apprenticeships and is a member of the Financial Innovation Standing Committee of the Consultative Working Group of the European Securities and Markets Authority (ESMA). Mr. Jenkins served as a member of Fannie Mae's Digital Advisory Council from February 2017 to June 2018. Based on its review of the relevant facts and circumstances, Fannie Mae's Board determined that Mr. Jenkins will serve as an independent director. About Fannie Mae and Freddie Mac Federal National Mortgage Association (OTCQB: FNMA), commonly known as Fannie Mae -- http://www.FannieMae.com/-- is a government-sponsored enterprise (GSE) that was chartered by U.S. Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. Through its single-family and multifamily business segments, the Company provided approximately $570 billion in liquidity to the mortgage market in 2017, which enabled the financing of approximately 3 million home purchases, refinancings or rental units. A brother organization of Fannie Mae is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Fannie Mae has been under conservatorship, with the Federal Housing Finance Agency acting as conservator, since Sept. 6, 2008. As conservator, FHFA succeeded to all rights, titles, powers and privileges of the company, and of any shareholder, officer or director of the company with respect to the Company and its assets. The conservator has since delegated specified authorities to the Company's Board of Directors and has delegated to management the authority to conduct its day-to-day operations. Fannie Mae's directors do not have any fiduciary duties to any person or entity except to the conservator and, accordingly, are not obligated to consider the interests of the Company, the holders of its equity or debt securities, or the holders of Fannie Mae MBS unless specifically directed to do so by the conservator. FASTSHIP LLC: Court Tosses Lockheed, G&C Bid to Dismiss Suit ------------------------------------------------------------ District Judge Noel L. Hillman denies Defendants Lockheed Martin Corporation and Gibbs & Cox, Inc.’s motions to dismiss the case captioned FASTSHIP, LLC and LIQUIDATING TRUST OF FASTSHIP, INC., Plaintiffs, v. LOCKHEED MARTIN CORPORATION and GIBBS & COX, INC., Defendants, No. 1:17-cv-2919 (NLH/KMW) (D.N.J.). This matter concerns non-disclosure agreements (NDAs) between FastShip, Inc. and Defendants Lockheed and G&C concerning the design of a semi-planing monohull. The design is used in large ships to maintain higher speeds in heavy seas. Plaintiffs FastShip, LLC and the Liquidating Trust of FastShip, Inc. purport to be the assignees of FastShip, Inc. pursuant to a confirmed plan of reorganization. The Court rejects Defendants' arguments that the Court should dismiss this case because the NDAs provide them with an unencumbered ability to disclose Plaintiffs' information. Reading Plaintiffs' Second Amended Complaint and the 2003 NDAs in the light most favorable to Plaintiffs, the Court finds sufficient evidence that such disclosures, if made, would have been in violation of the 2003 NDAs. Plaintiffs have sufficiently pleaded a breach and resultant damages. The Court finds Plaintiffs pleaded that FastShip, Inc. took reasonable steps to protect the Trade Secrets in pleading that the 2003 NDAs and confidentiality agreements were executed. The Second Amended Complaint also clearly pleads that such Trade Secrets were communicated to G&C and Lockheed pursuant to the 2003 NDAs, and thus under an understanding that the secrecy would be respected. As Plaintiffs plead FastShip, Inc. was left out from the LCS Program, despite its Trade Secrets being used, Plaintiffs sufficiently plead injury. The Court finds a plausible misappropriation of trade secrets claim. In arguing that some of Plaintiffs' information cannot constitute trade secrets, G&C relies on documents outside the pleadings and which the Court determines it cannot consider in deciding this motion to dismiss. The argument that potential Trade Secrets were previously published in these documents must be brought pursuant to a motion for summary judgment. The same goes for G&C's argument that FastShip, Inc. failed to mark certain materials as confidential, thus destroying a trade secret. The misappropriation of trade secrets claim will proceed. A full-text copy of the Court's Opinion dated June 25, 2018 is available at https://bit.ly/2ulrPc0 from Leagle.com. FASTSHIP, LLC & LIQUIDATING TRUST OF FASTSHIP, INC., Plaintiffs, represented by CHRISTOPHER JOHN LEAVELL -- cleavell@klehr.com -- KLEHR HARRISON HARVEY BRANZBURG LLP & RAYMOND HOWARD LEMISCH -- rlemisch@klehr.com -- Klehr Harrison Harvey Branzburg LLP. LOCKHEED MARTIN CORPORATION, Defendant, represented by MARK SIGMUND LICHTENSTEIN -- mlichtenstein@crowell.com -- CROWELL & MORING LLP. GIBBS &COX, INC., JOINTLY, SEVERALLY, AND IN THE ALTERNATIVE, Defendant, represented by LIZA M. WALSH -- lwalsh@walsh.law -- WALSH PIZZI O'REILLY FALANGA LLP, CHRISTOPHER MATTHEW HEMRICK -- chemrick@walsh.law -- WALSH PIZZI O'REILLY FALANGA LLP, COLLEEN M. MAKER -- cmaker@walsh.law -- WALSH PIZZI O'REILLY FALANGA LLP & DOUGLAS SHARROTT -- dsharrott@walsh.law -- FITZPATRICK, CELLA, HARPER, SCINTO. FIRSTENERGY SOLUTIONS: Enters Into Stalking Horse Agreement ----------------------------------------------------------- FirstEnergy Solutions Corp. ("FES") on July 10, 2018, disclosed that it has agreed to sell its retail and wholesale load-serving business to Constellation, a subsidiary of Exelon Corporation (NYSE: EXC), for a purchase price of $140 million in cash, subject to certain purchase price adjustments. FES has approximately 900,000 Commercial & Industrial and Residential customers in six states in the Midwest and Mid-Atlantic, primarily Ohio and Pennsylvania and serves 41 terawatt-hours of electricity load. The transaction with Constellation does not include the transfer of (i) FES cash collateral posted with various counterparties or (ii) FES working capital. In total, FES expects to realize total cash proceeds of approximately $280 million, subject to certain purchase price adjustments, including the return of cash collateral and collection of retained net working capital. The sale will be accomplished pursuant to a court-supervised Section 363 bankruptcy auction process. FES has filed a motion with the Bankruptcy Court overseeing its chapter 11 cases for approval of auction and bid procedures that will permit other interested parties to submit competitive bids for the retail and wholesale load serving business. The sale is subject to receipt of other necessary approvals, including Hart-Scott-Rodino. If approved, the companies expect to close the transaction in the fourth quarter of 2018. Throughout the sale process, FES will continue to supply energy and service to all customers without interruption. "We believe this transaction is another important step in our restructuring plan," said Kevin Warvell, Vice President and Chief Financial Officer of FES. "If approved, we will work with Constellation to ensure the transition of customer accounts is seamless. During the sale process, our daily operations will continue as usual, and we will continue to provide our customers with the uninterrupted service they demand. Taking care of customers is and will remain our number one priority." "This agreement would provide an opportunity to grow our retail business in strategically attractive markets where we're best suited to match load served with Exelon generation assets," said Mark Huston, President of Constellation's National Retail Business. "FirstEnergy Solutions has a reputation for delivering value to customers, and our combined business would continue that tradition with a broad array of energy products and services at competitive prices." FES, its subsidiaries and FirstEnergy Nuclear Operating Company on March 31, 2018, filed petitions under Chapter 11 of the Federal Bankruptcy Code to facilitate an orderly financial restructuring. The case is proceeding in U.S. Bankruptcy Court for the Northern District of Ohio, in Akron. Additional information can be found at https://cases.primeclerk.com/FES. Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel and Lazard is serving as investment banker to FES with respect to this sale and during FES's chapter 11 restructuring. About Constellation Constellation -- http://www.constellation.com-- is a retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider, with 2017 revenues of approximately $33.5 billion. About FirstEnergy Solutions Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a subsidiary of FirstEnergy Corp (NYSE:FE). FES -- http://www.firstenergycorp.com/-- provides energy-related products and services to retail and wholesale customers; and owns and operates 5,381 MWs of fossil generating capacity through its FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of nuclear generating capacity through its FirstEnergy Nuclear Generation subsidiary. Nuclear generating plants are operated by FirstEnergy Nuclear Operating Company (FENOC), which is a separate subsidiary of FirstEnergy Corp. On March 31, 2018, FirstEnergy Solutions and 6 affiliates, including FENOC, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 18-50757). The cases are pending before the Honorable Judge Alan M. Koschik and the Debtors have requested that their cases be jointly administered under Case No. 18-50757. Parent company, First Energy Corp. and its other subsidiaries, including its regulated subsidiaries, are not part of the filing and will not be subject to the Chapter 11 process. First Energy Corp. listed $42.2 billion in total assets against $4.07 billion in total current liabilities, $21.1 billion in long-term debt and other long-term obligations and $13.1 billion in non-current liabilities as of Dec. 31, 2017. The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor and Charles Moore as chief restructuring officer; and Prime Clerk as claims and noticing agent. The Debtors also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and Quinn Emanuel Urquhart & Sullivan, LLP as special counsel. FRANKLIN ACQUISITION: Trustee's $965K Sale of El Paso Propty Mooted ------------------------------------------------------------------- Judge H. Christopher Mott of the U.S. Bankruptcy Court for the Western District of Tennessee mooted his order authorizing Ronald Ingalls, Chapter 11 Trustee of Franklin Acquisitions, L.L.C., to sell the real property known as 8820 Alameda, also described as Lots 4‐D, 4‐D‐1, 4‐C‐A and 4‐C‐B, Block 39, Ysleta, City of El Paso, Texas, to Don Luciana or assigns for $965,000. The sale is free and clear of liens, claims, interests and encumbrances, except as provided therein. The Order is mooted as Amended Motion was filed and set for hearing. About Z-1 Management Z-1 Management, LLC, is a privately held company whose principal assets are located at 3035 Directors Row Memphis, Tennessee. Z-1 Management filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 18-21898) on March 2, 2018. In the petition signed by Lawrence Migliara, Jr., member, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. Paulette J. Delk is the case judge. Russell W. Savory at Beard & Savory, PLLC, is the Debtor's counsel. Jeff Waddell of Crye-Leike Realtors is the real estate agent. No official committee of unsecured creditors has been appointed in the Chapter 11 case. GANDER MOUNTAIN: Wins Summary Judgment Bid vs Edward Martino ------------------------------------------------------------ District Judge Frederick J. Scullin, Jr., granted the Defendant's motion for summary judgment and dismisses Plaintiff's claims against all of the John and/or Jane Doe Defendants in the case captioned EDWARD MARTINO, III, Plaintiff, v. GANDER MOUNTAIN COMPANY, and JOHN and/or JANE DOE 1-10, said name(s) being fictitious in nature, Defendants, No. 1:16-CV-1269 (FJS/ATB) (N.D.N.Y.). The Plaintiff originally filed this action against Defendant in Ulster County Supreme Court. The Defendant removed the action to this Court on Oct. 21, 2016, based on the Court's diversity jurisdiction. In his complaint, the Plaintiff asserts claims sounding in negligence and products liability against the Defendant. During this entire time, the Plaintiff has never sought to amend his complaint to replace the John and Jane Doe Defendants with the actual names of the individuals who, he alleges, caused his injuries. In light of the passage of time and the Plaintiff's failure to identify these individuals, the Court sua sponte dismisses the Plaintiff's claims against all of the John and/or Jane Doe Defendants. The following facts are undisputed in the case. The Plaintiff received a Notice of Bankruptcy, which provided that the date for filing a proof of claim was July 17, 2017. The Plaintiff neither filed a proof of claim within the required time frame nor asked the Bankruptcy Court for an extension of time in which to do so. The Bankruptcy Court for the District of Minnesota approved Defendant's Chapter 11 plan for distribution and dissolution on Jan. 26, 2018. The Plaintiff did not file a complaint in the Bankruptcy Court objecting to the dischargeability of his debt within the required time frame. Although the Plaintiff has filed his counsel's affirmation in opposition to the Defendant's motion, he adopts the Defendant's statement of the undisputed material facts. Furthermore, this Court does not have the authority to grant him the relief he seeks, i.e., allow him to file a late proof of claim and/or find that his claim for personal injuries is not dischargeable. The Plaintiff had an opportunity to seek such relief from the Bankruptcy Court for the District of Minnesota, but he did not do so; and now he cannot do so because the time for him to object to the dischargeability of his debt has expired. Thus, the Bankruptcy Court's confirmation of the Defendant's Chapter 11 plan for distribution and dissolution is res judicata to the filing of any late proofs of claim. In light of the undisputed material facts and the res judicata effect of the Bankruptcy Court's confirmation of the Defendant's Chapter 11 plan, the Court finds that the Defendant is entitled to the relief he seeks and, therefore, grants the Defendant's motion for summary judgment. A full-text copy of the Court's Memorandum Decision and Order dated June 22, 2018 is available https://bit.ly/2JjuveQ from Leagle.com. Edward Martino, III, Plaintiff, represented by Alexander E. Mainetti, Mainetti, Mainetti & O'Connor, P.C. Adam Shaw, Mediator, pro se. Gander Mountain Company, Defendant, represented by Marc J. Kaim -- marc.kaim@wilsonelser.com -- Wilson, Elser Law Firm & Peter A. Lauricella -- peter.lauricella@wilsonelser.com -- Wilson, Elser Law Firm. About Gander Mountain Gander Mountain Company operated outdoor specialty stores dedicated for shooting sports, hunting, fishing, camping, marine, apparel, footwear, and outdoor lifestyle products. Its subsidiary Overton's, Inc., is a catalog and internet retailer of products for the recreational boater and other water sports enthusiasts at http://www.Overtons.com/ Gander Mountain and Overton's Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case Nos. 17-30673 and 17-30675) on March 10, 2017. The cases are jointly administered under Case No. 17-30673. The petitions were signed by Timothy Becker, Executive VP of Lighthouse Management Group, Inc., as CRO. The cases are assigned to Judge Michael E. Ridgway. At the time of the filing, the Debtor estimated its assets and debt at $500 million to $1 billion. The Debtors' advisors in the restructuring are Fredrikson & Byron, PA, which serves as legal counsel; Lighthouse Management Group, chief restructuring officer; Hilco Real Estate LLC, real estate advisor; and Faegre Baker Daniels LLP, special corporate counsel. Donlin, Recano & Company Inc. is the Debtors' claims, noticing and balloting agent. Houlihan Lokey Capital Inc. serves as the Debtors' investment banker. On March 13, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee retained Jeffrey Cohen, Esq., at Lowenstein Sandler LLP, as its counsel and Connie Lahn, Esq., Christopher Knapp, Esq., and Roger Maldonado, Esq., at Barnes & Thornburg LLP as co-counsel. GILL & PAL: Hollis Avenue Lot Up for August 10 Auction ------------------------------------------------------ Fearonce G. LaLande, Esq., as Referee will sell at public auction to the highest bidder on Aug. 10, 2018, at 10:00 a.m., in Courtroom 25 of the Queens County Supreme Court located at 88-11 Sutphin Blvd., Jamaica, New York 11435, the liened premises designated as Block 10837, Lot 30 in the City of New York, County and Borough of Queens, State of New York and known as Hollis Avenue, Queens, New York. The sale will be conducted pursuance to a Judgment of Foreclosure and Sale entered in an action entitled NYCTL 1998-2 Trust and The Bank of New York Mellon as Collateral Agent and Custodian for the NYCTL 1998-2 Trust v. Gill & Pal Corporation, et al., bearing Index No. 19270-13, before the Supreme Court of the State of New York, County of Queens, IAS Part 6, on or about June 4, 2018. The case is pending before The Honorable Ernest Hart. The approximate amount of the judgment is $3,577.70 plus interest and other charges. The property is being sold subject to the terms and conditions stated in the judgment, any prior encumbrances and the terms of sale which shall be available at the time of sale. The referee may be reached at: Fearonce G. LaLande, Esq. 207-01 Hillside Avenue Queens Village, NY 11427 Attorney for the Plaintiff: DAVID P. STICH, ESQ. 521 Fifth Avenue, 17th Floor New York, NY 10175 Tel: (646) 554-4421 GUY A. WILLIAMS, SR: $210K Sale of Marlboro Property Approved ------------------------------------------------------------- Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland authorized Guy A. Williams, Sr.'s sale of the real property located at 10523 Joyceton Drive, Upper Marlboro, Maryland to LaShawn Carson-Duckett for $210,000. The sale is free and clear of all liens, claims, encumbrances and interests. The CLA Settlements or any substitute settlement company is directed to remit any net proceeds after lien payments, closing costs, commissions to realtors (such net proceeds estimated at the time of the Motion to be $41,879) payable to Escrow Account of The Burns Law Firm, LLC at 6303 Ivy Lane; Suite 102, Greenbelt, Maryland, such check to be issued contemporaneous with closing. The net proceeds will be held by The Burns Law Firm, LLC in escrow pending further Order of the Court. Guy A. Williams, Sr. filed a voluntary petition for relief under Chapter 13 of the Bankruptcy Code of 2005 on Feb. 23, 2015. On Sept. 28, 2015, the case was converted to a Chapter 11 case (Bankr. D. Md. Case No. 15-12462). HHGREGG INC: Gregg Appliances' $2.9M Sale of Buford Property Okayed ------------------------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana authorized hhgregg, Inc., affiliates, the Official Committee of Unsecured Creditors of Gregg Appliances, and WGT V, LLC to sell Gregg Appliances, Inc.'s real property located at 3230 Woodward Crossing Blvd., Buford, Gwennitt County, Georgia, to Royal Capital Corp. for $2.9 million. The sale is free and clear of all liens, claims, interests, and encumbrances of any kind or nature whatsoever. While WGT might have otherwise agreed with the Purchaser, insofar as the Debtors and the Committee are concerned, the