/raid1/www/Hosts/bankrupt/TCR_Public/190503.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, May 3, 2019, Vol. 23, No. 122
Headlines
13 HOPE AVENUE: Seeks to Hire Kovacs Law as Legal Counsel
2260 SAN YSIDRO: Case Summary & 3 Unsecured Creditors
509 EAST 55TH: Seeks to Hire Bruce Feinstein as Legal Counsel
ABILITY INC: Incurs $2.15-Mil. Net Loss for Dec. 31 Quarter
ADMA BIOLOGICS: CohnReznick LLP Raises Going Concern Doubt
ADT INC: S&P Assigns 'B+' Issuer Credit Rating
AMERICAN RESOURCE: B. Mukamal Appointed as Ch. 11 Trustee
ANCHIANO THERAPEUTICS: Somekh Chaikin Raises Going Concern Doubt
ANKA BEHAVIORAL: Case Summary & 20 Largest Unsecured Creditors
ASOCIACION DE PROPIETARIOS: Seeks to Hire Accountant
ASOCIACION DE PROPIETARIOS: Seeks to Hire Justiniano's as Counsel
AVANT DIAGNOSTICS: Incurs $452,000 Net Loss for Dec. 31 Quarter
AVIANCA HOLDINGS: KPMG S.A.S. Raises Going Concern Doubt
BARKER BOATWORKS: Seeks to Hire Stichter Riedel as Legal Counsel
BELLATRIX EXPLORATION: Has CAD146.3M Net Loss at Year-End 2018
BIG E AUTOMOBILE: Operating Revenues to Fund Proposed Plan
BIOPHARMX CORP: Incurs $17.2-Mil. Net Loss for Year Ended Jan. 31
BLUE DIAMOND: Taps Franklin & Prokopik as Real Estate Counsel
BRIAN G. MEEHAN: PCO Files 2nd Report
BROOKFIT VENTURES: Alan Chapell Named Consumer Privacy Ombudsman
BUILTRITE BUILDERS: U.S. Trustee Forms 7-Member Committee
BUTLER SPECIALTIES: Seeks to Hire Nardone Law as Legal Counsel
C.T.W. REALTY: Voluntary Chapter 11 Case Summary
CAH ACQUISITION 5: DOJ Watchdog Directed to Appoint PCO
CAPSTONE PEDIATRICS: Says PCO Appointment Not Necessary
CENTRAL MOTORCYCLE: Creditor Seeks Dismissal, Trustee Appointment
CFO MANAGEMENT: David Wallace Appointed as Ch. 11 Trustee
CFO MANAGEMENT: Trustee Seeks to Hire Ross & Smith as Counsel
CFO MANAGEMENT: Trustee Taps Ross & Smith as Real Estate Counsel
CHINA LENDING: Friedman LLP Raises Going Concern Doubt
CLEVELAND-CLIFFS INC: Moody's Rates $750MM Sr. Unsec. Notes 'B1'
CONIFER VETERINARY: Settlement with Falcks Incorporated in New Plan
CONTRAVIR PHARMACEUTICALS: BDO USA LLP Raises Going Concern Doubt
COOLTRADE INC: Founder, Wife Files Chapter 11 Plan of Liquidation
CREDIAUTOUSA FINANCIAL: Seeks to Hire Kit J. Gardner as Counsel
DAVICORP ENTERPRISES: Seeks to Hire Norred Law as Legal Counsel
DELOREAN SERVICE: Taps Vortman & Feinstein as Legal Counsel
DIVERSIFIED RESOURCES: Case Summary & 20 Top Unsecured Creditors
DYNAGAS LNG: Ernst & Young (Hellas) Raises Going Concern Doubt
FRONTIER FUNDS: Discloses Going Concern Doubt for 527 Fund
FRUTTA BOWLS: Committee Seeks to Hire Porzio Bromberg as Counsel
FUWEI FILMS: KSP Group Raises Going Concern Doubt
GET HOOKED: Taps Waldron & Schneider as Legal Counsel
HARVARD GROUP: Voluntary Chapter 11 Case Summary
HELIOS SOFTWARE: Moody's Gives First-Time B3 CFR, Outlook Negative
HELIUS MEDICAL: BDO USA LLP Raises Going Concern Doubt
HERZ HERZ & REICHLE: Case Summary & 20 Largest Unsecured Creditors
INNOVATIVE DESIGNS: Independent Firm Raises Going Concern Doubt
JJE INC: Seeks to Hire Gratacos Law Firm as Legal Counsel
JPW INDUSTRIES: Moody's Affirms B3 CFR on Baileigh Acquisition
JUPAI HOLDINGS: Says Going Concern Doubt Exists for Shanghai Runju
KEMET CORP: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
KHRL GROUP: TransPecos Banks Seeks Trustee Appointment, Dismissal
KINERJAPAY CORP: M&K CPAS Raises Going Concern Doubt
KODRENYC LLC: Unsecureds to Get Payment from Remaining Trust Assets
KONA GRILL: Case Summary & 30 Largest Unsecured Creditors
KOPIN CORP: Deloitte & Touche LLP Raises Going Concern Doubt
LANDSCAPE HOME: Seeks to Hire Genova & Malin as Legal Counsel
LBI MEDIA: Court Confirms 3rd Amended Plan
LEGEND FARMS: Seeks Approval to Hire Accountant
LEGEND FARMS: Seeks to Hire Steinhilber Swanson as Legal Counsel
LEOPOLD GROUP: Case Summary & 4 Unsecured Creditors
LK BENNETT USA: Seeks to Hire DLA Piper LLP (US) as Counsel
LOWER CADENCE: S&P Assigns 'B' ICR; Outlook Positive
LUOKUNG TECHNOLOGY: Needs Financing to Remain as Going Concern
MABVAX THERAPEUTICS: Taps Rosner Law Group as Legal Counsel
MAGNOLIA OIL: Fitch Alters Outlook on 'B' IDR to Positive
MAYFLOWER COMMUNITIES: PCO Files 1st Interim Report for 2 Units
MEDICINES CO: Needs More Funds to Continue as Going Concern
MID-CITIES HOME: PCO Appointment Not Necessary, Court Rules
MID-CITIES HOME: Seeks to Hire Forshey & Prostok as Legal Counsel
MINING POWER: Accumulated Deficit Raises Going Concern Doubt
NETSHOES CAYMAN: KPMG Raises Going Concern Doubt
NEUROMETRIX INC: Reports $2.05-Mil. Net Income for March 31 Quarter
NEW COTAI: Case Summary & 20 Largest Unsecured Creditors
NYMAN HOLDINGS: Seeks to Hire Stokes Law as Legal Counsel
PARHELION INCORPORATED: Case Summary & 5 Unsecured Creditors
PEOPLE HELPING: Case Summary & 8 Unsecured Creditors
PINK OCEAN: Seeks Ch. 11 Trustee Appointment
POST PRODUCTION: New Plan Discloses DIP Funding to Pay Claims
PRESLEYLAND SPEEDPARK: U.S. Trustee Unable to Appoint Committee
PROMISE HEALTHCARE: PCO Files 3rd and Final Report
PROTEON THERAPEUTICS: Ernst & Young LLP Raises Going Concern Doubt
PURE ACQUISITION: Reports $1.7M Net Income for March 31 Quarter
RAHMANIA PROPERTIES: Gary Lampert Named Ch. 11 Examiner
ROSSER RESERVE: Court Approves Disclosure Statement, Confirms Plan
SAVE MONEY: Case Summary & 20 Largest Unsecured Creditors
SCOOBEEZ: Case Summary & 20 Largest Unsecured Creditors
SIF SERVICES: Case Summary & 18 Unsecured Creditors
SKYTEC INC: May 17 Approval Hearing on Disclosure Statement Set
SOUTH PLAZA CENTER: May 28 Plan Confirmation Hearing
TMK HAWK: S&P Cuts ICR to 'CCC+'; Outlook Negative
UNITED INTERNATIONAL: Plan Confirmation Hearing Set for July 17
VALLEY TRUCK: Seeks to Hire Jordan Holzer as Legal Counsel
VSOP LLC: Voluntary Chapter 11 Case Summary
WHEEL PROS: S&P Alters Outlook to Negative, Affirms 'B' ICR
ZAKINTOS & PLATANOS: Taps Wisdom Professional as Accountant
[^] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW
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13 HOPE AVENUE: Seeks to Hire Kovacs Law as Legal Counsel
---------------------------------------------------------
13 Hope Avenue Junction, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to hire Kovacs
Law, P.C., as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
The firm's hourly rates are:
Robert Kovacs Jr., Esq. $285
Associate Attorneys $250
Paralegal $115
Assistant $65
Kovacs Law received a retainer in the sum of $6,000, of which
$1,717 was used to pay the filing fee.
Robert Kovacs Jr., Esq., the attorney who will be handling the
case, disclosed in court filings that he and other members of his
firm are "disinterested" as defined in Section 101(14) of the
Bankruptcy Code.
Kovacs Law can be reached through:
Robert W. Kovacs, Jr., Esq.
Kovacs Law, P.C.
131 Lincoln Street
Worcester, MA 01605
Phone: (508) 926-8833
E-mail: Robert@KovacsLawFirm.com
About 13 Hope Avenue Junction
13 Hope Avenue Junction, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 19-40591) on April
10, 2019. At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $1 million.
The case is assigned to Judge Christopher J. Panos. Kovacs Law,
P.C., is the Debtor's counsel.
2260 SAN YSIDRO: Case Summary & 3 Unsecured Creditors
-----------------------------------------------------
Debtor: 2260 San Ysidro, LLC
550 North Atlantic Boulevard
Unit 456
Monterey Park, CA 91754-7739
Business Description: 2260 San Ysidro, LLC is a Single Asset
Real Estate Debtor (as defined in 11
U.S.C. Section 101(51B)). The Company is
the fee simple owner of a property located
at 2260 San Ysidro Dr, Beverly Hills, CA,
with an estimated value of $3.2 million.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Central District of California (Los Angeles)
Case No.: 19-15021
Judge: Hon. Vincent P. Zurzolo
Debtor's Counsel: Richard T. Baum, Esq.
LAW OFFICES OF RICHARD T. BAUM
11500 W Olympic Blvd, Ste.400
Los Angeles, CA 90064
Tel: 310-277-2040
Fax: 310-286-9525
E-mail: rickbaum@hotmail.com
Total Assets: $3,200,000
Total Liabilities: $2,304,815
The petition was signed by John LaCroix, member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/cacb19-15021.pdf
509 EAST 55TH: Seeks to Hire Bruce Feinstein as Legal Counsel
-------------------------------------------------------------
509 East 55th Street Corp. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire the Law Offices
of Bruce Feinstein as its legal counsel.
The firm will assist the Debtor in the preparation of a plan of
reorganization and will provide other legal services in connection
with its Chapter 11 case.
The firm's hourly rates are:
Attorney $400
Legal Assistant/Clerk $175
The Debtor has agreed to pay the firm an initial retainer in the
amount of $12,000.
Bruce Feinstein does not represent any interest adverse to the
Debtor and its bankruptcy estate, according to court filings.
The firm can be reached through:
Bruce I. Feinstein, Esq.
Law Offices of Bruce Feinstein
86-66 110 Street
Richmond Hill, NY 11418
Tel: (718) 570-8100
Fax: (718) 570-8012
Email: brucefeinsteinesq@gmail.com
About 509 East 55th Street Corp.
509 East 55th Street Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42171) on April
10, 2019. At the time of the filing, the Debtor estimated assets
of less than $50,000 and liabilities of less than $50,000.
ABILITY INC: Incurs $2.15-Mil. Net Loss for Dec. 31 Quarter
-----------------------------------------------------------
Ability Inc. filed its Form 6-K, disclosing a net and comprehensive
loss of $2,151,000 on $102,000 of revenues for the three months
ended Dec. 31, 2018, compared to net and comprehensive income of
$34,000 on $1,943,000 of revenues for the same period in 2017.
At Dec. 31, 2018, the Company had total assets of $25,374,000,
total liabilities of $21,825,000, and $3,549,000 in total
shareholders' equity.
As of Dec. 31, 2018, the Company had an accumulated deficit of
$28.2 million and cash and cash equivalents of $9.9 million,
compared to accumulated deficit of $18.0 million and cash and cash
equivalents of $1.9 million as of December 31, 2017. Due to a
significant decline in revenues and continued significant legal and
professional services fees, the Company has an accumulated deficit,
suffered recurring losses and has negative operating cash flow.
Additionally, the Company is under an investigation of the Israeli
Ministry of Defense, which ordered a suspension of certain export
licenses. These matters, along with other reasons, raise
substantial doubt about the Company's ability to continue as a
going concern.
The Company's independent registered public accounting firm, in its
report on its audited consolidated financial statements for the
year ended December 31, 2018 expressed substantial doubt about the
Company's ability to continue as a going concern. The Company's
ability to continue as a going concern is dependent upon, among
other things, cash flow from customers for ongoing projects, a
decrease in litigation costs, the Company's ability to remain
listed on the Nasdaq Capital Market and favorable resolution of the
pending lawsuits, and the investigations conducted by the
Securities and Exchange Commission and the Israeli Ministry of
Defense.
The Company expects to continue incurring losses and negative cash
flows from operations in the foreseeable future. As a result of
these expected losses and negative cash flows from operations,
along with the Company's current cash position, the Company only
has sufficient cash on its balance sheet to finance its operations
for a period of between six to twelve months from the date hereof.
A copy of the Form 6-K is available at:
https://is.gd/nZ1jbT
Ability Inc., through its subsidiaries, provides interception,
geolocation, and cyber intelligence products and solutions for
security and intelligence agencies, military forces, law
enforcement agencies, and homeland security agencies worldwide. It
specializes in off-air interception of voice, SMS, and data
communication from cellular and satellite communication networks;
and deciphering solutions for cellular and satellite
communications. The company offers strategic and tactical cellular
interception systems for intercepting mobile phone traffic and
tracking mobile phone users; and satellite interception systems.
It also provides geolocation systems to geographically target
mobile phones; and cyber solutions that enable the user to extract
and view information from mobile phones. Ability Inc. was founded
in 1994 and is headquartered in Tel Aviv, Israel.
ADMA BIOLOGICS: CohnReznick LLP Raises Going Concern Doubt
----------------------------------------------------------
ADMA Biologics, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$65,743,445 on $16,985,290 of total revenues for the year ended
Dec. 31, 2018, compared to a net loss of $43,758,975 on $22,760,560
of revenue for the year ended in 2017.
The audit report of CohnReznick LLP states that management believes
that the Company will continue to incur net losses and negative net
cash flows from operating activities through the drug development,
approval and commercialization preparation process. These
conditions raise substantial doubt about the Company’s ability to
continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $88,876,521, total liabilities of $69,106,083, and a total
stockholders' equity of $19,770,438.
A copy of the Form 10-K is available at:
https://is.gd/1W0RnO
ADMA Biologics, Inc., a biopharmaceutical and specialty
immunoglobulin company, develops, manufactures, and markets
specialty plasma-derived biologics for the treatment of immune
deficiencies and infectious diseases. Its lead product candidate is
RI-002 derived from human plasma, which has completed Phase III
clinical trials for the treatment of primary immune deficiency
disease. The company also offers Nabi-HB, a hyperimmune globulin
for the treatment of acute exposure; and Bivigam, an intravenous
immune globulin for the treatment of primary humoral
immunodeficiency. In addition, it operates source plasma
collection facilities in Norcross, Marietta, and Kennesaw, Georgia.
The company distributes its products through independent
distributors, sales agents, specialty pharmacies, and other
alternate site providers. ADMA Biologics was founded in 2004 and
is headquartered in Ramsey, New Jersey.
ADT INC: S&P Assigns 'B+' Issuer Credit Rating
-------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to ADT
Inc. It also revised the outlook to stable from positive and
affirmed all ratings, including its 'B+' issuer credit rating on
Prime Security Services Borrower LLC.
The outlook revision reflects ADT's slower-than-expected path
toward deleveraging, with the company's redemption of approximately
$3.2 billion in debt offset by new debt issuance of $1.93 billion
(as of April 28, 2019 and inclusive of $750 million of Koch
preferred securities which S&P treated as debt). The level of debt
repayment and free cash flow generation following ADT's IPO has
been lower than expected. Therefore, this has diminished prospects
for an upgrade over the next 12 months. S&P views ADT's relatively
high debt levels, elevated operating expenses and similar
subscriber acquisition costs relative to that of 2018 to no longer
support FOCF-to-debt growth to the mid- to high-single digit
percentage area over the next 12 months.
The stable outlook reflects S&P's expectation that ADT's operating
performance will remain stable as it reduces customer churn,
broadens its home automation solutions and service offerings, and
grows its commercial and DIY businesses over the next 12 months.
The rating agency forecasts FOCF-to-debt in the low- to
mid-single-digit percentage area and high-single-digit revenue
growth in 2019.
"We could raise the rating if ADT grows and maintains its free cash
flow, sustaining FOCF-to-debt in the high-single-digit percentage,
along with strong operating metrics. An upgrade would also be
predicated on a significant decline in the financial sponsor
ownership," S&P said.
"We could lower the rating if FOCF to debt declines to the
low-single-digit percentage area or leverage rises above 5x because
of increased subscriber attrition, debt-funded acquisitions or
dividends, difficulty refinancing its debt, or operational
challenges," S&P said.
AMERICAN RESOURCE: B. Mukamal Appointed as Ch. 11 Trustee
---------------------------------------------------------
Judge John K. Olson of the U.S. Bankruptcy Court for the Southern
District of Florida approved the appointment of Barry E. Mukamal as
the Chapter 11 Trustee for American Resource Management, LLC.
The appointment of Mr. Mukamal was made following the order of
Judge Olson, dated April 18, 2019, directing the appointment of a
Chapter 11 trustee for the Debtor.
About American Resource
American Resource Management, LLC is a timeshare liquidation
company headquartered in Florida. American Resource, one of the
nine debtor affiliates of American Resource Management Group, filed
a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-14605) on April
9, 2019, and is represented by Tate M. Russack, Esq., in Boca
Raton, Florida.
At the time of filing, the Debtor had $100,000 to $500,000 in
estimated assets and $1 mil. to $10 mil. in estimated liabilities.
The petition was signed by Shyla Cline and Scott Morse, managers.
ANCHIANO THERAPEUTICS: Somekh Chaikin Raises Going Concern Doubt
----------------------------------------------------------------
Anchiano Therapeutics Ltd. filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of $13,279,000 on $0 of revenue for the year ended Dec.
31, 2018, compared to a net loss of $9,806,000 on $0 of revenue for
the year ended in 2017.
The audit report of Somekh Chaikin states that the Company has
incurred recurring losses from operations that, together with other
matters described in the aforesaid note, raise substantial doubt
about its ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $12,574,000, total liabilities of $13,664,000, and $1,090,000 in
total deficit.
A copy of the Form 20-F is available at:
https://is.gd/8eb535
Anchiano Therapeutics Ltd., a clinical-stage biopharmaceutical
company, focuses on the discovery, development, and
commercialization of therapies to treat cancer-related diseases. It
is primarily developing Inodiftagene vixteplasmid for the treatment
of non-muscle-invasive bladder cancer. The company was formerly
known as BioCancell Ltd. and changed its name Anchiano Therapeutics
Ltd in July 2018. The company was founded in 2004 and is based in
Cambridge, Massachusetts.
ANKA BEHAVIORAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: ANKA Behavioral Health, Incorporated
3840 Buskirk Ave., Suite 300
Pleasant Hill, CA 94523
Business Description: In operation since 1973, Anka Behavioral
Health, Inc. -- https://www.ankabhi.org --
is a 501(c)3 non-profit behavioral
healthcare corporation. Anka offers
crisis residential treatment, transitional
residential treatment, and long term
residential treatment for children and
adults experiencing a psychiatric emergency
or behavioral crisis. Anka's residential-
based facilities are located in Contra
Costa, Alameda, Solano, Sonoma, Santa Clara,
Fresno, San Luis Obispo, Santa Barbara,
Ventura, Los Angeles, and Riverside Counties
in California, and Tuscola County in
Michigan.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Northern District of California (Oakland)
Case No.: 19-41025
Judge: Hon. William J. Lafferty
Debtor's Counsel: Richard A. Lapping, Esq.
TRODELLA & LAPPING LLP
540 Pacific Ave.
San Francisco, CA 94133
Tel: (415) 399-1015
E-mail: rich@trodellalapping.com
- and -
WENDEL ROSEN BLACK & DEAN LLP
Debtor's
Financial
Advisor: Russell K. Burbank
BPM LLP
Debtor's
Claims &
Noticing
Agent: DONLIN RECANO & COMPANY, INC.
https://www.donlinrecano.com/Clients/anka/Dockets
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Chris Withrow, president and CEO.
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/canb19-41025.pdf
ASOCIACION DE PROPIETARIOS: Seeks to Hire Accountant
----------------------------------------------------
Asociacion De Propietarios Condominio Radio Centro seeks approval
from the U.S. Bankruptcy Court for the District of Puerto Rico to
hire an accountant.
The Debtor proposes to employ Asdrubal Delgado Biaggi, a certified
public accountant, to prepare its monthly reports, financial
statements, tax returns and cash flow projections needed for its
bankruptcy plan, and provide other accounting services necessary to
administer its bankruptcy estate.
The accountant will charge an hourly fee of $50 for his services.
Mr. Biaggi disclosed in court filings that he is "disinterested" as
defined in Section 101(14) of the Bankruptcy Code.
Mr. Biaggi maintains an office at:
Asdrubal Delgado Biaggi
3062 Monaco Street
Cabo Rojo, PR 00623
Mobile: 787-519-1963
Fax: 787-986-7439
Email: vipblock@hotmail.com
About Asociacion De Propietarios
Condominio Radio Centro
Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019. At the time of the filing,
the Debtor estimated assets of less than $100,000 and liabilities
of less than $500,000. Gloria Justiniano Irizarry, Esq., at
JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.
ASOCIACION DE PROPIETARIOS: Seeks to Hire Justiniano's as Counsel
-----------------------------------------------------------------
Asociacion De Propietarios Condominio Radio Centro seeks approval
from the U.S. Bankruptcy Court for the District of Puerto Rico to
hire Justiniano's Law Office as its legal counsel.
The firm will advise the Debtor of its duties under the Bankruptcy
Code; examine officers as to the acts, conduct and property of the
Debtor; assist in the preparation of a plan of reorganization;
review proofs of claim; and provide other legal services in
connection with its Chapter 11 case.
Gloria Justiniano Irizarry, Esq., the firm's attorney who will be
handling the case, will charge an hourly fee of $250. Her firm
received a retainer in the amount of $3,500.
Ms. Irizarry disclosed in court filings that she and other members
of Justiniano's Law Office are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gloria Justiniano Irizarry, Esq.
Justiniano's Law Office
Ensanche Martinez
Calle A. Ramirez Silva #8
Mayaguez, PR 00680-4714
Phone: (787) 222-9272/(787) 805-2945
Email: justinianolaw@gmail.com
About Asociacion De Propietarios
Condominio Radio Centro
Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019. At the time of the filing,
the Debtor estimated assets of less than $100,000 and liabilities
of less than $500,000. Gloria Justiniano Irizarry, Esq., at
JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.
AVANT DIAGNOSTICS: Incurs $452,000 Net Loss for Dec. 31 Quarter
---------------------------------------------------------------
Avant Diagnostics, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $452,103 on $0 of revenues for the three
months ended Dec. 31, 2018, compared to a net loss of $267,276 on
$0 of revenues for the same period in 2017.
At Dec. 31, 2018 the Company had total assets of $4,906,664, total
liabilities of $3,029,772, and $1,876,893 in total stockholders'
equity.
Since inception, the Company has financed its operations primarily
through equity and debt financings and advances from related
parties. As of Dec. 31, 2018, the Company had an accumulated
deficit of $33.98 million. During the three months ended December
31, 2018 and 2017, the Company incurred net losses of $452,103 and
$267,276, respectively, and used cash in operating activities of
($297,919) and provided $29,619, respectively. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
A copy of the Form 10-Q is available at:
https://is.gd/q2HFMt
Avant Diagnostics, Inc., a commercial-stage molecular
data-generating company, focuses on the development and
commercialization of proprietary data-generating assays that
provide information for physicians and patients in the areas of
cancers. It owns license and distribution right for OvaDx, a
noninvasive proteomics diagnostic screening test for the early
detection of ovarian cancer. The company was founded in 2009 and
is based in Washington, District of Columbia.
AVIANCA HOLDINGS: KPMG S.A.S. Raises Going Concern Doubt
--------------------------------------------------------
Avianca Holdings S.A. filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a net profit
of $1,143,000 on $4,890,830,000 of total operating revenue for the
year ended Dec. 31, 2018, compared to a net profit of $82,032,000
on $4,441,684,000 of total operating revenue for the year ended in
2017.
The audit report of KPMG S.A.S. states that the controlling
shareholder of the Company obtained a loan and pledged its shares
in Avianca Holdings S.A. as security for this loan agreement (the
loan agreement), which requires compliance with certain covenants
by the controlling shareholder, including compliance with the
Company financial ratios. Breach of these covenants provides the
lender the right to enforce the security, leading to a change of
control over the Company. A change of control over the Company
would breach covenants included in some loan and financing,
aircraft rental, and other agreements of the Company, which in turn
could trigger early termination or cancelation of these contracts.
