/raid1/www/Hosts/bankrupt/TCR_Public/201201.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, December 1, 2020, Vol. 24, No. 335
Headlines
1405 UNION: Voluntary Chapter 11 Case Summary
1465V DONHILL: Seeks Approval to Hire Real Estate Agent
2999TC LP: Seeks to Hire Joyce W. Lindauer as Counsel
ACE AUTO: Gets Court Approval to Hire Accountant
ADETONA LLC: Gets OK to Hire James S. Wilkins as Legal Counsel
AGF MACHINERY: Seeks to Hire Ritchie Bros as Auctioneer
AIR FLORIDA: Hires Anthony C. Sabella as Accountant
ARCHDIOCESE OF SANTA FE: Selling Albuquerque Property for $425K
ART CENTER: Voluntary Chapter 11 Case Summary
ASVEN INTERNATIONAL: Gets OK to Hire Florida Bankruptcy as Counsel
AUTO MASTER: Unsecured Creditors to Receive $10,000 in Plan
BAMA OAKS: Creditor BOKF Objects to Disclosure Statement
BAMA OAKS: Creditors to Get Paid From Assets Sale Proceeds
BAMA OAKS: U.S. Trustee Objects to Plan & Disclosures
BEACH ON DUVAL: Gets OK to Hire Florida Bankruptcy Group as Counsel
BLACKJEWEL LLC: Former CEO Pushes for the Conversion to Chapter 7
BLUEROCK ENERGY: Case Summary & 20 Largest Unsecured Creditors
BREAD & BUTTER: Seeks Case Dismissal After Assets Sold
CARBONYX INC: Trustee Gets OK to Hire Bill F. Payne as Counsel
CENTRO GROUP: Court Approves Disclosure Statement
CENTRO GROUP: ProHCM Unsecureds to Recover Between 75% to 100%
CGC-MROZ ACCOUNTANTS: Seeks to Hire Sklar Kirsh as Counsel
CLEARPOINT CHEMICALS: Seeks Approval to Hire Special Counsel
CONTURA ENERGY: Quillen Joins Board of Directors
COTO INVESTMENTS: Hires Armory Consulting as Financial Advisor
CP#1109 LLC: Second Amended Plan Confirmed by Judge
CRED INC: Hires Teneo Capital as Investment Banker
DEER CREEK: Case Summary & 11 Unsecured Creditors
DELCATH SYSTEMS: All Five Proposals Passed at Annual Meeting
E. BYRON SLAUGHTER: Seeks to Hire Smith Conerly as Legal Counsel
ECOARK HOLDINGS: Files Preferred Stock Certificate of Designation
ENDICOTT MEATS: Seeks to Hire J.H. Williams & Co as Accountant
FIC RESTAURANTS: Hires Duff & Phelps as Financial Advisor
FILLIT INC: Case Summary & 2 Unsecured Creditors
FRANK INVESTMENTS: 445 E. Buying Absecon Property for $150K
GARRETT MOTION: Committee Taps White & Case as Legal Counsel
GATEWAY FOUR: Hires Amores Consulting as Consultant
GENERAL MOLY: Hires XMS Capital as Financial Advisor
GENERAL MOLY: Seeks to Hire Bryan Cave as Special Counsel
GENERAL MOLY: Seeks to Hire Markus Williams as Counsel
GENERAL MOLY: Seeks to Hire Mr. Kim of r2 Advisors as CRO
GENERAL MOLY: Seeks to Hire Stretto as Claims and Noticing Agent
GLENVIEW HEALTH: Dentons Can Represent Committee, 6th Cir BAP Says
GLOBAL CORE: Case Summary & 5 Unsecured Creditors
GRUPO MARITIMO: Hires Florida Bankruptcy as Legal Counsel
GULF STATES: Creditors to Get 70% of Income Under Plan
GULF STATES: Dec. 9 Hearing on Disclosure Statement Set
HAJJAR BUSINESS: N.C.A. Buying All Assets of Affiliates for $7.35M
HELIUS MEDICAL: Terminates Offering Agreement with H.C. Wainwright
HERITAGE RAIL: Trustee Hires Brownstein Hyatt as Counsel
HORNBLOWER HOLDCO: S&P Raises ICR to 'CCC', Outlook Negative
HURDL INC: Voluntary Chapter 11 Case Summary
HURON POINTE: Gets OK to Hire Elias Tax as Accountant
IMPERIAL PREMIUM: Hires Curtis Mallet-Prevost as Special Counsel
INTERIM HEALTHCARE: Litigation Trustee Hires Lugenbuhl as Counsel
IOLA LIVING ASSISTANCE: Seeks Approval to Hire Accountant
IOLA LIVING: Seeks to Hire Steinhilber Swanson as Counsel
J-H-J INC: Dec. 1 to File Amendments to Disclosures
J-H-J INC: Hope's Joinder in UST's Objection to Disclosure
J-H-J INC: Marrero Land Objects to Disclosure Statement
J-H-J INC: Unsecured Creditors Will Get 40% of Claims in Joint Plan
JACKIE LLC: Combined Plan & Disclosure Confirmed by Judge
JS KALAMA: Debtor Says Disclosures Must be Approved Over Objections
JS KALAMA: National Loan Says Plan Patently Unconfirmable
JS KALAMA: Plan to be Funded by Property Lease Payments
JS KALAMA: U.S. Trustee Says Disclosure Materially Deficient
KEVIN L THURMON: Mahnken Buying Higginsville Farmland for $700K
KINSER GROUP: FFB's $4.765M Claim Has 2 Options Under Plan
KINSER GROUP: Holiday Hospitality Objects to Disclosure Statement
KINSER GROUP: Jan. 4, 2021 Plan Confirmation Hearing Set
LANNETT CO: S&P Affirms 'B-' Issuer Credit Rating; Outlook Negative
MANZANA CAPITAL: Urban Buying San Diego Property for $900K
MARINA MILE: Dec. 2 Plan & Disclosures Hearing Set
MARINA MILE: Unsecureds to Get $1,000 Per Quarter Over 5 Years
MID-ATLANTIC SYSTEMS: Gets OK to Hire Kerry Pae as Auctioneer
MIDWEST M & D: Seeks to Hire Rafool & Bourne as Bankruptcy Counsel
MOUNT MORRIS: Combined Plan & Disclosure Confirmed by Judge
NATIONAL TRACTOR: Case Summary & 20 Largest Unsecured Creditors
NEUMEDICINES INC: NantKwest & Brink Objects to Sale of All Assets
NEW YORK OPTICAL: Seeks to Hire Special Counsel
NOVABAY PHARMACEUTICALS: Signs Consulting Agreement with Eric Wu
NS8 INC: Seeks to Hire Blank Rome as Co-Counsel
NS8 INC: Seeks to Hire Cooley LLP as Bankruptcy Counsel
NS8 INC: Seeks to Hire Stretto as Administrative Advisor
NS8 INC: Taps FTI Consulting, Appoints Restructuring Officers
NTHRIVE INC: S&P Places 'CCC+' ICR on CreditWatch Positive
NUZEE INC: Receives $2.3 Million from Sale of Common Stock
PAPPY'S TRUCKS: Newtek Objects to Disclosure Statement
PAPPY'S TRUCKS: Prosperity Bank Objects to Disclosure Statement
PAPPY'S TRUCKS: Unsecured Creditors to Recover 2.6% in 5 Years
PATRICK JAMES: Gets OK to Hire DeMera as Accountant
PATRICK JAMES: Gets OK to Hire McCormick Barstow as Counsel
PATRICK JAMES: Gets OK to Hire Stapleton Group as Financial Advisor
PENNSYLVANIA REAL: Seeks to Hire Ordinary Course Professionals
PEOPLE WHO CARE: La Harvard Buying L.A. Property for $1.9M
PIMLICO RANCH: Seeks to Hire Margulies Faith as Special Counsel
PLATINUM CARE: Gets OK to Hire Lynch Law Offices as Counsel
POWER BAIL: Trustee Taps Bicher & Associates as Field Agent
PREMIERE JEWELLERY: Trustee Taps Hayes & Sherry as Broker
PREMIERE JEWELLERY: Trustee Taps Simmons as Special Counsel
QUARTER HOMES: Creditors Brian & Steven Curry Object to Disclosure
QUARTER HOMES: Creditors Object to Disclosure Statement
QUARTER HOMES: Creditors to Get Paid from Property Sale Proceeds
QUOTIENT LIMITED: Signs Change of Control Agreement with CEO
REAL ESTATE RECOVERY: Hires Tri Palms Realty as Broker
REWALK ROBOTICS: Has $3.3-Mil. Net Loss for Quarter Ended Sept. 30
RIOT BLOCKCHAIN: Appoints Hubert Marleau as Director
RIOT BLOCKCHAIN: Remo Mancini Quits as Director
RIVERBED PARENT: S&P Downgrades ICR to 'CCC'; Outlook Negative
ROCKY MOUNTAIN: Receives First Shipment of $1.6 Million Machinery
ROYALE ENERGY: Has $612K Net Loss for Quarter Ended Sept. 30
RS AIR: Seeks to Hire Finestone Hayes as Bankruptcy Counsel
SANUWAVE HEALTH: Posts $6.0-Mil. Net Loss for Sept. 30 Quarter
SCWORX CORP: Posts $4.1M Net Loss for Quarter Ended Sept. 30
SEAWALK INVESTMENTS: Debtor Says Sky's Plan Unconfirmable
SEAWALK INVESTMENTS: Equity Holders Object to Sky's Disclosures
SEAWALK INVESTMENTS: Jan. 14, 2021 Confirmation Hearing on Sky Plan
SENESTECH INC: Needs Additional Capital to Stay as Going Concern
SHILOH INDUSTRIES: Chapter 11 Cases Cast Going Concern Doubt
SINTX TECHNOLOGIES: Reports $2.4M Net Loss for Sept. 30 Quarter
SKIP BARBER RACING: Bank Entitled to Recover $919,000 from Culver
SM ENERGY: S&P Lowers ICR to 'SD' on Below-Par Debt Repurchases
SOMERVILLE BREWING: Court Conditionally Approves Disclosures
SOMERVILLE BREWING: Unsecureds Will Receive Nothing Under Plan
SPECTRUM GLOBAL: Substantial Doubt on Staying Going Concern Exists
SPINEGUARD INC: Hires Pachulski Stang as Counsel
SPRING EDUCATION: S&P Lowers ICR to 'CCC+' on High Leverage
STEVEN BOYUM: Kari Boyum Offers $240K for Goodhue County Land
STRATEGIC ENVIRONMENTAL: Has $656K Net Loss for Sept. 30 Quarter
STRUCTURED CABLING: Court Approves Disclosure Statement
STRUCTURED CABLING: Unsecureds Will be Paid 15% Under Plan
STRUCTURED CABLING: UST Objects to Amended Plan & Disclosures
STUDIO MOVIE: Sets Bid Procedures for Substantially All Assets
SUMMIT MIDSTREAM: Amends Series A Preferred Units Cash Tender Offer
SUN BIOPHARMA: Has $1.7M Net Loss for the Quarter Ended Sept. 30
SUNDANCE ENERGY: Reports $356.6-Mil. Net Loss for Sept. 30 Quarter
SUPERCONDUCTOR TECHNOLOGIES: $0 Revenue, $606K Loss for Sept26 Qtr.
SUPERIOR ENERGY: Says Substantial Going Concern Doubt Exists
SUSGLOBAL ENERGY: Has $429,000 Net Loss for Quarter Ended Sept. 30
SYSOREX INC: Posts $308K Net Loss for Quarter Ended Sept. 30
TARGET GROUP: Has $3.9M Net Loss for Quarter Ended Sept. 30
TERRY SYBIL ROWE: Stafford Buying Decatur Property for $245K
THIRD DAY NIPOMO: 3 Individuals to Fund Plan Payments
TIKRAN ERITSYAN: Sarkisyan Offers $1.25M for Glendale Property
TM HEALTHCARE: Committee Hires Berger Singerman as Counsel
TOP THAT COMMERCIAL: Gets OK to Hire Wadsworth Garber as Counsel
TRANSOCEAN LTD: S&P Raises ICR to 'CCC-'; Outlook Negative
TRI-STATE PAIN: Seeks to Hire Coldwell Banker as Real Estate Broker
TTK RE ENTERPRISE: Allen Buying Egg Harbor Property for $130K
URSA PICEANCE: Terra Energy Buying Assets in $60 Million Deal
VALLEY EQUITIES: Trustee Selling San Bernardino Property for $1.07M
VIRGINIA-HIGHLAND: Hires Scroggins & Williamson as Legal Counsel
VTV THERAPEUTICS: Signs up to $47 Million Stock Purchase Agreement
WEATHERS PROPERTIES: Selling Paradise Valley Property for $2.4M
WEST PACE: Amerco Buying 4.5-Acre of Auburn Graded Land for $2.15M
XPLORADOR INC: Seeks to Hire County Law Center as Legal Counsel
[*] At Least 300 Companies That Received PPP Loans Went Bankrupt
[^] Large Companies with Insolvent Balance Sheet
*********
1405 UNION: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: 1405 Union LLC
1405 Union Street
Brooklyn, NY 11213
Business Description: 1405 Union LLC is engaged in activities
related to real estate.
Chapter 11 Petition Date: November 29, 2020
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 20-44125
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
1501 Broadway 22nd Floor
New York, NY 10036
Tel: (212) 221-5700
Email: knash@gwfglaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Eli Ley, manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditrs.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/NYXYL5A/1405_Union_LLC__nyebke-20-44125__0001.0.pdf?mcid=tGE4TAMA
1465V DONHILL: Seeks Approval to Hire Real Estate Agent
-------------------------------------------------------
1465V Donhill Drive seeks authority from the U.S. Bankruptcy Court
for the Central District of California to hire Todd Wohl of
Premiere Estates as its real estate agent.
The Debtor needs a real estate agent to sell its real property
located at 1465 Donhill Drive, Beverly Hills, Calif.
Mr. Wohl will get a 4 percent commission on the purchase price.
In court filings, Mr. Wohl disclosed that he and his firm are
"disinterested persons" within the meaning of Section 101(14) of
the Bankruptcy Code.
Mr. Wohl can be reached at:
Todd Wohl
Premiere Estates
International Real Estate
438 PCH, Hermosa Beach, CA 92054
Phone: +1 310-698-3625
About 1465V Donhill Drive
1465V Donhill Drive, LLC is a single asset real estate (as defined
in 11 U.S.C. Section 101(51B)). Its principal assets are located
at 1465 Donhill Drive, Beverly Hills, Calif.
1465V Donhill Drive filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
20-11138) on June 29, 2020. In the petition signed by Chandu
Vanjani, managing member, Debtor disclosed $10 million to $50
million in assets and $1 million to $10 million in liabilities.
Judge Victoria S. Kaufman oversees the case.
Jonathan M. Hayes, Esq., at Resnik Hayes Moradi, LLP, is the
Debtor's legal counsel.
2999TC LP: Seeks to Hire Joyce W. Lindauer as Counsel
-----------------------------------------------------
2999TC LP, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Joyce W. Lindauer Attorney
PLLC as its 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 will be paid at these rates:
Joyce W. Lindauer $395 per hour
Kerry S. Alleye $250 per hour
Guy H. Holman $205 per hour
Dian Gwinnup, Paralegal $125 per hour
Paralegals and Legal Assistants $65 - $125 per hour
Lindauer will also be reimbursed for out-of-pocket expenses
incurred.
The firm received a retainer of $11,717, which included the filing
fee of $1,717.
Joyce Lindauer, Esq., owner of the firm, assured the court that her
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.
Lindauer PLLC can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney PLLC
12720 Hillcrest Road, Suite 625,
Dallas, TX 75230,
Tel: (972) 503-4033
Fax: (972) 503-4034
About 2999TC LP LLC
2999TC LP, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
20-43204) on Oct. 16, 2020. 2999TC President Tim Barton signed the
petition.
At the time of the filing, the Debtor estimated $1 million to $10
million in both assets and liabilities.
Judge Mark X. Mullin oversees the case. Joyce W. Lindauer Attorney
PLLC serves as the Debtor's counsel.
ACE AUTO: Gets Court Approval to Hire Accountant
------------------------------------------------
Ace Auto Recovery, Inc. received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Benjamin Kinsey, a
certified public accountant at Small Business Group, to file its
tax returns.
Mr. Kinsey will be paid a flat fee of $435 per month.
In a court filing, Mr. Kinsey disclosed that he does not represent
any interest adverse to the Debtor and that he is a disinterested
person as required by Section 327(a) of the Bankruptcy Code.
Mr. Kinsey can be reached at:
Small Business Group Inc.
1804 University Blvd. W
Jacksonville, FL 32217
Phone: +1 904-731-2221
About Ace Auto Recovery, Inc.
Ace Auto Recovery, Inc., a towing service provider in Jacksonville,
Fla., filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-02328) on Aug. 4,
2020. Ace Auto Recovery President Michael R. Steinman Sr. signed
the petition.
At the time of the filing, the Debtor disclosed $1,112,996 in
assets and $1,835,999 in liabilities.
Judge Roberta A Colton oversees the case. The Law Offices of Jason
A. Burgess, LLC serves as the Debtor's counsel.
ADETONA LLC: Gets OK to Hire James S. Wilkins as Legal Counsel
--------------------------------------------------------------
Adetona, LLC received approval from the U.S. Bankruptcy Court for
the Western District of Texas to hire James S. Wilkins, P.C. as its
legal counsel.
The services that the firm will render are:
(a) give the Debtor legal advice with respect to its power and
duties in the continued operation and management of its property;
(b) take necessary action to collect property of the estate
and file suits to recover the same;
(c) represent the Debtor in connection with the formulation
and implementation of a plan of reorganization and all matters
incident thereto;
(d) prepare legal papers;
(e) object to disputed claims; and
(f) perform all other legal services for the Debtor.
The firm will be paid at the rate of $425 per hour to be applied
against a retainer of $22,500 for post-petition services, costs and
filing fees.
James Wilkins, Esq., disclosed in court filings that he is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
James S. Wilkins, Esq.
James S. Wilkins, P.C.
1100 NW Loop 410, Suite 700
San Antonio, TX 78205-1711
Telephone: (210) 271-9212
Facsimile: (210) 271-9389
Email: jwilkins@stic.net
About Adetona, LLC
Adetona, LLC filed as a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Based in San Antonio, Texas, Adetona filed a petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
20-51825) on Oct. 30, 2020. Olutola Adetona, managing member,
signed the petition. At the time of filing, the Debtor estimated
$1 million to $10 million in both assets and liabilities.
Judge Craig A. Gargotta oversees the case. James S. Wilkins, P.C.
serves as the Debtor's legal counsel.
AGF MACHINERY: Seeks to Hire Ritchie Bros as Auctioneer
-------------------------------------------------------
AGF Machinery, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Alabama to employ Ritchie Bros.
Auctioneers to appraise its equipment and machinery.
Ritchie Bros. will receive $40 per appraised item as compensation.
Ritchie Bros. is disinterested as such term is defined by Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Colin Brown
Ritchie Bros. Auctioneers
6050 Azle Avenue
Lake Worth, TX
Phone: +1-505-835-6039
Mobile: +1-575-420-6192
Fax: +1-505-835-6039
About AGF Machinery
AGF Machinery, LLC is engaged in selling and renting construction
equipment, aerial work platforms & heavy duty equipment. The
company offers a full line of construction equipment in its sales
and rental inventories from Wacker Neuson, ASV, Skyjack, Toro, and
Husqvarna. Visit https://agfmachinery.com for more information.
AGF Machinery filed a Chapter 11 petition (Bankr. M.D. Ala. Case
No. 20-11029) on August 12, 2020. The petition was signed by
Jeffrey Lee Washington, member. At the time of the filing, Debtor
disclosed $10 million to $50 million in both assets and
liabilities.
Judge William R. Sawyer oversees the case.
The Debtor tapped Stichter, Riedel, Blain & Postler, P.A. as its
bankruptcy counsel and Saltmarsh, Cleaveland & Gund as its
financial advisor.
AIR FLORIDA: Hires Anthony C. Sabella as Accountant
---------------------------------------------------
Air Florida Helicopter Charters, Inc., seeks authority from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
Anthony C. Sabella, as accountant to the Debtor.
Air Florida requires Anthony C. Sabella to:
a. assist with the preparation of monthly operating reports
during the course of the bankruptcy proceedings;
b. perform general accounting services, such as creating and
maintaining records of monthly and annual income and
expenses;
c. prepare federal and state tax returns;
d. assist in preparing documents necessary for confirmation;
e. provide accounting advice to the Debtor;
f. provide such functions as requested by the Debtor or its
counsel to assist the Debtor in the Chapter 11 case.
Anthony C. Sabella will be paid at the hourly rates of $85 to
$225.
Anthony C. Sabella will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Anthony C. Sabella assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their/its estates.
About Air Florida Helicopter Charters
Air Florida Helicopter Charters, Inc., filed a Chapter 11
bankruptcy petition (Bankr. M.D. Fla. Case No. 20-05967) on Oct.
23, 2020. The Debtor hired Bartolone Law, PLLC, as counsel.
ARCHDIOCESE OF SANTA FE: Selling Albuquerque Property for $425K
---------------------------------------------------------------
Roman Catholic Church of The Archdiocese of Santa Fe asks the U.S.
Bankruptcy Court for the District of New Mexico to authorize the
sale of the real property located at 3700 Alamogordo Dr. NW,
Albuquerque, New Mexico to Luis Mendoza for $425,000, subject to
higher and better offers.
The Debtor is the owner of the Property.
On April 23, 2020, the Debtor filed its Application to employ David
V. Walters as its real estate broker to market the Property on
behalf of the Estate. The Employment Order approved the Broker's
listing agreement. Pursuant to the terms of the Listing Agreement,
the Broker will be paid 6% of the sales price plus applicable tax.
The commission due to the Broker should be paid to Broker at
closing, as should all other costs of sale. The net proceeds will
be delivered to the Debtor.
Pursuant to the terms of the approved Listing Agreement, the Broker
implemented a marketing program targeting brokers and consumers.
On Oct. 27, 2020, the Debtor and the Buyer executed a Residential
Purchase Agreement. Pursuant to the terms of the Contract, which
are subject to the approval of the Court, the Buyer has agreed to
purchase, and the Debtor has agreed to sell the Property for
$425,000. The Debtor asks that the Court authorizes the sale of
the Property.
The Debtor has determined that, in its business judgment, the
proposed sale of the Property to the Buyer in accordance with the
terms of the Contract is for fair and reasonable consideration, is
in good faith, does not unfairly benefit any party in interest,
will maximize the value of the Estate, and should be authorized.
It asks that the sale of the Property be free and clear of all
liens, claims, and interests with any such liens, claims, and
interests to attach to the net sale proceeds.
The Debtor contacted the counsel for the UCC, and the UCC does not
oppose the relief sought on conditions that the Debtor be willing
to entertain higher offers during the period of objection to the
Motion and that the Broker inform potential selling brokers that
such further offers will be considered by the Debtor. The
conditions are acceptable to the Debtor.
Finally, the Debtor asks that the Court waives the 14-day stay of
an order resulting from the Motion otherwise required by Fed. R.
Bankr. P. 6004(h).
A copy of the Contract is available at https://tinyurl.com/y259rzp2
from PacerMonitor.com free of charge.
About Roman Catholic Church
of The Archdiocese of Santa Fe
The Roman Catholic Church of the Archdiocese of Santa Fe --
https://www.archdiosf.org/ -- is an ecclesiastical territory or
diocese of the southwestern region of the United States in the
state of New Mexico. At present, the Archdiocese of Santa Fe
covers an area of 61,142 square miles. There are 93 parish seats
and 226 active missions throughout this area.
The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr.
D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse
claims. It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.
Judge David T. Thuma oversees the case.
The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel; Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and
REDW, LLC as accountant. Liz McGuire, associate broker with
Coldwell Banker Legacy, and David V. Walters, serve as real estate
brokers.
ART CENTER: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Art Center, Inc.
DBA Southwest University of Visual Arts
20 E. Congress St
Tucson, AZ 85701
Business Description: Art Center, Inc. --
https://suva.edu -- is a private, not-for-
profit art college based out of Tucson,
Arizona with a branch campus in Albuquerque,
New Mexico.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
District of Arizona
Case No.: 20-12891
Debtor's Counsel: Charles Richard Hyde, Esq.
THE LAW OFFICES OF C.R. HYDE, PLC
2810 N Swan Rd. #150
Tucson, AZ 85712
Tel: 520-270-1110
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Camden Hardy, president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/EO7QV5Y/ART_CENTER_INC__azbke-20-12891__0001.0.pdf?mcid=tGE4TAMA
ASVEN INTERNATIONAL: Gets OK to Hire Florida Bankruptcy as Counsel
------------------------------------------------------------------
Asven International Corp. received approval from the U.S.
Bankruptcy Code for the Southern District of Florida to hire
Florida Bankruptcy Group, LLC as its legal counsel.
The services that Florida Bankruptcy Group will render are:
a. advise the Debtor of its powers and duties and the
continued management of its business;
b. advise the Debtor of its responsibilities in complying with
the U.S. Trustee's Operating Guidelines and Reporting Requirements
and with the rules of the court;
c. prepare legal documents;
d. protect the interest of the Debtor in all matters pending
before the court; and
e. represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
Kevin Gleason, Esq., the firm's attorney who will be handling the
case, assured the court that the firm is disinterested as required
by Section 327(a) of the Bankruptcy Code.
Mr. Gleason can be reached at:
Kevin C Gleason, Esq.
Florida Bankruptcy Group, LLC
4121 N 31st Avenue
Hollywood, Fl 33021-2011
Phone: 954-893-7670
Fax: 954-252-2540 Fax
Email: BankruptcyLawyer@aol.com
About Asven International Corp.
Asven International Corp. is a single asset real estate (as defined
in 11 U.S.C. Section 101(51B)).
Asven International filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-21688) on Oct. 6, 2020. The petition was signed by Asven
International President Enoc J. Martinez. At the time of filing,
the Debtor disclosed $750,000 in assets and $1,029,870 in
liabilities.
Judge Robert A. Mark oversees the case. Florida Bankruptcy Group,
LLC serves as the Debtor's legal counsel.
AUTO MASTER: Unsecured Creditors to Receive $10,000 in Plan
-----------------------------------------------------------
Auto Master Express Inc. filed a Second Amended Disclosure
Statement on October 9, 2020.
Class 3 consists of All General Unsecured Claims. The Debtor will
make one payment in the amount of $10,000 on the effective date of
the Plan. A pro rata distribution of this payment will be made to
all creditors within this class.
Payments and distributions under the Amended Plan will be funded
from the cash reserves the debtor has in its DIP's bank accounts.
A full-text copy of the Second Amended Disclosure Statement dated
October 9, 2020, is available at https://tinyurl.com/y2njmu26 from
PacerMonitor.com at no charge.
Attorney for the Debtor:
CARLOS A. RUIZ RODRIGUEZ
P.O. Box 1298
Caguas, PR 00726-1298
Tel: (787)286-9775
Fax: (787)747-2174
E-mail: carlosalbertoruizquiebras@gmail.com
About Auto Master Express
Auto Master Express Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-01464) on March 19,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million. The
Debtor engaged Lcdo. Carlos Alberto Ruiz, CSP, as its legal
counsel.
BAMA OAKS: Creditor BOKF Objects to Disclosure Statement
--------------------------------------------------------
Creditor BOKF, N.A. objects to the Disclosure Statement filed by
Debtor Bama Oaks Retirement, LLC as follows:
* The Disclosure Statement, at part II(I), states the Assisted
Living Facility has a liquidation value of $12,000,000 and the
Independent Living Facility has a liquidation value of $6,000,000.
The Disclosure Statement also states BOKF's claim is
$13,390,019.93.
* These values are incorrect. BOKF has recently had an appraisal
which shows the Assisted Living Facility has an as-is value of
$6,900,000 and the Independent Living Facility has an as-is value
of $2,300,000. The total amount Debtor owed to BOKF is
$20,823,621.57 as of September 30, 2020.
* BOKF filed a Motion to Dismiss, for Relief from Stay, or to
Appoint a Chapter 11 Trustee before filing this Objection which
should be heard and resolved before the estate incurs expenses
related to the solicitation of Debtor's Chapter 11 Plan.
A full-text copy of BOKF's objection to the disclosure statement
dated October 2, 2020, is available at https://tinyurl.com/yynvch4g
from PacerMonitor.com at no charge.
Attorneys for BOKF:
Walter E. Jones
Patrick Silloway
BALCH & BINGHAM LLP
30 Ivan Allen Jr. Boulevard, N.W., Suite 700
Atlanta, GA 30308
Telephone: (404) 261-6020
Facsimile: (404) 261-3656
E-mail: wjones@balch.com
psilloway@balch.com
About Bama Oaks Retirement
Bama Oaks Retirement, LLC, d/b/a Gordon Oaks Assisted Living, owns
and operates an assisted living facility in Mobile, Alabama. The
company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
20-61914) on Feb. 1, 2020. In the petition signed by Christopher
F. Brogdon, manager, the Debtor was estimated to have between $10
million and $50 million in both assets and liabilities. Theodore
N. Stapleton, P.C., is the Debtor's counsel.
BAMA OAKS: Creditors to Get Paid From Assets Sale Proceeds
----------------------------------------------------------
Bama Oaks Retirement, LLC filed with the U.S. Bankruptcy Court for
the Northern District of Georgia, Atlanta Division, a Disclosure
Statement describing Plan of Liquidation dated August 28, 2020.
The only remaining asset of the estate is Gordon Oaks which the
Debtor valued in its schedules at a total of $18,000,000.00. Gordon
Oaks Specialty Care 3145 Gordon Oaks Drive, Mobile, AL 36693, 142
Unit Assisted Living Facility was scheduled with a fair market
value of $12,000,000.00 and Gordon Oaks Assisted Living, 3145
Gordon Oaks Drive, Mobile, AL 36693, 88 Unit Independent Living
Facility was scheduled with a fair market value of $6,000,000.00.
The Plan provides for liquidation of the Debtor's Gordon Oaks
Assisted Living facility located at 3145 Gordon Oaks Drive Mobile,
AL 36693 Gordon Oaks.
Class 1 BOKF claim will be paid 100% from the proceeds of the
Section 363 sale of Gordon Oaks after customary closing costs and
expenses.
Class 2 consists of General Unsecured Claims that total
$5,386,144.75. All Allowed Unsecured Claims not separately
classified shall receive Distributions equal to each holder's
pro-rata portion of the proceeds from the sale of Gordon Oaks after
BOKF and all priority claimants have been paid in full.
Upon the Confirmation Order becoming a Final Order, the Debtor will
market and sell Gordon Oaks for the best price available. Upon a
Sale Event, the Debtor will pay or segregate sufficient funds to
pay all reasonable and ordinary costs of sale, including broker
commissions, all outstanding property taxes not otherwise prorated
between the Debtor and the purchaser at closing, the Class 1 Claim
of BOKF, any unpaid professional fee claims, including
post-confirmation professional fee claims, the balance owed the
holders of priority tax claims, and the Class 2 Distribution.
In the event that no agreement for the purchase of Gordon Oaks is
filed with the Court for approval within one year following the
Final Order Date, the Debtor will seek authorization from the Court
to employ an auctioneer and arrange for Gordon Oaks to be auctioned
to the highest bidder in a reasonable period of time based upon the
auctioneer's recommendations for realizing the highest value for
Gordon Oaks.
A full-text copy of the disclosure statement and liquidating plan
dated August 28, 2020, is available at https://tinyurl.com/y4xlclca
from PacerMonitor.com at no charge.
Attorneys for the Debtor:
THEODORE N. STAPLETON, PC
Theodore N. Stapleton
Suite 100-B
2802 Paces Ferry Road
Atlanta, Georgia, 30339
Telephone: (770) 436-3334
E-mail: tstaple@tstaple.com
About Bama Oaks Retirement
Bama Oaks Retirement, LLC, d/b/a Gordon Oaks Assisted Living, owns
and operates an assisted living facility in Mobile, Alabama. The
company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
20-61914) on Feb. 1, 2020. In the petition signed by Christopher
F. Brogdon, manager, the Debtor was estimated to have between $10
million and $50 million in both assets and liabilities. Theodore
N. Stapleton, P.C., is the Debtor's counsel.
BAMA OAKS: U.S. Trustee Objects to Plan & Disclosures
-----------------------------------------------------
Nancy J. Gargula, United States Trustee for Region 21, objects to
final approval of the Disclosure Statement and confirmation of the
Plan of Liquidation for Bama Oaks Retirement, LLC.
The United States Trustee points out that the Disclosure Statement
fails to contain any explanation of the relationship between the
entities and the Debtor. An explanation of the relationship between
the affiliated entities and any impact the caused by the Debtor's
Disclosure Statement and Chapter 11 plan should be provided.
The United States Trustee claims that the Disclosure Statement
fails to adequately provide information regarding the Debto's
accounts receivable and the collectability of said accounts
receivable. The disclosure statement should include a statement
addressing the amount of the accounts receivable on petition date,
current status and likelihood of collectability.
The United States Trustee states that the treatment of the
unsecured creditors (Class 2) is unclear for several reasons. There
is no "pro rata" definition provided and it is unclear as it does
not explain what it means specifically for distributions to this
class because the definition only refers to payments only after
BOKF and priority claims are paid in full.
The United States Trustee objects to the confirmation of the Plan
on the grounds that the Plan appears to violate Section
1129(a)(5)(B) because it fails to include compensation details for
the Debtor's post-confirmation manager who is an insider.
The United States Trustee asserts that the Plan fails to provide an
adequate framework for the sale of other assets in the event the
sale or auction of Gordon Oaks fails to provide sufficient funds to
pay creditors. A timeline should be incorporated into the Plan
providing certain time frames when the remaining assets of the
estate are to be sold in the event the sale or auction of Gordon
Oaks fails to provide funds sufficient to pay all creditors.
The United States Trustee further asserts that the Plan does not
appear to be feasible at this time. The results of the sale or
auction of Gordon Oaks are necessary to determine the feasibility
of the Plan. A delay in confirmation until after the conclusion of
the sale or auction of Gordon Oaks will not prejudice any
creditors.
A full-text copy of the United States Trustee's objection to Plan
and Disclosure Statement dated October 15, 2020, is available at
https://tinyurl.com/y5ybahj9 from PacerMonitor at no charge.
About Bama Oaks Retirement
Bama Oaks Retirement, LLC, which conducts business under the name
Gordon Oaks Assisted Living, owns and operates an assisted living
facility in Mobile, Ala. On Feb. 1, 2020, Bama Oaks Retirement
filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 20-61914). In
the petition signed by Christopher F. Brogdon, manager, Debtor was
estimated to have between $10 million and $50 million in both
assets and liabilities. Theodore N. Stapleton, P.C., is Debtor's
legal counsel.
BEACH ON DUVAL: Gets OK to Hire Florida Bankruptcy Group as Counsel
-------------------------------------------------------------------
Beach on Duval, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Florida
Bankruptcy Group, LLC as its legal counsel.
The services that Florida Bankruptcy Group will render are:
a. advise the Debtor of its powers and duties and the
continued management of its business;
b. advise the Debtor of its responsibilities in complying with
the U.S. Trustee's Operating Guidelines and Reporting Requirements
and with the rules of the court;
c. prepare legal documents;
d. protect the interest of the Debtor in all matters pending
before the court; and
e. represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
Kevin Gleason, Esq., the firm's attorney who will be handling the
case, assured the court that the firm is disinterested as required
by Section 327(a) of the Bankruptcy Code.
Mr. Gleason can be reached at:
Kevin C. Gleason, Esq.
Florida Bankruptcy Group, LLC
4121 N 31st Avenue
Hollywood, Fl 33021-2011
Phone: 954-893-7670
Fax: 954-252-2540 Fax
Email: BankruptcyLawyer@aol.com
About Beach on Duval
Beach on Duval, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20904) on Oct. 6,
2020. At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $1 million and $10
million. Judge Jay A. Cristol oversees the case. Kevin C.
Gleason, Esq., at Florida Bankruptcy Group, LLC, serves as the
Debtor's legal counsel.
BLACKJEWEL LLC: Former CEO Pushes for the Conversion to Chapter 7
-----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Blackjewel LLC's former CEO
Jeffery Hoops, under investigation for mismanaging the defunct coal
production company, has asked to convert the company's Chapter 11
bankruptcy to a Chapter 7 liquidation.
The U.S. Bankruptcy Court for the Southern District of West
Virginia should put Blackjewel's estate into the hands of a
court-appointed liquidator because the company doesn't have enough
money to cover its legal bills and isn’t being rehabilitated,
Hoops said in a Nov. 25, 2020 court filing.
Hoops, who's long been alleged of mismanaging the company for his
own benefit, was removed as CEO in 2019.
About Blackjewel LLC
Blackjewel L.L.C.'s core business is mining and processing
metallurgical, thermal and other specialty and industrial coals.
Blackjewel operates 32 properties, including surface and
underground coal mines, preparation or wash plants, and loadouts or
tipples. Combined, Blackjewel and its affiliates hold more than
500 mining permits. Operations are located in the Central
Appalachian Basin in Virginia, Kentucky and West Virginia and the
Powder River Basin in Wyoming.
Blackjewel L.L.C. and four affiliates filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Lead Case No. 19-30289) on July 1, 2019. Blackjewel was
estimated to have $100 million to $500 million in asset and $500
million to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Frank W. Volk is the case judge.
The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy
counsel; Supple Law Office, PLLC as local bankruptcy counsel; FTI
Consulting Inc. as financial advisor; Jefferies LLC as investment
banker; and Prime Clerk LLC as the claims agent.
The Office of the U.S. Trustee on July 3, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Blackjewel LLC. Whiteford Taylor &
Preston LLP is the Committee's counsel.
BLUEROCK ENERGY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: BlueRock Energy, Inc.
125 East Jefferson Street, Suite 800
Syracuse, NY 13202
Business Description: BlueRock Energy, Inc. is in the business of
distributing natural gas.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
Northern District of New York
Case No.: 20-31211
Debtor's Counsel: Jeffrey A. Dove, Esq.
BARCLAY DAMON LLP
Barclay Damon Tower
125 East Jefferson Street
Syracuse, NY 13202
Tel: 315-413-7112
Email: jdove@barclaydamon.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Philip VanHorne, president and chief
executive officer.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/W5QIEGY/BlueRock_Energy_Inc__nynbke-20-31211__0001.4.pdf?mcid=tGE4TAMA
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/WNACKMY/BlueRock_Energy_Inc__nynbke-20-31211__0001.0.pdf?mcid=tGE4TAMA
BREAD & BUTTER: Seeks Case Dismissal After Assets Sold
------------------------------------------------------
Leslie Collins of Kansas City Business Journal reports that Bread &
Butter Concepts LLC has filed a motion to dismiss its Chapter 11
bankruptcy, with the exception of its Stock Hill steakhouse.
When the Kansas City-based restaurant group filed for bankruptcy in
November 2019, it had several brands:
* Cherry Hall, an event space and catering arm
* Urban Table, an Italian-American bistro
* Gram & Dun, a modern restaurant
* Stock Hill, an upscale steakhouse
Thrillist selected Kansas City's Stock Hill as one of the nation's
best steakhouses in January 2020.
The Covid-19 pandemic, however, throttled Bread & Butter's
reorganization progress and spurred it to sell a majority of its
assets for $850,000 on Sept. 15, 2020. All of its brands are
considered separate legal entities, and the sale included Gram &
Dun ($408,289), Cherry Hall ($88,000) and Urban Table ($166,531).
Bread & Butter's Stock Hill steakhouse and related assets were
excluded from the sale.
In October 2020, the court approved dispersing the sale proceeds
among creditors. In the secured claims category, the breakdown was:
* Core Bank, $99,816
* US Foods, $65,657
* Commercial Capital PMSI, $40,400
The remaining money was dispersed among priority sales tax and
administrative claims.
"(The) identified debtors have nothing left to reorganize," Bread &
Butter's filing stated. "(When) a substantial portion of the
debtors' assets have been liquidated and the debtor has no on-going
business operations, there is a clear economic benefit to
dismissal. In that respect, additional proceedings under Chapter 11
will only result in additional cost and expense. That cost and
expense will certainly outweigh any potential benefit to continued
proceedings under Chapter 11."
If approved, the dismissal would leave only Texaz South Plaza LLC,
doing business as Stock Hill. Bread & Butter wants to continue the
Chapter 11 case with the steakhouse so it can continue
reorganization efforts. Stock Hill, which opened near the Country
Club Plaza in late 2016, has ranked two consecutive years on
Thrillist's list of the "31 Best Steakhouses in America."
Bread & Butter previously was viewed as a rising star, helping it
land on Restaurant Hospitality's list of the nation's 25 "coolest
multi-concept companies" in 2014. At the time, Bread & Butter had
$18 million in annual sales, five restaurants and a food truck.
Stock Hill, 4800 Main St. in Kansas City, opened in December 2016
and has already been named one of the 31 "Best Steakhouses in
America" by Thrillist.
About Bread & Butter Concepts
Bread & Butter Concepts, LLC -- http://breadnbutterconcepts.com/--
was founded in 2011 and owns and operates multiple upscale
restaurants in the Kansas City metropolitan area.
Bread & Butter Concepts and its affiliates Texaz Crossroads LLC,
Texaz Table Restaurant of KS LLC, Texaz South Plaza LLC, and Texaz
Plaza Restaurant LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Lead Case No. 19-22400) on Nov. 9,
2019.
At the time of the filing, Bread & Butter disclosed $4,121,754 in
assets and $5,079,795 in liabilities.
The cases have been assigned to Judge Dale L. Somers. Sandberg
Phoenix & von Gontard P.C. is the Debtor's legal counsel.
CARBONYX INC: Trustee Gets OK to Hire Bill F. Payne as Counsel
--------------------------------------------------------------
Linda Payne, the Chapter 11 trustee for Carbonyx, Inc., received
approval from the U.S. Bankruptcy Court for the Eastern District of
Texas to employ the Law Offices of Bill F. Payne, PC as its legal
counsel.
The firm will provide these services:
a. advise and consult with the trustee concerning questions
arising in the conduct of the administration of the estate and
concerning the trustee's rights and remedies regarding the estate's
assets and the claims of creditors;
b. appear for, prosecute, defend and represent the trustee's
interest in suits arising in or related to the Debtor's Chapter 11
case;
c. investigate and prosecute preference and other actions
arising under the trustee's avoiding powers;
d. prepare pleadings;
e. assist the trustee in selling non-exempt assets of the
estate;
f. assist the trustee in determining the extent of property of
the estate;
g. give trustee legal advice with respect to her powers and
duties;
h. take such action as is necessary to preserve, protect and
collect property of the estate; and
i. evaluate and file objection to claims.
The firm will charge $500 per hour for its services.
Bill Payne, Esq., the firm's attorney who will be handling the
case, assured the court that he is a disinterested person within
the meaning of Section l0l(l4) of the Bankruptcy Code.
The firm can be reached through:
Bill F. Payne, Attorney at Law
Law Offices of Bill F. Payne, PC
12770 Coit Road, Suite 541
Dallas, TX 75251
Phone: +1 972-628-4905
About Carbonyx Inc.
Plano, Texas-based Carbonyx, Inc. filed a Chapter 11 petition
(Bankr. E.D. Tex. Case No. 20-40494) on Feb. 18, 2020. In the
petition signed by Hasmukh Patel, authorized agent, the Debtor was
estimated to have up to $50,000 in assets and $10 million to $50
million in liabilities.
Judge Brenda T. Rhoades oversees the case. Eric A. Liepins, P.C.
serves as the Debtor's bankruptcy counsel.
On Nov. 10, 2020, Linda Payne was appointed as Chapter 11 trustee
in the Debtor's case. The trustee is represented by the Law
Offices of Bill F. Payne, PC.
CENTRO GROUP: Court Approves Disclosure Statement
-------------------------------------------------
Judge A. Jay Cristol has entered an order approving the Amended
Disclosure Statement of Centro Group, LLC and ProHCM Holdings,
Inc., pursuant to 11 U.S.C. Sec. 1125(b) and Fed. R. Bankr. P.
3017(b).
The Court has set a hearing to consider confirmation of the Amended
Plan on December 3, 2020 at 2:00 p.m.(EST). The hearing will be
conducted by telephone through Court Solutions, LLC.
Objections to confirmation of the Amended Plan, written acceptances
or rejections of the Amended Plan, and ballots accepting or
rejecting the Amended Plan were due Nov. 19, 2020.
About Centro Group
Centro Group, LLC is a full-service, wholesale group benefits,
human capital, and technology service consulting firm committed to
positioning their clients for future growth. It is headquartered in
Miami, Fla., with additional offices in the Boston and St. Louis
areas.
Centro Group and ProHCM Holdings, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos.
18-23155 and 18-23156) on Oct. 23, 2018. In the petitions signed
by
CEO Joseph Markland, Centro Group estimated assets of less than
$50,000 and liabilities of $1 million to $10 million. ProHCM
disclosed $4,284,714 in assets and $4,238,898 in liabilities.
Judge
Jay A. Cristol oversees the cases.
The Debtors tapped Shraiberg, Landau & Page, P.A., as their legal
counsel; James F. Martin of ACM Capital Partners, as their chief
restructuring officer; and Rice Pugatch Robinson Storfer & Cohen,
PLLC, as special counsel.
On Nov. 9, 2018, the U.S. Trustee for Region 21 appointed an
official committee of unsecured creditors in Centro Group's case.
The committee tapped Kozyak, Tropin & Throckmorton, LLP as its
legal counsel.
CENTRO GROUP: ProHCM Unsecureds to Recover Between 75% to 100%
--------------------------------------------------------------
Centro Group, LLC and ProHCM Holdings, Inc. filed the Amended Joint
Disclosure Statement in support of Amended Chapter 11 Plan of
Liquidation on October 9, 2020.
A ruling by the District Court on the Leyva Appeal may affect
recoveries for Holders of Allowed Unsecured Claims against ProHCM
in one of a multitude of ways. If the District Court overrules the
Leyva Appeal, then the $2.6 million payment due to the Debtors
under the Leyva Settlement, with the inclusion of cash on hand,
could result in a 100% distribution to Holders of Allowed Unsecured
Claims against ProHCM. If the District Court sustains the Leyva
Appeal and finds the Leyva Settlement null and void, then the
Debtors may have to renegotiate the terms of a new settlement
agreement with the Leyva Parties or strike certain provisions of
the settlement agreement, either of which may result in a reduced
cash payment to the Debtors and subsequent distribution to
creditors under the Plan.
Holders of Allowed Unsecured Claims against ProHCM can expect to
recover anywhere between a 75% to 100% distribution on the total
amount of their Allowed Claim pursuant to the terms of the Global
Settlement depending on the outcome of the Leyva Appeal and
postpetition expenses incurred by the Debtors and Liquidating
Trustee in winding down the Debtors' estate.
Holders of Allowed Equity Interests in ProHCM can expect to recover
anywhere between a 0% to 15% distribution on the total amount of
their Allowed Equity Interest pursuant to the terms of the Global
Settlement depending on the outcome of the Leyva Appeal and
postpetition expenses incurred by the Debtors and Liquidating
Trustee in winding down the Debtors' estate.
Holders of Allowed Centro Class 1 Claims can expect to recover
anywhere between a 50% to 100% distribution on the total amount of
their Allowed Centro Class 1 Claim pursuant to the terms of the
Global Settlement depending on the outcome of the Leyva Appeal and
postpetition expenses incurred by the Debtors and Liquidating
Trustee in winding down the Debtors' estate.
Holders of Allowed Centor Class 1(A) Subordinated Claims can expect
to recover anywhere between a 0% to 25% distribution on the total
amount of their Allowed Centro Class 1(A) Subordinated Claim
pursuant to the terms of the Global Settlement depending on the
outcome of the Leyva Appeal and postpetition expenses incurred by
the Debtors and Liquidating Trustee in winding down the Debtors'
estate.
Holders of Allowed Equity Interests in Centro can expect to recover
anywhere between a 0% to 15% distribution on the total amount of
their Allowed Equity Interest pursuant to the terms of the Global
Settlement depending on the outcome of the Leyva Appeal and
postpetition expenses incurred by the Debtors and Liquidating
Trustee in winding down the Debtors' estate.
A full-text copy of the Amended Joint Disclosure Statement dated
October 9, 2020, is available at https://tinyurl.com/yyxvxz6g from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Bradley S. Shraiberg, Esq.
SHRAIBERG, LANDAU & PAGE P.A.
General Bankruptcy Counsel for the Debtors
2385 NW Executive Center Drive, Suite 300
Boca Raton, FL 33431
Telephone: (561) 443-0800
Facsimile: (561) 998-0047
Email: bss@slp.law
About Centro Group
Centro Group, LLC is a full-service, wholesale group benefits,
human capital, and technology service consulting firm committed to
positioning their clients for future growth. It is headquartered in
Miami, Fla., with additional offices in the Boston and St. Louis
areas.
Centro Group and ProHCM Holdings, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos.
18-23155 and 18-23156) on Oct. 23, 2018. In the petitions signed by
CEO Joseph Markland, Centro Group estimated assets of less than
$50,000 and liabilities of $1 million to $10 million. ProHCM
disclosed $4,284,714 in assets and $4,238,898 in liabilities. Judge
Jay A. Cristol oversees the cases.
The Debtors tapped Shraiberg, Landau & Page, P.A., as their legal
counsel; James F. Martin of ACM Capital Partners, as their chief
restructuring officer; and Rice Pugatch Robinson Storfer & Cohen,
PLLC, as special counsel.
On Nov. 9, 2018, the U.S. Trustee for Region 21 appointed an
official committee of unsecured creditors in Centro Group's case.
The committee tapped Kozyak, Tropin & Throckmorton, LLP as its
legal counsel.
CGC-MROZ ACCOUNTANTS: Seeks to Hire Sklar Kirsh as Counsel
----------------------------------------------------------
CGC-Mroz Accountants & Advisors seeks authority from the U.S.
Bankruptcy Code for the Central District of California to hire
Sklar Kirsh, LLP as its bankruptcy counsel.
The firm's services will include:
a. advising Debtor with regard to the requirements of the
court, the Bankruptcy Code, Bankruptcy Rules and the Office of the
United States Trustee;
b. advising Debtor with regard to certain rights and remedies
of its bankruptcy estate and the rights, claims and interests of
creditors;
c. representing Debtor in any proceeding or hearing in the
court involving its estate unless Debtor is represented in such
proceeding or hearing by special counsel;
d. conducting examinations of witnesses, claimants or adverse
parties and representing Debtor in any adversary proceeding except
to the extent that any such adversary proceeding is in an area
outside of Sklar Kirsh's expertise;
e. preparing legal papers;
f. assisting Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization; and
g. performing other services in connection with Debtor's
Chapter 11 case.
Sklar Kirsh will be paid at these rates:
Partners $595 to $795 per hour
Associates $495 to $575 per hour
Paraprofessionals $175 to $415 per hour
Ian Landsberg, Esq., and Kelly Frazier, Esq., the firm's attorneys
who will be handling the case, charge $600 per hour and $550 per
hour, respectively.
Aside from the initial retainer of $5,000, Sklar Kirsh received an
additional payment in the amount of $17,009.50 for services
performed and expenses incurred. As of the petition date, Sklar
Kirsh holds a retainer totaling $45,707.50
Sklar Kirsh will also be reimbursed for out-of-pocket expenses
incurred.
Ian Landsberg, Esq., a partner at Sklar Kirsh, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Sklar Kirsh can be reached at:
Ian S. Landsberg, Esq.
Sklar Kirsh, LLP
1880 Century Park East, Ste. 300
Los Angeles, CA 90067
Tel: (310) 845-6416
Fax: (310) 929-4469
Email: ilandsberg@sklarkirsh.com
About CGC-Mroz Accountants & Advisors
CGC-Mroz Accountants & Advisors sought protection for relief under
Chapter 11 of the Bankurptcy Code (Bankr. C.D. Calif. Case No.
20-16924) on Oct. 16, 2020, listing under $1 million in both assets
and liabilities. Judge Wayne E. Johnson oversees the case. Sklar
Kirsh, LLP serves as the Debtor's counsel.
CLEARPOINT CHEMICALS: Seeks Approval to Hire Special Counsel
------------------------------------------------------------
Clearpoint Chemicals, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Alabama to hire R. Tate Young,
Esq., an attorney practicing in Houston, as its special counsel.
The Debtor requires legal assistance in a pre-bankruptcy civil
action styled Finoric, LLC v. Clearpoint Chemicals, LLC (Cause No.
2019-69163). Mr. Young will represent the Debtor in this civil
proceeding and in other matters.
The attorney will charge $400 per hour for his legal services plus
costs and expenses.
Mr. Young assured the court that he does not represent interests
adverse to the Debtor or its estate in the matters on which he is
to be engaged.
Mr. Young holds office at:
R. Tate Young, Esq.
5005 Woodway Drive, Suite 201
Houston, TX 77056
Phone: (713) 626-7112
About Clearpoint Chemicals
Clearpoint Chemicals, LLC operates in the specialty chemical
services industry. It develops customer-specific chemical
solutions, provides in-house last mile logistics, and delivers
on-site application and management, and continued communication and
project assessment services.
Clearpoint Chemicals sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ala. Case No. 20-12274) on Sept. 29,
2020. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.
Judge Jerry C. Oldshue oversees the case.
The Debtor tapped Silver, Volt & Garrett as its bankruptcy counsel
and R. Tate Young, Esq., an attorney practicing in Houston, as its
special counsel.
CONTURA ENERGY: Quillen Joins Board of Directors
------------------------------------------------
Michael J. Quillen has joined Contura Energy, Inc.'s Board of
Directors, effective Nov. 23, 2020. As an industry veteran with
prior hands-on knowledge of Contura's assets, Quillen brings
several decades of coal expertise to the Contura team.