Property is being sold "as is, where is," without any representations or warranties from the Debtors or Committee as to the quality or fitness for either its intended purpose or any other purpose. The Debtors and the Committee acknowledge that the Debtors' interest in the Property, the Estate Claim, and the proceeds of the foregoing are encumbered by the DIP Liens granted by the DIP Orders. The DIP Agent consents to the sale. The proceeds of sale will be held by Debtors in escrow pending further Order of the Court. About hhgregg Inc. Indianapolis, Indiana-based hhgregg, Inc., is an appliance, electronics and furniture retailer. Founded in 1955, hhgregg is a multi-regional retailer currently with 220 stores in 19 states that also offers market-leading global and local brands at value prices nationwide via http://www.hhgregg.com/ hhgregg Inc., Gregg Appliances Inc. and HHG Distributing LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 17-01302) on March 6, 2017. In the petitions signed by CFO Kevin J. Kovacs, hhgregg and HHG Distributing estimated assets and liabilities of less than $50,000; and Gregg Appliances estimated assets and liabilities at $100 million to $500 million. The Debtors engaged Morgan, Lewis & Bockius LLP and Ice Miller LLP as counsel; Berkeley Research Group, LLC as financial advisor; Stifel and Miller Buckfire & Co. as investment banker; Hilco IP Services as intellectual property advisor; Altus Group US, Inc., as tax advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. The U.S. Trustee has appointed creditors to serve on the official committee of unsecured creditors in the case of Gregg Appliances, Inc., Case No. 17-01303-RLM-11. No official committee has been appointed in the cases of hhgregg, Inc., No. 17-01302-RLM-11 or HHG Distributing, LLC, No. 17- 01304-RLM-11. The Committee hired Cooley LLP and Bingham Greenebaum Doll LLP as counsel, and ASK LLP as avoidance claims counsel. The Committee retained Province Inc. as financial advisor. Counsel to the Agent for the Debtors' prepetition secured lenders and the lenders providing DIP financing are Sean M. Monahan, Esq., at Choate, Hall & Stewart LLP; and Jay Jaffe, Esq., at Faegre Baker Daniels, LLP. Counsel to the FILO Agent is: Stuart Brown, Esq. DLA Piper LLP 1201 North Market Street, Suite 2100 Wilmington, DE 19801 E-mail: stuart.brown@dlapiper.com * * * When hhgregg filed for Chapter 11 bankruptcy, it had signed a term sheet with an anonymous party to purchase the Company assets. The Company said at that time it expected a quick and smooth process through Chapter 11 with emergence in approximately 60 days. Ten days later, hhgregg said it has terminated the nonbinding term sheet with the anonymous party because the Company was unable to reach a definitive agreement on terms, and said it continues to work with interested third parties to purchase assets of the business. hhgregg added it had received strong interest from third parties interested in buying some or all of the Company's assets. Subsequently, hhgregg executed a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC and Great American Group, LLC to conduct a sale of the merchandise and furniture, fixtures and equipment located at the Company's retail stores and distribution centers. In an April 2017 order, the Bankruptcy Court approved, at the Company's request, a plan for the Company to close 132 retail stores and the Company's distribution centers. According to a disclosure with the Securities and Exchange Commission in March, debtors Gregg Appliances, Inc., and HHG Distributing, LLC entered into a Consulting Agreement with a contractual joint venture between Tiger Capital Group and Great American Group to conduct the sale of the merchandise and furniture, fixtures and equipment located at the Company's 132 retail stores and the distribution centers. As of June 8, 2017, the Debtors have completed store closing sales in all its stories. The Company has said it does not anticipate any value will remain from the bankruptcy estate for the holders of the Company's common stock, although this will be determined in the continuing bankruptcy proceedings. HULTGREN CONSTRUCTION: Case Summary & 17 Unsecured Creditors ------------------------------------------------------------ Debtor: Hultgren Construction LLC 101 South Main Avenue, Suite 400 Sioux Falls, SD 51704 Business Description: Hultgren Construction LLC is a construction company based in Sioux Falls, South Dakota. Chapter 11 Petition Date: July 18, 2018 Case No.: 18-40329 Court: United States Bankruptcy Court District of South Dakota (Southern (Sioux Falls)) Judge: Hon. Charles L. Nail, Jr. Debtor's Counsel: Bryant D. Tchida, Esq. STINSON LEONARD STREET LLP 150 South Fifth Street, Suite 2600 Minneapolis, MN 55402 Tel: 612-335-1500 Fax: 612-335-1657 E-mail: bryant.tchida@stinson.com Total Assets: $3,699 Total Liabilities: $4,919,517 The petition was signed by Melissa Bailey, consultant bookkeeper. A full-text copy of the petition containing, among other items, a list of the Debtor's 17 unsecured creditors is available for free at: http://bankrupt.com/misc/sdb18-40329.pdf INPIXON: Has 39.9 Million Outstanding Common Stock as of July 13 ---------------------------------------------------------------- Inpixon has filed a Current Report on Form 8-K with the Securities and Exchange Commission to provide an update on the capitalization of the Company. As of July 13, 2018, the Company has 39,938,733 shares of common stock, par value $0.001 per share, outstanding and 2,018.2933 shares of Series 4 Convertible Preferred Stock, par value $0.001 per share outstanding which are convertible into an aggregate of approximately 11,345,100 shares of Common Stock at the Reset Conversion Price (as defined in the Certificate of Designation of Preferences, Rights and Limitations of Series 4 Convertible Preferred Stock filed as Exhibit 3.1 to the Company's Form 8-K filed with the Securities and Exchange Commission on April 24, 2018). The increase in the total number of shares of Common Stock outstanding results from the issuance of Common Stock in connection with the conversion of shares of Preferred Stock. About Inpixon Headquartered in Palo Alto, California, Inpixon is a technology company that helps to secure, digitize and optimize any premises with Indoor Positioning Analytics (IPA) for businesses and governments in the connected world. Inpixon Indoor Positioning Analytics is based on radically new sensor technology that finds all accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously. Paired with a high-performance, data analytics platform, this technology delivers visibility, security and business intelligence on any commercial or government premises world-wide. Inpixon's products, infrastructure solutions and professional services group help customers take advantage of mobile, big data, analytics and the Internet of Things (IoT). Inpixon reported a net loss of $35.03 million on $45.13 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $27.50 million on $53.16 million of total revenues for the year ended Dec. 31, 2016. As of March 31, 2018, Inpixon had $25.15 million in total assets, $26.26 million in total liabilities and a total stockholders' deficit of $1.11 million. Marcum LLP, in New York, the Company's auditor since 2012, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has a significant working capital deficiency, 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. JEFFREY BERGER: $130K Sale of Automobiles Approved -------------------------------------------------- Judge Benjamin P. Hursh of the U.S. Bankruptcy Court for the District of Montana authorized Jeffrey W. Berger and Tami M. Berger to sell the automobiles for not less than the following: (a) 2011 Chevrolet Camaro SS Coupe - $22,000; (b) 1971 Chevrolet C20 Pickup -$15,000; (c) 2014 Ford Mustang GT Convertible - $25,000; (d) 1965 Pontiac GTO 2 Door - $22,500; and (e) 2013 Ford Mustang Shelby GT500 Convertible - $45,000. The sale is free and clear of liens in accordance with the terms of the Motion. This collection of automobiles is housed at 13309 65th St. NW, Williston, North Dakota. The Debtors will promptly account for and report each sale of the described property to the Court, and will deposit all proceeds received into the DIP account where the same will be reflected in the Debtors' monthly operating reports. Jeffrey W. Berger and Tami M. Berger sought Chapter 11 protection (Bankr. D. Mont. Case No. 18-60032) on Jan. 16, 2018. The Debtor tapped PATTEN, PETERMAN, BEKKEDAHL & GREEN P.L.L.C., as counsel. KEAST ENTERPRISES: Taps Gross & Company as Accountant ----------------------------------------------------- Keast Enterprises Inc. and its affiliates filed applications seeking approval from the U.S. Bankruptcy Court for the Southern District of Iowa to hire an accountant. In their applications, Keast Enterprises, Cyclone Cattle LLC, and Hatswell Farms, Inc. each proposes to employ Gross & Company, PLLC, to prepare financial and accounting reports; assist in the preparation of a plan of reorganization; and provide other accounting services related to their Chapter 11 cases. The firm's hourly rates range from $100 to $225. Gross & Company has requested a $7,000 retainer and $7,000 flat fee for the preparation of tax returns from Keast Enterprises; a $2,000 retainer and a $2,000 flat fee from Hatswell Farms; and a $4,500 retainer and a $4,500 flat fee from Cyclone Cattle. Gross & Company is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Benjamin D. Hansen Gross & Company, PLLC 613 Iowa Ave Dunlap, IA 51529 Telephone: (712) 643-5158 Facsimile: (712) 643-2165 About Keast Enterprises Keast Enterprises Inc. and Hatswell Farms, Inc., are engaged in corn and soybeans farming. Cyclone Cattle LLC owns a cattle feed lot. The Debtors filed Chapter 11 petitions (Bankr. S.D. Iowa Lead Case No. 18-00856) on April 17, 2018. At the time of filing, Keast Enterprises disclosed $10.08 million in assets and $15.11 million in liabilities. Jeffrey D. Goetz, Esq., at Bradshaw Fowler Proctor & Fairgrave P.C., is the Debtor's counsel. McGrath North Mullin & Kratz, PC LLO, is the special counsel. JT Korkow, d/b/a Northwest Financial Consulting, is its financial advisor. The U.S. Trustee for Region 12 appointed an official committee of unsecured creditors on May 11, 2018. The committee hired Sugar Felsenthal Grais & Helsinger LLP as its legal counsel. LAS UVAS VALLEY: Asset Auctions Scheduled for Aug. 3-4 ------------------------------------------------------ The dairy facility, livestock, farmland, ranches and equipment formerly used in the operations of Las Uvas Valley Dairies will be offered for sale by Overland Stockyard ("Overland"), Caprock Farm and Ranch Realty ("Caprock"), and Murray Wise Associates ("MWA"). Philip Mitchell, the recently appointed liquidating trustee of Las Uvas Valley Dairies following the recent Chapter 11 bankruptcy, will be overseeing the sale of these assets Overland will be conducting a live on-site auction of the rolling stock, vehicles and farm machinery on Friday, August 3rd at 9:00 a.m. MT. The 10,000+/- head dairy herd will be offered at auction on-site the following morning, Saturday, August 4th at 10 a.m. MT. In a separate private listing, the dairy facilities and equipment, ranches, and farmland will be offered by Caprock and MWA. Included in this listing is a well maintained dairy complex with 20,000+/- lockups and a 9,000+/- heifer facility. The offering also includes a large farmland tract with approximately 2,500 acres under drip irrigation and two large ranch properties totaling over 60,000 acres of deeded, BLM and State leased ground with grazing allocations of over 900 animal units. The dairy facilities, ranches and farmland may be toured immediately following the equipment and livestock auctions as well as by private appointment. According to Mitchell, "These assets made up one of the largest dairy operations in New Mexico and the United States. The upcoming auctions and real estate offering provide an unprecedented opportunity for dairy operators, farmers, investors and ranchers to pick up cattle, equipment, vehicles, land and facilities in a variety of combinations to help expand and/or relocate their existing operations to New Mexico. I look forward to working with the professionals at Overland, Caprock and MWA to maximize the asset values for the benefit of the beneficiaries of the Liquidating Trust." For more information concerning the livestock, rolling stock, vehicles and farm machinery, contact Tyson Howze at Overland Stockyard (575-649-2663). For information concerning the dairy facilities and equipment, ranches and farmland, contact Shannon Killingsworth at Caprock Farm and Ranch Realty (575-644-3518) or Ken Nofziger at Murray Wise Associates (217-649-5849). Founded in 1998, Las Uvas Valley Dairies operates a dairy farm at 1261 Hilburn Road, Hatch, NM 87937, Dona Ana County. LEEBER REALTY: Case Summary & Unsecured Creditor ------------------------------------------------ Debtor: Leeber Realty LLC 21 Route 59 Nyack, NY 10960 Business Description: Leeber Realty LLC is a real estate company that owns in fee simple a property located at 21 Route 59, Nyack, NY 10960 valued by the company at $800,000. Chapter 11 Petition Date: July 17, 2018 Case No.: 18-23094 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Joseph J. Haspel, Esq. Joseph J. Haspel, PLLC 1 West Main Street Goshen, NY 10924 Tel: (845) 694-4409 Fax: 866-857-1340 E-mail: jhaspel@haspellaw.net Total Assets: $800,000 Total Liabilities: $450,000 The petition was signed by Bernard Cohen, trustee Bernard Cohen Rev Trust, member. The Debtor lists Greenberg Freeman LLP as its sole unsecured creditor holding a claim of $0. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nysb18-23094.pdf LEHMAN BROTHERS: LBI Creditors Can Join Cash Out Program -------------------------------------------------------- James W. Giddens, trustee for the liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act, is now offering eligible general unsecured creditors the opportunity to cash out of the LBI estate by participating in the Accelerated Final Distribution Election (AFDE). Under this plan, eligible claimholders may choose to sell and transfer their claim to the Sponsor (Deutsche Bank AG, London Branch) at a court-approved, market-determined rate and will be immediately cashed out of the LBI estate. Participating claimants will no longer own their claim and will not receive future distributions. Instead, claimants will receive a final distribution equaling 1.48 percent of their allowed general unsecured claim. This amount is in addition to the 0.75 percent being distributed to all allowed general unsecured creditors pursuant to the sixth interim distribution. The Trustee's professionals mailed out AFDE solicitation packages in early July, and eligible claimants have until August 16, 2018 to opt-in to the AFDE. To participate, claimants must execute and return the Election, Assignment, and Release form enclosed in their solicitation packages by mail or email, or complete the electronic Election, Assignment, and Release form on the Trustee's website (www.lehmantrustee.com) using the individualized access code included in their solicitation package. Disbursements to electing claimholders are scheduled to occur with the sixth interim distribution in the second week of September 2018. "We are pleased with the rate offered by Deutsche Bank, which is the result of a highly competitive, market-driven bid process to identify the highest and best rate," Mr. Giddens said. "The Accelerated Final Distribution Election provides creditors with a mechanism to cash out of the LBI estate, which is approaching its ten-year anniversary." Approval of the AFDE follows a May 31, 2018 court order approving the Trustee's request to make a sixth interim distribution to LBI's general unsecured creditors constituting 0.75 percent of allowed general unsecured claims and totaling $170 million. This distribution would bring total payments to allowed general unsecured creditors up to 39.75 percent. As of March 31, 2018, the Trustee reported LBI estate assets at $547 million,1 which are projected to decrease to approximately $377 million following the sixth interim distribution in September 2018.2 Future interim and final distributions to general unsecured creditors will be made from any other assets the Trustee may recover, which may or may not be material. While the estate remains in a phase of substantial completion, the potential for any future distribution of this magnitude is uncertain. Additionally, the timing of any future distribution will largely depend on the outcome of ongoing litigation with one group of claimants that has appealed the Court's ruling in favor of the Trustee's claims determinations. This sole remaining claims litigation relates to over $260 million, which the Trustee has reserved for at 100 percent and is included in the estate's assets figure reported above. Additional information can be found on the Trustee's website. The Trustee is represented by Hughes Hubbard & Reed LLP. The information in this statement does not apply to any other Lehman entity, including separate insolvency proceedings involving Lehman Brothers Holding, Inc. (LBHI) and Lehman Brothers International (Europe) (LBIE). About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers Holdings filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008. Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases were assigned to Judge James M. Peck. Judge Shelley Chapman took over the case after Judge Peck retired from the bench to join Morrison & Foerster. A team of Weil, Gotshal & Manges, LLP, lawyers led by the late Harvey R. Miller, Esq., serve as counsel to Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, served as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., served as the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens was appointed as trustee for the SIPA liquidation of the business of LBI. He is represented by Hughes Hubbard & Reed LLP. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. * * * In October 2016, the team winding down LBHI paid $3.8 billion to creditors, the 11th distribution since Lehman's collapse in 2008. This brought the total payout to more than $113.6 billion. Bondholders were projected to receive about 21 cents on the dollar when Lehman's bankruptcy plan went into effect in early 2012. The 11th distribution raised the bondholders' recovery to more than 40 cents on the dollar and recoveries for general unsecured creditors of Lehman's commodities to 79 cents on the dollar. Lehman's aggregate 12th distribution to unsecured creditors pursuant to its confirmed Chapter 11 plan will total approximately $3.0 billion. MCCLATCHY CO: Closes Offering of $310 Million Senior Secured Notes ------------------------------------------------------------------ The McClatchy Company has closed its previously announced offering of $310 million aggregate principal amount of its 9.000% Senior Secured Notes due 2026 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The 2026 Notes are guaranteed by certain of the Company's subsidiaries, and the 2026 Notes and guarantees are secured by a first-priority lien on certain of the Company's and the subsidiary guarantors' assets and by second-priority-liens on certain of the Company's and the subsidiary guarantors' other assets. McClatchy also delivered a notice of full redemption to the trustee of the $344.1 million aggregate principal amount of its outstanding 9.00% Senior Secured Notes due 2022. The 2022 Notes will be redeemed on Aug. 15, 2018 at a redemption price equal to $1,045 per $1,000 principal amount of those 2022 Notes, together with accrued and unpaid interest to, but excluding, the Redemption Date. McClatchy used the net proceeds of the 2026 Notes offering, together with cash available under a new asset based revolving credit facility, junior lien term loan financing and cash on hand, to fund transaction related expenses and the satisfaction and discharge and redemption of all of its outstanding 2022 Notes. The 2026 Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Fifth Supplemental Indenture On July 13, 2018, McClatchy, in connection with its outstanding 7.15% Debentures due Nov. 1, 2027 and 6.875% Debentures due March 15, 2029, entered into a Fifth Supplemental Indenture by and among the Company, subsidiaries of the Company as guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee, supplementing that certain Indenture, dated as of Nov. 4, 1997, by and among the Company, the guarantors and the Debentures Trustee, pursuant to which the Debentures were issued. The Supplemental Indenture effects certain amendments to the Debentures Indenture proposed in connection with the Company's refinancing of existing indebtedness, eliminating certain restrictive covenants contained in the Debentures Indenture. Indenture On July 16, 2018, the Company entered into an Indenture, among the Company, subsidiaries of the Company as guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent, pursuant to which the Company issued $310,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2026 in a private placement to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The 2026 Notes mature on July 15, 2026, and bear interest at a rate of 9.000% per annum. Interest on the 2026 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on Jan. 15, 2019. The Company may redeem the 2026 Notes, in whole or in part, at any time on or after July 15, 2022 at specified redemption prices and may also redeem up to 40% of the aggregate principal amount of the 2026 Notes using the proceeds of certain equity offering completed before July 15, 2021 at specified redemption prices, in each case, as set forth in the 2026 Notes Indenture. Prior to July 15, 2022, the Company may also redeem some or all of the 2026 Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date and a "make-whole" premium. The Company will be required to redeem the 2026 Notes from the net cash proceeds of certain asset dispositions and from a portion of its Excess Cash Flow. If the Company experiences specified change of control triggering events, the Company must offer to repurchase the 2026 Notes at a repurchase price equal to 101% of the principal amount of the 2026 Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding the applicable repurchase date. The 2026 Notes Indenture contains covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries to: * incur certain additional indebtedness and issue preferred stock; * make certain distributions, investments and other restricted payments; * sell assets; * agree to any restrictions on the ability of restricted subsidiaries to make payments to the Company; * create liens; * merge, consolidate or sell substantially all of the Company's and the Company's subsidiaries' assets, taken as a whole; and * enter into certain transactions with affiliates. These covenants are subject to a number of other limitations and exceptions set forth in the 2026 Notes Indenture. The 2026 Notes Indenture provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving the Company and its significant subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding 2026 Notes under the 2026 Notes Indenture will become due and payable immediately without further action or notice. If any other event of default under the 2026 Notes Indenture occurs or is continuing, the 2026 Notes Trustee or holders of at least 25% in aggregate principal amount of the then outstanding 2026 Notes under the 2026 Notes Indenture may declare all of such 2026 Notes to be due and payable immediately. ABL Facility On July 16, 2018, the Company entered into a Credit Agreement, among the Company, the subsidiaries of the Company as borrowers, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent. The ABL Credit Agreement provides for a $65.0 million secured asset-backed revolving credit facility with a letter of credit subfacility and a swing line subfacility. In addition, the ABL Credit Agreement provides for a $35.0 million cash secured letter of credit facility. The commitments under the ABL Credit Agreement expire July 16, 2023. The Borrowers' obligations under the ABL Credit Agreement are guaranteed by the Company and certain of the Company's subsidiaries meeting materiality thresholds set forth in the ABL Credit Agreement. The borrowing base under the ABL Credit Agreement is comprised of a 85% of eligible advertising accounts, 80% of eligible unbilled advertising accounts receivable and the lesser of (x) $6.0 million and (y) 50% of the book value of eligible inventory, in each case subject to reserves established by the administrative agent. The proceeds of the loans under the ABL Credit Agreement may be used for working capital and general corporate purposes. The Borrowers have the right to prepay loans under the ABL Credit Agreement in whole or in part at any time without penalty. Subject to availability under the Borrowing Base, amounts repaid may be reborrowed. As of the closing date of the ABL Credit Agreement, $10.0 million was borrowed by the Borrowers and was outstanding under the Credit Agreement. Loans under the Credit Agreement bear interest, at the Company's option, at either a rate based on the London Interbank Offered Rate for the applicable interest period or a base rate, in each case plus a margin. The base rate is the highest of Wells Fargo's publicly announced prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.0%. The margin ranges from 1.75% to 2.25% for LIBOR loans and 0.75% to 1.25% for base rate loans and is determined based on average excess availability. Interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of an interest period (and at three month intervals if the interest period exceeds three months) in the case of LIBOR loans. Principal, together with accrued and unpaid interest, is due on the Maturity Date. The ABL Credit Agreement requires, at any time the availability under the Company's revolving credit facility falls below the greater of 12.5% of the total facility size or $8,125,000, to maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 until such time as the availability under the Company's exceeds such threshold for 30 consecutive days. The ABL Credit Agreement contains customary affirmative covenants, including covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements and compliance with applicable laws and regulations. Further, the ABL Credit Agreement contains customary negative covenants limiting the ability of the Company and its subsidiaries, among other things, to incur debt, grant liens, make investments, make certain restricted payments and sell assets, subject to certain exceptions. Upon the occurrence and during the continuance of an event of default, the lenders may declare all outstanding principal and accrued and unpaid interest under the ABL Credit Agreement immediately due and payable and may exercise the other rights and remedies provided for under the ABL Credit Agreement and related loan documents. The events of default under the ABL Credit Agreement include, subject to grace periods in certain instances, payment defaults, cross defaults with certain other indebtedness, breaches of covenants or representations and warranties, change in control of the Company and certain bankruptcy and insolvency events with respect to the Company and its subsidiaries meeting a materiality threshold set forth in the ABL Credit Agreement. Junior Lien Term Loan Facility On July 16, 2018, the Company entered into a Junior Lien Term Loan Credit Agreement, among the Company, the guarantors, the lenders party thereto and The Bank of New York Mellon, as administrative agent and collateral agent. The Junior Term Loan Agreement provides for a $157.1 million secured term loan and a $193.5 million term loan. The Tranche A Junior Term Loans mature on July 15, 2030 and the Tranche B Junior Term Loans mature on July 15, 2031. The Company's obligations under the Junior Term Loan Agreement are guaranteed by the Company's subsidiaries that guarantee the Notes as set forth in the Junior Term Loan Agreement. Pursuant to the terms of the Junior Term Loan Agreement, affiliates of Chatham Asset Management, LLC may elect to convert up to $75.0 million in aggregate principal amount of 2029 Debentures into an equal principal amount of Tranche B Junior Term Loans or notes with terms substantially similar to the Tranche B Junior Term Loans upon written notice to the Company. The proceeds of the loans under the Junior Term Loan Agreement were used to effect the exchange with Chatham of approximately $82.1 million in aggregate principal amount of 2027 Debentures and approximately $193.5 million in aggregate principal amount of 2029 Debentures and to pay fees, costs and expenses in connection with the Debt Refinancing. The Company has the right to prepay loans under the Junior Term Loan Agreement, in whole or in part, at any time, at (i) specified prices that decline over time, plus accrued and unpaid interest, if any, in the case of Tranche A Junior Term Loans, and (ii) a price equal to 100% of the principal amount thereof, plus a "make-whole" premium and accrued and unpaid interest, if any, in the case of the Tranche B Junior Term Loans. Amounts prepaid may not be reborrowed. Tranche A Junior Term Loans bear interest at a rate per annum equal to 7.795% and Tranche B Junior Term Loans bear interest at a rate per annum equal to 6.875%. Interest on the loans is payable semi-annually in arrears. Principal, together with accrued and unpaid interest, with respect to the Tranche A Junior Term Loans, is due on the Tranche A Maturity Date, and with respect to the Tranche B Junior Term Loans, on the Tranche B Maturity Date. The Junior Term Loan Agreement contains customary affirmative covenants, including covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements and compliance with applicable laws and regulations. Further, the Junior Term Loan Agreement contains customary negative covenants limiting the ability of the Company and its subsidiaries, among other things, to incur debt, grant liens, make investments, make certain restricted payments and sell assets, subject to certain exceptions. Upon the occurrence and during the continuance of an event of default, the lenders may declare all outstanding principal and accrued and unpaid interest under the Junior Term Loan Agreement immediately due and payable and may exercise the other rights and remedies provided for under the Junior Term Loan Agreement and related loan documents. In general the affirmative and negative covenants of the Junior Term Loan Agreement are substantially the same as the covenants in the 2026 Notes Indenture. Satisfaction and Discharge of 2022 Notes On July 16, 2018, the Company deposited sufficient funds with The Bank of New York Mellon Trust Company, N.A., as trustee for the Company's 9.0% Senior Secured Notes due 2022 to pay the redemption price payable in respect of all outstanding 2022 Notes, plus accrued and unpaid interest on the 2022 Notes to, but excluding, the redemption date. The 2022 Notes were issued under an Indenture, dated as of Dec. 18, 2012 among the Company, subsidiaries of the Company party thereto as guarantors and the 2022 Notes Trustee. As a consequence of the foregoing, the Company satisfied and discharged its obligations (subject to certain exceptions) under the 2022 Notes Indenture and the related security documents in accordance with the satisfaction and discharge provisions of the 2022 Notes Indenture. Upon the satisfaction and discharge of the 2022 Notes Indenture on July 16, 2018, all of the liens on the collateral securing the 2022 Notes were released and the Company and the guarantors were discharged from their respective obligations under the 2022 Notes and the guarantees thereof. On July 16, 2018, the 2022 Notes Trustee, at the Company's direction, delivered a notice of redemption to holders of all $344,101,000 in aggregate principal amount of outstanding 2022 Notes. The Company paid a redemption premium of $15,484,545, which was equal to 4.5% of the outstanding principal amount. About McClatchy The McClatchy Company 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 incurred a net loss of $332.4 million for the year ended Dec. 31, 2017, following a net loss of $34.19 for the year ended Dec. 25, 2016. As of April 1, 2018, McClatchy had $1.38 billion in total assets, $1.62 billion in total liabilities and a stockholders' deficit of $239.95 million. * * * In March 2018, S&P Global Ratings lowered its corporate credit rating on The McClatchy Co. to 'CCC+' from 'B-'. The rating outlook is stable. "The downgrade reflects our view that McClatchy's capital structure is unsustainable at current leverage and discretionary cash flow (DCF) levels. Still, we don't expect a default to occur during the next 12 months. McClatchy has no imminent liquidity concerns, full availability on its $65 million revolving credit facility due 2019, low capital expenditures, and it generates positive DCF. 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. MICHAEL MCNULTY: $1.2M Sale of El Segundo Rental Property Approved ------------------------------------------------------------------ Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central District of California authorized Michael McNulty's sale of his residential rental property located at 1110 E. Acacia Avenue, El Segundo, California, to Don Dieser for $1,175,000. A hearing on the Motion was held on June 7, 2018 at 10:00 a.m. The sales proceeds may be disbursed as requested in the sale motion, including but not limited to payment of the 6% brokerage commission to Brett Zebrowski. The sale will be free and clear of the secured claim of the Specialized Loan Servicing, Internal Revenue Service, and Franchise Tax Board. The Sellers' Proceeds will be held in the Debtor's counsel's trust account, pending further order of the Court. Alternatively, such funds may be disbursed to satisfy the Foigelman Lien if the Debtor determines that such claim is valid and not avoidable. The Order will be effective immediately upon entry notwithstanding F.R.B.P. 6004(h). About Michael McNulty Michael McNulty filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-16360) on May 23, 2017, and is represented by Onyinye N. Anyama, Esq., at Anyama Law Firm, APLC, in Cerritos, California. MONEYONMOBILE INC: Provides Update on Rights Offering & 10-K Delay ------------------------------------------------------------------ MoneyOnMobile, Inc., has provided an update to shareholders on the filing of the FY2018 10K and on the application to list on Nasdaq via the following statement from Harold Montgomery, chairman and chief executive officer, MoneyOnMobile. "As our shareholders may already know, we are in the process of completing our recent Rights Offering. During the subscription period of the rights offering, we received $7.5 million in subscriptions, for which we have the corresponding funds in escrow. We are currently working with Nasdaq on our uplist application, which is a condition to closing of the offering. When the conditions to closing have been satisfied, the escrowed funds will be released and delivery of shares initiated. Based on current information, we believe a determination by Nasdaq will be made on or around the date we file our 10-K." Mr. Montgomery also stated "We want to make our shareholders aware that we have passed the deadline for filing our FY2018 10-K. In March of this year, we announced a new audit firm would be engaged to audit our FY2018 10-K and review subsequent quarterly filings. The new firm has been actively engaged and on-site in India since May. They have been doing a very thorough job in the opinion of management." Mr. Montgomery then added "The delay in filing our FY 2018 SEC Form 10-K may also prompt a temporary designation by the OTC Markets as a late filing Company. We are confident our company will complete the audit and provide the SEC with the necessary filing." About MoneyOnMobile MoneyOnMobile, Inc., headquartered in Dallas, Texas -- http://www.money-on-mobile.com/-- is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India. MoneyOnMobile reported a net loss of $13.09 million for the year ended March 31, 2017, following a net loss of $19.72 million for the year ended March 31, 2016. The Company's balance sheet at Dec. 31, 2017, showed $27.67 million in total assets, $30.02 million in total liabilities, $1.22 million in preferred stock Series D, $5.70 million in preferred stock Series F, and a total stockholders' deficit of $9.27 million. Liggett & Webb, P.A., in New York, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended March 31, 2017, noting that the Company has experienced recurring operating losses and negative cash flows from operating activities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. NEOVASC INC: Files "Administrative" Prospectus Supplement --------------------------------------------------------- In connection with the Company's new final short form base shelf prospectus filed with securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and its corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission under the U.S./Canada Multijurisdictional Disclosure System, which were filed to replace its prior expiring base shelf prospectus and related registration statement, Neovasc Inc. has filed a prospectus supplement with the securities regulatory authorities in the Provinces and with the SEC covering the issuance, from time to time, of units, warrants and common shares of the Company underlying the outstanding warrants previously issued pursuant to the Company's underwritten public offering of 6,609,588 Series A units of the Company and 19,066,780 Series B units of the Company at a price of $1.46 per unit, which closed on Nov. 17, 2017. This "administrative" filing effectively moves the registration of these underlying units, warrants and common shares from the Company's prior registration statement, which expired on July 9, 2018, to the new Registration Statement. It does not involve a new financing. A copy of the Registration Statement, including the related prospectus, or the Prospectus Supplement may be obtained by submitting a request to Chris Clark, chief financial officer, at Neovasc's address at 5138-13562 Maycrest Way, Richmond, British Columbia, Canada, V6V 2J7. Copies of the Base Shelf Prospectus and Prospectus Supplement are available on SEDAR at www.sedar.com. Copies of the Registration Statement can be found on the SEC website at www.sec.gov. About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. Neovasc reported a net loss of