On April 10th, 2019, the Company was informed by the controlling
shareholder and its lender, that there was a non-compliance with
covenants established in the controlling shareholder’s loan
agreement, and no waiver was in place; thus, there is a potential
risk of change of control. This circumstance raises a substantial
doubt about the Company´s ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $7,118,643,000, total liabilities of $6,126,182,000, and
$992,461,000 in total equity.
A copy of the Form 20-F is available at:
https://is.gd/mZ07iQ
Avianca Holdings S.A., through its subsidiaries, provides passenger
and cargo air transportation services in North America, Central
America, the Caribbean, Colombia, Europe, South America, and
internationally. It also offers aircraft maintenance, crew
training, and other airport services to other carriers, as well as
travel and cargo related services to its customers. In addition,
the company is involved in the ground operations for third–party
airlines, and aircraft leasing activities; and operates LifeMiles,
a frequent flyer program. The company was formerly known as
AviancaTaca Holding S.A. and changed its name to Avianca Holdings
S.A. in March 2013. The company was founded in 1919 and is based
in Panama City, Panama. Avianca Holdings S.A. is a subsidiary of
Synergy Aerospace Corp.
BARKER BOATWORKS: Seeks to Hire Stichter Riedel as Legal Counsel
----------------------------------------------------------------
Barker Boatworks, LLC, seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Stichter, Riedel,
Blain & Postler, P.A. as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; participate in negotiation with its creditors in
the preparation of a plan of reorganization; negotiate with
potential financing sources or buyers; and provide other legal
services in connection with its Chapter 11 case.
Amy Denton Harris, Esq., at Stichter, disclosed in court filings
that no attorney employed by the firm holds any interest adverse to
the Debtor and its estate.
Stichter can be reached through:
Amy Denton Harris, Esq.
Stichter Riedel Blain & Postler, P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Phone: (813) 229-0144
Fax: (813) 229-1811
Email: aharris@srbp.com
About Barker Boatworks
Founded in 2014 by its current president, Kevin Barker, Barker
Boatworks, LLC designs and builds boats. All Barker boats are
"built to order" to the exact specifications of the customer's
request.
Barker Boatworks sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-03138) on April 5,
2019. At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of the same
range. The case is assigned to Judge Michael G. Williamson.
Stichter Riedel Blain & Postler, P.A., is the Debtor's counsel.
BELLATRIX EXPLORATION: Has CAD146.3M Net Loss at Year-End 2018
--------------------------------------------------------------
Bellatrix Exploration Ltd. filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
Net and Comprehensive Loss of CAD146,339,000 on CAD217,377,000 of
Revenues (net of royalties and commodity contracts) for the year
ended Dec. 31, 2018, compared to a Net and Comprehensive Loss of
CAD91,363,000 on CAD302,000,000 of Revenues (net of royalties and
commodity contracts) for the year ended in 2017.
The audit report of KPMG LLP states that the Company has
significant uncertainties relating to its ability to meet its
financial obligations on scheduled debt maturities that raise
substantial doubt about its ability to continue as a going
concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of CAD1,235,743,000, total liabilities of CAD563,018,000, and
CAD672,725,000 in total shareholders' equity.
A copy of the Form 20-F is available at:
https://is.gd/wcVIvC
Bellatrix Exploration Ltd. is a publicly traded Western Canadian
based growth oriented oil and gas company engaged in the
exploration for, and the acquisition, development and production of
oil and natural gas reserves, with highly concentrated operations
in west central Alberta, principally focused on profitable
development of the Spirit River liquids rich natural gas play.
BIG E AUTOMOBILE: Operating Revenues to Fund Proposed Plan
----------------------------------------------------------
Big E Automobile Rebuild, Inc. filed a disclosure statement
describing its chapter 11 plan of reorganization dated April 15,
2019.
Class 13 consists of the allowed claims of all creditors whose
claims are not included in Classes 1 through 12, as well as the
general unsecured claims of creditors. The total of Class 13 claims
is approximately $172,360. Class 13 claims will be paid in full,
with interest at 4% per annum, in equal monthly installments of
principal and interest over 36 months from the Effective Date.
Payments will commence on the 15th day of the calendar month
following the Effective Date. The Debtor may pre-pay some or all
Class 13 claim, in its discretion.
Payments and distributions under the Plan will be funded from the
Debtor's operating revenues. On the Effective Date of the Plan, the
Debtor expects to have a cash balance of at least $135,000.
A copy of the Disclosure Statement dated April 15, 2019 is
available at https://tinyurl.com/y24u68q5 from Pacermonitor.com at
no charge.
About Big E Automobile Rebuild
Based in Burien, Washington, Big E Auto Rebuild, Inc. --
http://www.bigeautorebuild.com/-- offers complete auto body shop
and auto paint shop services. It has been family owned and
operated since 1970 and provides service to Seattle, West Seattle,
Bellevue, Renton, SeaTac, Kent and Federal Way areas from the
Burien facility.
Big E Automobile Rebuild sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 18-12732) on July 12,
2018. In the petition signed by John Willard, president, the
Debtor disclosed $287,786 in assets and $2,633,442 million in
liabilities. Judge Christopher M. Alston presides over the case.
Donald A. Bailey, Esq., is the Debtor's counsel. No official
committee of unsecured creditors has been appointed in the Chapter
11 case.
BIOPHARMX CORP: Incurs $17.2-Mil. Net Loss for Year Ended Jan. 31
-----------------------------------------------------------------
BioPharmX Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
and comprehensive loss of $17,258,000 on $57,000 of net revenues
for the year ended Jan. 31, 2019, compared to a net loss and
comprehensive loss of $16,640,000 on $73,000 of net revenues for
the year ended in 2018.
The audit report of BPM LLP states that the Company's recurring
losses from operations, available cash and accumulated deficit
raise substantial doubt about its ability to continue as a going
concern.
The Company's balance sheet at Jan. 31, 2019, showed total assets
of $3,654,000, total liabilities of $2,356,000, and a total
stockholders' equity of $1,298,000.
A copy of the Form 10-K is available at:
https://is.gd/tax9Ok
BioPharmX Corporation, a specialty pharmaceutical company, develops
and commercializes novel prescription and over-the-counter (OTC)
products that address dermatology and women's health markets. The
Company offers VI2OLET, an OTC molecular iodine dietary supplement
that addresses cyclic breast discomfort, as well as alleviates the
symptoms of fibrocystic breast condition (FBC). The Company is
headquartered in Menlo Park, California.
BLUE DIAMOND: Taps Franklin & Prokopik as Real Estate Counsel
-------------------------------------------------------------
Blue Diamond, LLC, seeks approval from the U.S. Bankruptcy Court
for the Northern District of West Virginia to hire Franklin &
Prokopik, P.C., as its legal counsel.
The firm will assist the Debtor in connection with the sale closing
of its real properties in Ridgeley, W.Va.
Franklin & Prokopik will charge $275 per hour for its services.
Gregory Kennedy, Esq., the firm's attorney who will be representing
the Debtor, disclosed in court filings that he is "disinterested"
as defined in Section 101(14) of the Bankruptcy Code.
Franklin & Prokopik can be reached through:
Gregory E. Kennedy, Esq.
Franklin & Prokopik, P.C.
100 South Queen Street, Suite 200
Martinsburg, WV 25401
Direct: 304.596.2277
Email: gkennedy@fandpnet.com
About Blue Diamond
Blue Diamond LLC, based in Martinsburg, W.Va., filed a Chapter 11
petition (Bankr. N.D. W.Va. Case No. 17-01234) on Dec. 20, 2017.
In the petition signed by James Hutzler, Jr., member and manager,
the Debtor estimated $10 million to $50 million in assets and $1
million to $10 million in liabilities.
The Hon. Patrick M. Flatley oversees the case.
Martin P. Sheehan, Esq., at Sheehan & Nugent, PLLC, serves as
bankruptcy counsel to the Debtor. William C. Brewer, Esq., at
Brewer & Giggenbach, PLLC, is the Debtor's special counsel.
BRIAN G. MEEHAN: PCO Files 2nd Report
-------------------------------------
David N. Crapo, the appointed Patient Care Ombudsman for Brian G.
Meehan, M.D., P.C., et al., filed the Second Report before the U.S.
Bankruptcy Court for the Southern District of New York covering the
period from February 25, 2019, through April 25, 2019.
Based on the Report, the PCO has not received any information
indicating that the quality of care provided to the Debtor’s
patients, including the patient safety, is not acceptable and is
currently declining or is otherwise being materially compromised.
However, the PCO reserved for another finding pending the receipt
of the bi-weekly reports.
Further, the PCO mentioned that the oversight and supervision
provided by Dr. Brian G. Meehan, and his practice manager and the
demonstrated competence of Dr. Meehan’s medical assistant have,
at least in the past, been likely to uncover the quality of care
deficits if they arose.
Lastly, the PCO noted that the receipt of the bi-weekly reports and
other materials regarding the quality of the care provided to the
Debtors patients' care from the Debtor and the continued monitoring
of relevant public records and media reports, should these be
provided, would provide a reasonable basis to monitor whether the
quality of care, including the patient safety, provided by the
Debtor is declining or otherwise materially compromised. Hence, the
PCO expressed his concern that he has not received any bi-weekly
reports from the Debtor.
In general, an analysis of multiple sources of information
regarding the current performance of the Debtor and its existing
structures and policies and procedures preliminarily reveals a
facility that apparently continues to provide the same level of
patient care and safety it historically provided since before the
Debtor’s bankruptcy.
A full-text copy of the PCO's Second Report is available at
https://is.gd/J5phWh from PacerMonitor.com at no charge.
About Brian G. Meehan
Brian G. Meehan, M.D., P.C., based in New York, NY, filed a Chapter
11 petition (Bankr. S.D.N.Y. Case No. 18-13924) on Dec. 4, 2018. In
the petition signed by Brian G. Meehan, president, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities. The Hon. Stuart M. Bernstein is the case
judge. Rich Michaelson Magaliff, LLP, serves as bankruptcy counsel.
BROOKFIT VENTURES: Alan Chapell Named Consumer Privacy Ombudsman
----------------------------------------------------------------
William K. Harrington, the United States Trustee for Region 2,
appointed Alan Chapell, Esq. as the Consumer Privacy Ombudsman for
Brookfit Ventures LLC.
The request for the appointment of a consumer privacy ombudsman was
made in respect of the sale transaction pursuant to the order
signed on April 25, 2019, authorizing and approving the bidding
procedures for the sale of certain of the Debtor’s assets,
authorizing the Debtor to enter into the sale, assumption, and
assignment agreement, subject to any higher and better offers,
approving stalking horse protections, setting related auction and
sale approval hearing dates.
About Brookfit Ventures
Brookfit Ventures LLC filed a Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 18-46224) on Oct. 30, 2018. In the petition signed by
David Ragosa, managing member, the Debtor estimated less than
$50,000 in assets and less than $1 million in liabilities. The
Debtor is represented by Avrum J Rosen, Esq. of Rosen, Kantrow &
Dillon, PLLC.
BUILTRITE BUILDERS: U.S. Trustee Forms 7-Member Committee
---------------------------------------------------------
The Office of the U.S. Trustee on April 30 appointed seven
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Builtrite Builders, LLC.
The committee members are:
(1) Possibility Partners, LLC
c/o Alexey Gritsyna
18040 Briarhaven Ct.
Monument, CO 80132
Tel: (773) 469-0561
Email: alexey_gritsyna@hotmail.com
(2) AMC Painting
c/o Nikolas Malinksi
3923 Maizeland Rd.
Colorado Springs, CO 80909
Tel: (720) 236-2006
Email: nik.malinski@amcpainting.com
(3) Peter and Kellie Monahan
(4) John Fernandez
(5) Andrew and Karin McWhorter
(6) Paul Bender
(7) Hernand Mateo
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Builtrite Builders
Based in Colorado Springs, Colo., Builtrite Builders, LLC, which
conducts business under the names Copperleaf Homes and Copperleaf
Custom Homes, filed a Chapter 11 petition (Bankr. D. Colo. Case No.
19-10938) on Feb. 11, 2019. In the petition signed by Steve Neary,
president, the Debtor estimated $500,000 to $1 million in assets
and $1 million to $10 million in liabilities. The Hon. Joseph G.
Rosania Jr. oversees the case. Wadsworth Warner Conrardy, P.C. is
the Debtor's bankruptcy counsel.
BUTLER SPECIALTIES: Seeks to Hire Nardone Law as Legal Counsel
--------------------------------------------------------------
Butler Specialties Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of North Carolina to hire Nardone
Law, PLLC, as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; assist in analyzing its financial affairs; prepare
a plan of reorganization; and provide other legal services in
connection with its Chapter 11 case.
Kristen Nardone, Esq., the firm's attorney who will be handling the
case, charges an hourly fee of $300.
Nardone Law received the sum of $25,000, of which $1,717 was used
to pay the filing fee.
Ms. Nardone disclosed in court filings that she and her firm are
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Kristen Scott Nardone, Esq.
Nardone Law, PLLC
241 Curch St. NE
Concord, NC 28025
Tel: 704-784-9440
Fax: 980-781-5867
E-mail: kristen@nardonelawfirm.com
E-mail: kristen@davisnardone.com
About Butler Specialties
Founded in 1981, Butler Specialties, Inc. --
https://www.butlerbuilt.net/ -- is a manufacturer of motorsports
car seats. Located in Concord, N.C., Butler also offers safety
products for the motorsports industry and is a dealer for Arai
Helmets, Hooker Harness seat belts and NecksGen Head and Neck
Restraints.
Butler Specialties sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D.N.C. Case No. 19-50417) on April 23,
2019. At the time of the filing, the Debtor disclosed $1,180,685
in assets and $3,821,628 in liabilities.
The case has been assigned to Judge Lena M. James. Nardone Law,
PLLC is the Debtor's bankruptcy counsel.
C.T.W. REALTY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: C.T.W. Realty Corp.
55-59 Chrystie Street
New York, NY 10002
Business Description: C.T.W. Realty Corp. is a Single Asset Real
Estate Debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: May 1, 2019
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Case No.: 19-11425
Debtor's Counsel: Steven B. Smith, Esq.
HERRICK FEINSTEIN LLP
2 Park Avenue
New York, NY 10016
Tel: 212-592-1474
E-mail: ssmith@herrick.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Gary M. Tse, president.
The Debtor failed to submit a list of its 20 largest unsecured
creditors at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-11425.pdf
CAH ACQUISITION 5: DOJ Watchdog Directed to Appoint PCO
-------------------------------------------------------
Judge Robert E. Nugent of the U.S. Bankruptcy Court for the
District of Kansas directed the United States Trustee to appoint a
patient care ombudsman to monitor the quality of patient care of
the Hillsboro Community Hospital.
About Hillsboro Community Hospital
Hillsboro Community Hospital offers a broad range of services
including emergency, surgery services, radiology, laboratory,
inpatient care, rehabilitation services and swing bed. Also offered
at Hillsboro Community Hospital are EEGs and EKGs, treadmill, nerve
conduction, and sleep apnea studies.
Hillsboro Community Hospital filed a voluntary Chapter 11 petition
under Chapter 11 (Bankr. W.D. Mo. Case No. 19-10359) on March 13,
2019. The Debtor previously sought bankruptcy protection (Bankr.
W.D. Mo. Case No. 11-44743) on Oct. 10, 2011.
In the petition signed by Kathy Hammons, chief executive officer of
the court-appointed receiver, the Debtor estimated $10 million to
$50 million in both assets and liabilities.
Bruce E. Strauss, Esq., at Merrick, Baker & Strauss, P.C.,
represents the Debtor as counsel.
On March 26, 2019, Brent King was appointed as Chapter 11 trustee.
CAPSTONE PEDIATRICS: Says PCO Appointment Not Necessary
-------------------------------------------------------
Capstone Pediatrics, PLLC asked the U.S. Bankruptcy Court for the
Middle District of Tennessee to issue an order finding that
the appointment of a patient care ombudsman is not necessary in its
Chapter 11 case.
The Debtor maintained that there is a little likelihood of tension
between the patient and the Debtor, as the Debtor does not propose
to reduce services or shut down during the bankruptcy. Further, the
Debtor noted that the bankruptcy filing was caused by issues
entirely unrelated to patient care.
In addition, the Debtor disclosed that its budget is limited such
that it simply cannot afford the expense associated with the
appointment of an Ombudsman.
About Capstone Pediatrics, PLLC
Based in Nashville, Tennessee, Capstone Pediatrics, PLLC, a
pediatric and adolescent center, filed a Chapter 11 petition
(Bankr. M.D. Tenn. Case No.: 19-01971) on March 28, 2019, and is
represented by David W. Houston, IV, Esq., in Nashville, Tennessee.
At the time of filing, the Debtor had $1 million to $10 million in
estimated assets and $10 million to $50 million in estimated
liabilities.
The petition was signed by Gary G. Griffieth.
CENTRAL MOTORCYCLE: Creditor Seeks Dismissal, Trustee Appointment
-----------------------------------------------------------------
William V. Harding, Creditor of Central Motorcycle Roadracing
Association, Inc., asked the U.S. Bankruptcy Court for the Northern
District of Texas to dismiss the Chapter 11 case of the Debtor or,
in the alternative, appoint a Chapter 11 trustee or examiner.
In this case, the appointed trustee will be responsible for the
management of the property of the estate, operation of the Debtor's
business, and, if appropriate, the filing of a plan of
reorganization.
Mr. Harding cited that the directors of the Debtor cannot be
trusted to investigate their own misdeeds, much less recover the
money they either stole or participated in the cover-up.
Further, Mr. Harding reported that the Debtor, while being held
captive by its directors, has refused to produce its financial
books and records for a decade. He added that the Debtor is a cash
cow which generates hundreds of thousands of dollars in cash each
year, and maintained that the Debtor is solvent.
Hence, Mr. Harding asked the COurt to dismiss the Debtor's Chapter
11 petition because it lacks a good faith basis. Alternatively, the
Court should appoint a trustee or an examiner to investigate the
theft and recover the money and refer the relevant individuals for
criminal prosecution where appropriate.
About Central Motorcycle Roadracing Association Inc.
Central Motorcycle Roadracing Association, Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
19-40594) on February 8, 2019. At the time of the filing, the
Debtor estimated assets of less than $500,000 and liabilities of
less than $50,000. The case is assigned to Judge Edward L. Morris.
Areya Holder Aurzada, Esq., at Holder Law, is the Debtor's
bankruptcy counsel.
CFO MANAGEMENT: David Wallace Appointed as Ch. 11 Trustee
---------------------------------------------------------
Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the
Eastern District of Texas approved the appointment of David Wallace
as the Chapter 11 Trustee for CFO Management Holdings, LLC.
The approval was made after considering the United States
Trustee’s application to approve the appointment of Mr. Wallace
as the Chapter 11 Trustee for the Debtor.
About CFO Management Holdings
CFO Management Holdings, LLC, through its subsidiaries, engages in
developing and selling residential and commercial real estate in
Collin County, Texas, and owns and manages a wild game ranch in
Southern Oklahoma. The subsidiaries are Carter Family Office, LLC,
Christian Custom Homes, LLC, Double Droptine Ranch, LLC, Frisco
Wade Crossing Partners, LLC, Kingswood Development Partners, LLC,
McKinney Executive Suites at Crescent Parc Development Partners,
LLC, North-Forty Development LLC, and West Main Station
Development, LLC.
CFO Management Holdings and its subsidiaries sought Chapter 11
protection (Bankr. E.D. Tex. Case No. Lead Case No. 19-40426) on
Feb. 17, 2019. In the petition signed by CRO Lawrence Perkins, CFO
Management estimated $50 million to $100 million in both assets and
liabilities. Annmarie Chiarello, Esq. and Joseph J. Wielebinski,
Jr., Esq., at Winstead PC, serve as the Debtor's bankruptcy
counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on March 4, 2019.
CFO MANAGEMENT: Trustee Seeks to Hire Ross & Smith as Counsel
-------------------------------------------------------------
David Wallace, the Chapter 11 trustee for CFO Management Holdings,
LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern
District of Texas to hire Ross & Smith, PC as his legal counsel.
The firm will advise the trustee concerning the administration of
the bankruptcy estates of CFO and its affiliates; assist in the
preparation of a bankruptcy plan; review proofs of claim; and
provide other legal services in connection with the Debtors'
Chapter 11 cases.
The firm's hourly rates are:
Judith Ross $520
Frances Smith $425
Eric Soderlund $395
Jessica Lewis $365
Ross & Smith is "disinterested" as defined in Section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Judith Ross, Esq.
Frances Smith, Esq.
Eric Soderlund, Esq.
Jessica Lewis, Esq.
Ross & Smith, PC
700 N. Pearl Street, Suite 161
Dallas, TX 75201
Telephone: 214-377-7879
E-mail: judith.ross@judithwross.com
frances.smith@judthwross.com
eric.soderlund@judithwross.com
jessica.lewis@judithwross.com
About CFO Management Holdings
CFO Management Holdings, LLC, through its subsidiaries, engages in
developing and selling residential and commercial real estate in
Collin County, Texas, and owns and manages a wild game ranch in
Southern Oklahoma. The subsidiaries are Carter Family Office, LLC,
Christian Custom Homes, LLC, Double Droptine Ranch, LLC, Frisco
Wade Crossing Partners, LLC, Kingswood Development Partners, LLC,
McKinney Executive Suites at Crescent Parc Development Partners,
LLC, North-Forty Development LLC, and West Main Station
Development, LLC.
CFO Management Holdings and its subsidiaries sought Chapter 11
protection (Bankr. E.D. Tex. Case No. Lead Case No. 19-40426) on
Feb. 17, 2019. In the petition signed by CRO Lawrence Perkins, CFO
Management estimated $50 million to $100 million in both assets and
liabilities. Annmarie Chiarello, Esq., and Joseph J. Wielebinski
Jr., Esq., at Winstead PC, serve as the Debtor's bankruptcy
counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on March 4, 2019. The committee is represented
by Singer & Levick PC as its legal counsel.
David Wallace was appointed as Chapter 11 trustee for the Debtors'
estates on April 10, 2019.
CFO MANAGEMENT: Trustee Taps Ross & Smith as Real Estate Counsel
----------------------------------------------------------------
David Wallace, the Chapter 11 trustee for CFO Management Holdings,
LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern
District of Texas to hire Ross & Smith, PC to represent him in real
estate matters.
The services to be provided by the firm include assisting the
trustee in analyzing the existing real estate projects of CFO and
its affiliates; preparation of loan construction documents and sale
agreements; and representing the trustee in negotiations.
The firm's hourly rates are:
Mark Weibel, Esq. $575
Christopher Chauvin, Esq. $575
Trevor Ives, Esq. $500
Alexander Dimock, Esq. $425
Kara Taylor, Esq. $375
Sarah Lehman, Esq. $375
Sam Murphy, Esq. $395
Paralegals $250
Ross & Smith is "disinterested" as defined in Section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Mark A. Weibel, Esq.
Christopher L. Chauvin, Esq.
Trevor Ives, Esq.
Alexander T. Dimock, Esq.
Kara Taylor, Esq.
Sarah Lehman, Esq.
Sam H. Murphy, Esq.
Thompson & Knight LLP
1722 Routh Street, Suite 1500
Dallas, TX 75201
Telephone: 214-969-1700
Email: mark.weibel@tklaw.com
chris.chauvin@tklaw.com
trevor.ives@tklaw.com
alex.dimock@tklaw.com
kara.taylor@tklaw.com
sarah.lehman@tklaw.com
sam.murphy@tklaw.com
About CFO Management Holdings
CFO Management Holdings, LLC, through its subsidiaries, engages in
developing and selling residential and commercial real estate in
Collin County, Texas, and owns and manages a wild game ranch in
Southern Oklahoma. The subsidiaries are Carter Family Office, LLC,
Christian Custom Homes, LLC, Double Droptine Ranch, LLC, Frisco
Wade Crossing Partners, LLC, Kingswood Development Partners, LLC,
McKinney Executive Suites at Crescent Parc Development Partners,
LLC, North-Forty Development LLC, and West Main Station
Development, LLC.
CFO Management Holdings and its subsidiaries sought Chapter 11
protection (Bankr. E.D. Tex. Case No. Lead Case No. 19-40426) on
Feb. 17, 2019. In the petition signed by CRO Lawrence Perkins, CFO
Management estimated $50 million to $100 million in both assets and
liabilities. Annmarie Chiarello, Esq. and Joseph J. Wielebinski
Jr., Esq., at Winstead PC, serve as the Debtor's bankruptcy
counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on March 4, 2019. The committee is represented
by Singer & Levick PC as its legal counsel.
David Wallace was appointed as Chapter 11 trustee for the Debtors'
estates on April 10, 2019.
CHINA LENDING: Friedman LLP Raises Going Concern Doubt
------------------------------------------------------
China Lending Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of $94,126,307 on $264,171 of total interest and fee
income for the year ended Dec. 31, 2018, compared to a net loss of
$54,783,273 on $16,526,315 of total interest and fee income for the
year ended in 2017.
The audit report of Friedman LLP states that the Company has
incurred significant losses and is uncertain about the collection
of its loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company’s ability to
continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $95,668,530, total liabilities of $122,016,184, and $36,000,181
in total shareholders' deficit.
A copy of the Form 20-F is available at:
https://is.gd/nmKpaz
China Lending Corporation, through its subsidiaries, provides
direct lending services in the Xinjiang Uyghur Autonomous Region of
the People's Republic of China. It offers loans to micro, small,
and medium sized enterprises; and sole proprietors. The company
also provides financial consulting services. It serves customers
in commerce and service, energy and mining, real estate,
agriculture and husbandry, supply chain financing, manufacturing,
consumer credit, and other industries. China Lending Corporation
was founded in 2009 and is based in Urumqi, the People's Republic
of China.