"It is a significant benefit to our company when we can add a board
member of the caliber of Mike Quillen, and we believe that he is a
strong addition to the board," said David Stetson, Contura's
chairman and chief executive officer. "I am grateful for his
willingness to join our ranks, and I'm thrilled to bring his
technical coal knowledge and strategic decision-making to work on
behalf of Contura. Mike has served as chief executive of coal
companies, so he knows the challenges and opportunities we face,
and his industry experience is unparalleled. I am eager to welcome
Mike to the board."
Additionally, effective Nov. 23, 2020, Quillen will serve as lead
independent director as well as chair of the compensation committee
and chair of the safety, health and environmental committee.
Albert E. Ferrara, Jr. will remain chair of the audit committee,
and Scott D. Vogel will be chair of the nominating and corporate
governance committee.
Mr. Quillen is a director of Martin Marietta Materials, Inc., where
he chairs the finance committee and serves on the compensation
committee. In addition to his board involvement, Mr. Quillen
manages Quillen Properties LLC and MJQ LLC and serves as an advisor
on mining, energy, economic development, and transportation issues.
Over the course of his career, Mr. Quillen has held several
executive roles in the mining industry including chief executive
officer and chairman of the board of Alpha Natural Resources, which
he founded in 2002. Prior to Alpha, he was one of the founders of
Whitehaven Coal Company where he was a member of the board and held
senior leadership positions. Mr. Quillen served in a number of
other senior roles including executive vice president of operations
at American Metals & Coal International and president of coal sales
at Pittston Coal Company. Mr. Quillen earned a Bachelor's degree
and a Master's degree, both in civil engineering, from Virginia
Polytechnic Institute and State University which recently awarded
him the William H. Ruffner Medal, the university's highest honor.
In connection with his service on the Board, Mr. Quillen will
receive an annual cash retainer of $100,000, pro-rated for his
first, partial quarter of service. He may elect to receive
restricted stock units in lieu of this annual cash retainer. He
will also receive an annual equity award, typically in the form of
stock-settled RSUs, with a grant date fair market value of
$100,000, beginning on May 1, 2021.
About Contura Energy
Contura Energy (NYSE: CTRA) -- http://www.conturaenergy.com-- is a
Tennessee-based coal supplier with affiliate mining operations
across major coal basins in Pennsylvania, Virginia and West
Virginia. With customers across the globe, high-quality reserves
and significant port capacity, Contura Energy reliably supplies
both metallurgical coal to produce steel and thermal coal to
generate power.
Contura Energy reported a net loss of $316.32 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2020, the Company had $1.92
billion in total assets, $1.58 billion in total liabilities, and
$342.96 million in total stockholders' equity.
* * *
As reported by the TCR on June 5, 2020, S&P Global Ratings lowered
its issuer credit rating on U.S.-based coal producer Contura Energy
Inc. to 'CCC+' from 'B-'. S&P expects earnings to deteriorate due
to continued weakness in coal markets further accelerated by the
COVID-19 pandemic.
In April 2020, Moody's Investors Service downgraded all long-term
ratings for Contura Energy, Inc., including the Corporate Family
Rating to Caa1 from B3. "Contura has idled the majority of its
mines due to weak market conditions. Moody's expects that demand
for metallurgical coal will weaken further in the near-term as
blast furnace steel producers adjust to reduced demand due to the
Coronavirus," said Ben Nelson, Moody's vice president -- senior
credit officer and lead analyst for Contura Energy, Inc. "The
rating action is entirely driven by macro-level concerns resulting
from the global outbreak of coronavirus."
COTO INVESTMENTS: Hires Armory Consulting as Financial Advisor
--------------------------------------------------------------
Coto Investments, Inc. d/b/a O'Cairns Inn and Suites, has filed an
amended application with the U.S. Bankruptcy Court for the Central
District of California seeking approval to hire Armory Consulting
Co. as its financial advisor.
Coto Investments requires Armory Consulting to:
(a) provide strategic guidance to prepare and assist the
Debtor through its Chapter 11 bankruptcy;
(b) manage reporting requirements pertaining to the Bankruptcy
Court and the U.S. Trustee's office;
(c) assist with negotiating and serving as a liaison between
the Debtor and its creditors or their representatives;
(d) provide testimony before the Bankruptcy Court on matters
within Armory's expertise and consistent with Armory's
scope of services herein;
(e) assist with the development of a plan of reorganization;
(f) evaluate any executory contracts and unexpired leases;
(g) assist in the evaluation and analysis of avoidance actions
and causes of action;
(h) oversee analysis of creditors' claims; and
(i) any other additional service as may be mutually agreed
upon in writing between the Debtor and Armory.
Prior to the filing of the petition, the firm received a retainer
from the Debtor in the amount of $25,000.00, of which $7,212.90
remains.
Armory Consulting will be paid at these hourly rates:
James Wong $475
Senior Staff $375
Prior to the Petition Date the Firm received a retainer of $25,000,
and incurred fees and costs of $17,787.10.
James Wong, the principal of Armory Consulting Co., disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James Wong
ARMORY CONSULTING CO.
3943 Irvine Blvd., Suite 253
Irvine, CA 92602
Telephone: (714) 222-5552
E-mail: jwong@armoryconsulting.com
About Coto Investments
Coto Investments, Inc., d/b/a O'Cairns Inn and Suites, is a
privately held company in the traveler accommodation industry. It
owns and operates O'Cairns Inn & Suites, a family style boutique
hotel with hospitality and resort-like amenities.
Coto Investments, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20- 11239) on Oct. 13,
2020. The petition was signed by Tory O'Cairns, chief executive
officer. At the time of the filing, the Debtor disclosed $1 million
to $10 million in both assets and liabilities. Judge Deborah J.
Saltzman oversees the case. The Debtor tapped Goe Forsythe &
Hodges LLP as its counsel and Armory Consulting Co., as financial
advisor.
CP#1109 LLC: Second Amended Plan Confirmed by Judge
---------------------------------------------------
Judge Mindy A. Mora has entered findings of fact, conclusions of
law and order approving the Second Amended Disclosure Statement and
confirming the Modified Second Amended Plan of Reorganization of CP
#1109, LLC.
The Plan provides the same treatment for each Claim or Interest in
each Class unless the holder of such a Claim or Interest agrees to
less favorable treatment, and accordingly, satisfies SEc.
1123(a)(4).
The Plan sets forth the means by which the Plan will be
implemented, and accordingly, makes adequate means for its
implementation and satisfies Sec. 1123(a)(5) including
approximately $56,000 in counsel for the Debtor's trust account.
The Plan has been proposed and submitted to all creditors and
equity security holders in good faith and not by any means
forbidden by law and therefore the provisions of Sec. 1129(a)(3) is
satisfied.
A full-text copy of the order dated October 9, 2020, is available
at https://tinyurl.com/yy27e2b3 from PacerMonitor.com at no
charge.
The Debtor is represented by:
Gary Murphree, Esq.
AM LAW
7385 SW 87th Avenue, Ste. 100
Miami, FL 33173
TEL: 305-441-9530
E-Mail gmm@amlaw-miami.com
About CP#1109 LLC
CP#1109, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 18-25821) on Dec. 20, 2018. At the
time of the filing, the Debtor was estimated to have assets of less
than $1 million and liabilities of less than $500,000. The case is
assigned to Judge Mindy A. Mora. AM Law, LLC, is the Debtor's
counsel.
CRED INC: Hires Teneo Capital as Investment Banker
--------------------------------------------------
Cred Inc., and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the District of Delaware to employ Teneo
Capital LLC, as investment banker to the Debtors.
Cred Inc. requires Teneo Capital to:
a. assist the Debtors with the marketing and sale of its
assets;
b. assist the Debtors with raising debtor-in-possession
("DIP") or exit financing;
c. review and analyze the businesses, operations, and
financial projections;
d. prepare and maintain data room(s) for interested parties;
e. lead the process of preparing marketing materials to
support the sale process and capital raise for a DIP or
exit loan;
f. assist the Debtors in identifying and evaluating candidates
for any potential transaction;
g. solicit interest from third parties in connection with a
potential transaction;
h. coordinate meetings with third parties and the Debtors to
support due diligence;
i. advise the Debtors in connection with negotiations and aid
in the consummation of any potential transactions;
j. work with other professionals with the agreement of and at
the direction of the Debtors, including the Debtors'
financial and legal advisers to assist in consummating any
potential transaction;
k. render financial advice to the Debtors, and participating
in meetings with stakeholders;
l. provide expert testimony, as may be needed, in connection
with a potential Transaction;
m. perform a valuation of the Company, if requested by the
Company or its legal advisors, based on historical and
projected financials provided by the Company;
n. assist the Debtor with the formulation of a chapter 11
plan; and
m. provide such other advisory services as are customarily
provided in connection with the analysis; and negotiation
of any of the transactions contemplated by this Agreement,
as requested and mutually agreed.
Teneo Capital will be paid at these hourly rates:
-- A monthly fee of $50,000 (a "Monthly Fee"), until the
earlier of the confirmation of a chapter 11 plan, dismissal
of the Debtors' cases, or the termination of the Firm's
employment;
-- A set fee of 4% of any financing raised by the Debtors (the
"Financing Fee"); and
-- A set fee upon the consummation of a sale (the "Sale Fee")
i. In the event the total dollar value (the "Enterprise
Value") of the sale is less than $10,000,000, the Sale
Fee shall be 6% of the Enterprise Value.
ii. If the Enterprise Value of the sale is greater than
$10,000,000, the Sale fee shall be the greater of: (i)
4% of the Enterprise Value, or (ii) $600,000 (the
"Minimum Fee"). However, if the Debtors have paid a
Financing Fee, and a sale is consummated with a party
that participated in the financing, then the Sale Fee
shall be reduced by 50% of the Financing Fee.
Teneo Capital will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Christopher K. Wu, president of Teneo Capital LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Teneo Capital can be reached at:
Christopher K. Wu
TENEO CAPITAL LLC
280 Park Ave, 4th Floor
New York, NY 1007
Tel: (212) 886-1600
About Cred Inc.
Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.
Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.
The Debtors have tapped Paul Hastings LLP as their bankruptcy
counsel, Cousins Law LLC as local counsel, and MACCO Restructuring
Group, LLC, as financial advisor. Donlin, Recano & Company, Inc.
is the claims agent.
DEER CREEK: Case Summary & 11 Unsecured Creditors
-------------------------------------------------
Debtor: Deer Creek Village, LLC
3525 Turtle Creek Blvd
Suite 10A
Dallas, TX 75219
Business Description: Deer Creek Village, 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
12301 Southwest Freeway, Burleson, Texas
having a current value of $6 million.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 20-43612
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS
12770 Coit Road
Suite 1100
Dallas, TX 75251
Tel: 972-991-5591
Fax: 972-991-5788
Email: eric@ealpc.com
Total Assets: $6,000,500
Total Liabilities: $5,892,729
The petition was signed by Dennis Head, managing member.
A copy of the petition containing, among other items, a list of the
Debtor's 11 unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RPU7U6Q/Deer_Creek_Village_LLC__txnbke-20-43612__0001.0.pdf?mcid=tGE4TAMA
DELCATH SYSTEMS: All Five Proposals Passed at Annual Meeting
------------------------------------------------------------
Delcath Systems, Inc. held its Annual Meeting of Stockholders on
Nov. 23, 2020, at which the stockholders:
(a) elected Elizabeth Czerepak and John Sylvester as Class II
directors for a term expiring at the 2023 Annual Meeting of
Stockholders and until their successors are elected and
qualified;
(b) approved an amendment to the Company's amended and restated
certificate of incorporation to reduce the total number of
authorized shares of the Company's common stock, $0.01 par
value, from 1,000,000,000 shares to 40,000,000 shares;
(c) approved the Company's 2020 Omnibus Equity Incentive Plan;
(d) ratified the selection, by the Audit Committee of the
Company's Board of Directors, of Marcum LLP as the
independent
registered public accounting firm of the Company for the
fiscal year ending Dec. 31, 2020; and
(e) approved, on a non-binding advisory basis, the compensation
of
the Company's named executive officers as disclosed in the
Company's proxy statement.
On Nov. 23, 2020, Delcath Systems filed a Certificate of Amendment
to the Amended and Restated Certificate of Incorporation of the
Company with the Secretary of State of the State of Delaware. The
Certificate of Amendment, which became effective immediately upon
its filing, decreased the total number of shares of common stock,
$0.01 par value, that the Company is authorized to issue from
1,000,000,000 shares to 40,000,000 shares.
About Delcath Systems
Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects. In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.
Delcath Systems reported a net loss of $8.88 million for the year
ended Dec. 31, 2019, compared to a net loss of $19.22 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company
had $16.56 million in total assets, $13.29 million in total
liabilities, and $3.27 million in total stockholders' equity.
Marcum LLP, in New York, the Company's auditor since 2018, issued a
"going concern" qualification in its report dated March 25, 2020
citing that the Company has a significant working capital
deficiency, has incurred significant recurring losses and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
E. BYRON SLAUGHTER: Seeks to Hire Smith Conerly as Legal Counsel
----------------------------------------------------------------
E. Byron Slaughter, LLC seeks authority from the U.S. Bankruptcy
Court for the Northern District of California to hire Smith Conerly
LLP as its legal counsel.
The services Smith Conerly will render are:
(a) advise the Debtor with respect to its rights, powers and
duties in the administration of its Chapter 11 case and in the
collection, preservation and administration of assets of the
Debtor's estate;
(b) advise the Debtor with regard to any claims and causes of
action which the estate may have against various parties;
(c) investigate the feasibility of the rejection, assumption
or potential assignment of the Debtor's executory contracts or
unexpired leases, advise the Debtor regarding liens and
encumbrances asserted against property of the estate and potential
avoidance actions, and prosecute proceedings in connection
therewith;
(d) advise and assist the Debtor in connection with all
applications, motions or complaints concerning reclamation,
sequestration, relief from stays, disposition or other use of
assets of the estates, and all other similar matters;
(e) assist the Debtor in the preparation, drafting and
negotiation of a plan of reorganization or liquidation and
accompanying disclosure statement, or in negotiating with other
parties presenting a plan;
(f) assist the Debtor in connection with the sale or other
disposition of assets of the estate;
(g) prepare legal papers and conduct examinations;
(h) assist the Debtor with regard to the proper receipt,
disbursement and accounting for funds and property of the estate;
(h) review claims against the Debtor, investigate the amounts
property allowable and the appropriate priority or classification
of the claims, and file objections as appropriate;
(i) perform other legal services in connection with the
Debtor's Chapter 11 case.
The firm will charge $270 to $350 per hour for attorney time and
$75 per hour for paralegal time.
Smith Conerly does not represent interests adverse to the Debtor or
its estate in the matters upon which it is to be engaged, and is a
disinterested person under Section 101(14) of the Bankruptcy Code,
according to court filings.
The firm can be reached through:
J. Nevin Smith, Esq.
Smith Conerly LLP
402 Newnan Street
Carrollton, GA 30117
Phone: (770) 834-1160
Fax: (770) 834-1190
Email: jsmith@smithconerly.com
About E. Byron Slaughter LLC
E. Byron Slaughter, LLC filed its voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
20-41391) on Aug. 31, 2020. The petition was signed by Edward Byron
Slaughter, manager. At the time of filing, the Debtor disclosed
$3,628,206 in assets and $2,849,068 in liabilities.
Judge Barbara Ellis-Monro oversees the case. Smith Conerly LLP
serves as the Debtor's legal counsel.
ECOARK HOLDINGS: Files Preferred Stock Certificate of Designation
-----------------------------------------------------------------
Ecoark Holdings, Inc. filed with the Secretary of State of the
State of Nevada a Certificate of Designation of Preferences, Rights
and Limitations of Series A-1 Preferred Stock, par value $0.001 per
share. The Certificate of Designation was effective upon filing
with the Secretary of State and designated a new series of
preferred stock of the Company as Series A-1 Preferred Stock with
one share authorized for issuance.
The material terms of Series A-1 Preferred Stock include the
following terms:
Voting Rights
The Series A-1 Preferred Stock shall have the right to vote and/or
consent solely on a proposal to amend the Company's Articles of
Incorporation to increase the number of shares of common stock, par
value $0.001 per share, that the Company is authorized to issue and
to ratify the issuance of certain shares issued by the Company in
excess of 100,000,000 shares of Common Stock or other issuances
authorized by the stockholders, voting together with the Common
Stock as one class. With respect to any regular or special meeting
of the stockholders to consider the Proposals, the holder of the
Series A-1 Preferred Stock shall be entitled to the same notice of
any regular or special meeting of the stockholders as may or shall
be given to holders of Common Stock entitled to vote at such
meetings. Solely with respect to such Proposals, the Series A-1
Preferred Stock shall have voting power equal to 51% of the number
of votes eligible to vote on the Proposals at any special or annual
meeting of the Company's stockholders (with the power to take
action by written consent in lieu of a stockholders meeting). The
Series A-1 Preferred Stock shall not have the right to vote and/or
consent on any matter other than the Proposals.
Automatic Cancellation
Any Series A-1 Preferred Stock issued and outstanding on the record
date fixed by the Board of Directors or determined in accordance
with the bylaws of the Company to vote and/or consent to the
Proposals shall be automatically surrendered to the Company and
cancelled for no consideration upon the earlier of (i) the
effectiveness of the amendment to the Company's Articles of
Incorporation that is authorized by stockholder approval of such
Authorized Share Increase Proposal or (ii) the approval of the
Ratification Proposal. Upon such surrender and cancellation, all
rights of the Series A-1 Preferred Stock shall cease and terminate,
and the Series A-1 Preferred Stock shall be retired and shall not
be reissued.
About Ecoark Holdings
Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011,
Ecoark is a diversified holding company. Ecoark Holdings has four
wholly-owned subsidiaries: Ecoark, Inc., a Delaware corporation
which is the parent of Zest Labs, Inc., 440IoT Inc., Banner
Midstream Corp., and Trend Discovery Holdings Inc. Through its
subsidiaries, the Company is engaged in three separate and
distinct business segments: (i) technology; (ii) commodities; and
(iii) financial.
Ecoark reported a net loss of $12.14 million for the year ended
March 31, 2020, compared to a net loss of $13.65 million for the
year ended March 31, 2019. As of Sept. 30, 2020, the Company had
$33.50 million in total assets, $15.71 million in total
liabilities, and $17.79 million in total stockholders' equity.
ENDICOTT MEATS: Seeks to Hire J.H. Williams & Co as Accountant
--------------------------------------------------------------
Endicott Meats, Inc. seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York to hire J.H. Williams & Co.,
LLP as its accountant.
The services that J.H. Williams will render are:
a. prepare the Debtor's tax returns;
b. assist in the preparation of the required monthly operating
reports in the Debtor's Chapter 11 case;
c. assist in the preparation of the statement of operations
and consolidated statement of cash flow;
d. appear before the court with respect to acts, conduct and
property of the Debtor; and
e. attend conferences with the Debtor, creditors and their
attorneys, and taxing authorities, if necessary.
The firm's hourly rates are:
Richard I. Rosenthal $200
Partners/Principals $200
Supervisors/Managers $125
In-Charge $110
Staff Accountants $100
Secretarial $55
Richard Rosenthal, Esq., a partner at J.H. Williams, assured the
court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estate.
The firm can be reached through:
Richard I. Rosenthal, CPA
J.H. Williams & Co., LLP
230 Wyoming Avenue, 2nd Floor
Kingston, PA 18704
Tel: 570-288-3651
Fax: 570-288-6106
Email: rrosenthal@jhwilliamscpa.com
About Endicott Meats Inc.
Endicott Meats, Inc. is a meat wholesaler located at Hunts Point
Cooperative Market, Unit B-23 Bronx, N.Y. It offers a large
selection of veal, beef, lamb, pork and poultry products.
Endicott Meats filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-23966) on
Nov. 7, 2019. In the petition signed by Frederic Braunshweiger,
president, the Debtor disclosed $202,472 in assets and $1,202,425
in liabilities.
Judge Robert D. Drain oversees the case.
Reich Reich & Reich, P.C. and J.H. Williams & Co., LLP serve as the
Debtor's legal counsel and accountant, respectively.
FIC RESTAURANTS: Hires Duff & Phelps as Financial Advisor
---------------------------------------------------------
FIC Restaurants, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Duff &
Phelps Securities, LLC as their financial advisor.
Duff & Phelps will provide these services:
(a) Analyze the business and financial condition of the
Debtors and review the industry and markets which the Debtors
serve;
(b) With the assistance of the Debtors, prepare a confidential
information memorandum and a summary which will be discussed with
and approved by the Debtors;
(c) Prepare a list of potential purchasers and present it to
the Debtors;
(d) Contact potential purchasers to solicit their interest in
a transaction and to provide them with the confidential information
memorandum under a confidential disclosure agreement which has been
approved by the Debtors;
(e) Exert efforts to procure a potential purchaser at the
earliest, reasonably practical date who is ready, willing and able
to consummate a sale on terms satisfactory to the Debtors;
(f) Help maintain and update a third-party data site for due
diligence materials, respond to due diligence requests, participate
in due diligence visits, meetings and consultations between the
Debtors and seriously
interested potential purchasers, and coordinate distribution of all
information related to the transaction with such parties;
(g) Organize and execute a negotiating process with the
objective of obtaining the best price and terms for the
transaction;
(h) Assist the Debtors in evaluating offers and indications of
interest as well as provide advice to the Debtors in structuring,
evaluating and effecting the transaction;
(i) Assist the Debtors in negotiating agreements and
definitive contracts; and
(j) Provide other services requested by the Debtors.
Duff & Phelps will be paid pursuant to this fee arrangement:
a. Consulting Fee. The Debtors shall be liable for and shall
pay to Duff & Phelps a non-refundable cash fee by wire transfer of
$50,000 (consulting fee), which amount shall be due and payable as
of the date of the engagement letter. The consulting fee shall be
fully credited against any transaction fee payable under the
engagement letter.
b. Transaction Fee. If a transaction is consummated during the
term of the engagement or within nine months following the
termination of the engagement, at closing of such transaction, the
Debtors shall pay to Duff & Phelps a non-refundable cash fee
(transaction fee) equal to $500,000.
c. Expense Reimbursement. In addition to any fees or other
compensation that may be paid to Duff & Phelps pursuant to the
engagement letter, whether or not a sale transaction is
consummated, the Debtors shall reimburse Duff & Phelps promptly
upon receipt of an invoice for all out-of-pocket costs and expenses
incurred in connection with the services to be provided. The
Debtors shall not be required to reimburse Duff & Phelps for any
expenses in excess of $30,000 in the aggregate unless such
additional expenses were incurred with the prior written consent of
the Debtors.
Duff & Phelps is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code and neither holds nor
represents an interest materially adverse to the Debtors or their
creditors, according to court filings.
The firm can be reached through:
Joshua K. Benn
Duff & Phelps Securities, LLC
55 East 52nd Street
New York, NY 10055
Phone: +1 212 871 2000
About FIC Restaurants
FIC Restaurants, Inc. and its debtor affiliates operate a casual
dining restaurant chain in the United States known as Friendly's.
The Debtors have approximately 60 corporate restaurants and serve
as franchisor on another approximately 86 locations. Visit
https://www.friendlysrestaurants.com for more information.
FIC Restaurants and its four affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 20-12807) on November 1, 2020.
The petitions were signed by T. Todd Schwendenmann, chief financial
officer, treasurer and secretary. At the time of the filing, FIC
Restaurants disclosed estimated assets of $10 million to $50
million and liabilities of $50 million to $100 million.
Judge Christopher S. Sontchi oversees the cases.
The Debtors tapped Womble Bond Dickinson (US) LLP as counsel; Duff
& Phelps Securities, LLC as mergers and acquisition advisor; Carl
Marks Advisory Group LLC as financial consultant and advisor; and
Donlin, Recano & Company, Inc. as claims, noticing, solicitation
agent and administrative advisor.
FILLIT INC: Case Summary & 2 Unsecured Creditors
------------------------------------------------
Debtor: Fillit, Inc.
DBA Fillit Corp.
100 Overlook Center
2nd Floor
Princeton, NJ 08540
Business Description: Fillit, Inc. is engaged in activities
related to real estate.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 20-23140
Judge: Hon. Christine M. Gravelle
Debtor's Counsel: Kenneth A. Rosen, Esq.
LOWENSTEIN SANDLER, LLP
One Lowenstein Drive
Roseland, NJ 07068
Tel: 973-597-2500
Fax: 973.597.2400
Email: krosen@lowenstein.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James Campo, president.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/X2BQZSI/Fillit_Inc__njbke-20-23140__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Cresse and Carr Legal Services $300,000
Attn: Warren H. Carr, Esq. rendered
Cresse and Carr
39 Cooper Street
Woodbury, NJ 08096
Tel: 856.845.0037
E-mail: whccresseandcarr@gmail.com
2. James O'Brien Real Estate $75,000
James T. O'Brien Realty Commission
701 E. Gate Drive, Suite 100
Mount Laurel, NJ 08054
Tel: 856.235.3000
E-mail: jobrien@jamestobrienrealty.com
FRANK INVESTMENTS: 445 E. Buying Absecon Property for $150K
-----------------------------------------------------------
Frank Investments, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Florida to authorize the sale of approximately
14.62 acres of vacant real property with a street address of 445
Absecon Blvd, in the City of Absecon, Atlantic County, New Jersey
to 445 E. Absecon Blvd., LLC for $150,000.
The Debtor owns the Property. It estimates the value of the Real
Property to be approximately $150,000. The Debtor believes that it
lacks equity in the Property. In particular, prior to the petition
date the Property was encumbered by a cross-collateralized, first
mortgage lien in favor of Bancorp in the approximate amount of
$17.2 million. Additionally, the Property is encumbered by ad
valorem taxes for the years 2018, 2019 and 2020 in an aggregate
amount exceeding $25,000.
The Debtor has attempted to market and sell for the Property for
some time. On May 14, 2019 the Court entered an order approving
the employment of the Broker as a broker for various assets,
including the Real Property.
Pursuant to its Plan, the Debtor will sell the Property by Dec. 31,
2020, free and clear of all liens, claims and encumbrances, with
such liens, claims and encumbrances attaching to the proceeds of
the sale.
After diligent marketing efforts the Broker has procured a cash
purchase offer of $150,000 for the Property from third party, the
Buyer, a New Jersey limited liability company. The Buyer is not an
insider and has no affiliation with the Debtor. The parties have
entered into their asset purchase agreement, as amended, signed as
of Sept. 19, 2020.
Among other provisions, the APA provides for: (a) a purchase price
of $150,000 for the Property, (b) the sale of the Property being
"as is, where is," "without any representations or warranties," and
"with all faults," and (c) the sale being contingent upon the
approval of the Court.
Because the Property has been extensively prior to the date when
the APA was signed, the Debtor asks Court approval of the sale
under the terms of the APA without further competitive bidding,
other than the credit bid of the Bancorp.
The Debtor has also negotiated a backup bid with Bancorp in the
event the Buyer does not close on the Property. The backup bid
consists of the following consideration: (a) first, payment in cash
by Bancorp at closing, of (i) any liens senior to the Bancorp Lien,
including any ad valorem tax liens encumbering the Property, (ii)
customary closing costs and typical closing adjustments, including
any broker's commissions and expenses; and (b) second, a credit bid
of the Bancorp Lien for $150,000.
As with the APA, the sale of the Property to Bancorp (should it
occur) is "as is, where is," without any representations or
warranties, and "with all faults." The decision of Bancorp to
purchase the Property is not made in reliance on any information
provided by the Debtor or the Broker. The Debtor expressly
disclaims any warranties, representations or guaranties, either
express or implied of any kind, including but not limited to
warranties of merchantability or fitness for a particular purpose
or as to any environmental matters.
Through the Motion, the Debtor respectfully asks that the Court:
(a) approves the APA, and authorize the transfer of the Real
Property to the Buyer free and clear of all liens, claims and
encumbrances, with any such liens, claims and encumbrances to
attach to the proceeds of the sale; (b) permits the Debtor to
accept the Backup Bid to facilitate a timely transfer of title to
Bancorp in the event the sale to the Buyer does not close as
contemplated, (c) finds that the sale is fully exempt from the
payment of any realty transfer taxes, and (d) authorizes the Debtor
to pay the Broker its commission at the closing of the sale of the
Property.
Under the terms of its listing agreement the Broker is entitled to
a fee of 4% of the sale price of all of the properties of the
Debtor, including the Property, plus reimbursement of marketing
expenses of up to $12,000. The marketing expenses have been
previously approved and paid in full from the proceeds of prior
sales, leaving the Broker entitled to a commission of 4% of the
$150,000 purchase price, or $6,000.
Through this Motion, the Debtor respectfully asks authority to pay
the Broker its $6,000 commission upon completion of a sale to the
Buyer for cash consideration as provided for in the APA (or the
Backup Bid). This amount will be paid from the cash proceeds of
the Sale to which the lien of senior secured creditor, Bancorp,
attaches or from Bancorp directly. As such, neither the Debtor nor
its creditors will be prejudiced by the payment. The Debtor avers
that the Bancorp consents to said relief.
A copy of the APA is available for free at
https://tinyurl.com/y34b63ef from PacerMonitor.com free of charge.
About Frank Investments
Frank Investments Inc., Frank Theatres Management LLC and Frank
Entertainment Companies, LLC are affiliates of Rio Mall, LLC, which
sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840)
on June 28, 2018. Rio Mall, LLC, owns and operates commercial real
property that comprises the shopping center known as Rio Mall
located at 3801 Route 9 South, Rio Grande, N.J.
Frank Investments and its debtor-affiliates sought Chapter 11
protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17,
2018. At the time of the filing, Frank Investments and Frank
Entertainment had estimated assets of between $10 million and $50
million and liabilities of the same range. Frank Theaters had
estimated assets of between $10 million and $50 million and
liabilities of between $50 million and $100 million.
Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., is
the Debtors' bankruptcy counsel.
No official committee of unsecured creditors has been appointed.
On June 29, 2020, the Court confirmed the Debtor's Second Amended
Chapter 11 Plan.
GARRETT MOTION: Committee Taps White & Case as Legal Counsel
------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Garrett Motion Inc. and its affiliates received
approval from the U.S. Bankruptcy Court for the Southern District
of New York to retain White & Case LLP as its legal counsel.
The committee requires White & Case to:
a. advise the committee regarding its rights, powers and
duties under the Bankruptcy Code and in connection with the
Debtors' Chapter 11 cases;
b. assist the committee in its consultations and negotiations
with the Debtors concerning the administration of the cases;
c. assist the committee in its examination, investigation and
analysis of the acts, conduct, assets, liabilities and financial
condition of the Debtors;
d. assist the committee in the formulation, review, analysis
and negotiation of any Chapter 11 plan and disclosure statement
that have been or may be filed;
e. take all necessary actions to protect and preserve the
interests of the committee and creditors holding general unsecured
claims against the Debtors' estates;
f. review and analyze motions, applications, orders,
statements of operations and schedules filed with the bankruptcy
court and advise the committee as to their propriety;
g. prepare legal papers;
h. represent the committee at all court hearings, statutory
meetings of creditors and other proceedings before the court;
i. assist the committee in the review, analysis and negotiation
of any financing agreements;
j. advise the committee as to its communications with its
constituents regarding significant significant matters in the
Debtors' cases; and
k. perform other legal services.
The rates charged by White & Case range from $1,145 to $1,645 per
hour for partners, $595 to $1,025 per hour for associates, and $175
to $535 for paraprofessionals. The hourly rate charged by the
firm's counsel is $1,055.
Brian Pfeiffer, Esq., a partner at White & Case, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
Mr. Pfeiffer also made the following disclosures in response to the
request for additional information set forth in Paragraph D.1 of
the U.S. Trustee Guidelines:
-- White & Case has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- White & Case has not represented the committee in the 12
months prepetition; and
-- White & Case and the Debtors expect to develop a
prospective budget and staffing plan to comply with the U.S.
trustee's request for additional disclosures.
The firm can be reached through:
Brian Pfeiffer, Esq.
White & Case LLP
1221 Avenue of the Americas
New York, NY
Tel: (305) 995-5272
About Garrett Motion
Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs,
manufactures and sells highly engineered turbocharger and
electric-boosting technologies for light and commercial vehicle
original equipment manufacturers and the global vehicle and
independent aftermarket.
Garrett Motion and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020.
Garrett disclosed $2,066,000,000 in assets and $4,169,000,000 in
liabilities as of June 30, 2020.
The Debtors tapped Sullivan & Cromwell LLP as counsel, Quinn
Emanuel Urquhart & Sullivan LLP as co-counsel, Perella Weinberg
Partners and Morgan Stanley & Co. LLC as investment bankers, and
AlixPartners LP as restructuring advisor. Kurtzman Carson
Consultants LLC is the claims agent.
On Oct. 5, 2020, the U.S. Trustee for Region 2 appointed a
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. White & Case LLP and Conway MacKenzie, LLC serve as the
committee's legal counsel and financial advisor, respectively.
GATEWAY FOUR: Hires Amores Consulting as Consultant
---------------------------------------------------
David K. Gottlieb, the Chapter 11 Trustee of Gateway Four LP, and
its-debtor affiliates, seek authority from the U.S. Bankruptcy
Court for the Central District of California to employ Amores
Consulting Group, Inc., doing business as My Finance Resource, as
consultant to the Trustee.
The Trustee requires Amores Consulting to:
a. oversee the day-to-day accounting and finance functions of
the Debtors and reporting financial activity to the Trustee
and Trustee's professionals, including the Trustee's
financial advisor Sherwood Partners, Inc.;
b. assist the Trustee with the preparation of books and
records of the Debtors' estates, including reconciling the
Debtors' books and records and prior reporting provided by
the Debtors;
c. perform bookkeeping functions;
d. serve as field agent to the Trustee and monitoring the
Debtor's day-to-day operations and activities;
e. oversee any employee or consultant activities on a periodic
basis, as requested by the Trustee;
f. review and verify accounts payable and receivable activity;
g. compile and prepare financial information, records, and
data to assist the Trustee and the Trustee's financial
advisor with their respective duties and activities,
including in connection with the preparation of monthly
operating reports and other financial reporting
requirements;
h. monitor the Debtors' revenue (if any) and expenditures;
i. monitor and enforce the Trustee's operating policies and
procedures;
j. assist the Trustee with protecting assets of the estates by
monitoring and enforcing the Trustee's internal controls;
k. monitor and work with the Debtors' representatives and
consultants and serving as a controller for the bankruptcy
estate; and
l. perform any other services that may be appropriate in
connection with its role as field agent for the Trustee.
Amores Consulting will be paid at the hourly rates of $20 to $90.
Amores Consulting will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jamie Davidson, president and CEO of Amores Consulting Group, Inc.,
doing business as My Finance Resource, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.
Amores Consulting can be reached at:
Jamie Davidson
AMORES CONSULTING GROUP, INC.
D/B/A MY FINANCE RESOURCE
99 Long Court Suite 200
Thousand Oaks, CA 91360
Telephone: (805) 719-1132
E-mail: info@myfinanceresource.com
About Gateway Four LP
Gateway Four LP and its affiliates Gateway Two LP and Gateway Five
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Lead Case No. 20-11581) on Aug. 31, 2020. In the
petition signed by its president, James Acevedo, Gateway Four
disclosed assets ranging between $50 million to $100 million and
liabilities ranging between $10 million to $50 million.
Judge Martin R. Barash oversees the case.
Daniel M. Shapiro, Attorney at Law serves as the Debtors' counsel,
and the Law Office of Sevan Gorginian as co-counsel.
GENERAL MOLY: Hires XMS Capital as Financial Advisor
----------------------------------------------------
General Moly, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Colorado to employ XMS Capital Partners, LLC,
as financial advisor to the Debtor.
General Moly requires XMS Capital to:
-- facilitate negotiations with creditors, equity holders, and
other stakeholders;
-- explore and evaluate potential capital raises;
-- explore the potential sale of all or a majority equity
stake in the Debtor or substantially all of the Debtor's
assets or other strategic transactions involving the
Debtor's assets or equity stakes; and
-- advise the Debtor on bankruptcy and other restructuring
alternatives.
XMS Capital will be paid as follows:
a) A fee of $67,500 per month (the "Restructuring Retainer
Fee"); and
b) Upon approval of a chapter 11 plan, a Restructuring Success
Fee in an amount equal to $600,000, less any Restructuring
Retainer Fees paid during the Firm's employment. As of the
petition date, the $270,000 of Restructuring Retainer Fees
have been paid are fully creditable against the $600,000.
XMS Capital will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Francis J. Oelerich III, managing director of XMS Capital Partners,
LLC, assured the Court that the firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtor and its
estates.
XMS Capital can be reached at:
Francis J. Oelerich III
XMS CAPITAL PARTNERS, LLC
321 North Clark Street, Suite 2440
Chicago IL, 60054
Tel: (312) 262-5642
About General Moly
Headquartered in Lakewood, Colorado, General Moly is engaged in the
exploration, development, and mining of properties primarily
containing molybdenum. The Company's primary asset, an 80%
interest in the Mt. Hope Project located in central Nevada, is
considered one of the world's largest and highest grade molybdenum
deposits. General Moly's goal is to become the largest primary
molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent
in steel manufacturing. When added to steel, molybdenum enhances
steel strength, resistance to corrosion and extreme temperature
performance. In the chemical and petrochemical industries,
molybdenum is used in catalysts, especially for cleaner burning
fuels by removing sulfur from liquid fuels, and in corrosion
inhibitors, high performance lubricants and polymers.
General Moly, Inc., sought Chapter 11 protection (Bankr. D. Colo.
Case No. 20-17493) on Nov. 18, 2020.
The Debtor disclosed total assets of $1,000,000 and total
liabilities of $10,000,000 as of Nov. 16, 2020.
Markus Williams Young & Hunsicker LLC is serving as legal advisor,
Bryan Cave Leighton Paisner LLP, as special counsel, XMS Capital
Partners, Headwall Partners and Odinbrook Global Advisors are
serving as financial advisors, and r2 Advisors LLC is serving as
restructuring advisor to the Company. Stretto is the claims agent.
GENERAL MOLY: Seeks to Hire Bryan Cave as Special Counsel
---------------------------------------------------------
General Moly, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Colorado to employ Bryan Cave Leighton Paisner
LLP, as special counsel to the Debtor.
General Moly requires Bryan Cave to advise and represent the Debtor
on corporate matters separate and discrete from matters arising in
this chapter 11 case, including, but not limited to, general
corporate, commercial, and regulatory work, including corporate
governance, securities and regulatory compliance work.
Bryan Cave will be paid at these hourly rates:
Charles D. Maguire, Jr. $895
Todd M. Kaye $695
Jennifer A. D'Alessandro $625
L. Anthony George $595
Adam Braun $540
As of November 13, 2020, Bryan Cave was owed $336,665.02 for legal
services and expenses performed prior to that date. On November 16,
2020, Bryan Cave received a wire transfer from Debtor in the amount
of $252,595.18, representing 75% of the amount owed by the Debtor.
On November 17, 2020, Bryan Cave received a wire transfer from
Debtor in the amount of $50,000 which was applied to outstanding
work in progress as of that date. In addition to the November 16
and 17, 2020 wire transfers totaling $302,595.18, within the 90
days prior to the Petition Date, Bryan Cave received an additional
$115,830.99 from the Debtor on account of amounts owed for
pre-petition legal services and expenses performed by Bryan Cave.
The total payments received by Bryan Cave from the Debtor in the 90
days prior to the Petition Date is $418,426.17. Bryan Cave believes
it is owed $84,069.84 for pre-petition legal services and expenses
performed by Bryan Cave, and holds a pre-petition claim against the
Debtor's bankruptcy estate in that amount.
Bryan Cave received a post-petition retainer of $35,000 of the
Debtor's funds.
Bryan Cave will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Charles D. Maguire, Jr.,, partner of Bryan Cave Leighton Paisner
LLP, assured the Court that the firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtor and its
estates.
Bryan Cave can be reached at:
Charles D. Maguire, Jr., Esq.
BRYAN CAVE LEIGHTON PAISNER LLP
1700 Lincoln Street, Suite 4100
Denver, CO 80203
Tel: (303) 861-7000
About General Moly, Inc.
Headquartered in Lakewood, Colorado, General Moly is engaged in the
exploration, development, and mining of properties primarily
containing molybdenum. The Company's primary asset, an 80%
interest in the Mt. Hope Project located in central Nevada, is
considered one of the world's largest and highest grade molybdenum
deposits. General Moly's goal is to become the largest primary
molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent
in steel manufacturing. When added to steel, molybdenum enhances
steel strength, resistance to corrosion and extreme temperature
performance. In the chemical and petrochemical industries,
molybdenum is used in catalysts, especially for cleaner burning
fuels by removing sulfur from liquid fuels, and in corrosion
inhibitors, high performance lubricants and polymers.
General Moly, Inc., sought Chapter 11 protection (Bankr. D. Colo.
Case No. 20-17493) on Nov. 18, 2020.
The Debtor disclosed total assets of $1,000,000 and total
liabilities of $10,000,000 as of Nov. 16, 2020.
Markus Williams Young & Hunsicker LLC is serving as legal advisor,
Bryan Cave Leighton Paisner LLP, as special counsel, XMS Capital
Partners, Headwall Partners and Odinbrook Global Advisors are
serving as financial advisors, and r2 Advisors LLC is serving as
restructuring advisor to the Company. Stretto is the claims agent.
GENERAL MOLY: Seeks to Hire Markus Williams as Counsel
------------------------------------------------------
General Moly, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Colorado to employ Markus Williams Young &
Hunsicker LLC, as counsel to the Debtor.
General Moly requires Markus Williams to:
a. assist in the production of the Debtor's schedules and
statement of financial affairs and other pleadings
necessary to file its chapter 11 case;
b. assist in the preparation of the Debtor's plan of
reorganization and disclosure statement;
c. prepare on behalf of the Debtor all necessary applications,
complaints, answers, motions, orders, reports, and other
legal papers;
d. represent the Debtor in adversary proceedings and contested
matters related to the Debtor's bankruptcy case;
e. provide legal advice with respect to the Debtor's rights,
powers, obligations and duties as chapter 11 debtor-in-
possession in the continuing operation of the Debtor's
business and the administration of the estate; and
f. provide other legal services for the Debtor as necessary
and appropriate for the administration of the Debtor's
estate.
Markus Williams will be paid at these hourly rates:
Attorneys $325 to $520
Paralegals $125
Prior to the filing of the petition, Markus Williams received from
the Debtor a retainer of $276,717. Prior to filing of the chapter
11 petition herein, a portion of the retainer, $145,160.25, which
amount includes the $1,717 filing fee, was applied to the amount
owed by the Debtor
Markus Williams will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Matthew T. Faga, a partner of Markus Williams Young & Hunsicker
LLC, assured the Court that the firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtor and its
estates.
Markus Williams can be reached at:
John F. Young, Esq.
William G. Cross, Esq.
MARKUS WILLIAMS YOUNG &
HUNSICKER LLC
1775 Sherman Street, Suite 1950
Denver, CO 80203-4505
Tel: (303) 830-0800
Fax: (303) 830-0809
E-mail: jyoung@Markuswilliams.com
wcross@Markuswilliams.com
About General Moly
Headquartered in Lakewood, Colorado, General Moly is engaged in the
exploration, development, and mining of properties primarily
containing molybdenum. The Company's primary asset, an 80%
interest in the Mt. Hope Project located in central Nevada, is
considered one of the world's largest and highest grade molybdenum
deposits. General Moly's goal is to become the largest primary
molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent
in steel manufacturing. When added to steel, molybdenum enhances
steel strength, resistance to corrosion and extreme temperature
performance. In the chemical and petrochemical industries,
molybdenum is used in catalysts, especially for cleaner burning
fuels by removing sulfur from liquid fuels, and in corrosion
inhibitors, high performance lubricants and polymers.
General Moly, Inc., sought Chapter 11 protection (Bankr. D. Colo.
Case No. 20-17493) on Nov. 18, 2020.
The Debtor disclosed total assets of $1,000,000 and total
liabilities of $10,000,000 as of Nov. 16, 2020.
Markus Williams Young & Hunsicker LLC is serving as legal advisor,
Bryan Cave Leighton Paisner LLP, as special counsel, XMS Capital
Partners, Headwall Partners and Odinbrook Global Advisors are
serving as financial advisors, and r2 Advisors LLC is serving as
restructuring advisor to the Company. Stretto is the claims agent.
GENERAL MOLY: Seeks to Hire Mr. Kim of r2 Advisors as CRO
---------------------------------------------------------
General Moly, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Colorado to employ Thomas M. Kim of r2
advisors, llc, as chief restructuring officer to the Debtor.
General Moly requires r2 advisors to:
a. provide objective advice and input in numerous strategy
decisions, Restructuring Committee meetings, Board
meetings, and other discussions analyzing various strategic
alternatives available to the Debtor under very dynamic
circumstances;
b. implement the agree-upon strategies by providing cash flow
budgeting insight and stakeholder management;
c. prepare, review, and analyze documents and agreements
required for this chapter 11 case, including chapter 11
schedules and statements, monthly operating reports,
debtor-in-possession financing agreements, and other key
financing documents;
d. work with the Debtor's financial advisors and legal counsel
in assisting management and employees with restructuring
strategies, including chapter 11 and chapter 7 processes;
e. act as a point of contact, as necessary, with other
constituents, including representatives of the holders of
equity and debt;
f. consult with management to assess and modify the Debtor's
business plan, and assisted with the development and
implementation of a chapter 11 reorganization plan with
consideration of strategic alternatives to management for
maximizing the debt repayment and enterprise value of the
Debtor; and
g. perform a financial review of the Debtor and its related
companies, including, but not limited to analysis of cash
flows and preparation of a chapter 11 budget.
r2 advisors will be paid $30,000 per month.
r2 advisors will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thomas M. Kim, a partner of r2 advisors, llc, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
r2 advisors can be reached at:
Thomas M. Kim
r2 advisors, llc
1518 Blake Street
Denver, CO 80202
Tel: (303) 865-8460
About General Moly
Headquartered in Lakewood, Colorado, General Moly is engaged in the
exploration, development, and mining of properties primarily
containing molybdenum. The Company's primary asset, an 80% interest
in the Mt. Hope Project located in central Nevada, is considered
one of the world's largest and highest grade molybdenum deposits.
General Moly's goal is to become the largest primary molybdenum
producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent
in steel manufacturing. When added to steel, molybdenum enhances
steel strength, resistance to corrosion and extreme temperature
performance. In the chemical and petrochemical industries,
molybdenum is used in catalysts, especially for cleaner burning
fuels by removing sulfur from liquid fuels, and in corrosion
inhibitors, high performance lubricants and polymers.
General Moly, Inc., sought Chapter 11 protection (Bankr. D. Colo.
Case No. 20-17493) on Nov. 18, 2020.
The Debtor disclosed total assets of $1,000,000 and total
liabilities of $10,000,000 as of Nov. 16, 2020.
Markus Williams Young & Hunsicker LLC is serving as legal advisor,
Bryan Cave Leighton Paisner LLP, as special counsel, XMS Capital
Partners, Headwall Partners and Odinbrook Global Advisors are
serving as financial advisors, and r2 Advisors LLC is serving as
restructuring advisor to the Company. Stretto is the claims agent.
GENERAL MOLY: Seeks to Hire Stretto as Claims and Noticing Agent
----------------------------------------------------------------
General Moly, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Colorado to employ Bankruptcy Management
Solutions, Inc d/b/a Stretto, as claims and noticing agent to the
Debtor.
General Moly requires Stretto to:
(a) provide legal noticing and maintenance of claims registers
and creditor mailing matrices, providing an electronic
platform for filing proofs of claim, services related to
plan solicitation, balloting, disbursements, and
tabulation of votes, and administrative support in
preparation of schedules of assets and liabilities and
statements of financial affairs;
(b) render crisis communications; claims analysis and
reconciliation, contract review and analysis; case
research, public securities, depository management,
treasury services, confidential online workspaces or data
rooms; and
(c) perform any other services agreed upon by the parties and
such other expertise, consultation and assistance to the
Debtor as is necessary to assist the Debtor in carrying
out its obligations under the Bankruptcy Code as debtor-
in-possession.
Stretto will be paid at these hourly rates:
Director of Solicitation $230
Solicitation Associate $209
Director $192-$230
Associate/Senior Associate $65-$182
Analyst $30-$60
Prior to the Petition Date, the Debtor paid Stretto a retainer in
the amount of $10,000. Prior to filing of the chapter 11 petition
herein, a portion of the retainer, $3,200, was applied to the
amount owed by the Debtor for pre-petition services and expenses.
Stretto holds no claim against the Debtor for prepetition services.
Stretto held the balance of the retainer of $6,800.
Stretto will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sheryl Betance, managing director of corporate restructuring of
Stretto, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
Stretto can be reached at:
Sheryl Betance
STRETTO
410 Exchange, Ste. 100
Irvine, CA 92602
Tel: (714) 716-1872
E-mail: sheryl.betance@stretto.com
About General Moly
Headquartered in Lakewood, Colorado, General Moly is engaged in the
exploration, development, and mining of properties primarily
containing molybdenum. The Company's primary asset, an 80%
interest in the Mt. Hope Project located in central Nevada, is
considered one of the world's largest and highest grade molybdenum
deposits. General Moly's goal is to become the largest primary
molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent
in steel manufacturing. When added to steel, molybdenum enhances
steel strength, resistance to corrosion and extreme temperature
performance. In the chemical and petrochemical industries,
molybdenum is used in catalysts, especially for cleaner burning
fuels by removing sulfur from liquid fuels, and in corrosion
inhibitors, high performance lubricants and polymers.
General Moly, Inc., sought Chapter 11 protection (Bankr. D. Colo.
Case No. 20-17493) on Nov. 18, 2020.
The Debtor disclosed total assets of $1,000,000 and total
liabilities of $10,000,000 as of Nov. 16, 2020.
Markus Williams Young & Hunsicker LLC is serving as legal advisor,
Bryan Cave Leighton Paisner LLP, as special counsel, XMS Capital
Partners, Headwall Partners and Odinbrook Global Advisors are
serving as financial advisors, and r2 Advisors LLC is serving as
restructuring advisor to the Company. Stretto is the claims agent.
GLENVIEW HEALTH: Dentons Can Represent Committee, 6th Cir BAP Says
------------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
chapter 11 case of Glenview Health Care Facility, Inc., retained
the law firm Dentons Bingham Greenebaum LLP to represent it in
connection with the case. The Debtor objected and the bankruptcy
court disqualified the law firm. After the Committee was disbanded,
the law firm timely appealed from the disqualification order,
arguing that the bankruptcy court abused its discretion in
withholding its approval.
Upon review, the Bankruptcy Appellate Panel for the Sixth Circuit
agreed with the law firm; vacated the disqualification order; and
remanded for further proceedings. The Panel found that the
bankruptcy court misapplied 11 U.S.C. section 1103 reflecting an
abuse of discretion.
The issue on appeal is whether the bankruptcy court erred in
holding that DBG could not represent the Committee due to lack of
disinterestedness or disqualification under the Kentucky Rules of
Professional Conduct for its prior representation of an insider.
Glenview Health Care Facility, Inc. operated a 60-bed nursing home
facility located in Glasgow, Kentucky. Kay Bush and Lisa Howlett
have jointly owned the Debtor, in equal shares, for over 30 years.
On August 1, 2019, the Debtor filed a voluntary chapter 11
bankruptcy petition. The Creditors Committee was formed around
August 30, 2019. On Sept. 5, 2019, DBG filed notices of appearance
in the case. The Committee filed an application to retain DBG on
Sept. 25, 2019.
The Committee's application included a declaration from David
Irving, managing partner of DBG, disclosing potential conflicts.
The Irving Declaration stated:
"[DBG] has previously represented Lisa Howlett in estate planning
matters which pre-date and are unrelated to the Chapter 11 case.
[DBG's] representation of Ms. Howlett concluded in 2017. Out of an
abundance of caution, the professionals who represented Ms. Howlett
will not represent the Committee."
On Oct. 16, 2019, the Debtor filed an objection to the DBG
employment, although Ms. Howlett did not. The Debtor asserted DBG
"was more directly involved with Glenview Health Care Facility,
Inc. Specifically, [DBG] assisted Glenview and Lisa Howlett with
the preparation of a buy-sell agreement for the purchase and sale
of Glenview and all its assets." The Debtor attached an invoice
from DBG for the period April 19, 2016 through June 10, 2016
showing that DBG provided estate planning advice for Lisa Howlett,
one of the Debtor's two 50% shareholders. The invoice includes
several entries regarding a buy-sell agreement for Glenview Health.
Through the Committee's reply, DBG asserted that no buy-sell
agreement was consummated, and that the representation related only
to estate planning.
The bankruptcy court heard arguments on the matter on Nov. 21, 2019
but did not conduct an evidentiary hearing. The attorney for the
Debtor asserted that Ms. Howlett felt that DBG's prior
representation of her should disqualify DBG; again, however, Ms.
Howlett did not file her own objection. On Dec. 17, 2019, the
bankruptcy court entered a memorandum opinion and order denying the
Committee's application to employ DBG. After the bankruptcy court
rendered its Opinion but before the deadline for appealing, the
Committee dissolved, evidently for reasons unrelated to the
Opinion. DBG picked up the baton and filed this appeal within 14
days after entry of the Opinion.
The bankruptcy court began its analysis by citing 11 U.S.C. section
1103, which provides that "[a]n attorney or accountant employed to
represent a committee appointed under section 1102 may not, while
employed by such committee, represent any other entity having an
adverse interest in connection with the case." The court noted that
"[h]ere, the alleged conflicting representation occurred three
years prior to the initiation of the case currently before the
Court." Further, the bankruptcy court acknowledged that "[w]hile
the burden of proof in seeking disqualification of opposing counsel
is on the party seeking disqualification, a professional seeking
appointment under section 327 bears the initial burden of proof
that they meet all qualifications of the statute in order to obtain
the appointment."