US$22.91 million on US$5.38 million of revenue for the year ended Dec. 31, 2017, compared to a net loss of US$86.49 million on US$9.51 million of revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, the Company had US$22.20 million in total assets, US$58.66 million in total liabilities and a total deficit of US$36.47 million. Grant Thornton issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, stating that the Company incurred a consolidated net loss of US$24.86 million during the year ended Dec. 31, 2017, and, as of that date, the Company's consolidated current liabilities exceeded its current assets by US$6.06 million. The auditors said these conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. NEOVASC INC: Nasdaq Sets Hearing to Consider Appeal of Delisting ---------------------------------------------------------------- The Nasdaq Stock Market LLC has scheduled an oral hearing for Aug. 30, 2018, at which the Nasdaq Hearings Panel will consider Neovasc Inc.'s appeal of the Nasdaq Listing Qualifications Staff decision to delist the Neovasc's securities from the Nasdaq Capital Market for non-compliance with the US$1.00 minimum bid price requirement. The delisting action referenced in the Staff's determination letter, dated July 6, 2018, has been stayed pending a final decision by the Panel. About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. Neovasc reported a net loss of US$22.91 million on US$5.38 million of revenue for the year ended Dec. 31, 2017, compared to a net loss of US$86.49 million on US$9.51 million of revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, the Company had US$22.20 million in total assets, US$58.66 million in total liabilities and a total deficit of US$36.47 million. Grant Thornton issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, stating that the Company incurred a consolidated net loss of US$24.86 million during the year ended Dec. 31, 2017, and, as of that date, the Company's consolidated current liabilities exceeded its current assets by US$6.06 million. The auditors said these conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. NORTHWEST TERRITORIAL: Trustee's $420K Sale of Coining Dies Okayed ------------------------------------------------------------------ Judge Christopher M. Alston of the U.S. Bankruptcy Court for the Western District of Washington authorized Mark Calvert, the Chapter 11 Trustee for Northwest Territorial Mint, LLC, to sell the Medallic Art Co. ("MACLLC")-owned dies and hubs for medals, plaques and other objects made by and for Medallic Art before Jan. 1, 1998; company owned galvanos, epoxy, rubber or other material models for medals, plaques and other objects made by and for Medallic Art before Jan. 1, 1998; medals struck for Medallic Art before Jan. 1, 1998 or restruck from dies originally made before Jan. 1, 1998; files and documents relating to medals and plaques made by and for Medallic Art before Jan. 1, 1998; digital photographs and photographic prints of certain objects dating before Jan. 1, 1998; and certain other assets described in the Asset Purchase Agreement, to American Numismatic Society ("ANS") for $420,000. A hearing on the Motion was held on June 13, 2018. The sale is free and clear of all interests, including liens, claims, and encumbrances, with all such interests to attach to the net proceeds of the Sale. The Order will be effective immediately upon entry, and any stay of orders provided for in Bankruptcy Rules 6004(h), 6006(d), 7062 and any other provision of the Bankruptcy Code or Bankruptcy Rules will not apply, is expressly lifted and the Order is immediately effective and enforceable. ANS will comply with the policies of the Debtors with respect to limitations on the transfer of personally identifiable about individuals who are not affiliated with the Debtors. About Northwest Territorial Northwest Territorial Mint LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 16-11767) on April 1, 2016. The petition was signed by Ross B. Hansen, member. The Debtor estimated both assets and liabilities in the range of $10 million to $50 million. The case is assigned to Judge Christopher M. Alston. The Debtor was represented by J. Todd Tracy, Esq., at The Tracy Law Group PLLC. The official committee of unsecured creditors, formed on April 15, 2016, retained Miller Nash Graham & Dunn LLP as its bankruptcy counsel, and Lorraine Barrick LLC as financial advisor. On April 11, 2016, Mark Calvert was appointed as Chapter 11 trustee for the Debtor. Upon his appointment, the Trustee took control over the business operations of the Debtor and initiated his investigation of the financial affairs of the bankruptcy estate. K&L GATES LLP is counsel to the Trustee. JAMES G. MURPHY INC. is auctioneer for the Trustee. PENTHOUSE GLOBAL: Trustee's Sale of All Assets to WCGZ Approved --------------------------------------------------------------- Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central District of California authorized David K. Gottlieb, Chapter 11 Trustee of Penthouse Global Media, Inc. and its debtor subsidiaries, to sell substantially all of the Debtors' assets to WCGZ Ltd. A hearing on the Motion was held on June 4, 2018 at 12:00 p.m. Pursuant to section 363(f) of the Bankruptcy Code, the Assets will be sold and transferred free and clear of all liens, claims, encumbrances, and other interests, except (a) that through the Sale, the Buyer will only acquire the Debtors' rights (as such rights exist) in its assets as described in the Successful Bidder APA; (b) for claims and objections raised in the Assumption Objections, until such claims and objections are either (i) consensually resolved, (ii) determined by Order of the Court at the Assumption Hearing, or (iii) rendered moot by the determination of the Successful Bidder not to assume the applicable contracts or leases that are the subject of the Assumption Objections; and (c) as otherwise provided in the Successful Bidder APA, with any and all such liens, claims and encumbrances, and other interests to attach to proceeds of such sale, provided that the liens, claims, rights, interests and encumbrances of Dream Media Corp., Inc. will attach to the proceeds of the Sale pursuant to the terms of the Settlement Agreement by and between the Trustee and Dream Media as authorized by the Order Approving Settlement With Dream Media Corporation dated May 16, 2018. A hearing will be held on June 13, 2018 at 1:30 p.m. to hear and determine the Assumption Objections. Notwithstanding anything to the contrary, the Buyer is deemed to assume all of the Trustee's obligations under that certain Master Intellectual Property License Agreement and the Consent To Use and Registration Agreement, by and between the Trustee, as Licensor, and Penthouse Clubs Global Licensing, as Licensee, dated as of May 21, 2018. No later than the Closing as described in the Successful Bidder APA, the Buyer will designate any unexpired lease or executory contract that it will include as (a) an assumed lease on Schedule 1.1(a) of the Successful Bidder APA, or (b) an assumed executory contract that it will include on Schedule 1.1(b) of the Successful Bidder APA, in accordance with Section 1.8 thereof. Pursuant to section 365 of the Bankruptcy Code, the assumption and assignment of the Assumed Executory Contracts of the Debtors, as identified or to be identified on Schedules 1.1(a) and 1.1(b) of the Successful Bidder APA, by the Successful Bidder, is authorized. The Buyer will pay, concurrently with the Closing and as a condition to the Trustee's assumption and assignment thereof (or assignment where applicable with respect to Licenses), all Cure Amounts owing to the counterparties to the Assumed Executory Contracts that are assumed at the Closing. The stays provided for in Bankruptcy Rules 6004(h) and 6006(d) are waived and the Order will be effective immediately upon its entry. As soon after the Closing as possible, the Trustee will pay to Dream Media, in the manner directed by Dream Media, all of the proceeds received from the sale of the Assets to the Successful Bidder less the carve out to be retained by the Trustee in accordance with the terms of the Dream Media Settlement Agreement. About Penthouse Global Headquartered in Chatsworth, California, Penthouse Global Media, Inc. -- http://www.penthouseglobalmedia.com/-- was launched in February 2016 as an acquisition by veteran entertainment executive, Kelly Holland. The Company continues the 50+ year Penthouse brand legacy. The focal point of the business includes four main branches: broadcast, publishing, licensing and digital. Various Penthouse TV channels are available in over 100 countries. Penthouse Magazine was founded in the U.K. in 1965 by Bob Guccione and brought to the U.S. in 1969. Penthouse Global Media, Inc. and its affiliates filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 18-10098) on Jan. 11, 2018. In the petitions signed by Kelly Holland, CEO, Penthouse Media estimated its assets at up to $50,000 and its liabilities at between $10 million and $50 million. Penthouse Broadcasting estimated its assets at between $1 million and $10 million and liabilities at between $500,000 and $1 million. Penthouse Licensing estimated its assets and liabilities at between $1 million and $10 million. Judge Martin R. Barash presides over the case. Michael H. Weiss, Esq., and Laura J. Meltzer, Esq., at Weiss & Spees, LLP, serve as the Debtors' bankruptcy counsel. The Debtors hired Akerman LLP, the Law Offices of Allan B. Gelbard and the Law Offices of Dermer Behrendt as litigation counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Jan. 30, 2018. The Committee retained Raines Feldman LLP as its legal counsel. On March 6, 2018, the court approved the appointment of David K. Gottlieb as Chapter 11 trustee. The Trustee tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel and Province, Inc., as financial advisor. PEPPERTREE LAND: Taps Higgs Fletcher as Special Counsel ------------------------------------------------------- Peppertree Park Villages 9 & 10, LLC and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the Southern District of California to hire Higgs Fletcher & Mack LLP as special counsel. The firm will provide legal services to the Debtors in connection with their appeal of the $6.1 million judgment entered in favor of plaintiff Meritage Homes of California, Inc. Higgs Fletcher's hourly rates range from $350 to $500 for partners, $250 to $325 for associates, and $100 to $150 for paralegals. John Morris, Esq., and Rachel Moffitt, Esq., the attorneys who will be providing the services, charge $450 per hour and $325 per hour, respectively. Higgs Fletcher does not hold any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: John M. Morris Higgs Fletcher & Mack LLP 401 West A Street, Suite 2600 San Diego, CA 92101-7910 Phone: (619) 236-1551 Fax: (619) 696-1410 About Peppertree Park Villages Headquartered in Bonsall, California, Peppertree Park Villages 9 and 10, LLC, listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)), whose principal assets are located at 1654 S. Mission Rd, Fallbrook, California. Peppertree Park is an affiliate of Northern Capital, Inc., which sought bankruptcy protection on Aug. 13, 2017 (Bankr. S.D. Cal. Case No. 17-04845). Peppertree Park Villages 9&10, LLC (Bankr. S.D. Cal. Case No. 17-05137) and affiliate Peppertree Land Company (Bankr. S.D. Cal. Case No. 17-05135) each filed for Chapter 11 bankruptcy protection on Aug. 28, 2017. The petitions were signed by Duane Urquhart as managing general partner, who also sought bankruptcy protection on Aug. 13, 2017 (Bankr. S.D. Cal. Case No. 17-04846). Peppertree Land and Peppertree Park each estimated their assets and liabilities at between $1 million and $10 million. Marwill Hogan, Esq., at Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel. PIER 81 INVESTMENTS: Taps Jacobson Hile as Legal Counsel -------------------------------------------------------- Pier 81 Investments, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Jacobson Hile Kight LLC as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the negotiation and consummation of a sale of the Debtor's assets or plan of reorganization; and provide other legal services related to its Chapter 11 case. The firm will charge at these hourly rates: Christine Jacobson $400 Michael Hile $400 Andrew Kight $400 Jacobson will be paid a retainer in the sum of $15,000. The firm neither holds nor represents any interest adverse to the Debtor, according to court filings. The firm can be reached through: Andrew T. Kight, Esq. Jacobson Hile Kight LLC One Indiana Square, Suite 1600 Indianapolis, IN 46204 Telephone: (317) 608-1130 E-mail: akight@jhklegal.com About Pier 81 Investments Pier 81 Investments, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 18-01038) on Feb. 27, 2018. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of $1 million. PME MORTGAGE: Proposed Sale of Aguanga Property Approved -------------------------------------------------------- Judge Scott H. Yun of the U.S. Bankruptcy Court for the Central District of California authorized PME Mortgage Fund, Inc.'s Asset Purchase Agreement with Russell L. Pogue in connection with the sale of its interest in the real property located at 50005 Bradford Road, Aguanga, California, for $800,000, subject to overbid. The procedures for the sale of the Property, as outlined in the Motion and set forth in the Sale Procedures, are approved, except should an auction be held for the Property, incremental overbids over the Initial Overbid will be in $10,000 increments. The break-up fee of $16,000 to the Buyer, if the Buyer is not the Successful Purchaser under the terms set forth in the Asset Purchase Agreement, is approved. Should a Qualified Bid be submitted by a Qualified Bidder by 4:00 p.m. on June 21, 2018, as outlined in the Sale Procedures, an auction for the Property will be held at the office of Zolkin Talerico LLP, 12121 Wilshire Blvd., Suite 1120, Los Angeles, CA 90025 on June 26, 2018, at a time to be designated by the Debtor in consultation with Qualified Bidders. The Debtor will consult with the Official Committee of Unsecured Creditors on all bids submitted by a Qualified Bidder. A final hearing to approve the sale of the Property to the Successful Purchaser will be held on June 28, 2018 at 1:30 p.m. About PME Mortgage Fund PME Mortgage Fund Inc. is a privately held company in Big Bear Lake, California. It is an affiliate of hard-money lender Pacific Mortgage Exchange, Inc., which has provided hard money loan programs for over 30 years. PME Mortgage Fund sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-15082) on June 19, 2017. In the petition signed by CRO Nicholas Rubin, the Debtor estimated assets and liabilities of $10 million to $50 million. Judge Scott H. Yun presides over the case. The Debtor hired Zolkin Talerico LLP as its bankruptcy counsel. On July 17, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Smiley Wang-Ekvall, LLP as its legal counsel. PROVIDENCE WIRELESS: McGrath, TCI Suit Remanded to State Court -------------------------------------------------------------- TCI Triangle, Inc., filed a Motion to Remand and Abstain on March 29, 2018, and McGrath RentCorp filed a Motion to Remand on March 29, 2018. A response in opposition was filed by 12 third-party defendants on April 19, 2018. A hearing was held in Raleigh, North Carolina on April 27, 2018, following which the court took the matter under advisement and invited the parties to file supplemental briefs on the issues raised at the hearing. TCI, McGrath, and the third-party defendants filed briefs in support of their positions on May 2, 2018. The third-party defendants filed a Motion for Leave to Amend Notice of Removal on May 2, 2018. After a review of the case record, supplemental memoranda filed by the parties, and the parties' arguments, Bankruptcy Judge Stephani W. Humrickhouse granted the Motions to Remand and the denied the Motion for Leave. There are three Providence Wireless, LLC entities: (1) a Delaware limited liability company named ACM Capital Advisors, GP, LLC, which existed as "Providence Wireless, LLC" from September 18, 2017 until February 2, 2018; (2) a Delaware limited liability company; and (3) a Florida limited liability company. Providence Florida filed a Notice of Removal of Action to this court on Feb. 27, 2018. In its Motion to Remand and supplemental brief, TCI primarily argues that Providence Florida was not named and served with process and is therefore not a "party" to the State Court Lawsuit, such that its removal under 28 U.S.C. section 1452(a) was improper. For that reason, TCI contends that the court lacks subject matter jurisdiction over the claims, and remand of the State Court Lawsuit is therefore required. Alternatively, TCI asks the court to mandatorily or permissively abstain from hearing the claims in the State Court Lawsuit pursuant to 28 U.S.C. section 1334(c). TCI also requests reimbursement of its fees and costs related to the removal to this court pursuant to 28 U.S.C. section 1447. In its Motion to Remand, McGrath adopts TCI's position. In their Response, the twelve third-party defendants assert that: (1) the court has subject matter jurisdiction over the State Court Lawsuit; (2) the underlying claims are core in nature; (3) and that mandatory abstention is not necessary. In their supplemental brief, the third-party defendants first contend that the "misnomer principle" applies to these facts, i.e. the correct party was properly served under an incorrect name. They further assert that any technical defect in the naming or service of Providence Florida is not fatal to the removal of the suit, as Providence Florida is a real party in interest to the State Court Lawsuit. In this case, TCI accomplished service in accordance with North Carolina Rule of Civil Procedure 4(j)(6). TCI served its Amended Answer upon "Providence Wireless, LLC" via Federal Express to its registered agent at 251 Little Falls Drive, Wilmington, Delaware on January 11, 2018. McGrath then served its amended complaint upon "Providence Wireless, LLC" by mail to its registered agent by mail at 251 Little Falls Drive, Wilmington, Delaware on January 16, 2018. TCI served its Second Amended Answer upon "Providence Wireless, LLC" via its registered agent by mail at 251 Little Falls Drive, Wilmington, Delaware on Feb. 13, 2018. Based on these facts and this timeline, it is clear that Providence Florida, the debtor who removed this action, was not named or identified in any pleading and was not properly served at its registered agent's address of record in Miami, Florida. Further, it is clear that Providence Florida's predecessor, ACM Capital Holdings, LLC, was likewise not named in the State Court Lawsuit and not served with process. Instead, all attempts at service upon "Providence Wireless, LLC" by McGrath and TCI were made to a Delaware entity via a registered agent at a Wilmington, Delaware address. This is not a case in which the plaintiff sued and served the correct party but named the party incorrectly. TCI's Amended Answer and Second Amended Answer specifically identified "Providence Wireless, LLC" as a Delawarelimited liability company, while Providence Florida is, and always has been, a Florida entity. In short, both TCI and McGrath named and served an entity that is