CLEVELAND-CLIFFS INC: Moody's Rates $750MM Sr. Unsec. Notes 'B1'
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Cleveland-Cliffs
Inc. proposed $750 million guaranteed senior unsecured notes due in
2027. The B1 Corporate Family Rating, B1-PD Probability of Default
Rating, SGL-1 speculative grade liquidity rating and all other
instrument ratings are unchanged. The outlook remains stable.
Proceeds from the proposed issue will be used to repay in full the
4.875% senior notes due 2021 of which $114 million is outstanding
at March 31. 2019. $600 million of proceeds will be used to tender
for a portion of the 2025 guaranteed senior unsecured notes. The
balance of proceeds are expected to be held in cash.
Assignments:
Issuer: Cleveland-Cliffs Inc.
Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD4)
RATINGS RATIONALE
The B1 CFR reflects Cliffs' improved operating performance,
strengthened debt protection metrics, focus on debt reduction and
strong position in the North American iron ore markets. The rating
also considers the contract nature of the company's iron ore
operations and the symbiotic relationship with US blast furnace
steel mills. Improved fundamentals in the US steel industry on
strengthened demand across many end markets as well as the impact
of the Section 232 tariffs and quotas has contributed to improved
utilization by the industry as well as significant increases in
hot-rolled coil prices. This is impactful in that the ArcelorMittal
contract contains a pricing adjustment for hot-rolled coil steel,
among other variables. In 2018, hot-rolled coil steel prices
averaged $825/ton vs $621/ton in 2017 which contributed to robust
margins and free cash flow generation. Although hot-rolled coil
steel prices have trended down since mid-year 2018 (approximately
$661/ton at April 26, 2019) prices appear to be near bottom and
demand is expected to remain at levels comparable to 2018.
Moody's expects leverage, as measured by the debt/EBITDA ratio, to
remain comparable to the 3.1x at December 31, 2018. While the HRC
price-related adjustments are anticipated to be lower compared to
2018, this will be partially offset by better iron ore prices in
2019 (average of $83/ton for the three months through March 31,
2019 compared to an average of $70/ton in 2018). Although the level
of increase in operating performance seen in 2018 is not expected
to be replicated in 2019, the overall favorable operating
conditions are expected to hold in 2019 enabling Cliffs to continue
to have strong cash flow generation and internally fund the
construction of the $700 million hot-briquetted iron (HBI)
production plant. Start-up is in mid-2020.
The rating incorporates the volatility in iron ore, pellet premium
and hot-rolled coil prices as well as volatility in the performance
of Cliffs end customer base. Additionally, the single commodity
nature of the business and customer concentration is a limiting
factor in the rating. The rating also considers the seasonality in
the business profile and expectations for a weak first quarter
relative to the rest of the year. The execution risk on the
construction and start-up of the HBI facility and lack of committed
offtake is also considered in the rating although these appear
manageable and the HBI produced will be competitive due to freight
advantages over imported pig iron and other forms of iron units.
The SGL-1 speculative grade liquidity rating is supported by good
cash flow generation in 2018, approximately $430 million in cash at
March 31, 2019 and a $450 million ABL, which expires the earlier of
February 28, 2023 or a date that is 60 days prior to the maturity
of existing debt as defined in the ABL. The facility contains a 1:1
fixed charge coverage requirement should availability be less than
the greater of 10% of the aggregate facility and $35 million. Given
the level of receivables and inventory, the full commitment was not
available and borrowing capacity at March 31, 2019 was $240
million, net of the letters of credit. With the repayment of the
notes due in 2021, the next maturity is $392 million in 2024.
The stable outlook reflects its expectation that Cliffs will
continue to evidence acceptable earnings and debt protection and
leverage metrics over the next twelve to eighteen months even if
iron ore prices were to average in the $60/ton range and hot-rolled
coil prices average around $700/ton. While leverage could spike at
these levels in 2020 coming off the spending for the HBI facility,
the company is expected to still maintain a robust liquidity
position. Its price sensitivity range for seaborne iron ore is
$45-$75/ton with a midpoint of $60/ton. Iron ore prices are
currently at higher levels due to the tragic tailings dam collapse
in Brazil and this will benefit producers until such time as the
market recovers from the supply disruption. Cliff's price
realizations are based upon contract terms and include a premium
for pellets. The outlook also assumes that conditions in the US
steel industry will remain comparable to those experienced in 2018
allowing for good volume performance for Cliffs. Capacity
utilization in the US steel industry is expected to range between
75 - 80% while hot rolled coil prices are expected to average
between $675 - $725/ton. End market demand conditions are expected
to be comparable although automotive has come off its peak and is
expected to be a bit softer albeit still solid.
The B1 rating on the senior guaranteed unsecured notes reflects the
benefit of guarantees by the same guarantors as the senior secured
notes, which provides them a slightly more favorable position in
the capital structure relative to the senior unsecured notes, but
also considers the effective subordination to the secured debt.
Given the capital spending requirements over the next year or so
for the HBI facility and execution and start-up risk, a further
rating upgrade is likely to be more measured. Successful ramp of
the HBI facility and committed offtake would be favorable
considerations. Should the company be able to sustain EBIT/interest
at 4x, debt/EBITDA of no more than 3x and (CFO-Dividends)/debt of
at least 25%, positive rating momentum could develop. Should
liquidity deteriorate beyond what is expected to be used to support
the HBI investment, debt/EBITDA be sustained above 4x or
(CFO-Dividends)/debt be sustained below 15%, the ratings could be
downgraded.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs is the largest
iron ore producer in North America with approximately 21.2 million
equity tons of annual capacity. The reorganization plan for Wabush
and Bloom Lake has been approved by the Canadian courts and this
process is now concluded. The sale of its Asia Pacific assets was
completed in August 2018. For the twelve months ending March 31,
2019 Cliffs had revenues of $2.3 billion.
CONIFER VETERINARY: Settlement with Falcks Incorporated in New Plan
-------------------------------------------------------------------
Conifer Veterinary Hospital, Inc., and David Lorne Palmini filed
with the U.S. Bankruptcy Court for the District of Colorado a
disclosure statement in support of their third amended joint plan
of reorganization dated April 19, 2019.
Post-petition, the Debtors have reached a settlement with Ms. Kelly
Falck and Mr. James and Ms. Linda Falck. Such settlement is
incorporated into the terms of the Third Amended Plan. By way of
example, the Third Amended Plan provides as follows:
a. The Class 15 Creditors shall each have an Allowed General
Unsecured Claim in the amount of their filed proofs of claim.
i. Ms. Kelly Falck’s claim shall be Allowed in the amount
of $213,134.07.
ii. James and Linda Falck’s claims shall be Allowed in the
amounts as follows:
A. $140,572.75;
B. $293,954.22;
b. The Hospital, the Reorganized Hospital and Dr. Palmini
stipulate that Ms. Kelly Falck, and James and Linda Falck Allowed
Claims are domestic support obligations of Dr. Palmini, as defined
in 11 U.S.C. section 101(14A).
c. The Hospital, the Reorganized Hospital and Dr. Palmini
stipulate that:
i. As to the Hospital, any unpaid amount of the Ms. Kelly
Falck, and James and Linda Falck Allowed Claims remains an
obligation of the Hospital and the Reorganized Hospital pursuant to
this Plan, which shall survive any discharge awarded to the
Hospital.
ii. As to Dr. Palmini, any unpaid amount of the Ms. Kelly
Falck, and James and Linda Falck Allowed Claims is not
dischargeable.
iii. Ms. Kelly Falck's and James and Linda Falck's Allowed
Claims constitute priority debts under 11 U.S.C. §507(a)(1).
Provided however, Ms. Kelly Falck and James and Linda Falck have
stipulated to the treatment of their claims in this Plan and submit
a vote accepting this Plan, such that they agree to payment of
their claims over time rather than in cash on the Effective Date.
A copy of the Disclosure Statement dated April 19, 2019 is
available at https://tinyurl.com/y4va637k from Pacermonitor.com at
no charge.
About Conifer Veterinary Hospital Inc.
Privately-held Conifer Veterinary Hospital Inc. owns an animal
hospital at 10903 U.S. Highway 285, Conifer, Colorado.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 17-17810) on August 22, 2017. David
Palmini, president, signed the petition.
At the time of the filing, the Debtor disclosed $1.41 million in
assets and $904,805 in liabilities.
Judge Michael E. Romero presides over the case. Buechler & Garber
LLC represents the Debtor as bankruptcy counsel.
CONTRAVIR PHARMACEUTICALS: BDO USA LLP Raises Going Concern Doubt
-----------------------------------------------------------------
ContraVir Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $9,449,295 on $0 of revenue for the year ended Dec. 31,
2018, compared to a net loss of $7,511,092 on $0 of revenue for the
year ended in 2017.
The audit report of BDO USA, LLP states that the Company has
suffered losses from operations and expects to continue to incur
substantial losses in the future, which raise substantial doubt
about its ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $8,189,172, total liabilities of $6,214,121, and a total
stockholders' equity of $1,975,051.
A copy of the Form 10-K is available at:
https://is.gd/0Q7k4u
ContraVir Pharmaceuticals, Inc., a biopharmaceutical company,
focuses on the development of pleiotropic drug therapy for the
treatment of chronic liver diseases in the United States. It is
involved in developing CRV431, a cyclophilin inhibitor that has
completed the Phase I clinical trials for multiple biochemical
pathways involved in the progression of liver diseases; and TXL, a
lipid acyclic nucleoside phosphonate that delivers high
intracellular concentrations of the active antiviral agent
tenofovir diphosphate for the treatment of Hepatitis B. The company
was incorporated in 2013 and is headquartered in Edison, New
Jersey.
COOLTRADE INC: Founder, Wife Files Chapter 11 Plan of Liquidation
-----------------------------------------------------------------
Debtors Edward and Jeanne Barsano filed a Chapter 11 plan of
liquidation and accompanying disclosure statement proposing to
liquidate all of their property, real and personal, that is not
exempt under Arizona law and will complete this liquidation of
their property no later than 18 months from the Effective Date of
the Liquidating Plan.
Mr. Barsano is the founder and CEO of CoolTrade, Inc. The Barsanos
own approximately 95% of CoolTrade.
The Barsanos will be entitled to seek entry of an order discharging
their debts on the terms set forth in Bankruptcy Code §1141(d)(5);
and such discharge shall be granted if the Liquidation Proceeds are
distributed in accordance with the Liquidating Plan. Any debts
against the Barsanos which are non-dischargeable under Bankruptcy
Code section 523 will not be discharged; and the holders of any
such claims shall retain the right to enforce their state law
remedies after the Plan Term.
A full-text copy of the Disclosure Statement dated April 17, 2019,
is available at
https://tinyurl.com/y5whtzln from PacerMonitor.com at no charge.
Attorneys for the Barsano Debtors:
Brian N. Spector, Esq.
SCHNEIDER & ONOFRY, P.C.
365 E. Coronado Road
Phoenix, AZ 85004
Tel: (602) 200-1295
Fax: (602) 230-8985
Email: bspector@soarizonalaw.com
About Cooltrade Inc.
CoolTrade, Inc. -- http://www.cool-trade.org/-- is the creator of
the CoolTrade system, a fully robotic stock trading technology.
Released in 2004, CoolTrade has provided thousands with technology
for online trading.
The CoolTrade Robotic Automated Trader executes strategies 100% on
its own. The CoolTrade platform was developed by former Microsoft
programmer, Ed Barsano. CoolTrade has partnered with brokers such
as TD Ameritrade, E-Trade, AutoShares, and Interactive Brokers.
CoolTrade sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ariz. Case No. 17-11886) on Oct. 6, 2017. In the
petition signed by CEO Edward Barsano, CoolTrade estimated assets
of less than $50,000 and liabilities of $500 million to $1
billion.
The case is jointly administered with the Chapter 11 case (Bankr.
D. Ariz. Case No. 17-11887) filed by Mr. Barsano and his wife.
Judge Brenda K. Martin presides over the cases. Kahn & Ahart PLLC,
Bankruptcy Legal Center (TM) is the bankruptcy counsel.
An official committee of unsecured creditors has not been appointed
in the Chapter 11 case.
CREDIAUTOUSA FINANCIAL: Seeks to Hire Kit J. Gardner as Counsel
---------------------------------------------------------------
CrediautoUSA Financial Company LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to hire
the Law Offices of Kit J. Gardner as its legal counsel.
The firm will advise the Debtor of its rights under the Bankruptcy
Code; assist in the preparation of a plan of reorganization; and
provide other legal services in connection with its Chapter 11
case.
Kit Gardner, Esq., the firm's attorney who will be handling the
case, charges an hourly fee of $450. The hourly rates for clerks,
paralegals and other lawyers range from $50 to $395.
The firm received the sum of $41,717 as an initial retainer.
Mr. Gardner disclosed in court filings that he and other employees
of the firm neither hold nor represent any interest adverse to the
Debtor's bankruptcy estate.
The firm can be reached through:
Kit J. Gardner, Esq.
Law Offices of Kit J. Gardner
501 W. Broadway, Suite 800
San Diego, CA 92101
Tel: (619) 525-9900
Fax: (619) 374-2241
Email: kgardner@gardnerlegal.com
About CrediautoUSA Financial Company
and AI CAUSA LLC
Founded in 2012 and headquartered in San Diego, CrediautoUSA
Financial Company LLC -- http://www.crediautofinancial.com/-- has
established programs to finance vehicles sold by licensed
automobile dealerships to individuals with no credit history or
with less than perfect credit.
CrediautoUSA Financial Company LLC and its affiliate AI CAUSA LLC
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Cal. Case Nos. 19-01870 and 19-01864) on March 30, 2019. At
the time of the filing, the Debtor estimated assets of between $1
million and $10 million and liabilities of the same range. The
cases are assigned to Judge Louise Decarl Adler. The Law Offices
of Kit J. Gardner serve as counsel to the Debtors.
DAVICORP ENTERPRISES: Seeks to Hire Norred Law as Legal Counsel
---------------------------------------------------------------
Davicorp Enterprises, Inc., seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Norred Law PLLC as
its legal counsel.
The firm will advise the Debtor of its powers and duties in the
management of its property; assist the Debtor in connection with
any potential sale of its assets; participate in negotiation with
its creditors; prepare a plan of reorganization; and provide other
legal services in connection with its Chapter 11 case.
The firm's hourly rates are:
Attorneys $300 to $400
Paraprofessionals $90 to $120
Norred Law received a retainer of $11,717, of which $1,717 was used
to pay the filing fee while $2,787 was used to pay the
pre-bankruptcy services provided by the firm.
The firm and its professionals do not represent any interest
adverse to the Debtor and its creditors, according to court
filings.
Norred Law can be reached through:
Warren Norred, Esq.
Clayton L. Everett, Esq.
Norred Law, PLLC
515 E. Border Street
Arlington, TX 76010
Telephone: (817) 704-3984
Email: clayton@norredlaw.com
About Davicorp Enterprises
Davicorp Enterprises, Inc. provides full-service dye-sublimation
t-shirt printing, promotional items, apparel decoration, and
embroidery services that are primarily marketed to businesses and
school districts. It operates a 9,000-square-foot warehouse in
Arlington, Texas, and employs six full-time salaried employees and
a commission-based sales person.
Davicorp Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-41623) on April 22,
2019. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000. The case
is assigned to Judge Mark X. Mullin.
DELOREAN SERVICE: Taps Vortman & Feinstein as Legal Counsel
-----------------------------------------------------------
DeLorean Service Northwest LLC received approval from the U.S.
Bankruptcy Court for the Western District of Washington to hire
Vortman & Feinstein as its legal counsel.
The firm will represent the Debtor in negotiation with its
creditors; assist in the preparation and implementation of a
bankruptcy plan; and provide other legal services in connection
with its Chapter 11 case.
The firm's hourly rates are:
Partner $425
Associate $350
Legal Assistant $95
The Debtor paid the firm a retainer in the amount of $4,000. It
also paid $3,500 for the pre-bankruptcy services provided by the
firm.
Vortman & Feinstein and its attorneys have no prior connection with
the Debtor or its creditors, according to court filings.
The firm can be reached through:
Larry B. Feinstein, Esq.
Vortman & Feinstein
929 108th Avenue NE, Suite 1200
Bellevue, WA 98004
Phone: 206-223-9595
Fax: 206-386-5355
Email: feinstein1947@gmail.com
About DeLorean Service Northwest
DeLorean Service Northwest, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-11211) on
April 2, 2019. At the time of the filing, the Debtor estimated
assets of less than $100,000 and liabilities of less than $500,000.
The case has been assigned to Judge Christopher M. Alston.
DIVERSIFIED RESOURCES: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Three affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Diversified Resources Inc. 19-13627
PO Box 370
Littleton, CO 80160
BIYA Operators Inc. 19-13628
PO Box 370
Littleton, CO 80160
Natural Resource Group, Inc. 19-13629
PO Box 370
Littleton, CO 80160
Business Description: Diversified Resources and its subsidiaries
are Colorado-based oil and gas exploration
companies, with operations in the San Juan
Basin. For more information, visit
http://www.diversifiedresourcesinc.com.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
District of Colorado (Denver)
Judges: Hon. Elizabeth E. Brown (19-13627)
Hon. Joseph G. Rosania Jr. (19-13628)
Hon. Michael E. Romero (19-13629)
Debtors' Counsel: Michael J. Guyerson, Esq.
BUECHLER LAW OFFICE, L.L.C.
999 18th St., Suite 1230 South
Denver, CO 80202
Tel: 720-381-0045
Fax: 720-381-0382
Email: mike@kjblawoffice.com
Diversified Resources'
Estimated Assets: $0 to $50,000
Diversified Resources'
Estimated Liabilities: $1 million to $10 million
BIYA Operators'
Estimated Assets: $0 to $50,000
BIYA Operators'
Estimated Liabilities: $500,000 to $1 million
Natural Resource's
Estimated Assets: $0 to $50,000
Natural Resource's
Estimated Liabilities: $0 to $50,000
The petitions were signed by Paul Laird, chairman and CEO.
A full-text copy of Diversified Resources's petition containing,
among other items, a list of the Debtor's 20 largest unsecured
creditors is available for free at:
http://bankrupt.com/misc/cob19-13627.pdf
A full-text copy of BIYA Operators' petition containing, among
other items, a list of the Debtor's 20 largest unsecured creditors
is available for free at:
http://bankrupt.com/misc/cob19-13628.pdf
A full-text copy of Natural Resource's petition containing, among
other items, a list of the Debtor's eight unsecured creditors is
available for free at:
http://bankrupt.com/misc/cob19-13629.pdf
DYNAGAS LNG: Ernst & Young (Hellas) Raises Going Concern Doubt
--------------------------------------------------------------
Dynagas LNG Partners LP filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing net income of
$3,613,000 on $127,135,000 of voyage revenues for the year ended
Dec. 31, 2018, compared to a net income of $17,339,000 on
$138,990,000 of voyage revenues for the year ended in 2017.
The audit report of Ernst & Young (Hellas) states that the
Partnership has a working capital deficiency. The Partnership has
also recognized that substantial doubt exists about the
Partnership's ability to continue as a going concern.
The Company states, "Working capital is equal to current assets
minus current liabilities, including the current portion of
long-term debt. As of December 31, 2018, we had a working capital
deficit of $159.8 million as compared to the working capital
surplus of $47.5 million as of December 31, 2017, which is the
result of the current maturity of our $250 million 2019 Notes. We
estimate that available cash and cash expected to be generated from
operating activities will not be sufficient to repay the 2019 Notes
in full when they become due on October 30, 2019. The above
conditions raise substantial doubt about our ability to continue as
a going concern and our independent registered public accounting
firm has issued their opinion with an explanatory paragraph that
expresses substantial doubt about our ability to continue as a
going concern."
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $1,063,436,000, total liabilities of $736,951,000, and
$326,485,000 in total partners' equity.
A copy of the Form 20-F is available at:
https://is.gd/C69Mzh
Dynagas LNG Partners LP, through its subsidiaries, operates in the
seaborne transportation industry worldwide. The company owns and
operates liquefied natural gas (LNG) carriers. Dynagas GP LLC
serves as the general partner of Dynagas LNG Partners LP. The
company was founded in 2013 and is headquartered in Monaco.
FRONTIER FUNDS: Discloses Going Concern Doubt for 527 Fund
----------------------------------------------------------
Frontier Funds disclosed in its the Company's Form 10-K filing with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2018, that the investors in Galaxy Plus
Fund—Quantmetrics Feeder Fund (527) LLC fully redeemed their
equity from 527 in February 2019, raising substantial doubt that
the Fund will be able to continue as a going concern.
The audit report of RSM US LLP states that the 527 Fund's investors
redeemed all of their investments in the Fund in February 2019,
which raises substantial doubt about the Fund's ability to continue
as a going concern.
The Company said, "On its inception date, June 13, 2016, 527
invested its assets in Galaxy Plus Fund – Quantmetrics Master
Fund (527) LLC, a Delaware limited liability company. As of
December 31, 2018, 527 owned 100% of its Master Fund. In February
2019, the investors in 527 fully redeemed their equity from 527
raising substantial doubt that the Fund will be able to continue as
a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
The Sponsor has elected to keep 527 open and plans to find new
seed capital so that trading can recommence in its Master Fund. As
a result, and based on the fact that a formal liquidation plan has
not been adopted by the Sponsor, 527 has not adopted the
liquidation basis of accounting under FASB ASC 205-30 Presentation
of Financial Statements-Liquidation Basis of Accounting."
A copy of the Form 10-K is available at:
https://is.gd/XlrDj7
Frontier Funds, formerly Equinox Frontier Funds, was formed on
August 8, 2003, as a Delaware statutory trust. The Trust is a
multi-advisor commodity pool. The Trust has authority to issue
separate series, or each, a Series, of units of beneficial interest
pursuant to the requirements of the Delaware Statutory Trust Act,
as amended (the “Trust Act”). The Trust is managed by Frontier
Fund Management, LLC.
The Trust has seven separate and distinct series of Units issued
and outstanding: Frontier Diversified Fund, Frontier Masters Fund,
Frontier Long/Short Commodity Fund, Frontier Balanced Fund,
Frontier Select Fund, Frontier Winton Fund, and Frontier Heritage
Fund.
FRUTTA BOWLS: Committee Seeks to Hire Porzio Bromberg as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Frutta Bowls
Franchising, LLC seeks approval from the U.S. Bankruptcy Court for
the District of New Jersey to hire Porzio, Bromberg & Newman, P.C.,
as its legal counsel.
The firm will advise the committee of its powers and duties under
the Bankruptcy Code; represent the committee in its consultations
with the Debtor; analyze claims of creditors; investigate the
conduct and financial condition of the Debtor; assist the committee
in connection with any potential sale of the Debtor's assets or any
proposed bankruptcy plan; and provide other legal services in
connection with the Debtor's Chapter 11 case.
The firm's hourly rates are:
Attorneys $375 to $650
Paraprofessionals $185 to $250
The professionals expected to provide the services are:
Porzio is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Robert M. Schechter, Esq.
Rachel A. Parisi, Esq.
Porzio, Bromberg & Newman, P.C.
100 Southgate Parkway
P.O. Box 1997
Morristown, NJ 07962
Phone: (973) 538-4006
Fax: (973) 538-5146
Email: rmschechter@pbnlaw.com
raparisi@pbnlaw.com
About Frutta Bowls Franchising
Frutta Bowls Franchising is a fast-casual franchise committed to
becoming an active lifestyle brand within every local community.
Frutta Bowls filed a voluntary Chapter 11 petition (Bankr. D.N.J.
Case No. 19-13230) on Feb. 15, 2019, listing under $1 million in
both assets and liabilities. The case is assigned to Judge Michael
B. Kaplan. Spadea Lignana is the Debtor's counsel.
A committee of unsecured creditors was appointed in the Debtor's
case. Porzio, Bromberg & Newman, P.C., is the committee's counsel.
FUWEI FILMS: KSP Group Raises Going Concern Doubt
-------------------------------------------------
Fuwei Films (Holdings) Co., Ltd., filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F, disclosing
a net loss of RMB22,172,000 on RMB333,522,000 of net sales for the
year ended Dec. 31, 2018, compared to a net loss of RMB46,003,000
on RMB290,706,000 of net sales for the year ended in 2017.
The audit report of KSP Group, Inc. states that the Company has a
working capital deficit of RMB153,156,000 or USD22,275,616 as of
December 31, 2018. The Company has also incurred a net loss of
RMB22,172,000 or USD3,224,000, and it may not have sufficient
working capital to meet its planned operating activities over the
next twelve months. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of RMB454,682,000, total liabilities of RMB257,851,000, and a total
shareholders' equity of RMB196,831,000.
A copy of the Form 20-F is available at:
https://is.gd/XXwkvq
Fuwei Films (Holdings) Co., Ltd., through its subsidiaries,
develops, manufactures, and distributes plastic films in the
People's Republic of China. The Company was formerly known as
Neo-Luck Plastic Holdings Co., Ltd. and changed its name to Fuwei
Films (Holdings) Co., Ltd. in April 2005. It was founded in 2003
and is headquartered in Weifang, the People's Republic of China.
Fuwei Films (Holdings) Co., Ltd. is a subsidiary of Hongkong
Ruishang International Trade Co., Ltd.