DBG asserted it met the requirements for employment contained in
section 1103 because it did not represent Ms. Howlett while
employed by the Committee. Further, DBG argued that "[s]ection
1103(b) is the only statutory provision that concerns the
committee's right to select counsel."
According to the Panel, it is true, as the bankruptcy court
implied, that section 328(c) permits a court to deny a committee
professional's compensation "if, at any time during such
professional person's employment under [section 1103], such
professional person is not a disinterested person, or represents or
holds an interest adverse to the interest of the estate with
respect to the matter on which such professional person is
employed," but DBG was not seeking compensation. Instead, its
client (the Committee) was seeking approval of its choice of
counsel. Although the Panel does not fault the bankruptcy court for
forecasting its concerns about DBG's ultimate right to
compensation, it erred by withholding its approval of DBG as
committee counsel under section 1103 by engrafting into that
statute the term "disinterested person" where it nowhere appears.
The bankruptcy court's Opinion simply conflates section 1103 with
section 327 and proceeds as if section 1103 contains the same
disinterestedness requirement. It does not, and this misapplication
of section 1103 reflects an abuse of discretion.
The Panel said it appreciates the bankruptcy court's desire to
foreshadow its concerns about DBG's risk of spending time on the
case only to be denied compensation for lack of disinterestedness,
and understands the desire to economize by limiting the expense and
delay of protracted hearings on an employment issue collateral to
the main reorganization proceedings. The task of balancing scarce
resources and important interests is never easy.
Nevertheless, both state and federal courts jealously guard the
attorney-client relationship and that solicitude extends to a
committee's choice of counsel in bankruptcy. When the bankruptcy
court countermanded that choice based on an erroneous application
of the law and an inadequate record, it abused its discretion under
section 1103. Accordingly, the Panel vacated the bankruptcy court's
Order Denying the Committee's Application to Retain and Employ
Bingham Greenebaum Doll LLP as Counsel and remanded the matter for
further proceedings.
Effective January 2020, Bingham Greenebaum Doll merged with
Dentons.
The case is in re: BINGHAM GREENEBAUM DOLL LLP, The Proposed
Counsel to the Unsecured Creditors' Committee, Appellant, v.
GLENVIEW HEALTH CARE FACILITY, INC., Appellee, No. 19-8028 (BAP).
A copy of the Court's Opinion dated Nov. 6, 2020 is available at
https://bit.ly/3pP9ejI from Leagle.com.
About Glenview Health Care Facility
Glenview Health Care Facility, Inc., owns and operates a 60-bed
health care facility that provides nursing home services in
Glasgow/Barren County, Kentucky. It is the only remaining
independently owned and operated nursing facility and the lowest
patient to staff ratio in the county. In 2018, it received an
overall rating from CMS of 4 stars compared to the KY average of
2.97 and a National average of 3.31. The facility is owned by Kay
Bush and Lisa Howlett, both of whom started their health care
careers after graduating from Western Kentucky University.
Glenview Health Care Facility sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling
Green, Kentucky on Aug. 1, 2019. As of the Petition Date, the
Debtor's assets are between $1 million and $10 million; and its
liabilities are estimated within the same range. Judge Joan A.
Lloyd oversees the Debtor's case. Mark H. Flener, Esq., is the
Debtor's counsel.
The U.S. Trustee for Region 8 on Aug. 30, 2019, appointed two
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case. The Committee retained Bingham Greenebaum
Doll LLP, as counsel.
GLOBAL CORE: Case Summary & 5 Unsecured Creditors
-------------------------------------------------
Debtor: Global Core Woodward, LLC
DBA La Quinta Inn & Wyndham Woodward
FKA LQ Woodward LLC
3410 Williams Ave
Woodward, OK 73801-7403
Business Description: Global Core Woodward, LLC is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)). The Company owns a
property located at 3410 Williams
Ave, Woodward, Oklahoma, having a current
value of $4.30 million.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
Western District of Oklahoma
Case No.: 20-13781
Debtor's Counsel: Christopher Wood, Esq.
CHRISTOPHER A. WOOD & ASSOCIATES, P.C.
1133 N Portland Ave
Oklahoma City, OK 73107-1543
Tel: (405) 525-5005
Fax: (405) 521-8567
Email: cawlaw@hotmail.com
Total Assets: $4,775,293
Total Liabilities: $4,277,781
The petition was signed by Sukhwinder Singh, member.
A copy of the petition containing, among other items, a list of the
Debtor's five unsecured creditors is available for free at:
https://www.pacermonitor.com/view/WD6JSHI/Global_Core_Woodward_LLC__okwbke-20-13781__0001.0.pdf?mcid=tGE4TAMA
GRUPO MARITIMO: Hires Florida Bankruptcy as Legal Counsel
---------------------------------------------------------
Grupo Maritimo Royal, LLC seeks authority from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Florida
Bankruptcy Group, LLC as its legal counsel.
The services that Florida Bankruptcy Group will render are:
a. advise the Debtor of its powers and duties and the
continued management of its business;
b. advise the Debtor of its responsibilities in complying with
the U.S. Trustee's Operating Guidelines and Reporting Requirements
and with the rules of the court;
c. prepare legal documents;
d. protect the interest of the Debtor in all matters pending
before the court; and
e. represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
Kevin Gleason, Esq., the firm's attorney who will be handling the
case, assured the court that the firm is disinterested as required
by Section 327(a) of the Bankruptcy Code.
Mr. Gleason can be reached at:
Kevin C Gleason, Esq.
Florida Bankruptcy Group, LLC
4121 N 31st Avenue
Hollywood, Fl 33021-2011
Phone: 954-893-7670
Fax: 954-252-2540 Fax
Email: BankruptcyLawyer@aol.com
About Grupo Maritimo Royal
Grupo Maritimo Royal, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20474) on Sept. 28,
2020. At the time of the filing, the Debtor disclosed assets of
between $500,001 and $1 million and liabilities of the same range.
Judge A. Jay Cristol oversees the case. Florida Bankruptcy Group,
LLC serves as the Debtor's legal counsel.
GULF STATES: Creditors to Get 70% of Income Under Plan
------------------------------------------------------
Gulf States Transportation, LLC filed with the U.S. Bankruptcy
Court for the Eastern District of Louisiana a Plan of
Reorganization and an explanatory Disclosure Statement on October
2, 2020.
The Plan contemplates the Debtor's continuing to lease the real
property on which it conducts its business operations (5210 Lapalco
Blvd., Suite H, Marrero, Louisiana 70072-4269), which property is
leased from Peoples Reality on a month to month basis. The Plan
also contemplates the Debtor continuing its operations (the
providing of passenger transportation services, via the utilization
of its nine passenger vans, to its customers). The monies generated
or Net Income generated from the Debtor's business operations over
a period of sixty months post-Effective Date shall be utilized to
pay the Claims of Creditors as set forth in the Plan.
The Debtor reserves the right to pre-pay any Allowed Priority Tax
Claims in full. The interest rate payable on Priority Tax Claims
shall be the applicable statutory rate and is anticipated to be no
more than three percent per annum as of the Effective Date.
Debtor will deposit 70% of its Net Income, after payment of its
Class 1 Administrative Expense Claims, the monthly Plan payments
required to Class 2 Creditors (the IRS and the LADR), the monthly
Plan payments to Class 3 Creditors (none known at present), the
monthly Plan payments required to the Class 4 Creditor (Home Bank),
and the monthly Plan payments required to the Class 5 Creditor
(Ally Bank).
The remaining 30% of the Debtor's Net Income shall be deposited
into and retained by the Debtor in the Business Expense Account for
unanticipated operating expenses and Administrative Expenses. At
the end of the Term of the Plan, and to the extent that any portion
of the 30% of Net Income has not been expended by the Debtor for
unanticipated operating expenses or Administrative Expenses, the
balance remaining in the Business Expense Account, at that time,
shall be deposited into the Plan Distribution Account within thirty
days thereof, unless all Allowed Claims of Unsecured Class 6
Creditors have already been paid in full, without interest. Any
funds remaining in the Plan Distribution Account at the end of the
Term of the Plan, including those monies deposited from the
Debtor's Business Expense Account, shall be used to pay any
remaining Administrative Expenses and then Allowed Unsecured Class
6 claims, on a pro rata basis.
The holders of Class 7 Interests or membership interests in the
Debtor shall maintain their respective Interests or membership
interests in the Debtor post-Confirmation; however, they shall not
receive any payments from the Debtor during the Term of the Plan on
account of such Interests.
A full-text copy of the Disclosure Statement dated October 2, 2020,
is available at https://tinyurl.com/yxunaar4 from PacerMonitor at
no charge.
About Gulf States Transportation
Gulf States Transportation, LLC, filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Case No. 19-13283) on Dec. 9, 2019, listing under $1 million in
both assets and liabilities. Darryl T. Landwehr at Landwehr Law
Firm is the Debtor's counsel.
GULF STATES: Dec. 9 Hearing on Disclosure Statement Set
-------------------------------------------------------
Judge Meredith S. Grabill will convene a hearing to consider the
approval of the Gulf States Transportation, LLC's Chapter 11 Small
Business Disclosure Statement to be held telephonically on
Wednesday, December 9, 2020 at 3:00 p.m. The parties shall
participate by phone and dial in at 1(888) 684-8852, Access Code:
9318283. Dec. 2, 2020, is fixed as the last day for filing written
objections to said Disclosure Statement and for serving same in
accordance with Bankruptcy Rule 3017(a).
About Gulf States Transportation
Gulf States Transportation, LLC, filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Case No. 19-13283) on Dec. 9, 2019, listing under $1 million in
both assets and liabilities. Darryl T. Landwehr at Landwehr Law
Firm is the Debtor's counsel.
HAJJAR BUSINESS: N.C.A. Buying All Assets of Affiliates for $7.35M
------------------------------------------------------------------
HMOB of Roseland Owner, LLC and Hajjar Medical Office Building of
Roseland, LLC, affiliates of Hajjar Business Holdings, LLC, ask the
U.S. Bankruptcy Court for the District of New Jersey to authorize
the bidding procedures in connection with the sale of their real
property located at 556 Eagle Rock Avenue, Roseland, New Jersey to
N.C.A. and Associates, Inc. for $7.35 million, subject to overbid.
On April 29, 2016, Roseland Owner purchased approximately 2.87
acres of land situated in the Borough of Roseland, County of Essex,
State of New Jersey, and designated on the Official Tax Map of the
Borough of Roseland as Lot 4.1, Block 1, and more commonly known as
556 Eagle Rock Avenue.
In their sound business judgment, the Debtors have decided to sell
the Property in furtherance of their restructuring efforts.
Roseland Owner entered into a pre-petition listing agreement with
commercial real estate broker John Stravitz of BIOC in August 2017
and BIOC actively began seeking tenants to lease space in the
Property. While negotiating lease agreements with potential
tenants, BIOC was able to secure a sale offer on the Property from
the Proposed Purchaser. N.C.A. was a tenant in the Property
occupying approximately 12,807 sq. ft. of space on the first floor
of the Property and was looking to expand its square footage in the
building.
On Oct. 31, 2018, Roseland Owner entered into an Agreement of Sale
and Purchase of Real Estate with N.C.A. to purchase the Property
for $7.25 million. Thereafter, the parties entered into three
separate amendments, including a certain Amendment to Contract of
Sale dated Dec. 28, 2018, a certain Second Amendment to Contract of
Sale dated Jan. 12, 2019, and a certain Third Amendment to Contract
of Sale dated Feb. 15, 2019, which extended the due diligence and
feasibility period deadlines under the Original Agreement.
In addition, the parties negotiated an amendment to lease dated
March 7, 2019 between Roseland Owner, as landlord, and N.C.A.'s
affiliate, Center for Special Surgery of Essex County, LLC, as
tenant, and acknowledged by N.C.A. The Lease Amendment also
provided N.C.A. with a $300,000 credit on the purchase price
related to the tenant improvements necessary to outfit Tenant's
additional space. Id. As a result of the Lease Amendment, the total
purchase price for the Property was reduced to $6.95 million.
Notwithstanding these amendments and extensions of deadlines, the
parties failed to close on the transaction prior to the bankruptcy
filing.
Immediately, after the Petition Dates, the Debtors filed the
application to retain BIOC to resume negotiations to sell the
Property. As a result, the Debtors, BIOC and the Proposed
Purchaser successfully finalized revised terms to the contract of
sale. In fact, the parties negotiated a revised written offer in
the form of addendum that, among other things, increased the
purchase price from $6.95 million to $7.050 million. In accordance
with the terms of the First Addendum, N.C.A. paid a $100,000
deposit, which funds have been be maintained in the attorney trust
account of the Debtors' counsel.
Thereafter, on April 18, 2020, the Debtors filed a motion to sell
the Property to N.C.A. for $7.050 million. The sale agreement
contained a mortgage contingency clause which was required to be on
terms acceptable to N.C.A. On April 30, 2020, N.C.A. received a
denial of its mortgage application for the funding of the purchase
of the Property. As a result, N.C.A. elected to cancel the sale
agreement and the Debtors' counsel was forced to withdraw the sale
motion.
Notwithstanding the cancellation of the contract of sale, the
Debtors, Secured Lender and N.C.A. continued discussions with
respect to sale and purchase of the Property. In accordance with
the Second Addendum, N.C.A. made a final written offer in the
amount of $7.35 million, plus the payment of transfer taxes, if
any. In addition, N.C.A. has agreed to close within 14 days of
entry of a final, non-appealable Order of the Court authorizing
sale of the Property.
Based on sale and lease analytics for the building, the Property is
51.17% leased and has a market cap rate of 8.1%. In addition, the
Property generates net operating income of $306,379 ("NOI"). As a
result, $3,782,455 would be the actual sale price based on the
market cap rate and current NOI.
The current commercial market space in Roseland suggests that the
average market rate is $162 per sq. ft. Since the Property has
41,956 of rentable sq. ft, the market dictates a sales price of
$6,796,872. The Debtors believe, in their business judgment that
the purchase price of $7.35 million, plus the payment of any
transfer taxes, if any, is well above market and more than fair and
reasonable.
In order to purchase 13 commercial real estate properties,
including the Property, on April 26, 2016, certain Debtors borrowed
$81.5 million from Natixis Real Estate Capital, LLC. In connection
with the Loan, the Debtors and Natixis entered into a loan
agreement on April 29, 2016. On May 24, 2016, the Loan was sold
and securitized to Wilmington Trust, National Association, as
Trustee for the Benefit of the Registered Holders of Wells Fargo
Commercial Mortgage Trust 2016-C34, Commercial Mortgage
Pass-Through Certificates Series 2016-C34.
In December 2019, the Secured Lender commenced seven separate
foreclosure actions following multiple events of default under the
loan documents. As of Oct. 5, 2019, the Secured Lender asserts
that Borrowers owe $90,094,332, together with attorneys' fees and
costs. It has commenced actions to foreclose the mortgages
encumbering the properties owned by the Debtors, including the
Property.
After careful consideration of the facts and receipt of multiple
offers and counteroffers, the Debtors entered into the Final Sale
Agreement with N.C.A. to purchase the Property for $7.35 million,
plus the payment of transfer taxes, if any. The sale proceeds will
be allocated as follows: (i) $7 million payoff to the Secured
Lender; (ii) $250,000 broker fee payment to BIOC; and (iii)
$100,000 carve out payment to the Debtors' professionals
(MS&B/Eisner) on consent of the Secured Lender.
The Property will be sold to N.C.A. free and clear of all existing
liens, claims and encumbrances. The closing on the sale of the
Property will take place no later than 14 days after entry of a
final, non-appealable Order of the Bankruptcy Court authorizing and
approving the sale. As the Proposed Purchase, N.C.A., is ready,
willing and able to close the transaction and has the financial
wherewithal to do so. Moreover, the Proposed Purchaser is not
related to or affiliated in any manner with Dr. John Hajjar or any
of his entities.
Preliminarily, the Debtors ask approval, on shortened time, of
their bidding procedures.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Nov. TBD, 2020
b. Initial Bid: At least $7.365 million, plus the Buyer's
payment of any and all transfer taxes, if any,
c. Deposit: $100,000
d. Auction: If the Debtors receive one or more qualified bids
by the Bid Deadline, an auction will be conducted telephonically
before the Hon. John K. Sherwood. If the Debtors do not receive a
qualified bid by the Bid Deadline, the Debtors will not conduct the
Auction and will designate N.C.A.'s bid as the Successful Bid.
Immediately after the auction or as soon as practical, the Debtors
will seek approval of the sale.
e. Bid Increments: $50,000
f. Sale Hearing: A hearing to confirm the results of the
Auction, if any, and/or to approve the sale of the Property will be
conducted immediately following the Auction, or as soon thereafter
as is practical.
The transfer of the Property will be free and clear and exempt from
any realty transfer fee.
About Hajjar Business Holdings
Hajjar Business Holdings, LLC and 12 of its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J.
Case No. 20-12465) on Feb. 13, 2020. At the time of the filing,
Hajjar Business Holdings was estimated to have assets of between
$100,000 to $500,000 and liabilities of between $50 million to $100
million.
Judge John K. Sherwood oversees the Debtors' cases.
Anthony Sodono, III, Esq. and Sari B. Placona, Esq., of McManimon,
Scotland & Baumann, LLC, serve as counsel to the Debtors.
HELIUS MEDICAL: Terminates Offering Agreement with H.C. Wainwright
------------------------------------------------------------------
Helius Medical Technologies, Inc. delivered written notice of
termination of the At The Market Offering Agreement dated Jan. 27,
2020, by and between the Company and H.C. Wainwright & Co., LLC.
The Termination Notice became effective as of the close of business
on Nov. 25, 2020.
Pursuant to the terms of the Offering Agreement, the Company could
offer and sell shares of its Class A Common Stock, par value $0.001
per share, having an aggregate offering price of up to $11,340,000,
from time to time through H.C. Wainwright, as its sales agent.
About Helius Medical
Helius Medical Technologies -- http://www.heliusmedical.com/-- is
a neurotech company focused on neurological wellness. The
Company's purpose is to develop, license and acquire unique and
non-invasive platform technologies that amplify the brain's ability
to heal itself. The Company's first product in development is the
Portable Neuromodulation Stimulator (PoNSTM).
Helius Medical reported a net loss of $9.78 million for the year
ended Dec. 31, 2019, compared to a net loss of $28.62 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company
had $6.03 million in total assets, $2.83 million in total
liabilities, and $3.19 million in total stockholders' equity.
BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 12, 2020 citing that the Company has incurred
substantial net losses since its inception, has an accumulated
deficit of $104.8 million as of Dec. 31, 2019 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.
HERITAGE RAIL: Trustee Hires Brownstein Hyatt as Counsel
--------------------------------------------------------
Tom Connolly, the Chapter 11 Trustee of Heritage Rail Leasing, LLC,
received approval from the U.S. Bankruptcy Court for the District
of Colorado to retain Brownstein Hyatt Farber Schreck, LLP as his
counsel.
The trustee requires Brownstein Hyatt to:
a. assist the trustee in all relevant aspects of his duties,
including investigation, interaction with "parties of interest,"
analysis of ownership and assets, and litigation claims;
b. assist the trustee in the preparation of pleadings and
related documents to effect a sale of substantially all of the
Debtor's assets;
c. assist in the preparation of a plan of reorganization and
disclosure statement;
d. prepare legal papers;
e. represent the trustee in adversary proceedings and
contested matters related to the Debtor's Chapter 11 case;
f. provide legal advice with respect to the trustee's rights,
powers and duties in the continuing operation of the Debtor's
business and the administration of the estate; and
g. provide other legal services for the trustee.
Brownstein Hyatt's hourly rates are:
Michael J. Pankow, Shareholder $735
Joshua M. Hantman, Shareholder $585
Amalia Y. Sax-Bolder, Associate $365
Sheila Grisham, Paralegal $295
Brownstein Hyatt is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Michael J. Pankow, Esq.
Amalia Sax-Bolder, Esq.
Brownstein Hyatt Farber Schreck, LLP
410 17th Street, Suite 2200
Denver, CO 80202-4432
Tel: (303) 223-1100
Fax: (303) 223-1111
Email: mpankow@bhfs.com
asax-bolder@bhfs.com
About Heritage Rail Leasing
Heritage Rail Leasing, LLC leases rail rolling stocks, locomotives
and track equipment.
On Aug. 21, 2020, Portland Vancouver Junction & Railroad Inc.,
Vizion Marketing LLC and D.L. Paradeau Marketing LLC filed a
Chapter 11 involuntary petition against Heritage Rail Leasing. The
creditors are represented by Michael J. Pankow, Esq., at Brownstein
Hyatt Farber Schreck, LLP.
Judge Thomas B. McNamara oversees the case.
L&G Law Group LLP and Moglia Advisors serve as the Debtor's legal
counsel and restructuring advisor, respectively. Alex Moglia of
Moglia Advisors is the Debtor's chief restructuring officer.
On Oct. 19, 2020, the Office of the U.S. Trustee appointed a
committee to represent unsecured creditors in the Debtor's Chapter
11 case. The committee is represented by Goldstein & McClintock
LLLP and the Law Offices of Douglas T. Tabachnik, P.C.
On Oct. 28, 2020, the court approved the appointment of Tom H.
Connolly as the Debtor's Chapter 11 trustee. The trustee tapped
Brownstein Hyatt Farber Schreck, LLP as his counsel.
HORNBLOWER HOLDCO: S&P Raises ICR to 'CCC', Outlook Negative
------------------------------------------------------------
S&P Global Ratings raised its issuer-credit rating on Hornblower
HoldCo LLC to 'CCC' from 'CCC-', reflecting its view that the
company's near-term liquidity position has modestly improved, but
default risk is still high over the next 12 months.
S&P affirmed its 'CCC-' issue-level rating on Hornblower's senior
secured debt. It revised the recovery rating to '5' from '4',
reflecting priority debt in the capital structure.
S&P said, "We believe incremental liquidity from the new loan
provides Hornblower sufficient cash to absorb a continued cash burn
through the first quarter of 2021 and a gradual operations ramp-up
during the year. Hornblower used proceeds from its $195.9 million
superpriority loan largely to repay certain debt balances,
including some outstanding amounts under its $120 million revolving
credit commitments, and to add cash to the balance sheet. We
believe this modestly improves the company's near-term liquidity
position. Concurrent with the execution of the new loan, Hornblower
converted its remaining revolving loan balances into term loans.
Notwithstanding the termination of its revolver commitments, we
believe the portion of the new loan proceeds that the company added
to its balance sheet will be sufficient to fund our expectation for
a continued cash burn in the fourth quarter of 2020 since most of
Hornblower's operations will remain suspended, and the first
quarter of 2021, which is typically a quarter when Hornblower
generates negative EBITDA due to seasonality."
"We forecast EBITDA to turn positive by the second quarter of 2021,
which along with remaining excess cash on hand should be sufficient
to fund Hornblower's fixed charges--interest expense, capital
expenditures (capex), and term loan amortization--through 2021,
including the November 2021 maturity of one of its term loans.
Nevertheless, absent a meaningful outperformance of our forecast or
access to external liquidity sources, we believe Hornblower's
liquidity position would become very thin by the end of 2021 if it
were required to meet the November maturity with cash on hand.
Additionally, we believe any moderate underperformance of our
base-case could make it challenging to address the maturity without
external financing. Accordingly, over the next 12 months, we
believe there is heightened risk the company could pursue a
transaction that we might view as a restructuring."
"We continue to expect EBITDA to remain below pre-COVID-19 pandemic
levels over the next several quarters. Our forecast reflects that
we expect weak demand and reduced capacity. We believe consumers
will have lingering fears around travel and being in enclosed
spaces, which may slow recovery particularly for Hornblower's
cruises and events and overnight cruises segments. They represent
about 28% and 24%, respectively, of EBITDA before corporate
overhead. Further, given the weak economy, we expect a meaningful
reduction in both consumer and corporate spending on travel and
events. We forecast U.S. unemployment to remain elevated through
2021, which may translate into lower discretionary spending on
leisure activities next year. We also expect Hornblower may be
required or opt to implement social distancing and other health and
safety measures on its vessels to reduce spread of the COVID-19
virus, which would limit capacity and revenue per vessel.
Therefore, we believe Hornblower's EBITDA margin may be pressured
over the next few quarters as it ramps up operations to full
capacity."
S&P believes there remains a high degree of uncertainty about the
evolution of the coronavirus pandemic. Reports that several
experimental vaccines are highly effective and might gain initial
approval by the end of the year are promising, but this is merely
the first step toward a return to social and economic normality;
equally critical is the widespread availability of effective
immunization, which could come by the middle of next year.
S&P said, "We use this assumption in assessing the economic and
credit implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."
"We forecast Hornblower will continue to burn cash during its
seasonally weak first quarter of 2021, but that EBITDA will turn
positive by the second quarter. We assume capacity and occupancy
will begin to increase from very low levels."
Specifically, S&P's 2021 forecast assumes:
-- Total revenue is about 25%-35% below 2019. Revenue in the first
quarter is down meaningfully from 2019 since it assumes Hornblower
will keep capacity significantly lower across all but its New York
ferry and contract services segments to align supply and demand.
Occupancy will remain well below 2019 because of social-distancing
measures. S&P believes that toward the second half, capacity and
demand in the concessions, cruises and events, and overnight cruise
segments may begin to improve relative to 2020.
-- S&P believes demand will recover fastest in the concessions
business. Short cruises to national parks or other outdoor places
of interest within driving distance and relatively affordable may
be a more appealing leisure alternative for consumers compared to
many indoor or other leisure activities that require more extensive
travel or longer time commitments.
-- EBITDA is about 55%-65% below 2019, driven by S&P's assumption
for lower revenue combined with certain fixed vessel-related
expenses, and continued modest selling, general, and administrative
expenses. S&P assumes reduced occupancy on Hornblower's vessels as
operations resume, which it believes would weigh on vessel-level
profitability.
-- The negative outlook reflects high uncertainty as to
Hornblower's recovery over the next few quarters and the potential
that cash burn may be more severe, or the ramp-up in operations
weaker than S&P anticipates. This could strain the company's
liquidity position, especially since it has a sizable maturity in
the fourth quarter of 2021.
-- S&P would lower the ratings if the cash burn over the next few
quarters is more severe than it anticipates, more quickly depleting
excess cash balances, since this would strain Hornblower's
liquidity position as operations would still be ramping up.
-- S&P may raise the rating if it believes Hornblower can increase
EBITDA to cover fixed charges and build excess cash balances.
Before raising the rating, it would need to be confident Hornblower
can address its 2021 maturity in a manner that it would not view as
a restructuring and does not further stress its liquidity position.
HURDL INC: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Hurdl Inc.
64 Bleeker St.
Suite 111
New York, NY 10012
Business Description: Hurdl Inc. is in the business of live event
data capture and personalized SMS marketing.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 20-12768
Judge: Hon. Shelley C. Chapman
Debtor's Counsel: Joseph A. Pack, Esq.
PACK LAW, P.A.
777 Westchester Avenue, Suite 101
White Plains, New York 10604
Tel: 212-949-9300
Email: joe@packlaw.com
Debtor's
Restructuring
Advisor: GLASSRATNER ADVISORY & CAPITAL GROUP, LLC
D/B/A B. RILEY ADVISORY SERVICES
Total Assets: $484,613
Total Liabilities: $4,877,677
The petition was signed by Joseph V. Pegnia, chief restructuring
officer.
The Debtor failed to include in the petition a list of its
20 largest unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/BTAC4HA/Hurdl_Inc__nysbke-20-12768__0001.0.pdf?mcid=tGE4TAMA
HURON POINTE: Gets OK to Hire Elias Tax as Accountant
-----------------------------------------------------
Huron Pointe Excavating, LLC received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire Elias
Tax & Accounting LLC as its accountant.
The Debtor requires Elias Tax to:
a. prepare federal and state tax returns and related
documents;
b. prepare financial statements; and
c. assist the Debtor in the preparation of monthly operating
reports and plan projections.
Elias Tax will charge $125 per hour for its services.
Michael Elias, a member of Elias Tax, disclosed in court filings
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael D. Elias
Elias Tax Accounting, LLC
18850 E 9 Mile Rd.
Eastpointe, MI 48021
Phone: +1 586-772-3166
About Huron Pointe Excavating LLC
Huron Pointe Excavating, LLC is an excavation and seawall
construction contractor. Its services include marine construction
and seawalls; water lines; docks davits and piling; boat ramps,
boat wells and boat hoist; boat house footings and foundations;
grinder or lift pumps; sewer lines and sewer pumps; and dredging.
Visit https://www.huronpointeseawalls.com for more information.
Huron Pointe sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-50592) on Oct. 13,
2020. Judge Phillip J. Shefferly oversees the case.
In the petition signed by Aaron Hustek, president and managing
member, the Debtor disclosed $1,086,374 in assets and $624,240 in
liabilities.
Peter A. Torrice, Esq. of Canu Torrice Law, PLLC is the Debtor's
legal counsel.
Kimberly Ross Clayson is the Subchapter V Chapter 11 trustee
appointed in the Debtor's case.
IMPERIAL PREMIUM: Hires Curtis Mallet-Prevost as Special Counsel
----------------------------------------------------------------
Imperial Premium Finance, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Delaware to employ Curtis
Mallet-Prevost Colt & Mosle LLP, as special litigation counsel to
the Debtor.
Imperial Premium requires Curtis Mallet-Prevost to assist the
Debtor in connection with the defense, prosecution, estimation, or
resolution of the claims asserted by or against the Debtor and
Emergent in the case captioned Phyllis Pohl, et al. v. Lincoln
Benefit Life Company, et al., Case No. 50-2019-CA-000521, pending
in the Circuit Court of the 15th Judicial Circuit in and for Palm
Beach County, Florida.
Curtis Mallet-Prevost will be paid at these hourly rates:
Partners $895 to $1,100
Associates and Counsel $415 to $775
Trainees $310 to $350
Legal Assistants $255 to $285
Managing Clerk $610
Other Support Personnel $100 to $310
Curtis Mallet-Prevost will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Gabriel Hertzberg, partner of Curtis Mallet-Prevost Colt & Mosle
LLP, assured the Court that the firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtor and its
estates.
Curtis Mallet-Prevost can be reached at:
Gabriel Hertzberg, Esq.
CURTIS MALLET-PREVOST COLT & MOSLE LLP
101 Park Ave.
New York, NY 10178
Tel: (212) 696-6000
Fax: (212) 697-1669
About Imperial Premium Finance
Imperial Premium Finance, LLC, operates in the financial services
industry.
Imperial Premium Finance, LLC, based in Boca Raton, FL, filed a
Chapter 11 petition (Bankr. D. Del. Case No. 20-12694) on October
26, 2020. The Hon. Brendan Linehan Shannon presides over the case.
PACHULSKI STANG ZIEHL & JONES LLP, serves as bankruptcy counsel.
Curtis Mallet-Prevost Colt & Mosle LLP, as special litigation
counsel.
In its petition, the Debtor was estimated to have up to $50,000 in
assets and $1 million to $10 million in liabilities. The petition
was signed by Miriam Martinez, CFO of Emergent Capital, Inc., sole
member of Imperial Premium Finance, LLC.
INTERIM HEALTHCARE: Litigation Trustee Hires Lugenbuhl as Counsel
-----------------------------------------------------------------
Richard Blum, the official administering the litigation trust of
Interim Healthcare of Southeast Louisiana, Inc., received approval
from the U.S. Bankruptcy Court for the Eastern District of
Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as
its legal counsel.
The trustee requires Lugenbuhl to:
a) assist the trustee in transition matters after the sale of
the assets of the Debtor and provide the trustee with general legal
advice;
b) handle claims objections for the trustee as to
administrative and general unsecured claims asserted against the
estate; and
c) handle certain avoidance actions on behalf of the trustee
except that the trustee will retain separate counsel as needed to
prosecute claims against certain insiders of the Debtor.
The firm's hourly rates are:
Stewart F. Peck $375
Joseph P. Briggett $295
James W. Thurman $230
Other Associates $215
Paralegal(s) $90
Lugenbuhl currently has no connection with the Debtor, creditors or
any party, according to court filings.
The firm can be reached at:
Joseph P. Briggett, Esq.
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard
601 Poydras Street, Suite 2775
New Orleans, LA 70130
Tel: (504) 568-1990
Fax: (504) 310-9195
Email: jbriggett@lawla.com
About Interim Healthcare of Southeast Louisiana
Interim Healthcare of Southeast Louisiana, Inc. is a home health
care services provider based in Covington, La.
Interim Healthcare of Southeast Louisiana filed a voluntary Chapter
11 petition (Bankr. Case No. 19-13127) on Nov. 19, 2019. In the
petition signed by Julia Burden, president and chief executive
officer, the Debtor estimated $1 million to $10 million in both
assets and liabilities.
The Debtor tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as its
legal counsel, Dyer & Company, LLC as accountant, and The Kingsley
Group as restructuring advisor. Kingsley Group President Richard
Blum is the Debtor's chief restructuring officer.
IOLA LIVING ASSISTANCE: Seeks Approval to Hire Accountant
---------------------------------------------------------
Iola Living Assistance, Inc. seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
Martin Cowie, a certified public accountant practicing in Oshkosh,
Wisc.
The Debtor needs an accountant to compile monthly reports, perform
projection and financial analysis, work on financial aspects of its
reorganization, and draft tax returns.
The hourly rate for the accounting services is $185 per hour. Mr.
Cowie received a retainer in the amount of $8,000.
Mr. Cowie assured the court that he neither holds nor represents
any interest adverse to the interest of the Debtor's estate.
The firm can be reached through:
Martin J. Cowie, CPA
5162 Island View Drive
Oshkosh, WI 54901
About Iola Living Assistance
Iola Living Assistance, Inc. owns and operates a rehabilitation
center in Iola, Wisc. It offers independent living apartments,
assisted living apartments, and rehabilitative or long term care.
Visit http://iolaseniorliving.comfor more information.
Iola Living Assistance filed a Chapter 11 petition (Bankr. E.D.
Wisc. Case No. 20-27329) on Nov. 6, 2020. In the petition signed
by Iola CEO Jordan C. Edseth, the Debtor disclosed $3,488,034 in
assets and $6,224,895 in liabilities.
Judge Katherine M. Perhach presides over the case. Steinhilber
Swanson, LLP serves as the Debtor's bankruptcy counsel.
IOLA LIVING: Seeks to Hire Steinhilber Swanson as Counsel
---------------------------------------------------------
Iola Living Assistance, Inc. seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
Steinhilber Swanson LLP as its bankruptcy counsel.
The firm's services include:
a. preparing bankruptcy schedules and statements;
b. assisting the Debtor in preparing a plan of reorganization
and attendant negotiations and hearings;
c. preparing and reviewing pleadings, motions and
correspondence;
d. appearing at and being involved in various proceedings
before the court;
e. handling case administration tasks and dealing with
procedural issues;
f. assisting Debtor with the commencement of operations,
including the 341 meeting and monthly reporting requirements; and
g. analyzing claims and prosecuting claim objections.
The hourly rates of attorneys and paraprofessionals range from $120
to $495.
Paul Swanson, Esq., a member of Steinhilber Swanson, assured the
court that the firm is a "disinterested person" as that term is
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
Phone: 920-235-6690
Fax:920-426-5530
About Iola Living Assistance
Iola Living Assistance, Inc. owns and operates a rehabilitation
center in Iola, Wisc. It offers independent living apartments,
assisted living apartments, and rehabilitative or long term care.
Visit http://iolaseniorliving.comfor more information.
Iola Living Assistance filed a Chapter 11 petition (Bankr. E.D.
Wisc. Case No. 20-27329) on Nov. 6, 2020. In the petition signed
by Iola CEO Jordan C. Edseth, the Debtor disclosed $3,488,034 in
assets and $6,224,895 in liabilities.
Judge Katherine M. Perhach presides over the case. Steinhilber
Swanson, LLP serves as the Debtor's bankruptcy counsel.
J-H-J INC: Dec. 1 to File Amendments to Disclosures
---------------------------------------------------
Judge John W. Kolwe has entered an order that any amendments to the
Disclosure Statement must be filed by J-H-J, Inc., et al. no later
than December 1, 2020; and, any objections thereto must be filed
and served upon counsel for Debtors no later than December 4,
2020.
Counsel for the Debtors:
Barbara B. Parsons, La Bar No. 28714
THE STEFFES FIRM, LLC
13702 Coursey Blvd., Bldg. 3
Baton Rouge, LA 70817
Telephone: (225) 751-1751
E-mail: bparsons@steffeslaw.com
About J-H-J Inc.
J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on Nov. 15, 2019 in Lafayette, La.
JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area. Currently, JHJ owns and operates two such
stores. Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value. All
general administrative duties for the Debtors are handled by JHJ.
The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.
As of the petition date, J-H-J is estimated with both assets and
liabilities at $10 million to $50 million. The petition was signed
by Garnett C. Jones, Jr., president. Judge John W. Kolwe is
assigned the cases. The Steffes Firm, LLC serves as counsel to the
Debtors.
J-H-J INC: Hope's Joinder in UST's Objection to Disclosure
----------------------------------------------------------
Hope Federal Credit Union ("Hope"), a holder of an unsecured claim
against Debtor J-H-J, Inc., joins in the objection of the United
States Trustee to Disclosure Statement Relating to Joint Chapter 11
Plan of Reorganization for J-H-J, Inc., and its Debtor Affiliates,
as follows:
* The Objection sets forth a number of instances in which the
Disclosure Statement provides insufficient information to satisfy
the requirements of Section 1125 of the Bankruptcy Code, and Hope
joins in those objections.
* Hope notes that Exhibits B, E, and F of the Disclosure
Statement as filed provide no information beyond a heading.
* Hope requests that the Court deny approval of the Disclosure
Statement as currently submitted, and further prays for general
relief.
A full-text copy of Hope Federal's objection to disclosure
statement dated November 10, 2020, is available at
https://tinyurl.com/y3vr3rzb from PacerMonitor at no charge.
Counsel for Hope Federal:
VICTORIA R. BRADSHAW
WILLIAM H. LEECH
WISE CARTER CHILD & CARAWAY, P.A.
P.O. Box 651
Jackson, MS 39205-0651
T: 601.968.5500
F: 601.968.5591
E-mail: vrb@wisecarter.com
wfl@wisecarter.com
About J-H-J Inc.
J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on November 15, 2019 in Lafayette, La.
JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area. Currently, JHJ owns and operates two such
stores. Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value. All
general administrative duties for the Debtors are handled by JHJ.
The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.
As of the petition date, J-H-J is estimated with both assets and
liabilities at $10 million to $50 million. The petition was signed
by Garnett C. Jones, Jr., president. Judge John W. Kolwe is
assigned the cases. The Steffes Firm, LLC serves as counsel to the
Debtors.
J-H-J INC: Marrero Land Objects to Disclosure Statement
-------------------------------------------------------
The Marrero Land and Improvement Association, a creditor and
interested party, objects to approval of the Disclosure Statement
Relating to Joint Chapter 11 Plan of Reorganization for J-H-J,
Inc., and its Debtor Affiliates.
The Marrero Land claims that the Disclosure Statement fails to
provide adequate information as to whether Supervalu, as defined in
the Disclosure Statement (p. 12), will retain any unsecured claim,
and if so, how such unsecured claim will be treated.
The Marrero Land points out that the Disclosure Statement fails to
provide adequate information to allow creditors, such as Marrero
Land, who have asserted claims in both the instant proceedings and
the SVFoods Proceedings, to make an informed judgment as to the
treatment of their claims under the proposed Chapter 11 plan.
The Marrero Land asserts that the Disclosure Statement fails to
provide adequate information regarding the anticipated treatment of
the portion of Marrero Land's claim related to the breaches of
lease that gave rise to the cause of action for breach of contract
asserted by Marrero Land against SVFoods Westwego in the
Litigation.
The Marrero Land further asserts that the Disclosure Statement
provides inadequate information as to whether any portion of
Marrero Land's claim will be addressed through the SVFoods
Proceedings, while the Disclosure Statement indicates that some or
all of Marrero Land's claim will be addressed through the instant
proceedings.
The Marrero Land states that the Disclosure Statement fails to
provide adequate information regarding the estimated value of the
assets available or the anticipated treatment of claims in those
proceedings to the extent that any portion of Marrero Land's claim
will be addressed through the SVFoods Proceedings.
A full-text copy of the Marrero Land's objection to disclosure
statement dated November 6, 2020, is available at
https://tinyurl.com/y4vegpdh from PacerMonitor at no charge.
Attorneys for The Marrero Land:
TIMOTHY S. MADDEN
DIANA J. MASTERS
KING & JURGENS, LLC
201 St. Charles Ave., Ste. 4500
New Orleans, LA 70170
Tel: (504) 582-3800
Fax: (504) 582-1233
About J-H-J Inc.
J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on November 15, 2019 in Lafayette, La.
JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area. Currently, JHJ owns and operates two such
stores. Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value. All
general administrative duties for the Debtors are handled by JHJ.
The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.
As of the petition date, J-H-J is estimated with both assets and
liabilities at $10 million to $50 million. The petition was signed
by Garnett C. Jones, Jr., president. Judge John W. Kolwe is
assigned the cases. The Steffes Firm, LLC serves as counsel to the
Debtors.
J-H-J INC: Unsecured Creditors Will Get 40% of Claims in Joint Plan
-------------------------------------------------------------------
J-H-J, Inc., and its Affiliated Debtors filed with the U.S.
Bankruptcy Court for the Western District of Louisiana, Lafayette
Division, a Disclosure Statement relating to Joint Chapter 11 Plan
of Reorganization on October 2, 2020.
The Plan provides for the consolidation of Claims for allowance and
distribution purposes, such that creditors, like the Class 1 and
Class 2 Secured Creditors, with Allowed Claims against multiple
Debtors will receive only one payment of their Claim, but their
Allowed Claims will be paid in full. The proposed consolidation is
entirely appropriate inasmuch as it recognizes that the Secured
Creditors and certain other creditors considered and treated the
Debtors as one economic and legal entity when extending credit to
them.
Classes 4A through 4I shall consist of all Allowed General
Unsecured Claims. Except for Insured Claims, each holder of a
General Unsecured Claim shall receive, on account of and in full
satisfaction of such Claim, Cash totaling 40% of the Allowed
General Unsecured Claim, payable in 60 consecutive quarterly
installments, commencing on the first day of the quarter following
the Effective Date. Any Insured Claim shall first be satisfied from
the proceeds of any applicable Insurance Policy as set forth in the
Plan.
Classes 5A through 5I shall consist of all Allowed Convenience
Class Claims. Each holder of a Convenience Class Claim shall
receive, in full satisfaction and settlement of its Allowed
Convenience Class Claim, Cash totaling 20% of the Allowed
Convenience Class Claim, payable in four consecutive quarterly
installments, commencing on the first day of the quarter following
the Effective Date.
On the Effective Date, all Intercompany Claims will be
extinguished, and no holder of an Intercompany Claim will receive
or retain any property or rights under the Plan on account of such
Claim.
Classes 7A through 7I shall consist of all Allowed Equity
Interests. The Debtors shall not make any distributions on account
of Allowed Equity Interests until the Allowed Claims of all
non-Insider creditors have been paid in accordance with the terms
of the Plan, except that if one or more Debtors is a Subchapter S
corporation or a so-called "pass-through" entity or is taxed as a
partnership entity, such Debtor(s) may make distributions to the
holders of its Equity Interests in an amount equal to the state and
federal income taxes of the holders of its Equity Interests
attributable to the income of such Debtor(s).
All Cash necessary to make payments and Plan Distributions under
the Plan shall be obtained from Estate Cash and income generated
from the Debtors' future business operations.
A full-text copy of the Disclosure Statement dated October 2, 2020,
is available at https://tinyurl.com/yy3zrf44 from PacerMonitor at
no charge.
About J-H-J Inc.
J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on November 15, 2019 in Lafayette, La.
JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area. Currently, JHJ owns and operates two such
stores. Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value. All
general administrative duties for the Debtors are handled by JHJ.
The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.
As of the petition date, J-H-J is estimated with both assets and
liabilities at $10 million to $50 million. The petition was signed
by Garnett C. Jones, Jr., president. Judge John W. Kolwe is
assigned the cases. The Steffes Firm, LLC serves as counsel to the
Debtors.
JACKIE LLC: Combined Plan & Disclosure Confirmed by Judge
---------------------------------------------------------
Judge Richard D. Taylor has entered findings of fact, conclusions
of law and order confirming the Combined Chapter 11 Plan and
Disclosure Statement of Debtor Jackie, LLC.
The Plan of Reorganization has been accepted by voting creditors of
each impaired class, or a required number of voting creditors from
each impaired class to meet the acceptances required by law; or, to
the extent not accepted by a class of creditors, the Plan does not
discriminate unfairly and is fair and equitable to each class of
such creditors.
The provisions of the United States Bankruptcy Code have been
complied with and the Plan has been proposed in good faith and not
by any means forbidden by law.
In all respects, the Court finds that Creditors and interest
holders have been properly classified for purposes of 11 U.S.C.
Sec. 1122. The Impaired Classes have been identified, and treatment
of the impaired claims or interests has been specified. Also,
adequate means for the Plan's implementation have been provided.
A full-text copy of the order dated October 8, 2020, is available
at https://tinyurl.com/y3pc6fcv from PacerMonitor.com at no
charge.
Attorney for the Debtor:
KEECH LAW FIRM, P.A.
2011 South Broadway
Little Rock, AR 72206
Tel: 501-221-3200
E-mail: kkeech@keechlawfirm.com
About Jackie, LLC
Jackie, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Ark. Case No. 19-13670) on July 16, 2019, estimating under $1
million in both assets and liabilities. Keech Law Firm, PA, led by
founding partner Kevin P. Keech, is the Debtor's counsel.
JS KALAMA: Debtor Says Disclosures Must be Approved Over Objections
-------------------------------------------------------------------
J S Kalama, LLC, filed a proposed disclosure statement with this
court on October 5, 2020, together with a motion to approve the
disclosure statement and to set the deadline for consideration of
the debtor's chapter 11 plan.
National Loan Acquisitions Company ("NLA") filed an "Objection to
Debtor's Motion To Approve Disclosure Statement" on November 10,
2020.
The United States Trustee filed a "Response to Debtor's Motion to
Approve Disclosure Statement" on November 11, 2020.
NLA appears to have four basic objections that are stated beginning
on page 13 of its objection, which argue the following issues:
* Value Of Kalama Property. NLA asserts that the value of the
Kalama Property stated in the disclosure statement is "inflated".
At the conference of attorneys, the basis for this objection
was stated to be that there are two appraisals of the property that
are lower than the debtor's opinion of value, therefore the
debtor's value is wrong.
The Debtor has no objection to adding the two appraised values NLA
thinks are "right" to the list of values for the Kalama Property
set forth in §3.01 of the disclosure statement. In addition, the
debtor proposes to add a link to the disclosure statement where any
interested person can download, read, evaluate and form their own
opinion of each appraisal and come to a conclusion, for whatever
purpose suits it, of the value of the Kalama Property.
* Cash Flow. NLA asserts that the debtor has provided an
insufficient description of its future cash flow.
Appendix E to the disclosure statement is month to month
estimate of the debtor's projected cash flow— projected receipts,
disbursements and plan payments— for 5 years following plan
confirmation. The projection shows rents to be received, estimated
triple net payments for real property taxes, and the recovery of
accounts receivable, and the months every anticipated expense—
such as property taxes, insurance, US Trustee fees and plan
payments— will be made and in what amounts.
That NLA may not believe the debtor's projections is certainly
possible, if not likely, but the debtor's projected cash flow is
set forth, in detail, in Appendix E.
* Lease. NLA asserts that there is no lease between the debtor
and Somarakis, Inc., its tenant, to assume.
The original lease between the debtor and Somarakis, Inc. has
not been located. The plan provided for an assumption of that
lease. Since the existing lease has not been located, the debtor
will revise the plan to provide for a rejection of any existing
lease between the debtor and Somarakis, Inc. and the execution of a
new lease. The debtor proposes to attach a proposed new lease
between the debtor and Somarakis, Inc. to the disclosure
statement.
* Personal Draws. NLA asserts that "there are new questions
about ‘personal draws' taken by Mr. Somarakis." What "those new
questions" are remains unspecified, but appear to be a reference to
draws Mr. Somarakis has taken from Somarakis, Inc., not the
debtor.
* Absolute Priority Rule. NLA asserts the plan can not be
confirmed because the plan's treatment of NLA's claim violates the
absolute priority rule.
This objection has no basis in law and fact and is frivolous.
NLA holds a secured claim. The absolute priority rule, as adopted
in the Bankruptcy Code (11 U.S.C. §507), applies to unsecured
claims.
The United States Trustee lists the following objections:
* Plan Benefits Somarakis, Inc. The United States Trustee
asserts that the Plan is being conducted "for the benefit of
Somarakis, Inc." and not "the estate".
There is nothing that prohibits the debtor's plan from
benefiting Somarakis, Inc.
* Unpaid Rents. The United States Trustee asserts the "plan"
makes no mention that Somarakis, Inc.'s defaults in the payment of
rents to the debtor precipitated the commencement of the
non–judicial foreclosure of the Kalama Property.
Although self–evident to the creditors in this case, the
debtor proposes to
revise §2.07 of the disclosure statement to include a discussion
of the
Somarakis, Inc. rent defaults.
The debtor requests that the unresolved objections to the
Disclosure Statement be denied, and the disclosure statement be
approved.
Attorney for the Debtor:
John D. Nellor, WSBA #9101
J. D. Nellor, PC | Nellor Law Office
201 N.E. Park Plaza Drive, Suite 202
Vancouver, WA 98684
Tel: (360) 816-2241
About JS Kalama
JS Kalama, LLC is primarily engaged in renting and leasing real
estate properties. On June 11, 2020, Debtor sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case
No.
20-41495). At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Brian D. Lynch oversees the case. The Debtor is
represented by J.D. Nellor, Esq., at Nellor Law Office.
JS KALAMA: National Loan Says Plan Patently Unconfirmable
---------------------------------------------------------
National Loan Acquisitions Company, a secured creditor of debtor JS
Kalama, LLC, objects to the Disclosure Statement filed by Debtor in
support of the Chapter 11 Plan.
National Loan claims that the Disclosure Statement is inadequate
and should not be approved for many reasons, including Debtor's
failure to provide accurate and adequate information about its
assets, liabilities and the projected cash flows.
National Loan asserts that the Disclosure Statement uses an
overstated and unsupported value for the sole asset (the Kalama
Property) which makes the liquidation analysis irrelevant.
National Loan further asserts that creditors cannot analyze
feasibility and proposed plan treatment, without an accurate
value.
National Loan states that the Disclosure Statement provides no
discussion about Debtor's future or that of Somarakis, Inc. (which
Mr. Somarakis argues is inextricably tied to the Debtor) while
evidence suggests the projected cash flows are unattainable.
National Loan cites the new concerns about John Somarakis taking
personal draws from Somarakis, Inc. when payments to the Debtor for
rent/taxes/insurance remain outstanding.
National Loan points out that there is no discussion about
collectability of accounts receivable or avoidable transfers. In
reality, the Plan is patently unconfirmable even if an amended
Disclosure Statement is filed.
A full-text copy of the National Loan's objection to the disclosure
statement dated November 10, 2020, is available at
https://tinyurl.com/yy8ymvpx from PacerMonitor at no charge.
Attorneys for Creditor National Loan:
Shawn B. Rediger, WSBA #26425
WILLIAMS, KASTNER & GIBBS PLLC
601 Union Street, Suite 4100
Seattle WA 98101-2380
Tel: (206) 628-6600
E-mail: srediger@williamskastner.com
About JS Kalama
JS Kalama, LLC is primarily engaged in renting and leasing real
estate properties. On June 11, 2020, Debtor sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-41495). At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Brian D. Lynch oversees the case. The Debtor is
represented by J.D. Nellor, Esq., at Nellor Law Office.
JS KALAMA: Plan to be Funded by Property Lease Payments
-------------------------------------------------------
JS Kalama, LLC, a Washington limited liability company, filed with
the U.S. Bankruptcy Court for the Western District of Washington,
at Tacoma, a Plan and a Disclosure Statement on Oct. 6, 2020.
The Debtor's plan generally provides for the payment of claims in
one of three ways: (1) Cash payments; (2) reinstatement of the
obligation by paying the regular monthly installments and a cure of
delinquencies in additional monthly installments over 60 months,
or; (3) issuance of a promissory note to the claim holder which is
secured by a deed of trust attaching to the Kalama Property in full
satisfaction of the debt or obligation, which will be paid in
monthly installments with interest over an term of years.
The Plan also establishes a payment schema in the event of a sale,
refinance or exchange of the Kalama Property.
The Debtor's petition lists $433,916.00 in personal property, which
consists of a receivable owed by Somarakis, Inc. That receivable
is for debts owed by the debtor on or attaching to the Kalama
property which are payable or to be reimbursed to the debtor under
the lease of the Kalama property
Class G is comprised of allowed claims that are greater than
$1,000.00. There are no known class G claims. Allowed class G claim
holders will share the Debtor's liquidation value of $667,458.89
pro rata with other class G claim holders, which will be paid in
periodic installments after all other allowed claims have been paid
in full.
Class H is comprised of allowed claims of the holders of the
debtor's equity security interests. The only known member of class
H claims is John Somarakis. All equity interests will retained,
however the equity security interest will not receive distributions
on account of the interest until the delinquency claims provided
for in §2.07(c) to class C claims, §2.07(d) to class D claims and
§2.07(e) to class E claims have been paid in full.