separate and distinct from Providence Florida, the debtor and removing party. Moreover, Providence Florida did not come into existence as a corporate entity until Feb. 12, 2018. TCI therefore could not have named or served a nonexistent entity with its Amended Answer on Jan. 11, 2018, and McGrath could not have named or served a nonexistent entity on Jan. 16, 2018. While Providence Florida was formally created on Feb. 12, 2018, TCI nonetheless did not serve Providence Florida with its Second Amended Answer on Feb. 13, 2018 at its Miami, Florida registered address. Instead, the Second Amended Answer was again served upon Providence Delaware at its Wilmington, Delaware address. As a result, based upon a lack of service, Providence Florida is not a "party" to the State Court Lawsuit. This court has no discretion to permit Providence Florida to circumvent the statutory requirement that only a proper "party" may remove a state court action to federal court. Providence Florida's attempted removal to this court was therefore improper and is effectively a nullity. It follows that because removal was improper and no debtor is a party to the State Court Lawsuit, the bankruptcy court lacks 28 U.S.C. section 1334 "related to" subject matter jurisdiction over the underlying claims. Providence Florida is not a party to the State Court Lawsuit; the state court cannot, therefore, adjudicate any alter ego claims against or pertaining to it. It also follows that the rights of Providence Florida cannot be affected by the State Court Lawsuit. That being the case, this court has no "related to" jurisdiction over the State Court Lawsuit claims. Accordingly, the State Court Lawsuit must be remanded to the state court from which it was improperly removed. The case is McGRATH RENTCORP d/b/a TRS-RENTELCO, Plaintiff, v. TCI TRIANGLE, INC. and TOWERCOMM, LLC, Defendants. TCI TRIANGLE, INC., Third-Party Plaintiff, v. BANYAN EQUITY INVESTORS II, INC., BANYAN MEZZANINE FUND II, L.P., JAMES "JIM" DAVIDSON, ACM CAPITAL FUND I, LLC, ACM CAPITAL ADVISORS GP, LLC, ACM AVIATION STAFFING, LLC, JAMES "JIM" MARTIN, DA THREE, DE ANDA CAPITAL, LLC, CENTRAL ILLINOIS ANESTHESIA SERVICES LTD. PROFIT SHARING PLAN, MICHAEL DE ANDA, and PROVIDENCE WIRELESS, LLC, Third-Party Defendants, McGRATH RENTCORP d/b/a TRS-RENTELCO, Plaintiff, v. BANYAN EQUITY INVESTORS II, INC., BANYAN MEZZANINE FUND II, L.P., JAMES "JIM" DAVIDSON, ACM CAPITAL FUND I, LLC, ACM CAPITAL ADVISORS GP, LLC, ACM AVIATION STAFFING, LLC, JAMES "JIM" MARTIN, DA THREE, DE ANDA CAPITAL, LLC, CENTRAL ILLINOIS ANESTHESIA SERVICES LTD. PROFIT SHARING PLAN, MICHAEL DE ANDA, and PROVIDENCE WIRELESS, LLC, Third-Party Defendants, Misc. Pro. No. 18-00001-5-SWH (Bankr. E.D.N.C.). A full-text copy of the Court's Order dated June 22, 2018 is available at https://bit.ly/2L5fv9w from Leagle.com. McGrath RentCorp d/b/a TRS-RenTelco, Plaintiff, represented by George M. Oliver, The Law Offices of Oliver & Cheek, PLLC. Providence Wireless, LLC, Defendant, represented by Brian D. Darer -- briandarer@parkerpoe.com -- Parker, Poe, Adams, Bernstein, LLP, Melanie Black Dubis -- melaniedubis@parkerpoe.com -- Parker Poe Adams & Bernstein LLP & Arthur Halsey Rice, Rice Pugatch Robinson Storfer & Cohen. TCI Triangle, Inc., Defendant, represented by Lauren E. Fussell -- lfussell@williamsmullen.com -- Williams Mullen & Camden R. Webb , Williams Mullen. Banyan Equity Investors II, Inc., 3rd Party Defendant, represented by Brian D. Darer, Parker, Poe, Adams, Bernstein, LLP. About Providence Wireless Providence Wireless, LLC, is a radiotelephone communication company located in Alpharetta, Georgia. Providence Wireless sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-11940) on Feb. 21, 2018. At the time of the filing, the Debtor estimated assets and liabilities of $1,000,001 to $10 million. Judge Robert A. Mark presides over the case. The Debtor hired Shraiberg, Landau & Page, P.A. as its bankruptcy counsel, and Rice Pugatch Robinson Storfer & Cohen PLLC as special counsel. PURPLE SHOVEL: Proposed Sale of Apopka Property Abated ------------------------------------------------------ Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida abated the consideration of Purple Shovel, LLC's sale of the real property located at 1033 Love Lane in Apopka, Florida, Parcel Number 11-21-28-8892-05-170, to Cleunice Lucia Ferreira for $137,000 or to Esmarie Gonzalez for $134,000, until the deficiency determined is corrected. The Court determined that it is deficient as follows: (i) a specific description of the property encumbered by the lien, including legal description if real property or VIN if vehicle, is not included; and (ii) the prescribed filing fee of $181 was not paid as required by the Bankruptcy Court Schedule under 28 U.S.C. Section 1930. About Purple Shovel Based in Tampa, Florida, Purple Shovel, LLC -- http://www.purpleshovel.com/-- is a certified Service Disabled Veteran-Owned Small Business (SDVOSB) founded in 2010 to provide value-added solutions to an array of domestic and international challenges. Purple Shovel affords its clients a single point of contact to transport materials and aid anywhere in the world, including remote regions inaccessible to others. Purple Shovel filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-04599) on June 1, 2018. In the petition signed by Benjamin Worrell, manager, the Debtor disclosed $1.01 million in assets and $12.35 million in liabilities. Judge Caryl E. Delano is the case judge. The Law Offices of Norman and Bullington serves as counsel to the Debtor. RELATIVITY MEDIA: Committee Taps Duff & Phelps as Fin'l Advisor --------------------------------------------------------------- The official committee of unsecured creditors of Relativity Media, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Duff & Phelps Securities, LLC as its financial advisor. The firm will assist the committee in formulating and negotiating the terms of a plan of reorganization; assist in monitoring a sales process and evaluating bids; help the committee analyze any new debt or equity capital; analyze the Debtor's operations and financial condition; and provide other services related to the Debtor's Chapter 11 case. Duff & Phelps has agreed to discount the customary hourly rates for its employees by 20%. The members of the firm who are expected to provide the services and their hourly rates are: Customary Rate Discounted Rate -------------- --------------- Brian Cullen, Managing Director $1,150 $920 Russell Belinsky, Managing Director $1,150 $920 Matthew Gates, Managing Director $1,040 $832 Seyed Mousavi, Analyst $435 $348 Brian Cullen, managing director of Duff & Phelps, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian Cullen Duff & Phelps Securities, LLC 10100 Santa Monica Boulevard, Suite 1100 Los Angeles CA 90067 Phone: +1 424-249-1650 About Relativity Media Relativity -- http://relativitymedia.com/-- is a global media company engaged in multiple aspects of content production and distribution, including movies, television, sports, digital and music. Relativity Studios, the company's largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity's films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter. Relativity Media LLC and its affiliates, including Relativity Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 15-11989) on July 30, 2015. The case is assigned to Judge Michael E. Wiles. An investor group composed of Anchorage Capital Group, L.L.C., Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct. 21, 2015, completed its purchase of the assets of Relativity Television. After selling their TV business, the Debtors and CEO Ryan C. Kavanaugh filed a plan of reorganization that contemplated reorganizing the Debtors' non-TV business units with a substantially de-levered balance sheet utilizing new equity investments and new financing. The Court on Feb. 8, 2016, confirmed the Debtors' Fourth Amended Plan. Relativity Media and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 18-11358) on May 3, 2018. This is the company's second trip to Chapter 11. In the 2018 petition signed by CRO Colin M. Adams, Relativity Media estimated assets of $100 million to $500 million and liabilities of $500 million to $1 billion. Judge Michael E. Wiles presides over the cases. In the 2015 cases, the Debtors tapped Sheppard Mullin Richter & Hampton LLP, and Jones Day as counsel; FTI Consulting, Inc., as crisis and turnaround management services provider; Blackstone Advisory Partners L.P. as investment; and Donlin, Recano & Company, Inc., as claims and noticing agent. In the 2018 cases, the Debtors tapped Winston & Strawn LLP as their legal counsel; M-III Partners, LP as restructuring advisor; and Prime Clerk LLC as noticing and claims consultant. On May 18, 2018, the Office of the United States Trustee appointed an official committee of unsecured creditors. The Committee selected Robins Kaplan LLP to serve as counsel. * * * In the 2018 cases, Netflix, Inc., has a pending request before the Court for the appointment of a trustee to manage the operations of the Debtors. RENNOVA HEALTH: Holders Swap $1.7M Debentures for Preferred Shares ------------------------------------------------------------------ As previously announced, on Oct. 30, 2017 Rennova Health, Inc. entered into Exchange Agreements with the holders of the Company's Senior Secured Original Issue Discount Convertible Debentures due Sept. 19, 2019. The Exchange Agreements provide that the holders may, from time to time, exchange their Debentures for shares of a newly-authorized Series I-2 Convertible Preferred Stock of the Company. Any exchange is at the option of the holders. The holders exercised their right to exchange Debentures for shares of Preferred Stock on July 16, 2018. On that date, the holders elected to exchange an aggregate of $1,741,580 principal amount of Debentures and the Company issued an aggregate of 2,176.975 shares of Preferred Stock. The shares of Preferred Stock were issued in reliance on the exemption from registration contained in Section 3(a)(9) of the Securities Act of 1933, as amended. About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides diagnostics and supportive software solutions to healthcare providers. The Company's principal lines of business are diagnostic laboratory services, supportive software solutions and decision support and informatics services. The company is headquartered in West Palm Beach, Florida. Rennova Health reported a net loss attributable to common shareholders of $108.5 million for the year ended Dec. 31, 2017, compared to a net loss attributable to common shareholders of $32.61 million for the year ended Dec. 31, 2016. As of March 31, 2018, Rennova Health had $6.13 million in total assets, $182.2 million in total liabilities, $5.83 million in redeemable preferred stock I-1, $2.03 million in redeemable preferred stock I-2, and a total stockholders' deficit of $183.9 million. The report from the Company's independent accounting firm Green & Company, CPAs, in Tampa, Florida, the Company's auditor since 2015, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has significant net losses, cash flow deficiencies, negative working capital and accumulated deficit. Those conditions raise substantial doubt about the company's ability to continue as a going concern. RENNOVA HEALTH: Will Issue $1.2M Additional Convertible Debentures ------------------------------------------------------------------ Rennova Health, Inc. has entered into additional issuance agreements with two existing institutional investors of the Company. Under the Issuance Agreements, the Company will issue $1,240,000 aggregate principal amount of Senior Secured Original Issue Discount Convertible Debentures due Sept. 19, 2019 and will receive proceeds of $1,000,000. The closing of the offering is expected to occur on July 16, 2018, subject to customary closing conditions. The Issuance Agreements also provide that, from time to time on or before Dec. 31, 2018, in one or more closings, the Company may request that the institutional investors purchase up to $3,100,000 aggregate principal amount of additional Debentures, on the same terms. Any purchase by the investors will be at their discretion. If all of these additional Debentures are issued, the Company will receive additional proceeds of $2,500,000. The terms of the Debentures will be the same as those issued by the Company under the previously-announced Securities Purchase Agreement, dated as of Aug. 31, 2017, pursuant to which the Company issued $2,604,000 aggregate principal amount of Senior Secured Original Issue Discount Convertible Debentures due Sept. 19, 2019. The Debentures may also be exchanged for shares of the Company's Series I-2 Convertible Preferred Stock under the terms of the previously-announced Exchange Agreements, dated as of Oct. 30, 2017. The Debentures will be issued in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and by Rule 506 of Regulation D promulgated thereunder as a transaction by an issuer not involving a public offering. About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides diagnostics and supportive software solutions to healthcare providers. The Company's principal lines of business are diagnostic laboratory services, supportive software solutions and decision support and informatics services. The company is headquartered in West Palm Beach, Florida. Rennova Health reported a net loss attributable to common shareholders of $108.5 million for the year ended Dec. 31, 2017, compared to a net loss attributable to common shareholders of $32.61 million for the year ended Dec. 31, 2016. As of March 31, 2018, Rennova Health had $6.13 million in total assets, $182.2 million in total liabilities, $5.83 million in redeemable preferred stock I-1, $2.03 million in redeemable preferred stock I-2, and a total stockholders' deficit of $183.9 million. The report from the Company's independent accounting firm Green & Company, CPAs, in Tampa, Florida, the Company's auditor since 2015, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has significant net losses, cash flow deficiencies, negative working capital and accumulated deficit. Those conditions raise substantial doubt about the company's ability to continue as a going concern. REVOCABLE LIVING TRUST: Case Summary & 2 Unsecured Creditors ------------------------------------------------------------ Debtor: Revocable Living Trust Agreement of Zaida Espinosa 1108 Aquarius Dr. Lake Ariel, PA 18436 Type of Debtor: Business Trust Chapter 11 Petition Date: July 17, 2018 Case No.: 18-24333 Court: United States Bankruptcy Court District of New Jersey (Newark) Debtor's Counsel: Jerome M. Douglas, Esq. LAW OFFICES OF JEROME M. DOUGLAS, LLC 1600 Route 208 North Hawthorne, NJ 07507 Tel: 973-238-8638 Fax: (973) 238-8639 E-mail: jdouglasatty@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Juan Espinosa, trustee. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at: http://bankrupt.com/misc/njb18-24333.pdf RICHARD OSBORNE: $125K Sale of Concord Vacant Land to Sommers OK'd ------------------------------------------------------------------ Judge Arthur I. Harris of the U.S. Bankruptcy Court for the Northern District of Ohio authorized Richard M. Osborne's sale of his interest in the vacant land located at Girdled Road, Concord, Ohio, PPN 08A0010000490, to Sommers Real Estate Group, LLC for $125,000, less payment of all outstanding real estate taxes. The sale is free of any interest of any entity other than the estate. The Escrow Agent, upon the closing of the Girdled Road sale, is authorized and directed to disburse from the Gross Sale Proceeds an amount sufficient to pay the Real Estate Taxes and the Closing Costs, and to pay all remaining sale proceeds to Citizens via wire transfer pursuant to wire transfer instructions to be provided to the Escrow Agent prior to the closing of the sale. All other interests in Girdled Road are subject distribution pursuant to later order of the Court, in accordance with the respective rights and priorities of the holders any interest in Girdled Road, as such right appears and is entitled to be enforced against Girdled Road, the Estate or the Debtor under the Bankruptcy Code or applicable non-bankruptcy law. About Richard Osborne On Dec. 17, 2017, Richard M. Osborne filed his voluntary petition for relief under chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 17-17361). The Debtor has continued in possession of his property and has continued to operate and manage his businesses as debtor-in possession pursuant to Sec. 1107(a) and 1108 of the Bankruptcy Code. No request has been made for the appointment of a trustee or examiner, and the United States Trustee has indicated that no official creditor committee is being formed in the case. Frederic P. Schwieg, Esq., in Rocky River, Ohio, serves as counsel to the Debtor. RODEO ROOFING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Rodeo Roofing LLC 2642 Main St., Suite A Yakima, WA 98903 Business Description: Rodeo Roofing LLC is a roofing contractor in Clackamas, Oregon. Chapter 11 Petition Date: July 16, 2018 Court: United States Bankruptcy Court Eastern District of Washington (Spokane/Yakima) Case No.: 18-02005 Judge: Hon. Frank L. Kurtz Debtor's Counsel: Metiner G. Kimel, Esq. KIMEL LAW OFFICES 205 N. 40th Ave., Ste 205 Yakima, WA 98908 Tel: 509-452-1115 Fax: 509-965-5860 E-mail: mkimel@mkimellaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Fleming, president/managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/waeb18-02005.pdf RONNIE WHITEFIELD: $22K Sale of 2013 BMW 535 to Cook Approved ------------------------------------------------------------- Judge Marian F. Harrison of the U.S. Bankruptcy Court for the Middle District of Tennessee authorized Ronnie C. Whitefield's sale of 2013 BMW 535 to Jason Cook for $21,950. The sale is free and clear of the interests of any lien holder. Ronnie C. Whitefield, Jr., sought Chapter 11 protection (Bankr. M.D. Tenn. Case No. 18-02883) on April 27, 2018. The Debtor tapped Christopher Mark Kerney, Esq., at Kerney Law Office, as counsel. SAMUEL MOORE: $165K Sale of Bethel Park Property to Fund Plan OK'd ------------------------------------------------------------------ Judge Gregory L. Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania authorized Samuel A. Moore and Laurie Moore to sell the commercial real estate located at 5311 Brightwood Road, Bethel Park, Pennsylvania to Davis Dailey, doing business as Statera, Inc., for $165,000, subject to higher and better offers. A hearing on the Motion was held on June 7, 2018 at 10:30 a.m. The objection deadline was May 28, 2018. The sale is free and divested of the liens. The applicable real estate taxes and ordinary closing costs, municipal lien claims, including the realtor commission approved by the Court in the amount of $11,550; all normal and ordinary settlement charges; $2,500 to Calaiaro Valencik towards legal fees plus $774 for reimbursement for all costs of mailing, copying, and advertising; unpaid real estate taxes to Allegheny County, Municipality of Bethel Park, and Bethel Park School District and any lienable claims which would impair clear title; $1,350 for U.S. Trustee fees; and the Settlement Agent will pay the allowed taxes at closing and then escrow balance with Calaiaro Valencik pending the confirmation of the Chapter 11 plan or order authorizing distribution of any part of the proceeds. Failure of the closing agent to timely make disbursement required by the Order will subject the closing agent to monetary sanctions after notice and hearing. The transfer of Property free and clear of the Pennsylvania Transfer Tax is subject to the closing of the real estate occurring after the confirmation of the Chapter 11 plan. In the event that the closing occurs prior to the confirmation of the Chapter 11 Plan, the transfer will be subject to the Pennsylvania Transfer Tax. The closing will occur within 60 days of the Order and the Movant will file a report of sale within seven days following closing. Samuel A. Moore and Laurie A. Moore sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 15-21568) on April 30, 2015. CALAIARO VALENCIK serves as counsel to the Debtors. SCIENTIFIC GAMES: Park West Asset Has 5.2% Stake as of July 5 ------------------------------------------------------------- Park West Asset Management LLC and Peter S. Park disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of July 5, 2018, they beneficially own 4,936,555 shares of common stock of Scientific Games Corporation, which represents 5.2 percent of the shares outstanding. The beneficial ownership percentage is based upon 90,738,314 shares of Common Stock of the Company, issued and outstanding as of April 30, 2018, based on information reported by the Company in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 2, 2018. Park West Asset Management LLC is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company, and Park West Partners International, Limited, a Cayman Islands exempted company, and Peter S. Park is the sole member and manager of PWAM. As of July 5, 2018, PWIMF held 1,291,598 shares of Common Stock of the Company and options to purchase up to 3,139,100 shares of Common Stock of the Company and PWPI held 144,957 shares of Common Stock of the Company and options to purchase up to 360,900 shares of Common Stock of the Company. As a result of the foregoing, for purposes of Reg. Section 240.13d-3, PWAM and Mr. Park may be deemed to beneficially own the 1,436,555 shares of Common Stock of the Company and the 3,500,000 shares of Common Stock of the Company underlying the options held in the aggregate by the PW Funds, or approximately 5.2% of the shares of Common Stock of the Company deemed to be issued and outstanding as of July 5, 2018. A full-text copy of the regulatory filing is available at: https://is.gd/npvOJq 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 $242.3 million for the year ended Dec. 31, 2017, compared to a net loss of $353.7 million for the year ended Dec. 31, 2016. As of March 31, 2018, Scientific Games had $7.73 billion in total assets, $9.93 billion in total liabilities and a total stockholders' deficit of $2.19 billion. SHEEHAN PIPE LINE: Dismissed from Little Realty's Lawsuit --------------------------------------------------------- Plaintiff The Little Realty Company, LLC filed Motion for Partial Dismissal of Defendant Sheehan Pipe Line Construction Company in the case captioned THE LITTLE REALTY COMPANY, LLC, Plaintiff, v. PVR UTICA GAS GATHERING, LLC, ET AL., Defendants, Case No. 2:16-cv-00177 (S.D. Ohio). Upon careful consideration, District Judge Algenon L. Marbley granted the Plaintiff’s motion. All claims against Defendant Sheehan are dismissed and Defendant Sheehan is terminated as party. Due to Sheehan's bankrupt status and the fact that Plaintiff settled its claim against Sheehan, Sheehan is no longer needed to remain in the suit in order to secure an "adequate judgment" per Fed. R. Civ. P. 19(b). Because Sheehan has declared bankruptcy, it is not in a position to provide additional relief that could make Plaintiff whole. Additionally, Sheehan has settled with Plaintiff through the Trust, with Plaintiff's consent. Thus, Sheehan's dismissal will not change the amount of relief received by Plaintiff, as the two parties have already settled. The adequacy of the judgment will not be altered by dismissing Sheehan. Further, this Court has held that a party's status as a joint tortfeasor is not sufficient to establish the party as necessary under Fed. R. Civ. P. 19(a). Finally, the Court finds that dismissing Sheehan will not prejudice any existing party. Because Sheehan and the Plaintiffs have settled, and no existing parties will be prejudiced by Sheehan's absence, Sheehan is no longer necessary to afford "complete relief" as required by Fed. R. Civ. P. 19(a). The Regency Defendants' lack of objections to the Motion, coupled with the considerable discretion afforded to judges via Federal Rule of Civil Procedure 21 supports the conclusion that the Motion to Dismiss All Claims Against Sheehan ought to be granted. A copy of the Court's Opinion and Order dated June 25, 2018 is available at https://bit.ly/2KWvWWn from Leagle.com. The Little Realty Company, LLC, Plaintiff, represented by Carl A. Frankovitch -- cfrankovitch@faslaw.com -- Frankovitch, Anetakis, Colantonio & Simon & Kevin M. Pearl -- kpearl@faslaw.com -- Frankovitch Anetakis Simon Decapio & Pearl. PVR Utica Gas Gathering, LLC, Regency Utica Gas Gathering, LLC & Ohio River System, LLC, Defendants, represented by Gregory D. Brunton -- gbrunton@grsm.com -- Gordon & Rees LLP & Daniel J. Hyzak -- dhyzack@grms.com -- Gordon & Rees LLP. About Sheehan Pipe Line Sheehan Pipe Line Construction Company, a contractor that constructs pipelines in various states across the country, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 16-10678) on April 15, 2016, listing total assets of $90.2 million and total debt of $68.4 million. The petition was signed by Robert A. Riess, Sr., as president and CEO. The case is pending before Judge Terrence L. Michael. Mary E. Kindelt, Esq., Chad J. Kutmas, Esq., and Gary M. McDonald, Esq., at McDonald, McCann & Metcalf & Carwile, LLP, serves as counsel to the Debtor. The U.S. trustee for Region 20 appointed six creditors of Sheehan Pipe Line Construction Company to serve on the official committee of unsecured creditors. The committee members are: (1) Central States, Southeast & Southwest; (2) Foley & Lardner; (3) Fred Dorwart Attorneys; (4) Ohio-West Virginia Excavating Co.; (5) Cleveland Brothers Equipment Co., Inc.; and (6) Cecil I. Walker Machinery Co. Lawyers at Foley & Lardner LLP represent the creditors' committee. SHIRLEY MCCLURE: Trustee's $580K Sale of La Mirada Property Okayed ------------------------------------------------------------------ Judge Geraldine Mund of the U.S. Bankruptcy Court for the Central District of California authorized John P. Reitman, as chapter 11 trustee of Shirley Foose McClure, to sell the single-family residential real property located at 13621 Dalmatian Ave., La Mirada, California to Adan Dadon for $580,000. A hearing on the Motion was held on June 5, 2018 at 10:00 a.m. The sale is "as is" and free and clear of all liens, claims and interests. The Closing Date of the sale to the Purchaser will be a date to which the Trustee and the Purchaser agree in writing, but in no event later than: (i) 14 days after entry of the Order or, (ii) in the event that the Order is stayed, the end of the first continuous period of 14 days during which the Order is not subject to a stay. If the sale to the Purchaser does not close within: (i) 14 days after entry of the Order or, (ii) in the event that the Order is stayed, the end of the first continuous period of 14 days during which the Order is not subject to a stay, for any reason other than the fault of the Trustee, the Trustee may retain the entire deposit amount of $17,400 submitted by the Purchaser and the Trustee may elect to immediately terminate the process of selling the Harrington Property to the Purchaser. A&A Escrow Services, Inc. is authorized to pay from escrow: (a) all current and delinquent property taxes on the Dalmatian Property, if any, and any penalties thereon; (b) a total commission equal to 5% of the Purchase Price to the Brokers, collectively; (c) and all other reasonable and customary escrow fees, recording fees, title insurance premiums, and closing costs necessary and proper to conclude the sale of the Dalmatian Property costs of sale, including title and escrow charges customarily paid by a seller. The Trustee is authorized, and A&A Escrow is ordered, to pay W&S the W&S Allowed Unpaid Amount from the proceeds of the sale, with the balance of the W&S Lien attaching to the proceeds of the sale and held by the Trustee in a segregated account. Within the meaning of sections 361(2) and 361(3), W&S's interest in the W&S Lien is adequately protected by granting W&S such a replacement lien in the W&S Account. All other liens, claims, and interests in the Dalmatian Property will attach to the net sale proceeds remaining after payment of the items described. A&A Escrow will remit the Net Proceeds to the Trustee. About Shirley McClure Shirley Foose McClure filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 13-10386) on Dec. 21, 2012. The Debtor's estate is comprised of her interest in multiple parcels of income producing real property in Southern California, San Francisco and Maui, cash and claims asserted in two lawsuits against attorneys who formerly represented her. On July 12, 2016, the Court entered an order directing the Office of the United States Trustee to appoint a chapter 11 trustee. On July 27, 2016, the United States Trustee appointed John P. Reitman as the Chapter 11 Trustee. LANDAU GOTTFRIED & BERGER LLP, led by Jon L.R. Dalberg, serves as counsel to the Trustee. SHIRLEY MCCLURE: Trustee's $597K Sale of Fullerton Property Okayed ------------------------------------------------------------------ Judge Geraldine Mund of the U.S. Bankruptcy Court for the Central District of California authorized John P. Reitman, as chapter 11 trustee of Shirley Foose McClure, to sell the residential real property located at 218 North Harrington Drive, Fullerton, California to Max and Nicole Well for $597,000. A hearing on the Motion was held on June 5, 2018 at 10:00 a.m. The sale is "as is" and free and clear of all liens, claims and interests. The Closing Date of the sale to the Purchasers will be a date to which the Trustee and the Purchasers agree in writing, but in no event later than: (i) 14 days after entry of the Order or, (ii) in the event that the Order is stayed, the end of the first continuous period of 14 days during which the Order is not subject to a stay. If the sale to the Purchasers does not close within: (i) 14 days after entry of the Order or, (ii) in the event that the Order is stayed, the end of the first continuous period of 14 days during which the Order is not subject to a stay, for any reason other than the fault of the Trustee, the Trustee may retain the entire deposit amount of $17,910 submitted by the Purchasers and the Trustee may elect to immediately terminate the process of selling the Harrington Property to the Purchasers. A&A Escrow Services, Inc., is authorized to pay from escrow: (a) all current and delinquent property taxes on the Harrington Property, if any, and any penalties thereon; (b) a total commission equal to 5% of the Purchase Price to the Brokers, collectively; (c) and all other reasonable and customary escrow fees, recording fees, title insurance premiums, and closing costs necessary and proper to conclude the sale of the Harrington Property costs of sale, including title and escrow charges customarily paid by a seller. All other liens, claims, and interests in the Harrington Property will attach to the net sale proceeds remaining after payment of the items described. A&A Escrow will remit the Net Proceeds to the Trustee. About Shirley McClure Shirley Foose McClure filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 13-10386) on Dec. 21, 2012. The Debtor's estate is comprised of her interest in multiple parcels of income producing real property in Southern California, San Francisco and Maui, cash and claims asserted in two lawsuits against attorneys who formerly represented her. On July 12, 2016, the Court entered an order directing the Office of the United States Trustee to appoint a chapter 11 trustee. On July 27, 2016, the United States Trustee appointed John P. Reitman as the Chapter 11 Trustee. LANDAU GOTTFRIED & BERGER LLP, led by Jon L.R. Dalberg, serves as counsel to the Trustee. SHIRLEY MCCLURE: Trustee's Sale of San Francisco Condo Units Okayed ------------------------------------------------------------------- Judge Geraldine Mund of the United States Bankruptcy Court for the Central District of California authorized John P. Reitman, as chapter 11 trustee of Shirley Foose McClure, to sell the condominium units located at 910 Corbett Avenue, Units 1, 2 and 3, San Francisco, California to Kul Wadwha & Celia Tiemi Onishi, Hany Syed and Farhat Chaudry Syed for $3 million. A hearing on the Motion was held on June 5, 2018 at 10:00 a.m. The Closing Date of the sale to the Purchasers will be a date to which the Trustee and the Purchasers agree in writing, but in no event later than: (i) 14 days after entry of the Order or, (ii) in the event that the Order is stayed, the end of the first continuous period of 14 days during which the Order is not subject to a stay. If the sales to the Purchasers do not close within: (i) 14 days after entry of the Order or, (ii) in the event that the Order is stayed, the end of the first continuous period of 14 days during which the Order is not subject to a stay, for any reason other than the fault of the Trustee, the Trustee may retain the entire deposit amount of $81,000 submitted by the Purchasers and the Trustee may elect to immediately terminate the process of selling the Corbett Properties to the Purchasers. The sale of the Corbett Properties will be free and clear of the ownership interests of the Debtor, and her predecessors and successors in interest; any unrecorded equitable or legal interests in the Corbett Properties asserted by any person or entity, or their respective predecessors and successors in interest, unless such interests would be superior to the rights of the Trustee under section 544(a)(3); and the claims or interests asserted by any person or entity, or their respective predecessors and successors in interest, against the Estate which do not constitute liens against or interests in the Corbett Properties. A & A Escrow Services, Inc. is authorized to pay from escrow: (a) all current and delinquent property taxes on the Corbett Properties, if any, and any penalties thereon; (b) a total commission equal to 5% of the Purchase Price to the Brokers, collectively; (c) and all other reasonable and customary escrow fees, recording fees, title insurance premiums, and closing costs necessary and proper to conclude the sale of the Corbett Properties costs of sale, including title and escrow charges customarily paid by a sell. A&A Escrow will remit to the Trustee the Litt Lien Sale Proceeds. The Trustee will establish the Litt Lien Reserve and Litt is granted, as adequate protection for the Litt Judgment Lien or the Settled Litt Judgment Lien, a replacement lien in the Litt Lien Reserve. The request by Litt for a stay of the Order pending appeal is denied. About Shirley McClure Shirley Foose McClure filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 13-10386) on Dec. 21, 2012. The Debtor's estate is comprised of her interest in multiple parcels of income producing real property in Southern California, San Francisco and Maui, cash and claims asserted in two lawsuits against attorneys who formerly represented her. On July 12, 2016, the Court entered an order directing the Office of the United States Trustee to appoint a chapter 11 trustee. On July 27, 2016, the United States Trustee appointed John P. Reitman as the Chapter 11 Trustee. LANDAU GOTTFRIED & BERGER LLP, led by Jon L.R. Dalberg, serves as counsel to the Trustee. SIVYER STEEL: Proposed Sale of All Assets Approved -------------------------------------------------- Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the Southern District of Iowa authorized Sivyer Steel Corp.'s sale of substantially all assets to Crestwood for $12,186,713, subject to higher and better offers. As agreed to by the parties the break-up fee to be paid to Crestwood will be bifurcated as follows: payment of expenses not to exceed 1.5% of the purchase price of $12,186,713 plus a 1.5% flat rate calculated on the purchase price of $12,186,713. The bidding procedures will be revised to remove the reduction of the break-up fee amount from the amount of any additional bid submitted by Crestwood. In the event that will , the stalking horse bidder, is not the successful bidder at auction the bidding procedures will require and the total amount of the purchase price will reflect that the prevailing bidder is obligated to pay the break-up fee. These revisions along with corrected versions that include the deadlines and dates agreed to by the parties to govern the submission of qualified bids, notices of the sale and cure amounts for the executory contracts are approved. Today's record will constitute the Court's findings of fact and conclusions of law pursuant to Federal Rules of Bankruptcy Procedure 7052 and 9014. A copy of the Bidding Procedures attached to the Motion is available for free at: http://bankrupt.com/misc/Sivyer_Steel_135_Sales.pdf About Sivyer Steel Corporation Sivyer Steel Corporation -- https://www.sivyersteel.com/ -- is a supplier of steel castings based in Bettendorf, Iowa. Founded by Frederick Lincoln in 1909, the company is an ISO 9001:2008 recertified steel foundry, which means that it meets the International Organization for Standardization's quality management system. The Company develops custom steel castings and components for clients in industries that include government, private, and public sectors. Sivyer Steel specializes in military castings, energy applications, railroad castings, wear parts, pump & valves, oil & gas, mining, construction castings, perimeter security, and agriculture. An involuntary Chapter 11 case was filed against the Company on March 8, 2018, by alleged creditors Sadler Machine Co., Speyside Machining Holdings, LLC, and ARCO Manufacturing Corporation. Sivyer Steel sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 18-00507) on March 14, 2018. In the petition signed by Keith Kramer, president, the Debtor disclosed $16.43 million in assets and $18.35 million in liabilities. Judge Anita L. Shodeen presides over the case. The Debtor hired Bradshaw, Fowler, Proctor & Fairgrave as its legal counsel; Spencer Fane LLP as special counsel; and Concord Financial Advisors, LLC, as investment banker. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on March 19, 2018. The committee hired Michael Best & Friedrich LLP as its legal counsel, and Whitfield & Eddy, PLC as its Iowa counsel. The official committee of unsecured creditors retained National CRS, LLC, as its financial advisor. SMF ENERGY: DG&S, et al.'s Joint Bid for Leave to Appeal Junked --------------------------------------------------------------- Appellants Davis Graham & Stubbs LLP, S. Lee Terry, Jr. (the "Law Firm") and Accounting Firm Grant Thorton LLP in the appeals case captioned Davis Graham & Stubbs, LLP, and others, Appellants, v. Soneet Kapila, as Liquidating Trustee, Appellee, Civil Action No. 18-60526-Civ-Scola (S.D. Fla.) filed a joint motion for leave to appeal. After careful consideration of the motion, all opposing and supporting submissions, and the applicable case law, District Judge Robert N. Scolar, Jr. denies the joint motion. This case involves an appeal from interlocutory bankruptcy orders and is related to two adversary proceedings arising from the same underlying bankruptcy concerning SMF Energy Corporation. District courts have discretion to hear appeals from interlocutory orders of the bankruptcy courts. "In determining when to exercise this discretionary authority, a district court will look to the standards which govern interlocutory appeals from the district court to the court of appeals pursuant to 28 U.S.C. section 1292(b)." Under this standard, the district court may permit an appeal of an interlocutory order, if it presents (1) a controlling question of law, (2) with respect to which there is substantial ground for difference of opinion, and (3) the resolution of which would materially advance the ultimate termination of litigation. However, even if all of the factors are present in a particular case, a court may still decline to hear the appeal. At the outset, the Court notes that if the Appellants fail to establish any one of the factors, the Court may deny leave to appeal. In their motion, the Appellants argue that all three factors are met in this case; however, their assertion is belied first and foremost by their inability to clearly articulate a controlling question of law in this case. In their motion, the Appellants state that the controlling question of law is, "whether the Bankruptcy Court erred in denying the Motions for Allowance of Admin Claims and whether the Bankruptcy Court could and did make a ruling on the merits of such claims prematurely." Upon review, it is difficult to envision any circumstances in which the issue posed by the Appellants could be considered a question of law, and much less, a controlling question of law. Perhaps recognizing this difficulty, the Appellants in their reply characterize the issue as follows -- "whether defendants who prevail in adversary proceedings and may recover fees under an applicable state statute are entitled to administrative status and priority for that fees claim." While certainly an interesting question, this articulation of the issue fares no better. It is difficult to comprehend how the Appellants honestly contend that they should be permitted to appeal an order, which the Bankruptcy Court specified not once, but twice, to have been entered without prejudice--meaning that they will have another opportunity for the Bankruptcy Court to consider their claims once such claims are procedurally proper. The Appellants have, at best, misapprehended the Bankruptcy Court's orders. The Appellants fall woefully short of demonstrating that this case involves a controlling question of law; and because there is no controlling question of law, "there can be no substantial ground for difference of opinion among courts." Even assuming for the moment that the first factor for interlocutory review were satisfied here, the Appellants fail to show that there is a substantial ground for difference of opinion because none of the cases they rely on discuss the existence of terms in a plan of liquidation, nor did the cases involve denials of motions without prejudice. Therefore, the Court need not devote additional precious time in analyzing the remaining factor. A full-text copy of the Court's June 25, 2018 Order is available at https://bit.ly/2KX4t6O from Leagle.com. Davis, Graham & Stubbs LLP, Appellant, represented by Chad Philip Pugatch -- cpugatch@rprslaw.com -- Rice Pugatch Robinson & Schiller, David Paul Ackerman -- david.ackerman@akerman.com -- Akerman LLP & George Leo Zinkler, III -- gzinkler@rprslaw.com -- Rice Pugatch Robinson & Schiller, P.A. Grant Thornton LLP & S. Lee Terry, Appellants, represented by Chad Philip Pugatch, Rice Pugatch Robinson & Schiller & David Paul Ackerman, Akerman LLP. Soneet Kapila, Appellee, represented by Paul Joseph Battista -- pbattista@gjb-law.com -- Genovese Joblove & Battista & William Barry Blum -- bblum@gjb-law.com -- Genovese Joblove & Battista. About SMF Energy Corporation SMF Energy Corporation, a provider of fuel and lubricants for the trucking, manufacturing and construction industries, and three of its subsidiaries filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Lead Case No. 12-19084) on April 15, 2012. The affiliates are SMF Services, Inc., H&W Petroleum Company, Inc., and Streicher Realty, Inc. SMF sought bankruptcy protection after Wells Fargo Bank, N.A., shut off access to a revolving credit loan and declared a default. The bank is owed $11.2 million, including $8 million on a revolving credit secured by all assets. SMF Energy disclosed $16,387,456 in assets and $31,160,009 in liabilities as of the Chapter 11 filing. The Fort Lauderdale, Florida-based Company, which did business Streicher Mobile Fueling and SMF Generator Fueling Services, disclosed $37.0 million in assets and $25.17 million in liabilities as of Dec. 31, 2011. On March 22, 2012, the Company appointed Soneet Kapila of Kapila & Company, Ft. Lauderdale, Florida, as its chief restructuring officer. Judge Raymond B. Ray oversees the case. Lawyers at Genovese Joblove & Battista, P.A., served as the Debtors' counsel. Trustee Services Inc. served as claims agent. Bayshore Partners, LLC, served as their investment banker. The petition was signed by Soneet R. Kapila, the CRO. The Debtors tapped Harry Stampler and Stampler Auctions for the sale and liquidation of the assets of the Debtors located at 200 West Cypress Creek Road, Suite 400, Fort Lauderdale, Florida through an auction sale scheduled for July 19, 2012, at the Property. Steven R. Turner, the Assistant U.S. Trustee 21, appointed three members to the Official Committee of Unsecured Creditors. Robert Paul Charbonneau and the law firm of Ehrenstein Charbonneau Calderin represented the committee. STONEMOR PARTNERS: Widens Net Loss to $75.2 Million in 2017 ----------------------------------------------------------- Stonemor Partners L.P. has filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $75.15 million on $338.22 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $30.48 million on $326.23 million of total revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Stonemor had $1.75 billion in total assets, $1.66 billion in total liabilities and $91.69 million in total partners' capital. "We recently have not had sufficient cash from operations to pay distributions to our unitholders after we have paid our expenses, including the expenses of our general partner, funded merchandise and perpetual care trusts and established necessary cash reserves, and we may not have sufficient cash to resume paying distributions or restore them to previous levels," the Company stated in the Annual Report. "While the Partnership relies heavily on its cash flows from operating activities, borrowings under its credit facility and the issuance of additional limited partner units to execute its operational strategy and meet its financial commitments and other short-term financial needs, the Partnership cannot be certain that sufficient capital will be generated through operations or available to the Partnership to the extent required and on acceptable terms. Moreover, although the Partnership's cash flows from operating activities have been positive, the Partnership has experienced negative financial trends which, when considered in the aggregate, raise substantial doubt about the Partnership's ability to continue as a going concern. These negative financial trends include: * net losses from operations due to an increased competitive environment, a decrease in the size of the Partnership's sales force in 2016 (which negatively impacted the Partnership's production and billing activity in 2016 and 2017), an increase in professional fees and compliance costs associated with the restatement of the Partnership's historical financial statements and an increase in consulting fees associated with the Partnership's planned adoption of the Accounting Standard Codification ("ASC") 606, Revenue from Contracts with Customers; * a decline in billings coupled with the increase in professional, compliance and consulting expenses, tightened the Partnership's liquidity position and increased reliance on long-term financial obligations, which in turn limited the Partnership's ability to pay distributions; * a goodwill impairment charge of $45.6 million during the fourth quarter of 2017; and * the Partnership's failure to comply with certain debt covenants required by the Partnership's credit facility due to the Partnership's inability to complete timely filings of its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, as well as exceeding of the maximum consolidated leverage ratio financial covenant for the quarters ended December 31, 2017 and March 31, 2018. As further disclosed in the credit facility subsection in Note 9, these failures constituted defaults that the Partnership's lenders agreed to waive. "During 2017 and to date in 2018, the Partnership has implemented (and will continue to implement) various actions to improve profitability and cash flows to fund operations. When considered in the aggregate, the Partnership believes these actions will alleviate substantial doubt about the Partnership's ability to continue as a going concern over the next twelve-month period." A full-text copy of the Annual Report is available for free at: https://is.gd/EEuzos About StoneMor Partners StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- http://www.stonemor.com/-- is an owner and operator of cemeteries and funeral homes in the United States, with 322 cemeteries and 93 funeral homes in 27 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. * * * In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate credit rating on StoneMor Partners L.P. S&P said, "The rating affirmation reflects our expectation that the company can generate operating cash flow of approximately $25 million in 2018 to support operating needs for at least another year." TEXAS E&P: Trustee's $50K Sale of Wellbores & Equipment Approved ---------------------------------------------------------------- Judge Stacey G. C. Jennings of the U.S. Bankruptcy Court for the Northern District of Texas authorized Jason R. Searcy, the Chapter 11 Trustee of Texas E&P Operating, Inc., to sell wellbores and associated equipment to Frostwood Energy, LLC, for $50,000, plus assumption of liabilities. The Trustee is authorized to sign and execute Texas Railroad Commission form P-4 for each well located on the property to the Buyer. The Debtor's interest in the leases described on Exhibit A have terminated due to non-production and any remaining interests of the estate in those leases is hereby assigned and quitclaimed to the Buyer. Any valid liens, claims and encumbrances will attach to the proceeds of such sale to the same extent, in the same priority, and with the same validity, as was the case against the property prior to the proposed sale. A copy of the Exhibit A attached to the order is available for free at: http://bankrupt.com/misc/Texas_E&P_195_Order.pdf 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. In the petition signed by Mark A. Plummber, president, the Debtor estimated its assets and liabilities at between $10 million and $50 million. 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. The Committee retained Okin Adams LLP as its legal counsel. On Jan. 19, 2018, Jason Searcy was appointed as the Debtor's Chapter 11 trustee. The trustee hired Searcy & Searcy, P.C., as bankruptcy counsel. Snow Spence Green LLP, is the special counsel. TINTRI INC: July 20 Meeting Set to Form Creditors' Panel -------------------------------------------------------- Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on July 20, 2018, at 10:00 a.m. in the bankruptcy case of Tintri, Inc.. The meeting will be held at: Office of the US Trustee 844 King Street, Room 3209 Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About Tintri Inc. Tintri, Inc. -- www.tintri.com -- is an enterprise cloud storage company founded in 2008 with the initial objective to solve the mismatch caused by using old, conventional physical storage systems with applications in virtual machine environments. The company provides large organizations and cloud service providers with an enterprise cloud platform that offers public cloud capabilities inside their own data centers and that can also connect to public cloud services. Tintri is headquartered at 303 Ravendale Drive, Mountain View, California 94043. The company has additional locations in McLean, Virginia; Chicago, Illinois, London, England; Munich, Germany; Singapore; and Tokyo, Japan. Tintri Inc. filed for bankruptcy on July 10, 2018 (Bankr. D. Del., Case No. 18-11625). Kieran Harty, co-founder and chief technology officer, filed the petition. Hon. Kevin J. Carey presides over the case. Pachulski Stang Ziehl & Jones LLP serves the Debtors' counsel. Wilson Sonsini Goodrich & Rosati is the Debtor's special corporate counsel. Houlihan Lokey acts as the Debtor's financial advisor and Kurtzman Carson Consultants Inc. as the Debtor's claims and noticing agent. At January 2018, the Debtor had total assets of $76.25 million and total debts of $168 million. TOYS R US: Fee Examiner Taps Hathaway Adair as Legal Counsel ------------------------------------------------------------ Nancy Rapoport, the fee examiner appointed in the Chapter 11 case of Toys "R" Us, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Hathaway Adair, P.C., as her legal counsel. The firm will advise the fee examiner regarding local rules and procedures; assist with any evidentiary matters; and provide other legal services related to the bankruptcy cases of Toys "R" Us and its affiliates. Deanna Hathaway, Esq., a partner at Hathaway and the attorney who is likely to represent the fee examiner, charges an hourly fee of $395. Legal assistants charge $75 per hour. Ms. Hathaway disclosed in a court filing that her firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Ms. Hathaway disclosed that her firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements; and that no Hathaway professional has varied his rate based on the geographic location of the Debtors' cases. The firm has not yet submitted a prospective budget or staffing plan, Ms. Hathaway also disclosed. The firm can be reached through: Deanna H. Hathaway, Esq. Hathaway Adair, P.C. 710 N. Hamilton St., Suite 100 Richmond, VA 23221 Phone: 804-257-9944 Fax: 804-325-3178 Email: deanna@hathawayadair.com Email: info@hathawayadair.com About Toys R Us, Inc. Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC (collectively, "Propco I Debtors") sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. VALLEY C: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Valley C, LLC 5320 Lubao Ave. Woodland Hills, CA 91364 Business Description: Valley C, LLC owns a 12-acre undeveloped commerical site and an 86-acre undeveloped residential site having a total current value of $35.5 million. Chapter 11 Petition Date: July 17, 2018 Case No.: 18-11786 Court: United States Bankruptcy Court Central District of California (San Fernando Valley) Judge: Hon. Martin R. Barash Debtor's Counsel: Douglas M. Neistat, Esq. GREENBERG & BASS 16000 Ventura Blvd., Suite 1000 Encino, CA 91436 Tel: 818-382-6200 Fax: 818-986-6534 Email: dneistat@greenbass.com Total Assets: $36,200,990 Total Liabilities: $37,203,503 The petition was signed by Joseph Guglielmo, managing member. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb18-11786.pdf List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Alexandria Acquisition and Finder's Fee $550,000 Develop 22603 Pacific Coast Highway #360 Malibu, CA 90265 Angeleno Associates, Inc. Services $16,700 Brian F. Smith and Associates, Inc. Word Data $325 Processing County of San Diego Property Taxes $16,353 County of San Diego Property Taxes $98,823 County of San Diego Property Taxes $98,823 County of Dan Diego Property Taxes $95,945 County of San Diego Property Taxes $42,914 County of San Diego Property Taxes $37,712 County of San Diego Property Taxes $34,910 County of San Diego Property Taxes $34,328 County of San Diego Property Taxes $30,903 Darnell & Associates Engineering $3,960 services Everett and Associates Certified Biologist $687 Services James Chagala & Associates Land Use Planning $7,260 services K&L Gates Attorney Fees $2,765 Red Architectural Group Bell Property $2,047 evaluation TK Consulting, Inc. Project management $20,046 and entitlement consulting Transworld Systems, Inc. Collection Agency $7,512 for Linscott Law & Greenspan Services TSAC Engineering Engineering $51,482 services VENTURE INVESTMENTS: Taps Steidl and Steinberg as Legal Counsel --------------------------------------------------------------- Venture Investments Group, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Steidl and Steinberg, P.C., as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Christopher Frye, Esq., the attorney who will be handling the case, charges an hourly fee of $300. His firm received a retainer of $5,000, plus the filing fee of $1,717. Steidl and Steinberg is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Christopher M. Frye, Esq. Steidl and Steinberg, P.C. 2830 Gulf Tower 707 Grant Street Pittsburgh, PA 15219 Phone: 412-391-8000 Email: Steidl and Steinberg, P.C. About Venture Investments Group Venture Investments Group, Inc., which conducts business under the name Burton's Total Pet, is a provider of pet care, pet information and pet supplies serving the Pittsburgh areas since 1993. It provides VIP pet care community veterinary clinics, self-service dog wash and bed and breakfast boarding. Venture Investments Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-22561) on June 26, 2018. In the petition signed by Burton Patrick, president, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. WILLIAM B. LAWTON: $14K Sale of Calcasieu Parish Properties Okayed ------------------------------------------------------------------ Judge Robert Summerhays of the U.S. Bankruptcy Court for the Western District of Louisiana authorized River Oaks Exploration, L.L.C.'s sale of Guillory #1 Well, Serial #231799, located in Section 14, Township 11 South, Range 9 West, Calcasieu Parish, Louisiana, including all right, title and interest, in and to (1) oil and gas leases covering the unit area, as to all depths, together with rights in any pooled or unitized acreage by virtue of any lands covered by the Leases being a part thereof; (2) the Well, and all equipment, facilities, pipelines, and other equipment located on the lands; (3) all leasehold, working interest, operating rights, reversionary interests, net profits interests, and any contractual rights and other similar or dissimilar interest in the lands, Leases and Well in which River Oaks has a legal, equitable or contractual interests in conjunction therewith; (4) all contracts, easements, licenses and other rights owned by River Oaks and relating to the Leases and Well; and (5) all hydrocarbon production therefrom of whatsoever nature, to Kaiser-Francis Oil Co. for $14,326. A hearing on the Motion was held on June 26, 2018 at 10:30 a.m. The sale is in "as is" condition without, any warranty, except for a limited warranty of title only as to acts by, through and under the Debtor; and free and clear of all liens, claims, and encumbrances and other interests, with any such claims attaching to the sale proceeds. The waiver of the 14-day stay of the Order under Federal Rule of Bankruptcy Procedure 6004(h) is approved. William B. Lawton Co. William B. Lawton Co., LLC, River Oaks Exploration, LLC, and Rayville Resources, LLC, are engaged in the oil and gas extraction business. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case Nos. 17-20948 to 17-20950) on Oct. 10, 2017. In the petitions signed by William T. Drost, its president, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Robert Summerhays presides over the cases. Lisa M. Hedrick, Esq., at Adams and Reese LLP, serves as Chapter 11 counsel to the Debtors. WJA ASSET: $549K Sale of Los Angeles Property to Kang Approved -------------------------------------------------------------- Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California authorized WJA Asset Management, LLC's sale of the real property located at 1541 E. 51st Street, Los Angeles, California, more particularly described as Lot 70 of Smith Brothers Compton Avenue, in the City of Los Angeles, County of Los Angeles, State of California, as per map recorded in Book 5, Page 103 of Maps, in the office of the County Recorder of said County, to Jung Eun Kang for $549,000. A hearing on the Motion was held on May 31, 2018 at 11:00 a.m. The sale is "as is, where is," without representations or warranties, free and clear of any and all liens and interests. Millennium Trust, Core, and Kingdom Trust will execute any documents that may be reasonably required by the title company issuing the title report with respect to the Property. The terms of the Residential Purchase Agreement and Joint Escrow Instructions are approved. The Debtor is authorized to pay all undisputed liens, including all real property tax arrearages, and the Estate's pro rata share of real property taxes, in full from the proceeds of sale without further order of the Court. It is also authorized to pay Elite Properties Realty its agreed-upon commission and ordinary costs of sale of the Property from the proceeds of sale. The overbid procedures outlined in the Motion are approved. Kingdom Trust is relieved of all of its duties as custodian of the Debtor's interest in the Property, and the Debtor's Chief Restructuring Officer is authorized to execute all documents required to consummate the transaction contemplated by the Motion on behalf of WJA Secure Real Estate Fund LLC. Any requirements for lodging periods of the Order approving the Motion imposed by Local Bankruptcy Rule 9021-1 and any other applicable bankruptcy rules are waived. The stay of the Order approving the Motion imposed by Federal Rule of Bankruptcy Procedure 6004(h) and any other applicable bankruptcy rules are waived. 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, 2017, 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. Ann Moore of Norton Moore Adams has been tapped as special counsel. Elite Properties Realty is the broker. WJA ASSET: Retention of Ramboll to Review Gas Station Issues Okayed ------------------------------------------------------------------- Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California authorized TD REO Fund, LLC to pay up to $7,500 to Ramboll US Corp. to provide environmental consulting services related to a closed gas station it now owns that is located at 2104 G Street, Merced, California. The Debtor is authorized to enter into the Ramboll Agreement. To the extent that Ramboll is considered a professional within the meaning of the Bankruptcy Code, the Debtor is authorized to retain Ramboll under 11 U.S.C. Section 327(a) and the Debtor is authorized to pay Ramboll up to $7,500 without the necessity of a further Court order. 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, 2017, 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. The Debtors tapped Ann Moore of Norton Moore Adams as special counsel. On Jan. 10, 2018, the Court appointed Elite Properties Realty as broker. YINGLI GREEN: NYSE Files Form 25 with the SEC to Delist ADS ----------------------------------------------------------- The New York Stock Exchange LLC has filed a Form 25 with the U.S. Securities and Exchange Commission notifying the removal from listing or registration of Yingli Green Energy Holding Co Ltd.'s American Depositary Shares, (each representing ten ordinary shares) from the Exchange. About Yingli Green Energy Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar", -- http://www.yinglisolar.com/-- is a solar panel manufacturer. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and solar panel assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20 regional subsidiaries and branch offices and has distributed more than 20 GW solar panels to customers worldwide. Yingli Green reported a net loss attributable to the Company of RMB3.31 billion for the year ended Dec. 31, 2017, compared to a net loss attributable to the Company of RMB2.09 billion for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Yingli Green had RMB10.34 billion in total assets, RMB20.83 billion in total liabilities and a total shareholders' deficit of RMB10.49 billion. The report from the Company's independent accounting firm PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that facts and circumstances including accumulated and recurring losses from operations, negative working capital, cash outflows from operating activities, and uncertainties regarding the repayment of financing obligations raise substantial doubt about the Company's ability to continue as a going concern. Z-1 MANAGEMENT: $300K Sale of Memphis Property to Real Equity OK'd ------------------------------------------------------------------ Judge Paulette J. Delk of the U.S. Bankruptcy Court for the Western District of Tennessee authorized Z-1 Management, LLC's sale of the real property known as 3035 Directors Row, Memphis, Tennessee, Parcel ID 060222 00181, comprising an office complex, to Real Equity Tennessee, LLC, for $300,000. The sale is free and clear of any and all charges, liens, and claims, whether arising prior to or subsequent to the Petition Date, whether imposed by agreement, understanding, law, equity or otherwise. Upon closing of the sale, valid, perfected and unavoidable liens, claims, and encumbrances will attach to the sale proceeds to the same extent, and in the same priority, as the prepetition liens, claims and encumbrances, including but not limited to the Deed of Trust held by Laurence Bloch and General Investments, LLC, which will be paid at closing along with usual and customary closing costs and expenses of sale, including a 6% real estate commission to Jeff Waddell. Notwithstanding the provisions of Bankruptcy Rules 6004(h) and 6006(d), the Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. In the absence of any entity obtaining a stay of the Order pending appeal, the parties are free to close upon the Sale and the transactions contemplated by the Contract in accordance therewith. About Z-1 Management Z-1 Management, LLC, is a privately held company whose principal assets are located at 3035 Directors Row Memphis, Tennessee. Z-1 Management filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 18-21898) on March 2, 2018. In the petition signed by Lawrence Migliara, Jr., member, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. Paulette J. Delk is the case judge. Russell W. Savory at Beard & Savory, PLLC, is the Debtor's counsel. Jeff Waddell of Crye-Leike Realtors is the real estate agent. The Office of the U.S. Trustee on April 3, 2018, disclosed that no official committee of unsecured creditors has been appointed in the Chapter 11 case. [*] Ankura Appoints Lynn Poss Veblen as Deputy General Counsel -------------------------------------------------------------- Ankura, a business advisory and expert services firm that leverages integrated risk management, governance, compliance, investigations, forensics, technology, turnaround and restructuring, and management consulting capabilities, on July 11, 2018, announced the appointment of Lynn Poss Veblen as Deputy General Counsel of Ankura, and as General Counsel of its wholly-owned subsidiary, Ankura Trust Company. Based in New York, Ms. Poss Veblen joins Ankura with more than a dozen years of experience advising and representing clients in restructurings, financings, and complex corporate transactions, as well as corporate governance, regulatory, and compliance matters. Her past clients and counterparties include corporations, financial institutions, insurance companies, private equity firms, and hedge funds. "We are incredibly fortunate to have Lynn join the team at such a crucial time in the firm's development," said Cherie Schaible, General Counsel at Ankura. "Ankura is currently working through one of the most pivotal moments of its corporate history and Lynn's appointment is an important step as we continue to grow and enhance the capabilities of the firm. Lynn's presence contributes to an incredibly strong female-led legal department and her extensive experience across restructurings, financings, and complex corporate transactions as well as her strong industry relationships make her the ideal choice for this new role." David Sawyer, Chief Executive Officer of Ankura Trust Company, added, "I am thrilled to welcome Lynn to the Ankura Trust Company team. Lynn brings a vast understanding of the legal industry as a whole; her broad expertise in restructuring, compliance, and regulatory matters will augment our legal function and provide unparalleled value to our clients as we seek to devise and execute on their strategies. I look forward to working with Lynn, who will broaden our leadership team's expertise, as we continue to focus on growing and evolving our client offering. Lynn is incredibly talented and well respected in the industry -- she embodies exactly what sets Ankura apart from the rest." Prior to this new role, Ms. Poss Veblen was a director and Associate General Counsel at Citigroup, where she handled a wide range of US and international restructurings, advised on regulatory and compliance matters, and worked on investment-grade and distressed financings and structured products. Previously, Ms. Poss Veblen was an associate at Davis Polk & Wardwell, where she specialized in restructurings, advising corporate and creditor-side clients on chapter 11 bankruptcy proceedings, out-of-court workouts, and other complex transactions. "I am excited to be joining Ankura and Ankura Trust Company, and look forward to partnering with Cherie and David to lead the firms' legal organizations to help guide their rapidly growing business areas," said Lynn Poss Veblen. "This is a unique opportunity to work alongside a talented and diversified group of industry experts as both firms transform for the future. I am honored to have this opportunity and look forward to this new and exciting role." About Ankura Ankura -- http://www.ankura.com/-- is a business advisory and expert services firm defined by HOW we solve challenges. Whether a client is facing an immediate business challenge, trying to increase the value of their company or protect against future risks, Ankura designs, develops, and executes tailored solutions by assembling the right combination of expertise. [*] Guggenheim Securities to Acquire Millstein & Co. ---------------------------------------------------- Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, has entered into a definitive agreement to acquire Millstein & Co., a leading advisor to companies, investors, and sovereigns with expertise in restructuring, sovereign advisory, and financial institutions. The combination of Millstein’s advisory team with Guggenheim’s restructuring group creates one of the leading restructuring and liability management practices. Founder and CEO of Millstein & Co. Jim Millstein will join Guggenheim as Co-Chairman of Guggenheim Securities alongside Alan Schwartz, Executive Chairman of Guggenheim Partners and Co-Chairman of Guggenheim Securities. Ronen Bojmel will lead the combined Guggenheim restructuring team. Prior to founding Millstein & Co., Mr. Millstein served as Chief Restructuring Officer at the U.S. Department of the Treasury from 2009 through 2011, overseeing the department’s investment in and oversight of the financial sector following the 2008 financial crisis. From July 2000 to April 2009, Mr. Millstein served as Managing Director and Global Co-Head of Corporate Restructuring at Lazard. Before beginning his investment banking career at Lazard, Mr. Millstein was a Partner and Head of the Corporate Restructuring practice at Cleary Gottlieb Steen & Hamilton. "I am excited to partner with Jim at Guggenheim," Mr. Schwartz said. "Jim brings an extensive history of senior leadership, a deep understanding of markets, and an unparalleled reputation as an innovative thought partner with his clients. Jim and his team of highly talented bankers share our approach to advising clients and values core to our firm. We look forward to welcoming Jim and team to Guggenheim." Co-CEO of Guggenheim Securities Mark Van Lith added: "With the addition of Jim’s team to Guggenheim, we are excited to build on the significant success of our restructuring and liability management practice and to further Guggenheim’s reputation as a premier restructuring brand." "Alan and his partners have built a first-class independent investment bank, and I look forward to helping them continue to grow its business through the combination of our respective restructuring and liability management businesses," Mr. Millstein said. "In a world awash in debt, the need for creative solutions to help businesses, governments and investors avoid or mitigate the adverse impacts of financial distress is as great today as ever and the combination with Guggenheim will give us access to a deep bench of talented investment bankers to better serve the needs of our clients." The transaction is expected to close in the third quarter subject to regulatory approvals. Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Chicago, Boston, Atlanta, Los Angeles, San Francisco, and Houston. For more information, please contact us at GSinfo@GuggenheimPartners.com or 212.518.9200. Guggenheim Partners -- http://www.GuggenheimPartners.com/-- is a global investment and advisory firm with more than $305 billion1 in assets under management. It has more than 2,400 professionals based in more than 25 offices around the world. Media Contact: Ellen Cunningham Guggenheim Partners 212.518.9578 E-mail: Ellen.N.Cunningham@GuggenheimPartners.com [*] Kirkland & Ellis Leads The Deal Rankings for M&A, Bankruptcy ---------------------------------------------------------------- The Deal, a business unit of TheStreet, Inc., on July 2 published its preliminary league tables for the second quarter of 2018, highlighting the top global advisers involved in mergers and acquisitions, bankruptcy, out-of-court restructuring, private equity deals and life settlements. The list of the Q2 2018 rankings is available at: https://leaguetables.thedeal.com/ Taking the top spots for M&A are Kirkland & Ellis LLP, Goldman, Sachs & Co. and Innisfree M&A Inc. "The first half of 2018 saw a bevy of big deals, with 16 transactions of $10 billion or more involving a U.S. company announced so far this year," observed David Marcus, Senior Writer of The Deal. "The activity has come in a range of sectors including media and telecommunications, healthcare and energy." Rankings include the names of lead M&A and/or corporate partners at law firms that represented principals and investment advisers. Only deals involving a change of control at a target company with a market value of $100 million or more are included, and only when a key party involved is a U.S. company. Unless the target is a recognized stand-alone operating business, rankings will not include asset sales, unit sales, sales of subsidiaries, spin-offs or joint ventures. Kirkland & Ellis LLP also leads the rankings for bankruptcy deals along with Evercore Partners Inc., Zolfo Cooper LLC and Joele Frank Wilkinson Brimmer Katcher. "The energy sector was by far the most active sector for companies filing for bankruptcy in the second quarter," noted Kirk O'Neil, Associate Editor of The Deal, concerning bankruptcy activity. "Many oil and gas exploration and production companies resorted to filing Chapter 11 to reorganize after unsuccessfully trying to restructure out of court." The Deal's Bankruptcy League Tables are comprised of advisory assignments on business petitions with liabilities of at least $25 million, filed in U.S. courts, between January 1 and December 31, 2018. The full rankings and company and individual profile details are available at: https://leaguetables.thedeal.com/ About The Deal The Deal -- http://www.thedeal.com-- provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them. The Deal is a business unit of TheStreet, Inc. (NASDAQ: TST, www.t.st), a financial news and information provider. Other business units include TheStreet -- http://www.thestreet.com-- an unbiased source of business news and market analysis for investors and BoardEx -- http://www.boardex.com -- a relationship mapping service of corporate directors and officers. [] 2018 DI Conference Discount Tickets Available for Early Birds ---------------------------------------------------------------- Early registration discount tickets are currently available for Beard Group's 2018 Distressed Investing (DI) Conference to be held Monday, Nov. 26, 2018. The day-long program, marking the event's 25th year, will be held at The Harmonie Club, 4 East 60th Street, New York, NY 10022. To register for the one-day conference visit: https://www.distressedinvestingconference.com/ Conway MacKenzie, Foley & Lardner, Longford Capital and Development Specialist Inc. (DSI) will again be partnering with Beard Group as it marks the conference's Silver Anniversary. This milestone denotes the event as the oldest, influential DI conference in the U.S. Debtwire will again be a media sponsor of the conference. For a quarter of a century, the DI Conference's focus has been on "Maximizing Profits in the Distressed Debt Market." The event also serves as a forum for leaders in corporate restructuring, lending and debt and equity investments to gather and discuss the latest topics and trends in the distressed investing industry, as well as exchange ideas about high-profile chapter 11 bankruptcy proceedings and out-of-court restructurings. These are distinguished professionals who place their resources and reputations at risk to produce stellar results by preserving jobs, rebuilding broken businesses, and efficiently redeploying underutilized assets in the marketplace. The conference will also feature the: * Luncheon presentation of the Harvey K Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. (The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student.) * Evening awards dinner recognizing the 12 Outstanding Restructuring Lawyers To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and to expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 ********* 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. *** End of Transmission ***