GET HOOKED: Taps Waldron & Schneider as Legal Counsel
-----------------------------------------------------
Get Hooked Charters, LLC, received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Waldron
& Schneider, PLLC as its legal counsel.
The firm will advise the Debtor of its rights, powers and duties
under the Bankruptcy Code; represent the Debtor in consultations;
analyze claims of creditors; participate in negotiations concerning
the formulation of a reorganization plan; and provide other legal
services in connection with its Chapter 11 case.
The firm received a retainer of $15,000 from the Debtor.
Kimberly Bartley, Esq., a partner at Waldron & Schneider, disclosed
in court filings that she and her firm do not represent any
interest adverse to the Debtor and its bankruptcy estate, according
to court filings.
The firm can be reached through:
Kimberly A. Bartley, Esq.
Waldron & Schneider, PLLC
15150 Middlebrook Drive
Houston, TX 77058
Tel: 281-488-4438
Fax: 281-488-4597
Email: kbartley@ws-law.com
About Get Hooked Charters
Get Hooked Charters, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-80079) on March 21,
2019. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000. The case
is assigned to Judge Jeffrey P. Norman. Waldron & Schneider, PLLC,
is the Debtor's counsel.
HARVARD GROUP: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Harvard Group, LLC
1425 H Street NE, 2nd Floor
Washington, DC 20002
Business Description: Harvard Group, LLC is a Single Asset Real
Estate Debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
District of Columbia (Washington, D.C.)
Case No.: 19-00289
Judge: Hon. Martin S. Teel, Jr.
Debtor's Counsel: Steven H. Greenfeld, Esq.
COHEN, BALDINGER & GREENFELD, LLC
2600 Tower Oaks Blvd., Suite 103
Rockville, MD 20852
Tel: 301-881-8300
Fax: 301-881-8350
E-mail: steveng@cohenbaldinger.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kevin Falkner, member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/dcb19-00289.pdf
HELIOS SOFTWARE: Moody's Gives First-Time B3 CFR, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Helios
Software Holdings, Inc., an operating subsidiary of parent company,
ION Corporate Solutions Finance Limited, with a Corporate Family
Rating of B3 and a Probability of Default Rating of B3-PD.
Concurrently, Moody's assigned a B3 rating to the issuer's proposed
senior secured first lien credit facility, comprised of a $1.81
billion term loan, a $400 million term loan, and an undrawn $30
million revolver. The ratings outlook is negative.
The proceeds of the new debt financing will be used principally to
fund the consolidation of Wall Street Systems Inc., Allegro,
Openlink Financial, LLC, and Triple Point Technology, Inc., all of
which are operating units owned by holding company ION Investment
Group, into a single entity. Additionally, a portion of the
financing will be used to fund a dividend distribution to ION
Investment which expects to subsequnetly utilize the dividend
proceeds for acquisitions.
Upon completion of this transaction, which is expected to close
early in May 2019, Moody's expects the debt of the predecessor
entities which will be consolidated to form ION to be repaid and
all existing ratings on these issuers to be withdrawn.
Moody's assigned the following ratings:
Issuer: Helios Software Holdings, Inc.:
Corporate Family Rating - B3
Probability of Default Rating- B3-PD
Senior Secured Revolving Credit Facility expiring 2024 -- B3
(LGD3)
Senior Secured Term Loan due 2023 -- B3 (LGD3)
Senior Secured Term Loan due 2026 -- B3 (LGD3)
Outlook is Negative
Issuer: ION Corporate Solutions Finance S.a r.l.
(EUR-denominated) Senior Secured Term Loan due 2023 --B3 (LGD3)
(EUR-denominated) Senior Secured Term Loan due 2026 --B3 (LGD3)
Outlook is Negative
RATINGS RATIONALE
Helios' B3 CFR reflects the combined company's high pro forma
trailing debt leverage of nearly 7x (Moody's adjusted for operating
leases) as well as relatively limited scale as a niche provider of
software and services for treasury risk management, foreign
exchange processing, and energy and commodity trading risk
management (E/CTRM) applications. Debt leverage is over 8.0x when
expensing capitalized software costs. The company's credit profile
is also negatively impacted by recent weakness in business
performance as sales have contracted by approximately 2% over the
past year and Moody's believes that the software provider's organic
revenue growth prospects will be modest over the intermediate term
due to the maturity of its target markets. Additionally, possible
business disruptions related to the integration of disparate
operating units into one cohesive business entity as well as the
potential for incremental acquisitions and shareholder
distributions could constrain deleveraging efforts. However, these
risks are partially mitigated by ION's solid market position within
its niche serving over 2,200 of the world's largest corporations,
financial institutions, central banks, and energy and utility
companies. The company's credit quality is also supported by a
largely subscription based sales model that provides a degree of
top-line visibility given a significant proportion of recurring
revenue and minimal client attrition. These factors, coupled with
improving projected profitability metrics, should facilitate free
cash flow production which is expected to exceed 5% of total debt
over the coming year.
The B3 ratings for the company's proposed first lien bank debt
reflect the borrower's B3-PD PDR and a Loss Given Default
assessment of LGD3. The B3 first lien ratings are consistent with
the CFR as the bank loans account for the preponderance of ION's
debt structure.
The company's adequate liquidity is supported by a pro forma cash
balance of approximately $40 million following the completion of
the transaction as well as Moody's expectation of free cash flow
generation exceeding 5% of debt over the next 12 months. The
company's liquidity is also bolstered by an undrawn $30 million
revolving credit facility, but the revolver is considered small in
relation to the company's projected interest expense. While the
term loans are not subject to financial covenants, the revolving
credit facility has a springing covenant based on a maximum net
leverage ratio which the company should be comfortably in
compliance with over the next 12-18 months.
The negative outlook reflects Moody's expectation that ION will
generate modest organic revenue growth over the next 12 to 18
months, but could be impacted by a degree of sales volatility
principally from professional services offerings. Concurrently, the
realization of anticipated cost synergies that would be the
principal driver of EBITDA growth and deleveraging is subject to
material execution risk. The outlook could be revised to stable if
the company is able to successfully achieve meaningful improvements
in operating performance during this period while sustainably
reducing adjusted Debt/EBITDA towards 6.5x, and sustaining healthy
free cash flow generation.
The rating could be upgraded if the company realizes consistent
revenue growth and successfully implements planned cost
rationalization programs while adhering to a conservative financial
policy such that debt to EBITDA (Moody's adjusted) is expected to
be sustained below 6.0x.
The rating could be downgraded if ION were to experience a
weakening competitive position, sustained free cash flow deficits,
or the company maintains aggressive financial policies that prevent
meaningful deleveraging.
The principal methodology used in these ratings was Software
Industry published in August 2018.
Helios and its parent company ION, both owned by ION Investment,
provide software and services for treasury risk management, foreign
exchange processing, and energy and commodity trading risk
management (E/CTRM) applications. Moody's expects the company's
revenues to approximate $670 million in 2019.
HELIUS MEDICAL: BDO USA LLP Raises Going Concern Doubt
------------------------------------------------------
Helius Medical Technologies, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K, disclosing
a net loss of $28,623,000 on $478,000 of license revenue for the
year ended Dec. 31, 2018, compared to a net loss of $28,024,000 on
$0 of license revenue for the year ended in 2017.
The audit report of BDO USA, LLP states that the Company has
incurred substantial net losses since its inception, has an
approximate accumulated deficit of $95.0 million as of December 31,
2018 and the Company expects to incur further net losses in the
development of its business. These conditions raise substantial
doubt about its ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $27,827,000, total liabilities of $17,973,000, and a total
stockholders' equity of $9,854,000.
A copy of the Form 10-K is available at:
https://is.gd/hH3GEW
Helius Medical Technologies, Inc., a neurotechnology company,
focuses on developing, licensing, or acquiring noninvasive
technologies for the treatment of symptoms caused by neurological
disease or trauma. The company's product is Portable
Neuromodulation Stimulator, a medical device in Canada for the
treatment of chronic balance deficit associated with a mild to
moderate traumatic brain injury. Its PoNS device treats
neurostimulation of cranial nerves via the tongue to restore lost
function. Helius Medical Technologies is headquartered in Newtown,
Pennsylvania.
HERZ HERZ & REICHLE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Three affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Herz, Herz & Reichle, Inc. 19-12771
254 Four Seasons Drive
Davis, WV 26260
Long Run Realty, Inc. 19-12773
d/b/a Timberline Four Seasons Realty
27 Timberline Road
Davis, WV 26260
Timberline Four Seasons Resort 19-12775
Management Company, Inc.
254 Four Seasons Drive
Davis, WV 26260
Business Description: Herz, Herz & Reichle, Inc and its
subsidiaries are privately held companies in
Davis, West Virginia that operate in the
real estate development industry.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Eastern District of Pennsylvania (Philadelphia)
Judge: Hon. Jean K. FitzSimon
Debtors' Counsel: Albert A. Ciardi, III, Esq.
CIARDI CIARDI & ASTIN, P.C.
One Commerce Square
2005 Market Street, Suite 3500
Philadelphia, PA 19103
Tel: (215) 557-3550
Fax: 215-557-3551
Email: aciardi@ciardilaw.com
- and -
Daniel S. Siedman, Esq.
CIARDI CIARDI & ASTIN, P.C.
One Commerce Square
2005 Market Street, Ste. 3500
Philadelphia, PA 19103
Tel: 215 557 3550
Email: dsiedman@ciardilaw.com
Herz, Herz & Reichle's
Estimated Assets: $1 million to $10 million
Herz, Herz & Reichle's
Estimated Liabilities: $1 million to $10 million
Long Run Realty's
Estimated Assets: $1 million to $10 million
Long Run Realty's
Estimated Liabilities: $1 million to $10 million
Timberline Four's
Estimated Assets: $1 million to $10 million
Timberline Four's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Frederick Herz, vice president.
A copy of Herz, Herz & Reichle's list of 11 unsecured creditors is
available for free at:
http://bankrupt.com/misc/paeb19-12771_creditors.pdf
A copy of Long Run Realty's list of 20 largest unsecured creditors
is available for free at:
http://bankrupt.com/misc/paeb19-12773_creditors.pdf
A copy of Timberline Four's list of 20 largest unsecured creditors
is available for free at:
http://bankrupt.com/misc/paeb19-12775_creditors.pdf
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/paeb19-12771.pdf
http://bankrupt.com/misc/paeb19-12773.pdf
http://bankrupt.com/misc/paeb19-12775.pdf
INNOVATIVE DESIGNS: Independent Firm Raises Going Concern Doubt
---------------------------------------------------------------
Innovative Designs, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $554,625 on $249,682 of revenues (net of returns and
allowances) for the year ended Oct. 31, 2018, compared to a net
loss of $633,055 on $367,955 of revenues (net of returns and
allowances) for the year ended in 2017.
The audit report of the Company's independent registered public
accounting firm states that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern.
The Company had a net loss of $554,625 and a negative cash flow
from operations of $418,948 for the year ended Oct. 31, 2018. In
addition, the Company has an accumulated deficit of $8,900,437.
The Company's balance sheet at Oct. 31, 2018, showed total assets
of $1,702,533, total liabilities of $493,459, and a total
stockholders' equity of $1,209,074.
A copy of the Form 10-K is available at:
https://is.gd/4WgOUk
Innovative Designs, Inc., manufactures and markets cold weather
recreational and industrial clothing products. The Company
operates in two segments, Apparel and House Wrap. The Company
primarily sells its products through independent sales agents,
agencies, retailers, and distributors, as well as through Website
in the United States and Canada. Innovative Designs was founded in
2002 and is based in Pittsburgh, Pennsylvania.
JJE INC: Seeks to Hire Gratacos Law Firm as Legal Counsel
---------------------------------------------------------
JJE, Inc., seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Gratacos Law Firm, P.S.C., as its
legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; assist the Debtor in negotiation with its
creditors concerning the orderly liquidation of its assets or the
formulation of a reorganization plan; and provide other legal
services in connection with its Chapter 11 case.
Gratacos Law Firm received the sum of $4,467 for legal expenses
including the filing fee, and $1,250 as a retainer.
Victor Gratacos Diaz, Esq., at Gratacos Law Firm, disclosed in
court filings that his firm is "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Victor Gratacos Diaz, Esq.
Gratacos Law Firm, P.S.C.
P.O. Box 7571
Caguas, PR 00726
Phone: (787) 746-4772
Fax: (787) 746-3633
Email: bankruptcy@gratacoslaw.com
About JJE Inc.
JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico.
JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No.
19-02034) on April 12, 2019, and is represented by Victor Gratacos
Diaz, Esq., in Caguas, Puerto Rico. In the petition signed by
Jenny Olivo, president, the Debtor disclosed $295,244 in total
assets and $1,953,718 in total liabilities.
JPW INDUSTRIES: Moody's Affirms B3 CFR on Baileigh Acquisition
--------------------------------------------------------------
Moody's Investors Service affirmed JPW Industries Holding
Corporation's B3 Corporate Family Rating, B3-PD Probability of
Default Rating and B3 senior secured bond rating. The outlook
remains stable.
The affirmation of the ratings follows the announcement that JPW
has entered into a definitive agreement to purchase Baileigh
Industrial, Inc., a designer and manufacturer of branded
metalworking and woodworking machinery, for approximately $148
million. The company plans to fund this acquisition and related
transaction fees and expenses with a $60 million add-on to its
senior secured notes due 2024, a $41 million draw on its
asset-based lending revolver and a $55 million equity injection
from JPW's sponsor and management. Proforma leverage for year-end
2019 is projected to be 6.2x, a modest improvement from 6.4x at
year-end 2018. Including Baileigh, JPW's annual revenue will
increase by a third to approximately $310 million.
Assignments:
Issuer: JPW Industries Holding Corporation
Senior Secured Regular Bond/Debenture Add-On, Assigned B3 (LGD4)
Outlook Actions:
Issuer: JPW Industries Holding Corporation
Outlook, Remains Stable
Affirmations:
Issuer: JPW Industries Holding Corporation
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Senior Secured Regular Bond/Debenture, Affirmed B3 (LGD4)
RATINGS RATIONALE
JPW's B3 CFR reflects very high leverage of 6.5x as of year-end
2018 on a pro-forma basis, small size relative to industry peers,
supplier concentration and exposure to cyclical end markets. The
acquisition of Baileigh further diversifies the company's brand
offering and broadens its sales channel to include direct-to-end
user sales. Baileigh's direct-to-end-user sales, which are sold
over the phone and through an e-commerce platform, represent about
59% of its annual revenues and carries a higher margin compared to
dealer sales. The success of this acquisition hinges on JPW's
ability to cross-sell its products through Baileigh's established
sales channel while realizing synergy savings, such as improved
supplier and freight pricing.
Leverage will decline but is expected to remain high at over 6x in
2019, reflecting a reduction in revolver borrowings and some EBITDA
improvement. Liquidity, which includes a $75 million upsized
five-year ABL facility, should be adequate to cover basic capital
requirements over the next twelve months.
The stable outlook reflects Moody's expectation that JPW will
successfully integrate the Baileigh acquisition, while focusing on
reducing debt levels and maintaining positive free cash flow.
Although the acquisition will strain the company's key credit
metrics, particularly leverage, the strategic benefits of the
acquisition mitigate this to some extent.
Moody's indicated that a ratings upgrade was unlikely over the near
term given JPW's small size. Over the longer-term, the ratings
could be upgraded if the company continues to grow its market
position and revenue base in excess of $500 million. The company
would also need to reduce adjusted debt-to-EBITDA below 5.0x,
increase its adjusted EBITA-to-interest expense above 2.5x, and
maintain adjusted operating margin above 10%.
The ratings could be downgraded if adjusted debt-to-EBITDA were to
exceed 6.5x and adjusted EBITA-to-interest expense were to decline
below 1.5x, both for a sustained period. In addition, material
deterioration in adjusted operating margin or significant weakening
of liquidity could also trigger a downgrade.
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
JPW Industries Holdings Corporation, headquartered in La Vergne,
TN, is a global designer, developer, marketer and value-added
distributor of branded specialty shop tools and equipment for a
broad range of applications and end markets. JPW is privately owned
by an affiliate of Gamut Capital Management. The company's brands
include Jet, Wilton, Powermatic, Promac, Edwards and Baileigh,
comprising a variety of price points and end-users. For the year
ended December 31, 2018, JPW generated approximately $242 million
in revenue.
JUPAI HOLDINGS: Says Going Concern Doubt Exists for Shanghai Runju
------------------------------------------------------------------
Jupai Holdings Limited disclosed in its Form 20-F filing with the
U.S. Securities and Exchange Commission for the fiscal year ended
December 31, 2018, that there is substantial doubt on the going
concern of Shanghai Runju Financial Information Service Co., Ltd.'s
business.
In September 2017, Jupai Holdings completed the acquisition of a
non-controlling interest in Runju, a company primarily operates an
online platform which facilitates the transfer of debt and equity
securities, from Shanghai Kushuo Information Technology Limited and
an individual shareholder. Shanghai Kushuo Information Technology
Limited is a subsidiary of E-House.
The total consideration for the acquisition is approximately RMB
90.5 million (USD13.0 million). The Group prepaid RMB77.6 (USD11.2
million) million in December 2015. In March 2016, the Group
entered into a binding agreement to acquire approximately 71% of
equity interests in Runju from two of its existing shareholders,
one of whom is a subsidiary of E-house and considered as a related
party to the Group. In September 2017, the transaction was
completed.
The Group has significant influence but no control over either
board of shareholders or directors, according to the Article of the
Associate of Runju. As such, Runju is accounted for using equity
method of accounting. Under the current legal regime, it is
uncertain whether Runju has obtained sufficient business licenses
and permits required for operating the business of 100 run.com. As
there is substantial doubt on the going concern of its business, an
impairment loss of RMB90.8 million was recorded in loss from equity
in affiliates for the investment in Runju for the year ended
December 31, 2018.
A copy of the Form 20-F is available at:
https://is.gd/lHsFEO
Jupai Holdings Limited, together with its subsidiaries, provides
wealth management products and advisory services to high-net-worth
individuals in China. It also provides asset management services,
including management of real estate or related funds and other fund
products. The Company offers services for fixed income products,
private equity and venture capital funds, and public market
products, as well as other products, including overseas insurance
products and foreign-currency denominated alternative investments.
In addition, it provides fund management services, as well as
advisory and administrative services. The Company was formerly
known as Jupai Investment Group and changed its name to Jupai
Holdings Limited in December 2014. Jupai Holdings Limited was
founded in 2010 and is headquartered in Shanghai, China.
KEMET CORP: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on U.S.-based manufacturer of electronic components KEMET Corp. At
the time of withdrawal, the outlook was stable.
At the same time, S&P withdrew its 'B+' issue and '3' recovery
ratings on KEMET's total JPY33 billion term loan due Sep. 30, 2024.
It also withdrew the 'B+' issue and '3' recovery ratings on the
previous $345 million term loan B due Apr. 28, 2024 since the loan
was fully repaid in November 2018.
KHRL GROUP: TransPecos Banks Seeks Trustee Appointment, Dismissal
-----------------------------------------------------------------
TransPecos Banks, SSB, the primary secured creditor of Papa Grande
Gourmet Foods, LLC and KHRL Group, LLC, asked the U.S. Bankruptcy
Court for the Western District of Texas to appoint a Chapter 11
trustee or to dismiss or convert the bankruptcy cases of the
Debtors.
TransPecos reported that cause exists to either appoint a chapter
11 trustee for the Debtor pursuant to section 1104 of the
Bankruptcy Code or dismiss the Chapter 11 cases or, alternatively,
to convert them to cases under Chapter 7 pursuant to section
1112(b)(1) of the Bankruptcy Code because there is substantial or
continuing loss to or diminution of the estates and the absence of
a reasonable likelihood of rehabilitation.
Based on the request, the Debtors’ business has not generated
sufficient cash flow from operations to pay all of its operating
expenses, pay its property taxes and service all of its secured
debt. The loans from TransPecos were originally obtained in
September 2014. The Debtors were incapable of paying their property
taxes for 2017, which amount was advanced by the Bank in November
2018. TransPecos also reported that the Debtors' business has been
under-capitalized for an extended period of time. The Bank does not
believe that the management team is capable of successfully turning
around the business. Further, TransPecos mentioned that Debtor,
Papa Grande, has been mismanaged by the current owners and the
business has deteriorated, and its financial condition has degraded
substantially.
TransPecos noted that under the weight of the circumstances, the
appointment of a chapter 11 trustee is in the creditors’ and
estates’ best interests. The Debtors operate a core business that
has some value, albeit likely not enough the satisfy all creditors.
If the selected trustee is knowledgeable in the industry -- and
specifically knowledgeable of the Debtors’ businesses – and has
experience in undertaking a turnaround that nets maximum value to
the estates, TransPecos suggested that the displacement of the
Debtors with an independent third party fiduciary would redound to
the benefit of the creditors and the estates.
Further, TransPecos proposed that in the event the Court determines
that dismissal is in the best interest of creditors, the Debtors
and related parties, such as the Debtors’ agents and principals,
be enjoined from dissipating TransPecos’ collateral. TransPecos
also requested that the Debtors be barred for a period of 180 days
from re-filing for bankruptcy protection while TransPecos proceeds
with the State Court Action. Accordingly, TransPecos requested that
the Court enjoin the Debtors and related parties from dissipating
TransPecos’ collateral and bar the Debtors from re-filing for
bankruptcy protection for a period of one 180 days.
TransPecos Banks is represented by:
Morris D. Weiss, Esq.
Mark C. Taylor, Esq.
Cleveland R. Burke, Esq.
Evan J. Atkinson, Esq.
WALLER LANSDEN DORTCH & DAVIS, LLP
100 Congress Avenue, Suite 1800
Austin, TX 78701
Tel: (512) 685-6400
Fax: (512) 685-6417
Email: morris.weiss@wallerlaw.com
mark.taylor@wallerlaw.com
cleve.burke@wallerlaw.com
evan.atkinson@wallerlaw.com
About KHRL Group and Papa Grande Gourmet Foods
Papa Grande Gourmet Foods, LLC, doing business as Garcia Foods --
http://garciafoods.com/-- is a producer of a growing line of
Mexican food products including tamales, fajitas, chorizo, shredded
chicken, picadillo, carne guisada, carnitas, chili, refried beans,
and rice. The Garcia Foods was founded in 1956 by Andy Garcia.
KHRL Group, LLC, owns the real estate used in the business.
KHRL Group and Papa Grande Gourmet Foods filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tex. Lead Case No. 19-50390) on Feb. 25, 2019. In the petitions
signed by Kenneth D. Garcia, member, both debtors estimated their
assets and liabilities under $10 million.
The Hon. Ronald B. King is the case judge. Ronald J. Smeberg,
Esq., at The Smeberg Law Firm, PLLC, is the Debtor's counsel.
KINERJAPAY CORP: M&K CPAS Raises Going Concern Doubt
----------------------------------------------------
KinerjaPay Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$8,393,660 on $2,825,676 of revenue for the year ended Dec. 31,
2018, compared to a net loss of $6,165,793 on $0 of revenue for the
year ended in 2017.
The audit report of M&K CPAS, PLLC, states that the Company
suffered a net loss from operations and has a net capital
deficiency, which raises substantial doubt about its ability to
continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $1,103,898, total liabilities of $4,596,097, and a total
stockholders' deficit of $3,492,199.
A copy of the Form 10-K is available at:
https://is.gd/xkSn9z
KinerjaPay Corp. operates an e-commerce platform in Indonesia. The
company's platform, KinerjaPay IP, an e-wallet service for bill
transfers and online shopping; and allows top-up phone credit for
users. KinerjaPay Corp. was founded in 2010 and is based in Medan,
Indonesia.
KODRENYC LLC: Unsecureds to Get Payment from Remaining Trust Assets
-------------------------------------------------------------------
Kodrenyc LLC filed a Chapter 11 plan and accompanying disclosure
statement proposing that holders of allowed general unsecured
claims will become beneficiaries of the Liquidating Trust and will
receive, on the later of: (i) the Effective Date; (ii) the date all
Claim Objections are resolved; or (iii) the date all Causes of
Action are fully resolved by Final Order of the Bankruptcy Court,
a pro rata Distribution from the remaining Trust Assets, after
Payments are made on account of(i) all Post-Confirmation Fees and
Expenses; (ii) all Allowed Administrative Expense Claims; (iii)
Allowed Priority Tax Claims, and (iv) Allowed Class 1 Claims; and
(v) Allowed Class 2 Claims.
The Trust Assets will consist of (i) all Estate Assets, all Sale
Proceeds, vesting in the Liquidating Trust, with Liens on such
Assets attaching to the same extent, validity and priority which
existed as of the Petition Date; and (ii) Causes of Action. The
Trust Assets will be used for all Payments to all Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed
Priority Claims, and Holders of Class 1, 2, 4 and 5 Claims or
Interests.
A full-text copy of the Disclosure Statement dated April 18, 2019,
is available at https://tinyurl.com/yyxzscxm from PacerMonitor.com
at no charge.
About Kodrenyc
Kodrenyc, LLC is a single asset real estate debtor, whose principal
assets are located at 17800 State Road 9 Miami, FL 33612.
Kodrenyc, LLC sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 19-00996) on Feb. 18, 2019. The petition was signed by Jeffrey
Vasilas, manager of 17800 Gardens D, LLC, the manager/member of
AQFC LLC, manager/member of Kobrenyc, LLC. The Debtor estimated
assets and liabilities in the range of $1 million to $10 million.
The Debtor tapped Scott R. Shuker, Esq., at Latham, Shuker, Eden &
Beaudine, LLP, as counsel.