The plan is funded for the payment of impaired claims from the
rents received by the debtor from the lease of the Kalama property.
In the event the Kalama Property is sold or refinanced, proceeds
from the sale or refinance will apply to the satisfaction of
claims.
The Kalama Property is leased to Somarakis, Inc., which uses the
property to manufacture vacuum pumps and compressors for pulp and
paper, chemical, heavy industrial, energy, mining, municipal and
food processing industries. Base rents are set at the amount of the
Debtor's debt–service, and the lease is triple net.
A full-text copy of the Disclosure Statement dated October 6, 2020,
is available at https://tinyurl.com/y4hsdwaw from PacerMonitor at
no charge.
Attorney For the Debtor:
John D. Nellor, WSBA #9101
J. D. Nellor, PC | Nellor Law
201 N.E. Park Tower Drive, Suite 202
Vancouver, WA 98684
Tel: (360) 816-2241
About JS Kalama
JS Kalama, LLC is primarily engaged in renting and leasing real
estate properties. On June 11, 2020, Debtor sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-41495). At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Brian D. Lynch oversees the case. The Debtor is
represented by J.D. Nellor, Esq., at Nellor Law Office.
JS KALAMA: U.S. Trustee Says Disclosure Materially Deficient
------------------------------------------------------------
Acting United States Trustee for Region 18, Gregory M. Garvin,
objects to the Disclosure Statement of Debtor JS Kalama, LLC. In
support of the Objection the U.S. Trustee represents and alleges as
follows:
* The overarching problem with the Disclosure Statement, and
this bankruptcy case in general, is that it is being conducted not
for the benefit of the estate, but instead, for the benefit of
Somarakis, Inc., which is not the Debtor.
* Nowhere in the Disclosure Statement is a party informed that
this bankruptcy case is being conducted solely for the benefit of a
non-debtor third party. While this information is absent from the
Disclosure Statement, it is more than evident in the testimony
given by Mr. Somarakis at the 2004 exam of the Debtor and
Somarakis, Inc.
* The Debtor is owed approximately $433,916 in receivables from
Somarakis, Inc. based on Mr. Somarakis' testimony. The disclosure
statement makes no mention of how these pre-petition rents will be
treated, but it appears that no portion of the rents will be used
to fund the plan.
* The Disclosure Statement is materially deficient. A
hypothetical investor is not informed that the Debtor's sole tenant
caused the Debtor to file a bankruptcy case because the tenant
failed to pay rent, nor is a hypothetical investor informed that
this tenant has failed to pay rent, property taxes, and insurance
post-petition.
* A hypothetical investor is not made aware that the Debtor has
no intention of seeking a new tenant, but instead appears to be
using this bankruptcy to protect said tenant. These issues are all
material and should be disclosed.
A full-text copy of the U.S. Trustee's objection to the disclosure
statement dated November 12, 2020, is available at
https://tinyurl.com/yxzgfc4n from PacerMonitor at no charge.
About JS Kalama
JS Kalama, LLC is primarily engaged in renting and leasing real
estate properties. On June 11, 2020, Debtor sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-41495). At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Brian D. Lynch oversees the case. The Debtor is
represented by J.D. Nellor, Esq., at Nellor Law Office.
KEVIN L THURMON: Mahnken Buying Higginsville Farmland for $700K
---------------------------------------------------------------
Kevin Lynn Thurmon and Susan Jane Thurmon ask the U.S. Bankruptcy
Court for the Western District of Missouri to authorize the private
sale of the real property located at Highway 13 and Osborn Road in
Higginsville, Missouri to Mahnken Farms, LLC, for $700,000.
On Nov. 2, 2020, the Debtors filed their Subchapter V Plan. A
provision of the Plan called for the Debtors to sell the Farmland
upon which 74 acres of corn are planted and harvested yearly. As
detailed in the Plan, the Farmland is secured to Dollar Signs, Inc.
The Debtors have a contract for sale on the Farmland to sell it to
the Buyer for a purchase price of $700,000. Upon approval, the
entire Purchase Price would be paid to Dollar Signs and would be
applied to its debt. Dollar Signs has agreed to release its liens
on the Farmland upon completion of the sale. The sale will be free
and clear of all liens, claim, interests and encumbrances, with
such liens, claims, interests and encumbrances to attach to the
proceeds of the sale of the assets.
The sale would satisfy the Class 4 Claims outlined in the Plan. No
creditors will be harmed by granting the relief sought in the
Motion. Approving the sale will allow the Debtors to begin
implementation of their Plan.
The Debtors ask that the Court approves their proposed sale of the
Farmland through private sale to the Buyer. Pursuant to Bankruptcy
Rule 6004(f)(1), sale of property outside the ordinary course of
business may be by private sale or auction. Cause exists to sell
the Farmland through private sale. The Debtors believe the
proposed sale enables them to obtain the highest possible value for
the Farmland.
Kevin Lynn Thurmon and Susan Jane Thurmon sought Chapter 11
protection (Bankr. W.D. Mo. Case No. 20-41400) on Aug. 3, 2020.
The Debtors tapped Bradley D. McCormack, Esq., and Michael J.
Wambolt, Esq., at The Sader Law Firm, as counsel.
KINSER GROUP: FFB's $4.765M Claim Has 2 Options Under Plan
----------------------------------------------------------
Kinser Group LLC submitted a First Amended Disclosure Statement
regarding its Second Amended Plan of Reorganization.
The Class 3: First Financial Bank Secured Claim will be treated as
follows:
Option 1: FFB Does Not Make a Section 1111(b)(2) Election. If FFB
does not make a Section 1111(b)(2) Election, FFB's treatment under
this Plan will be in accordance with either Section 3(a)(i) or
Section 3(a)(ii) below, at FFB's election:
i. Retain Both Hotels. In full and final satisfaction of the FFB
Secured Claim, the FFB Secured Claim will be allowed in the amount
of $4,765,000 (or such other amount determined by the Court) and
the Reorganized Debtor will pay the FFB Secured Claim as follows:
a. The principal amount of $4,765,000 or such other amount
determined by the Court;
b. Interest will accrue on the principal amount from the
Effective Date until paid in full at the rate of 4.25% per annum;
c. The Reorganized Debtor will make payments to FFB as
follows:
1. beginning on the Claim Payment Date and continuing on the
same day for 23 consecutive months thereafter, interest only
payments will be paid by the Reorganized Debtor to FFB.
2. thereafter, on the same day of each month for 83
additional consecutive months, the Reorganized Debtor will make
principal and interest payments calculated based on a 30 year
principal and interest amortization schedule, and
3. all outstanding principal and interest will be due on the
date that is 108 months after the first payment was due.
d. The Reorganized Debtor will be entitled to prepay the FFB
Secured Claim at any time without penalty.
e. Notwithstanding anything in the FFB Loan Documents to the
contrary: (i) the Reorganized Debtor will not be obligated to
satisfy any financial covenants, including any loan-to-value ratio,
debt service coverage ratio, debt yield maintenance formula,
debt-to-equity ratio, net worth covenant, or other similar
covenants, (ii) the Reorganized Debtor's insolvency will not be an
event of default, and/or (iii) FFB will not be entitled to call an
event of default based on FFB deeming itself insecure or claiming a
"material decline in the value" of its collateral.
f. Notwithstanding anything in the FFB Loan Documents to the
contrary, the Reorganized Debtor will maintain its own reserve
accounts for furniture, fixtures, equipment, and capital
expenditures, in accordance with this Plan and the Projections.
g. The FFB Secured Claim will continue to be secured by the
same Collateral that validly secured the Debtor's obligations to
FFB as of the Petition Date under applicable law. Notwithstanding
anything to the contrary in the FFB Loan Documents, upon the
Reorganized Debtor's failure to make any payment to FFB in
accordance with the above payment schedule, and such failure
continues for more than 10 days after the Reorganized Debtor's
receipt of written notice from FFB of such failure, then FFB will
be entitled to enforce its rights and remedies in its Collateral in
accordance with applicable law and equity.
h. If the Total FFB Claim exceeds the FFB Secured Claim, any
such deficiency balance will be treated as an Allowed General
Unsecured Claim and included within Class 5.
ii. Surrender Holiday Inn Property. The Reorganized Debtor will
surrender the Holiday Inn Property to FFB on the Effective Date
pursuant to a deed in lieu of foreclosure in exchange for a
$5,200,000 credit against the amount of the Total FFB Claim. In
full and final satisfaction of the FFB Secured Claim (which will
pertain only to the Comfort Inn Property after the Holiday Inn
Property is surrendered), the FFB Secured Claim will be allowed in
the amount of $1,755,000.00 (or such other amount determined by the
Court) and the Reorganized Debtor will pay the FFB Secured Claim as
follows:
-- The principal amount of $1,755,000 or such other amount
determined by the Court;
-- Interest will accrue on the principal amount from the
Effective Date until paid in full at the rate of 4.25% per annum;
-- The Reorganized Debtor will be entitled to prepay the FFB
Secured Claim at any time without penalty.
-- The FFB Secured Claim will continue to be secured by the
same Collateral that validly secured the Debtor's obligations to
FFB as of the Petition Date under applicable law, except for any
Collateral that was returned to FFB under this Section 3(a)(ii).
-- If the Total FFB Claim exceeds the allowed amount of the FFB
Secured Claim, any such deficiency balance will be treated as an
Allowed General Unsecured Claim and included within Class 5.
Option 2: FFB Makes a Section 1111(b)(2) Election. If, and only
if, FFB timely makes a Section 1111(b)(2) Election, then the FFB
Secured Claim will be allowed in the amount of the Total FFB Claim.
The value of FFB's Collateral will be set at $4,765,000 or such
other amount determined by the Court (the "Collateral Value
Amount"). In full and final satisfaction of the Allowed FFB
Secured Claim, the Reorganized Debtor will make payments to FFB as
follows:(a) beginning on the first day of the calendar month that
is at least 30 days after the Effective Date and continuing on the
same day for 239 consecutive months thereafter, payments will be
paid by the Reorganized Debtor at calculated by multiplying 4.25%
per annum against the Collateral Value Amount, and (b) the
remaining amount of the Allowed FFB Secured Claim (i.e., the amount
of the Allowed FFB Secured Claim less the aggregate amount of all
payments made by the Reorganized Debtor) will be due: (x) on the
date that is 240 months after the Effective Date, or (y) the date
the Hotels are sold to third party. The FFB Allowed Secured Claim
will be reduced dollar-for-dollar for every payment received from
the Reorganized Debtor, regardless of whether such payment is
characterized as principal, interest, or otherwise. If the
Reorganized Debtor determines to sell one of the Hotels and FFB has
made the Section 1111(b)(2) Election, FFB and the Reorganized
Debtor will mutually agree on a release price, but in no event will
such release price be greater than the then fair market value of
the Hotel being sold, as established by a licensed appraiser agreed
upon by FFB and the Reorganized Debtor. If FFB and the Reorganized
Debtor cannot agree upon a licensed appraiser within 10 days of
written request by the Reorganized Debtor, then FFB and the
Reorganized Debtor will each select an appraiser, and then those
two appraisers will jointly designate (within 10 days of their
selections) a third appraiser to conduct the appraisal.
Class 5 consists of all Claims that are General Unsecured Claims.
In full and final satisfaction of each Allowed General Unsecured
Claim, the holder of such Allowed General Unsecured Claim will be
paid a Pro Rata Share of each of the Creditor Fund Payments. Class
5 Claims are impaired and the holders of such Claims are entitled
to vote on the Plan.
Class 6 consists of any Interests in the Debtor. The Holders of
Class 6 Interest will retain their Interests in the Reorganized
Debtor. Class 6 Interests are not impaired.
A full-text copy of the Disclosure Statement dated Oct. 8, 2020, is
available at https://tinyurl.com/yxml365f from PacerMonitor.com at
no charge.
A full-text copy of the First Amended Disclosure Statement dated
November 9, 2020, is available at https://tinyurl.com/yycpumux from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Isaac M. Gabriel, Esq.
Hannah R. Torres, Esq.
Michael Galen
Quarles & Brady LLP
Renaissance One
Two North Central Avenue
Phoenix, Arizona 85004-2391
TELEPHONE 602.229.5200
E-mail: isaac.gabriel@quarles.com
hannah.torres@quarles.com
michael.galen@quarles.com
About Kinser Group LLC
Kinser Group LLC is in the hotels and motels business. Kinser Group
LLC filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 20-09355) on Aug. 14,
2020. In the petition signed by Kenneth L. Edwards, manager, the
Debtor was estimated to have $1 million to $10 million in both
assets and liabilities. Isaac M. Gabriel, Esq., at QUARLES & BRADY
LLP, represents the Debtor.
KINSER GROUP: Holiday Hospitality Objects to Disclosure Statement
-----------------------------------------------------------------
Holiday Hospitality Franchising, LLC ("HHF") objects to the
Disclosure Statement Regarding First Amended Plan of Reorganization
for Kinser Group LLC.
HHF submits such items during its normal billing cycle, and the
Disclosure Statement should disclose, and the Plan should provide,
that HHF is permitted to continue to submit invoices to the Debtor
and be paid in the ordinary course regardless of the Administrative
Claims Bar Date.
HHF has not consented to the Debtor's assumption of the License
Agreement, and will not consent unless all fees, including unpaid
pre-petition franchise fees and all attorney's fees, are paid in
full. Because the License Agreement cannot be assigned without
consent, it also cannot be assumed without consent.
HHF claims that the Disclosure Statement and proposed Plan should
be amended to explicitly provide that the License Agreement is not
included with any property that the Debtor may transfer in
connection with the option in Section 4.3.2(ii) of the Plan.
HHF asserts that the Plan should also provide that to the extent
the Debtor inadvertently fails to assume an agreement or agreements
which it is required to maintain under the License, that such
failure shall not prevent HHF, after the assumption of the License,
from enforcing the provisions of the License which require the
maintenance of such agreement(s) by the Debtor.
HHF further asserts that the Disclosure Statement should disclose,
and the Plan should unambiguously provide, that the rights of HHF
under the guaranty is not being and cannot be altered or enjoined,
and there is no exculpation for the guarantors regarding the
License Agreement.
A full-text copy of the Holiday Hospitality's objection to the
Disclosure Statement dated November 3, 2020, is available at
https://tinyurl.com/y2eh6qj4 from PacerMonitor at no charge.
Attorneys for Holiday Hospitality:
Leib M. Lerner
Douglas J. Harris
ALSTON & BIRD LLP
333 South Hope Street, Sixteenth Floor
Los Angeles, California 90071
Telephone: (213) 576-1000
Facsimile: (213) 576-1100
E-mail: leib.lerner@alston.com
E-mail: douglas.harris@alston.com
John R. Worth
FORRESTER & WORTH, PLLC
2800 N Central Ave Suite 1200
Phoenix, AZ 85004
Telephone: (602) 258-2728
Facsimile: (602) 271-4300
E-mail: jrw@forresterandworth.com
About Kinser Group LLC
Kinser Group LLC is in the hotels and motels business.
Kinser Group LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-09355) on Aug. 14, 2020. In the petition signed by Kenneth L.
Edwards, manager, the Debtor was estimated to have $1 million to
$10 million in both assets and liabilities. Isaac M. Gabriel,
Esq., at QUARLES & BRADY LLP, represents the Debtor.
KINSER GROUP: Jan. 4, 2021 Plan Confirmation Hearing Set
--------------------------------------------------------
On November 10, 2020, the U.S. Bankruptcy Court for the District of
Arizona held a hearing concerning the Disclosure Statement
Regarding First Amended Plan of Reorganization for Debtor Kinser
Group LLC.
On November 13, 2020, Judge Daniel P. Collins approved the Second
Amended Disclosure Statement and ordered that:
* The Debtor is hereby to make non-material changes to the Second
Amended Disclosure Statement and the Third Amended Plan in response
to issues raised by interested parties without affecting this Order
and without having to obtain any further order of the Court.
* First Financial Bank shall have an extension to make its §
1111(b) Election to the date that is 14 calendar days after the
Court issues its ruling on the Debtor's Motion To Determine Secured
Claim, and such election shall be in writing and filed on the
docket.
* December 23, 2020 is fixed as the last day to file objections to
confirmation of the Third Amended Plan.
* December 10, 2020, at 5:00 p.m. is fixed as the last day by which
Ballots must be received by counsel for the Debtor.
* January 4, 2021, 2020 at 11:00 a.m., via videoconference is the
initial Confirmation Hearing to consider confirmation of the Third
Amended Plan.
A full-text copy of the order dated November 13, 2020, is available
at https://tinyurl.com/yyakv62z from PacerMonitor.com at no charge.
About Kinser Group LLC
Kinser Group LLC is in the hotels and motels business.
Kinser Group LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-09355) on Aug. 14, 2020. In the petition signed by Kenneth L.
Edwards, manager, the Debtor was estimated to have $1 million to
$10 million in both assets and liabilities. Isaac M. Gabriel,
Esq., at QUARLES & BRADY LLP, represents the Debtor.
LANNETT CO: S&P Affirms 'B-' Issuer Credit Rating; Outlook Negative
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
generic pharmaceutical manufacturer Lannett Co. Inc and its 'B'
issue-level rating on the company's senior secured facility.
The outlook is negative, reflecting downside risk to S&P's base
case scenario for improved performance and adequate debt service
cost coverage in the second half of the fiscal year.
Although Lannett paid off its term loan A, which matured this
month, reducing interest expense and eliminating financial
maintenance covenants, S&P expects the reduction in balance sheet
cash and substantial annual amortization on the term loan B (about
$39 million), to absorb the bulk of the company's free cash flow.
This and the 2022 maturity of the term loan B continue to constrain
the company's financial flexibility.
S&P said, "Operating performance was weaker than expected in the
first quarter, but we expect some improvement in the second half of
the fiscal year. Gross margins declined substantially in the first
quarter due to the expected competition to top product fluphenazine
(18% of 2020 revenue). Lannett faces heavy pricing pressure across
most of its product portfolio, which should keep margins depressed
through the second quarter as well. In the second half of fiscal
2021, we expect improved product mix from recent and near-term
launches (including Levothyroxine capsules) to contribute to margin
recovery and support moderate free cash generation, in line with
Lannett's reiterated full year guidance. Looking beyond 2021
(June), we believe Lannett's pipeline includes several potentially
significant growth drivers, including generic Advair and biosimilar
insulin glargine. However, the company has indicated that it views
gross margins in the low 30% area as realistic and sustainable
going forward, in contrast with historical margins exceeding 40%."
The negative outlook reflects uncertainty around Lannett's ability
to increase revenue, margins, and cash flow sufficiently to cover
debt service requirements and support refinancing of the
outstanding debt. This is compounded by S&P's ongoing expectation
for pricing pressure in the generic pharmaceutical market.
S&P said, "We could consider a lower rating if Lannett were unable
to improve operating performance as expected in the second half of
fiscal 2021 and free cash flow did not adequately cover debt
service requirements. This could lead us to conclude that the
capital structure is unsustainable and undermine the company's
ability to refinance ahead of the large 2022 maturity."
"We could consider revising the outlook to stable if Lannett
successfully refinanced its capital structure or increased cash
flow to cover debt service requirements or if liquidity became less
constrained."
MANZANA CAPITAL: Urban Buying San Diego Property for $900K
----------------------------------------------------------
Manzana Capital, Inc., asks the U.S. Bankruptcy Court for the
Southern District of California to authorize the sale of the real
property located at 2504 C Street, San Diego, California to Urban
California Real Estate, Inc. for $900,000, subject to overbid.
The salient terms of the sale are:
a. Close of escrow will be on or before 28 days after entry of
a final order of the Court approving the sale; however, if a stay
pending appeal has been issued prior to close of escrow, then
Seller at his sole discretion exercised in good faith can terminate
the escrow without any liability to the Buyer and its deposit is
refundable. Additionally, at its option (1) the Buyer may
terminate the escrow, or (2) the Buyer may choose to wait and allow
escrow to remain open until either Buyer wishes to terminate the
escrow or until seven business days after the stay is lifted or
otherwise is terminated.
b. The Buyer has provided a $25,000 deposit.
c. The Buyer has provided proof of funds on deposit as well as
a statement that those funds will be remain on deposit until the
close of escrow.
d. Title to the Real Property will be transferred by a grant
deed.
e. Real Property will be sold free and clear of liens,
encumbrances and interests with the liens of secured creditor Diane
J. Milberg DDS 401K Plan to be paid through escrow -- all other
liens or encumbrances will attach to the sale proceeds in order of
their validity, priority, enforceability and amount; however the
Real Property will be sold subject to all easements, covenants,
conditions, rents, and other matters, whether of record or not, as
of the date of the close of escrow with the exception of any
purported rights of persons currently occupying the Real Property.
f. There will be no broker fees.
g. The sale is subject to overbid with the initial increment
of $45,000 and thereafter $10,000 increments. Any party/person
interested in overbidding in an all cash offer must by 10:00 a.m.
on Dec. 1, 2020, email the Debtor's counsel Daniel Masters, at
masters@lawyer.com, a copy of a $25,000 cashier's check payable to
a duly licensed escrow company; proof of funds on deposit in an
amount sufficient to consummate the sale; and a statement that they
are interested in overbidding and the funds on deposit will remain
on deposit until the close of escrow. Overbidders requiring
financing must by the same date and time send an email to the
Debtor's counsel Daniel Masters at masters@lawyer.com with a copy
of a $25,000 cashier's check payable to a duly licensed escrow
company and a letter from a financial institution demonstrating
that the interested party has prequalified for a loan in an amount
up to and exceeding its overbid. Qualified bidders must attend the
hearing on Dec. 3, 2020 at 2:00 p.m. by dialing Judge Adler's
courtroom at (866) 434-5269 access code 8111598.
h. The Buyer will take possession of the Real Property with
whatever personal property remains in it at the time of the close
of escrow and must discuss disposition of the personal property
with the Debtor's counsel.
i. If the successful bidder is unable to perform then, the
Debtor has the authority to offer the Real Property to the next
highest bidder without further notice to creditors.
From the close of escrow and subject to submittal of a verification
and demands from creditors, the following liens, and encumbrances
will be paid: (i) secured claims of Diane J. Milberg DDS 401K Plan
- approximately $638,728; (ii) closing Costs to be determined; and
(iii) Property Taxes to be determined.
Regarding the stay of the sale pursuant to FRBP Rule 6004(h),
interest on the secured debt accrues in the approximate amount of
$171/day. Accordingly, the Debtor respectfully asks a waiver of
the 14-day stay in FRBP Rule 6004(h) in order to avoid incurring
additional interest charges.
A hearing on the Motion is set for Dec. 3, 2020 at 2:00 p.m.
A copy of the Offer is available at https://tinyurl.com/y2joc7pv
from PacerMonitor.com free of charge.
About Manzana Capital
Manzana Capital, Inc., filed a Chapter 11 bankruptcy petition
Bankr. S.D. Cal. Case No. 20-04045) on Aug. 10, 2020, disclosing
under $1 million in both assets and liabilities. Daniel Masters,
Esq., is the Debtor's legal counsel.
MARINA MILE: Dec. 2 Plan & Disclosures Hearing Set
--------------------------------------------------
On Oct. 13, 2020, debtor Marina Mile Tank Cleaning, Inc., filed
with the U.S. Bankruptcy Court for the Southern District of Florida
a Disclosure Statement with respect to Chapter 11 Plan.
On Oct. 29, 2020, Judge Scott M. Grossman ordered that:
* Dec. 2, 2020 at 1.30 p.m. in the United States Bankruptcy
Court, 299 E. Broward Blvd., Room, Fort Lauderdale, Fl 33301 is the
hearing on approval of the disclosure statement and confirmation of
the plan.
* Nov. 24, 2020 is fixed as the last day for filing written
acceptances or rejections of the plan.
* Nov. 27, 2020 is fixed as the last day for filing and serving
written objections to the disclosure statement and confirmation of
the plan.
* Nov. 19, 2020 is fixed as the last day for filing objections
to claims.
A full-text copy of the order dated October 29, 2020, is available
at https://tinyurl.com/y3jaxgua from PacerMonitor.com at no
charge.
About Marina Mile Tank Cleaning
Marina Mile Tank Cleaning, Inc. --
http://marinepressurecleaning.com/-- offers marine yacht, boat,
and luxury liner pressure cleaning services.
Marina Mile Tank Cleaning filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-17376) on July 6, 2020. The petition was signed by Dwayne
Sands, president. At the time of filing, the Debtor was estimated
to have up to $50,000 in assets and $1 million to $10 million in
liabilities. Elias Leonard Dsouza, Esq. at ELIAS LEONARD DSOUZA, PA
represents the Debtor as counsel.
MARINA MILE: Unsecureds to Get $1,000 Per Quarter Over 5 Years
--------------------------------------------------------------
Marina Mile Tank Cleaning, Inc. filed with the U.S. Bankruptcy
Court for the Southern District of Florida, Fort Lauderdale
Division, a Disclosure Statement in support of Chapter 11 Plan of
Reorganization on October 13, 2020.
The Internal Revenue Service has filed a Claim # 2 for Priority
Unsecured Claim in the amount of $24,356.43 for estimated FICA
taxes since 9/2014, however, Debtor leases his employees through a
leasing company, and therefore believes that these taxes are not
owed as filed by the Internal Revenue Service. Debtor will object
to this Claim.
Class IV consists of Allowed General Unsecured Claims. Each holder
of an Allowed General Unsecured Claim shall receive, in full and
final satisfaction of their respective claims, a Pro Rata share of
$1,000 per quarter for payments one through 20 to be paid from the
New Value payment of the Debtor, pursuant to the payment schedule
established in Debtor's Disclosure Statement Payment shall commence
upon the latter of the Effective Date or the date on which an order
approving payment of such Allowed Unsecured Claim becomes a Final
Order and be paid according to the following schedule. The
liquidation value of the assets of the Debtor totaled $13,500.
Debtor will not pay less than $20,000 to unsecured creditors over 5
years.
On the Effective Date, all property of the Debtor's Estate,
including all real and personal property interests, shall vest in
the Debtor. Funds to be used to make cash payments under the Plan
shall derive from income generated from on going marine services
provides by the Debtor.
A full-text copy of the first disclosure statement dated October
13, 2020, is available at https://tinyurl.com/yxseqpud from
PacerMonitor.com at no charge.
Attorney for the Debtor:
D&S LAW GROUP, P.A.
8751 W. Broward Blvd.
Suite 301
Plantation, Florida 33324
Telephone: (954) 358-5911
Facsimile: (954) 357-2267
Email: dtdlaw@aol.com
Web site: http://www.DsouzaLegal.com/
Elias Leonard Dsouza, Esq.
About Marina Mile Tank Cleaning
Marina Mile Tank Cleaning, Inc. --
http://marinepressurecleaning.com/-- offers marine yacht, boat,
and luxury liner pressure cleaning services. Marina Mile Tank
Cleaning filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-17376) on July
6, 2020. The petition was signed by Dwayne Sands, president. At the
time of filing, the Debtor was estimated to have up to $50,000 in
assets and $1 million to $10 million in liabilities. Elias Leonard
Dsouza, Esq. at ELIAS LEONARD DSOUZA, PA represents the Debtor as
counsel.
MID-ATLANTIC SYSTEMS: Gets OK to Hire Kerry Pae as Auctioneer
-------------------------------------------------------------
Mid-Atlantic Systems of CPA, Inc. and its affiliates received
approval from the U.S. Bankruptcy Court for the Middle District of
Pennsylvania to hire Kerry Pae Auctioneers to market for sale its
personal property.
The firm will charge a commission of 10 percent of the sale price,
plus a maximum of $800 for advertising and marketing costs and
towing fees for transporting vehicles to the auction venue.
Ryan Groff, an auctioneer at Kerry Pae, disclosed in court filings
that the firm is a disinterested person within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ryan Groff
Kerry Pae Auctioneers
515 W Chocolate Avenue
Hershey, PA 17033
Phone: 717 489 3030
Email: laneryanacutions@gmail.com
About Mid-Atlantic Systems of CPA Inc.
Newark, Del.-based Mid-Atlantic Systems of DPN, Inc. and its
affiliates are waterproofing companies that specialize in
correcting wet and damp basements and structural damage. They
offer basement waterproofing, foundation repair, concrete repair,
structural repair, radon detection and remediation, among other
services.
On July 20, 2020, Mid-Atlantic Systems and its affiliates sought
Chapter 11 protection (Bankr. M.D. Pa. Lead Case No. 20-02177). In
its petition, Mid-Atlantic Systems was estimated to have up to
$50,000 in assets and $100,000 to $500,000 in liabilities. Charles
Levine, a director at Mid-Atlantic Systems, signed the petition.
Judge Henry W. Van Eck presides over the case. Cunningham
Chernicoff & Warshawsky, P.C. serves as the Debtor's bankruptcy
counsel.
MIDWEST M & D: Seeks to Hire Rafool & Bourne as Bankruptcy Counsel
------------------------------------------------------------------
Midwest M & D Services, Inc. seeks authority from the U.S.
Bankruptcy Court for the Central District of Illinois to hire
Rafool & Bourne, P.C. as its bankruptcy counsel.
The services that Rafool & Bourne will render are:
(a) give Debtor legal advice with respect to its rights,
powers and duties in the administration of its bankruptcy estate
and the disposition of its property;
(b) take necessary actions with respect to claims that may be
asserted against the Debtor and property of its estate;
(c) prepare legal documents;
(d) represent the Debtor with respect to inquiries and
negotiations concerning creditors of its estate and property;
(e) initiate, defend or otherwise participate in all
proceedings before the bankruptcy court or any other court of
competent jurisdiction; and
(f) perform other legal services in connection with the
Debtor's Chapter 11 case.
Rafool & Bourne will charge $250 per hour for its services. The
firm received $15,500 as security retainer from the Debtor.
Rafool & Bourne is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Sumner A. Bourne, Esq.
Rafool & Bourne, P.C.
411 Hamilton Blvd, Suite 1600
Peoria, IL 61602
Telephone: (309) 673-5535
Facsimile: (309) 673-5537
Email: notices@rafoolbourne.com
About Midwest M & D Services Inc.
Midwest M & D Services, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Ill.
Case No. 20-81102) on Nov. 2, 2020. At the time of filing, the
Debtor estimated $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Thomas L. Perkins oversees the case. Sumner A. Bourne, Esq.,
at Rafool & Bourne, P.C. serves as the Debtor's legal counsel.
MOUNT MORRIS: Combined Plan & Disclosure Confirmed by Judge
-----------------------------------------------------------
Judge Joel Applebaum of the U.S. Bankruptcy Court for the Eastern
District of Michigan, Southern Division - Flint, has entered an
order confirming the Combined Modified Plan and Disclosure
Statement of Mount Morris Mobile Home Park, LLC.
No creditor or party in interest at the Confirmation Hearing raised
any objection to confirmation of the Plan or to final approval of
the Disclosure Statement.
The Plan satisfies and complies with each of the elements necessary
for confirmation under Sec. 1129(a) of the Bankruptcy Code or, in
the alternative, complies with each of the elements necessary for
confirmation under Sec. 1129(b) of the Bankruptcy Code.
The modifications do not adversely affect the Claim of any Creditor
in the Bankruptcy Case.
A full-text copy of the order dated October 6, 2020, is available
at https://tinyurl.com/y58efrel from PacerMonitor at no charge.
About Mount Morris Mobile Home Park
Mount Morris Mobile Home Park, LLC, a company that operates a
mobile home park in Genesee Township, Mich., filed a Chapter 11
bankruptcy petition (Bankr. E.D. Mich. Case No. 20-30939) on May 3,
2020. At the time of the filing, Debtor had estimated assets of
less than $50,000 and liabilities of between $500,001 and $1
million.
Judge Joel D. Applebaum oversees the case.
Simen Figura & Parker, PLC is Debtor's legal counsel.
NATIONAL TRACTOR: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: National Tractor Parts, Inc.
12127A Galena Rd.
Plano, IL 60545
Business Description: National Tractor Parts, Inc. --
https://www.ntparts.com -- is a family owned
business in the heavy equipment parts
industry.
Chapter 11 Petition Date: November 30, 2020
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 20-20833
Judge: Hon. David D. Cleary
Debtor's Counsel: Richard G. Larsen, Esq.
SPRINGER BROWN, LLC
300 S. County Farm Road
Suite I
Wheaton, IL 60187
Tel: 630-510-0000
Fax: 630-510-0004
Email: rlarsen@springerbrown.com
Total Assets: $1,844,491
Total Liabilities: $3,098,844
The petition was signed by Charles H. Gunier Jr., president.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/BWXBIQA/National_Tractor_Parts_Inc__ilnbke-20-20833__0001.0.pdf?mcid=tGE4TAMA
NEUMEDICINES INC: NantKwest & Brink Objects to Sale of All Assets
-----------------------------------------------------------------
NantKwest, Inc. and Brink Biologics, Inc., filed with the U.S.
Bankruptcy Court for the Central District of California their
limited objection and reservation of rights to Neumedicines, Inc.'s
bidding procedures in connection with the auction sale of
substantially all assets.
On Oct. 13, 2020, NantKwest and Brink filed a motion to submit the
Limited Objection to the Bidding Procedures Motion under seal
explaining that the Debtor asserted that the information contained
in the Limited Objection is confidential. The next day, the Court
granted the motion to seal, and NantKwest and Brink proceeded to
file the Limited Objection under seal.
On Oct. 22, 2020, the counsel for the Debtor informed NantKwest and
Brink that the Debtor waives its assertion of confidentiality with
respect to the Limited Objection and as such, the Limited Objection
may be filed publicly on the docket. Accordingly, NantKwest and
Brink filed their unredacted Limited Objection (Exhibit A).
Neumedicines's principal asset is a compound known as
Interleukin-12 ("IL-12") currently in evaluation in FDA authorized
clinical trials with the intent of securing FDA regulatory approval
for commercialization. Neumedicines is using a cell line known as
NK-92.MI to evaluate the efficacy and potency of their IL-12
clinical product as part of their batch release testing.
NK-92 and its variants such as NK-92.MI were developed by
NantKwest, which exclusively licensed non-therapeutic laboratory
testing rights to its NK-92 cells to Brink. NK-92 cell lines were
deposited by Nantkwest at the non-profit agency, American Type
Culture Collection ("ATCC") and ATCC has been authorized by the
rights holders to make NK-92 cells available to the scientific
research community solely for non-commercial research purposes.
Moreover, Neumedicines claims to have obtained the NK-92.MI cells
from ATCC that it is using in its production of IL-12 clinical
product.
Therefore, it appears that Neumedicines does not have the right to
use NK-92 cells in its business, including in connection with
seeking FDA approval of IL-12. Moreover, NantKwest and Brink may
have claims and other rights against Neumedicines and any successor
that continues to use NK-92 cells in connection with the
development, manufacture or FDA submission for approval of its
IL-12 product.
Any sale order must provide that all claims and rights that
NantKwest and Brink may have against any successor to Neumedicines,
including any purchaser or any of their assets are not affected in
any way by the entry of an order approving the sale of any or all
of the assets of Neumedicines.
And any sale order must prohibit the sale of any property of
NantKwest and Brink. In addition, NantKwest and Brink reserve
their rights to assert claims, including administrative claims,
against Neumedicines based upon or arising out of its
pre-bankruptcy and postpetition use of NK-92. NantKwest and Brink
respectfully reserve their rights in all respects.
A copy of the Exhibit A is available at
https://tinyurl.com/y6yyqhlx from PacerMonitor.com free of charge.
About Neumedicines Inc.
Neumedicines, Inc., is a clinical stage biopharmaceutical company
in Arcadia, Calif., which is engaged in the research and
development of HemaMax, recombinant human interleukin 12
(rHuIL-12), for the treatment of cancer in combination with
standard of care (SOC, radiotherapy, chemotherapy, or
immunotherapy) and Hematopoietic Syndrome of Acute Radiation
Syndrome (HSARS) as a monotherapy.
Visit https://www.neumedicines.com/ for more information.
Neumedicines filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
20-16475) on July 17, 2020. In the petition signed by Timothy
Gallaher, president, Debtor was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.
Judge Ernest M. Robles presides over the case.
The Debtor has tapped Weintraub & Seth, APC as its bankruptcy
counsel and Sheppard, Mullin, Richter & Hampton, LLP as its special
counsel.
NEW YORK OPTICAL: Seeks to Hire Special Counsel
-----------------------------------------------
New York Optical-International, Inc. seeks authority from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Alexander Duve, Esq., an attorney practicing in Berlin, Germany, as
its special counsel.
The firm will represent the Debtor in the pending German
proceedings and in any other German litigation or arbitration in
which the Debtor is a party.
Mr. Duve will charge $300 per hour for his services. The attorney
also requested a $5,000 retainer in order to undertake a response
to the German court's request that the Debtor post a bond in the
amount of EUR150,000 in order to continue with the German
proceedings.
Mr. Duve is disinterested as required by Section 327(a) of the
Bankruptcy Code, according to court filings.
Mr. Duve holds office at:
Alexander Duve Rechtsanwalt
Schutzenstrabe 44
12165 Berlin, Germany
Tel: +49(0)30 417 171 - 49
Fax: +49(0)30 417 171 - 50
Email: ad@buschduve-legal-de
About New York Optical-International
New York Optical-International, Inc. is a company that offers
optical products. It conducts business under the name Tuscany
Eyewear.
New York Optical-International sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-17961) on July
22, 2020. The petition was signed by New York
Optical-International President Wayne R. Goldman.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
Judge Scott M. Grossman oversees the case.
David W. Langley, Esq., is the Debtor's bankruptcy attorney while
Leto Law Firm and Alexander Duve, Esq., serve as the Debtor's
special counsel.
NOVABAY PHARMACEUTICALS: Signs Consulting Agreement with Eric Wu
----------------------------------------------------------------
In connection with the previously disclosed launch by NovaBay
Pharmaceuticals, Inc. of CelleRx Clinical Reset, on Nov. 17, 2020,
the Company entered into a consulting agreement with Mr. Eric Wu.
Pursuant to the Agreement, Mr. Wu will act as a consultant to the
Company in support of the CelleRx product re-launch as well as in
potential financings and other transaction opportunities. The term
of the Agreement is for 12 months.
As consideration for such services, the Company will grant Mr. Wu
options exercisable for 300,000 shares of the Company's common
stock under the Company's 2017 Omnibus Incentive Plan with an
exercise price equal to the Company's closing stock price on the
date of the grant and vesting on the one year anniversary of the
grant date. Mr. Wu is the partner and senior vice president of
China Kington Asset Management Co. Ltd., a company that has
partnered with the Company in several transactions over the years
as disclosed in the Company's filings with the Securities and
Exchange Commission, and the brother of Mr. Mijia (Bob) Wu, who
serves on the Company's Board of Directors.
About Novabay
Headquartered in Emeryville, California, NovaBay Pharmaceuticals,
Inc. -- http://www.novabay.com/-- is a biopharmaceutical company
focusing on commercializing and developing its non-antibiotic
anti-infective products to address the unmet therapeutic needs of
the global, topical anti-infective market with its two distinct
product categories: the NEUTROX family of products and the
AGANOCIDE compounds. The Neutrox family of products includes
AVENOVA for the eye care market, CELLERX for the aesthetic
dermatology market, and NEUTROPHASE for wound care market.
Novabay reported a net loss and comprehensive loss of $9.66 million
for the year ended Dec. 31, 2019, compared to a net loss and
comprehensive loss of $6.54 million for the year ended Dec. 31,
2018. As of Sept. 30, 2020, the Company had $17.08 million in
total assets, $3.20 million in total liabilities, and $13.88
million in total stockholders' equity.
OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 26, 2020 citing that the Company has experienced
operating losses for most of its history and expects expenses to
exceed revenues in 2020. The Company also has recurring negative
cash flows from operations and an accumulated deficit. All of
these matters raise substantial doubt about its ability to continue
as a going concern.
NS8 INC: Seeks to Hire Blank Rome as Co-Counsel
-----------------------------------------------
NS8 Inc. seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to hire Blank Rome LLP.
Blank Rome will serve as co-counsel with Cooley LLP, the other firm
handling the Debtor's Chapter 11 case.
Blank Rome will be paid at these rates:
Partners $510 to $1,550 per hour
Counsels $455 to $1,285 per hour
Associates $350 to $850 per hour
Paralegals $195 to $580 per hour
Clerks/Librarians $175 to $530 per hour
Stanley Tarr, Esq., a partner at Blank Rome, assured the court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estate.
Blank Rome can be reached at:
Stanley B. Tarr, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Tel: (302) 425-6400
Fax: (302) 425-6464
About NS8 Inc.
Las Vegas-based NS8 Inc. is a developer of a comprehensive fraud
prevention platform that combines behavioral analytics, real-time
scoring, and global monitoring to help businesses minimize risk.
Visit https://www.ns8.com for more information.
NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702)
on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the
chief restructuring officer.
The Debtor was estimated to have $10 million to $50 million in
assets and $100 million to $500 million in liabilities at the time
of the filing.
The Hon. Christopher S. Sontchi is the case judge.
The Debtor tapped Blank Rome LLP and Cooley LLP as its legal
counsel, and FTI Consulting Inc. as its financial advisor. Stretto
is the claims agent.
NS8 INC: Seeks to Hire Cooley LLP as Bankruptcy Counsel
-------------------------------------------------------
NS8 Inc. seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to hire Cooley LLP as its legal counsel.
The firm will provide these services:
(a) advise the Debtor of its rights, powers, and duties under
Chapter 11 of the Bankruptcy Code;
(b) prepare legal documents and review all financial and other
reports to be filed in the Debtor's Chapter 11 case;
(c) prepare responses to pleadings and other legal papers that
may be filed and served in the case;
(d) assist in the negotiation and documentation of financing
agreements and related transactions;
(e) review the nature and validity of any liens asserted
against the Debtor's property and advise the Debtor concerning the
enforceability of such liens;
(f) advise the Debtor regarding its ability to initiate
actions to collect and recover property;
(g) advise the Debtor in connection with any Chapter 11 plan;
(h) assist the Debtor in connection with any potential
property dispositions;
(i) advise the Debtor concerning the assumption, assignment
and rejection of executory contract and unexpired leases;
(j) assist the Debtor in reviewing, estimating and resolving
claims asserted against its estate;
(k) commence and conduct litigation to assert rights held by
the Debtor, protect assets of its estate or further the goal of
successfully confirming a Chapter 11 plan;
(l) provide corporate, employee benefit, litigation, tax and
other general non-bankruptcy services if requested by the Debtor;
and
(m) perform all other legal services in connection with the
case.
About NS8 Inc.
Las Vegas-based NS8 Inc. is a developer of a comprehensive fraud
prevention platform that combines behavioral analytics, real-time
scoring, and global monitoring to help businesses minimize risk.
Visit https://www.ns8.com for more information.
NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702)
on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the
chief restructuring officer.
The Debtor was estimated to have $10 million to $50 million in
assets and $100 million to $500 million in liabilities at the time
of the filing.
The Hon. Christopher S. Sontchi is the case judge.
The Debtor tapped Blank Rome LLP and Cooley LLP as its legal
counsel, and FTI Consulting Inc. as its financial advisor. Stretto
is the claims agent.
NS8 INC: Seeks to Hire Stretto as Administrative Advisor
--------------------------------------------------------
NS8 Inc. seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to hire Stretto as its administrative
advisor.
The firm will render the following services:
a. assist with claims management and reconciliation, plan
solicitation, balloting, disbursements and tabulation of votes, and
prepare any related reports;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. provide a confidential data room, if requested;
e. manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
f. provide other processing, solicitation, balloting and other
administrative services.
The Debtors have agreed to make an advance payment in the amount of
$25,000 for the firm's services.
Sheryl Betance, managing director at Stretto, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto
410 Exchange, Ste. 100
Irvine, CA 92606
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About NS8 Inc.
Las Vegas-based NS8 Inc. is a developer of a comprehensive fraud
prevention platform that combines behavioral analytics, real-time
scoring, and global monitoring to help businesses minimize risk.
Visit https://www.ns8.com for more information.
NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702)
on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the
chief restructuring officer.
The Debtor was estimated to have $10 million to $50 million in
assets and $100 million to $500 million in liabilities at the time
of the filing.
The Hon. Christopher S. Sontchi is the case judge.
The Debtor tapped Blank Rome LLP and Cooley LLP as its legal
counsel, and FTI Consulting Inc. as its financial advisor. Stretto
is the claims agent.
NS8 INC: Taps FTI Consulting, Appoints Restructuring Officers
-------------------------------------------------------------
NS8 Inc. seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to hire FTI Consulting, Inc. and designate
Daniel Wikel and Lee Sweigart as chief restructuring officer and
deputy chief restructuring officer, respectively.
The services to be performed by the FTI professionals are:
(a) Reviewing all practical strategic options with the
Debtor's Board of Directors, legal counsel and the management team,
including:
i. Preparing for an orderly bankruptcy process;
ii. Commencing an orderly wind-down of the Debtor's
business and related assets;
(b) Assisting the Debtor and its professional advisors in the
refinement and further development of a business, litigation and
asset recovery plan;
(c) Administering the Debtor's Chapter 11 case in an orderly
manner, including, but not limited to, the following:
i. Implementing accounting cut-off procedure as of the
petition date;
ii. Supporting procedures and information requests from
the Office of the United States Trustee for the District of
Delaware;
iii. Perpetuating the monthly financing reporting process
during the case, including the preparation and filing of monthly
operating reports;
iv. Preparing and filing statement of financial affairs
and schedules of assets and liabilities;
v. Preparing tax returns and adhering to other
regulatory reporting requirements;
(d) Maintaining and reviewing liquidity management and
assisting with future liquidity management, including, without
limitation, the development of a 13-week cash forecast or similar
model;
(e) Assisting with monetizing assets and cash recoveries and
fine tuning the preliminary recovery summary and detail workplan
with the assistance of Debtor's counsel;
(f) Securing and finalizing debtor-in-possession financing to
support the bankruptcy process and recovery plan;
(g) Exploring strategic options for the sale or other
disposition of the Debtor or portions of its business, including:
i. Assisting in marshalling and identifying company
collateral, value, asset or payment recoveries with supplier and
partner base;
ii. Working with existing interested parties or
identifying other potential buyers;
iii. Providing support and analysis related to potential
asset sales;
iv. Assisting the Debtor in pursuing various causes of
action that may be available to the estate;
(h) Assisting in developing and delivering updates to
customers, employees, suppliers, partners and other constituents;
and
(i) Providing other services requested by the Debtor.
FTI's current hourly rates are:
Senior Managing Directors $920 - $1,295
Managing Directors $825 - $905
Senior Directors $780 - $810
Directors $700 - $754
Senior Consultants $525 - $630
Consultants $380 - $440
Administrative/Paraprofessionals $150 - $280
Messrs. Wikel and Sweigart charge $920 per hour and $825 per hour,
respectively.
FTI does not hold any interest adverse to the Debtor's estate and
is a "disinterested person" as defined within Section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Daniel P. Wikel
Lee Sweigart
227 West Monroe Street, Suite 900
Chicago, IL, 60606
Tel: +1 312 759 8100
Fax: +1 312 759 8119
Email: dan.wikel@fticonsulting.com
lee.sweigart@fticonsulting.com
About NS8 Inc.
Las Vegas-based NS8 Inc. is a developer of a comprehensive fraud
prevention platform that combines behavioral analytics, real-time
scoring, and global monitoring to help businesses minimize risk.
Visit https://www.ns8.com for more information.
NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702)
on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the
chief restructuring officer.
The Debtor was estimated to have $10 million to $50 million in
assets and $100 million to $500 million in liabilities at the time
of the filing.
The Hon. Christopher S. Sontchi is the case judge.
The Debtor tapped Blank Rome LLP and Cooley LLP as its legal
counsel, and FTI Consulting Inc. as its financial advisor. Stretto
is the claims agent.
NTHRIVE INC: S&P Places 'CCC+' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'CCC+' issuer credit rating on
Alpharetta, Georgia-based nThrive Inc. on CreditWatch with positive
implications.
The CreditWatch placement reflects the company's disclosure that it
intends to repay all of its existing debt with proceeds from the
sale of its technology business, which would resolve near-term
liquidity issues. The company expects the sale to close in the
first quarter of 2021.
S&P plans to resolve the CreditWatch and reevaluate the issuer
credit rating which may include withdrawal of ratings after the
company has repaid its debt.
NUZEE INC: Receives $2.3 Million from Sale of Common Stock
----------------------------------------------------------
NuZee, Inc. sold 252,004 shares of the Company's common stock at
$9.14 per share, for an aggregate purchase price of approximately
$2.3 million. The Company intends to use the proceeds from the
Offering for working capital and general corporate purposes.
About Nuzee
NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company
and a single-serve pour-over coffee producer and co-packer. The
Company owns sophisticated packing equipment developed in Asia for
pour over coffee production and it believes its long-standing
experience with this equipment and associated pour over filters,
and its relationships with their manufacturers provide the Company
with an advantage over its North American competitors.
NuZee reported a net loss of $12.21 million for the year ended Dec.
31, 2019, compared to a net loss of $3.57 million for the year
ended Dec. 31, 2018. As of June 30, 2020, the Company had $8.57
million in total assets, $1.77 million in total liabilities, and
$6.79 million in total stockholders' equity.
MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
Dec. 24, 2019, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.
PAPPY'S TRUCKS: Newtek Objects to Disclosure Statement
------------------------------------------------------
Creditor Newtek Small Business Finance, Inc., objects to the
Disclosure Statement of debtor Pappy's Trucks Ltd.
Newtek points out that the Debtor provides little to no information
regarding the past financial operation of the Debtor's business and
the reason for the failure of the Debtor's business that led it to
have to file its chapter 11 case.
Newtek claims that the Debtor has not disclosed that several
creditors have obtained relief from the automatic stay and have, or
may, repossess its collateral depriving the Debtor of use of that
equipment.
Newtek states that the Debtor's description of Newtek's collateral
fails to provide adequate information to Newtek to evaluate its
claim. Not only has the Debtor failed to even provide a
description of the type of trucks that make up its collateral, it
doesn't even disclose the number of trucks nor the method of
valuation it used.
Newtek asserts that the Debtor has failed to adequately address the
absolute priority rule and describe the legal obligations of the
Debtor in a chapter 11 proceeding to conduct an auction for the
acquisition of the equity interest in the Debtor instead of merely
conveying the stock to Mud Makers.
Newtek further asserts that the Debtor has not provided adequate
information regarding how it will generate the revenue necessary to
service the debt to the secured creditors when the Debtor has
failed to do so over the last 12 months while in bankruptcy and
having the benefit of the automatic stay to avoid servicing its
debt.
A full-text copy of Newtek's objection dated November 6, 2020, is
available at https://tinyurl.com/yy5en5lj from PacerMonitor at no
charge.
Attorneys for Newtek:
QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER P.C.
2001 Bryan Street, Suite 1800
Dallas, Texas 75201
Tel: (214) 871-2100
Fax: (214) 871-2111
John Paul Stanford
About Pappy's Trucks Ltd.
Pappy's Trucks Ltd., a freight shipping and trucking company,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 19-33605) on Oct. 31, 2019. At the time of the
filing, the Debtor was estimated to have assets of between $1
million and $10 million and liabilities of the same range. The
case is assigned to Judge Stacey G. Jernigan. The Debtor tapped
Joyce W. Lindauer Attorney, PLLC, as its legal counsel.
PAPPY'S TRUCKS: Prosperity Bank Objects to Disclosure Statement
---------------------------------------------------------------
Secured creditor Prosperity Bank objects to the Disclosure
Statement of Debtor Pappy's Trucks Ltd.
Prosperity points out that the Disclosure Statement fails to
provide sufficient information regarding the circumstances that
gave rise to the filing of Debtor's petition. Debtor provides
little to no information about the operations of Debtor in the
months or recent years before filing of Debtor's petition.
Prosperity claims that the Debtor fails to disclose its defaults to
Prosperity under that certain Agreed Order for Adequate Protection
and Prosperity's filing of Notice of Termination of Stay after
Debtor's third default under the Doc 111 Agreed Order.
Prosperity asserts that the Disclosure Statement fails to provide
an adequate description of Prosperity's collateral, Prosperity's
liens against said collateral, and remaining secured balance owed.
Prosperity further asserts that the Debtor's Exhibit C to the
Disclosure Statement shows barely enough revenue to pay the
projected new monthly payments to secured creditors, and fails to
provide adequate information as to how it will generate sufficient
revenue, especially considering Debtor's inability to generate such
revenue during the twelve months while in bankruptcy.
Prosperity states that the Disclosure Statement fails to provide
adequate information regarding its alleged successor entity, Mud
Makers Ready Mix LLC or the consideration to be paid by Mud Makers
for their equity interest in Debtor.
Prosperity objects to the Disclosure Statement in that it fails to
include an adequate liquidation analysis and provides no basis for
the amounts or valuations they do state.
A full-text copy of Prosperity's objection to disclosure statement
dated November 6, 2020, is available at
https://tinyurl.com/y3lhvoea from PacerMonitor at no charge.
Attorney for Prosperity Bank:
H. CLINTON MILNER, PLLC
H. CLINTON MILNER
State Bar No. 14169500
P.O. Box 801031
Dallas, Texas 75380
Tel: (214) 342-0700
Fax: (214) 463-5339
E-mail: hcmilner@msn.com
About Pappy's Trucks Ltd.
Pappy's Trucks Ltd., a freight shipping and trucking company,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 19-33605) on Oct. 31, 2019. At the time of the
filing, the Debtor was estimated to have assets of between $1
million and $10 million and liabilities of the same range. The
case is assigned to Judge Stacey G. Jernigan. The Debtor tapped
Joyce W. Lindauer Attorney, PLLC, as its legal counsel.
PAPPY'S TRUCKS: Unsecured Creditors to Recover 2.6% in 5 Years
--------------------------------------------------------------
Pappy's Trucks, Ltd., filed with the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, a Disclosure Statement
for Plan of Reorganization on September 29, 2020.
The Plan proposes to pay all secured creditors in full on their
allowed secured claims and the unsecured creditors a 2.6% dividend,
and the Debtor believes that the creditors are receiving more than
they would receive in a Chapter 7 liquidation.
To the extent the Class 10 General Unsecured Claims are Allowed,
they shall be paid a total of $2,500.00 per month, to be
distributed pro rata among the Class 10 Claimants, payable in equal
monthly installments without interest for sixty (60) months,
beginning on the first day of the first month following the
Effective Date and continuing on the first day of each month
thereafter. The total of Claims in this class is estimated at
$5,650,051.84.
All Equity Interests in the Debtor shall be cancelled as of the
Effective Date, and new equity interests reflecting 100% ownership
of the Reorganized Debtor shall be issued to Mud Makers Ready Mix,
LLC. The Debtor's corporate records and equity ownership records
shall be amended to reflect this new ownership. However, Mud Makers
shall be deemed the 100% owner of the Debtor as of the Effective
Date regardless of whether the records are amended. In exchange for
its receipt of all equity interests in the Debtor, Mud Makers shall
operate the Debtor for the purpose of making sure that the
obligations of the Debtor as described in this Plan are performed.
The Plan will be funded by the Debtor through the income the Debtor
will earn through the continuation of the Debtor's business.
A full-text copy of the disclosure statement dated September 29,
2020, is available at https://tinyurl.com/y4brqboy from
PacerMonitor.com at no charge.
The Debtor is represented by:
Joyce W. Lindauer
Kerry S. Alleyne
Guy Holman
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, Texas 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About Pappy's Trucks Ltd.
Pappy's Trucks Ltd., a freight shipping and trucking company,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 19-33605) on Oct. 31, 2019. At the time of the
filing, the Debtor was estimated to have assets of between $1
million and $10 million and liabilities of the same range. The
case is assigned to Judge Stacey G. Jernigan. The Debtor tapped
Joyce W. Lindauer Attorney, PLLC, as its legal counsel.
PATRICK JAMES: Gets OK to Hire DeMera as Accountant
---------------------------------------------------
Patrick James, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire DeMera DeMera
Cameron, LLP as its accountant.
The services that the accountant will render are:
a. prepare financial statements and obtain limited assurance
as a basis for reporting;
b. prepare annual, federal and state income tax filings;
c. complete other non-core review accounting services as
requested by the Debtor relating to its Chapter 11 case.
DeMera will charge a flat fee of $20,000 for financial statements,
plus travel and out-of-pocket costs. The flat fee for federal and
state tax returns is $12,500.
The firm's hourly rates are:
Partners $265
Manager $190 - $220
Senior $130 - $160
Staff $100 - $120
Admin $75 - $90
DeMera is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Evin Edwards II, CPA
Demera Demera Cameron LLP
5080 N Fruit Ave # 101
Fresno, CA 93711
Phone: +1 559-226-9200 ext. 224
Fax: (559) 226-9209
Email: eedwards@ddccpa.com
About Patrick James
Patrick James, Inc. is Fresno, California-based retailer of men's
apparel. It offers sport shirts, trousers, sweaters, leather
jackets, activewear, footwear and accessories. Visit
https://patrickjames.com for more information.
Patrick James sought Chapter 11 protection (Bankr. E.D. Calif. Case
No. 20-13293) on Oct. 9, 2020. The Debtor was estimated to have
assets and liabilities of $1 million to $10 million at the time of
the filing.
The Hon. Jennifer E. Niemann is the case judge.
The Debtor tapped McCormick, Barstow, Sheppard, Wayte & Carruth,
LLP as its bankruptcy counsel, and Michael Bergthold of Stapleton
Group as its financial advisor.
PATRICK JAMES: Gets OK to Hire McCormick Barstow as Counsel
-----------------------------------------------------------
Patrick James, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire McCormick,
Barstow, Sheppard, Wayte & Carruth LLP as its counsel.
The firm will, among other things:
a. advise the Debtor concerning its duties in a Chapter 11
case;
b. assist in the formulation of a Chapter 11 plan, draft the
plan and disclosure statement, and prosecute legal proceedings to
seek confirmation of the plan; and
c. prepare and prosecute such pleadings as complaints to avoid
preferential transfers or transfers deemed fraudulent as to
creditors, and motions for authority to borrow money or sell
property.
McCormick received a pre-bankruptcy retainer of $116,363.60. The
firm estimates its fees at $200,000.
Hilton Ryder, Esq., at McCormick, assured the court that the firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
Mr. Ryder can be reached at:
Hagop T. Bedoyan, Esq.
Matthew P. Bunting, Esq.
McCormick, Barstow, Sheppard,
Wayte & Carruth LLP
7647 North Fresno Street
Fresno, CA 93720
Telephone: (559) 433-1300
Facsimile: (559) 433-2300
Email: hagop.bedoyan@mccormickbarstow.com
matthew.bunting@mccormickbarstow.com
About Patrick James
Patrick James, Inc. is Fresno, California-based retailer of men's
apparel. It offers sport shirts, trousers, sweaters, leather
jackets, activewear, footwear and accessories. Visit
https://patrickjames.com for more information.
Patrick James sought Chapter 11 protection (Bankr. E.D. Calif. Case
No. 20-13293) on Oct. 9, 2020. The Debtor was estimated to have
assets and liabilities of $1 million to $10 million at the time of
the filing.
The Hon. Jennifer E. Niemann is the case judge.
The Debtor tapped McCormick, Barstow, Sheppard, Wayte & Carruth,
LLP as its bankruptcy counsel, and Michael Bergthold of Stapleton
Group as its financial advisor.
PATRICK JAMES: Gets OK to Hire Stapleton Group as Financial Advisor
-------------------------------------------------------------------
Patrick James, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire Stapleton
Group, Inc. as its financial consultant.
The services that Stapleton Group will provide include:
a. reviewing cash flow, assets, leases and other financial and
operating information;
b. reviewing or preparing 13-week cash flow projections;
c. supporting the Debtor's chief financial officer as needed;
d. communicating directly with UMB Bank;
e. communicating with landlords and other creditors as
requested by Debtor;
f. assessing strategic alternatives and making recommendations
to Debtor.
g. other services as may be requested by the Debtor.
Stapleton's customary hourly rates are:
Principal (DS, NB, MB) $350
Managing Director (DK, JD) $300
Director, Financial Advisory $250
Senior Financial Analyst $225
Controller $225
Junior Analyst $175
Paralegal/Administrative $115
The firm received pre-bankruptcy retainers of $15,000 and $35,000
for the Chapter 11 case in addition to having received another
payment of $61,524.23.
Stapleton President David Stapleton disclosed in a court filing
that his firm is "disinterested" as defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
David Stapleton
Stapleton Group
515 South Flower Street, 18th Floor
Los Angeles, CA 90071
Phone: (213) 235-0601
Fax: (213) 235-0620
Email: david@stapletoninc.com
About Patrick James
Patrick James, Inc. is Fresno, California-based retailer of men's
apparel. It offers sport shirts, trousers, sweaters, leather
jackets, activewear, footwear and accessories. Visit
https://patrickjames.com for more information.
Patrick James sought Chapter 11 protection (Bankr. E.D. Calif. Case
No. 20-13293) on Oct. 9, 2020. The Debtor was estimated to have
assets and liabilities of $1 million to $10 million at the time of
the filing.
The Hon. Jennifer E. Niemann is the case judge.
The Debtor tapped McCormick, Barstow, Sheppard, Wayte & Carruth,
LLP as its bankruptcy counsel, and Michael Bergthold of Stapleton
Group as its financial advisor.
PENNSYLVANIA REAL: Seeks to Hire Ordinary Course Professionals
--------------------------------------------------------------
Pennsylvania Real Estate Investment Trust and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ professionals utilized in the ordinary course of
business.
The request, if granted, will allow the Debtors to hire "ordinary
course professionals" without filing separate employment
applications.
The ordinary course professionals who will receive monthly
compensation subject to :
The ordinary course professionals who will receive monthly
compensation subject to a monthly cap of $25,000 are:
Kurtzman |Steady, LLC
401 S. 2nd Street, Suite 200
Philadelphia, PA 19147
Legal - Landlord-Tenant Matters
Lyons Dougherty
6 Ponds Edge Drive, Suite 1
Chadds Ford, PA 19317
Legal - Landlord-Tenant Matters
Dembo Brown & Burns LLP
1300 Route 73, Suite 205
Mt. Laurel, NJ 08054
Legal - Landlord-Tenant Matters
Sirlin, Lesser & Benson, P.C.
123 S. Broad Street, Suite 2100
Philadelphia, PA 19109
Legal - Landlord-Tenant Matters
Robert B. Feingold &
Associates, P.C., Suite 520
Bank of America Building
New Bedford, MA 02740
Legal - Landlord-Tenant Matters
Zarwin Baum
2005 Market Street, 16th Floor
Philadelphia, PA 19103
Legal - Landlord-Tenant Matters
Lerch, Early & Brewer, Chtd.
3 Bethesda Metro Center, Suite 460
Bethesda, MD 20814
Legal - Real Estate Matters
Bellamy, Rutenberg, Copeland, Epps, Gravely &
Bowers, P.A.
P.O. Box 357
1000 29th Avenue North
Myrtle Beach, SC 29577
Legal - Landlord-Tenant Matters
Williams Mullen
1700 Dominion Tower
999 Waterside Drive
Norfolk, VA 23510
Legal - Landlord-Tenant and Real Estate Matters
Johns, Flaherty & Collins
205 5th Avenue South, Suite 600
La Crosse, WI 54602-1626
Legal - Real Estate Matters
Koernke & Crampton PC
The Boardwalk Suite 250
940 Monroe NW
Grand Rapids MI 49503
Legal - Landlord-Tenant Matters
Marcus & Shapira LLP
301 Grant Street, 35th Floor
One Oxford Centre
Pittsburgh, PA 15219
Legal - Landlord-Tenant Matters
Rosenberg & Estis, P.C.
733 Third Avenue
New York, NY 10017
Legal - Landlord-Tenant Matters
Kaplin Stewart
Union Meeting Corporate Center
910 Harvest Drive, Suite 200
PO Box 3037
Blue Bell, PA 19422
Legal - Land Use/Zoning Matters
Buckley, Brion, McGuire & Morris, LLP
118 W. Market Street, Suite 300
est Chester, PA 19382
Legal - Land Use/Zoning Matters
Saul Ewing Arnstein & Lehr LLP
Centre Square West
1500 Market Street, 38th Floor
Philadelphia, PA 19102
Legal - Real Estate Matters
Gibbs and Haller 1300 Caraway Court, Suite 102
Upper Marlboro, MD 20774
Legal - Land Use/Zoning Matters
Gingles LLC
11785 Beltsville Drive, Suite 1350
Calverton, MD 20704
Legal - Land Use/Zoning Matters
Cozen O'Connor
1650 Market Street, Suite 2800
Philadelphia, PA 19103
Legal - Real Estate Matters
Day Pitney LLP
One Jefferson Road
Parsippany, NJ 07054
Legal - Land Use/Zoning Matters
Stradley Ronon
2005 Market Street, Suite 2600
Philadelphia, PA 19103
Legal - Real Estate Matters
Klehr Harrison Harvey
Branzburg LLP
1835 Market Street, Suite 1400
Philadelphia, PA 19103
Legal - Real Estate Matters
Ballard Spahr LLP
1735 Market Street, 51st Floor
Philadelphia, PA 19103-7599
Legal - Land Use/Zoning Matters
Parker McCay
9000 Midlantic Drive, Suite 300
Mount Laurel, NJ 08054
Legal - Real Estate Matters
Mattioni Ltd.
Federal Reserve Bank Building
100 N. Independence Mall West, Suite 5A NW
Philadelphia, PA 19106-1559
Legal - Land Use/Zoning Matters
Hangley Aronochick Segal
Pudlin & Schiller
20 Brace Road, Suite 201
Cherry Hill, NJ 08034
Legal - Land Use/Zoning Matters
Cooley LLP
Reston Town Center
11951 Freedom Drive, 14th Floor
Reston, VA 20190-5640
Legal - Real Estate Matters
Blumling & Gusky, LLP
1200 Koppers Buildling
Pittsburgh, PA 15219
Legal - General Legal Service Matters
Hogan Lovells US LLP
Columbia Square
555 Thirteenth Street, NW
Washington, DC 20004
Legal - Contract Negotiation Matters
High Swartz
40 East Airy Street
PO Box 671
Norristown, PA 19404-0671
Legal - Tax Matters
Garippa, Lotz & Giannuario P.C.
66 Park Street
Montclair, NJ 07042
Legal - Tax Matters
McNees Wallace & Nurick LLC
100 Pine Street
PO Box 1166
Harrisburg, PA 17108-1166
Legal - Contract Negotiation Matters
O'’Melveny & Myers LLP
400 South Hope Street, 18th Floor
Los Angeles, CA 90071
Legal - Real Estate Matters
Gavin Law LLC
305 W. Miner Street
West Chester, PA 19382
Legal - Real Estate Matters
Reed Smith LLP
Three Logan Square
1717 Arch Street, Suite 3100
Philadelphia, PA 19103
Legal - Insurance Related Matters
Honigman LLP
2290 First National Building
660 Woodward Avenue
Detroit, MI 48226-3506
Legal - Real Estate Matters
Willcox, Buyck & Williams, P.A.
248 West Evans Street
Florence, SC 29501
Legal - Real Estate Matters
Protiviti
2613 Camino Ramon
San Ramon, CA 94583
Internal Auditor
Equivis
5253 West 16th Street
Indianapolis, IN 46224
Leasing Consultant
Newmark
40 Lake Center
401 Route 73 North, Suite 120
Marlton, NJ 08053
Leasing Consultant
CBRE, Inc.
555 Lancaster Avenue, Suite 120
Radnor, PA 19087
Leasing Consultant
Meanwhile, Philadelphia-based KPMG LLP will receive monthly
compensation subject to a monthly cap of $125,000. The firm will
provide auditing services in the ordinary course of business.
About PREIT
Pennsylvania Real Estate Investment Trust (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages
innovative properties at the forefront of shaping consumer
experiences through the built environment. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, high barrier-to-entry markets with
tremendous opportunity to create vibrant multi-use destinations. On
the Web: http://www.preit.com/
PREIT and certain of its affiliates filed a voluntary Chapter 11
petition in the United States Bankruptcy Court for the District of
Delaware (Bankr. D. Del. Case No. 20-12737) on Nov. 1, 2020, to
implement its pre-packaged Chapter 11 plan.
Judge Karen B. Owens oversees the cases.
The Debtors have tapped DLA Piper LLP (US) LLP and Wachtell,Lipton,
Rosen & Katz as their legal counsel, and PJT Partners LP as their
financial advisor. PREIT's claims agent is Prime Clerk,
maintaining the page https://cases.primeclerk.com/PREIT.
PEOPLE WHO CARE: La Harvard Buying L.A. Property for $1.9M
----------------------------------------------------------
People Who Care Youth Center, Inc., asks the U.S. Bankruptcy Court
for the Central District of California to authorize the bidding
procedures in connection with the sale of the commercial real
property building located at 1502 and 1512 West Slauson Avenue, Los
Angeles, California to La Harvard LLC Property for $1.9 million,
subject to overbid.
The Debtor's primary asset is the Property. The Property consists
of two commercial buildings for total of 13,500 square feet, built
in 1946 and renovated in 2009. The Debtor estimates the value of
the Property to be approximately $2.3 million.
For over two years the Debtor and its professionals worked
diligently to refinance the Property in a difficult and complicated
bankruptcy case, and in the process successfully placed a
commercial rent-paying tenant at the Property, reduced past-due
country property taxes from $200,000 to $9,000, invalidated a
$40,000 disputed mechanic's lien, negotiated and obtained City
approval for subordination of its lien, negotiated a settled claim
with Acon Development, Inc., and confirmed a chapter 11 plan to
effectuate the refinancing.
In March 2020, when the COVID-19 pandemic pushed the nation into
recession, the Debtor's original refinancing lender pulled out of
the deal in the middle of the plan confirmation process. It was
able to obtain a replacement lender (PB Financial) in May 2020
prior to the chapter 11 plan confirmation hearing on May 27, 2020.
In June 2020, during the title and underwriting process to close,
PB Financial refused to do the refinancing based on the City
maintaining its restrictive use covenant that required payment of
the City's claim in the event that the Property is sold and not
used for Prop K community service purposes.
In June 2020, the Debtor hired a real estate broker and listed the
Property for sale with a listing price of $2.399 million. On July
17, 2020, the Court entered an order approving the Debtor's
employment of the real estate broker to sell the Property, and the
broker listed the Property on the market as of Aug. 3, 2020.
With the Property on the market for more than 60 days now, the
Debtor has accepted an offer from a proposed buyer in the amount of
$1.9 million, and has opened escrow, subject to due diligence,
auction and overbid, and an order of the Court approving a Sale of
the
Property. The Debtor makes the Motion for approval of auction and
overbid procedures to ensure the best and highest price for the
Property.
Separately from the Motion, the Debtor will file its Sale Motion,
and schedule it for hearing on Nov. 18, 2020, at 11:00 a.m. In
order to facilitate an orderly and productive auction, the Debtor
asks that the Sale Procedures be approved.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Nov. 13, 2020 at 2:00 p.m. (PST)
b. Initial Bid: $1.95 million
c. Deposit: $110,000 (earnest money of $60,000 plus the
initial overbid of $50,000)
d. Auction: The Property will be offered at auction on Nov.
16, 2020, commencing at 10:00 a.m. Pacific Standard Time, via Zoom
videoconference conducted by the Debtor's counsel, Levene, Neale,
Bender, Yoo & Brill L.L.P. In the event of a change in the time or
location of the Auction, the Debtor will use its reasonable best
efforts to notify all Qualifying Bidders who have timely submitted
Qualifying Bids by the Auction Deadline.
e. Bid Increments: $50,000
f. Closing: 15 days following the final sale order becoming
final and no longer appealable
The Debtor believes that the sale process here was intended to, and
indeed resulted in, insuring that the highest price was obtained
for the Property in the PSA, particularly because it permits its
offer to be subject to overbid during the Debtor's bankruptcy case
and thus insures the greatest overall benefit possible for its
estate.
A copy of the Contract is available at https://tinyurl.com/yxf92bv4
from PacerMonitor.com free of charge.
About People Who Care Youth Center
People Who Care Youth Center, Inc., is a non-profit corporation
that provides child daycare to low-income working parents in South
Central Los Angeles. Its primary asset is a commercial real
property building located at 1502 and 1512 West Slauson Avenue, Los
Angeles, California.
People Who Care Youth Center sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-10290) on Jan.
10, 2018. In the petition signed by CEO Michelle McArn, the
Debtor
was estimated to have assets of $100,000,001 to $500 million and
liabilities of $500,001 to $1 million. Judge Sheri Bluebond
presides over the case. Levene, Neale, Bender, Yoo & Brill L.L.P.
is the Debtor's counsel.
PIMLICO RANCH: Seeks to Hire Margulies Faith as Special Counsel
---------------------------------------------------------------
Pimlico Ranch, LLC seeks authority from the U.S. Bankruptcy Court
for the United States Bankruptcy Court for the Central District of
California to hire Margulies Faith, LLP as its special counsel.
Margulies Faith will represent the Debtor in litigation regarding
the motion to approve substantive consolidation filed by Todd
Frealy, the Chapter 11 trustee for Ben Clymer's The BodyShop
Perris, Inc.
Craig Margulies, Esq., and Monsi Morales, Esq., the firm's
attorneys who will be providing the services, charge $610 per hour
and $500 per hour, respectively. Paralegals at the firm bill at
$230 per hour.
Craig Margulies, Esq., a partner at Margulies Faith, disclosed in a
court filing that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Craig Margulies, Esq.
Monsi Morales, Esq.
Margulies Faith LLP
16030 Ventura Blvd., Suite 470
Encino, CA 91436
Telephone: (818) 705-2777
Facsimile: (818) 705-3777
About Pimlico Ranch
Pimlico Ranch, LLC is a single asset real estate (as defined in 11
U.S.C. Section 101(51B)). It owns vacant land and 25-unit
residential subdivision in Murrieta, Calif., having an appraised
value of $5.5 million.
Pimlico Ranch filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-13407) on
June 22, 2020. In the petition signed by Ben R. Clymer, managing
member, the Debtor estimated $5,500,000 in assets and $6,719,670 in
liabilities.
Judge Scott C. Clarkson oversees the case. The Law Firm of Robert
M. Yaspan serves as the Debtor's legal counsel.
PLATINUM CARE: Gets OK to Hire Lynch Law Offices as Counsel
-----------------------------------------------------------
Platinum Care Services, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to hire
Lynch Law Offices, P.C. as its legal counsel.
The Debtor requires Lynch Law Offices to:
a. consult with the Debtor concerning its powers and duties,
the continued operation of its business and the management of the
financial and legal affairs of its estate;
b. consult with the Debtor and with other professionals
concerning the negotiation, formulation, preparation and
prosecution of a Chapter 11 plan and disclosure statement;
c. confer and negotiate with the Debtor's creditors and other
parties concerning the Debtor's financial affairs and property,
Chapter 11 plan, claims, liens and other aspects of its Chapter 11
case;
d. appear in court and prepare legal papers; and
e. provide the Debtor with other legal services in connection
with its Chapter 11 case.
Lynch Law Offices will charge $495 per hour for the services of its
attorneys and $95 per hour for paralegal services.
The firm will be paid a retainer in the amount of $6,800 and will
also be reimbursed for out-of-pocket expenses incurred.
John Lynch, Esq., a partner at Lynch Law Offices, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estate.
Lynch Law Offices can be reached at:
John J. Lynch, Esq.
Lynch Law Offices, P.C.
1011 Warrenville Road, Suite 150
Lisle, IL 60532
Tel: (630) 960-4700
About Platinum Care Services Inc.
Platinum Care Services, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
20-18358) on Oct. 7, 2020, listing under $1 million in both assets
and liabilities. Judge Janet S. Baer oversees the case. John J.
Lynch, Esq., at Lynch Law Offices, P.C., represents the Debtor as
counsel.
POWER BAIL: Trustee Taps Bicher & Associates as Field Agent
-----------------------------------------------------------
Caroline Djang, Subchapter V trustee of Power Bail Bonds, Inc.,
seeks approval from the U.S. Bankruptcy Court for the Central
District of California to retain Bicher & Associates as her field
agent.
The trustee requires Bicher to:
(1) evaluate, manage and assist the trustee in collecting
accounts receivable;
(2) gather and organize documents reflecting assets and
potential assets of the Debtor;
(3) interact and manage those involved in the operations of
the Debtor, including the Debtor's principals, clients, employees
and vendors;
(4) investigate cash management controls;
(5) maximize accounts receivable for the benefit of creditors
of the estate, including secured creditor Lexington National
Insurance Corporation (LNIC);
(6) engage a third-party collections agent, if necessary; and
(7) assist the trustee in evaluating Debtor's alternatives for
liquidation or reorganization.
The firm will charge a reduced hourly rate of $85 for services as
field agent and $210 per hour for forensic accounting.
Lori Ensley, an associate at Bicher & Associates, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lori J. Ensley
Bicher & Associates
1220 Monte Vista Dr
Redlands, CA 92373
Telephone: (909) 793-8068
About Power Bail Bonds
Power Bail Bonds, Inc., a company based in Temecula, Calif., filed
a Chapter 11 petition (Bankr. C.D. Calif. Case No. 20-14155) on
June 15, 2020. In the petition signed by Marcus Romero, chief
executive officer and president, Debtor disclosed $55,112,483 in
assets and $2,673,222 in liabilities.
Judge Mark S. Wallace oversees the case.
Debtor tapped Reid & Hellyer, APC as its bankruptcy counsel and
John R. Mayer, A Professional Law Corporation as its special
counsel.
Caroline R. Djang is the Subchapter V trustee appointed in the
Debtor's Chapter 11 case.
PREMIERE JEWELLERY: Trustee Taps Hayes & Sherry as Broker
---------------------------------------------------------
Marjorie Kaufman, the trustee appointed in the Chapter 11 cases of
Premiere Jewellery, Inc. and its affiliates, seeks approval from
the U.S. Bankruptcy Court for the Southern District of New York to
retain real estate broker Hayes & Sherry, Ltd.
Hayes & Sherry will assist in the sale and disposition of an
estimated 42,000-square-foot industrial building located at 360
Narragansett Park Drive, East Providence, Rhode Island.
The firm will receive a commission of 5 percent of the gross sales
price of the industrial building.
Hayes & Sherry is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code and neither holds nor
represents an interest adverse to the trustee and the Debtors or
their estates, according to court filings.
The broker can be reached through:
James Finan, Esq.
Hayes & Sherry, Ltd.
146 Westminster Street, 2nd Floor
Providence, RI 02903
About Premiere Jewellery
Premiere Jewellery, Inc. and its affiliates design, sell and
distribute fashion jewelry, serving the private label and branded
needs of the retail industry.
On June 25, 2020, Premiere Jewellery and its affiliates
concurrently filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11484).
The petitions were signed by Howard A. Moser, chief restructuring
officer. At the time of the filing, Premiere Jewellery disclosed
estimated assets of $10 million to $50 million and estimated
liabilities of the same range.
Judge James L. Garrity oversees the cases.
Jeffrey A. Wurst, Esq., at Armstrong Teasdale LLP, represents
Debtors as legal counsel.
On July 17, 2020, the court approved the U.S. trustee's appointment
of Marjorie E. Kaufman as Debtors' Chapter 11 trustee. Ms. Kaufman
has tapped Klestadt Winters Jureller Southard & Stevens, LLP as her
legal counsel, Getzler Henrich & Associates LLC as financial
advisor, and DaHui Lawyers and Simmons Associates, Ltd. as special
counsel.
PREMIERE JEWELLERY: Trustee Taps Simmons as Special Counsel
-----------------------------------------------------------
Marjorie Kaufman, the trustee appointed in the Chapter 11 cases of
Premiere Jewellery, Inc. and its affiliates, seeks approval from
the U.S. Bankruptcy Court for the Southern District of New York to
retain Simmons Associates, Ltd. as special real estate counsel.
The firm will assist in the sale and disposition of an estimated
42,000-square-foot industrial building located at 360 Narragansett
Park Drive, East Providence, Rhode Island.
Simmons' hourly rates are:
Shareholder $350
Associate $275
Simmons is a "disinterested person" as that term is defined in
Section 104(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
James R. Simmons, Esq.
Simmons Associates, Ltd.
155 South Main Street, Suite 301
Providence, RI 02903
Tel: 401-272-5800
Fax: 401-272-5858
About Premiere Jewellery
Premiere Jewellery, Inc. and its affiliates design, sell and
distribute fashion jewelry, serving the private label and branded
needs of the retail industry.
On June 25, 2020, Premiere Jewellery and its affiliates
concurrently filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11484).
The petitions were signed by Howard A. Moser, chief restructuring
officer. At the time of the filing, Premiere Jewellery disclosed
estimated assets of $10 million to $50 million and estimated
liabilities of the same range.
Judge James L. Garrity oversees the cases.
Jeffrey A. Wurst, Esq., at Armstrong Teasdale LLP, represents
Debtors as legal counsel.
On July 17, 2020, the court approved the U.S. trustee's appointment
of Marjorie E. Kaufman as Debtors' Chapter 11 trustee. Ms. Kaufman
has tapped Klestadt Winters Jureller Southard & Stevens, LLP as her
legal counsel, Getzler Henrich & Associates LLC as financial
advisor, and DaHui Lawyers and Simmons Associates, Ltd. as special
counsel.
QUARTER HOMES: Creditors Brian & Steven Curry Object to Disclosure
------------------------------------------------------------------
Creditors Brian J. Curry, Trustee of the Brian J. Curry Trust
("Brian Curry"), and Steven Curry, Trustee of the Steven and Anne
Curry Trust ("Steven Curry"), object to the Disclosure Statement to
accompany the Liquidating Plan of Reorganization filed by Debtor
Quarter Homes, LLC.
The Currys object to the Disclosure Statement as it lacks adequate
information as to several elements, most importantly the assignment
of claims of certain of Debtor's creditors to its Class 3B
"Investor Class." The Disclosure Statement is not clear as to how
many Investors Creditors exist.
The Currys claim that the creditors and the Court must understand
the background of toxic Stock, LLC to decide the fate of Quarter
Homes and whether its Plan of Reorganization is confirmable.
The Currys point out that the Disclosure statement does not explain
or provide a factual basis to group creditors such as Brian Curry
and Steven Curry with other so called "Investor Creditors." There
was no overlap as to ownership of parcels.
The Currys assert that there are statements made int the Disclosure
Statement which are inaccurate. The most striking and inappropriate
concerns the disclosure allegedly made by Mr. Turcotte, on behalf
of Debtor, to the Currys.
The Currys further assert that the Disclosure Statement provides no
information to support rejection of the equitable liens, except for
the inaccurate contention investors knew of and apparently
consented to the bundlings of title and refinances.
A full-text copy of the Currys' objection to disclosure statement
dated November 12, 2020, is available at
https://tinyurl.com/yxkl3ywb from PacerMonitor at no charge.
Attorneys for Creditors:
THE KOZUB LAW GROUP, PLC
Richard W. Hundley
7537 East McDonald Drive
Scottsdale, Arizona 85250
About Quarter Homes
Quarter Homes, LLC, located at 15446 N Greenway Hayden Loop Ste
1029, Scottsdale, Arizona, owns commercial real estate, undeveloped
land, and residential properties located in Arizona. Quarter Homes
sought Chapter 11 protection (Bankr. D. Ariz. Case No. 20-07065) on
June 11, 2020. In the petition signed by David Turcotte,
president, the Debtor was estimated to have assets and liabilities
in the range of $1 million to $10 million. The Debtor tapped
Warren J. Stapleton, Esq., at Osborn Maledon, P.A.
QUARTER HOMES: Creditors Object to Disclosure Statement
-------------------------------------------------------
Creditors Bob Cain, The Fritz Family Trust dated May 16, 2003,
Durwin Fritz Individual Retirement Account, Lisa Fritz Individual
Retirement Account, Durwin Fritz, Lisa Fritz, James Limmer, Karen
Limmer, The Zugmier Revocable Living Trust dated November 1, 1996,
George A. Zugmier, and Nancy Zugmier object to the Disclosure
Statement to Accompany the Liquidating Plan of Reorganization of
debtor Quarter Homes, LLC.
The Creditors claim that:
* The Disclosure Statement and Plan contemplate that Creditors
would receive and have an opportunity to review a copy of Debtor's
contract with the Consultant. However, Debtor has only provided a
rough draft of the contract with Consultant, which had not even
been reviewed by—let alone approved by—all the parties.
* The Debtor has neither provided Creditors with a final,
executed version of the contract with the Consultant, nor a "final"
rough draft that the necessary parties have reviewed and agreed to
execute upon approval of the Plan.
* Creditors are entitled to a copy of Debtor's proposed
contract with Consultant, and absent that critical document on
which the entire Plan depends, lack adequate information to make an
informed judgment to vote to approve the Plan. Creditors therefore
object to Debtor's Disclosure Statement under all applicable law,
including but not limited to 11 U.S.C. § 1125.
A full-text copy of the Creditors' objection to disclosure
statement dated November 19, 2020, is available at
https://tinyurl.com/y4v4ybt8 from PacerMonitor at no charge.
Attorneys for the Creditors:
BRENTWOOD LAW GROUP, PLLC
2520 East University Drive, Suite 103
Tempe, AZ 85281
Stephen Brower
DeVon Veater
Tempe, Arizona 85281
Telephone: (602) 497-2435
E-mail: sbrower@brentwoodlg.com
dveater@brentwoodlg.com
About Quarter Homes
Quarter Homes, LLC, located at 15446 N Greenway Hayden Loop Ste
1029, Scottsdale, Arizona, owns commercial real estate, undeveloped
land, and residential properties located in Arizona. Quarter Homes
sought Chapter 11 protection (Bankr. D. Ariz. Case No. 20-07065) on
June 11, 2020. In the petition signed by David Turcotte,
president, the Debtor was estimated to have assets and liabilities
in the range of $1 million to $10 million. The Debtor tapped
Warren J. Stapleton, Esq., at Osborn Maledon, P.A.
QUARTER HOMES: Creditors to Get Paid from Property Sale Proceeds
----------------------------------------------------------------
Quarter Homes, LLC filed with the U.S. Bankruptcy Court for the
District of Arizona a Liquidating Plan of Reorganization and a
Disclosure Statement on October 9, 2020.
Under the Plan, the Debtor will engage Tom Brewster and Mike
Cunningham through an entity named SunWest Consulting, LLC, as the
Consultant to market and sell the 44 remaining homes. Upon the sale
of each home, the proceeds will be used first to pay off the first
position lien holder and any amounts due under the existing loan
documents. Then, the proceeds will be used to pay any closing costs
and costs expended by the Consultant to fix the house prior to sale
(an amount projected to be $220,000 for all 44 houses). The
remaining proceeds – those that are due to the Debtor will be
deposited in the Debtor's bank account for Quarterly distributions
based upon the terms of the Plan.
The Debtor proposes to pay the Unsecured Ordinary Course creditors
in full with the Initial Distribution. Any remaining funds, and all
subsequent Quarterly Distributions will pay a pro rata share of the
Investor Creditors until the Investor Creditors have been paid a
total of $3,700,000. Based upon the Debtor's records, this amount
is enough to pay each Investor Creditor the total of his/her
initial investment, plus a return of approximately 13.9% on his/her
investment.
The Plan provides for holders of Class 3.A. Allowed Unsecured
Ordinary Course Claims shall be paid in full on the Initial
Distribution Date. The Plan provides that Class 3.B. Allowed
Investor Claims shall be paid their pro rata share of the Initial
Distribution and each subsequent Quarterly Distribution until their
total distributions equal $3.7 million. The Debtor's records show
that Investors have invested or loaned a total of $3.248,119.58 to
the Debtor. Thus, in addition to receiving 100% of the amount
invested or loaned, each Investor Claimant will additionally
receive approximately 13.9% times their investment/loan amount.
Class 3.C. LLC Investor claims shall receive nothing on account of
their claims as virtually all of them are duplicative of the
Investor Claims. Allowed Class 3.D. Insider-Investor Claims will be
subordinated to all other claims and be paid a total of $500,000.
All equity interests in the Debtor are classified as Class 4.A.
Upon the closing of the last home retained by the Debtor, holders
of interests in classes 4.A. shall have their interests cancelled
and shall not receive anything in the Debtor.
While the Plan Trustee sells the remaining houses, the Plan Trustee
and Debtor's former employees will continue to operate the Debtor
in accordance with supervision from the Plan Trustee. The Plan
Trustee expects that the Debtor's operations will be substantially
similar to Debtor's pre- and post-petition business practices.
A full-text copy of the disclosure statement dated October 9, 2020,
is available at https://tinyurl.com/yymj9pee from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Warren J. Stapleton
Osborn Maledon P.A.
2929 N. Central Avenue, Suite 2100
Phoenix, Arizona 85012
Tel: (602) 640-9354
E-mail: wstapleton@omlaw.com
About Quarter Homes
Quarter Homes LLC owns commercial real estate, undeveloped land and
residential properties in Arizona.
On June 11, 2020, Quarter Homes filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-07065). The petition was signed by Quarter Homes president David
Turcotte. At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.
Judge Daniel P. Collins oversees the case.
The Debtor tapped Osborn Maledon, P.A. as legal counsel, Mark
Harnden, CPA, as tax accountant, and A&M Management of Arizona as
real estate broker.
QUOTIENT LIMITED: Signs Change of Control Agreement with CEO
------------------------------------------------------------
Quotient Limited entered into a Change of Control Agreement with
Franz Walt, its chief executive officer. The purpose of the CIC
Agreement is to establish certain protections for Mr. Walt upon a
qualifying termination of his employment in connection with a
change of control of the Company.
The CIC Agreement provides that, if the Company terminates Mr.
Walt's employment without "Cause" or Mr. Walt terminates his
employment for "Good Reason" and, in either case, such termination
occurs no more than 24 months following a "Change of Control",
then, subject to Mr. Walt signing and not revoking a release and
waiver of claims, Mr. Walt will receive a lump sum payment of the
following:
* any accrued obligations owed to Mr. Walt, which include: (i)
any
of Mr. Walt's annual base salary earned through the effective
date of termination that remains unpaid; (ii) any bonus payable
with respect to any fiscal year which ended prior to the
effective date of Mr. Walt's termination of employment that
remains unpaid; and (iii) any expense reimbursement due to Mr.
Walt on or prior to the date of termination that remains
unpaid;
and
* a cash payment equal to 200% of the sum of Mr. Walt's base
salary plus target annual bonus in effect on the date of
termination, without taking into effect any reduction in Mr.
Walt's annual base salary that may constitute "Good Reason"
under the CIC Agreement.
In addition, any then outstanding, unvested equity awards that were
originally issued to Mr. Walt prior to the Change of Control will
fully vest and, if applicable, become exercisable immediately prior
to such a termination. The CIC Agreement will expire on Nov. 20,
2023 and will automatically renew for successive one year terms
unless the Board of Directors provides written notice of expiration
of the CIC Agreement at least 90 days prior to November 20, 2023 or
the applicable anniversary thereof.
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient Limited reported a net loss of $102.77 million for the
year ended March 31, 2020, compared to a net loss of $105.4 million
for the year ended March 31, 2019. As of Sept. 30, 2020, the
Company had $271.89 million in total assets, $238.18 million in
total liabilities, and $33.71 million in total shareholders'
equity.
Ernst & Young LLP, in Belfast, United Kingdom, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 12, 2020, citing that the Company is currently
involved in an arbitration dispute with a customer and an adverse
outcome of this dispute in addition to the Company's
expenditureplans over the next 12 months could result in net cash
outflows over the next 12 months exceeding the Company's existing
available cash and short-term investment balances, and has stated
that
substantial doubt exists about the Company's ability to continue as
a going concern.
REAL ESTATE RECOVERY: Hires Tri Palms Realty as Broker
------------------------------------------------------
Real Estate Recovery Mission seeks authority from the U.S.
Bankruptcy Court for the Central District of California to hire Tri
Palms Realty as its real estate broker.
Tri Palms Realty will assist the Debtor in the sale of its real
property located at 32200 Saucon Valley St., Thousand Palms, Calif.
The firm plans to advertise the property on the MLS, which is
linked to major online search engines like Zillow.com,
Realtors.corn and Redfin.com.
The firm will receive, upon sale of the Thousand Palms property, a
3 percent commission on the sale price while the buyer's own broker
or agent will receive a 3 percent commission.
Tri Palms Realty is a disinterested person within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
James Wetherbee
Tri Palms Realty
33091 Guadalajara Drive
Thousand Palms, CA 92276
About Real Estate Recovery Mission
Real Estate Recovery Mission, a tax-exempt real estate agency in
Alhambra, Calif., filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
20-19134) on Oct. 7, 2020. In the petition signed by Tad Dionizy
Sikora, director, the Debtor estimated $1 million to $10 million
in assets and $500,000 to $1 million in liabilities.
Judge Vincent P. Zurzolo oversees the case. The Law Offices of
Michael Jay Berger serves as the Debtor's legal counsel.
REWALK ROBOTICS: Has $3.3-Mil. Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------------
ReWalk Robotics Ltd. filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,336,000 on $747,000 of revenues for the
three months ended Sept. 30, 2020, compared to a net income of
$3,389,000 on $1,234,000 of revenues for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $26,234,000,
total liabilities of $9,445,000, and $16,789,000 in total
shareholders' equity.
The Company said, "As of September 30, 2020, we had an accumulated
deficit in the total amount of approximately US$179 million and
anticipate further losses in the development of our business.
Those factors raise substantial doubt about our ability to continue
as a going concern. Our ability to continue as a going concern
depends upon our obtaining the necessary financing to meet our
obligations and timely repay our liabilities arising from normal
business operations. If we are unable to secure additional
capital, which might also be harder to obtain due to current market
conditions and the COVID-19 pandemic, we may be required to take
additional measures to reduce costs in order to conserve our cash
in amounts sufficient to sustain operations and meet our
obligations. If we become insolvent, investors in our securities
may lose the entire value of their investment in our business. The
accompanying financial statements do not include any adjustments
that may be necessary should we be unable to continue as a going
concern, and it is not possible for us to predict at this time the
potential success of our business."
A copy of the Form 10-Q is available at:
https://bit.ly/3o5JWfv
ReWalk Robotics Ltd. -- http://www.rewalk.com/-- develops,
manufactures, and markets wearable robotic exoskeletons for
individuals with lower limb disabilities as a result of spinal cord
injury or stroke. ReWalk's mission is to fundamentally change the
quality of life for individuals with lower limb disability through
the creation and development of market leading robotic
technologies. Founded in 2001, ReWalk has headquarters in the
U.S., Israel and Germany.
RIOT BLOCKCHAIN: Appoints Hubert Marleau as Director
----------------------------------------------------
Riot Blockchain, Inc., has appointed Hubert Marleau has been
appointed to the Company’s Board of Directors, effective today,
to fill the previously announced vacancy.
Mr. Marleau, age 76, is a veteran capital markets professional,
corporate director, and Chair of the Marleau Lecture Series on
Economic and Monetary Policy at the University of Ottawa.
Currently, he serves as chief economist at Palos Management, a
boutique investment management firm headquartered in Montreal,
Canada. In addition to a career in the capital markets that has
spanned over five decades, Mr. Marleau has previously served as a
Governor of the Montreal and Vancouver stock exchanges, and as a
Director of the Listing Committee for the Toronto Stock Exchange
and Director of the Investment Dealers Association of Canada (now
known as IIROC).
Mr. Marleau's broad areas of expertise include macroeconomic policy
& analysis, corporate governance, financial analysis, and
investment banking. In addition to his being a current or past
board member of approximately fifty publicly traded companies, he
has raised funds privately and publicly for hundreds of emerging
and mature companies, structured numerous mergers and acquisitions,
and acted as the driving force behind numerous transactions. Mr.
Marleau graduated from the University of Ottawa with an Honours
Bachelor of Social Sciences in Economics.
About Riot Blockchain
Headquartered in Castle Rock, Colorado, Riot Blockchain --
http://www.RiotBlockchain.com-- specializes in cryptocurrency
mining with a focus on bitcoin. Riot also holds non-controlling
investments in blockchain technology companies. Riot is
headquartered in Castle Rock, Colorado, and the Company's mining
facility is located in Oklahoma City.
Riot incurred a net loss of $20.30 million in 2019 compared to a
net loss of $60.21 million in 2018. As of Sept. 30, 2020, the
Company had $62.63 million in total assets, $1.96 million in total
liabilities, and $60.67 million in total stockholders' equity.
RIOT BLOCKCHAIN: Remo Mancini Quits as Director
-----------------------------------------------
Remo Mancini has resigned from Riot Blockchain, Inc.'s Board of
Directors, effective immediately.
Mr. Mancini said, "It has been a privilege to serve on the Board of
Directors of Riot Blockchain. I wish the Company and its new
leadership well."
The Company noted, "We are grateful to Remo Mancini for his years
of service and leadership on the Board of Directors of Riot
Blockchain. He has made an immeasurable impact on the Company. We
thank him for his contributions and wish him well." The Company
further commented, "Mr. Mancini's decision to resign from the
Company's Board of Directors is not the result of any disagreement
with the Company's operations, policies or procedures."
About Riot Blockchain
Headquartered in Castle Rock, Colorado, Riot Blockchain --
http://www.RiotBlockchain.com-- specializes in cryptocurrency
mining with a focus on bitcoin. Riot also holds non-controlling
investments in blockchain technology companies. Riot is
headquartered in Castle Rock, Colorado, and the Company's mining
facility is located in Oklahoma City.
Riot incurred a net loss of $20.30 million in 2019 compared to a
net loss of $60.21 million in 2018. As of Sept. 30, 2020, the
Company had $62.63 million in total assets, $1.96 million in total
liabilities, and $60.67 million in total stockholders' equity.
RIVERBED PARENT: S&P Downgrades ICR to 'CCC'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
network performance software solutions provider Riverbed Parent
Inc. to 'CCC' from 'CCC+'.
At the same time, S&P lowered its issue-level rating on the
company's first-lien credit facility to 'CCC' from 'CCC+' and its
issue-level rating on the company's senior unsecured notes to 'CC'
from 'CCC-'. S&P's recovery ratings remain unchanged at '3'.
S&P said, "The downgrade reflects our view that the difficult
macroeconomic environment will compound the secular demand
pressures Riverbed is facing. These headwinds, combined with the
company's looming debt maturities over the next 15 months and
S&P-adjusted leverage of more than 9.5x, lead us to view its
business as unsustainable. Therefore, we think there is an elevated
risk that its financial sponsor Thoma Bravo will pursue a debt
restructuring that we deem equivalent to a default in the next 12
months to protect its equity investment in the face of these
downbeat prospects."
"Riverbed faces mounting refinancing risk. The company has upcoming
debt maturities of roughly $1.5 billion outstanding in April 2022
and approximately $393 million in March 2023. Based on our
forecast, Riverbed's liquidity sources, including cash on hand of
about $160 million (as of Sept. 30, 2020) and projected cash flow
generation of roughly $50 million, will be insufficient to satisfy
these obligations when due. Consequently, we believe the company
must successfully refinance its capital structure to avoid
defaulting on these commitments."
"A successful refinancing may prove challenging to execute. The
secular shift away from legacy wide area network (WAN) optimization
solutions, where Riverbed derives the bulk of its revenue, and
toward emerging software-defined wide area networking (SD-WAN)
solutions has weakened the company's operating performance. This
shift has also sharply reduced Riverbed's new bookings, which has
negatively affected its support renewals and caused revenue
declines of about 14.5% through the first nine months of 2020,
11.6% (to $798.4 million) in 2019, and 8.2% (to $903 million) in
2018. Apart from the increasingly difficult macroeconomic
environment, we believe that the knock-on effects of the COVID-19
pandemic, including the shift toward remote working and increased
cloud adoption, could accelerate the pace of SD-WAN adoption. In
our view, because Riverbed lacks a presence in this market and
relies on its partnership with Versa, this potential threat could
undermine management's business improvement initiatives and make it
challenging to execute a successful refinancing."
"Riverbed enacted several cost-savings measures that have improved
its EBITDA margins. However, we believe a portion of these savings
will likely be temporary. The company's trailing-12-month
S&P-adjusted EBITDA margins of 28.3% as of the end of the third
quarter of 2020 are stronger than the 16.9% margins it reported
during the same period a year earlier. The key reasons for this
improvement include the roll-off of about $98 million of
restructuring costs incurred in the prior year to shift to a more
variable cost partner-led operating model, about $40 million a year
in savings from its shift to this model, about a $30 million
decrease in research and development (R&D) investment, and lower
discretionary spending. However, we view the portion of these
savings management derived from reductions in salary expense, sales
and marketing activities, and R&D investment as temporary because
continued underspending in these areas will likely undermine
Riverbed's ability to remain competitive in the future. Moreover,
with steady revenue declines, we think the company's decreased
operating leverage will likely erode some of the structural
benefits associated with its shift to a partner-led model."
"The negative outlook on Riverbed reflects that we could lower our
ratings if its operating performance continues to deteriorate such
that we perceive an even greater risk of a distressed exchange or
payment default in the next six months."
"We could lower our ratings on Riverbed if it announces a debt
exchange or restructuring or its operating conditions worsen such
that we see a restructuring as increasingly likely in the next six
months."
"We see limited rating upside in the near term. However, we could
consider raising our ratings on Riverbed if it is able to extend
the maturity of, or refinance, its debt obligations and demonstrate
a significant and sustained improvement in its operating
performance."
ROCKY MOUNTAIN: Receives First Shipment of $1.6 Million Machinery
-----------------------------------------------------------------
Rocky Mountain High Brands, Inc., reports that the first shipment
of machinery was delivered to its co-packing subsidiary in Plano,
Texas as part of the asset purchase agreement with Mogul Trading,
LLC.
On Sept. 17, 2020, RMHB purchased $1,600,000 worth of machinery
from Mogul Trading for shares of Rule 144 stock in RMHB. The
shares were issued in September and are reflected in the
outstanding share count on the OTC Markets website. The purchase
price included delivery of all the acquired assets to the
co-packing facility operated by Rocky Mountain Productions, Inc.
(RMP) in Plano and will be installed production ready. The
installation of all the acquired assets will be at Mogul Trading's
sole cost and expense.
The additional acquired machinery accommodates hand sanitizer and
expanding the beverage filling capabilities of Rocky Mountain
Productions. The equipment decisively shapes the Company's future
and capacity for new innovations. The inventory that arrived
primarily consisted of:
* mono block bottle system with feeder, wash, filler, and capper
* 12-head rotary bottle line system with feeder, descrambler, and
capper
* numerous smaller component parts
Coming soon, shipments of additional machinery will include:
* 12-head rotary bottle line system
* stainless steel two-head filler system
* stainless steel four-head filler system
* three labeling machines
* pallet wrapper
* miscellaneous component parts
"Rocky Mountain Productions continues to expand by pursuing a
solid, long-term growth strategy. Sustainability is firmly
embedded in its strategy to combine success with responsible action
– to seize opportunities that deliver value. This asset purchase
is proof positive that we are pursuing the right strategy and,
above all, that it will enable a successful trajectory for our
future," said Charles Smith, President of RMP.
David Seeberger, CEO and General Counsel of RMHB, stated, "The
Company is proud that Mogul Trading has expressed its confidence in
us, and makes it clear we have a solid, reliable business
relationship. With this acquisition, the Company is not only
building a strategic relationship between two companies, but
broadening its machine portfolio, while expanding its range of
services and depth of added value significantly.
"This is a thrilling day for our company and employees. We view
Rocky Mountain as one of the leaders in the hemp beverage space and
are excited to continually grow this partnership," said Mohammad
Rameel Sheikh, CEO of Mogul Trading. "The big winners today are
the consumers and shareholders. With the new additional machinery
arriving, Rocky Mountain will be able to reach a wider audience to
satisfy the needs of this rapidly growing market."
About Rocky Mountain
Rocky Mountain High Brands, Inc. is a consumer goods Company that
specializes in health conscious hemp-infused beverages and a
naturally high alkaline spring water under the name Eagle Spirit
Spring Water. The Company also co-packs beverages and hand
sanitizers.
Rocky Mountain reported a net loss of $5.27 million for the year
ended Dec. 31, 2019, compared to a net loss of $3.35 million for
the year ended Dec. 31, 2018.
Prager Metis CPAs, LLC, in Basking Ridge, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated July 8, 2020, citing that the Company has a
shareholders' deficit of $2,622,351 and an accumulated deficit of
$40,285,145 as of Dec. 31, 2019 and has generated operating losses
since inception. These factors among others, raise substantial
doubt regarding the Company's ability to continue as a going
concern.
ROYALE ENERGY: Has $612K Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------
Royale Energy, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $612,229 on $562,155 of total revenues for
the three months ended Sept. 30, 2020, compared to a net income of
$2,304,108 on $635,388 of total revenues for the same period in
2019.
At Sept. 30, 2020, the Company had total assets of $18,158,401,
total liabilities of $16,742,779, and $20,606,333 in total
stockholders' deficit.
Royale Energy said, "The primary sources of liquidity have
historically been issuances of common stock and operations. There
are factors that give rise to substantial doubt about the Company's
ability to meet liquidity demands, and we anticipate that our
primary sources of liquidity will be from the issuance of debt
and/or equity, the sale of oil and natural gas property
participation interests through our normal course of business and
the sale of non-strategic assets.
"The Company's 2020 financial statements reflect a working capital
deficiency of US$4,475,962 as of September 30, 2020 and a net loss
of US$540,251 for the nine months ended September 30, 2020. These
factors raise substantial doubt about our ability to continue as a
going concern. The accompanying financial statements do not
include any adjustments that might be necessary if the Company is
unable to continue as a going concern.
"Management's plans to alleviate the going concern by cost control
measures that include the reduction of overhead costs and the sale
of non-strategic assets. There is no assurance that additional
financing will be available when needed or that management will be
able to obtain financing on terms acceptable to the Company and
whether the Company will become profitable and generate positive
operating cash flow, which may be more difficult in light of the
volatility created during the COVID-19 pandemic. If the Company is
unable to raise sufficient additional funds, it will have to
develop and implement a plan to further extend payables, attempt to
extend note repayments, and reduce overhead until sufficient
additional capital is raised to support further operations. There
can be no assurance that such a plan will be successful."
A copy of the Form 10-Q is available at:
https://bit.ly/3mhQM0Y
Royale Energy, Inc. focuses on the acquisition, development, and
marketing of oil and natural gas in the United States. Its
principal operations are located in California's Los Angeles and
Sacramento Basins. The company was founded in 1986 and is based in
El Cajon, California.
RS AIR: Seeks to Hire Finestone Hayes as Bankruptcy Counsel
-----------------------------------------------------------
RS Air, LLC seeks authority from the U.S. Bankruptcy Court for the
Northern District of California to hire Finestone Hayes LLP as its
bankruptcy counsel.
The Debtor requires Finestone to:
a. represent the Debtor in matters and proceedings related to
its Chapter 11 case other than those particular areas that may be
assigned to special counsel;
b. advise the Debtor in any manner relevant to a review of its
debts, obligations and maximization or disposition of its assets;
c. assist the Debtor in the operation of its business;
d. assist the Debtor in the performance of its duties and
powers under the Bankruptcy Code and Bankruptcy Rules;
e. assist the Debtor in dealing with its creditors and other
constituencies, analyze claims, and formulate and seek approval of
a plan of reorganization.
Finestone's rate for partners is $525 per hour while the rates for
associates and contract attorneys range from $350 to $425 per hour.