KONA GRILL: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Lead Debtor: Kona Grill, Inc.
15059 North Scottsdale Road, Suite 300
Scottsdale, AZ 85254
Business Description: Kona Grill, Inc. --
https://www.konagrill.com -- owns and
operates 27 casual dining restaurants
in 18 states, as well as Puerto Rico,
serving contemporary American favorites,
sushi, and alcoholic beverages throughout
the United States and Puerto Rico. In
addition, Kona Grill has two international
restaurants that operate under franchise
agreements. As of April 30, 2019, the
Debtors employ approximately 2,400 people.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Nine affiliates that simultaneously filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Kona Grill, Inc. (Lead Case) 19-10953
Kona Restaurant Holdings, Inc. 19-10954
Kona Sushi, Inc. 19-10955
Kona Macadamia, Inc. 19-10956
Kona Texas Restaurants, Inc. 19-10957
Kona Grill International Holdings, Inc. 19-10958
Kona Baltimore, Inc. 19-10959
Kona Grill International, Inc. 19-10960
Kona Grill Puerto Rico, Inc. 19-10961
Debtors'
Bankruptcy
Counsel: Jeremy V. Richards, Esq.
James E. O'Neill, Esq.
John W. Lucas, Esq.
PACHULSKI STANG ZIEL & JONES LLP
919 N. Market Street, 17th Floor
Wilmington, DE 91899
Tel: (302) 652-4100
Fax: (302) 652-4400
Email: jrichards@pszjlaw.com
jo'neill@pszjlaw.com
jlucas@pszjlaw.com
Debtors'
Investment
Banker: PIPER JAFFRAY
Debtors'
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Claims &
Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC
https://dm.epiq11.com/case/KNG/info
Total Assets as of Dec. 31, 2018: $53,613,000
Total Debts as of Dec. 31, 2018: $74,049,000
The petition was signed by Christopher J. Wells, chief
restructuring officer.
A full-text copy of Kona Grill's petition is available for free
at:
http://bankrupt.com/misc/deb19-10953.pdf
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Fashion Show Mall, LLC Litigation Undetermined
Attn: Drew Nieman
and/or Law/Lease Admin Dept.
c/o Fashion Show
Attn: Law/Lease Admin Dept.
110 N. Wacker Dr.
Chicago, IL 60606
Tel: 312.935.1968
Email: drew.nieman@cbre.com or
sara.spicklemire@cbre.com
2. The Irvine Company LLC Litigation Undetermined
Attn: Blake Windal
and/or General
Counsel Retail Properties
101 Innovation
Irvine, CA 92617
Tel: 949.789.9180
Email: bwindal@irvinecompany.com
3. JFC Trade Payable $572,375
Attn: Jason Koyama
7101 E. Slauson Ave.
Los Angeles, CA 90040
Tel: 323.721.6100
Email: jkoyama@jfc.com
4. Dolphin Mall Lease $500,000
Associates, LLC Termination
Attn: Michele Walton Settlement
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, MI 48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
5. Scottsdale Quarter Reit Trade Payable $326,847
Attn: Joshua Lindimore
180 E. Broad St., 21st Floor
Columbus, OH 43215
Tel: 614.887.5671
Email: Joshua.lindimore@
washingtonprime.com
6. Taubman Cherry Creek LP Trade Payable $177,514
Attn: Michele Walton
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, MI
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
7. Edward Don & Company Trade Payable $163,451
Attn: Frederica Campbell
9801 Adam Don Parkway
Woodridge, IL 60517
Tel: 708.442.9400
Email: frederlcacampbell@don.com
8. TRG IMP LLC Trade Payable $155,390
Attn: Michele Walton
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
9. Masion LLP Trade Payable $143,051
Attn: Doug Holod
3300 Wells Fargo Center
90 South 7th Street
Minneapolis, MN
Tel: 612.672.8200
Email: doug.holod@masion.com
10. TWC Chandler Trade Payable $138,913
Attn: Guy Mercurio
c/o Macerich
11411 N. Tatum Blvd.
Phoenix, AZ 85028
Tel: 214.373.5222
Email: Guy.Mercurio@macerich.com
11. Country Club Plaza JV LLC Trade Payable $136,679
Attn: Michele Walton c/o Taubman
200 E. Long Lake, Suite 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
12. Bear Stearns Com Mg Trade Payable $132,729
Sec Inc Mg Pt Ct
Series 2005 - Pwr 7 Remic I
Attn: Angelina Scarcelli
c/o Colliers International
3960 Howard Hughes
Pkwy., Ste. 150
Las Vegas, NV 89169
Tel: 702.836.3768
Email: Angelina.Scarcelli@colliers.com
13. Continental Atrium Corporation Lease $125,000
Attn: Larry Helfman Termination
2780 Skypark Dr., Ste. 325 Settlement
Torrance, CA 90505
Tel: 310.640.1620
Email: lah@helfmanlaw.com
14. TB Mall at UTC, LLC Trade Payable $121,392
Attn: Michele Walton
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
15. Spgii Domain, LP Trade Payable $120,166
c/o Simon Property Group
Attn: Debra Burns
and/or Legal Dept.
225 W. Washington St
lndianaoolis, IN 46204
Tel: 317-263-7134
Email: dburns@simon.com
16. Aramark Trade Payable $118,987
Attn: Misti Jones
1515 E. Hadley St., Suite 100
Phoenix, AZ 85034
Tel: 602.254.6222
Email: Jones-Misti@aramark.com
17. ICRE Reit Holdings Trade Payable $111,755
Attn: Jennifer Roberts
c/o LPC Commercial Services, Inc.
4601 N. Fairfax Dr., Ste.1115
Arlington, VA 22203
Tel: 703.351.0000
Email: jroberts@lpc.com
18. Baybrook JV 1 LLC Trade Payable $104,202
Attn: Sherri Braddberry
110 N. Wacker Dr.
Chicago, IL 60606
Tel: 312.960.5859
Email: sherri.bradberry@ggp.com
19. Lincolnshire Propco, LLC Trade Payable $99,483
Attn: Amy Levin
clo Next Property Management
5215 Old Orchard Rd., Ste. 880
Skokie. IL 60077
Tel: 847.881.2000
Email: alevin@nextrealty.com
20. HG Galleria LLC Trade Payable $97,146
Attn: Barb Deritter
and/or Legal Dept.
c/o HG Galleria I, II, III, LP
225 W. Washington St.
Indianapolis, IN 46204
Tel: 317.263.7949
Email: bderiter@simon.com
21. Crawfish, LLC Trade Payable $92,531
Attn: Steve Sumell
c/o Trade Mark Property
1701 River Run, Ste. 500
Ft. Worth, TX 76107
Tel: 817.870.1122
Email: ssumell@trademarkproperty.com
22. Rich Taubman Associates Trade Payable $88,491
Attn: Michele Walton
200 E. Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
23. Hawaiian Fresh Seafood Trade Payable $87,212
Attn: Frank Porcelli
2290 Alahao Place, Unit 100
Honolulu, HI 96819
Tel: 800.845.8862
Email: frank@hawailanfresheafood.com
24. Banyan Street/Gap 1 Trade Payable $85,780
East Pratt Holdings LLC
Attn: Zac Gruber
80 SW 8th St., Ste. 2200
Miami, FL 33130
Tel: 305.722.9400
Email: zgruber@banyanstreet.com
25. TWLDC Holdings, LP Trade Payable $81,293
Attn: Robin Parker
3 Waterway Square Place
c/o Howard Hughes Corp.
1790 Hughes Landing, Ste. 600
The Woodlands, TX 77380
Tel: 281.475.2111
Email: robin.parker@howardhughes.com
26. Plaza Internacional Trade Payable $80,384
Puerto Rico LLC
Attn: Michele Walton
c/o Taubman
200 E. Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com
27. CBL-T-C, LLC dba Trade Payable $79,518
Coolsprings Mall, LLC
CBL Center
Attn: Debbie Bell
2030 Hamilton Place
Blvd., Suite 500
Chattanooga, TN 37421
Tel: 423.855.0001
Email: Debble.bell@cblproperties.com
28. Excel Trust, LP Trade Payable $76,498
Attn: Debra Brigher,
Legal Dept.
c/o Shopcore Properties
Two Liberty Place, Ste. 3325
50 S. 16th St.
Philadelphia, PA 19102
Tel: 215.330-4201
Email: legal@shopcore.com
29. Freshpoint Trade Payable $72,343
Attn: Brenden St. John
711 North Orlando
Ave., Ste. 201
Maitland, FL 32751
Tel: 404.831-2185
Email: Brenden.stjohn@freshpoint.com
30. True World Foods Trade Payable $62,482
Attn: Keiko Moreno
24 Link Drive
Rockleigh, NJ 07647
Tel: 201.750.0024
Email: k.moreno@trueworldfoods.com
KOPIN CORP: Deloitte & Touche LLP Raises Going Concern Doubt
------------------------------------------------------------
Kopin Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$35,818,575 on $24,465,005 of total revenue for the year ended Dec.
29, 2018, compared to a net loss of $25,380,115 on $27,841,490 of
total revenue for the year ended in 2017.
The audit report of Deloitte & Touche LLP states that the Company
has suffered recurring losses from operations and recurring
negative operating cash flows that raise substantial doubt about
its ability to continue as a going concern.
The Company's balance sheet at Dec. 29, 2018, showed total assets
of $59,549,111, total liabilities of $11,836,290, and a total
stockholders' equity of $47,712,821.
A copy of the Form 10-K is available at:
https://is.gd/z8ZF8o
Kopin Corporation invents, develops, manufactures, and sells
various components and systems in the United States, the
Asia-Pacific, Europe, and internationally. It offers miniature
active-matrix liquid crystal displays, liquid crystal on silicon
displays/spatial light modulators, organic light emitting diode
displays, application specific integrated circuits, backlights,
optical lenses, and audio integrated circuits, as well as SOLOS
smart glasses, which are hands-free head-worn devices that obtain
information from sensors or the Internet via a smartphone and
displays the information on the sunglass lens. The company's
products are used in industrial and public safety applications;
consumer augmented and virtual reality wearable headsets; soldier,
avionic, and military armored vehicle applications; 3D optical
inspection systems; and training and simulation markets. Kopin
Corporation was founded in 1984 and is headquartered in
Westborough, Massachusetts.
LANDSCAPE HOME: Seeks to Hire Genova & Malin as Legal Counsel
-------------------------------------------------------------
The Landscape Home & Garden Center, Inc. seeks authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Genova & Malin as its legal counsel.
The professional services Genova & Malin will render are:
a. give the Debtor legal advice with respect to its powers and
duties in its financial situation and management of its property;
b. take necessary action to void liens against the Debtor's
property;
c. prepare, on behalf of the Debtor, necessary petitions,
schedules, orders, pleadings and other legal papers; and
d. perform all other legal services for the Debtor as may be
necessary.
Michelle Trier, Esq., a partner at Genova & Malin, assures the
Court that her firm is a disinterested person within the meaning of
Section 101(14) of the Bankruptcy Code.
The Firm can be reached through:
Michelle L. Trier, Esq.
Genova & Malin
1136 Route 9
Wappingers Falls, NY 12590
Phone: (845) 298-1600
About The Landscape Home & Garden Center, Inc.
Based in Newburgh, New York, The Landscape Home & Garden Center,
Inc. sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 19-35586) on April 12, 2019, listing
under $1 million in both assets and liabilities. Michelle L. Trier
at Genova & Malin represents the Debtor as counsel. The case is
assigned to Judge Cecelia G. Morris.
LBI MEDIA: Court Confirms 3rd Amended Plan
------------------------------------------
The Bankruptcy Court has confirmed the Third Amended Joint Chapter
11 Plan of Reorganization of LBI Media Inc. and its affiliated
debtors.
The Junior Noteholder Group and the HoldCo Noteholder are deemed to
have voted in favor of the Plan, and Class 4 and Class 5 are deemed
to have accepted the Plan.
The amendments and modifications to the Second Amended Joint
Chapter 11 Plan of the Debtors since the filing thereof and
incorporated into and reflected in the Plan are approved in
accordance with section 1127(a) of the Bankruptcy Code and Rule
3019(a) of the Bankruptcy Rules.
As of the Effective Date, the Motion of the Plaintiff Group of
Noteholders for Entry of an Order Granting Leave, Standing and
Authority to Commence and Prosecute Certain Claims on Behalf of the
LBI Media Estate and Exclusive Settlement Authority in Respect of
Such Claims is withdrawn with prejudice, and, without limitation to
the foregoing, after the Effective Date, the plaintiffs thereunder
shall timely attend to the administrative detail necessary to have
the docket reflect such withdrawal with prejudice. Effective upon
entry of this Confirmation Order, the Standing Motion shall be
deemed adjourned until the earlier of the Effective Date, the
reversal of or vacatur of the Confirmation Order, and the
withdrawal of the Plan.
The Debtors and Reorganized Debtors are authorized to enter into,
and take such actions as necessary or desirable to perform under
the Exit Facility and, in each case, all documents or agreements
related thereto, including the payment or reimbursement of any
fees, indemnities and expenses under or pursuant to any such
documents and agreements in connection therewith.
Except as otherwise provided in the DIP Order, the Bar Date Order
or the Plan, requests for payment of Administrative Expense Claims
other than DIP Claims and claims for DIP Professional Fees must be
filed with the Bankruptcy Court and served on the Debtors or
Reorganized Debtors (as the case may be), Epiq Corporate
Restructuring, LLC in their capacity as the Debtors' claims and
noticing agent, and the U.S. Trustee within thirty (30) days from
the date of service of notice of the Effective Date.
Section 5.2 of the Plan shall be amended and restated as follows:
5.2 Compromise and Settlement of Claims, Interests and
Controversies.
(a) Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy
Rule 9019 and in consideration for the distributions and other
benefits provided pursuant to the Plan, the Plan and the Global
Settlement are, and shall be deemed, a good-faith compromise and
settlement by and among the Debtors, the Creditors' Committee, the
Consenting First Lien Noteholders, the Junior Noteholder Group,
the HoldCo Noteholder, and the holders of Intermediate HoldCo
Unsecured Notes Claims of all Claims and controversies among such
parties, including all Claims and controversies relating to First
Lien Notes Claims, Second Lien Notes Claims, HoldCo Unsecured Notes
Claims, Intermediate HoldCo Unsecured Notes Claims, ASCAP/BMI
Settlement Claims, Ongoing Trade Claims, and General Unsecured
Claims.
(b) The entry of the Confirmation Order shall constitute the
Bankruptcy Court's approval of the Global Settlement, as well as a
finding by the Bankruptcy Court that the Global Settlement is in
the best interests of the Debtors, their Estates, and holders of
Claims and Interests and is fair, equitable, and reasonable. The
compromises, settlements, and releases described herein shall be
deemed nonseverable from each other and from all other terms of the
Plan. In accordance with the provisions of the Plan, pursuant to
Bankruptcy Rule 9019, without any further notice to or action,
order, or approval of the Bankruptcy Court, after the Effective
Date, the Reorganized Debtors may compromise and settle Claims
against, and Interests in, the Debtors and their Estates and Causes
of Action against other Entities.
A full-text copy of the Order dated April 17, 2019, is available at
https://tinyurl.com/yy7ulq5n from PacerMonitor.com at no charge.
About LBI Media
Headquartered in Burbank, California, LBI Media --
http://www.lbimedia.com/-- is a national television and radio
broadcasting company that was co-founded in 1987 by Lenard
Liberman, LBI's chief executive officer, and his father Jose
Liberman, who immigrated to the United States from Mexico in 1946.
LBI is a national media company that owns or licenses 27
Spanish-language television stations and radio stations in the
United States, as well as EstrellaTV, a Spanish-language television
broadcast network.
LBI Media Inc and more than 15 of its affiliates filed for
bankruptcy protection (Bankr. D. Del. Case No. 18-12655) on Nov.
21, 2018.
In the petition signed by CFO Brian Kei, the Debtors reported total
assets of $238.7 million and total liabilities of $532.9 million as
of June 30, 2018.
Richards Layton & Finger, P.A., and Weil, Gotshal & Manges LLP
serve as counsel to the Debtors. Guggenheim Securities LLC has been
tapped as investment banker, Alvarez & Marsal North America LLC as
financial advisor, and Epiq Corporate Restructuring LLC as claims
and noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, on Dec. 6, 2018,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of LBI Media, Inc. and
its affiliates. The Committee tapped Squire Patton Boggs (US) LLP
as lead counsel, Bayard, P.A., as co-counsel, and Dundon Advisers
LLC as financial advisor.
LEGEND FARMS: Seeks Approval to Hire Accountant
-----------------------------------------------
Legend Farms Dairy, LLC, seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Wisconsin to hire an accountant.
The Debtor proposes to employ Martin Cowie, a certified public
accountant, to perform projection and financial analysis, compile
monthly reports, and work on the financial aspects of its
reorganization.
Mr. Cowie will charge an hourly fee of $175 for his services. The
accountant has agreed to a fee cap of $15,000.
In a court filing, Mr. Cowie disclosed that he neither holds nor
represents any interest adverse to the interest of the Debtor's
estate.
Mr. Cowie maintains an office at:
Martin J. Cowie
5162 Island View Drive
Oshkosh, WI 54901
About Legend Farms Dairy
Legend Farms Dairy, LLC, is a privately held company in Kewaunee,
Wis., that operates in the dairy farming business. Legend Farms
Dairy sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Wis. Case No. 19-23690) on April 19, 2019. At the
time of the filing, the Debtor estimated assets of between $1
million and $10 million and liabilities of the same range. The
case is assigned to Judge Beth E. Hanan. Martin J. Cowie is the
Debtor's counsel.
LEGEND FARMS: Seeks to Hire Steinhilber Swanson as Legal Counsel
----------------------------------------------------------------
Legend Farms Dairy, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Wisconsin to hire Steinhilber
Swanson LLP as its legal counsel.
The firm will assist the Debtor in the preparation of a plan of
reorganization; participate in negotiations; analyze claims of
creditors; handle case administration tasks; and provide other
legal services in connection with its Chapter 11 case.
The attorneys and paraprofessionals expected to provide the
services are:
Paul Swanson, Partner $495
John Menn, Partner $300
Virginia George, Attorney $395
Carrie Werle, Associate $250
Heather Saladin, Paralegal $150
Cynthia Krutke, Paralegal $120
Samantha Pierstorff, Legal Secretary $100
The hourly rates for other attorneys and paraprofessionals of the
firm range from $100 to $495.
Based on the firm's estimate, the total fees and costs may range up
to or beyond $66,500.
Paul Swanson, Esq., at Steinhilber Swanson, disclosed in court
filings that the firm and its attorneys are "disinterested" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul G. Swanson, Esq.
Steinhilber Swanson LLP
107 Church Avenue
Oshkosh, WI 54901
Tel: 920-235-6690
Fax: 920-426-5530
Email: pswanson@steinhilberswanson.com
About Legend Farms Dairy
Legend Farms Dairy, LLC, is a privately held company in Kewaunee,
Wis., that operates in the dairy farming business. Legend Farms
Dairy sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Wis. Case No. 19-23690) on April 19, 2019. At the
time of the filing, the Debtor estimated assets of between $1
million and $10 million and liabilities of the same range. The
case is assigned to Judge Beth E. Hanan. Martin J. Cowie is the
Debtor's counsel.
LEOPOLD GROUP: Case Summary & 4 Unsecured Creditors
---------------------------------------------------
Debtor: Leopold Group, LLC
9801 Collins Avenue, Unit 11P
Miami Beach, FL 33154
Business Description: Leopold Group, LLC is a Single Asset Real
Estate (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Case No.: 19-15801
Judge: Hon. Jay A. Cristol
Debtor's Counsel: Joe M. Grant, Esq.
MARSHALL GRANT, PLLC
197 S. Federal Hwy #200
Boca Raton, FL 33432
Tel: (561) 361-1000
Fax: 561.672.7581
E-mail: jgrant@marshallgrant.com
jgrant@msglaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Leopold Balestrieri, managing member
Leopold Homes, LLC.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at:
http://bankrupt.com/misc/flsb19-15801.pdf
LK BENNETT USA: Seeks to Hire DLA Piper LLP (US) as Counsel
-----------------------------------------------------------
L.K. Bennett U.S.A., Inc. seeks authority from the U.S. Bankruptcy
Court for the District of Delaware to hire DLA Piper LLP (US) as
its legal counsel, nunc pro tunc to April 3.
The services DLA Piper will render are:
(a) advise the Debtor of its rights, powers and duties in the
operation and management of its business and properties under
Chapter 11 of the Bankruptcy Code;
(b) assist in the negotiation and documentation of vendor
contracts, asset purchase agreements, financing agreements, labor
relations and tax matters;
(c) advise the Debtor regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;
(d) advise the Debtor concerning the assumptions, assignment
and rejection of executory contracts and unexpired leases;
(e) advise the Debtor in connection with the formulation,
negotiation and promulgation of a plan and related transactional
documents;
(f) review, estimate and resolve claims asserted against the
Debtor's estate;
(g) assist the Debtor in complying with applicable laws and
governmental regulations;
(h) commence and conduct litigation necessary and appropriate
to assert rights held by the Debtor, protect assets of the estate
or otherwise further the goals of the Debtor in its bankruptcy
case; and
(k) provide non-bankruptcy services if requested by the
Debtor.
DLA Piper's standard hourly rates are:
Richard A. Chesley $1,195
Stuart M. Brown $1,115
Jamila Justine Willis $995
Jade M. Williams $590
Carolyn Fox $300
Richard Chesley, Esq., a partner at DLA Piper, attests that his
firm is a "disinterested person" as defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Richard A. Chesley, Esq.
DLA Piper LLP (US)
444 West Lake Street, Suite 900
Chicago, IL 60606-0089
Tel: +1 312 368 4000
Fax: +1 312 236 7516
About L.K. Bennett U.S.A. Inc.
L.K. Bennett U.S.A., Inc. is a retailer of the L.K. Bennett luxury
fashion brand. Founded in London in 1990 by Linda Bennett, the
Debtor offers women's shoes, clothing, handbags, accessories, and
jewelries. The Debtor is available in standalone stores across the
United States, Europe and the Middle East and in select department
stores worldwide. It is also available through its websites --
lkbennett.com and us.lkbennett.com. L.K. Bennett Limited owns 100%
of the common stock of the Debtor.
L.K. Bennett U.S.A. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 19-10760) on April 3,
2019. At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.
The case has been assigned to Judge Kevin Gross.
The Debtor tapped DLA Piper LLP (US) as its bankruptcy counsel, and
Ernst & Young LLP as its restructuring advisor.
LOWER CADENCE: S&P Assigns 'B' ICR; Outlook Positive
----------------------------------------------------
S&P Global Ratings assigned 'B' issuer credit rating to Texas-based
crude gathering and transportation company, Lower Cadence Holdings
LLC. The outlook is positive.
At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the $1.5 billion secured first-lien term loan
due 2026 issued by the company to partially fund the acquisition of
all of the assets of Oryx Southern Delaware Holdings LLC and Oryx
Delaware Holdings LLC.
"Our 'B' issuer credit rating on Lower Cadence Holdings LLC
reflects our view of the company's relatively small scale, exposure
to volumetric risk, and limited geographic diversity. We expect
leverage to be high under our base-case scenario. We forecast
leverage of 8.3x in 2019, dropping to between 5.5x and 6x in 2020,"
S&P said.
"We believe that Lower Cadence's developed asset base and
downstream connectivity advantages might lead to volume growth
above our expectations, resulting in further deleveraging in 2019
and 2020. This is reflected in our positive outlook," the rating
agency said.
Lower Cadence, an affiliate of Stonepeak Infrastructure Partners,
has entered into a definitive agreement to acquire the crude oil
gathering and transport assets in the Permian and Delaware Basins
held by wholly-owned subsidiaries of Oryx Southern Delaware
Holdings LLC (Oryx I) and Oryx Delaware Holdings LLC (Oryx II) for
approximately $3.6 billion. The combined company will have
throughput capacity of 650,000 barrels per day (Mbpd) and storage
of 2 MMbbls. The Lower Cadence system provides the ability to
deliver crude oil to both Crane and Midland hubs, which provides
customers with access to a number of outbound pipelines for
take-away capacity out of the Permian and Delaware Basins. S&P
expects Lower Cadence's connectivity to further improve as
additional pipelines, such as Gray Oak, come into service.
Lower Cadence is relatively small; S&P expects EBITDA to be
approximately $200 million in 2019. The company expects to grow
significantly over the coming years, based on production growth
from its dedicated acreage and additional capacity provided by Oryx
II. Oryx II came into partial service in 2018, providing an
additional 450 Mbpd of capacity to the system. The incremental
capacity has led to a 30% growth in volumes since December 2018.
However, Lower Cadence's acreage dedication contracts expose the
company to volume risk because it requires drilling activity to
grow and, in turn, deleverage. Offsetting this is the limited
direct commodity exposure, with 100% of cash flows derived from
fixed-fee contracts.
Lower Cadence has limited commodity and geographic diversity,
concentrated in crude gathering and transport in the Delaware
Basin. Partly offsetting this is the very low oil-break-evens that
could sustain crude volumes at even low oil prices. In addition,
Lower Cadence's customer base is diverse, with approximately 22
producers. The contracts are long dated with an average weighted
life of about 10 years. Additionally, 15% of expected 2020 volumes
are backed by investment grade customers.