The firm received $60,000 as a retainer.
Finestone is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Stephen D. Finestone, Esq.
Jennifer C. Hayes, Esq.
Ryan A. Witthans, Esq.
Finestone Hayes LLP
456 Montgomery Street, Floor 20
San Francisco, CA 94104
Tel.: (415) 616-0466
Fax: (415) 398-2820
Email: jhayes@fhlawllp.com
About RS Air LLC
RS Air, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 20-51604) on Nov. 6, 2020, listing
under $1 million in both assets and liabilities. Judge M. Elaine
Hammond oversees the case. Jennifer C. Hayes, Esq., at Finestone
Hayes LLP, serves as the Debtor's legal counsel.
SANUWAVE HEALTH: Posts $6.0-Mil. Net Loss for Sept. 30 Quarter
--------------------------------------------------------------
SANUWAVE Health, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $6,011,730 on $1,966,896 of total revenues
for the three months ended Sept. 30, 2020, compared to a net loss
of $2,748,018 on $197,640 of total revenues for the same period in
2019.
At Sept. 30, 2020, the Company had total assets of $32,866,106,
total liabilities of $33,739,108, and $873,002 in total
stockholders' deficit.
The Company said, "Since our inception, our operations have
primarily been funded from the sale of capital stock, notes
payable, and convertible debt securities. We expect to devote
substantial resources for the commercialization of the dermaPACE
System and UltraMIST product line and will continue to research and
develop the non-medical uses of the PACE technology, both of which
will require additional capital resources. We incurred a net loss
of US$6,011,730 and US$2,748,018 for the three months ended
September 30, 2020 and September 30, 2019, respectively, and
US$12,645,898 and US$7,679,766 for the nine months ended September
30, 2020 and the September 30, 2019, respectively. These factors
create substantial doubt about our ability to continue as a going
concern for a period of at least twelve months from the financial
statement issuance date. Although no assurances can be given, we
believe that potential additional issuances of equity, debt or
other potential financing will provide the necessary funding for us
to continue as a going concern for the next year."
A copy of the Form 10-Q is available at:
https://bit.ly/2VgAnOo
SANUWAVE Health, Inc., a shock wave technology company, focuses on
the development and commercialization of noninvasive, high-energy,
and acoustic shock waves for regenerative medicine and other
applications worldwide. It markets and sells its devices and
accessories. SANUWAVE Health, Inc. was founded in 2005 and is
headquartered in Suwanee, Georgia.
SCWORX CORP: Posts $4.1M Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------
SCWorx Corp. filed its quarterly report on Form 10-Q, disclosing a
net loss of $4,085,516 on $1,171,399 of revenues for the three
months ended Sept. 30, 2020, compared to a net loss of $640,390 on
$1,681,928 of revenues for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $10,474,016,
total liabilities of $5,564,034, and $4,909,982 in total
stockholders' equity.
The Company said, "As of September 30, 2020, we had a working
capital deficit of 3,416,428 and accumulated deficit of
US$21,779,442. During the nine months ended September 30, 2020, we
had a net loss of US$8,984,969 and used US$1,144,411 of cash in
operations. We have historically incurred operating losses and may
continue to incur operating losses for the foreseeable future. We
believe that these conditions raise substantial doubt about our
ability to continue as a going concern. This may hinder our future
ability to obtain financing or may force us to obtain financing on
less favorable terms than would otherwise be available. If we are
unable to develop sufficient revenues and additional customers for
our products and services, we may not generate enough revenue to
sustain our business, and we may fail, in which case our
stockholders would suffer a total loss of their investment. There
can be no assurance that we will be able to continue as a going
concern."
A copy of the Form 10-Q is available at:
https://bit.ly/3fNKPqe
SCWorx Corp. is a provider of data content and services related to
the repair, normalization and interoperability of information for
healthcare providers, as well as big data analytics for the
healthcare industry. The Company is based in New York.
SEAWALK INVESTMENTS: Debtor Says Sky's Plan Unconfirmable
---------------------------------------------------------
Debtor Seawalk Investments, LLC objects to the Disclosure Statement
Regarding Chapter 11 Plan of Reorganization of Sky Enterprise, LLC,
and in support, states as follows:
* Sky's Plan of Reorganization is unconfirmable on its face.
Sky's Pan and Disclosure Statement wrongly describe the relative
lien priorities of classes of secured creditors.
* Sky's Disclosure Statement fails to provide adequate
information regarding the Debtor's operations, fails to provide any
financial disclosures regarding the Debtor, the value of the
Debtor's property, or Sky.
* Sky's Disclosure Statement fails to disclose that every single
voting creditor other than Sky has voted to accept the Debtor's
Plan of reorganization.
* Sky's Disclosure Statement's description of the Debtor's
equity holders as unimpaired is patently wrong. In fact, Sky's
Plan deprives them of the value of their ownership interest by
stripping them of the real property's value.
A full-text copy of the Debtor's objection dated Aug. 21, 2020, is
available at https://tinyurl.com/y6a763wg from PacerMonitor at no
charge.
The Debtor is represented by:
WILCOX LAW FIRM
Robert D. Wilcox
93 Rio Drive
Ponte Vedra Beach, Florida 32082
Telephone: (904) 405-1250
E-mail: rw@wlflaw.com
admin@wlflaw.com
About Seawalk Investments
Seawalk Investments, LLC, a privately held company in Jacksonville,
Fla., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-01010) on March 21, 2019. At the
time of the filing, Debtor had estimated assets of between $1
million and $10 million and estimated liabilities of the same
range. Judge Jerry A. Funk oversees the case. Debtor has tapped
Wilcox Law Firm as its bankruptcy counsel and Gunn Chamberlain,
P.L. as its accountant.
SEAWALK INVESTMENTS: Equity Holders Object to Sky's Disclosures
---------------------------------------------------------------
James Stockton, III and Bebe, LLC, as equity holders of debtor
Seawalk Investments, LLC, object to the First Addendum to Sky
Enterprises LLC's Disclosure Statement Relating to its Chapter 11
Plan of Reorganization. In support of this objection, Equity
Holders state the following:
* Equity Holders object to the First Addendum to Competing
Disclosure Statement because it provides an improper and incorrect
liquidation analysis.
* The liquidation analysis provided by Sky Enterprises provides
an incorrect value for the real property and artificially reduces
the value of the real property by 30% (over $700,000.00 reduction)
under an assumption that a Chapter 7 Trustee would sell on an
expedited basis and could not or would not market it in a way to
receive the actual value.
* Sky Enterprises is attempting to use this liquidation analysis
to cover up the fact that its Competing Plan attempts to steal the
equity of the real estate from the Equity Holders.
* Sky Enterprises has waited until two days prior to the hearing
on the Competing Disclosure Statement to file its liquidation
analysis, despite the Equity Holders including the lack of
liquidation analysis as an objection to the Competing Disclosure
Statement.
A full-text copy of the Equity Holders' objection to Sky
Enterprises' Disclosure Statement dated October 13, 2020, is
available at https://tinyurl.com/yybtlquz from PacerMonitor.com at
no charge.
Attorney for Equity Holders:
LANSING ROY, P.A.
Kevin B. Paysinger, Esquire
1710 Shadowood Lane, Suite 210
Jacksonville, FL 32207
Tel: (904) 391-0030
E-mail: court@lansingroy.com
About Seawalk Investments
Seawalk Investments, LLC, a privately held company in Jacksonville,
Fla., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-01010) on March 21, 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. Judge Jerry A. Funk oversees the case. The Debtor
hired Wilcox Law Firm as its bankruptcy counsel.
SEAWALK INVESTMENTS: Jan. 14, 2021 Confirmation Hearing on Sky Plan
-------------------------------------------------------------------
On October 12, 2020, Sky Enterprises LLC, a Delaware Limited
Liability Company, in its capacity as creditor, filed with the U.S.
Bankruptcy Court for the Middle District of Florida, Jacksonville
Division, an Amended Disclosure Statement.
On October 22, 2020, Judge Jerry A. Funk approved the Disclosure
Statement and ordered that:
* January 7, 2021, is fixed as the last day for filing written
acceptances or rejections of the plan.
* January 14, 2021 at 10:00 am for 2 Hours in 4th Floor Courtroom
4D, 300 North Hogan Street, Jacksonville, Florida is the
confirmation hearing.
* Any objections to confirmation shall be filed and served seven
(7) days before the confirmation hearing.
A full-text copy of the order dated October 22, 2020, is available
at https://tinyurl.com/yymkqx3w from PacerMonitor.com at no
charge.
About Seawalk Investments
Seawalk Investments, LLC, a privately held company in Jacksonville,
Fla., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-01010) on March 21, 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. Judge Jerry A. Funk oversees the case. The Debtor
hired Wilcox Law Firm as its bankruptcy counsel.
SENESTECH INC: Needs Additional Capital to Stay as Going Concern
----------------------------------------------------------------
SenesTech, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss and comprehensive loss of $1,919,000 on
$77,000 of sales for the three months ended Sept. 30, 2020,
compared to a net loss and comprehensive loss of $2,585,000 on
$36,000 of sales for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $5,425,000,
total liabilities of $2,291,000, and $3,134,000 in total
stockholders' equity.
The Company said, "Our financial statements as of September 30,
2020 and 2019 have been prepared under the assumption that we will
continue as a going concern. Our independent registered public
accounting firm included in its opinion for the years ended
December 31, 2019 and 2018 an explanatory paragraph referring to
our net loss from operations and net capital deficiency and
expressing substantial doubt in our ability to continue as a going
concern without additional capital becoming available. If we
encounter continued issues or delays in the commercialization of
ContraPest, our prior losses and expected future losses could have
an adverse effect on our financial condition and negatively impact
our ability to fund continued operations, obtain additional
financing in the future and continue as a going concern. There are
no assurances that such financing, if necessary, will be available
to us at all or will be available in sufficient amounts or on
reasonable terms. Our financial statements do not include any
adjustments that may result from the outcome of this uncertainty.
If we are unable to generate additional funds in the future through
additional financings, sales of our products, licensing fees,
royalty payments or from other sources or transactions, we will
exhaust our resources and will be unable to continue operations."
A copy of the Form 10-Q is available at:
https://bit.ly/2KKq7vP
SenesTech, Inc. was formed in July 2004 and incorporated in the
state of Nevada. The Company subsequently reincorporated in the
state of Delaware in November 2015. Its corporate headquarters is
in Phoenix, Arizona. It has developed and is commercializing a
global, proprietary technology for managing animal pest
populations, initially rat populations, through fertility control.
SHILOH INDUSTRIES: Chapter 11 Cases Cast Going Concern Doubt
------------------------------------------------------------
Shiloh Industries, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $137,134,000 on $155,367,000 of net
revenues for the three months ended July 31, 2020, compared to a
net loss of $2,709,000 on $263,445,000 of net revenues for the same
period in 2019.
At July 31, 2020, the Company had total assets of $530,070,000,
total liabilities of $551,950,000, and $21,880,000 in total
stockholders' deficit.
As of July 31, 2020, the Company has significant indebtedness due
within the next twelve months and cash flow from operations has not
been sufficient to meet the Company's liquidity demands. As a
result, on August 30, 2020 (the "Petition Date"), the Company and
its U.S. subsidiaries (collectively with the Company, the
"Debtors") each filed a voluntary petition for relief (the
"Bankruptcy Petitions," and the cases commenced thereby, the
"Chapter 11 Cases") under Chapter 11 of the United States
Bankruptcy Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the District of Delaware (the "Bankruptcy
Court"). These matters raise substantial doubt about the Company's
ability to continue as a going concern.
"Our future plans, including those in connection with the Chapter
11 filings, are not yet finalized, fully executed or approved by
the Bankruptcy Court, and therefore cannot be deemed probable of
mitigating this substantial doubt within 12 months of the date of
issuance of these financial statements."
A copy of the Form 10-Q is available at:
https://bit.ly/39oCbgB
About Shiloh Industries
Shiloh Industries, Inc., and its subsidiaries are global innovative
solutions providers focusing on lightweighting technologies that
provide environmental and safety benefits to the mobility markets.
On Aug. 30, 2020, Shiloh Industries and its subsidiaries sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-12024). The petitions were signed by Lillian
Etzkorn, authorized person.
The Debtors reported total consolidated assets of $664,170,000 and
total consolidated debt of $563,360,000 as of April 30, 2020.
The Debtors have tapped Jones Day and Richards, Layton & Finger
P.A. as their legal counsel; Houlihan Lokey Capital Inc. as
financial advisor, Ernst & Young LLP as restructuring advisor, and
Prime Clerk LLC as claims and noticing agent.
On Sept. 15, 2020, the United States Trustee appointed the five
member official committee of unsecured creditors. The committee
selected Foley & Lardner LLP as its lead counsel, and Morris James
as Delaware counsel.
SINTX TECHNOLOGIES: Reports $2.4M Net Loss for Sept. 30 Quarter
---------------------------------------------------------------
SINTX Technologies, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $2,437,000 on $66,000 of product revenue
for the three months ended Sept. 30, 2020, compared to a net loss
of $1,446,000 on $173,000 of product revenue for the same period in
2019.
At Sept. 30, 2020, the Company had total assets of $32,633,000,
total liabilities of $5,097,000, and $27,536,000 in total
stockholders' equity.
The Company said, "Management has concluded that together with its
existing capital resources and payments on the note receivable from
the sale of the Spine business will be sufficient to fund
operations for at least the next 12 months, or through November
2021. In the financial statements for the year ended December 31,
2019, the Company concluded substantial doubt existed for the
Company to continue as a going concern. Beginning with the period
ended March 31, 2020, the Company's position changed as a result of
the capital raises."
A copy of the Form 10-Q is available at:
https://bit.ly/37lEwpQ
SINTX Technologies, Inc., a biomaterial company, researches,
develops, manufactures, and commercializes a range of medical
implant products manufactured with silicon nitride in the United
States, Europe, and South America. The Company was formerly known
as Amedica Corporation and changed its name to Sintx Technologies,
Inc. in October 2018. Sintx Technologies, Inc. was founded in 1996
and is headquartered in Salt Lake City, Utah.
SKIP BARBER RACING: Bank Entitled to Recover $919,000 from Culver
-----------------------------------------------------------------
In the case captioned PEOPLE'S UNITED BANK, Plaintiff, v. MICHAEL
C. CULVER, Defendant, No. 3:17-cv-00723 (VAB) (D. Conn.), People's
United Bank sued pro se defendant, Michael C. Culver, for two
counts of breach of guaranty for two loan agreements: one made in
2011 and one made in 2013. Following a Chapter 11 Bankruptcy
proceeding in the Southern District of New York, the loan agreement
from 2013 was satisfied. People's United moved for summary judgment
on its first count related to the loan agreement from 2011.
Upon analysis, District Judge Victor A. Bolden held that People's
United is entitled to summary judgment. Judge Bolden found that
People's United has shown all the elements necessary to satisfy its
breach of guaranty claim. Mr. Culver is liable to People's United
in the amount of $919,061.57.
Skip Barber Racing School LLC is "a limited liability company
created under the laws of the State of Delaware."
On Jan. 25, 2011, People's United entered in to a Loan and Security
Agreement with the Racing School and "agreed to make available to
the Racing School . . . Line of Credit Loans . . . in an aggregate
principal amount not to exceed one million dollars.
On the same date, "[Mr.] Culver, in order to induce People's
[United] to make loans and other financial accommodations to the
Racing School [("Obligations")] . . . agreed to be unconditionally
liable to People's [United] for the due performance and prompt
payment of all the Obligations, together with all interest thereon
and all other amounts chargeable thereon, including all cost of
collection, [and] including reasonable attorney's fees" ("2011
Culver Guaranty").
"At the time of the 2011 Loan Agreement and [2011 Culver] Guaranty,
[Mr.] Culver was President of the Racing School and owned more than
51% of [sic] company." People's United "fulfilled all of its
obligations under the 2011 Loan Agreement."
"The [2011] Loan Agreement is in default and Obligations have been
accelerated and demanded of both the Racing School and [Mr.]
Culver."
Mr. Culver "has refused and failed to pay the indebtedness owed
[under] the 2011 Note, or to otherwise duly perform the Obligations
under the 2011 Loan Agreement and [2011 Culver] Guaranty."
Under the 2011 Loan Agreement and 2011 Note, People's United is
owed "the principal sum of $554,085.72, plus accrued interest
through July 14, 2020 in the amount of $197,445.95, which interest
accrues at the per diem rate of $96.20, together with accrued late
charges in the amount of $9,531.40 and costs of collection and
reasonable attorney fees in the amount of $157,998.50 for a total
of $919,071.57."
Mr. Culver is liable for the 2011 Debt under the terms of the 2011
Culver Guaranty.
On Sept. 12, 2013, People's United and the Racing School entered
into a second Loan and Security Agreement in the amount of $200,000
and "the obligations under the 2013 Loan Agreement have been
fulfilled."
As set forth in Halkiotis v. WMC Mort. Corp., 144 F.Supp.3d 341,
350-51 (D. Conn. 2015), "The elements of a breach of contract claim
are the (1) formation of an agreement, (2) performance by one
party, (3) breach of the agreement by the other party, and (4)
damages."
People's United argued that Mr. Culver breached the guaranty,
asserting all for elements of a breach of contract claim. First,
People's United claims (1) that "[t]here is no dispute that
People's [United] entered into the 2011 Loan Agreement with the
Racing School and that [Mr.] Culver agreed to be liable for the
Obligations under the 2011 Loan Agreement by entering into the
[2011 Culver] Guaranty." Second, People's United claims that it
"performed all of its obligations of the 2011 Loan Agreement."
Third and fourth, People's United claims that "People's [United]
demanded that [Mr.] Culver pay the indebtedness owed [under] the
2011 Note and [2011 Culver] Guaranty, but [Mr.] Culver failed to
pay."
According to the Court, the first three requirements of a breach of
contract claim -- agreement, performance, failure to perform --
have been met. First, Mr. Culver did not dispute that he entered
into the 2011 Culver Guaranty with People's United, which made him
personally liable for the 2011 Loan Agreement and 2011 Note.
Second, Mr. Culver did not dispute that People's United fulfilled
its obligation under the 2011 Loan Agreement by lending the Racing
School funds that did not exceed one million dollars. And third,
Mr. Culver did not dispute that he has failed to pay the
indebtedness that he is personally liable for under the 2011 Culver
Guaranty, 2011 Loan Agreement, and 2011 Note. Thus, People's United
have established three requirements of their breach of guaranty
claim.
As for damages, Mr. Culver did not dispute that he is personally
liable for the 2011 Loan Agreement and 2011 Note. Instead, he
argued that there is a genuine issue of fact as to the amount of
damages that is still in dispute that prevents summary judgment in
People's United's favor.
In A.T. Clayton v. Hachenberger, the Court found that the amount of
indebtedness could be a material fact, but only "because the amount
owed [wa]s pivotal to the question of whether [the defendant]
breached the Guaranty, and because [the plaintiff] completely
neglected to argue that the amount owing [wa]s still sufficient to
sustain a breach despite these inconsistencies. . . ." In this
case, the 2011 Culver Guaranty is not triggered by the amount of
indebtedness, but by the Racing School's default on its debts under
the 2011 Loan Agreement and 2011 Note. As the Racing School is
unable to pay its debts and Mr. Culver is personally liable, the
fourth and final requirement for a breach of guaranty claim,
damages, has been satisfied. Accordingly, the Court granted summary
judgment as to the first count for breach of guaranty.
The Court also held that Mr. Culver’s other affirmative defenses
also fail. Thus, under the 2011 Culver Guaranty, People's United is
entitled to recover from Mr. Culver the remaining balance on 2011
Loan Agreement and 2011 Note, "together with all interest thereon
and all other amounts chargeable thereon, including all costs of
collection, including reasonable attorney's fees." Having
determined that there is no basis for doubting the amounts sought,
the Court adopted People's United's calculations and found that Mr.
Culver is liable to People's United in the amount of $919,061.57.
A copy of the Court's Ruling and Order dated Nov. 6, 2020 is
available at https://bit.ly/3o3f53t from Leagle.com.
About Skip Barber Racing School
Skip Barber Racing School LLC is a Braselton, Georgia-based racing
school. It operates a fully-integrated system of racing schools,
driving schools, racing championships, corporate events and OEM
events across North America, teaching emergency braking, skid and
slide control, proper cornering techniques, an understanding of
vehicle dynamics, and a variety of other car-control skills.
Skip Barber Racing School filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 17-35871) on May 22, 2017. The petition
was signed by Michael Culver, managing member. The Debtor
estimated $1 million to $10 million in assets and $10 million to
$50 million in debt.
Judge Cecelia G. Morris presided over the case.
Skip Barber Racing School hired Forchelli, Curto, Deegan, Schwartz,
Mineo & Terrana, LLP, as bankruptcy counsel; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.
On September 28, 2017, the Court entered an order dismissing the
case.
SM ENERGY: S&P Lowers ICR to 'SD' on Below-Par Debt Repurchases
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
exploration and production (E&P) company SM Energy Co. to 'SD'
(selective default) from 'CCC+'.
At the same time, S&P lowered its issue-level ratings on the
company's senior unsecured notes due in 2022 and senior unsecured
notes due in 2024 to 'D' from 'B-'. Its ratings on the unsecured
notes due in 2026 and 2027 and the secured notes due in 2025 are
unchanged.
The downgrade reflects SM Energy's recently disclosed debt
exchanges, which cumulatively over the past few quarters represent
a meaningful proportion of the original principal.
In the third quarter of 2020, the company repurchased $91.5 million
of its 6.125% unsecured notes due in 2022 and 5% unsecured notes
due in 2024 for approximately 72% of par on average.
S&P said, "We view these exchanges as a selective default because
investors received less than originally promised without adequate
compensation. We believe it will be a challenge for SM Energy to
refinance its 2022 and 2024 maturities on favorable terms."
In addition, SM Energy faces execution risk on its 2021 program to
increase production while keeping capital expenditures within cash
flows. Moreover, while the company likely has adequate revolving
and second-lien capacity to address its 2021 and 2022 maturities,
the 2024 maturity wall is likely to result in further distress
without a change in the commodity environment.
SOMERVILLE BREWING: Court Conditionally Approves Disclosures
------------------------------------------------------------
Judge Frank J. Bailey has entered an order that the First Amended
Combined Disclosure Statement and Liquidating Plan of Somerville
Brewing Company is conditionally approved as a disclosure
statement, subject to final determination of that issue at a later
date.
The Court will hold a telephonic hearing on December 14, 2020 at
10:00 a.m on the final approval of the Disclosure Statement,
confirmation of the Plan of Liquidation, on the approval of
Applications for Compensation and related matters. The hearing
shall be telephonic.
Any objections to the Court's final determination of the adequacy
of Disclosure Statement, and confirmation of the Plan of
Reorganization must be filed and served no later than December 9,
2020 at 4:30 PM.
The ballots must be submitted to counsel for the Debtor as set
forth in the Plan so as to be received by December 9, 2020 at 4:30
p.m.
About Somerville Brewing Company
Somerville Brewing Company, a/k/a Slumbrew, d/b/a American Fresh
Brewhouse, produces a wide variety of traditional and experimental
Slumbrew brand beer styles.
Somerville Brewing Company filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 19-13300) on Sept. 27, 2019 in Boston,
Massachusetts. In the petition signed by Jeffrey Leiter, the
Debtor's president and treasurer, the Debtor was estimated to have
assets between $1 million to $10 million and liabilities within the
same range as of the bankruptcy filing. The Hon. Frank J. Bailey is
the case judge. Parker & Lipton is the Debtor's counsel.
SOMERVILLE BREWING: Unsecureds Will Receive Nothing Under Plan
--------------------------------------------------------------
Somerville Brewing Company submitted a First Amended Combined
Disclosure Statement and Liquidating Plan.
Class One: Claims Allowed Secured Claim of Cambridge Trust Company
are impaired. CTC held a Claim in the sum of $182,234.20 secured by
all assets of the Debtor. Upon confirmation of the Plan, CTC shall
be paid $188,505.77 on account of the CTC Allowed Secured Claim in
cash in full and final satisfaction of all Class One Claims against
the Estate. Upon payment, CTC shall discharge its mortgage
encumbering the real estate located at 82 Victoria Street,
Somerville, Massachusetts which secures which secures payment of
its claim.
Class Two: Claims Massachusetts Growth Capital Corporation are
impaired. MGCC asserted a secured claim in the sum of $468,313.57.
The Class Two Claimant shall receive cash in an amount not to
exceed the amount of the Allowed Secured MGCC Claim as the holder
of such Allowed MGCC Secured Claim will not receive more than the
value of the Collateral securing such Claim.
Class Three: Claims of Financial Pacific Leasing, Inc., are
impaired. FPL asserted a secured claim in the sum $39,365.89. The
Class Three Claimant shall receive cash in an amount not to exceed
the amount of the Allowed Secured FPL Claim as the holder of such
Allowed FPL Claim will not receive more than the value of the
Collateral securing such Claim having received the indubitable
equivalent of its claim.
Class Four: Claims of M2 Lease Funds, LLC, are impaired. Class Four
consists of the claims of M2 Lease Funds LLC ("M2 Lease"), a
creditor holding equipment lease claims described as Class Four -A
and Four -B. The Class Four -A claimant shall have a secured claim
to the extent of the value of the collateral sold as provided by 11
U.S.C.§506. The Class Four -B claimant has a claim which was
improperly perfected and shall be deemed an unsecured claim.
Class Five: Claims of Crestmark Vendor Finance, a division of
MetaBank, are impaired. Crestmark asserted a claim secured by the
Kegs with sums outstanding in the amounts of $130,713.00. The Class
Five Claimant shall be paid cash in the sum of $21,469.55 plus
$2,000.00 as provided in the Stipulation with MGCC for a total of
$23,469.55 which together with the surrender of the remaining Kegs,
wherever located, shall be in full satisfaction of the Allowed
Class Five Claim, having received the indubitable equivalent of its
claim.
Class Six: Claims of On Deck Capital Inc., American Express
National Bank, Corporation Service Company as Representative of
Ascentium Are impaired. The Class Six claimants are unsecured and
shall be treated in accordance with Class Eight.
Class Eight Unsecured Claims are impaired. Unsecured creditor
claims are in excess of $1,672,985 inclusive of the unsecured
claims of the taxing authorities and the claims of the Class Four-B
and Class Six claimants set forth above including the MGCC
deficiency claim. Due to the known sums which were realized at the
Public Auctions of the Debtor's locations, and the sums due to the
holders of administrative, priority and Allowed Secured Claims of
Classes One through Five that there will be no remaining sums
available to pay to the holders of claims by the holders of General
Unsecured Creditors. Accordingly, the Class Eight claimants will
receive nothing.
Class Nine: Equity Interests are impaired. The Debtor believes that
its common capital stock has no present value based upon the
liquidation of all assets and the cessation of all business
operations.
The Debtor will pay the claims described above from the proceeds of
the Public Auction sales.
A full-text copy of the Combined Disclosure Statement and
Liquidating Plan dated October 2, 2020, is available at
https://tinyurl.com/y4faxkda from PacerMonitor at no charge.
A full-text copy of the First Amended Combined Disclosure Statement
and Liquidating Plan dated October 26, 2020, is available at
https://tinyurl.com/y2zqhexr from PacerMonitor.com at no charge.
Counsel to the Debtor:
Nina M. Parker, Esq.
Parker & Lipton
Parker & Associates LLC
8 Winchester Place, Suite 204
Winchester, MA 01890
nparker@parkerlipton.com
About Somerville Brewing Company
Somerville Brewing Company, a/k/a Slumbrew, d/b/a American Fresh
Brewhouse, produces a wide variety of traditional and experimental
Slumbrew brand beer styles.
Somerville Brewing Company filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 19-13300) on Sept. 27, 2019 in Boston,
Massachusetts. In the petition signed by Jeffrey Leiter, the
Debtor's president and treasurer, the Debtor was estimated to have
assets between $1 million to $10 million and liabilities within the
same range as of the bankruptcy filing. The Hon. Frank J. Bailey is
the case judge. Parker & Lipton is the Debtor's counsel.
SPECTRUM GLOBAL: Substantial Doubt on Staying Going Concern Exists
------------------------------------------------------------------
Spectrum Global Solutions, Inc. filed its quarterly report on Form
10-Q, disclosing a net loss (attributable to common shareholders)
of $8,903,109 on $5,895,300 of revenue for the three months ended
Sept. 30, 2020, compared to a net loss (attributable to common
shareholders) of $1,762,522 on $7,505,937 of revenue for the same
period in 2019.
At Sept. 30, 2020, the Company had total assets of $6,313,860,
total liabilities of $13,554,342, and $8,462,415 in total
stockholders' deficit.
Spectrum Global said, "The continuation of the Company as a going
concern is dependent upon the continued financial support from its
shareholders, the ability of management to raise additional equity
capital through private and public offerings of its common stock,
and the attainment of profitable operations. As of September 30,
2020, the Company had an accumulated deficit of US$44,950,815, and
a working capital deficit of US$4,611,115. These factors raise
substantial doubt regarding the Company's ability to continue as a
going concern for a period of one year from the issuance of these
financial statements.
"Management requires additional funds over the next twelve months
to fully implement its business plan. Management is currently
seeking additional financing through the sale of equity and from
borrowings from private lenders to cover its operating
expenditures. There can be no certainty that these sources will
provide the additional funds required for the next twelve months."
A copy of the Form 10-Q is available at:
https://bit.ly/2JuFZ5i
About Spectrum Global
Spectrum Global Solutions, Inc., (f/k/a Mantra Venture Group Ltd.)
was incorporated in the State of Nevada on Jan. 22, 2007 to acquire
and commercially exploit various new energy related technologies
through licenses and purchases. On Dec. 8, 2008, the Company
reincorporated in the province of British Columbia, Canada.
In April 2017 and February 2018, the Company acquired InterCloud
Systems, Inc.'s AW Solutions, Inc., AW Solutions Puerto Rico, LLC,
and Tropical Communications, Inc. (collectively “AWS” or the
"AWS Entities") subsidiaries. The Company’s AWS Entities are
professional, multi-service line, telecommunications infrastructure
companies that provide outsourced services to the wireless and
wireline industry.
In February 2018, the Company acquired InterCloud Systems' ADEX
Corporation, ADEX Puerto Rico LLC, ADEX Towers, Inc. and ADEX
Telecom, Inc. (collectively "ADEX" or the "ADEX Entities"). The
Company's ADEX Entities are a leading outsource provider of
engineering and installation services, staffing solutions and other
services which include consulting to the telecommunications
industry, service providers and enterprise customers domestically
and internationally.
SPINEGUARD INC: Hires Pachulski Stang as Counsel
------------------------------------------------
Spineguard, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Delaware to employ Pachulski Stang Ziehl &
Jones LLP, as counsel to the Debtor.
Spineguard, Inc., requires Pachulski Stang to:
a. provide legal advice with respect to the Debtor's powers
and duties as debtor in possession in the continued
operation of their business and management of their
property;
b. prepare on behalf of the Debtor any necessary applications,
motions, answers, orders, reports, and other legal papers;
c. appear in Court on behalf of the Debtor;
d. prepare and pursue confirmation of a plan and approval of a
disclosure statement; and
e. perform other legal services for the Debtor that may be
necessary and proper in these proceedings.
Pachulski Stang will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Mary F. Caloway, partner of Pachulski Stang Ziehl & Jones LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Pachulski Stang can be reached at:
Mary F. Caloway, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
Wilmington, DE 19801
Tel: (302) 652-4100
Fax: (302) 652-4400
About Spineguard Inc.
Based in San Francisco, California, SpineGuard, Inc. --
https://www.spineguard.com/ -- is an importer and distributor of
single-use, disposable, Dynamic Surgical Guidance (DSG) instruments
that measure the density of the tissue and enable surgeons to drill
holes, safely and without damaging nerves, into the pedicles of a
vertebral body in the spine during spinal fusion surgery.
A wholly-owned subsidiary of SpineGuard, S.A., SpineGuard, Inc.,
filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10332) on
Feb. 13, 2020. In the petition signed by Steve McAdoo, general
manager, USA, the Debtor estimated between $1 million and $10
million in both assets and liabilities. Judge John T. Dorsey is
assigned to the case. Hanson Bridgett LLP is the Debtor's counsel.
SPRING EDUCATION: S&P Lowers ICR to 'CCC+' on High Leverage
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on Spring Education Group
Inc., including the issuer credit rating to 'CCC+' from 'B-'. S&P
also lowered the issue-level ratings on the company's first-lien
debt to 'CCC+' from 'B-' and on its second-lien term loan to 'CCC-'
from 'CCC'.
Lower enrollments and discounting weakened recent performance,
making the company more reliant on favorable conditions to meet its
obligations amid COVID-19 impacts. The deteriorating labor market
and stay-at-home restrictions caused by the COVID-19 pandemic
affected more households. Demand for early childhood education
dropped during Spring Education's fiscal year ended in June. During
the fourth quarter of fiscal 2020, the company instituted one-time
heavy discounting practices to retain families dealing with the
shift to mandated remote learning, which further impaired operating
leverage. While S&P views this as a short-term arrangement, it
could revise its forecast if conditions extend longer term.
School closures are expected to weaken 2021 results, but improve
margins longer term. Spring announced it will close about 15% of
its underperforming schools this year that combined accounted for a
mid-single digit percentage of revenue. However, the longer-term
impact will improve adjusted EBITDA margins and free cash flow
generation as one-time charges roll off, starting in fiscal 2022.
While the company will lose revenue by resizing its footprint, S&P
believes Spring can improve the overall profitability of the
remaining schools with a higher utilization rate across its base.
Upsized revolver capacity, revised covenants, and a loan from the
company's financial sponsor should be sufficient for near-term
liquidity needs. Spring's sponsor, Primavera, extended a $40
million payment-in-kind (PIK) unsecured loan due in 2026 (unrated)
that should help lower the burden of complying with the $25 million
minimum liquidity covenant through the end of June 2021.
Furthermore, S&P expects the company will burn cash but still meet
its short-term obligations until collecting annual tuition payments
in April and May, its largest cash inflow period annually. Spring
enlarged its revolver to $90 million from $40 million. Once the
minimum liquidity covenant expires, S&P expects Spring will comply
with its springing first-lien leverage covenant.
Spring has a large presence in prekindergarten and early childhood
education, which is more exposed to competition and the perceived
health threat of the coronavirus among students. Spring is exposed
to high revenue volatility if parents keep their children home due
to increasing COVID-19 cases. For pre-K and early childhood
education, unlike K-12, the company has limited online material to
offer given the age and services provided. Spring generates about
40% of its revenue from pre-K, although it's an improvement from
61% due to the recent acquisition of Basis Schools Inc. Pre-K
enrollment growth is exposed to competition from the increasing
availability of public pre-K as well as other early child care
services across price points. As such, S&P believes that in an
economic downturn, parents may seek less expensive options.
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety
S&P said, "The stable outlook reflects our view that while Spring's
leverage will remain over 11x in the next 12 months, we expect
credit metrics will start to improve steadily over the latter half
of fiscal 2021 as the company benefits from increasing campus
utilization rates and fewer underperforming schools."
S&P could lower the issuer credit rating if it believes:
-- The company's liquidity would be insufficient to meet near-term
needs and covenant requirements; and
-- Enrollment fails to improve as a result of competition or
additional stay-at-home measures.
S&P could raise its rating if the company:
-- Returns to historical utilization rates and enrollment growth;
-- Reduces leverage to the high-single–digit percentage area
through EBITDA growth over the next 12 months; and
-- Generates sustained positive FOCF.
STEVEN BOYUM: Kari Boyum Offers $240K for Goodhue County Land
-------------------------------------------------------------
Steven A. Boyum and Tracy Boyum ask the U.S. Bankruptcy Court for
the District of Minnesota to authorize them to sell the real
property located in Goodhue County, Minnesota, all containing 41
acres, more or less, to Kari Boyum for $240,000.
The Property is legally described as that part of the East Half of
the Southwest Quarter of Section 21, Township 110 North, Range 17
West, Goodhue Cou7nty, Minnesota, described as follows: Beginning
at the northwest corner of said East Half of the Southwest Quarter;
thence South 89 degrees 36 minutes 07 seconds East (assumed
bearing) along the north line of said East Half of the Southwest
Quarter 732.42 feet; thence South 00 degrees 23 minutes 53 seconds
West 840.00 feet; thence North 89 degrees 36 minutes 07 seconds
West 79.50 feet; thence South 00 degrees 23 minutes 53 seconds West
1775.87 feet to the south line of said East Half of the Southwest
Quarter; thence South 89 degrees 48 minutes 35 seconds West, along
said south line, 626.52 feet to the southwest corner of said East
Half of the Southwest Quarter; thence North 00 degrees 10 minutes
46 seconds West, along the west line of said East Half of the
Southwest Quarter, 2622.44 feet to the point of beginning. Subject
to a public road easement and all other easements and restrictions
of record, if any. PID#44.021.1000(pt).
The Debtors executed and delivered to United Prairie Bank a
Mortgage dated Sept. 21, 2015, covering property located in Goodhue
County, Minnesota, securing all present or future obligations to
United Prairie Bank, up to a maximum principal amount of $2.774
million. The Mortgage was recorded with the Office of the Goodhue
County Recorder on Sept. 25, 2015, as Document No. A-625499.
The Debtors estimate that the value of the Property is $240,000.
They valued it, together with other land, at $512,100, in the
Schedules, and is aware that United Prairie Bank obtained an
appraisal, which valued the property, together with other land.
The parties agree that Bank must release its lien on the property
for a sale at the price of $240,000. The offer to purchase is
equal to the Debtors’ valuation and the Bank's appraisal.
The sale of the Debtors' interest in the real property will be free
and clear of all liens, claim or encumbrance of all except Bruce
Boyum in respect to Right of First Refusal filed as: Right of First
Refusal Agreement dated July 18, 2013, filed Oct. 2, 2013 as
Document No. A-609241, between Steven A Boyum & Tracy M. Boyum,
husband and wife, and Bruce A Boyum, a single person. The
Agreement gives Bruce the Right of First Refusal to Purchase the
property listed on Schedule A (and other property) from Steve and
Tracy. Manure Hauling and Lease Agreement dated May 31, 2002,
filed July 3, 2002 as Document No. 469883, by and between Steven A
Boyum and Tracy M Boyum, husband and wife, and Bruce A Boyum, a
single person, "Owners" and West Woods Dairy, LLP, "Tenant," for
the application of manure for a term of 25 years.
The Debtors intend to sell the property to the Buyer. The Buyer
will be obligated for all costs or expenses at closing including,
but not limited to, the "seller costs" identified in the purchase
agreement, any survey costs, and the unpaid and 2020 taxes so as to
require the Debtors-in-Possession to receive the net amount of
$249,314 at closing.
The Debtors believe the sale, as proposed, is in the best intenrest
of all creditors of the estate and should be approved.
A hearing on the Motion was set for Nov. 5, 2020 at 10:00 a.m. The
objection deadline was Nov. 5, 2020 at 8:00 a.m.
Steven A. Boyum and Tracy Boyum sought Chapter 11 protection
(Bankr. D. Minn. Case No. 18-32309) on July 23, 2018. The Debtor
tapped David C. McLaughlin, Esq., at Fluegel Anderson McLaughlin &
Brutlag as counsel.n
STRATEGIC ENVIRONMENTAL: Has $656K Net Loss for Sept. 30 Quarter
----------------------------------------------------------------
Strategic Environmental & Energy Resources, Inc., filed its
quarterly report on Form 10-Q, disclosing a net loss of $655,700 on
$1,050,200 of total revenue for the three months ended Sept. 30,
2020, compared to a net loss of $516,000 on $1,011,500 of total
revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $2,804,400,
total liabilities of $10,815,600, and $8,011,200 in total deficit.
Strategic Environmental said, "The Company has experienced
recurring losses, and has accumulated a deficit of approximately
US$28.8 million as of September 30, 2020, and US$27.0 million as of
December 31, 2019. For the nine months ended September 30, 2020
and 2019, the Company incurred net losses from continuing
operations of approximately US$1.9 million and US$0.8 million,
respectively. The Company had a working capital deficit of
approximately US$8.8 million at September 30, 2020, an increase of
US$1.7 million in working capital deficit from US$7.1 million at
December 31, 2019. These factors raise substantial doubt about the
ability of the Company to continue to operate as a going concern.
"Realization of a major portion of the Company's assets as of
September 30, 2020, is dependent upon continued operations. The
Company is dependent on generating additional revenue or obtaining
adequate capital to fund operating losses until it becomes
profitable. For the nine months ended September 30, 2020 the
Company raised approximately US$1.5 million from the issuance of
short-term and long-term debt, offset by payments of principal on
short term notes and capital leases of US$0.2 million, for a net
cash provided by financing activities of approximately US$1.3
million. In addition, the Company has undertaken a number of
specific steps to continue to operate as a going concern. The
Company continues to focus on developing organic growth in our
operating companies and improving gross and net margins through
increased attention to pricing, aggressive cost management and
overhead reductions, including discontinuing a line of business
with insufficient margins. Critical to achieving profitability
will be the ability to license and or sell, permit and operate
though the Company's joint ventures and licensees the CoronaLux(TM)
waste destruction units. The Company has increased business
development efforts to address opportunities identified in
expanding markets attributable to increased interest in energy
conservation and emission control regulations. In addition, the
Company is evaluating various forms of financing which may be
available to it. There can be no assurance that the Company will
secure additional financing for working capital, increase revenues
and achieve the desired result of net income and positive cash flow
from operations in future years."
A copy of the Form 10-Q is available at:
https://bit.ly/37ivHx5
Strategic Environmental & Energy Resources, Inc., together with its
subsidiaries, provides clean-technologies, waste management
innovations, and related services to companies primarily in the oil
and gas, refining, landfill, food, beverage and agriculture, and
renewable fuel industries in the United States and internationally.
The company operates in three segments: Industrial Cleaning,
Environmental Solutions, and Solid Waste. The company is
headquartered in Golden, Colorado. Strategic Environmental & Energy
Resources, Inc. is a subsidiary of New Stratus Energy Inc.
STRUCTURED CABLING: Court Approves Disclosure Statement
-------------------------------------------------------
Judge Robert A. Mark has entered an order approving the Disclosure
Statement of Structured Cabling Solutions, Inc.
The Court has set a hearing to consider confirmation of the Plan on
December 3, 2020 at 2:00 p.m., in Court Solutions.
The deadline for objections to confirmation was Nov. 19, 2020.
The deadline for filing ballots accepting or rejecting plan was
Nov. 19, 2020.
About Structured Cabling Solutions
Structured Cabling Solutions, Inc., is a telecommunication
contractor in Miami Gardens, Florida.
Structured Cabling Solutions filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-12551) on Feb. 26, 2020. In the petition signed by Syed A.
Shah, its president, the Debtor disclosed $944,176 in assets and
$3,273,790 in liabilities.
The case is assigned to Judge Robert A. Mark.
The Debtor tapped Chad Van Horn, Esq., at Van Horn Law Group Inc.
as its counsel and Carlos de la Osa, C.P.A., P.A. as its
accountant.
STRUCTURED CABLING: Unsecureds Will be Paid 15% Under Plan
----------------------------------------------------------
Structured Cabling Solutions, Inc., submitted a First Amended
Disclosure Statement.
The filing of the Chapter 11 relived Debtor from the collection
litigation of City National Bank of Florida ("CNB"), captioned NB
v. SCS at 2019-026568CA in Miami-Dade County and Communications
Supply Corporation (CSC), captioned CSC v. SCS at CACE 19020136,
filed in Broward County. CNB has filed two claims in the
bankruptcy: POC-4 and POC-5. Each claim is for the same amount of
money: $1,460,607.14. But Claim 4 is a secured claim and Claim 5 is
an unsecured claim. Debtor and CNB have agreed that the bank's
secured claim shall be set at $1,200,000.00, payable in the Plan in
Class 1, at 5% interest, amortized over 120 months, payable for 59
months at $ 12,727.86 per month, with a balloon payment in month 60
for the balance of the $1,200,000.00 still due and owing at that
time. The balance of CNB's claim of $260,607.14 ($1,460,607.14-
$1,200.000.00), shall be classified as a general unsecured claim
and treated as part of Class 4. CNB's Claim 5 is disallowed in its
entirety.
The unsecured class (Class 4) has 25 claims totaling $2,308,950.90.
The payment to Class 4 will be based on 15% of the total claims or
$346,342 payable in 20 quarterly payments of $17,317.11 over 5
years.
The funds to make the initial payments will come from the Debtor in
Possession's Bank account. Funds to be used to make cash payments
pursuant to the Plan shall derive from Debtor's income.
A full-text copy of the First Amended Disclosure Statement dated
October 7, 2020, is available at https://tinyurl.com/y5jlk9cz from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Chad Van Horn, Esq.
Van Horn Law Group, P.A.
330 N. Andrews Ave., Suite 450
Fort Lauderdale, Florida 33301
Telephone: (954) 765-3166
Facsimile: (954) 756-7103
Email: Chad@cvhlawgroup.com
About Structured Cabling Solutions
Structured Cabling Solutions, Inc., is a telecommunication
contractor in Miami Gardens, Florida.
Structured Cabling Solutions, Inc., filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-12551) on Feb. 26, 2020. In the petition signed by Syed A.
Shah, its president, the Debtor disclosed $944,176 in assets and
$3,273,790 in liabilities.
The case is assigned to Judge Robert A. Mark.
The Debtor tapped Chad Van Horn, Esq., at Van Horn Law Group Inc.
as its counsel and Carlos de la Osa, C.P.A., P.A. as its
accountant.
STRUCTURED CABLING: UST Objects to Amended Plan & Disclosures
-------------------------------------------------------------
The United States Trustee for Region 21 objects to the Amended
Disclosure Statement and Plan filed by Debtor Structured Cabling
Solutions, Inc.
The U.S. Trustee states that the Debtor has now filed its Amended
Plan and Disclosure Statement at ECF 109 and 108 with almost the
exact same projections as the earlier filed projections attached to
ECF 73. The projections are not reliable.
The U.S. Trustee points out that the Debtor provides no explanation
for the changes and although the Debtor is projecting substantially
more revenue each year ($4 million) than in the previous Disclosure
Statement, the proposed 2% distribution ($9,180 a year) to general
unsecured creditors did not change.
The U.S. Trustee claims that the line item for payroll is
inconsistent with the latest operating report for the six-month
period ending August 31, 2020. The total labor cost for the period
between February 26, 2020 and August 31, 2020 was reported a
$350,982.20.
The U.S. Trustee asserts that not only are the amounts inconsistent
on the very same page and within the very same document, the income
projections are lower than the Debtor's actual historical
performance during the chapter 11 and the expenses are higher.
The U.S. Trustee further asserts that the proposal before the Court
fails to provide information needed for creditors and voting
parties to assess the fairness of the proposed distribution. In
addition, the Plan is not confirmable because it does not appear to
be proposed in good faith and does not satisfy the requirements of
11 USC §1129.
A full-text copy of the United States Trustee's objection to the
amended plan and disclosure dated October 6, 2020, is available at
https://tinyurl.com/y6yaxgbs from PacerMonitor.com at no charge.
About Structured Cabling Solutions
Structured Cabling Solutions, Inc., is a telecommunication
contractor in Miami Gardens, Florida.
Structured Cabling Solutions, Inc., filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-12551) on Feb. 26, 2020. In the petition signed by Syed A.
Shah, its president, the Debtor disclosed $944,176 in assets and
$3,273,790 in liabilities.
The case is assigned to Judge Robert A. Mark.
The Debtor tapped Chad Van Horn, Esq., at Van Horn Law Group Inc.
as its counsel and Carlos de la Osa, C.P.A., P.A. as its
accountant.
STUDIO MOVIE: Sets Bid Procedures for Substantially All Assets
--------------------------------------------------------------
Studio Movie Grill Holdings, LLC, and its affiliates, ask the U.S.
Bankruptcy Court for the Northern District of Texas to authorize
the bidding procedures in connection with the auction sale of
substantially all assets.
The Debtors want to maximize the value of their assets for the
benefit of their estates and all parties in interest. To that end,
they have been evaluating, and continue to evaluate, all of their
strategic options with the input of their key constituents,
including the Prepetition Lenders2 and DIP Lenders. These options
include, without limitation, (a) a sale of all or a portion of the
Assets; or (b) a reorganization and/or recapitalization of the
Debtors.
By the Motion, the Debtors are taking a crucial step in developing
and evaluating those alternatives -- specifically, they are asking
for approval of a marketing process that would enable them to
solicit bids on the Assets, while also maintaining the flexibility
to solicit proposals to reorganize and/or recapitalize the Debtors.
They are willing to entertain all viable proposals, in
consultation with the Agent and, at present, have not committed to
any particular path.
At this juncture, the Debtors are filing the Motion in accordance
with the milestones set forth in the DIP Order, which require,
among other things, that the Debtors (a) file the Bid Procedures
and Sale Motion within 10 days of the Petition Date; (b) obtain
entry of an order, in form and substance acceptable to the Agent,
approving bid and sale procedures for the sale of substantially all
of the Debtors' Assets no later than 45 days after the Petition
Date; (c) obtain a Bid Deadline within 75 days of the Petition
Date; and (d) obtain entry of the Sale Order within 10 days of the
Bid Deadline.
The Debtors will prepare a form of Asset Purchase Agreement for
parties interested in acquiring their Assets. They will make the
Form APA available in the electronic data room established by them
in connection with their Sale Process. To streamline the sale
process, Qualified Bidders will be required to mark the Form APA to
show the specific changes to the Form APA that the Qualified Bidder
requires.
To maximize the value of the Assets, all bids are subject to higher
or better offers through a competitive auction process. If the
Debtors pursue a sale of the Assets, the Debtors contemplate that
the Bidding Process will culminate in the sale of all or
substantially all of their Assets to the Prevailing Purchaser free
and clear of any or all liens, claims and interests pursuant to a
sale under section 363 of the Bankruptcy Code for cash and/or the
assumption of certain liabilities, with all such liens, claims and
interests attaching to the Transaction proceeds.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Jan. 6, 2021 at 5:00 p.m. (CT)
b. Initial Bid: The aggregate of the value of the sum of: (A)
the cash purchase price of the Stalking Horse Agreement; plus (B)
the Stalking Horse Bidder(s)’s assumed liabilities in an
estimated amount determined by the Debtors with the Agent's
consent; plus (C) the sum of the Bid Protections; plus (D)
$500,000.
c. Deposit: 10% of the cash purchase price of the bid
d. Auction: If multiple Qualifying Bids are received by the
Debtors, the Debtors may conduct an auction with respect to all or
some of the Assets. The Auction, if conducted, will commence at
10:00 a.m., prevailing Central time, on Jan. 11, 2021. The
Auction, if any, will be conducted virtually via Zoom, Webex, or
other similar format as set forth in a notice to be provided by the
Debtors to the Agent, Crestline, and the Auction Participants by
not later than 48 hours prior to the commencement thereof.
Alternatively, the Auction, if required, will be conducted at such
later time or other format (including in person) as determined by
the Debtors with the consent of the Agent, and of which the Debtors
will notify the Agent, Crestline, and the Auction Participants.
e. Bid Increments: $500,000
f. Sale Hearing: TBD
g. Sale Objection Deadline: At least two days before the Sale
Hearing
h. The Bid Procedures provide that the Prepetition Agent and
the DIP Agent may, and at any time prior to or within 24 hours of
the conclusion of the Auction, credit bid any portion up to the
entire amount of their respective claims, on any Assets
constituting their respective collateral.
To induce the Stalking Horse Bidder(s) to enter into Stalking Horse
Agreements, setting floor prices for the Assets that may be tested
in the marketplace, the Debtors may be required to provide Bid
Protections. The terms of any Bid Protections will be subject to
Court approval pursuant to a Stalking Horse Order after four days'
notice to all relevant parties as set forth in the Bid Procedures.
Not later than five days after entry of the Bid Procedures Order,
the Debtors (or their agents): (a) will serve a copy of the
Transaction Notice, as well as a copy of the Bid Procedures and
Sale Motion and the Bid Procedures Order, upon the Transaction
Notice Parties; and (b) will serve a copy of the Transaction Notice
upon all known creditors of the Debtors.
The Debtors propose to serve the Assumption Notice within five days
after entry of the Bid Procedures Order upon the Counterparties.
The Debtors and their estates reserve any and all rights with
respect to any Desired 365 Contract that are not ultimately
designated as Assigned Contracts.
The Debtors further request that the Court approve the form of the
Post-Auction Notice that will be used to disclose the identity of
the Prevailing Purchaser and the Back-Up Bidder to parties in
interest.
The Debtors also ask authority to distribute to the Agent on the
date of the Closing: (a) the balance of the Sale Proceeds, plus (b)
all cash on hand of the Debtors as of the Closing date, less (c) an
amount of cash to be set forth in a wind-down budget to be agreed
upon by the Agent and the Debtors and filed by the Debtors prior to
the Sale Hearing, for application by the Agent to the DIP
Obligations and as partial adequate protection for application by
the Agent to the Prepetition Lenders' Claim.
Because time is of the essence in regard to the Transaction, the
Debtors ask that the Court waive the 14-day stay (a) provided in
Bankruptcy Rule 6004(h) in all orders requested to be entered, and
(b) provided in Bankruptcy Rule 6006(d) in the Sale Order.
A hearing on the Motion is set for Dec. 8, 2020 at 9:30 a.m.
Objections, if any, must be filed within 21 days from the date of
the Motion.
A copy of the Bidding Procedures is available at
https://tinyurl.com/yxeklkpk from PacerMonitor.com free of charge.
About Studio Movie Grill
Studio Movie Grill and its affiliates operate a chain of movie
theatres that include full-service dining during the show. Studio
Movie Grill is based in Dallas and runs 33 theater-restaurants.