The company's weak credit measures reflect a capital structure S&P
considers to be highly leveraged. Based on its forecast, which
haircuts management's volume projections, S&P expects Lower Cadence
to have adjusted debt to EBITDA of about 8.3x in 2019. S&P's
assumptions result in EBITDA of $200 million in 2019 and funds from
operations of approximately $115 million. The rating agency expects
capital expenditures between $380 million and $395 million in 2019,
leading to a free operating cash flow deficit of approximately $270
million. For 2020, S&P expects 2020 EBITDA between $280 million and
$300 million resulting, in funds from operations between $155
million and $175 million. S&P expects capital expenditures to come
down to $165 million in 2020, reflecting lower growth spending as
Oryx II is completed. The result is minimal free operating cash
flow in 2020. S&P does not forecast any dividends to the company's
sponsor during the forecast period. The rating agency considers
Stonepeak to be an infrastructure fund based on its long investment
horizon, typically 15 years.
"The positive outlook reflects our expectation that Lower Cadence
will continue to increase volumes on its system as producers
dedicated to Lower Cadence increase production. We recognize Lower
Cadence's relatively stronger competitive position compared with
peers due to its mostly constructed system and superior downstream
connectivity," S&P said, adding that as a result, it expects
leverage to be high in 2019, reflecting the acquisition, with debt
to EBITDA of 8.3x but dropping below 6x in 2020.
S&P said it could upgrade Lower Cadence if volumes grew to a level
that resulted in forecast debt to EBITDA below 5.5x in 2020 that
improved to 5x in 2021.
"We could consider revising the outlook to stable if we expected
debt to EBITDA to remain above 6x in 2020. This could occur if
Lower Cadence faced significant delays in volume growth through the
system due to reduced or delayed drilling activity," the rating
agency said.
LUOKUNG TECHNOLOGY: Needs Financing to Remain as Going Concern
--------------------------------------------------------------
Luokung Technology Corp. filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of $11,927,536 on $21,042,363 of revenues for the year
ended Dec. 31, 2018, compared to a net loss of $6,810,454 on
$26,082,417 of revenues for the year ended in 2017.
The Company incurred losses from operations of $10,819,852,
$6,871,542 and $12,283,219 for the years ended December 31, 2018,
2017 and 2016, respectively. As of December 31, 2018, the Company
had cash of $1,192,218 and a working capital deficit of $2,195,377.
These conditions indicate the existence of substantial doubt over
the Company's ability to continue as a going concern.
In order to alleviate the substantial doubt, the Company intends to
meet the cash requirements for the next 12 months from the issuance
date of the report through a combination of debt and equity
financing such as by way of private placements.
On January 16, 2019, the Company entered into a Securities Purchase
Agreement with Honbridge Holdings Limited, and the Company agreed
to sell 2,000,000 Ordinary Shares of the Company at a price of $6
per share for a total amount of $12,000,000. From 2019 and
onwards, the Company will focus on improving operational efficiency
and cost reduction, and enhancing marketing functions to attract
more customers. The Company regularly monitors its current and
expected liquidity requirements to ensure that it maintains
sufficient cash balances and accessible credit to meet its
liquidity requirements in the short and long term.
Based on working capital conditions and forecast for future
operations, the Company believes that it will be able to meet its
payment obligations and other commitments for at least the
following twelve months.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $97,079,401, total liabilities of $33,978,642, and $63,100,759
in total shareholders' equity.
A copy of the Form 20-F is available at:
https://is.gd/dfenGl
Luokung Technology Corp., through its subsidiaries, provides rail
Wi-Fi and mobile application products for long distance travelers
in China. Its core mobile application product includes Luokuang, an
LBS-social contents and services distribution platform that offers
functions based on various travel scenarios, such as information,
entertainment, travel, e-commerce, O2O, advertising, etc. Luokung
Technology Corp. is headquartered in Beijing, China.
MABVAX THERAPEUTICS: Taps Rosner Law Group as Legal Counsel
-----------------------------------------------------------
MabVax Therapeutics Holdings, Inc., received approval from the U.S.
Bankruptcy Court for the District of Delaware to hire The Rosner
Law Group LLC as its legal counsel.
The firm will advise the company and its affiliates regarding the
administration of their bankruptcy estates, assist them in
connection with any bankruptcy plan, and provide other legal
services in connection with their Chapter 11 cases.
The firm's hourly rates are:
Frederick Rosner, Esq. $375
Scott Leonhardt, Esq. $350
Jason Gibson, Esq. $325
Zhao Liu, Esq. $300
Charles Park, Paralegal $200
Rosner received a retainer in the amount of $75,000.
The firm's attorneys are "disinterested" as defined in Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Jason A. Gibson, Esq.
The Rosner Law Group LLC
824 Market Street, Suite 810
Wilmington, DE 19801
Tel: 302-777-1111
Fax: 302-319-6318
Email: gibson@teamrosner.com
Email: rosner@teamrosner.com
About MabVax Therapeutics
MabVax -- https://www.mabvax.com/ -- is a clinical-stage
biotechnology company with a fully human antibody discovery
platform focused on the rapid translation into clinical development
of products to address unmet medical needs in the treatment of
cancer. Its lead clinical development candidate, HuMab-5B1, is a
fully human IgG1 monoclonal antibody (mAb) that targets sialyl
Lewis A (sLea), an epitope on CA19-9. CA19-9 is expressed in over
90% of pancreatic cancer (PDAC) and in other diseases including
small cell lung, colon and other GI cancers.
MabVax Therapeutics Holdings, Inc., and MabVax Therapeutics, Inc.,
each filed a voluntary Chapter 11 petition (Bankr. D. Del. Case No.
19-10603 and 19-10604, respectively) on March 21, 2019.
At the time of filing, MabVax Therapeutics Holdings estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. MabVax Therapeutics, Inc., estimated up to $50,000 in
assets and liabilities. Jason A. Gibson, Esq., at the Rosner Law
Group LLC, represents the Debtors as bankruptcy counsel.
MAGNOLIA OIL: Fitch Alters Outlook on 'B' IDR to Positive
---------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of Magnolia
Oil & Gas Corp. and Magnolia Oil & Gas Operating LLC at 'B'. Fitch
has also revised the companies' Rating Outlooks to Positive from
Stable. The Positive Outlook primarily reflects recent increases in
the company's size and scale linked to its strong operational
performance, the favorable impact of bolt-on acquisitions, as well
as continued conservative financial policies.
Approximately $400 million in debt is affected by the rating
action.
Magnolia's ratings reflect its strong asset base, anchored by its
position in the core of the Eagle Ford liquids window in Karnes
County; high exposure to liquids (79% of production); low
break-evens ($28-$32/bbl); favorable price differentials based on
the Eagle Ford's access to export markets on the Gulf coast; and
conservative financial policy. Rating concerns include the
company's smaller size and single basin exposure; modest acreage
position in the Karnes field; and lack of hedging. Over the longer
term, there is also execution risk surrounding the Giddings Field
given its limited history as a shale play and higher clay content;
however, well results to date have been promising.
KEY RATING DRIVERS
Robust Asset Profile: MGY has a small but robust asset profile in
the Eagle Ford, comprised primarily of Karnes County and the
Giddings Field. The bulk of MGY's proved reserves and value are in
Karnes County, which is in the core of the liquids window of the
Eagle Ford. In Q418, Karnes County production was 41,300 boepd,
which comprised approximately 67% of the company's total output,
and 84% of the company's total oil production. Karnes was also 68%
of the company's proved reserves. Management estimated break-evens
are in the $28-$32/boe range.
Giddings is an emerging horizontal shale play in the Austin Chalk
formation. It comprised 20,600 boepd, or about one-third of MGY's
Q418 output. Giddings' has a modestly lower liquids % (54% liquids)
but a much larger acreage footprint (439,123 net acres Giddings vs.
16,841 Karnes). Both positions are predominantly held by production
and have ample takeaway capacity. At Dec. 31, 2018 MGY had 200 net
producing wells in Karnes County and 846 net producing wells in
Giddings.
Strong Operational Results: MGY reported robust financial and
operational results at YE 2018, including debt/EBITDA leverage of
just 0.6x. Free cash flow stood at $251 million, comprised of cash
flow from operations of $590 million, capex of $339 million, and no
dividends. Fitch believes there is additional headroom to reduce
capex levels in the event of lower prices. In its base case
forecast, Fitch expects the company will be significantly FCF
positive over the next several years. As calculated by Fitch, MGY's
operational metrics were strong versus peers as well, with cash
netbacks of $41.50/boe at YE 2018, liquids production of 79% and
liquids reserves of 71%. Debt/flowing barrel was also very low at
less than $8,400/barrel.
Strong Price Realizations: Price realizations for MGY's production
are high, given the Eagle Ford's unconstrained access to export
markets on the Gulf Coast. On the oil side, MGY's production enjoys
waterborne-linked Gulf coast benchmark pricing, which has enjoyed a
premium to WTI, averaging an approximately $7.50/barrel premium
YTD. Basis discounts for Eagle Ford's natural gas prices to
benchmark Henry Hub have also been minimal over this period, given
proximity and adequate takeaway capacity.
Operator Status/HBP Acreage: MGY has operator status on a majority
of its acquired properties and holds most of its acreage by
production (HBP), including 97.2% of its Karnes County acreage, and
98.4% of its Giddings Field acreage. Having extensive HBP acreage
helps the company control the pace and timing of future
development, and limits the amount of non-economic drilling it must
perform to hold onto leases. Both of these factors should help
increase its capex flexibility.
Conservative Capital Structure: By design, MGY has a conservative
capital structure, comprised of a secured $1.0 billion revolver
(borrowing base of $550 million), and $400 million in 6.00% senior
unsecured notes due 2026. The company had zero draw on its revolver
at YE 2018, resulting in debt/EBITDA leverage of 0.6x and
debt/flowing barrel just under $8,400/bbl. Under its base case,
Fitch expects the company will continue to see leverage below 1.0x.
It anticipates MGY will be acquisitive but will not lever up on a
permanent basis to fund its deals. The company's long-term target
is to spend no more than 50%-60% of gross cash flow on capex in
order to maximize FCF. Given the newness of the company, there is
some uncertainty about its long term capital allocation, but Fitch
expects that a significant portion will go towards M&A in the near
term.
Smaller Size and Limited Diversification: Magnolia Oil is a small,
pure play E&P in the Eagle Ford/Austin Chalk with Q418 production
of 61,900 boepd, and proved (1p) reserves of just 100.5 million,
which is below the size of pure-play high yield peers, and well
below the level of larger, better capitalized peers in the Eagle
Ford such as EOG (NR) and Marathon Oil Corporation (BBB/Stable).
The company has a good inventory of drilling locations, but its 1p
reserves are small, as they are based on a single year development
plan versus the standard five years for peers. This has resulted in
a reported decline in the company's Standardized Measure since the
last reporting period for the predecessor company ending July 30,
2018 ($2.3 billion vs $1.9 billion). While the choice to go with a
single year of development plan is unusual, Fitch believes MGY's
lower reported reserves constitute optics more than anything else,
and the borrowing base for the company's $1.0 billion secured
revolver (which is based on bank syndicate reserve reports and
price decks rather than SEC reserves) remains unchanged at $550
million.
No Hedging: In contrast to many of its single 'B' rated peers, MGY
does not hedge commodity prices. Management believes the
combination of low financial leverage, low break-evens, and strong
projected FCF mitigate the need to hedge by creating additional
financial flexibility elsewhere in the business model. MGY's credit
facility lending group does not require the company to hedge.
M&A Risk: Fitch expects acquisitions will be a significant future
use of MGY's discretionary cash, particularly in the Karnes area
given MGY's smaller acreage footprint, and the availability of
smaller potential bolt-on deals from adjacent operators in the $20
million -$50 million range. With that said, to the degree there are
larger deals, Fitch expects they would be conservatively funded
either with cash on hand or temporary borrowings on the RBL. Fitch
also expects that management's focus will be on properties with
near-term cash flowing potential, which should help minimize the
impact of deals on credit metrics.
Execution Risk for Giddings: As an emerging horizontal shale play,
the Giddings field has a notable amount of execution risk, given
the higher clay content of portions of the play, and the fact only
a limited number of horizontal wells have been drilled. While MGY's
well results to date have been promising, results have also been
highly variable (first four wells average IP30s of just under 1,600
boepd, but with oil ranging between 33% and 66% of output). Fitch
expects that MGY will continue to focus on appraisal and
delineation in Giddings, and is unlikely to enter a major
development phase for the next few years.
DERIVATION SUMMARY
MGY is well positioned versus other single 'B' rated high-yield E&P
peers. At 47,700 boepd in 2018 (61,900 boepd Q418), its size is
smaller than most peers including Extraction Oil & Gas (B+/Stable),
SM Energy (B+/Stable), Ultra Petroleum (B-/Negative Outlook), and
MEG Energy (B/Stable). MGY's geographic diversification is low
given its position as an essentially pure play E&P but consistent
with the single basin focus seen among many 'B' rated peers.
However, MGY has above average exposure to liquids (79%) and above
average price realizations for both crude (Gulf coast based) and
natural gas (minimal basis to Henry Hub). When matched with its
relatively low break-evens and limited capex reinvestment needs,
MGY has a robust FCF profile and peer-leading unit margins. As a
policy, the company does not hedge its production, which sets it
apart from peers, but the company's low break-evens and
conservative financial policy (target debt/EBITDA of less than
1.0x) more than offset this.
Under Fitch's Parent Subsidiary Linkage, the IDRs of parent MGY and
operating subsidiary Magnolia Oil & Gas Operating, LLC are
equalized based on the parent's effective control over the
subsidiary, as evidenced by consolidated financial statements, as
well as a common management team and centralized treasury
activities. Magnolia Oil & Gas Operating LLC is the borrower for
the RBL and notes, and it houses all material assets.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- WTI oil price of $57.50 in 2019 and 2020, $55 in 2020 and the
long term;
- Henry Hub natural gas prices of $3.25/mcf in 2019 and $3.00/mcf
for the rest of the forecast period;
- Production rising to 84.9kboepd by 2021;
- Capex averaging just over $460 million across the forecast
period;
- FCF averaging just over $280 million per year across the
forecast;
- Bolt-on acquisitions of $250 million per year across the
forecast period;
- Dividends of $175 million per year paid out beginning in 2021.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Maintenance of conservative financial policies and metrics,
including FFO lease adjusted leverage below 3.5x;
- Increased production size (daily production of 70,000 boepd);
- Success in extending drilling inventory, through acquisitions
or organic delineation;
- Greater certainty around the company's capital allocation
strategy.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- An impaired liquidity profile or unfavorable borrowing base
redetermination;
- A major operational or regulatory issue impacting the company's
operations;
- A large leveraging transaction or shareholder distribution
indicating a change in financial policy;
- FFO lease adjusted leverage above 4.0x.
LIQUIDITY
MGY's liquidity was good at YE 2018 and was comprised of cash of
$136 million and full availability on its $1.0 billion senior
secured revolver (which had a $550 borrowing base). On a go-forward
basis, the company's primary sources of liquidity are expected to
be FCF from the business, as well as liquidity from its senior
secured RBL, which the company expects will be used primarily to
fund acquisitions. The RBL is subject to bi-annual redeterminations
and is secured by a pledge of 85% of reserves and a first priority
perfected security in all other tangible assets of the borrower and
guarantors including cash, deposits, A/R inventory, and equipment.
It matures in July 2023.
Covenants Manageable: Covenants across MGY's capital structure are
manageable. The RBL has a maximum leverage ratio of 4.0x, and a
current ratio of 1.0x, which is triggered in the event the leverage
ratio exceeds 3.0x. The restricted payment basket allows for
dividends and distributions subject to a leverage test of less than
3.0x, meeting minimum liquidity requirements, and no PF default.
Covenants for the company's $400 million senior unsecured notes
include a minimum fixed charge coverage ratio of 2.0x which must be
met in the event of incurrence of new debt; a change in control put
at 101 in the event of a change in control and a subsequent
downgrade; and suspension of key covenants in the event the company
achieves an IG rating with no ongoing default (including debt
incurrence, restricted payments, dividends, and guarantees). The
unsecured notes are guaranteed by MGY, Magnolia Oil & Gas Operating
LLC, and Magnolia Intermediate, as well as certain future
subsidiaries of the company.
Strong Recovery: The recovery valuation for Magnolia was based on
the maximum of going concern (GC) value and liquidation value, in
line with Fitch's corporate recovery criteria. To determine going
concern value, Fitch assumed a bankruptcy exit EBITDA of $646
million. This figure assumes a prolonged commodity price downturn
and is consistent with MGY's expected EBITDA in 2020 under a
long-term stress case scenario (WTI of $45.00/boe, HH natural gas
of $2.50/mcf). The 5.0x multiple is below the historical 6.7x
median multiple seen across Fitch's most recent bankruptcy case
studies for energy names and reflects both the company's
peer-leading net backs and higher liquids-weighted production but
also its small size and the still material execution risk around
its Giddings properties. Total going concern value was
approximately $3.230 billion.
To determine liquidation value, Fitch incorporated a traded asset
approach. The traded asset approach was based on a review of recent
E&P transaction multiples in the Eagle Ford, primarily on a
$/flowing barrel and $/acre basis. These methods were in broad
agreement, converging at just over $3.0 billion, which was the
liquidation value used in the analysis. In the case of MGY, other
reserve-linked metrics ($/boe proved reserves, PV-10) were
considered less representative of liquidation value given the
artificially depressed size of MGY's reserves relative to peers.
Other Fitch related standard adjustments to A/R and cash were made
to the liquidation portion of the valuation analysis. Total gross
liquidation value was $3.131 billion.
After determining that the GC approach provided the maximum value,
a standard waterfall approach was applied. After subtracting 10%
for administrative claims, the remaining value was applied to the
waterfall analysis. The company's senior secured RBL was assumed to
have first priority. That facility has a $1.0 billion limit and
$550 million borrowing base. Fitch assumed a full draw on the
company's RBL, given the company's strong financial position, which
it believes suggests prolonged access prior to a potential
bankruptcy event. This allowed the secured instrument to recover at
the 100% level (BB/RR1). Following that, the company's $400 million
in senior unsecured notes also recovered at the 100% level, but
Fitch capped the recovery for the unsecured notes at +2 above the
IDR (BB-/RR2) in keeping with its corporate notching and Recovery
Ratings criteria.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Magnolia Oil & Gas Corp:
-- Long-term IDR at 'B'.
Magnolia Oil & Gas Operating, LLC:
-- Long-term IDR at 'B';
-- 1st Lien senior secured revolver at 'BB'/'RR1';
-- Senior unsecured notes at 'BB-'/'RR2'.
The Rating Outlook is revised to Positive from Stable.
MAYFLOWER COMMUNITIES: PCO Files 1st Interim Report for 2 Units
---------------------------------------------------------------
Susan N. Goodman, the appointed Patient Care Ombudsman for
Mayflower Communities, Inc., filed the first interim report before
the U.S. Bankruptcy Court for the Northern District of Texas, dated
April 26, 2019.
The Report focused on the 48-bed licensed skilled nursing unit and
the 26-bed memory-support assisted living unit.
According to the Report, the PCO observed the activities that the
staff engaged with the residents on both units throughout the site
visit, noting anecdotally that the resident activities engagement
levels seemed higher than what PCO had observed at other
facilities.
Further, the PCO reported that the facilities' housekeeping denied
any supply shortages or issues associated with the bankruptcy
process. Likewise, there were no concerns reported by the floor
technician. The PCO also did not observe any supply challenges
associated with waterless hand gel or bathroom paper products.
Moreover, the PCO disclosed to engage with the regional IT support
person to better understand where and how the Debtor accomplishes
the cloud-based storage and disaster recovery. The PCO noted that
the Debtor has one main supply room with smaller supply closets
located on the Skilled and Memory units.
A full-text copy of the PCO's First Interim Report is available at
https://is.gd/C1Vb4B from PacerMonitor.com at no charge.
About Mayflower Communities
Mayflower Communities, Inc. --
https://www.thebarringtonofcarmel.com/ -- operates The Barrington
of Carmel a senior living retirement community in Carmel, Indiana.
Mayflower provides nursing care, memory support, rehabilitation,
retirement home, assisted living, and independent living.
Mayflower Communities sought Chapter 11 relief (Bankr N.D. Tex.
Case No. 19-30283) on Jan. 30, 2019, estimating $50 million to $100
million in assets and $100 million to $500 million in liabilities.
The Hon. Harlin DeWayne Hale oversees the case.
DLA Piper LLP (US), led by Andrew Ball Zollinger and Thomas R.
Califano, and Rachel Nanes, serve as the Debtor's counsel. The
Debtor also tapped Ankura Consulting Group, LLC as restructuring
advisor; Larx Advisors, Inc. as financial advisor; Cushman &
Wakefield U.S., Inc. as investment banker; and Donlin Recano &
Company, Inc. as claims agent.
The Office of the Trustee appointed an official residents'
committee on Feb. 11, 2019. The residents' committee tapped
Neligan LLP as its legal counsel.
MEDICINES CO: Needs More Funds to Continue as Going Concern
-----------------------------------------------------------
The Medicines Company filed its quarterly report on Form 10-Q,
disclosing a net loss of $59,865,000 on $0 of net revenue for the
three months ended March 31, 2019, compared to a net income of
$29,149,000 on $7,771,000 of net revenue for the same period in
2018.
At March 31, 2019 the Company had total assets of $835,853,000,
total liabilities of $911,242,000, and $75,389,000 in total
stockholders' deficit.
The Company said, "Since the divesture of our rights to branded
Angiomax in the United States to Sandoz we are no longer generating
revenues from product sales. Prior to such divestiture, our
revenues generated from product sales had been declining
significantly since 2014 due to the introduction of generic
competition against Angiomax and the divestiture of certain of our
non-core products. We have incurred net losses and negative cash
flows from operations since 2014 and had an accumulated deficit of
US$1,440.6 million as of March 31, 2019. We expect to incur
significant expenses and operating losses for the foreseeable
future as we continue to develop, seek regulatory approval for and
commercially launch inclisiran. We believe our existing cash and
cash equivalents and short term investments of approximately $202.1
million as of March 31, 2019, will not be sufficient to satisfy our
anticipated operating and other funding requirements for the next
twelve months from April 26, 2019 (the date of filing this Form
10-Q).
"Because we expect to continue to incur negative cash flows from
operations, we will need to raise additional funds by selling
additional equity or debt securities or seeking additional
financing through other arrangements in order to meet our
anticipated operating and other funding requirements for the next
twelve months. There can be no assurances that public or private
financings or other financing arrangements will be available in
amounts or on terms acceptable to us, if at all. Our ability to
obtain additional equity or debt financing may be limited by market
conditions. If we were unable to obtain additional financing, we
may be required to delay, reduce the scope of, or eliminate one or
more of our planned research, development or commercialization
activities. Due to these uncertainties, there is substantial doubt
about our ability to continue as a going concern."
A copy of the Form 10-Q is available at:
https://is.gd/kYS6Th
The Medicines Company, a biopharmaceutical company, focuses on
developing therapeutics for the treatment of therosclerotic
cardiovascular disease. The Company is developing Inclisiran, an
investigational RNA interference therapeutic that inhibits
production of proprotein convertase subtilisin/kexin type 9, which
controls LDL-cholesterol levels. It has collaboration agreement
with Alnylam Pharmaceuticals, Inc. The Medicines Company was
founded in 1996 and is headquartered in Parsippany, New Jersey.
MID-CITIES HOME: PCO Appointment Not Necessary, Court Rules
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas found
that the appointment of a patient care ombudsman is not necessary
for Mid-Cities Home Medical Equipment Co., Inc.
The Court held the determination for PCO appointment on April 25,
2019, and found that the Debtor was a medical equipment provider
that has ceased to operate. Further, the Court has specified that
during the hearing, there were no opposition from the United States
Trustee.
Hence, the Court found that the appointment of a patient care
ombudsman is not necessary for the protection of patients under the
specific facts of the case.
About Mid-Cities Home Medical Equipment Co.
Based in Grand Prairie, Texas, Mid-Cities Home Medical Equipment
Co., Inc., dba Homepoint Dme, a retailer of medical supplies and
equipment, filed a voluntary Chapter 11 petition (Bankr. N.D. Tex.
Case No. 19-41232) on March 27, 2019, and is represented by Suzanne
K. Rosen, Esq., in Fort Worth, Texas.
At the time of filing, the Debtor had $500,000 to $1 million in
estimated assets and $1 million to $10 million in estimated
liabilities.
The petition was signed by Scott Bays, president.
MID-CITIES HOME: Seeks to Hire Forshey & Prostok as Legal Counsel
-----------------------------------------------------------------
Mid-Cities Home Medical Equipment Co. seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Forshey
& Prostok, LLP as its legal counsel.
The firm will provide these services:
(a) advise the Debtor of its rights, powers and duties;
(b) assist in the negotiation and documentation of agreements,
debt restructurings and related transactions;
(c) review the nature and validity of liens asserted against
property of the Debtor and give advice concerning the
enforceability of such liens;
(d) advise the Debtor concerning the actions that it might take
to collect and to recover property for the benefit of its estate;
and
(e) assist in the formulation, negotiation and promulgation of a
plan of reorganization and related documents.
Forshey & Prostok will be paid at these hourly rates:
Jeff Prostok $625
J. Robert Forshey $575
Suzanne K. Rosen $475
Other Attorneys $375 - $450
Paralegal, Legal Assistants $150 - $195
Forshey & Prostok will also be reimbursed for work-related expenses
incurred.
Jeff Prostok, Esq., a partner at Forshey & Prostok, assured the
court that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estate.
Forshey & Prostok can be reached at:
Jeff P. Prostok, Esq.
Forshey & Prostok, LLP
777 Main St., Suite 1290
Fort Worth, TX 76102
Tel: (817) 877-8855
Fax: (817) 877-4151
Email: jprostok@forsheyprostok.com
About Mid-Cities Home Medical Equipment Co.
Based in Grand Prairie, Texas, Mid-Cities Home Medical Equipment
Co., Inc., a retailer of medical supplies and equipment, filed a
voluntary Chapter 11 petition (Bankr. N.D. Tex. Case No. 19-41232)
on March 27, 2019. At the time of filing, the Debtor had $500,000
to $1 million in estimated assets and $1 million to $10 million in
estimated liabilities. The petition was signed by Scott Bays,
president.
MINING POWER: Accumulated Deficit Raises Going Concern Doubt
------------------------------------------------------------
Mining Power Group, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,115,978 on $185,869 of revenues for the
three months ended Sep. 30, 2018, compared to a net loss of
$436,295 on $0 of revenue for the same period in 2017.
At Sep. 30, 2018 the Company had total assets of $1,995,486, total
liabilities of $3,849,975, and $1,854,489 in total shareholders'
deficit.
As of Sept. 30, 2018, the Company has an accumulated deficit of
$2,812,030 since inception. This raises substantial doubt about
the Company's ability to continue as a going concern.
Management's plans include raising capital through the equity
markets to fund operations and eventually generate revenue through
its business; however, there can be no assurance that the Company
will be successful in such activities.
A copy of the Form 10-Q is available at:
https://is.gd/GvgWtj
Mining Power Group, Inc., formerly known as Rich Cigars, Inc., was
a Florida Corporation incorporated on July 29, 2013, and was
established to manufacture and distribute high-quality, hand
rolled, premium cigars under the Rich Cigars brand name. The
Company had branded custom cigars to be sold via the internet and
through retail locations. The Company's primary operations are
currently through Northway Mining, LLC (a New York limited
liability corporation) as a data center for third parties'
cryptomining processes located in New York State, in which the
Company has a majority interest (55%) acquired on Aug. 1, 2018.
Management intends to conduct our business principally in the U.S.
Northway Mining, LLC's core business is providing hosting services
for third parties' cryptomining processes. These third parties
offer security services including continuous camera recording,
night-vision, motion activation, and automatic text notification to
onsite staff.
NETSHOES CAYMAN: KPMG Raises Going Concern Doubt
------------------------------------------------
Netshoes (Cayman) Limited filed its Form 6-K, disclosing a net loss
of BRL332,374,000 on BRL1,808,064,000 of revenue for the year ended
Dec. 31, 2018, compared to a net loss of BRL170,345,000 on
BRL1,835,212,000 of net sales for the year ended 2017.
The audit report of KPMG Auditores Independentes states that the
Company has incurred operating losses, negative cash flow from
operating activities and has a working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.
At Dec. 31, 2018 the Company had total assets of BRL994,332,000,
total liabilities of BRL837,782,000, and BRL156,550,000 in total
shareholders' equity.
A copy of the Form 6-K is available at:
https://is.gd/aUe6la
Netshoes (Cayman) Limited, through its subsidiaries, operates as a
sports and lifestyle online retailer in Brazil and internationally.
It offers various products, including athletic shoes, jerseys,
apparels, accessories, and sporting equipment of international,
local, and private brands, as well as fashion primarily under the
Netshoes and Zattini brands. The company operates through its
e-commerce Websites, such as netshoes.com, shoestock.com, and
zattini.com. Netshoes (Cayman) Limited was incorporated in 2000
and is headquartered in Sao Paulo, Brazil.
NEUROMETRIX INC: Reports $2.05-Mil. Net Income for March 31 Quarter
-------------------------------------------------------------------
NeuroMetrix, Inc. filed its quarterly report on Form 10-Q,
disclosing a net income of $2,050,507 on $3,122,935 of revenues for
the three months ended March 31, 2019, compared to a net income of
$1,166,252 on $4,942,990 of revenues for the same period in 2018.
At March 31, 2019 the Company had total assets of $13,906,763,
total liabilities of $5,714,352, and $8,192,411 in total
stockholders' equity.
The Company has suffered recurring losses from operations and
negative cash flows from operating activities. At March 31, 2019,
the Company had an accumulated deficit of $189.0 million. These
factors raise substantial doubt about the Company's ability to
continue as a going concern for the one-year period from the date
of issuance of these financial statements.
A copy of the Form 10-Q is available at:
https://is.gd/EVPsaj
NeuroMetrix, Inc., a healthcare company, develops and markets
products for the detection, diagnosis, and monitoring of peripheral
nerve and spinal cord disorders. The Company develops wearable
neuro-stimulation therapeutic devices and point-of-care neuropathy
diagnostic tests to address chronic health conditions, including
chronic pain, sleep disorders, and diabetes. It operates in the
United States, Europe, Japan, China, the Middle East, and Mexico.
The Company has a strategic collaboration with GlaxoSmithKline.
NeuroMetrix, Inc. was founded in 1996 and is headquartered in
Waltham, Massachusetts.
NEW COTAI: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: New Cotai Holdings, LLC
Two Greenwich Plaza, First Floor
Greenwich, CT 06830
Business Description: New Cotai Holdings, LLC, and certain of its
affiliates were formed for the purpose of
investing in what is now Studio City
International Holdings Limited. Studio City
International, together with its
subsidiaries, owns the Studio City
project, an integrated resort comprising
entertainment, retail, hotel and gaming
facilities located in the Macau Special
Administrative Region of the People's
Republic of China. Affiliates of investment
funds managed by Silver Point Capital, L.P.
own a direct or indirect controlling
interest in each of the Debtors. The
Debtors have no employees.
Chapter 11 Petition Date: May 1, 2019
Court: United States Bankruptcy Court
Southern District of New York (White Plains)
Four affiliates that simultaneously filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
New Cotai Holdings, LLC (Lead Case) 19-22911
New Cotai Ventures, LLC 19-22910
New Cotai, LLC 19-22912
New Cotai Capital Corp. 19-22913
Judge: Hon. Robert D. Drain
Debtors' Counsel: Jay M. Goffman, Esq.
Mark A. McDermott, Esq.
Evan A. Hill, Esq.
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
Four Times Square
New York, New York 10036-6522
Tel: (212) 735-3000
Fax: (212) 735-2000
Email: jay.goffman@skadden.com
mark.mcdermott@skadden.com
evan.hill@skadden.com
Debtors'
Financial
Advisor: HOULIHAN LOKEY CAPITAL, INC.
Debtors'
Noticing,
Claims, &
Balloting
Agent: PRIME CLERK LLC
https://cases.primeclerk.com/newcotai
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $500 million to $1 billion
The petition was signed by David Reganato, authorized signatory.
A full-text copy of New Cotai Holdings' petition is available for
free at:
http://bankrupt.com/misc/nysb19-22911.pdf
Consolidated List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Wells Fargo Bank, National 10.625% Senior $856,000,000
Association, as Indenture Pay-In-Kind
Trustee to the 10.625% Notes Due 2019
Senior Pay-In-Kind Notes due 2019
707 Wilshire Boulevard, 17th Floor
Los Angeles, CA 90017
Attention: Corporate Trust
Department, Barry Somrock
Tel: 612-667-8485
Fax: (213) 614-3355
Email: barry.d.somrock@wellsfargo.com
2. PricewaterhouseCoopers LLP Professional $127,500
P.O. Box 7247-8001, Services
Philadelphia, PA 19170-8001
Attention: Anthony Arrigo
Tel: 646-471-0156
Email: anthony.arrigo@pwc.com
3. SS&C Technologies, Inc. Professional $56,541
One South Road, Services
Harrison, NY 10528
Attention: Billing Department
Tel: 914-670-3600
Fax: 914-670-3607
Email: Billing.Citi@sscinc.com
4. Kekst and Company Incorporated Professional $15,372
437 Madison Avenue 37th Floor, New Services
York, NY 10022
Attention: NYC Accounting Department
Tel: 212-521-4800
Fax: 212-521-4900
Email: accounting.nyc@kekstcnc.com
5. Union Gaming Securities LLC Professional $10,000
3930 Howard Hughes Pkwy, Ste 230 Services
Las Vegas, NV 89169
Attention: Mike Glynn
Tel: 702-866-0749
Email: mike.glynn.uniongaming.com
6. Conyers Dill and Pearman - HK Professional $7,989
29th Floor One Exchange Square, 8 Services
Connaught Place, Central, Hong Kong
Attention: David Lamb
Tel: 852-2524-7106
Fax: 852-2845-9268
Email: David.Lamb@conyersdill.com
7. Ropes & Gray, LLP Professional $7,427
800 Boylston Street, Boston, MA, Services
02199-3600
Attention: P. Welsh
Tel: 617-951-7865
Fax: 617-951-7050
Email: pwelsh@ropesgray.com
8. Wells Fargo Bank Professional $7,100
WF 8113 P.O. Box 1450, Services
Minneapolis, MN 55485-8113
Attention: Barry Somrock
Tel: 612-667-8485
Email: barry.d.somrock@wellsfargo.com
9. Walkers Professional $6,555
190 Elgin Avenue, George Town, Services
Grand Cayman KY1-9001, Cayman Islands
Attention: Kimberly Ebanks
Tel: 345-949-0100
Fax: 345-949-7886
Email: Kimberley.Ebanks@walkersglobal.com
10. CorpM Limited Professional $6,223
Avenida da Praia Grande, 409, China Services
Law Building, 21/F and 23/F A-B, Macau
Attention: Rui Pinto Proenca
Tel: 853-2833-3332
Fax: 853-2833-3331
Email: rpp@mdme.com.mo
11. 2NT8 Limited Professional $5,000
4/F Wai Lam House, 12 Lan Kwai Fong Services
Central, Hong Kong
Attention: Alidad Tash
Tel: 852-5196-2211
Email: alidad@2nt8.com
12. Intralinks, Inc. Trade Debt $4,500
1372 Broadway
11th Floor, New York, NY 10018
Attention: Billing Department
Tel: 212-342-7676
Email: Billing@Intralinks.com
13. Richards Kibbe & Orbe LLP Professional $3,021
200 Liberty Street, New York, NY Services
10281-1003
Attention: C. Mueller
Tel: 212-530-1800
Fax: 212-530-1801
Email: cmueller@rkollp.com
14. DF King & Co., Inc. Professional $2,968
48 Wall Street 22 Floor, Services
New York, NY 10005
Attention: DFK Accounts Receivable
Tel: 212-269-5550
Email: DFKAccountsReceivable@astfinancial.com
15. Ernst & Young US LLP Professional $2,294
200 Plaza Drive, Secaucus, NJ 07094 Services
Attention: Alexander Soures
Tel: 212-773-2584
Fax: 866-240-5838
Email: alexander.soures@ey.com
16. Iron Mountain Professional $1,030
1000 Campus Drive Services
Collegeville, PA 19426
Attention: Customer Service
Tel: 800-934-3453
Email: askcustomerservice@ironmountain.com
17. Hogan Lovells US LLP Professional $769
Columbia Square 555 Thirteenth Services
Street NW, Washington, DC 20004-1109
Attention: Bibi Majeed
Tel: 202-637-5600
Fax: 202-637-5910
Email: bibi.majeed@hoganlovells.com
18. Verizon Wireless Trade Debt $61
P.O. Box 489
Newark, NJ 07101-0489
Tel: 800-922-0204
19. Vonage Business Trade Debt $49
P.O. Box 392415
Pittsburgh, PA 15252-9415
20. Verizon Trade Debt $45
P.O. BOX 15124, Albany, NY 12212-5124
Attention: Customer Service
Tel: 800-897-4966
NYMAN HOLDINGS: Seeks to Hire Stokes Law as Legal Counsel
---------------------------------------------------------
Nyman Holdings, LLC, seeks approval from the U.S. Bankruptcy Court
for the District of Utah to hire Stokes Law PLLC as its legal
counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code, assist in the preparation of a reorganization
plan, and provide other legal services in connection with its
Chapter 11 case.
Ted Stokes, Esq., the attorney who will be handling the case, will
charge an hourly fee of $250.
The Debtor paid the firm a retainer of $5,750 and has agreed to pay
$2,000 per month as an additional retainer starting on May 25.
Stokes Law is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Ted F. Stokes, Esq.
Stokes Law PLLC
2072 North Main, Suite 102
North Logan, UT 84341
Telephone: (435) 213-4771
Facsimile: (888) 443-1529
E-mail: ted@stokeslawpllc.com
About Nyman Holdings
Nyman Holdings, LLC -- https://www.nymanfh.com/ -- owns a funeral
home serving the entire Cache Valley and surrounding areas. Nyman
Holdings sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Utah Case No. 19-22667) on April 18, 2019. At the time
of the filing, the Debtor had estimated assets of between $1
million and $10 million and liabilities of between $1 million and
$10 million. The case has been assigned to Judge Kevin R.
Anderson.
PARHELION INCORPORATED: Case Summary & 5 Unsecured Creditors
------------------------------------------------------------
Debtor: Parhelion Incorporated
PO Box 5456
Cary, NC 27512
Business Description: Parhelion Incorporated --
http://www.parhelion.com/-- is a laser
technology company based in Raleigh, North
Carolina. The Company develops lighting
apparatus that utilizes Laser Diffraction
Gating (LDG). LDG is a unique lighting
technology platform, using laser as a light
source.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Eastern District of North Carolina
(Raleigh Division)
Case No.: 19-01939
Judge: Hon. David M. Warren
Debtor's Counsel: William P. Janvier, Esq.
JANVIER LAW FIRM, PLLC
311 E Edenton Street
Raleigh, NC 27601
Tel: 919 582-2323
Fax: 866 809-2379
Email: bill@janvierlaw.com
- and -
Kathleen O'Malley, Esq.
JANVIER LAW FIRM, PLLC
311 E. Edenton Street
Raleigh, NC 27601
Tel: 919 582-2323
Fax: 866 809-2379
Email: kathleen@janvierlaw.com
Total Assets: $356,632
Total Liabilities: $3,570,273
The petition was signed by Richard Redpath, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at:
http://bankrupt.com/misc/nceb19-01939.pdf
PEOPLE HELPING: Case Summary & 8 Unsecured Creditors
----------------------------------------------------
Debtor: People Heping Each Other, Inc.
2103 Coral Way, Suite 602
Miami, FL 33145
Business Description: People Heping Each Other, Inc. is a non-
profit company focused on creating stronger,
economically, and self-sustainable
communities. The Company raises funds
for sustainable activities through
investments, donations, or using services
that support this mission.
Chapter 11 Petition Date: May 1, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Case No.: 19-15873
Judge: Hon. Laurel M. Isicoff
Debtor's Counsel: Nicholas B. Bangos, Esq.
NICHOLAS B. BANGOS, PA
2650 RCA Blvd, Suite 114
Palm Beach Gardens, FL 33410
Tel: 561-781-0202
Email: nick@nbbpa.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Julius V. Jackson, president.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flsb19-15873.pdf
List of Debtor's Eight Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. African Business Holdings, Inc. $200,000
2103 Coral Way, 2nd Floor
Miami, FL 33145
2. Cameron Leasing Corp. $1,500,000
2600 SW 3rd Avenue, 5th Floor
Miami, FL 33129
3. Center For Social Timber Rights Unknown
Change, Inc. in Congo, Afria
2103 Coral Way, Suite 200
Miami, FL 33145
4. DRT Community Investment $60,000
Holdings, LLC
100 SE 2nd Street, Suite 3400
Miami, FL 33131
5. Michael Cooper $250,000
6526 S. Kanner Highway
Stuart, FL 34997
6. Old Bluff Capital, Inc. $521,700
569 Edgewood, Avenue South
Jacksonville, FL 32205
7. Timothy Pappas $48,300
2121 SW 3rd Avenue, Suite 601
Miami, FL 33129
8. William H. Ryan $402,000
6030 NW 81 Terrace
Pompano Beach, FL 33067
PINK OCEAN: Seeks Ch. 11 Trustee Appointment
--------------------------------------------
Debtor, Pink Ocean Hospitality, LLC, asked the U.S. Bankruptcy
Court for the Eastern District of California to appoint a Chapter
11 trustee in its bankruptcy case.
The Debtor's request was made after it found that the State
Court-appointed Receiver, Trigild, Inc., who is in possession of
the Debtor's main asset, real property located at 33 N. Center
Street, Stockton, CA, pending a motion to excuse turnover, is
usurping the value of the estate in an effort to maintain the
possession of the property to subsequently foreclose through
non-judicial foreclosure proceedings.
In this case, the Debtor believed that the Receiver’s possession
of the property is detrimental to the creditors of the estate due
to its inflated continuing fees and cost. Hence, the appointment of
a neutral and objective, third-party Chapter 11 Trustee is in the
best interests of creditors.
The Debtor is represented by:
Charles L. Hastings, Esq.
Natali A. Ron, Esq.
LAW OFFICES OF CHARLES L. HASTINGS
4568 Feather River Dr., Ste. A
Stockton, CA 95219
Tel: (209) 476-1010
About Pink Ocean
Pink Ocean Hospitality, LLC filed a Chapter 11 petition (Bankr.
E.D. Cal. Case No. 19-21395) on March 7, 2019.
POST PRODUCTION: New Plan Discloses DIP Funding to Pay Claims
-------------------------------------------------------------
Following the Bankruptcy Court's denial of the disclosure statement
explaining the first amended Chapter 11 plan filed by Post
Production, Inc., the Debtor filed a further amended disclosure
statement proposing to pay creditors within six months from the
Effective Date of the Plan, with additional payments after that
period to certain priority creditors.
Holders of allowed general unsecured claims, which total
approximately $774,292, will be paid a one-time payment of
$20,000.
Class 7 - Subordinated claims of insiders consists of
pre-bankruptcy claims of Pat Bird and John Frost, shareholders of
the Debtor. The Debtor estimates that there is a total of
approximately $483,656 of Class 7 claims.
The Plan provides for the sale of business which has closed on or
about January 30, 2019. Pursuant to the sale, the Debtor received
net sales proceeds of $219,000, after certain deductions. Pursuant
to the Plan, the Debtor may use the proceeds of sales, and any
other revenue generated at or from the business to make the
payments required under the Plan and or as is otherwise necessary
in the ordinary course of business with respect the Debtor's
obligations to creditors pursuant to the Plan. In addition, as of
March 31, 2019, the Debtor had in its DIP bank account $224,000 to
pay administrative and other claims on the Effective Date.
A full-text copy of the Disclosure Statement dated April 18, 2019,
is available at https://tinyurl.com/yyturesg from PacerMonitor.com
at no charge.
A redlined version of the Disclosure Statement dated April 18,
2019, is available at https://tinyurl.com/y5m26gcz from
PacerMonitor.com at no charge.
About Post Production
Post Production, Inc. -- http://www.postproduction.com/-- is a
full-service post production company headquartered in Los Angeles,
California. Formerly known as SonicPool, Post Production provides
industry professionals with services including editorial, color,
visual effects and digital delivery. It also offers
post-production rentals and technology products. The company was
founded in 2001 by John W. Frost and Patrick Bird.
Post Production sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-17028) on June 18,
2018. In the petition signed by John Frost, president, the Debtor
disclosed $1.45 million in assets and $1 million in liabilities.
Judge Vincent P. Zurzolo oversees the case. The Debtor tapped
Kogan Law Firm, APC, as its legal counsel.
PRESLEYLAND SPEEDPARK: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------------
The Office of the U.S. Trustee on April 30 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Presleyland Speedpark, LLC.
About Presleyland Speedpark
Presleyland Speedpark, LLC, a company that owns and operates a
motorsport racetrack in Chandler, Ind., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
19-70310) on March 20, 2019. At the time of the filing, the Debtor
disclosed $1,296,600 in assets and $591,800 in liabilities. The
case has been assigned to Judge Basil H. Lorch III. The Debtor
tapped James F. Guilfoyle, Esq., as its bankruptcy attorney.
PROMISE HEALTHCARE: PCO Files 3rd and Final Report
--------------------------------------------------
Melanie L. Cyganowski, the appointed Patient Care Ombudsman for
Promise Healthcare Group, LLC, et al., filed the third and final
report before the U.S. Bankruptcy Court for the District of
Delaware describing his observations at Promise Hospital of Fort
Myers and at Promise Hospital of Miami.
The PCO reported that the majority of the rooms in both hospitals
are private. They are spacious and enable staff to administer
treatments privately to patients according to their personal needs.
The treatments include x-ray and cat scans, colonoscopies and
endoscopies. The PCO further reported that due to the size of the
rooms, patients on ventilators are not required to be placed in the
ICU, unless their health condition warrants for other reason.
The PCO also noted that the facilities' have no changes in
administrative practices or any discernible changes in response to
regulatory inspections and oversight.
In general, the PCO reported that through an organized sale
process, the Debtors were able to quickly sell their assets in
which patients and staff were largely unaffected by the bankruptcy
filing. The Debtors’ operations have been carried on in a
seemingly normal fashion, due in large measure to the efforts of
its management, administrators and staff, as well the Debtors’
counsel and advisors, to minimize the effect of the cases on
patients.
A full-text copy of the PCO's Third and Final Report is available
at https://is.gd/WJsdT6 from PacerMonitor.com at no charge.
About Promise Healthcare Group
Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.
Promise Healthcare Group, LLC, and its affiliates sought bankruptcy
protection (Bankr. D. Del. Lead Case No. Case No. 18 12491) on Nov.
4, 2018. In the petition signed by CRO Andrew Hinkelman, the
Debtors estimated assets of $0 to $50,000 and liabilities of $50
million to $100 million.
The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP as general counsel; McDermott Will & Emery LLP as special
counsel; FTI Consulting, as financial and restructuring advisor;
Houlihan Lokey and MTS Health Partners, L.P., as investment
bankers; and Prime Clerk LLC as claims agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Nov. 14, 2018. The Committee tapped
Pachulski Stang Ziehl & Jones LLP and Sills Cummis & Gross P.C. as
its counsel.
On Nov. 27, 2018, the U.S. Trustee appointed Melanie L. Cyganowski
of Otterbourg P.C. as patient care ombudsman.
PROTEON THERAPEUTICS: Ernst & Young LLP Raises Going Concern Doubt
------------------------------------------------------------------
Proteon Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $20,729,000 on $0 of revenues for the year ended Dec.
31, 2018, compared to a net loss of $29,964,000 on $0 of revenues
for the year ended in 2017.
The audit report of Ernst & Young LLP states that the Company has
suffered recurring losses from operations, has limited financial
resources, and has stated that substantial doubt exists about the
Company's ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of $23,521,000, total liabilities of $3,078,000, and a total
stockholders' equity of $20,443,000.
A copy of the Form 10-K is available at:
https://is.gd/WGlayZ
Proteon Therapeutics, Inc., a late-stage biopharmaceutical company,
focuses on the development of pharmaceuticals to address the needs
of patients with renal and vascular disease. Its lead product
candidate is vonapanitase, an investigational drug intended to
enhance hemodialysis vascular access outcomes. The company
develops vonapanitase, a recombinant human elastase, which has
completed Phase II and Phase III clinical trials for patients with
chronic kidney disease. It is also evaluating vonapanitase in a
Phase I clinical trial in patients with peripheral artery disease.
The company was founded in 2001 and is based in Waltham,
Massachusetts.
PURE ACQUISITION: Reports $1.7M Net Income for March 31 Quarter
---------------------------------------------------------------
Pure Acquisition Corp. filed its quarterly report on Form 10-Q,
disclosing a net income (attributable to common shares) of
$1,745,005 on $0 of revenue for the three months ended March 31,
2019, compared to a net loss (attributable to common shares) of
$450 on $0 of revenue for the same period in 2018.
At March 31, 2019 the Company had total assets of $421,635,769,
total liabilities of $822,956, and $6,812,813 in total
stockholders' equity.
The Company has 18 months from the consummation of its Public
Offering (until the close of business on October 16, 2019) to
complete its initial Business Combination. If the Company is
unable to complete the initial Business Combination within 18
months from the consummation of the Public Offering, the Company
must: (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten
business days thereafter, redeem the Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest (which interest
shall be net of taxes payable and up to $50,000 for dissolution
expenses) divided by the number of then outstanding Public Shares,
which redemption will completely extinguish public stockholders'
rights as stockholders (including the right to receive further
liquidation distributions, if any), subject to applicable law, and
(iii) as promptly as reasonably possible following such redemption,
subject to the approval of the Company's remaining stockholders and
the Company's Board of Directors, dissolve and liquidate, subject
in the case of clauses (ii) and (iii) to the Company's obligations
under Delaware law to provide for claims of creditors and the
requirements of other applicable law.
This mandatory liquidation and subsequent dissolution of the
Company if an initial Business Combination is not completed by the
close of business on October 16, 2019 raises substantial doubt
about the Company's ability to continue as a going concern. No
adjustments have been made to the carrying amounts of assets or
liabilities should the Company be required to liquidate after
October 16, 2019.
In the event of such liquidation, it is possible the per share
value of the residual assets remaining available for distribution
(including the Trust Account assets) will be less than the offering
price per Unit in the Public Offering.
A copy of the Form 10-Q is available at:
https://is.gd/IQ44PT
Pure Acquisition Corp. does not have significant operations. The
Company intends to focus on effecting a merger, share exchange,
asset acquisition, stock purchase, recapitalization,
reorganization, or similar business combination with one or more
target businesses. The Company was founded in 2017 and is based in
Fort Worth, Texas.