Studio Movie Grill Holdings, LLC, and its affiliates sought Chapter
11 protection (Bankr. N.D. Tex., Case No. 20-32633) on Oct. 23,
2020. Studio Movie Grill was estimated to have $50 million to $100
million in assets and $100 million to $500 million in liabilities.
The Hon. Stacey G. Jernigan is the case judge.
The Law Offices of Frank J. Wright, PLLC, is the Debtors' counsel.
SUMMIT MIDSTREAM: Amends Series A Preferred Units Cash Tender Offer
-------------------------------------------------------------------
Summit Midstream Partners, LP has amended its previously announced
offer to purchase for cash up to $25,000,000 aggregate purchase
price of its 9.50% Series A Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units. For each Series A Preferred
Unit that is accepted in the Tender Offer, the holder will receive
$250.00, a 25% increase over the initial offer of $200.00.
Assuming that the Tender Offer is fully subscribed, the number of
Series A Preferred Units that will be purchased at the Purchase
Price under the Tender Offer is 100,000. Additionally, the
Partnership has amended the Tender Offer to remove the condition
that holders of at least 75,000 Series A Preferred Units validly
tender (and not properly withdraw) their Series A Preferred Units
prior to the Expiration Date. Pursuant to the Partnership's
removal of the Minimum Tender Condition, the Tender Offer is no
longer conditioned upon the tender of a minimum amount of Series A
Preferred Units.
There are no other material changes to the Tender Offer, which is
still scheduled to expire at 11:59 p.m., New York City time, on
Dec. 9, 2020, unless extended. The Partnership will pay the
Purchase Price for each Series A Preferred Unit it purchases
promptly after the Expiration Date and the acceptance of the Series
A Preferred Units for purchase.
The complete terms and conditions of the Tender Offer will be set
forth in the Offer to Purchase and related Letter of Transmittal
that are filed with the U.S. Securities and Exchange Commission
under cover of Schedule TO-I and TO-I/A. Copies of the Offer to
Purchase and Letter of Transmittal may be found on the SEC's
website at www.sec.gov, the Partnership's website at
www.summitmidstream.com or may be obtained from the Tender and
Information Agent, D.F. King & Co., Inc., at 800-669-5550 (toll
free) for unitholders, 212-269-5550 for banks and brokers or
smlp@dfking.com.
About Summit Midstream Partners
Summit Midstream Partners is a value-driven limited partnership
focused on developing, owning and operating midstream energy
infrastructure assets that are strategically located in
unconventional resource basins, primarily shale formations, in the
continental United States. SMLP provides natural gas, crude oil
and produced water gathering services pursuant to primarily
long-term and fee-based gathering and processing agreements with
customers and counterparties in six unconventional resource
basins:
(i) the Appalachian Basin, which includes the Utica and Marcellus
shale formations in Ohio and West Virginia; (ii) the Williston
Basin, which includes the Bakken and Three Forks shale formations
in North Dakota; (iii) the Denver-Julesburg Basin, which includes
the Niobrara and Codell shale formations in Colorado and Wyoming;
(iv) the Permian Basin, which includes the Bone Spring and Wolfcamp
formations in New Mexico; (v) the Fort Worth Basin, which includes
the Barnett Shale formation in Texas; and (vi) the Piceance Basin,
which includes the Mesaverde formation as well as the Mancos and
Niobrara shale formations in Colorado. SMLP has an equity
investment in Double E Pipeline, LLC, which is developing natural
gas transmission infrastructure that will provide transportation
service from multiple receipt points in the Delaware Basin to
various delivery points in and around the Waha Hub in Texas. SMLP
also has an equity investment in Ohio Gathering, which operates
extensive natural gas gathering and condensate stabilization
infrastructure in the Utica Shale in Ohio. SMLP is headquartered in
Houston, Texas.
SMLP reported a net loss of $369.83 million for the year ended Dec.
31, 2019, compared to net income of $42.35 million for the year
ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $2.57
billion in total assets, $1.67 billion in total liabilities, $85.80
million in mezzanine capital, and $816.63 million in total
partners' capital.
* * *
As reported by the TCR on Aug. 11, 2020, S&P Global Ratings raised
its issuer credit rating on Summit Midstream Partners L.P. (SMLP)
to 'CCC' from 'SD'. "We could lower our rating on SMLP if it
announced a restructuring of its general partner's debt or missed
an interest or amortization payment over the next 6 months," S&P
said.
SUN BIOPHARMA: Has $1.7M Net Loss for the Quarter Ended Sept. 30
----------------------------------------------------------------
Sun BioPharma, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,671,000 on $0 of revenue for the three
months ended Sept. 30, 2020, compared to a net loss of $1,374,000
on $0 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $11,485,000,
total liabilities of $1,936,000, and $9,549,000 in total
stockholders' equity.
The Company said, "Our current independent registered public
accounting firm included a paragraph emphasizing this going concern
uncertainty in their audit report regarding our 2019 financial
statements dated March 24, 2020. Our ability to continue as a
going concern, realize the carrying value of our assets and
discharge our liabilities in the ordinary course of business is
dependent upon a number of factors, including our ability to obtain
additional financing, the success of our development efforts, our
ability to obtain marketing approval for our SBP-101 product
candidate in the United States, Australia, the European Union or
other markets and ultimately our ability to market and sell our
SBP-101 product candidate. These factors, among others, raised
substantial doubt about our ability to continue operations as a
going concern."
A copy of the Form 10-Q is available at:
https://bit.ly/2JbfCl7
Sun BioPharma, Inc., a clinical-stage biopharmaceutical company,
engages in developing therapeutics treatment for unmet medical
needs. The company focuses on diseases of the pancreas, including
pancreatitis and pancreatic cancer. Its lead product candidate is
SBP-101, which is in Phase 1a/1b clinical trial for the treatment
of patients with pancreatic cancer. The company has scientific
collaborations with pancreatic disease experts Cedars Sinai Medical
Center in Los Angeles, the University of Miami; the University of
Florida; the Austin Health Cancer Trials Centre in Melbourne,
Australia; the Ashford Cancer Centre in Adelaide, Australia; and
the Blacktown Cancer and Haematology Centre in Sydney, Australia.
Sun BioPharma was founded in 2011 and is based in Waconia,
Minnesota.
SUNDANCE ENERGY: Reports $356.6-Mil. Net Loss for Sept. 30 Quarter
------------------------------------------------------------------
Sundance Energy Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $356,574,000 on $20,923,000 of total
revenues for the three months ended Sept. 30, 2020, compared to net
income of $13,296,000 on $51,097,000 of total revenues for the same
period in 2019.
At Sept. 30, 2020, the Company had total assets of $450,346,000,
total liabilities of $428,822,000, and $21,524,000 in total
stockholders' equity.
Sundance Energy said, "The requirement for the Company to comply
with the June 30, 2020 Asset Coverage Ratio covenant was removed
from the Term Loan agreement; however it is unlikely that the
Company would have been able to meet the covenant as of June 30,
2020. The Asset Coverage Ratio covenant continues to apply for
periods subsequent to June 30, 2020. At September 30, 2020, the
Company was in breach of the Total Debt to EBITDA Ratio, as well as
the Current Ratio under the Revolving Facility, as a result of
reclassifying it outstanding debt from long-term to current, which
is an event of default, and allows the lenders to call the
Company's Revolving Facility and Term Loan (due to cross-default
provisions) to be immediately due and payable. Additionally, given
the recent decline and continued volatility of commodity prices
combined with a scaled back development program, the Company
believes it is probable it will not meet the Asset Coverage Ratio
covenant, Total Debt to EBITDA Ratio covenant and Current Ratio
covenant and potentially other covenants in its credit facilities
at measurement dates during the 12 months following the date of
this report. The Company is currently working with its lenders to
address the status of its compliance with the covenants under the
Term Loan and the Revolving Facility. In the event that repayment
of some or all of the amounts outstanding under its credit
facilities are accelerated and become immediately due and payable,
the Company does not have sufficient liquidity to repay such
outstanding amounts. These conditions and events raise substantial
doubt about the entity's ability to continue as a going concern
within one year after the date of the issuance of financial
statements.
"The Company is working with its Revolving Facility lenders to
obtain a waiver of these events of default, however, there is no
guarantee that the Company's Revolving Facility lenders will agree
to waive these events of default or potential events of default in
the future. There can be no assurances that the Company will be
successful in any restructuring of existing debt obligations or in
obtaining capital sufficient to fund the refinancing of its
outstanding indebtedness or to provide sufficient liquidity to meet
the outstanding debt obligations of the Company, if repayment of
its credit facilities is accelerated. If the Company is
unsuccessful in its efforts to restructure and secure new
financing, it may be necessary for the Company to seek protection
from creditors under Chapter 11 of the U.S. Bankruptcy Code, or an
involuntary petition for bankruptcy may be filed against it. As a
result, the Company has concluded that management's plans do not
alleviate substantial doubt about the Company's ability to continue
as a going concern. The condensed consolidated financial
statements do not reflect any adjustments that might result from
the outcome of this uncertainty."
A copy of the Form 10-Q is available at:
https://bit.ly/3ll2xCG
Sundance Energy Inc. operates as an onshore independent oil and
natural gas company in North America. The company explores for,
develops, and produces oil and natural gas. It focuses on
operations on its 41,000 net acres in the Eagle Ford, Live Oak,
Atascosa, La Salle, and McMullen counties, South Texas. Sundance
Energy, Inc. is headquartered in Denver, Colorado.
SUPERCONDUCTOR TECHNOLOGIES: $0 Revenue, $606K Loss for Sept26 Qtr.
-------------------------------------------------------------------
Superconductor Technologies Inc. filed its quarterly report on Form
10-Q, disclosing a net loss of $606,000 on $0 of total revenues for
the three months ended Sept. 26, 2020, compared to net income of
$2,375,000 on $157,000 of total revenues for the same period ended
Sept. 28, 2019.
At Sept. 26, 2020, the Company had total assets of $3,564,000,
total liabilities of $346,000, and $3,218,000 in total
stockholders' equity.
The Company said, "We have incurred significant net losses since
our inception and have an accumulated deficit of US$331.4 million.
In 2019, we incurred a net loss of US$9.2 million and had negative
cash flows from operations of US$8.8 million. In the nine months
ended September 26, 2020, we incurred a net loss of US$2.4 million
and had negative cash flows from operations of US$2.7 million. At
September 26, 2020, we had US$1.8 million in cash and cash
equivalents compared to US$0.7 million in cash and cash equivalents
as of December 31, 2019. In the nine months ended September 26,
2020, 978,594 warrants were exercised for common shares of our
stock in connection with our October 2019 financing, providing us
with US$2.5 million. Our cash resources will be sufficient to fund
our business through the end of the current fiscal year, but not
sufficient to fund our business for the next twelve months.
Therefore, unless we can successfully implement our strategic
alternatives plan including, among others, a strategic investment
financing which would allow us to pursue our current business plan,
a business combination such as our merger with Clearday, or a sale
of STI, we may need to raise additional capital to maintain our
viability. Additional financing may not be available on acceptable
terms or at all. If we issue additional equity securities to raise
funds, the ownership percentage of our existing stockholders would
be reduced. New investors may demand rights, preferences or
privileges senior to those of existing holders of common stock.
These factors raise substantial doubt about our ability to continue
as a going concern.
"Our independent registered public accounting firm has included in
their audit reports for 2018 through 2019 an explanatory paragraph
expressing substantial doubt about our ability to continue as a
going concern. These factors raise substantial doubt about our
ability to continue as a going concern."
A copy of the Form 10-Q is available at:
https://bit.ly/3lm4oXE
Superconductor Technologies Inc., together with its subsidiaries,
develops, produces, and commercializes high temperature
superconductor materials and related technologies in the United
States. It is also involved in developing Conductus(R)
superconducting wire for power applications. The company was
founded in 1987 and is headquartered in Austin, Texas.
SUPERIOR ENERGY: Says Substantial Going Concern Doubt Exists
------------------------------------------------------------
Superior Energy Services, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $157,304,000 on $166,928,000 of
total revenues for the three months ended Sept. 30, 2020, compared
to a net loss of $38,441,000 on $356,585,000 of total revenues for
the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $1,574,246,000,
total liabilities of $1,823,982,000, and $249,736,000 in total
stockholders' deficit.
The Company said, "Recent developments have negatively impacted the
Company's financial condition and the Company's current forecast
gives doubt to the Company's available liquidity to repay its
outstanding debt or meet its obligations. The Company's bond and
share price declines, as well as the Company's credit rating, have
over time increased the level of uncertainty in the Company's
business and impacted various key stakeholders, including the
Company's employees, customers, suppliers and key lenders. These
conditions and events indicate that there is substantial doubt
about the Company's ability to continue as a going concern.
"In response to these developments, the Debtors expect to make the
Bankruptcy Filing. Although the Company anticipates that the
Chapter 11 Cases, if commenced, will help address its liquidity
concerns, there are a number of risks and uncertainties surrounding
the Chapter 11 Cases, including the uncertainty remaining over the
Bankruptcy Court's approval of the Plan, which are not within the
Company's control. Therefore, management has concluded that
management's current actions and plans do not alleviate substantial
doubt about the Company's ability to continue as a going concern."
A copy of the Form 10-Q is available at:
https://bit.ly/3mfHzGu
About Superior Energy Services
Headquartered in Houston, Texas, Superior Energy Services (SPN) --
htttp://www.superiorenergy.com -- serves the drilling, completion
and production-related needs of oil and gas companies worldwide
through a diversified portfolio of specialized oilfield services
and equipment that are used throughout the economic life cycle of
oil and gas wells.
Superior Energy incurred net losses of $255.7 million in 2019,
$858.1 million in 2018, and $205.92 million in 2017. As of June
30, 2020, the Company had $1.73 billion in total assets, $222.9
million in total current liabilities, $1.28 billion in long-term
debt, $135.7 million in decommissioning liabilities, $54.09 million
in operating lease liabilities, $2.53 million in deferred income
taxes, $125.74 million in other long-term liabilities, and a total
stockholders' deficit of $95.13 million.
The New York Stock Exchange notified the Securities and Exchange
Commission of its intention to remove the entire class of common
stock of Superior Energy Services, Inc. from listing and
registration on the Exchange on Oct. 13, 2020, pursuant to the
provisions of Rule 12d2-2(b) because, in the opinion of the
Exchange, the Common Stock is no longer suitable for continued
listing and trading on the NYSE.
SUSGLOBAL ENERGY: Has $429,000 Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------------
SusGlobal Energy Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $429,046 on $439,507 of revenue for the
three months ended Sept. 30, 2020, compared to a net loss of
$428,405 on $390,723 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $5,321,974,
total liabilities of $9,796,346, and $4,474,372 in total
stockholders' deficiency.
The Company disclosed that there are factors that cast substantial
doubt as to its ability to continue as a going concern.
The Company said, "As at September 30, 2020, the Company had a
working capital deficit of $9,452,773 (December 31,
2019-$8,203,742), incurred a net loss of $1,507,507
(2019-$1,783,495) for the nine months ended September 30, 2020 and
had an accumulated deficit of $12,963,987 (December 31,
2019-$11,449,497) and expects to incur further losses in the
development of its business.
"On March 31, 2020, PACE and the Company reached an agreement for
the repayment of the outstanding amounts owing to PACE. One of the
credit facilities, in the amount of $34,391 ($48,788 CAD), was
repaid in full on April 3, 2020 and the remaining credit facilities
and the corporate term loan are due on or before September 30,
2020. Management continues to be discussions with a Canadian
chartered bank to re-finance its remaining obligations to PACE.
"On November 12, 2020, PACE and the Company reached a new agreement
to repay the remaining credit facilities and corporate term loan on
or before January 29, 2021. As part of the agreement, the Company
will bring all the amounts owing to PACE current, and prepay to
January 2021, the regular monthly principal and interest payments.
"On November 13, 2020, the agreed amounts were paid to PACE. PACE
has also committed to renew the letter of credit in favour of the
MECP to January 29, 2021.
"The Company has defaulted on the convertible promissory notes. As
a result, the amounts owing to PACE and the obligations under
capital lease, also disclosed in the interim condensed consolidated
balance sheets as at September 30, 2020 and December 31, 2019, are
also in default.
"These factors cast substantial doubt as to the Company's ability
to continue as a going concern, which is dependent upon its ability
to obtain the necessary financing to further the development of its
business, satisfy its obligations to PACE and its other creditors,
whose debts are also in default and upon achieving profitable
operations. There is no assurance of funding being available or
available on acceptable terms. Realization values may be
substantially different from carrying values as shown.
"Beginning in March 2020 the Governments of Canada and Ontario, as
well as foreign governments instituted emergency measures as a
result of the novel strain of coronavirus ("COVID-19). The virus
has had a major impact on Canadian and international securities and
currency markets and consumer activity which may impact the
Company's financial position, its results of operations and its
cash flows significantly. The situation is constantly evolving,
however, so the extent to which the COVID-19 outbreak will impact
businesses and the economy is highly uncertain and cannot be
predicted. Accordingly, the Company cannot predict the extent to
which its financial position, results of operations and cash flows
will be affected in the future."
A copy of the Form 10-Q is available at:
https://bit.ly/2Vfv8i3
SusGlobal Energy Corp., a renewable energy company, focuses on
acquiring, developing, and monetizing a portfolio of proprietary
technologies in the waste to energy application. The Company was
founded in 2014 and is headquartered in Toronto, Canada.
SYSOREX INC: Posts $308K Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------
Sysorex, Inc., filed its quarterly report on Form 10-Q, disclosing
a net loss of $308,000 on $1,438,000 of total revenues for the
three months ended Sept. 30, 2020, compared to a net loss of
$1,208,000 on $970,000 of total revenues for the same period in
2019.
At Sept. 30, 2020, the Company had total assets of $1,384,000,
total liabilities of $24,053,000, and $22,669,000 in total
stockholders' deficit.
Sysorex said, "As of September 30, 2020, the Company had cash
balance of US$25,000 and a working capital deficit of approximately
US$9.5 million. In addition, the Company has a stockholders'
deficit of approximately US$22.7 million. For the nine months
ended September 30, 2020 and 2019, the Company incurred net losses
of approximately US$2.6 million and US$4.7 million, respectively.
The aforementioned factors raise substantial doubt about the
Company's ability to continue as a going concern.
"The Company does not believe that its capital resources as of
September 30, 2020, availability on its SouthStar facility to
finance purchase orders and invoices in an amount equal to 80% of
the face value of purchase orders received, funds from financing
from our related party note and other short-term borrowings, higher
margin public sector contracts capture, reauthorization of key
vendors and credit limitation improvements will be sufficient to
fund planned operations during the year ending December 31, 2020.
As a result, substantial doubt exists that the Company will be able
to support its obligations for the next twelve months from the
issuance date of the financial statements. The Company may raise
additional capital as needed, through the issuance of equity,
equity-linked or debt securities. The Company's condensed
consolidated financial statements as of September 30, 2020 have
been prepared under the assumption that we will continue as a going
concern for the next twelve months from the date the financial
statements are issued. Management's plans and assessment of the
probability that such plans will mitigate and alleviate any
substantial doubt about the Company's ability to continue as a
going concern, is dependent upon the ability to attain funding to
secure additional resources to generate sufficient revenues and
increased margin. The Company's condensed consolidated financial
statements as of September 30, 2020 do not include any adjustments
that might result from the outcome of this uncertainty."
A copy of the Form 10-Q is available at:
https://bit.ly/39uN0hd
Sysorex, Inc., through its wholly-owned subsidiary, Sysorex
Government Services, Inc., formerly known as (f/k/a) Inpixon
Federal, Inc. ("SGS"), provides information technology solutions
primarily to the public sector. These solutions include
cybersecurity, professional services, engineering support, IT
consulting, enterprise level technology, networking, wireless, help
desk, and custom IT solutions. The Company is headquartered in
Virginia.
TARGET GROUP: Has $3.9M Net Loss for Quarter Ended Sept. 30
-----------------------------------------------------------
Target Group Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,916,600 on $0 of revenue for the three
months ended Sept. 30, 2020, compared to a net loss of $984,721 on
$0 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $17,252,223,
total liabilities of $15,524,784, and $1,727,439 in total
stockholders' equity.
Target Group said, "The Company has earned minimal revenue since
inception to date and has sustained operating losses during the
nine months ended September 30, 2020. The Company had working
capital deficit of US$2,919,630 and an accumulated deficit of
US$21,175,568 as of September 30, 2020. The Company's continuation
as a going concern is dependent on its ability to generate
sufficient cash flows from operations to meet its obligations
and/or obtaining additional financing from its members or other
sources, as may be required.
"The unaudited condensed consolidated interim financial statements
have been prepared assuming that the Company will continue as a
going concern up-to at least 12 months from the balance sheet date;
however, the above condition raises substantial doubt about the
Company's ability to do so. The unaudited condensed consolidated
interim financial statements do not include any adjustments to
reflect the possible future effects on the recoverability and
classification of assets or the amounts and classifications of
liabilities that may result should the Company be unable to
continue as a going concern.
"In order to maintain its current level of operations, the Company
will require additional working capital from either cash flow from
operations or from the sale of its equity. However, the Company
currently has no commitments from any third parties for the
purchase of its equity. If the Company is unable to acquire
additional working capital, it will be required to significantly
reduce its current level of operations."
A copy of the Form 10-Q is available at:
https://bit.ly/36jNy7B
Target Group Inc. cultivates, processes, and distributes curated
cannabis products for the adult-use medical and recreational
cannabis market in Canada. It also offers Wisp, a single-use
pre-measured pod and vaporizer system for consumers involved in
vaporizing natural herbs, including cannabis. The company was
formerly known as Chess Supersite Corporation and changed its name
to Target Group Inc. in July 2018. Target Group Inc. was founded in
2013 and is based in Vaughan, Canada.
TERRY SYBIL ROWE: Stafford Buying Decatur Property for $245K
------------------------------------------------------------
Terry Sybil Rowe asks the U.S. Bankruptcy Court for the Northern
District of Georgia to authorize the sale of the real property
located at 1737 Columbia Drive, Decatur, Georgia to Maria Stafford
for $245,000.
The Debtor is an individual who owns the Real Property.
The Buyer has made an offer to purchase the Real Property on the
terms of the Commercial Purchase and Sale Agreement. As set forth
in the Agreement, the Buyer's offer encompasses paying $245,000 for
the Real Property. She is prepared to close within 20 business
days from approval of the sale and has provided proof of funds to
the Debtor.
The Debtor has spent considerable time and effort marketing the
Real Property to various potential buyers. The Debtor believes
that the transaction represents the highest and best offer
available and that the Purchase Price represents the true value of
the Real Property.
Apex asserts first priority liens upon and security interest in the
Real Property. The security interest in the Property is evidenced
by (i) that certain Security Deed and Assignment of Rents recorded
and filed May 1, 2008 in the land records of Dekalb County, Georgia
in deed book 20790, commencing on page 176, (ii) that certain
Assignment of Note, Mortgage and Loan Documents recorded and filed
on June 1, 2015 in the land records of Dekalb County in deed book
24963, commencing on page 557, and (iii) that certain forbearance
agreement recorded and filed on June 19, 2018 in the land records
of Dekalb County, Georgia in deed book 26977, commencing on page
286.
The Debtor anticipates that Apex will consent to the sale.
The Debtor asks authority to sell the Real Property as described
free and clear of liens, claims, encumbrances, and interests for
the Purchase Price. Additionally, once the Property is sold, the
Debtor asks permission to (i) disburse the Purchase Price as
provided herein with liens attaching to the Sales Proceeds; and
(ii) take such action as necessary to effectuate the terms of the
Agreement.
The Debtor asks that: (a) the Court waives any stay pursuant to
Bankruptcy Rule 6004 or otherwise and (b) any order approving the
sale of the Property be effective immediately upon entry of any
order approving the sale of the Property.
The Debtor asks authority to use and distribute the proceeds from
the sale of the Property as follows:
(a) Payment of all customary closing costs including any
outstanding real property taxes, including the 7% commission on the
gross sale price of the Property due to Terrence Brown; and next
(b) Sale Proceeds will be paid to Apex Bank and applied
against the Apex Bank secured claim.
The Buyer has made an offer to purchase the Real Property. The
Debtor believes the proposal represents the highest and best offer
available as evidenced by the considerable effort to market the
Real Property to potential buyers in the area.
A copy of the Contract is available at https://tinyurl.com/y327e9mf
from PacerMonitor.com free of charge.
Terry Sybil Rowe sought Chapter 11 protection (Bankr. N.D. Ga .
Case No. 20-70896) on Oct. 20, 2020. The Debtor tapped Cameron
McCord, Esq., at Jones & Walden, LLC as counsel.
THIRD DAY NIPOMO: 3 Individuals to Fund Plan Payments
-----------------------------------------------------
Third Day Nipomo, LLC, a California limited liability company,
filed with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles, a Chapter 11 Plan and a Disclosure
Statement on October 6, 2020.
The estate has no general unsecured, undisputed claims. The bar
date has passed. Class 4 i anticipated to consist of the
deficiency claims of the under secured creditors, most notably the
Class 1 creditor. Class 4 consists of Deficiency Claim of Zenith
Legacy Holdings, LLC And HOA Claims. Two proposals are offered to
the creditors in Class 4:
* Option #1: The Plan proponents commit to making payments of
$5,000 per month for 36 months on Class 4 Claims starting at plan
confirmation. The payments will total $180,000 over the course of
36 months. Class 4 general unsecured claims are expected to total
approximately $1,800,000. The estimated percentage of 10% is
reasonable because the Class 1 creditor has four third party
guarantors that are co-debtors on the obligation of the debtor to
the Class 1 creditor.
* Option #2: The Plan proponents commit to making payments of
$25,000 per month for 36 months on Class 4 Claims starting at plan
confirmation, provided, the Class 1 creditor provides a release of
claims to each of the four guarantors on their guaranty obligation.
The Debtor will make the additional payments because the guarantors
have contingent indemnification and contribution claims against the
Debtor. The payments will total $900, 000 over the course of 36
months. Class 4 general unsecured claims are expected to total
approximately $1,800,000. The estimated percentage of 50% is
reasonable because the Class 1 creditor will have a strong guaranty
of payment from the Plan Proponents, whereas the Class 1 Creditor
would have to litigate against the guarantors and achieve
collections, a prospect which admits a great deal of uncertainty.
Class 5 Equity Interests will be changed by the addition of Dr. B.
Thu, a plan proponent to the class of members. Dr. Thu will receive
a twenty five percent (25%) interest and each of the existing
members' interests will be ratably reduced. Dr. Thu will be
entitled to full reimbursement of his contribution from sale of the
property located at 1318 West 11th Place, Los Angeles, CA 90015
ahead of any profit sharing or upon sale of the limited liability
company.
The Debtor does not have expectations of any earnings to fund the
Plan. However, the Debtor has secured contributions and pledges
from three individuals such that it will have funds available to
make all payments required by the plan throughout the
thirty‐six‐month duration of the Plan.
A full-text copy of the Disclosure Statement dated October 6, 2020,
is available at https://tinyurl.com/y49bk4qu from PacerMonitor.com
at no charge.
Attorney for Debtor:
Yoon O. Ham, Esq.
LAW OFFICE OF YOON O. HAM
1425 W Foothill Blvd., Ste 235
Upland, CA 91786
Tel: (909) 256‐2920
E‐mail: hamyesq@gmail.com
About Third Day Nipomo
Third Day Nipomo LLC, based in Los Angeles, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-16147) on July 7, 2020. In
the petition signed by Michael Meyer, manager, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities. The Hon. Barry Russell oversees the case. The LAW
OFFICE OF YOON O. HAM, serves as bankruptcy counsel to the Debtor.
TIKRAN ERITSYAN: Sarkisyan Offers $1.25M for Glendale Property
--------------------------------------------------------------
Tikran Eritsyan asks the U.S. Bankruptcy Court for the Central
District of California to authorize the sale of the real property
located at 1356 Elm Avenue, Glendale, California to Nara Sarkisyan
for $1.25 million, subject to overbid.
As of the Petition Date, the Debtor was the sole owner of the
property. The property is a residential real property that debtor
purchased in 2017 for purpose of renovation and sale. The
remodeling work on the property is finished and Debtor believes
that the property is ready to be sold. The property is currently
occupied by the Debtor as his principal residence and does not
produce any income for the estate.
The Debtor entered into an agreement with the Buyer for the
purchase price of $1.25 million. The property is to be sold
"as-is." An escrow has been opened and the Buyer has made an
earnest money deposit of $10,000. The purchase price is subject to
overbid.
The Debtor initially scheduled the Property to be valued at $1.1
million in his schedules A/B. That estimate was based on sales of
comparable residences in the area of the Property. Turns out, the
Debtor's estimate undervalued the property, since he currently has
an offer to sell the Property at $1.25 million to the Buyer. The
Debtor believes that the $1.25 million is a fair price at which to
sell the Property.
The Property is subject to these liens and encumbrances in order of
priority:
1. Taxes owed to Los Angeles County Tax Collector in the
amount of $28,440.
2. First Priority deed of trust lien in favor of Red Dragon
Investment 50% Interest & Platinum Business Management, Inc. 50%
interest, in the amount of $953,406.
3. Third Deed of Trust in Favor of AIAA Home Holdings, LLC in
the amount of $64,233 if necessary. The lien is
cross-collateralized by the Property and the Debtor's other
property located at 15632 Viewbridge Lane, Los Angeles, California,
and the Debtor expects the lien will be paid from the sale of the
Viewbridge Property. In the unlikely, event that it is not, the
lien will be paid from the proceeds of sale of the Property. The
preliminary report describes the secured debt against the
Property.
By the motion to sell, the Debtor asks an order authorizing Debtor
to pay from the sale proceeds and through escrow certain undisputed
liens and encumbrances, and other ordinary costs of sale, including
escrow fees and closing costs:
1. Any unpaid property taxes in favor of Los Angeles County
Tax Collector, estimated to be in the amount of $28,440.
2. The debt secured by a first deed of trust lien in favor of
Red Dragon Investment 50% Interest & Platinum Business Management,
Inc. 50% interest, in the amount of $953,406 subject to the payoff
demand provided to the escrow company and subject to resolution of
Debtor’s objection to the claim.
3. The debt secured by a fourth Deed of Trust in Favor of AIAA
Home Holdings, LLC in the amount of $64,233 (if necessary).
In order to save on the costs of sale of the Property, the Debtor
mainly marketed the property to potential investors. The
residential purchase agreement does not contemplate payment of real
estate broker commission since none was involved in the marketing
and sale of the Property.
The Debtor asks that the Court waives the 14-day stay imposed by
FRBP 6004(h). It is not anticipated that any creditor of party in
interest will object to the proposed sale. The parties wish to
complete the sale as quickly as possible and, therefore, the Debtor
asks permission to proceed with the sale immediately.
The proposed bid procedures are intended to permit a fair and
efficient, competitive sale of the Property, and to identify
competing and alternative bids.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Three court days prior to the date of the
hearing on the Motion to Sell
b. Initial Bid: $1.255 million
c. Deposit: $37,500
d. Auction: The Qualified Bidders, including the Buyer must
appear in person or through duly authorized representative at the
hearing of the Motion to Sell. The auction sale of the Property
will be conducted at the hearing of the Motion to Sell. Only
Qualified Bidders, including the Buyer will be entitled to bid at
the hearing. If more than one bidder appears at the auction, the
bidding order will be randomly selected.
e. Bid Increments: $5,000
A hearing on the Motion is set for Dec. 3, 2020 at 1:30 p.m.
Objections, if any, must be filed not later than 14 days before the
hearing.
A copy of the Agreement is available at
https://tinyurl.com/y4tmjpab from PacerMonitor.com free of charge.
Tikran Eritsyan sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 20-10924) on May 18, 2020. The Debtor tapped Vahe Khojayan,
Esq., as counsel.
TM HEALTHCARE: Committee Hires Berger Singerman as Counsel
----------------------------------------------------------
The official committee of unsecured creditors of TM Healthcare
Holdings, LLC and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to retain
Berger Singerman LLP as its counsel.
The committee requires Berger Singerman to:
a. attend the meetings of the committee;
b. review the financial and operational information furnished
by the Debtors to the committee;
c. analyze and negotiate the budget and the terms of the use
of cash collateral and debtor-in-possession financing;
d. assist in the efforts to sell assets, if appropriate, of
the Debtors in a manner that maximizes value for creditors;
e. review and investigate the liens of purportedly secured
parties;
f. review and investigate pre-bankruptcy transactions in which
the Debtors or their lenders were involved;
g. confer with the principals, counsel and advisors of the
Debtors' lenders and equity holders;
h. review the Debtors' schedules, statements of financial
affairs and business plan;
i. advise the committee as to the ramifications regarding all
of the Debtors' activities and motions before the court;
j. prepare and file pleadings;
k. analyze and negotiate any proposed Chapter 11 plan or exit
strategy;
l. provide the committee with legal advice in relation to the
Debtors' Chapter 11 cases;
m. prepare various applications and memoranda of law submitted
to the court for consideration, and handle all other matters
relating to the representation of the committee that may arise;
n. execute its duties under Section 1103 of the Bankruptcy
Code; and
o. perform other necessary legal services.
Berger Singerman will be paid at these hourly rates:
Partners $615 to $720
Associates $320 to $450
Paralegals $85 to $250
Berger Singerman will also be reimbursed for out-of-pocket expenses
incurred.
Paul Steven Singerman, Esq., a partner at Berger Singerman, assured
the court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Berger Singerman can be reached at:
Paul Steven Singerman, Esq.
Berger Singerman LLP
1450 Brickell Avenue, Ste. 1900
Miami, FL 33131
Tel: (305) 755-9500
Fax: (305) 714-4340
Email: singerman@bergersingerman.com
About TM Healthcare Holdings
TM Healthcare Holdings, LLC, a Stuart, Fla.-based company in the
health care business, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20024) on Sept. 17,
2020. The petition was signed by CFO Paul Kamps.
At the time of the filing, Debtor had estimated assets of less than
$50,000 and liabilities of between $50 million and $100 million.
Judge Erik P. Kimball oversees the case.
The Debtors tapped Shraiberg Landau & Page P.A. as their legal
counsel, Farlie Turner & Co., LLC as investment banker, and Rinnovo
Management LLC as restructuring advisor. Gregg Stewart of Rinnovo
Management is the Debtors' chief restructuring officer.
Eric M. Huebscher is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases. Baker, Donelson, Bearman, Caldwell &
Berkowitz, P.C. and Huebscher & Company serve as the PCO's legal
counsel and consultant, respectively.
On Oct. 16, 2020, the Office of the United States Trustee appointed
a committee of unsecured creditors. Berger Singerman LLP serves as
the committee's counsel.
TOP THAT COMMERCIAL: Gets OK to Hire Wadsworth Garber as Counsel
----------------------------------------------------------------
Top That Commercial Roofing Inc. received approval from the U.S.
Bankruptcy Court for the District of Colorado to hire Wadsworth
Garber Warner Conrardy, P.C. as its counsel.
The Debtor requires Wadsworth to:
a. prepare legal papers required in the Debtor's Chapter 11
proceeding;
b. represent the Debtor in any litigation which it determines
is in the best interest of the estate whether in state or federal
courts; and
c. prepare all legal services for the Debtor in connection
with its Chapter 11 case.
The hourly rates charged by the firm's attorneys and paralegals
are:
David V. Wadsworth $425
Aaron A. Garber $375
David J. Warner $325
Aaron J. Conrardy $300
Lindsay S. Riley $235
Karen E. Lusis $235
Paralegals $115
The firm received a retainer in the amount of $20,000 from the
Debtor.
Wadsworth is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
The counsel can be reached through:
Aaron J. Conrardy, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Phone: (303) 296-1999
Fax: (303) 296-7600
Email: aconrardy@wgwc-law.com
About Top That Commercial Roofing
Top That Commercial Roofing Inc. is a locally owned roofing and
construction company based in the Denver Metro area. Visit
http://topthatroofing.comfor more information.
Top That Commercial Roofing sought Chapter 11 protection (Bankr. D.
Colo. Case No. 20-17282) on Nov. 6, 2020. In the petition signed
by Phil Theriault, president and sole shareholder, the Debtor was
estimated to have assets of up to $50,000 and debt of $1 million to
$10 million.
The Hon. Thomas B. Mcnamara is the case judge. Wadsworth Garber
Warner Conrardy, P.C., led by Aaron J. Conrardy, Esq., is the
Debtor's counsel.
TRANSOCEAN LTD: S&P Raises ICR to 'CCC-'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings raised its issuer credit on Switzerland-based
offshore drilling contractor Transocean Ltd. to 'CCC-' from 'SD'
(selective default).
The upgrade follows the company's repurchase of at least $347.6
million of the principal amount on various of its secured and
unsecured debt issues (with maturities ranging from 2020 to 2025)
for about $213 million in cash.
S&P also raised its issue-level ratings on the company's unsecured
notes involved in the exchange to 'CCC-' from 'D' (recovery rating:
'3'), on its 7.25% unsecured notes (with subsidiary guarantees) due
2025 to 'CCC' from 'D' (recovery rating: '2'), and on its 5.375%
secured notes due 2023 to 'CCC+' from 'D' (recovery rating: '1').
The negative outlook reflects Transocean's unsustainable leverage,
heavy debt burden, and the likelihood of another distressed debt
exchange or debt restructuring.
The 'CCC-' issuer credit rating reflects the high likelihood of
additional distressed transactions. Although Transocean has reduced
total debt by another roughly $350 million, the company still has
about $7.7 billion in total debt outstanding, versus S&P Global
Ratings-adjusted 2021 EBITDA of $750 million to $800 million.
Although Transocean has sufficient liquidity, S&P believes its
still-elevated debt level and heavy upcoming maturity schedule,
combined with its depressed debt-trading levels and the weak sector
backdrop, could lead it to engage in additional transactions that
it would consider distressed. Current yields on the company's
medium-term unsecured notes are in the 35% to 45% range.
The offshore drilling industry continues to be under tremendous
stress and S&P expects market conditions to remain difficult for
the next several years, particularly for deepwater drilling. The
recent material drop in oil prices--kicked off by the Saudi-Russian
price war and worsened by the unprecedented drop in demand as a
result of the coronavirus pandemic--has led to sharp reductions in
oil producers' capital spending plans for 2020, which S&P expects
to continue through 2021. This will significantly reduce demand for
the oilfield services sector.
S&P said, "We expect offshore activity to be hit particularly hard,
given the higher upfront costs and higher operating risk for
offshore projects relative to onshore plays. Although we believe
most ongoing development projects will continue (as long as crews
and supplies are available), there have been several postponements
in reaching final investment decisions on new projects and minimal
exploration activity this year." Offshore producers will likely
remain more cautious about committing capital to longer-term
projects until oil price fundaments are more stable and prices
recover, which could affect Transocean's revenues and margins
beyond the next 12 months."
"Transocean's backlog is the strongest in the sector, but we do not
expect significant new work to be contracted before 2022. As of
Oct. 14, 2020, Transocean's contract backlog was $8.2 billion,
providing significant revenue visibility over the next two years.
More than half of its 38 rigs have contracts through at least part
of 2021, while its four newest drillships have contracts into 2026
at well-above market rates. In addition, the Deepwater Titan,
currently under construction, will commence a five-year contract
with Chevron at $455,000 per day upon delivery in the fourth
quarter of 2021, and the Deepwater Atlas has a conditional
agreement to start work for Beacon Offshore Energy in early 2022.
Yet given current oil price volatility, we do not expect many new
contracts to be signed before late 2021, although two contracts
were recently extended in Brazil." Also, there is a risk of
contract cancellations or renegotiations as offshore producers
curtail their capital programs."
The negative outlook reflects Transocean's unsustainable leverage,
heavy debt maturity schedule, and the likelihood of a distressed
debt exchange or debt restructuring S&P would view as distressed.
S&P would lower the rating if Transocean announced a debt exchange
or restructuring it viewed as distressed.
S&P could raise the rating if it no longer viewed a distressed
exchange or restructuring as a high probability, which would most
likely occur in conjunction with a recovery in offshore drilling.
TRI-STATE PAIN: Seeks to Hire Coldwell Banker as Real Estate Broker
-------------------------------------------------------------------
Tri-State Pain Institute, LLC filed an application with the U.S.
Bankruptcy Court for the Western District of Pennsylvania to hire
Coldwell Banker Select, Realtors as its real estate broker.
The Debtor needs a real estate broker to market and sell its
equipment along with the real estate located at 2374 Village Common
Drive, Erie, Pa.
The real estate is owned by 2374 Village Common Drive, LLC, from
which the Debtor leases a suite of offices and common areas.
2374 Village has already entered into a listing contract with
Coldwell to market the real estate for $7.5 million. The Debtor
believes court approval of its application is required because of
the possible sale of some or all its equipment along with the real
estate.
The broker's commission for commercial listing will be 5 percent.
Coldwell Banker is disinterested within the meaning of Sections
327(a) and 101(14), according to court filings.
The broker can be reached through:
William Bucceri
Mark Hutchison
Coldwell Banker Select, Realtors
2601 West 26th Street,
Erie, PA 16506
About Tri-State Pain Institute
Tri-State Pain Institute, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-10049) on Jan.
23, 2020. At the time of the filing, the Debtor had estimated
assets of between $500,001 and $1 million and liabilities of
between $1,000,001 and $10 million.
Judge Thomas P. Agresti oversees the case. Marsh, Spaeder, Baur,
Spaeder and Schaaf, LLP, is the Debtor's legal counsel.
On Feb. 14, 2020, the U.S. Trustee for Regions 3 and 9 appointed a
committee of unsecured creditors in the Debtor's Chapter 11 case.
The committee is represented by Knox, McLaughlin, Gornall &
Sennett, P.C.
TTK RE ENTERPRISE: Allen Buying Egg Harbor Property for $130K
-------------------------------------------------------------
TTK RE Enterprises, LLC filed with the U.S. Bankruptcy Court for
the District of New Jersey a notice of proposed sale of the
residential property located at 313 Chicago Avenue, Egg Harbor
City, New Jersey to Kia M. Allen for $130,000, on the terms of
their Contract for Sale.
The Debtor owns residential rental properties in southern New
Jersey as of the Petition Date. Among the rental units owned by
Debtor is the Property. The CMA Summary Report dated May 16, 2020
set the value of the Property at $119,900.
As of the Petition Date, the Debtor was indebted to Corevest
American Finance Lender, LLC in the amount of $2,144,457 as set
forth in Proof of Claim No. 44 filed by Situs on Jan. 7, 2020. The
Situs Claim is secured by a mortgage against 18 of the Debtor's
real properties as of the Petition Date, including the Property.
The Situs mortgage against the Property dated April 25, 2018 was
recorded on July 25, 2018 as Instrument No. 2018037889 in the
amount of $2,159,000. The Situs Claim is also secured by the rents
from the real properties against which Situs possesses a
mortgage(s), including the Property.
According to the Title Report, the Property is also subject to a
Federal Tax Lien against non-debtor Emily K. Vu, Instrument No.
2019048118 dated Sept. 9, 2019 in the amount of $1,228 and recorded
on Sept. 27, 2019, Federal Tax Lien against non-debtors Emily K. Vu
and David Phan, Instrument No. 2019048119 dated Sept. 9, 2019 in
the amount $12,298 and recorded on Sept. 27, 2019, Fox Capital
Judgment dated Aug. 9, 2019 in the amount of $193,708.32 against
non-Debtor Emily K. Vu, and Financing Statement Instrument No.
2017058750 recorded Oct. 24, 2017 against non-Debtor TTK RE
Investments, LLC by Sentinel Security Life Insurance Co.
The Situs mortgage against the Property being far in excess of the
value of the Property.
The Property has been listed for sale with Century 21 Alliance,
1333 New Road, Suite 1, Northfield, New Jersey, the Court-Approved
realtor, and has been actively marketed by Century 21. As the
result of the efforts of Century 21, the Debtor has entered into a
Contract for Sale of the Property with the Purchaser for the sum of
$130,000, subject to the approval. As such, the Debtor also asks
to have the 5% commission ($6,500) provided for in the listing
agreement paid to Century 21 at the time of closing on the sale of
the Property.
The sale will be free and clear of any and all liens, security
interests, encumbrances and claims. The claims will attach to the
proceeds of sale.
At the time of closing, the Debtor proposes to pay from the
proceeds of the sale the following:
a. Normal costs attendant with closing on the sale of the
Property;
b. 5% of the Purchase Price ($6,500) commission to Century 21,
to be split equally with any participating broker in connection
with the sale of the Property; and
c. All remaining proceeds to Corevest American Finance Lender,
LLC on account of its Secured Claim secured by a mortgage against
the Property.
After closing the proceeds of the sale of the Property will be paid
to Situs or as may be otherwise agreed by the Title Company and
Situs without further order of the Court and applied as stated in
the Situs loan documents.
The Debtor asks the Court to waive the stay under Bankruptcy Rule
6004(h).
A hearing on the Motion is set for Nov. 24, 2020 at 11:00 a.m.
A copy of the Contract is available at https://tinyurl.com/y4uuuucx
from PacerMonitor.com free of charge.
About TTK RE Enterprise
TTK RE Enterprise LLC is a privately held company in Somers Point,
New Jersey. The Company is the 100% owner of 48 real estate
properties in New Jersey having a total current value of
$9,265,000.
TTK RE Enterprise sought Chapter 11 protection (Bankr. D.N.J. Case
No. 19-30460) on Oct. 29, 2019 in Camden, New Jersey. In the
petition signed by Emily K. Vu, president, the Debtor disclosed
total assets of $9,269,950, and total liabilities of $6,432,457.
Judge Jerrold N. Poslusny Jr. oversees the case. FLASTER GREENBERG
PC - CHERRY HILL is the Debtor's counsel.
URSA PICEANCE: Terra Energy Buying Assets in $60 Million Deal
-------------------------------------------------------------
Greg Avery of Denver Business Journal reports that the biggest
Western Slope natural gas producer, Terra Energy, is buying Ursa
Resources' business and wells two months after the company filed
for Chapter 11 bankruptcy protection.
Houston-based Terra Energy Partners LLC agreed to pay $60 million
to acquire Denver-based Ursa Piceance Holdings LLC and its
subsidiaries after a bankruptcy court sale.
The sale of Ursa Piceance's business includes its 41,000 acres of
mineral rights and 579 operating wells.
Privately held Terra Energy Partners succeeded with a bid at
auction in federal bankruptcy court in Delaware earlier this month.
U.S. Bankruptcy Judge Brendan L. Shannon signed off on the deal
Nov. 23, 2020, according to court documents.
Terra Energy, which operates as TEP Rocky Mountain, produces
natural gas from 5,300 wells on 370,000 acres in northwest
Colorado's Piceance Basin.
The deal is the latest transaction in the oil and natural gas
industry that has been shaken by a historic collapse in the demand
for fuels triggered by the Covid-19 pandemic.
Coming off years of weak natural gas prices, the collapse of crude
oil has pushed many companies into filing for bankruptcy
protection.
Ursa Piceance Holdings and its operating and pipeline subsidiaries
filed for bankruptcy protection Sept. 2 with $282 million in debt
on its books.
A well pad it developed in 2017 proved disappointing and,
afterward, Ursa could afford to drill no new wells with natural gas
prices so low and creditors steadily reducing its lines of credit.
The passage of Senate Bill 181 in 2019 clinched the inability of
the company to raise more capital, said Jamie Chronister, the
company’s restructuring officer, in bankruptcy filings.
Ursa Piceance had tried without success to sell the business or its
assets outside of bankruptcy court. Buyers were troubled and
ultimate dissuaded from buying by the financial obligations in a
pair of Ursa Piceance's pipeline agreements, the company said.
The 21-employee company has offices in Rifle and Denver and
producing wells in the western Colorado areas of Boise Ranch,
Battlement Mesa, Gravel Trend and Castle Springs.
Ursa Piceance was formed in 2012 after acquiring wells and mineral
rights acreage from Denver-based Antero Resources, which was
exiting northwest Colorado to focus its natural gas production on
the Marcellus and Utica shale formation in West Virginia,
Pennsylvania and Ohio.
About Terra Energy
Headquartered in Calgary, Canada, Terra Energy Corp. --
http://www.terraenergy.ca-- is a junior oil and gas exploration
development and production company engaged in the exploration for,
and development and production of, natural gas and oil in Western
Canada. Its operates through two segments: the conventional
operations, which make up almost all of Terra's production, and the
Montney resource play in northeastern British Columbia, where Terra
owns a dominant land position in both the unconventional Montney
gas and gas liquids and the nascent unconventional Montney
condensate and shale oil play. Production from Alberta accounts for
most of Terra Energy's oil and natural gas liquids (NGL) content.
Cecil and North Boundary made up the bulk of the Company's oil
production while most of the NGL's were produced in Worsely. Key
producing regions in British Columbia include Stoddart, Sunrise,
Boudreau, Tower and Wilder.
About Ursa Piceance Holdings
Ursa Piceance Holdings LLC -- http://www.ursaresources.com/-- is
engaged in the development and production of oil and gas in the
Piceance Basin, principally in rural areas of Western Colorado. Its
operations are focused on natural gas and natural gas liquids.
Ursa Piceance Holdings LLC and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 20-12065) on Sept. 2, 2020. The petitions were signed by Jamie
Chronister, chief restructuring officer. The Hon. Karen B. Owens
oversees the cases.
The Debtor was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.
Sidley Austin LLP has been tapped as general bankruptcy counsel to
the Debtors while Young Conaway Stargatt & Taylor LLP has been
tapped as Delaware counsel. Conway MacKenzie Management Services
LLC serves as interim management services provider to the Debtors.
Lazard Freres & Co. LLC is the Debtors' investment banker, and
Prime Clerk LLC is the Debtors' claims and noticing agent.
VALLEY EQUITIES: Trustee Selling San Bernardino Property for $1.07M
-------------------------------------------------------------------
Jason M. Rund, the Chapter 7 Trustee of Valley Equities, LLC, asks
the U.S. Bankruptcy Court for the Central District of California to
authorize the sale of all right, title and interest of the Debtor's
estate in and to real property located at 444 North H Street, San
Bernardino, California, to Pin Hsu and/or his assignee, free and
clear of liens, for $1.07 million, subject to overbids.
As of the Petition Date, the Debtor owned the Property. The
Property is improved with a 12,000 square foot industrial building,
which currently is vacant.
On Oct. 21, 2020, the Trustee filed an application for authority to
employ Lee & Associates Commercial Real Estate Services, Inc. –
Riverside to assist him in the marketing and sale of the Property.
The deadline for parties to object to the Broker's employment has
not yet passed. As set forth in the listing agreement, subject to
Court approval, the Trustee agreed to pay a brokerage commission
equal to 5.5% of the gross sales price.
Subject to Court approval and overbids, the Trustee has entered
into a purchase and sale agreement with the Buyer for $1.07
million. An escrow has been opened, and the Buyer has made his
deposit of $50,000. The Trustee's proposed sale is subject to
Court approval. All other contingencies have expired or have been
waived. The sale will be "as is, where is" and "with all faults,"
without any
representations or warranties.
The Trustee proposes to sell the Property free and clear of any and
all liens, claims and interests.
The known liens and interests, and the Trustee's proposed treatment
of each, are as follows:
a. Past due real property taxes total approximately $6,000.
Real property taxes are also owed for the current fiscal year (July
2020 through June 2021). The Trustee estimates that if the sale
closes in December 2020 he will be required to pay approximately
$5,900 of real property taxes and penalties for the current fiscal
year. The Trustee intends to pay the real property taxes, in full,
through escrow.
b. The Property is encumbered by a Deed of Trust with
Assignment of Rents recorded on July 28, 2016, in favor of Lorbeer
Enterprises, L.P., as document number 2016-0302169. According to
the deed of trust, it was given to secure an indebtedness in the
principal amount of $580,000. According to Lorbeer, the amount
currently owed is $655,000. The Trustee intends to pay
Lorbeer, in full, through escrow.
c. On April 30, 2019, the City of San Bernardino recorded a
Notice of Noncompliance – Substandard Building. According to the
notice: (a) the City had initiated proceedings based on the
Property’s non-compliance with requirements of the San Bernardino
Municipal Code; (b) failure to comply with certain orders could
result in accruals of penalties of up to $1,000 per day, not to
exceed $100,000 per parcel, as a tax and/or special assessment lien
on the Property; and (c) any purchaser acquiring the Property does
so subject to the lien. The Trustee intends to pay the full amount
secured by the lien, in full, through escrow.
d. On Aug. 6, 2019, the City recorded a Notice of Lien
reflecting that the City claims a lien for the cost of abatement of
a nuisance on the Property. The lien amount is $638, plus interest
at the rate of 12% per annum from July 25, 2019. The Trustee
intends to pay the City, in full, through escrow.
The Trustee asks that the Court approves the proposed overbid
procedures.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Nov. 30, 2020 at 5:00 p.m.
b. Initial Bid: $1.1 million (i.e., $30,000 above the Buyers'
current offer)
c. Deposit: $50,000
d. Auction: If qualified overbids are received and accepted
by the Trustee, an auction will be held at the time of the hearing
on the Trustee’s motion for approval of his proposed sale.
e. Bid Increments: $10,000
f. Any overbidder must be prepared to close escrow no more
than 10 business days after entry of the order granting the
Motion.
g. The Trustee may asks that the Court confirm a back-up buyer
so that, if the successful overbidder does not timely close, the
Trustee may sell the Property to the back-up buyer for the amount
of its last bid.
To permit the Trustee to close the contemplated transaction as soon
as all funds and documentation is deposited into the escrow, the
Trustee asks that the Court waives the 14-day stay.
A hearing on the Motion is set for Dec. 2, 2020 at 10:00 a.m.
A copy the Agreement is available at https://tinyurl.com/yxob8evx
from PacerMonitor.com free of charge.