RAHMANIA PROPERTIES: Gary Lampert Named Ch. 11 Examiner
-------------------------------------------------------
Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the
Eastern District of New York approved the appointment of Gary R.
Lampert as the Chapter 11 Examiner for Rahmania Properties LLC.
The approval was made pursuant to the United States Trustee’s
appointment of an examiner, dated April 25, 2019.
About Rahmania Properties LLC
Rahmania Properties LLC, owns and operates a mixed-use property
located at 40-32/34/36 74th Street, Queens, New York.
The Debtor filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
15-43971) on August 28, 2015. The petition was signed by Mohammed
A. Rahman, president. The Debtor disclosed $6.8 million in assets
and $3.3 million in liabilities.
Judge Elizabeth S. Stong presides over the case. The Debtor is
represented by Arnold Mitchell Greene, Esq., at Robinson Brog
Leinwand Greene Genovese & Gluck P.C.
ROSSER RESERVE: Court Approves Disclosure Statement, Confirms Plan
------------------------------------------------------------------
The Disclosure Statement of Rosser Reserve, LLC, is approved and
the first amended Chapter 11 liquidating plan is confirmed, as
modified.
Section 5.03(d) of the Plan is amended by adding a sentence at the
conclusion of such paragraph, as follows: Notwithstanding any other
provision of the Plan to the contrary, in the event the Redemption
Option is not exercised, and the Auction occurs, the Class 2
claimant with respect to Lots 7, 8, 9, and 10, and the Class 12
claimant with respect to Lot 6, shall not be permitted to credit
bid an amount in excess of that amount which would net to such
claimant $250,000.00 for each such Lot.
Section 2.02(a) of the Plan is further modified to add the
following two sentences at the end of such paragraph:
Notwithstanding the foregoing, the amount of any U.S. Trustee fee
arising from the sale of each and every Lot shall be treated as a
Lot Sale transactional cost, and shall be paid from such
corresponding Lot [#] Sale Proceeds. A closing statement with
regard to each Lot [#] Sale shall be filed with the Court by the
Plan Administrator or the Reorganized Debtor, as appropriate, no
later than 5 days subsequent to each Lot [#] Sale closing.
Application for Payment of Administrative Expenses filed shall all
be considered at a final evidentiary hearing to occur on June 6,
2019 at 2:00 p.m., before the Honorable Cynthia C. Jackson, at the
George C. Young United States Bankruptcy Court, 400 West Washington
Street, Sixth Floor, Courtroom 6A, Orlando, Florida 32801. Any and
all supplements to the foregoing applications for compensation and
reimbursement of expenses by any such applicant shall be filed no
later than May 10, 2019.
The Court shall conduct a post-confirmation status conference in
the case on July 25, 2019 at 2:00 p.m. before the Honorable Cynthia
C. Jackson, at the George C. Young United States Bankruptcy Court,
400 West Washington Street, Sixth Floor, Courtroom 6A, Orlando,
Florida 32801.
About Rosser Reserve
Rosser Reserve is the fee simple owner of nine real properties in
Windermere, Florida, valued by the company at $9.83 million.
Rosser Reserve, based in Oakland, Florida, filed a Chapter 11
petition (Bankr. M.D. Fla. Case No. 17-07730) on Dec. 12, 2017. In
the petition signed by Sue R. Prosser, its managing member, the
Debtor disclosed $9.83 million in assets and $8.20 million in
liabilities. The Law Offices of L. William Porter III, P.A.,
serves as bankruptcy counsel to the Debtor. S. Avery Smith, Esq.,
is the Debtor's special real estate counsel. No official committee
of unsecured creditors has been appointed in the Chapter 11 case.
SAVE MONEY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Save Money and Retain Temperature, LLC
dba SMART Efficient Solutions
dba Smart Storm Solutions
3654 W. Cypress Street
Tampa, FL 33607
Business Description: Save Money and Retain Temperature is an
insulation contractor in Tampa, Florida,
specializing in roofing, siding, and sheet
metal work.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Case No.: 19-04090
Debtor's Counsel: David W. Steen, Esq.
DAVID W STEEN, P.A.
Post Office Box 270394
Tampa, FL 33688-0394
Tel: (813) 251-3000
E-mail: dwsteen@dsteenpa.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robert F. MacKinnon, Jr., manager.
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/flmb19-04090.pdf
SCOOBEEZ: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Three affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Scoobeez 19-14989
dba Scoobeez, Inc.
3463 Foothill Blvd.
Glendale, CA 91214
Scoobeez Global, Inc. 19-14991
ta Abot Mining Co.
fka ABT Mining Co. Inc.
fka ABT Holdings, Inc.
3463 Foothill Blvd.
Glendale, CA 91214
Scoobur LLC 19-14997
3463 Foothill Blvd.
Glendale, CA 91214
Business Description: Scoobeez -- https://www.scoobeez.com --
operates an on demand door-to-door
logistics and real time delivery service
company. The Company offers messaging,
same day and preferred deliveries, and
courier services.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Central District of California (Los Angeles)
Judges: Hon. Julia W. Brand (19-14989)
Hon. Sheri Bluebond (19-14991)
Hon. Barry Russell (19-14997)
Debtors' Counsel: Ashley M. McDow, Esq.
FOLEY & LARDNER LLP
555 South Flower Street, Suite 3300
Los Angeles, CA 90071
Tel: 213-972-4615
Fax: 213-486-0065
Email: amcdow@foley.com
Scoobeez's
Estimated Assets: $10 million to $50 million
Scoobeez's
Estimated Liabilities: $10 million to $50 million
Scoobeez Global's
Total Assets: $6,274,654
Scoobeez Global's
Total Debts: $7,886,579
Scoobur LLC's
Estimated Assets: $0 to $50,000
Scoobur LLC's
Estimated Liabilities: $0 to $50,000
The petitions were signed by Shahan Ohanessian, CEO.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/cacb19-14989.pdf
http://bankrupt.com/misc/cacb19-14991.pdf
http://bankrupt.com/misc/cacb19-14997.pdf
A. List of Scoobeez's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Alissa Guler Litigation $0
c/o Albert G. Stoll, Jr.
55 Francisco Street, Suite 403
San Francisco, CA 94133
Tel: 415-576-1500
2. AT&T Corp. Trade Debt $91,718
c/o CT Corporation
818 Seventh Street, Suite 930
Los Angeles, CA 90017
3. AT&T Corp. Trade Debt $67,906
c/o CT Corporation
818 Seventh Street, Suite 930
Los Angeles, CA 90017
4. Avitus, Inc. Litigation $0
c/o David M. Wagner, Esq.
Crowley Fleck, PLLP
P.O. Box 10969
Bozeman, MT 59719
Tel: 406-556-1430
Email: dwagner@crowleyfleck.com
5. Azad Baban Litigation $0
c/o Justin Silverman, Esq.
Reisner & King LLP
14724 Ventura Blvd., Suite 1210
Sherman Oaks, CA 91403
Tel: 818-981-0901
6. Bernardo Parra Litigation $0
c/o Mancini Law Group, P.C.
7170 W. Grand Avenue
Elmwood Park, IL 60707
Michael Carin
Tel: 773-745-1909
7. De'Von Walker Litigation $0
c/o David Yeremian & Associates, In
535 N. Brand Blvd., Suite 705
Glendale, CA 91203
Tel: 818-230-8380
Email: david@yeremianlaw.com
8. Hillair Capital Management LLC Litigation Unknown
330 Primrose Road Suite 660
Burlingame, CA 94010
9. Jacob Lee DeGough Litigation $0
c/o Glenn Law Firm
1017 William D. Tate Ave., Suite 100
Grapevine, TX 76051
Tel: 817-424-5999
Email: DavidGlenn@GlennLawFirm.com
10. Jassim M. Addal Litigation $0
c/o Law Office of Arash Alizadeh
7545 Irvine Center Drive, Suite 200
Irvine, CA 92618
Tel: 949-606-2845
Email: aalizadeh@lawyerforemployees.com
11. LeClairRyan Attorney Fees $98,773
44 Montgomery
Street, Suite 3100
San Francisco, CA 94104
12. Lockton Companies, LLC Insurance $72,000
Attn: Nate Mundy, COO
Lockton Insurance Brokres, LLC
725 S. Figueroa, 35th Floor
Los Angeles, CA 90017
13. Maria Salgado Litigation $0
c/o Nicholas J. Tsakas, Esq.
4267 Marina City Drive, Suite 512
Marina Del Rey, CA 90292
Tel: 310-459-8732
Email: nicholasjt@roadrunner.com
14. Marwan Griffin Litigation $0
c/o Aegis Law Firm, PC
9811 Irvine Center Drive, Suite 100
Irvine, CA 92618
Jessica L. Campbell
Tel: 949-379-6250
15. Minas Sarafian Litigation $0
c/o Simonian & Simonian, PLC
144 N. Glendale, Ave., #228
Glendale, CA 91206
Tel: 818-405-0080
Email: shiraz@simonianlawfirm.com
16. Mostafa Joharifard Judgment $7,429
1651 E. Edinger Ave., Suite 100
Santa Ana, CA 92705
17. Pex Cards Trade Debt $40,000
462 7th Avenue, 21st Floor
New York, NY 10018
18. Raef Lawson Judgment $4,700
8601 Lincoln Blvd.
Ste. 180-276
Los Angeles, CA 90045
19. Roy Castelanos Litigation $0
c/o Employees'
Legal Advocates, LLP
811 Wilshire Blvd., Suite 800
Los Angeles, CA 90017
A. Jacob Nalbandyan
Tel: 213-232-4848
20. The Hertz Corporation Trade Debt $100,000
Attn: Casey Rodriguez, Division VP
2 Schoephoester Road
Windsor Locks, CT 06096
B. List of Scoobeez Global's Six Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Avitus, Inc. Litigation $0
c/o David M. Wagner, Esq.
Crowley Fleck, PLLP
P.O. Box 10969
Bozeman, MT 59719
Tel: 406-556-1430
Email: dwagner@crowleyfleck.com
2. Hillair Capital Litigation Unknown
Management LLC
330 Primrose Road, Suite 660
Burlingame, CA 94010
3. Kirk Davis Litigation $0
c/o Law Offices of
Daniel A. Kaplan
555 W. Beech St., Suite 230
San Diego, CA 92101
Tel: 619-685-3988
4. Salvador Rivas Litigation $0
c/o Law Offices of
Daniel A. Kaplan
555 W. Beech St., Suite 230
San Diego, CA 92101
Tel: 619-685-3988
5. Scoobeez SD, LLC Litigation $0
c/o Law Offices of
Daniel A. Kaplan
555 W. Beech St., Suite 230
San Diego, CA 92101
Tel: 619-685-3988
6. Sean McNair Litigation $0
c/o Hamed Yazdanpanah & Associates
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212
Hamed Yazdanpanah
Tel: 310-777-8310
C. Scoobur LLC's Unsecured Creditor:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Hillair Capital Unknown
Management LLC
330 Primrose Road, Suite 660
Burlingame, CA 94010
SIF SERVICES: Case Summary & 18 Unsecured Creditors
---------------------------------------------------
Debtor: SIF Services, LLC
1800 S. Archibald Avenue
Ontario, CA 91761
Business Description: SIF Services, LLC --
http://www.sifservices.net-- is a provider
of business development services, including
product sourcing (from Asia), import, and
order fulfillment. During the past 10
years, SIF has built relations with many
factories in China.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
Central District of California (Riverside)
Case No.: 19-13708
Judge: Hon. Scott C. Clarkson
Debtor's Counsel: Steven R. Fox, Esq.
THE FOX LAW CORPORATION, INC.
17835 Ventura Blvd Ste 306
Encino, CA 91316
Tel: 818-774-3545
Fax: 818-774-3707
Email: emails@foxlaw.com
srfox@foxlaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dajian Li, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 18 unsecured creditors is available for free
at:
http://bankrupt.com/misc/cacb19-13708.pdf
SKYTEC INC: May 17 Approval Hearing on Disclosure Statement Set
---------------------------------------------------------------
Bankruptcy Judge Edward A. Godoy will convene a hearing on May 17,
2019 at 10:00 a.m. to consider final approval of Skytec, Inc.'s
amended disclosure statement.
The motion to appoint trustee, filed by Logistic Systems, Inc., at
docket number 149 is set for the same hearing. The debtor has been
granted an extension of time until April 29, 2019 to respond to
Logistic Systems' motion.
About Skytec Inc.
Skytec, Inc., is a privately-held company based in Puerto Rico that
provides wireless telecommunication solutions. Skytec sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 18-05288) on Sept. 12, 2018. In the petition signed by
Henry L. Barreda, president, the Debtor disclosed $2,119,734 in
assets and $5,848,090 in liabilities. Judge Enrique S. Lamoutte
Inclan presides over the case. The Debtor tapped Fuentes Law
Offices, LLC as its legal counsel.
SOUTH PLAZA CENTER: May 28 Plan Confirmation Hearing
----------------------------------------------------
Bankruptcy Judge Catherine Peek McEwen conditionally approved South
Plaza Center Associates, LLC's amended disclosure statement in
support of its amended chapter 11 plan.
Any written objections to the Disclosure Statement and objections
to confirmation must be filed seven days prior to the date of the
hearing on confirmation.
Written ballot accepting or rejecting the Plan must be submitted no
later than eight days before the date of the Confirmation Hearing.
The Court will conduct a hearing on confirmation of the Amended
Plan on May 28, 2019 at 10:30 a.m. in Tampa, FL - Courtroom 8B, Sam
M. Gibbons United States Courthouse, 801 N. Florida Avenue.
About South Plaza Center Associates
South Plaza Center Associates, LLC, is a real estate company that
owns a property located at 1200-1280 South Broad Street,
Brooksville, FL 34601 valued by the company at $6.45 million.
South Plaza Center Associates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-05703) on July
10, 2018. At the time of the filing, the Debtor had total assets
of $6.53 million and total debt of $7.71 million. Jon S. Wheeler,
managing member of Debtor's member, signed the petition. Kenneth
Ray Noble, Esq., of the Noble Law Firm, P.A., serves as Debtor's
counsel; and Pat Yockey and Yockey & Associates is its accountant.
TMK HAWK: S&P Cuts ICR to 'CCC+'; Outlook Negative
--------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
TMK Hawk Parent Corp. (Trimark) to 'CCC+' from 'B', its issue-level
rating on the company's first-lien term loan to 'CCC+' from 'B',
and its issue-level rating on its second-lien term loan to 'CCC-'
from 'CCC+'. Recovery ratings are unchanged.
"The downgrade reflects Trimark's weakening operating performance
in the past few quarters, our revised expectation for leverage
above 10x, and negative to break-even FCF in the next couple of
years," S&P said.
"The negative outlook reflects our expectation for at best
break-even FCF and leverage above 10x over the next year. We could
lower the rating if Trimark's operating performance continues to
deteriorate, which could occur if the economic environment weakens
and the company cannot maintain top-line growth and keep costs
under control," S&P said, adding that it could also lower the
rating if the company's liquidity becomes constrained, a potential
financial covenant default, or if the rating agency believes a
distressed exchange is probable.
S&P said it could take a positive rating action if the company
improves operating performance, leading to comfortably positive FCF
and adjusted debt to EBITDA approaching 9.5x.
UNITED INTERNATIONAL: Plan Confirmation Hearing Set for July 17
---------------------------------------------------------------
Bankruptcy Judge Ernesto M. Robles issued an order approving United
International Mortgage Solutions, Inc.'s disclosure statement
describing its chapter 11 plan of reorganization.
Ballots must be received by Debtor's counsel no later than 5:00
p.m. on June 14, 2019.
Objections to confirmation of the Plan must be filed and served no
later than July 3, 2019.
July 17, 2019 at 10:00 a.m. is fixed as the date for the hearing on
confirmation of the Plan.
About United International
United International Mortgage Solutions, Inc., is a privately held
financial services company in Los Angeles, California.
United International filed a Chapter 11 Petition (Bankr. C.D. Cal.
Case No. 18-20698) on Sept. 12, 2018. On the petition signed by
Sandra K. McBeth, vice president, the Debtor estimated $1 million
to $10 million in assets and liabilities. The case is assigned to
Judge Sandra R. Klein. Matthew D. Resnik, Esq., at Resnik Hayes
Moradi LLP, is the Debtor's counsel.
VALLEY TRUCK: Seeks to Hire Jordan Holzer as Legal Counsel
----------------------------------------------------------
Valley Truck Center seeks authority from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Jordan, Holzer & Ortiz,
P.C. as its bankruptcy counsel.
The firm will provide these services:
-- take all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf and the defense of any actions commenced against
the Debtor;
-- negotiate and draft a Chapter 11 plan, disclosure statement
and all related documents;
-- challenge the extent, validity or priority of claims against
the estate and liens claimed on property of the estate; and
-- analyze or prosecute Chapter 5 causes of action.
JHO's current hourly rates are:
Attorneys Rate
Shelby A. Jordan $425
Nathaniel Peter Holzer $375
Antonio Ortiz $300
Legal Assistants
Shaun D. Jones $180
Chrystal R. Madden $180
Melba Ramirez $150
Ashley Munoz $95
Nathaniel Peter Holzer, officer and shareholder of Jordan, Holzer &
Ortiz, P.C., attests that he and other shareholders of the firm
neither hold nor represent any interest adverse to the Debtor, and
are disinterested parties within the meaning of the Bankruptcy
Code.
The firm can be reached at:
Nathaniel Peter Holzer, Esq.
Jordan, Holzer & Ortiz, P.C.
500 N Shoreline Drive, Suite 900
Corpus Christi, TX 78401
Tel: 361-884-5678
Fax: 361-888-5555
Email: pholzer@jhwclaw.com
About Valley Truck Center
Valley Truck Center, an automobile dealer in Pharr, Texas, filed a
voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-70081)
on March 8, 2019. In the petition signed by Tammy Cuellar,
president, the Debtor estimated $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities.
Nathaniel Peter Holzer, Esq. at Jordan, Holzer & Ortiz, P.C.
represents the Debtor as counsel. The case is assigned to Judge
Eduardo V. Rodriguez.
VSOP LLC: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: VSOP, LLC
2817 Saint Paul Street
Baltimore, MD 21218
Business Description: VSOP, LLC is a privately held company
that operates in the restaurant industry.
Chapter 11 Petition Date: April 30, 2019
Court: United States Bankruptcy Court
District of Maryland (Baltimore)
Case No.: 19-15834
Judge: Hon. Michelle M. Harner
Debtor's Counsel: Dennis J. Shaffer, Esq.
WHITEFORD, TAYLOR & PRESTON L.L.P.
7 Saint Paul St.
Baltimore, MD 21202
Tel: (410) 347-9437
Fax: (410) 223-4337
Email: dshaffer@wtplaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steven Rivelis, member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/mdb19-15834.pdf
WHEEL PROS: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Wheel Pros, Inc. to
negative from stable and affirmed its 'B' issuer credit rating on
the company.
At the same time, S&P affirmed its 'B' issue-level rating on the
company's first-lien term loan and its 'CCC+' issue-level rating on
the second-lien term loan. The respective recovery ratings remain
unchanged at '3' and '6', indicating S&P's expectation of
meaningful (50%-70%; rounded estimate: 55%) recovery for first-lien
lenders and negligible (0%-10%; rounded estimate: 0%) recovery for
second-lien lenders.
The negative outlook reflects S&P's view that Wheel Pros' credit
metrics will continue to underperform the rating agency's
expectations because of the increased leverage it will take on to
fund its acquisition of MHT, as well as the potential of further
debt-financed acquisitions. Following its acquisition by
sponsor-owner Clearlake Capital Group in 2018, Wheel Pros has been
acquisitive and pursued a number of smaller transactions, including
Gorilla, ReadyLift, facilities of American Eagle, and now MHT. The
accelerated acquisition pace exceeded S&P's expectations, elevating
leverage and introducing integration risks without first
establishing a stable track record. For this reason, S&P now
expects the company to have debt-to-EBITDA near 8x in 2019. While
S&P expects leverage to fall below 6x in 2020, there is at least a
one-in-three risk that leverage remains elevated due to more
acquisitions, integration issues, higher tariffs on Chinese
imports, or a reduction in consumer demand for their products.
The negative outlook on Wheel Pros reflects the increased risk that
the company's debt-to-EBITDA will remain above 6.5x over the next
two years. While S&P believes the company will produce positive
free cash flow, its elevated leverage increases the risk that it
could default if the demand for its discretionary products
declines.
"We could lower our ratings on Wheel Pros if its debt-to-EBITDA
remains above 6.5x or its free operating cash flow (FOCF)-to-debt
ratio falls below 3% and remains there. This could occur if
consumer demand for the company's products is weaker than expected,
possibly due to a deteriorating economic environment or a sharp
increase in gas prices, which could limit the growth of
discretionary purchases," S&P said, adding that this situation
could also occur if the government further increases tariffs on
Chinese imports or if aluminum prices increase significantly. S&P
said leverage could remain elevated and free cash flow weak if the
company continues to pursue debt-financed acquisitions.
"We could revise our outlook on Wheel Pros to stable if the company
reduces its debt-to-EBITDA below 6.5x while generating a
FOCF-to-debt ratio of 3%-5% on a sustained basis. The company would
also need to establish a track record demonstrating such metrics
for a number of quarters," the rating agency said.
ZAKINTOS & PLATANOS: Taps Wisdom Professional as Accountant
-----------------------------------------------------------
Zakintos & Platanos Cab Corp. received approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Wisdom Professional Services, Inc. as its accountant.
Wisdom Professional will assist the Debtor in the preparation of
its monthly operating reports. The firm will charge $100 per
report.
Michael Shtarkman, a certified public accountant employed with
Wisdom Professional, attests that his firm is disinterested as
that term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael Shtarkman
Wisdom Professional Services, Inc.
2546 East 17th Street, 2nd Floor
Brooklyn, NY 11235
Phone: +1 718-554-6672
About Zakintos & Platanos Cab Corp.
Zakintos & Platanos Cab, Corp., a privately held company in the
taxi and limousine service industry, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
19-40195) on January 10, 2019. At the time of the filing, the
Debtor disclosed $400,138 in assets and $3,342,022 in liabilities.
The case has been assigned to Judge Carla E. Craig. The Debtor
tapped the Law Offices of Alla Kachan, P.C. as its legal counsel.
[^] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW
-----------------------------------------------
Author: John E. Tracy
Publisher: Beard Books
Soft cover: 470 pages
List Price: $34.95
Order a copy today at https://is.gd/fSX7YQ
Originally published in 1947, The Successful Practice of Law still
ably serves as a point of reference for today's independent lawyer.
Its contents are based on a series of non-credit lectures given at
the University of Michigan Law School, where the author began
teaching after 26 years of law practice. His wisdom and experience
are manifest on every page, and will undoubtedly provide guidance
for today's hard-pressed attorney.
The Successful Practice of Law provides timeless fundamental
guidelines for a successful practice. It is intended neither as a
comprehensive reference work, nor as a digest of law. Rather, it is
a down-to-earth guide designed to help lawyers solve everyday
problems -- a ready-to-tap source of tested proven methods of
building and maintaining a sound practice.
Mr. Tracy talks at length about developing a client base. He
contends that a firemen's ball can prove just as useful as an
exclusive party at the country club in making contacts with future
clients. He suggests seeking work from established firms as a way
to get started before seeking collections work out of desperation.
In his chapter on keeping clients, Mr. Tracy gives valuable lessons
in people skills: "(I)f a client tells you he cannot sleep nights
because of worry about his case, you will ease his mind very much
by saying, 'Now go home and sleep. I am the one to do the worrying
from now on.'" Rather than point out to a client that his legal
predicament is partly his fault, "concentrate on trying to work out
a program that will overcome his mistakes." He cautions against
speculating aloud to clients on what they could have done
differently to avoid current legal problems, lest they change their
stories and suddenly claim, falsely, that they indeed had done that
very thing. He also advises against deciding too quickly that a
client has no case: "After you have been in practice for a few
years you will be surprised to find how many seemingly desperate
cases can be won."
Mr. Tracy advises studying as the best use of downtime. He quotes
Mr. Chauncey M. Depew: "The valedictorian of the college, the
brilliant victors of the moot courts who failed to fulfill the
promise of their youth have neglected to continue to study and have
lost the enthusiasm to which they owed their triumphs on mimic
battle fields." Mr. Tracy advises against playing golf with one's
client every time he asks: "My advice would be to accept his
invitation the first time, but not the second, possibly the third
time but not the fourth."
Other topics discussed by Mr. Tracy, with the same practical, sound
advice, include fixing fees, drafting legal instruments, examining
an abstract of title, keeping an office running smoothly, preparing
a case for trial, and trying a jury case. But some of best counsel
he offers is the following: You cannot afford to overlook the fact
that you are in the practice
of law for your lifetime; you owe a duty to your client to look
after his interests as if they were your own and your professional
future depends on your rendering honest, substantial services to
your clients. Every sound lawyer will tell you that straightforward
conduct is, in the end, the best policy. That kind of advice never
ages.
John E. Tracy was Professor Emeritus and Member of University of
Michigan Law School Faculty from 1930 to 1969. Professor Tracy
practiced law for more than a quarter century in Michigan,
New York City, and Chicago before joining the Law School faculty in
1930. He retired in 1950. He was born in 1880. He died in December
1969.
*********
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 2019. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
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The TCR subscription rate is $975 for 6 months delivered via
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*** End of Transmission ***