About Valley Equities
Valley Equities, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 20-15688) on June 24, 2020, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Elder Law Center, P.C.
VIRGINIA-HIGHLAND: Hires Scroggins & Williamson as Legal Counsel
----------------------------------------------------------------
Virginia-Highland Restaurant, LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire
Scroggins & Williamson, P.C. as its legal counsel.
The Debtor requires Scroggins & Williamson to:
a) prepare pleadings and applications;
b) conduct examinations;
c) advise the Debtor of its rights and duties under the
Bankruptcy Code;
d) consult with and represent the Debtor with respect to a
Chapter 11 plan or sale of its assets;
e) perform legal services incidental and necessary to the
day-to-day operation of the Debtor's affairs, including, but not
limited to, institution and prosecution of necessary legal
proceedings, and general business and corporate legal advice; and
f) take other actions in connection with the Debtor's Chapter
11 case.
Scroggins & Williamson will be paid at these rates:
Attorneys $465 to $520 per hour
Legal Assistants $135 to $160 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
J. Robert Williamson, Esq., a partner at Scroggins & Williamson,
assured the court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estate.
Scroggins & Williamson can be reached at:
J. Robert Williamson, Esq.
Ashley Reynolds Ray, Esq.
Scroggins & Williamson, P.C.
4401 Northside Parkway, Suite 450
Atlanta, GA 30327
Tel: (404) 893-3880
Fax: (404) 893-3886
Email: rwilliamson@swlawfirm.com
aray@swlawfirm.com
About Virginia-Highland Restaurant LLC
Virginia-Highland Restaurant, LLC operates the Hudson Grille
restaurant located in Sandy Springs, Ga.
Virginia-Highland Restaurant filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 20-70718) on Oct. 13, 2020. Jeffrey R. Landau, managing
member, signed the petition. At the time of the filing, the Debtor
estimated $100,000 to $500,000 in assets and $1 million to $10
million in liabilities.
Judge: Barbara Ellis-Monro oversees the case. Scroggins &
Williamson, P.C. serves as the Debtor's legal counsel.
VTV THERAPEUTICS: Signs up to $47 Million Stock Purchase Agreement
------------------------------------------------------------------
vTv Therapeutics Inc. has entered into a common stock purchase
agreement for up to $47 million with Lincoln Park Capital Fund,
LLC, a Chicago-based institutional investor.
"The LPC financing will help us reach a number of potential
value-driving events over the next six to nine months, including
the upcoming topline results of our phase 2 Elevage Study in
patients with Alzheimer's disease and type 2 diabetes in December,"
said Steve Holcombe, president and CEO of vTv Therapeutics. "In
addition, these funds will help us conduct a mechanistic study of
TTP399, our oral treatment for patients with type 1 diabetes
focused on its impact on diabetic ketoacidosis, and additionally a
multiple-ascending dose study of HPP737 as a potential oral
treatment for psoriasis."
vTv will have the option, but not the obligation, to sell to LPC up
to $47.0 million in shares of Class A common stock over a
thirty-six-month period subject to certain conditions, including a
registration statement being filed and declared effective by the
SEC. There are no upper limits to the price LPC may pay to
purchase Class A common stock from vTv and the purchase price of
the shares will be based on the prevailing market prices of vTv's
shares at the time of each sale to LPC.
LPC has agreed not to cause or engage in any manner whatsoever, any
direct or indirect short selling or hedging of vTv's shares of
Class A common stock. No warrants, derivatives, or other share
classes are associated with this agreement. In consideration for
entering into the agreement, vTv has issued shares of Class A
common stock to LPC as a commitment fee. The Purchase Agreement
may be terminated by vTv at any time, at its sole discretion,
without any additional cost or penalty.
vTv intends to use the net proceeds from the transaction for
general corporate purposes and to support its clinical development
strategy, including finalizing and reporting topline results from
the Company's ongoing Elevage Study of azeliragon for the treatment
of Alzheimer's disease in patients with type 2 diabetes in December
2020, conducting a mechanistic study of TTP399 in patients with
type 1 diabetes, and conducting a multiple-ascending dose study of
HPP737 as part of a development program of the product as an oral
therapy for psoriasis.
About vTv Therapeutics
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company
focused on developing oral small molecule drug candidates. vTv has
a pipeline of clinical drug candidates led by programs for the
treatment of type 1 diabetes, Alzheimer's disease, and inflammatory
disorders. vTv's development partners are pursuing additional
indications in type 2 diabetes, chronic obstructive pulmonary
disease (COPD), and genetic mitochondrial diseases.
vTv Therapeutics reported a net loss attributable to common
shareholders of $17.91 million for the year ended Dec. 31, 2019
compared to a net loss attributable to common shareholders of $8.65
million for the year ended Dec. 31, 2018. As of Sept. 30, 2020,
the Company had $7.05 million in total assets, $12.83 million in
total liabilities, $45.59 million in redeemable noncontrolling
interest, and a total stockholders' deficit attributable to the
Company of $51.37 million.
Ernst & Young LLP, in Raleigh, North Carolina, the Company's
auditor since 2000, issued a "going concern" qualification in its
report dated Feb. 20, 2020 citing that to date, the Company has not
generated any product revenue, has not achieved profitable
operations, has insufficient liquidity to sustain operations and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.
WEATHERS PROPERTIES: Selling Paradise Valley Property for $2.4M
---------------------------------------------------------------
Weathers Properties, LLC, asks the U.S. Bankruptcy Court for the
District of Arizona to authorize the sale of the real property
located at 6848 East Meadowlark Lane, Paradise Valley, Arizona,
Parcel No. 174-50-030, to Reza Arsanjani and Caroline Kilian
(and/or Nominee) for $2.38 million, subject to any higher or better
offers.
The Debtor is the titled owner of the Real Property.
The Debtor has received a Residential Resale Real Estate Purchase
Contract from the Buyers for the sum of $2.38 million. Neither of
the Buyers have a relationship to the Debtor or the estate. The
closing will be contingent upon the sale of the Buyers' current
residence and an entry of an Order of the Court approving the
sale.
The Debtor proposes to sell the Property free and clear of all
liens and encumbrances with liens to attach to the proceeds of
sale.
Accordingly, after the customary costs of sale, the following will
be paid:
a. Maricopa County Treasurer the outstanding 2019 and 2020
property taxes estimated to be $15,905.
b. AZDOT Income, 21, LLC, in satisfaction of its first
position Deed of Trust, the approximate sum of $870,000 (subject to
a final payoff statement);
c. Jason Weathers, in satisfaction of his second position
Deed of Trust, the approximate sum of $1,314,231 (subject to an
agreement of the parties as the sum is not sufficient to pay the
lien in full);
d. Commission owed to the Court appointed Real Estate Agent,
Allan Bone of Launch Real Estate (subject to any split of the
commission owed to the Buyers' Agent), not to exceed 6% of sale
price;
e. Legal fees owed to the Debtor's Counsel through Sept. 30,
2020 based upon a pending or soon to be pending Fee Application, in
the amount of $13,266.
f. Any other necessary costs of closing.
The price at which the Property is to be sold is not greater than
the aggregate value of all known valid liens and encumbrances that
may attach to the Property. Accordingly, the requirements of 11
U.S.C. Section 363(f)(2) must be met for a sale free and clear of
liens. It is anticipated that Jason Weathers will consent to the
transaction.
Due to the nature of the Motion, it is requested that the Court
waives Rule 6004(h), Rules of Bankruptcy Procedure relative to the
requirement of the 14-day stay of the order.
A copy of the Contract is available at https://tinyurl.com/y58gffdx
from PacerMonitor.com free of charge.
About Weathers Properties
Weathers Properties LLC is the fee simple owner of a residential
property located at 6848 East Meadlowlark Lane, Paradise Valley,
Ariz. The property has an appraised value of $3 million.
Weathers Properties filed a Chapter 11 petition (Bankr. D. Ariz.
Case No. 20-06990) on June 10, 2020. In its petition, Debtor
disclosed $3,000,000 in assets and $2,261,268 in liabilities.
Judge Eddward P. Ballinger Jr. presides over the case.
Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., is the
Debtor's bankruptcy counsel.
WEST PACE: Amerco Buying 4.5-Acre of Auburn Graded Land for $2.15M
------------------------------------------------------------------
West Pace, LLC, asks the U.S. Bankruptcy Court for the Middle
District of Alabama to authorize the sale of approximately 4.5
acres of graded land, together with all appurtenances thereto,
located in West Creek Parkway Auburn, Alabama, to Amerco Real
Estate Co. for $2.15 million, on the terms of their Purchase and
Sale Agreement.
The salient terms of the PSA are:
a. Purchaser: Amerco Real Estate Co.
b. Description: 4.5 acres of graded land
c. Purchase Price: $2.15 million
d. Commission: 6% Commission (3% to Hayley Redd Real Estate
and 3% to 360 Real Estate, Inc.)
e. Deposit: $65,000
f. The sale is free and clear of all liens.
The Debtor will set aside $21,500 to pay Quarterly Fees associated
with the distribution of any proceeds. It will pay all of the net
proceeds of the sale to US Bank. US Bank will credit all proceeds
to its Claim 1 filed with the Court.
The Purchaser will purchase the property described in the Purchase
and Sale Agreement free and clear of the lis pendens filed by US
Bank and the associated past due Assessments. The property
purchased will not be free and clear of any Statutory Lien or
Assessments levied on the Property by the West Pace Village
Cooperative District or the West Pace Village Improvement District
Board after the date of closing.
A copy of the PSA is available at https://tinyurl.com/y4nuqu3k from
PacerMonitor.com free of charge.
About West Pace LLC
West Pace, LLC, a privately held company based in Auburn, Alabama,
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 20-80067) on Jan. 16,
2020. In the petition signed by Thomas M. Hayley, managing member,
the Debtor was estimated to have up to $50,000 in assets and $1
million to $10 million in liabilities. Judge William R. Sawyer
oversees the case. The Debtor tapped Michael A. Fritz, Sr., at
Fritz Law Firm as counsel and Hayley Redd Real Estate Company as
realtor.
XPLORADOR INC: Seeks to Hire County Law Center as Legal Counsel
---------------------------------------------------------------
Xplorador, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of California to hire County Law Center as
its legal counsel.
The Debtor requires County Law Center to:
a. represent the Debtor in its Chapter 11 case and advise the
Debtor as to its rights, duties and powers;
b. prepare statements, schedules and other documents necessary
for proper administration of the Debtor's bankruptcy estate; and
c. represent the Debtor at all hearings, meetings of
creditors, conferences, trials and other proceedings in its case;
and
d. perform other legal services related to the case.
The firm's hourly rates are:
Marc Duxbury, Esq. $425
Paralegal $210
The retainer fee for the firm's services is $10,000.
Marc Duxbury, Esq., a partner at County Law Center, assured the
court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estate.
County Law can be reached at:
Marc A. Duxbury, Esq.
County Law Center
5963 La Place Court, Suite 312
Carlsbad, CA 92008
Tel: (760) 438-5291
About Xplorador Inc.
Based in La Mesa, California, Xplorador, Inc. filed a Chapter 11
petition (Bankr. S.D. Cal. Case No. 20-05287) on Oct. 26, 2020,
listing under $1 million in both assets and liabilities. Judge
Louise Decarl Adler oversees the case. The Debtor is represented
by Marc A. Duxbury, Esq., at County Law Center.
[*] At Least 300 Companies That Received PPP Loans Went Bankrupt
----------------------------------------------------------------
Luke Torrance of Tampa Bay Business Journal reports when the Small
Business Administration launched the Paycheck Protection Program
(PPP) in April 2020, the goal was to help small businesses survive
a temporary lockdown to combat the Covid-19 pandemic. More than
seven months later, the pandemic is still raging and many states
are considering and or implementing another lockdown. But there is
still no sign of additional financial assistance from the federal
government.
"It gave an eight-week injection to companies in order for them to
keep payroll," said Noel Boeke, a bankruptcy attorney for Holland &
Knight in Tampa. "It's not a panacea to enable businesses to ride
out this pandemic when it lasts an entire year or longer."
Now, businesses that received PPP loans are filing for bankruptcy
throughout the country. The Wall Street Journal reported this week
that about 300 companies that had received loans in excess of
$150,000 — and some receiving loans worth $5 million to $10
million — had filed for bankruptcy. Thirty-seven of those
companies were located inFlorida, the Journal reported, more than
any state other than Texas and California.
The Wall Street Journal did not provide a further geographic
breakdown of the bankruptcies. At least one Tampa company —
B-Line Carriers, a transportation company that received a $500,000
loan — was among those that filed for bankruptcy. Both Boeke and
Megan Murray, an attorney at Tampa bankruptcy firm Underwood
Murray, said they have seen PPP applicants file for bankruptcy and
believe more are on the way.
Even the Wall Street Journal's numbers are an underestimate. The
SBA only released information about businesses that applied for
loans in excess of $150,000.
Loans for less than that amount make up the majority of loans
originated, meaning the number of nationwide bankruptcies for
businesses with PPP loans is likely much higher than 300.
Lenders and businesses are still holding out hope that Congress
will pass an additional stimulus or round of PPP funding;
currently, PPP funds must be spent before the end of 2020. While
the question of whether a company in bankruptcy proceedings can
apply for a PPP loan is still tied up in courts, Murray said some
businesses used the funds to help them get through the bankruptcy
process.
"I've also seen some companies get PPP funds pre-bankruptcy like
the TooJay's restaurant chain, which filed in South Florida after
getting a PPP loan," said Murray. "They used it to get through
bankruptcy — they got the funds and then filed."
TooJay's emerged from bankruptcy in September 2020.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABST CN 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE OU1 GR 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE ABST US 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE ABT2EUR EU 136.7 (40.5) (9.7)
ACCELERATE DIAGN 1A8 GR 104.2 (49.7) 85.0
ACCELERATE DIAGN AXDX US 104.2 (49.7) 85.0
ACCELERATE DIAGN AXDX* MM 104.2 (49.7) 85.0
ACCELERATE DIAGN 1A8 SW 104.2 (49.7) 85.0
ADAPTHEALTH CORP AHCO US 1,548.8 439.7 169.6
AGENUS INC AGEN US 204.5 (179.4) (21.4)
AGENUS INC AJ81 TH 204.5 (179.4) (21.4)
AGENUS INC AGENEUR EU 204.5 (179.4) (21.4)
AGENUS INC AJ81 QT 204.5 (179.4) (21.4)
AGENUS INC AJ81 GZ 204.5 (179.4) (21.4)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AMC ENTERTAINMEN AMC US 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AMC* MM 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AMC4EUR EU 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 TH 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 QT 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 GR 10,876.2 (2,335.4) (979.6)
AMERICA'S CAR-MA CRMT US 716.3 (253.0) 498.7
AMERICA'S CAR-MA HC9 GR 716.3 (253.0) 498.7
AMERICA'S CAR-MA CRMTEUR EU 716.3 (253.0) 498.7
AMERICAN AIR-BDR AALL34 BZ 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL11EUR EU 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL AV 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL TE 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G SW 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G GZ 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G QT 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL US 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G GR 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL* MM 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G TH 62,773.0 (5,528.0) (4,244.0)
AMERISOURCEB-BDR A1MB34 BZ 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG TH 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABC2EUR EU 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG QT 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABC US 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG GR 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG GZ 44,274.8 (839.6) (797.4)
APACHE CORP APA* MM 12,875.0 (37.0) 337.0
APACHE CORP APA TH 12,875.0 (37.0) 337.0
APACHE CORP APA GR 12,875.0 (37.0) 337.0
APACHE CORP APA GZ 12,875.0 (37.0) 337.0
APACHE CORP APA US 12,875.0 (37.0) 337.0
APACHE CORP APA1 SW 12,875.0 (37.0) 337.0
APACHE CORP APAEUR EU 12,875.0 (37.0) 337.0
APACHE CORP APA QT 12,875.0 (37.0) 337.0
APACHE CORP- BDR A1PA34 BZ 12,875.0 (37.0) 337.0
AQUESTIVE THERAP AQST US 50.4 (36.5) 13.3
AURANIA RESOURCE ARU CN 4.4 (0.5) (0.6)
AUTOZONE INC AZO US 14,423.9 (878.0) 528.8
AUTOZONE INC AZ5 GR 14,423.9 (878.0) 528.8
AUTOZONE INC AZ5 TH 14,423.9 (878.0) 528.8
AUTOZONE INC AZ5 GZ 14,423.9 (878.0) 528.8
AUTOZONE INC AZO AV 14,423.9 (878.0) 528.8
AUTOZONE INC AZ5 TE 14,423.9 (878.0) 528.8
AUTOZONE INC AZO* MM 14,423.9 (878.0) 528.8
AUTOZONE INC AZOEUR EU 14,423.9 (878.0) 528.8
AUTOZONE INC AZ5 QT 14,423.9 (878.0) 528.8
AUTOZONE INC-BDR AZOI34 BZ 14,423.9 (878.0) 528.8
AVID TECHNOLOGY AVID US 261.4 (144.2) 11.7
AVID TECHNOLOGY AVD GR 261.4 (144.2) 11.7
AVIS BUD-CEDEAR CAR AR 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR US 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA GR 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA TH 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR* MM 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA QT 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR2EUR EU 19,596.0 (76.0) 469.0
B RILEY PRINCIPA BMRG/U US 177.3 175.5 (1.3)
BABCOCK & WILCOX BW US 605.8 (320.8) 116.9
BBTV HOLDINGS IN BBTV CN 1.0 (1.2) (0.7)
BELLRING BRAND-A BRBR US 653.5 (161.0) 137.1
BELLRING BRAND-A BR6 TH 653.5 (161.0) 137.1
BELLRING BRAND-A BR6 GR 653.5 (161.0) 137.1
BELLRING BRAND-A BRBR1EUR EU 653.5 (161.0) 137.1
BELLRING BRAND-A BR6 GZ 653.5 (161.0) 137.1
BIGCOMMERCE-1 BIGC US 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 GR 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 GZ 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 TH 235.5 158.5 160.4
BIGCOMMERCE-1 BIGCEUR EU 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 QT 235.5 158.5 160.4
BIODESIX INC BDSX US 45.5 (52.5) (27.4)
BIOHAVEN PHARMAC BHVN US 782.0 (153.8) 491.2
BIOHAVEN PHARMAC 2VN GR 782.0 (153.8) 491.2
BIOHAVEN PHARMAC BHVNEUR EU 782.0 (153.8) 491.2
BIOHAVEN PHARMAC 2VN TH 782.0 (153.8) 491.2
BIONOVATE TECHNO BIIO US - (0.4) (0.4)
BLUE BIRD CORP 4RB GR 390.1 (61.9) 39.3
BLUE BIRD CORP BLBDEUR EU 390.1 (61.9) 39.3
BLUE BIRD CORP 4RB GZ 390.1 (61.9) 39.3
BLUE BIRD CORP BLBD US 390.1 (61.9) 39.3
BOEING CO-BDR BOEI34 BZ 161,261.0 (11,553.0) 38,705.0
BOEING CO-CED BA AR 161,261.0 (11,553.0) 38,705.0
BOEING CO-CED BAD AR 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO GR 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BAEUR EU 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA EU 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BOE LN 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA PE 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BOEI BB 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA US 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO TH 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA SW 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA* MM 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA TE 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA CI 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA AV 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BAUSD SW 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO GZ 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO QT 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE TR TCXBOE AU 161,261.0 (11,553.0) 38,705.0
BOMBARDIER INC-B BBDBN MM 24,109.0 (6,448.0) 791.0
BONE BIOLOGICS C BBLG US 0.0 (11.9) (0.5)
BORROWMONEY.COM BWMY US 0.0 (0.5) (0.5)
BRINKER INTL EAT US 2,335.3 (465.1) (269.9)
BRINKER INTL BKJ GR 2,335.3 (465.1) (269.9)
BRINKER INTL BKJ TH 2,335.3 (465.1) (269.9)
BRINKER INTL EAT2EUR EU 2,335.3 (465.1) (269.9)
BRINKER INTL BKJ QT 2,335.3 (465.1) (269.9)
BRP INC/CA-SUB V DOO CN 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V B15A GR 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOOO US 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOOEUR EU 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V B15A GZ 4,240.0 (666.0) 759.8
CADIZ INC CDZI US 73.4 (22.5) 5.1
CADIZ INC CDZIEUR EU 73.4 (22.5) 5.1
CADIZ INC 2ZC GR 73.4 (22.5) 5.1
CALIFORNIA RESOU CRC US 4,856.0 (1,581.0) (774.0)
CALUMET SPECIALT CLMT US 1,807.5 (44.8) 69.3
CDK GLOBAL INC C2G QT 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDK* MM 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G TH 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDKEUR EU 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G GR 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDK US 2,915.7 (514.5) (88.2)
CEDAR FAIR LP FUN US 2,501.5 (551.3) 43.1
CENGAGE LEARNING CNGO US 2,645.9 (180.3) 94.7
CENTRUS ENERGY-A LEU US 468.2 (275.6) 70.5
CEREVEL THERAPEU CERE US 150.5 142.6 (1.7)
CHEWY INC- CL A CHWY US 1,144.8 (377.6) (475.8)
CHEWY INC- CL A CHWY* MM 1,144.8 (377.6) (475.8)
CHOICE HOTELS CZH GR 1,570.1 (21.4) 163.2
CHOICE HOTELS CHH US 1,570.1 (21.4) 163.2
CINCINNATI BELL CBB US 2,563.8 (204.5) (88.5)
CINCINNATI BELL CIB1 GR 2,563.8 (204.5) (88.5)
CINCINNATI BELL CBBEUR EU 2,563.8 (204.5) (88.5)
CLOVIS ONCOLOGY C6O GR 593.1 (163.4) 165.3
CLOVIS ONCOLOGY CLVS US 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O QT 593.1 (163.4) 165.3
CLOVIS ONCOLOGY CLVSEUR EU 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O TH 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O GZ 593.1 (163.4) 165.3
CODIAK BIOSCIENC CDAK US 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W GR 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W TH 110.4 (44.0) 18.0
CODIAK BIOSCIENC CDAKEUR EU 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W QT 110.4 (44.0) 18.0
COGENT COMMUNICA CCOI US 1,000.9 (260.7) 380.1
COGENT COMMUNICA OGM1 GR 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOIEUR EU 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOI* MM 1,000.9 (260.7) 380.1
COMMUNITY HEALTH CYH US 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 GR 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 QT 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CYH1EUR EU 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 TH 16,516.0 (1,476.0) 1,063.0
CONVERGE TECHNOL CTS CN 493.1 48.3 (105.8)
CRYPTO CO/THE CRCW US 0.1 (2.2) (2.0)
DELEK LOGISTICS DKL US 957.6 (111.5) 11.7
DENNY'S CORP DENN US 450.8 (138.4) (15.3)
DENNY'S CORP DE8 TH 450.8 (138.4) (15.3)
DENNY'S CORP DE8 GR 450.8 (138.4) (15.3)
DENNY'S CORP DENNEUR EU 450.8 (138.4) (15.3)
DIEBOLD NIXDORF DBDEUR EU 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD TH 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD GR 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD US 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD QT 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD SW 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD GZ 3,627.8 (811.7) 391.4
DINE BRANDS GLOB IHP TH 2,070.9 (356.4) 203.3
DINE BRANDS GLOB DIN US 2,070.9 (356.4) 203.3
DINE BRANDS GLOB IHP GR 2,070.9 (356.4) 203.3
DOMINO'S PIZZA EZV GR 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ US 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZEUR EU 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV TH 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV GZ 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ AV 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ* MM 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV QT 1,620.9 (3,211.5) 468.0
DOMO INC- CL B DOMO US 195.1 (72.9) (8.0)
DOMO INC- CL B 1ON GR 195.1 (72.9) (8.0)
DOMO INC- CL B 1ON GZ 195.1 (72.9) (8.0)
DOMO INC- CL B DOMOEUR EU 195.1 (72.9) (8.0)
DOMO INC- CL B 1ON TH 195.1 (72.9) (8.0)
DRAFTKINGS INC-A 8DEA TH 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA QT 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA GZ 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG US 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA GR 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG1EUR EU 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG* MM 2,566.7 1,994.7 973.0
DUNKIN' BRANDS G 2DB GR 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G 2DB TH 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G DNKN US 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G 2DB QT 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G DNKNEUR EU 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G 2DB GZ 3,889.0 (533.3) 348.2
DYE & DURHAM LTD DND CN 271.9 112.3 0.8
DYE & DURHAM LTD DYNDF US 271.9 112.3 0.8
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EOS ENERGY ENTER EOSE US 177.3 175.5 (1.3)
EVERI HOLDINGS I EVRI US 1,458.2 (15.4) 89.9
EVERI HOLDINGS I G2C GR 1,458.2 (15.4) 89.9
EVERI HOLDINGS I G2C TH 1,458.2 (15.4) 89.9
EVERI HOLDINGS I EVRIEUR EU 1,458.2 (15.4) 89.9
FATHOM HOLDINGS FTHM US 35.2 30.3 29.7
FLEXION THERAPEU FLXNEUR EU 263.4 (3.1) 186.2
FLEXION THERAPEU F02 TH 263.4 (3.1) 186.2
FLEXION THERAPEU F02 QT 263.4 (3.1) 186.2
FLEXION THERAPEU FLXN US 263.4 (3.1) 186.2
FLEXION THERAPEU F02 GR 263.4 (3.1) 186.2
FRONTDOOR IN FTDR US 1,407.0 (71.0) 211.0
FRONTDOOR IN 3I5 GR 1,407.0 (71.0) 211.0
FRONTDOOR IN FTDREUR EU 1,407.0 (71.0) 211.0
FTS INTERNAT-A FTSI US 452.2 (84.0) 187.2
FTS INTERNAT-A FT5 GR 452.2 (84.0) 187.2
FTS INTERNAT-A FTSI1EUR EU 452.2 (84.0) 187.2
FTS INTERNATIONA 9992011D US 452.2 (84.0) 187.2
FTS INTERNATIONA FT5A GZ 452.2 (84.0) 187.2
FTS INTERNATIONA FTSIEUR EU 452.2 (84.0) 187.2
FTS INTERNATIONA FT5A GR 452.2 (84.0) 187.2
GODADDY INC-A 38D TH 6,207.8 (163.8) (1,101.8)
GODADDY INC-A GDDY* MM 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D GR 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D QT 6,207.8 (163.8) (1,101.8)
GODADDY INC-A GDDY US 6,207.8 (163.8) (1,101.8)
GOGO INC GOGO US 984.5 (647.2) 363.1
GOGO INC G0G GR 984.5 (647.2) 363.1
GOGO INC GOGOEUR EU 984.5 (647.2) 363.1
GOGO INC G0G QT 984.5 (647.2) 363.1
GOGO INC G0G SW 984.5 (647.2) 363.1
GOGO INC G0G TH 984.5 (647.2) 363.1
GOGO INC G0G GZ 984.5 (647.2) 363.1
GOOSEHEAD INSU-A GSHD US 120.0 (49.4) 25.2
GOOSEHEAD INSU-A 2OX GR 120.0 (49.4) 25.2
GOOSEHEAD INSU-A GSHDEUR EU 120.0 (49.4) 25.2
GORES HOLDINGS I GHIVU US 425.8 406.4 (4.0)
GORES HOLDINGS-A GHIV US 425.8 406.4 (4.0)
GRAFTECH INTERNA EAF US 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G GZ 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G GR 1,467.6 (472.1) 445.4
GRAFTECH INTERNA EAFEUR EU 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G TH 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G QT 1,467.6 (472.1) 445.4
GREEN PLAINS PAR GPP US 103.9 (61.6) (37.0)
GREENSKY INC-A GSKY US 1,461.9 (205.9) 784.2
GURU ORGANIC ENE GURU CN 0.0 (0.0) (0.0)
GURU ORGANIC ENE GUROF US 0.0 (0.0) (0.0)
HERBALIFE NUTRIT HOO GR 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HLF US 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO TH 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO GZ 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HLFEUR EU 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO QT 2,921.2 (912.9) 639.4
HEWLETT-CEDEAR HPQ AR 34,681.0 (2,228.0) (5,572.0)
HEWLETT-CEDEAR HPQD AR 34,681.0 (2,228.0) (5,572.0)
HEWLETT-CEDEAR HPQC AR 34,681.0 (2,228.0) (5,572.0)
HILTON WORLD-BDR H1LT34 BZ 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLT US 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLT* MM 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLTW AV 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLTEUR EU 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 TE 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 QT 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 TH 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 GR 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 GZ 17,129.0 (1,319.0) 2,285.0
HORIZON GLOBAL HZN1EUR EU 458.0 (22.1) 91.8
HORIZON GLOBAL HZN US 458.0 (22.1) 91.8
HORIZON GLOBAL 2H6 GR 458.0 (22.1) 91.8
HOVNANIAN ENT-A HO3A GR 1,805.7 (479.5) 773.7
HOVNANIAN ENT-A HOVEUR EU 1,805.7 (479.5) 773.7
HOVNANIAN ENT-A HOV US 1,805.7 (479.5) 773.7
HP COMPANY-BDR HPQB34 BZ 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ TE 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ US 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP TH 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP GR 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ CI 34,681.0 (2,228.0) (5,572.0)
HP INC HPQUSD SW 34,681.0 (2,228.0) (5,572.0)
HP INC HPQEUR EU 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP GZ 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ AV 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ* MM 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ SW 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP QT 34,681.0 (2,228.0) (5,572.0)
IAA INC IAA US 2,388.8 (3.6) 352.4
IAA INC 3NI GR 2,388.8 (3.6) 352.4
IAA INC IAA-WEUR EU 2,388.8 (3.6) 352.4
IDERA PHARMACEUT IDRA US 32.3 (32.4) 24.4
IMMUNOGEN INC IMU TH 248.0 (42.9) 119.5
IMMUNOGEN INC IMGN US 248.0 (42.9) 119.5
IMMUNOGEN INC IMU GR 248.0 (42.9) 119.5
IMMUNOGEN INC IMGNEUR EU 248.0 (42.9) 119.5
IMMUNOGEN INC IMU GZ 248.0 (42.9) 119.5
IMMUNOGEN INC IMGN* MM 248.0 (42.9) 119.5
IMMUNOGEN INC IMU QT 248.0 (42.9) 119.5
IMMUNOGEN INC IMU SW 248.0 (42.9) 119.5
INFRASTRUCTURE A IEA US 722.4 (72.1) 97.1
INFRASTRUCTURE A IEAEUR EU 722.4 (72.1) 97.1
INFRASTRUCTURE A 5YF GR 722.4 (72.1) 97.1
INHIBRX INC INBX US 143.6 91.7 97.1
INHIBRX INC 1RK GR 143.6 91.7 97.1
INHIBRX INC INBXEUR EU 143.6 91.7 97.1
INHIBRX INC 1RK QT 143.6 91.7 97.1
INSEEGO CORP INSG US 223.7 (27.2) 40.7
INSEEGO CORP INO GR 223.7 (27.2) 40.7
INSEEGO CORP INSGEUR EU 223.7 (27.2) 40.7
INSEEGO CORP INO GZ 223.7 (27.2) 40.7
INSEEGO CORP INO TH 223.7 (27.2) 40.7
INSEEGO CORP INO QT 223.7 (27.2) 40.7
INTERCEPT PHARMA ICPT US 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P GR 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P QT 591.4 (130.3) 398.0
INTERCEPT PHARMA ICPT* MM 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P TH 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P GZ 591.4 (130.3) 398.0
JACK IN THE BOX JBX GR 1,906.5 (793.4) (4.8)
JACK IN THE BOX JACK US 1,906.5 (793.4) (4.8)
JACK IN THE BOX JBX QT 1,906.5 (793.4) (4.8)
JACK IN THE BOX JBX GZ 1,906.5 (793.4) (4.8)
JACK IN THE BOX JACK1EUR EU 1,906.5 (793.4) (4.8)
JOSEMARIA RESOUR JOSES I2 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES EB 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES IX 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSE SS 28.8 (9.4) (18.4)
JOSEMARIA RESOUR NGQSEK EU 28.8 (9.4) (18.4)
JUST ENERGY GROU JE US 1,137.7 (170.7) (33.8)
JUST ENERGY GROU JE CN 1,137.7 (170.7) (33.8)
JUST ENERGY GROU 1JE GR 1,137.7 (170.7) (33.8)
JUST ENERGY GROU 1JE1 TH 1,137.7 (170.7) (33.8)
L BRANDS INC LB US 11,160.7 (1,564.0) 1,597.2
L BRANDS INC LTD TH 11,160.7 (1,564.0) 1,597.2
L BRANDS INC LTD GR 11,160.7 (1,564.0) 1,597.2
L BRANDS INC LBRA AV 11,160.7 (1,564.0) 1,597.2
L BRANDS INC LB* MM 11,160.7 (1,564.0) 1,597.2
L BRANDS INC LTD QT 11,160.7 (1,564.0) 1,597.2
L BRANDS INC LBEUR EU 11,160.7 (1,564.0) 1,597.2
L BRANDS INC-BDR LBRN34 BZ 11,160.7 (1,564.0) 1,597.2
LENNOX INTL INC LII US 1,981.2 (115.7) 353.0
LENNOX INTL INC LXI GR 1,981.2 (115.7) 353.0
LENNOX INTL INC LXI TH 1,981.2 (115.7) 353.0
LENNOX INTL INC LII1EUR EU 1,981.2 (115.7) 353.0
LENNOX INTL INC LII* MM 1,981.2 (115.7) 353.0
LESLIE'S INC LESL US 479.7 (887.4) 116.6
LESLIE'S INC LE3 GR 479.7 (887.4) 116.6
LESLIE'S INC LESLEUR EU 479.7 (887.4) 116.6
MADISON SQUARE G MSG1EUR EU 1,219.4 (239.9) (216.3)
MADISON SQUARE G MS8 GR 1,219.4 (239.9) (216.3)
MADISON SQUARE G MSGS US 1,219.4 (239.9) (216.3)
MCAFEE CORP - A MCFE US 5,553.0 (2,323.0) (1,182.0)
MCAFEE CORP - A MC7 GR 5,553.0 (2,323.0) (1,182.0)
MCAFEE CORP - A MCFEEUR EU 5,553.0 (2,323.0) (1,182.0)
MCDONALD'S CORP TCXMCD AU 50,699.3 (8,472.1) 455.9
MCDONALDS - BDR MCDC34 BZ 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO TH 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD US 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD SW 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO GR 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD* MM 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD TE 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD CI 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD AV 50,699.3 (8,472.1) 455.9
MCDONALDS CORP 0R16 LN 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCDUSD SW 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCDEUR EU 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO GZ 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO QT 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD PE 50,699.3 (8,472.1) 455.9
MCDONALDS-CEDEAR MCD AR 50,699.3 (8,472.1) 455.9
MCDONALDS-CEDEAR MCDC AR 50,699.3 (8,472.1) 455.9
MCDONALDS-CEDEAR MCDD AR 50,699.3 (8,472.1) 455.9
MEDLEY MANAGE-A MDLY US 38.7 (132.0) (15.2)
MERCER PARK BR-A MRCQF US 411.4 (7.6) 2.7
MERCER PARK BR-A BRND/A/U CN 411.4 (7.6) 2.7
MICHAELS COS INC MIKEUR EU 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM GR 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM TH 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIK US 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM QT 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM GZ 3,923.3 (1,509.9) 385.4
MILESTONE MEDICA MMDPLN EU 1.0 (16.3) (16.3)
MILESTONE MEDICA MMD PW 1.0 (16.3) (16.3)
MONEYGRAM INTERN 9M1N GR 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN MGI US 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N TH 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN MGIEUR EU 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N QT 4,494.0 (249.1) (94.5)
MOTOROLA SOL-CED MSI AR 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MOT TE 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MSI US 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA TH 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA GR 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MOSI AV 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MSI1EUR EU 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA GZ 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA QT 10,361.0 (740.0) 659.0
MSCI INC 3HM GR 4,111.7 (386.6) 1,008.2
MSCI INC MSCI US 4,111.7 (386.6) 1,008.2
MSCI INC 3HM GZ 4,111.7 (386.6) 1,008.2
MSCI INC 3HM QT 4,111.7 (386.6) 1,008.2
MSCI INC MSCI* MM 4,111.7 (386.6) 1,008.2
MSCI INC 3HM TH 4,111.7 (386.6) 1,008.2
MSCI INC-BDR M1SC34 BZ 4,111.7 (386.6) 1,008.2
MSG NETWORKS- A MSGN US 893.6 (515.7) 294.3
MSG NETWORKS- A MSGNEUR EU 893.6 (515.7) 294.3
MSG NETWORKS- A 1M4 QT 893.6 (515.7) 294.3
MSG NETWORKS- A 1M4 TH 893.6 (515.7) 294.3
MSG NETWORKS- A 1M4 GR 893.6 (515.7) 294.3
NATHANS FAMOUS NFA GR 106.3 (63.1) 79.0
NATHANS FAMOUS NATH US 106.3 (63.1) 79.0
NATHANS FAMOUS NATHEUR EU 106.3 (63.1) 79.0
NATIONAL CINEMED NCMI US 1,097.8 (210.4) 183.0
NAVISTAR INTL IHR TH 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL NAVEUR EU 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR QT 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR GZ 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR GR 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL NAV US 6,675.0 (3,828.0) 1,577.0
NESCO HOLDINGS I NSCO US 769.5 (24.4) 54.0
NEW ENG RLTY-LP NEN US 293.1 (39.3) -
NORTHERN OIL AND 4LT1 GR 1,025.5 (83.7) 13.3
NORTHERN OIL AND NOG US 1,025.5 (83.7) 13.3
NORTHERN OIL AND NOG1EUR EU 1,025.5 (83.7) 13.3
NORTONLIFEL- BDR S1YM34 BZ 6,313.0 (476.0) 44.0
NORTONLIFELOCK I NLOK US 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM TH 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM GR 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYMC TE 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYMC AV 6,313.0 (476.0) 44.0
NORTONLIFELOCK I NLOK* MM 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYMCEUR EU 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM GZ 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM QT 6,313.0 (476.0) 44.0
NUTANIX INC - A 0NU GZ 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU GR 2,315.9 (557.4) 854.5
NUTANIX INC - A NTNXEUR EU 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU TH 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU QT 2,315.9 (557.4) 854.5
NUTANIX INC - A NTNX US 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU SW 2,315.9 (557.4) 854.5
OASIS PETROLEUM OAS US 2,506.8 (638.2) (235.9)
OASIS PETROLEUM OS70 GR 2,506.8 (638.2) (235.9)
OASIS PETROLEUM OAS1EUR EU 2,506.8 (638.2) (235.9)
OCULAR THERAPEUT 0OT GZ 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT TH 98.2 (4.1) 59.0
OCULAR THERAPEUT OCULEUR EU 98.2 (4.1) 59.0
OCULAR THERAPEUT OCUL US 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT GR 98.2 (4.1) 59.0
OMEROS CORP 3O8 GR 227.1 (87.3) 148.3
OMEROS CORP OMER US 227.1 (87.3) 148.3
OMEROS CORP 3O8 QT 227.1 (87.3) 148.3
OMEROS CORP OMEREUR EU 227.1 (87.3) 148.3
OMEROS CORP 3O8 TH 227.1 (87.3) 148.3
ONDAS HOLDINGS I ONDSD US 2.6 (16.4) (16.3)
OPTIVA INC OPT CN 84.2 (82.4) 3.3
OPTIVA INC RKNEF US 84.2 (82.4) 3.3
OTIS WORLDWI OTIS US 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG GR 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI OTISEUR EU 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG GZ 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI OTIS* MM 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG TH 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG QT 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,473.0 (3,383.0) (20.0)
PAPA JOHN'S INTL PZZA US 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 GR 816.7 (14.1) 19.4
PAPA JOHN'S INTL PZZAEUR EU 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 GZ 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 TH 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 QT 816.7 (14.1) 19.4
PARATEK PHARMACE PRTK US 198.7 (79.9) 172.1
PARATEK PHARMACE N4CN GR 198.7 (79.9) 172.1
PARATEK PHARMACE N4CN TH 198.7 (79.9) 172.1
PHILIP MORRI-BDR PHMO34 BZ 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 GR 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM US 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM1CHF EU 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM1 TE 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 TH 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMI SW 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM1EUR EU 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMIZ IX 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMIZ EB 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 0M8V LN 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 GZ 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM* MM 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 QT 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMOR AV 39,129.0 (10,245.0) 1,928.0
PLANET FITNESS-A PLNT1EUR EU 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL QT 1,801.6 (722.9) 440.8
PLANET FITNESS-A PLNT US 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL TH 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL GR 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL GZ 1,801.6 (722.9) 440.8
PLANTRONICS INC PLT US 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM GR 2,201.5 (145.0) 193.1
PLANTRONICS INC PLTEUR EU 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM GZ 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM TH 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM QT 2,201.5 (145.0) 193.1
PLATINUM GROUP M PTM CN 37.4 (4.1) (2.4)
POPULATION HEALT PHICU US 0.3 (0.0) (0.3)
PPD INC PPD US 6,041.5 (915.2) 203.0
PRIORITY TECHNOL PRTHU US 380.4 (98.3) 3.6
PRIORITY TECHNOL PRTH US 380.4 (98.3) 3.6
PRIORITY TECHNOL PRTHEUR EU 380.4 (98.3) 3.6
PRIORITY TECHNOL 60W GR 380.4 (98.3) 3.6
PROGENITY INC 4ZU GR 111.0 (84.8) 9.5
PROGENITY INC 4ZU QT 111.0 (84.8) 9.5
PROGENITY INC PROGEUR EU 111.0 (84.8) 9.5
PROGENITY INC 4ZU GZ 111.0 (84.8) 9.5
PROGENITY INC PROG US 111.0 (84.8) 9.5
PSOMAGEN INC-KDR 950200 KS - - -
PUMA BIOTECHNOLO PBYI US 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB GR 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB TH 261.7 (0.5) 41.6
PUMA BIOTECHNOLO PBYIEUR EU 261.7 (0.5) 41.6
QUANTUM CORP QMCO US 173.3 (196.2) (1.5)
QUANTUM CORP QTM1EUR EU 173.3 (196.2) (1.5)
QUANTUM CORP QNT2 GR 173.3 (196.2) (1.5)
RADIUS HEALTH IN RDUS US 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 TH 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 QT 196.0 (108.6) 101.7
RADIUS HEALTH IN RDUSEUR EU 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 GR 196.0 (108.6) 101.7
REC SILICON ASA RECO IX 258.4 (19.2) 47.9
REC SILICON ASA REC SS 258.4 (19.2) 47.9
REC SILICON ASA RECO S1 258.4 (19.2) 47.9
REC SILICON ASA RECO TQ 258.4 (19.2) 47.9
REC SILICON ASA RECO EB 258.4 (19.2) 47.9
REC SILICON ASA REC EU 258.4 (19.2) 47.9
REC SILICON ASA RECO QX 258.4 (19.2) 47.9
REC SILICON ASA RECO QE 258.4 (19.2) 47.9
REC SILICON ASA RECO I2 258.4 (19.2) 47.9
REC SILICON ASA RECO PO 258.4 (19.2) 47.9
REC SILICON ASA REC NO 258.4 (19.2) 47.9
REC SILICON ASA RECO B3 258.4 (19.2) 47.9
REC SILICON ASA RECO S2 258.4 (19.2) 47.9
REC SILICON ASA RECO L3 258.4 (19.2) 47.9
REVLON INC-A RVL1 GR 2,973.3 (1,582.9) (38.9)
REVLON INC-A REV* MM 2,973.3 (1,582.9) (38.9)
REVLON INC-A REVEUR EU 2,973.3 (1,582.9) (38.9)
REVLON INC-A RVL1 TH 2,973.3 (1,582.9) (38.9)
REVLON INC-A REV US 2,973.3 (1,582.9) (38.9)
RIMINI STREET IN RMNI US 220.3 (61.5) (64.7)
SBA COMM CORP 4SB TH 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB GZ 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBAC* MM 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBACEUR EU 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB QT 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBAC US 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB GR 9,034.7 (4,471.2) (92.7)
SBA COMMUN - BDR S1BA34 BZ 9,034.7 (4,471.2) (92.7)
SCIENTIFIC GAMES SGMS US 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW GR 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW TH 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW GZ 8,102.0 (2,541.0) 1,424.0
SEAWORLD ENTERTA SEAS US 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA W2L GR 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA W2L TH 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA SEASEUR EU 2,650.2 (66.5) 211.5
SELECTA BIOSCIEN SELB US 181.0 (7.4) 89.5
SHELL MIDSTREAM SHLX US 2,394.0 (414.0) 311.0
SINCLAIR BROAD-A SBGI US 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA GR 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBGIEUR EU 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA GZ 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA TH 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA QT 12,483.0 (1,483.0) 1,567.0
SIRIUS XM HO-BDR SRXM34 BZ 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO GR 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO TH 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN SIRI AV 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN SIRI US 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO GZ 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO QT 10,702.0 (911.0) (2,185.0)
SIX FLAGS ENTERT 6FE GR 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT 6FE QT 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT SIXEUR EU 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT 6FE TH 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT SIX US 2,865.0 (532.7) (46.8)
SLEEP NUMBER COR SNBR US 780.1 (102.8) (348.2)
SLEEP NUMBER COR SL2 GR 780.1 (102.8) (348.2)
SLEEP NUMBER COR SNBREUR EU 780.1 (102.8) (348.2)
SOCIAL CAPITAL IPOB/U US 414.7 394.7 (4.9)
SOCIAL CAPITAL IPOC/U US 828.7 797.9 (1.2)
SOCIAL CAPITAL-A IPOB US 414.7 394.7 (4.9)
SOCIAL CAPITAL-A IPOC US 828.7 797.9 (1.2)
SOTERA HEALTH CO SHC US 2,580.7 (627.5) 128.4
SOTERA HEALTH CO SH5 GR 2,580.7 (627.5) 128.4
SOTERA HEALTH CO SHCEUR EU 2,580.7 (627.5) 128.4
STARBUCKS CORP SBUX* MM 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB GR 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB TH 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX CI 29,374.5 (7,799.4) 459.6
STARBUCKS CORP TCXSBU AU 29,374.5 (7,799.4) 459.6
STARBUCKS CORP USSBUX KZ 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX AV 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX TE 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUXEUR EU 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX IM 29,374.5 (7,799.4) 459.6
STARBUCKS CORP 0QZH LI 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUXUSD SW 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB GZ 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX PE 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX SW 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB QT 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX US 29,374.5 (7,799.4) 459.6
STARBUCKS-BDR SBUB34 BZ 29,374.5 (7,799.4) 459.6
STARBUCKS-CEDEAR SBUX AR 29,374.5 (7,799.4) 459.6
STARBUCKS-CEDEAR SBUXD AR 29,374.5 (7,799.4) 459.6
SUNPOWER CORP S9P2 GR 1,449.3 (7.1) 107.0
SUNPOWER CORP SPWR US 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 TH 1,449.3 (7.1) 107.0
SUNPOWER CORP SPWREUR EU 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 GZ 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 QT 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 SW 1,449.3 (7.1) 107.0
TAUBMAN CENTERS TU8 GR 4,579.6 (298.0) -
TAUBMAN CENTERS TCO US 4,579.6 (298.0) -
TAUBMAN CENTERS TCO2EUR EU 4,579.6 (298.0) -
TENNECO INC-A TEN1EUR EU 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN GZ 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN GR 11,811.0 (43.0) 1,258.0
TENNECO INC-A TEN US 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN TH 11,811.0 (43.0) 1,258.0
TRANSDIGM - BDR T1DG34 BZ 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDG US 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D GR 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D TH 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D QT 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDGEUR EU 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDG* MM 18,395.0 (3,968.0) 5,344.0
TRIUMPH GROUP TGI US 2,533.4 (1,064.4) 790.5
TRIUMPH GROUP TG7 GR 2,533.4 (1,064.4) 790.5
TRIUMPH GROUP TG7 TH 2,533.4 (1,064.4) 790.5
TRIUMPH GROUP TGIEUR EU 2,533.4 (1,064.4) 790.5
TUPPERWARE BRAND TUP GR 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP US 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP TH 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP1EUR EU 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP GZ 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP QT 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP SW 1,191.4 (244.0) (655.5)
UBIQUITI INC UI US 751.9 (261.9) 334.9
UBIQUITI INC 3UB GR 751.9 (261.9) 334.9
UBIQUITI INC 3UB GZ 751.9 (261.9) 334.9
UBIQUITI INC UBNTEUR EU 751.9 (261.9) 334.9
UNISYS CORP USY1 TH 2,407.4 (200.3) 549.4
UNISYS CORP USY1 GR 2,407.4 (200.3) 549.4
UNISYS CORP UIS US 2,407.4 (200.3) 549.4
UNISYS CORP UIS1 SW 2,407.4 (200.3) 549.4
UNISYS CORP UISEUR EU 2,407.4 (200.3) 549.4
UNISYS CORP UISCHF EU 2,407.4 (200.3) 549.4
UNISYS CORP USY1 GZ 2,407.4 (200.3) 549.4
UNISYS CORP USY1 QT 2,407.4 (200.3) 549.4
UNITI GROUP INC 8XC TH 4,838.0 (1,995.1) -
UNITI GROUP INC 8XC GR 4,838.0 (1,995.1) -
UNITI GROUP INC UNIT US 4,838.0 (1,995.1) -
VALVOLINE INC 0V4 GR 3,051.0 (76.0) 994.0
VALVOLINE INC 0V4 TH 3,051.0 (76.0) 994.0
VALVOLINE INC VVVEUR EU 3,051.0 (76.0) 994.0
VALVOLINE INC 0V4 QT 3,051.0 (76.0) 994.0
VALVOLINE INC VVV US 3,051.0 (76.0) 994.0
VECTOR GROUP LTD VGR US 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR GR 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGREUR EU 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR TH 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR QT 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR GZ 1,443.0 (662.1) 360.6
VERISIGN INC VRS TH 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSN US 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS GR 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSN* MM 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSNEUR EU 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS GZ 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS QT 1,764.3 (1,386.2) 228.1
VERISIGN INC-BDR VRSN34 BZ 1,764.3 (1,386.2) 228.1
VERISIGN-CEDEAR VRSN AR 1,764.3 (1,386.2) 228.1
VERY GOOD FOOD C 0SI GR 15.8 9.1 8.1
VERY GOOD FOOD C VERY1EUR EU 15.8 9.1 8.1
VERY GOOD FOOD C VERY CN 15.8 9.1 8.1
VERY GOOD FOOD C VRYYF US 15.8 9.1 8.1
VERY GOOD FOOD C 0SI TH 15.8 9.1 8.1
VERY GOOD FOOD C 0SI GZ 15.8 9.1 8.1
VERY GOOD FOOD C 0SI QT 15.8 9.1 8.1
VITASPRING BIOME VSBC US 0.0 (0.1) (0.1)
VIVINT SMART HOM VVNT US 2,924.7 (1,437.3) (300.3)
WARNER MUSIC-A WMG US 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WMGEUR EU 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WA4 GZ 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WA4 GR 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WMG AV 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WA4 TH 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-BDR W1MG34 BZ 6,410.0 (45.0) (1,042.0)
WATERS CORP WAZ TH 2,679.3 (41.6) 569.5
WATERS CORP WAT US 2,679.3 (41.6) 569.5
WATERS CORP WAZ GR 2,679.3 (41.6) 569.5
WATERS CORP WAT* MM 2,679.3 (41.6) 569.5
WATERS CORP WAZ QT 2,679.3 (41.6) 569.5
WATERS CORP WATEUR EU 2,679.3 (41.6) 569.5
WATERS CORP-BDR WATC34 BZ 2,679.3 (41.6) 569.5
WAYFAIR INC- A W US 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A W* MM 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF GZ 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF QT 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF GR 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF TH 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A WEUR EU 4,558.4 (1,459.6) 826.1
WIDEOPENWEST INC WOW US 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 TH 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 GR 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WOW1EUR EU 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 QT 2,499.3 (222.5) (100.6)
WINGSTOP INC WING1EUR EU 219.7 (183.5) 24.9
WINGSTOP INC WING US 219.7 (183.5) 24.9
WINGSTOP INC EWG GR 219.7 (183.5) 24.9
WINGSTOP INC EWG GZ 219.7 (183.5) 24.9
WINMARK CORP WINA US 35.8 (8.8) 10.4
WINMARK CORP GBZ GR 35.8 (8.8) 10.4
WORKHORSE GROUP WKHSEUR EU 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO TH 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO GZ 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO GR 120.4 (12.2) (32.4)
WORKHORSE GROUP WKHS US 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO QT 120.4 (12.2) (32.4)
WW INTERNATIONAL WW US 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 GR 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 GZ 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WTW AV 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WTWEUR EU 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 QT 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 TH 1,503.0 (581.2) (42.9)
WYNDHAM DESTINAT WYND US 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 TH 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 GR 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 QT 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WYNEUR EU 7,822.0 (993.0) 1,562.0
WYNN RESORTS LTD WYR GR 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR TH 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN* MM 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN US 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNNEUR EU 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR GZ 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN SW 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR QT 13,967.1 (546.6) 2,180.8
WYNN RESORTS-BDR W1YN34 BZ 13,967.1 (546.6) 2,180.8
YRC WORLDWIDE IN YEL1 GR 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YRCW US 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YRCWEUR EU 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YEL1 QT 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YEL1 TH 2,108.3 (323.1) 321.6
YUM! BRANDS -BDR YUMR34 BZ 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR TH 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR GR 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUMUSD SW 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR GZ 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM AV 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR TE 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUMEUR EU 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR QT 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM SW 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM* MM 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM US 6,061.0 (7,919.0) 477.0
ZOOMINFO TECH-A ZI US 2,048.5 820.5 173.9
*********
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 2020. 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
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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Chapman at 215-945-7000.
*** End of Transmission ***