/raid1/www/Hosts/bankrupt/TCR_Public/210601.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, June 1, 2021, Vol. 25, No. 151
Headlines
37 CALUMET: Seeks to Use Bridge Loan Venture's Cash Collateral
381 BROADWAY REALTY: $215K Lender Contribution to Fund Plan
4202 PARTNERS: Shabsi Pfeiffer Says Plan Unconfirmable
4218 PARTNERS: Shabsi Pfeiffer Says Plan Unconfirmable
AEPC GROUP: Obtains Permission to Use Kapitus Cash Collateral
AERO SHADE: Seeks to Hire Ackerman Rodgers as Accountant
AFFILIATE SERVICES: District Court Won't Hear Insurance Row
ALGOMA STEEL: S&P Places CCC+ ICR on Watch Positive on Legato Deal
ALTO TOWNHOMES: Unsecureds' Recovery Hiked to 10% in Amended Plan
ASP UNIFRAX: S&P Hikes ICR to 'B-' on Lower Forecast Debt Leverage
ASTROTECH CORP: All 5 Proposals Passed at Annual Meeting
ATLANTA METRO: Case Summary & 4 Unsecured Creditors
BERGIO INTERNATIONAL: Incurs $477,622 Net Loss in First Quarter
BRAVO RESIDENTIAL 2021-HE2: DBRS Gives B Rating to Class B-2 Notes
BRIAN D. WITZER: Seeks to Hire Benedon & Serlin as Special Counsel
BURN FITNESS: Gets OK to Hire B2B CFO Partners as Financial Advisor
CAFE SERVICE: Mega Funding to Receive $2.47M From Property Sale
CANADIAN RIVER: Seeks to Hire Land Doctors as Real Estate Broker
CARBONYX INC: Trustee Says Plan Disclosures Insufficient
CASTEX ENERGY: Amends Plan to Add Global Settlement
CB THEATER: Mexican Parent Must Face Guaranty Suit
CBL & ASSOCIATES: Court Approves Disclosure Statement
CBL & ASSOCIATES: Further Fine-Tunes Plan Documents
CERTA DOSE: Voluntary Chapter 11 Case Summary
CHARLES K. BRELAND: Bankr. Court Declines to Halt Proceedings
CHARLESTON ORTHODONTIC: Gets Interim Cash Access Amid Dissent
CHESAPEAKE ENERGY: Oklahoma Judge Tosses Gards' Suit
CITY WIDE COMMUNITY: Files Amendment to Disclosure Statement
CMC II: Seeks OK to Hire Investment Banker, Financing Advisor
DITECH FINANCIAL: Yee Foreclosure Suit Tossed
DITECH HOLDING: Court Disallows Ellison's $386,000 Claim
EHT US1: Joyce LLC Updates List of Equity Holders
ELLSWORTH HANSEN: Court Conditionally Approves Disclosure Statement
EQUESTRIAN EVENTS: Seeks Bridge Ruling for Continued Cash Access
EXPO CONSTRUCTION: Ordered to File Amended Disclosures by June 15
FILLIT INC: Cherokee and PURE Say Plan Unconfirmable
FILLIT INC: Palmyra Says Disclosure Statement Deficient
FORD MOTOR: DBRS Confirms BB(high) Issuer Rating, Trend Stable
FOSSIL EXHIBITS: Seeks to Hire Roy W. Wiesner as Accountant
FRANCESCA'S HOLDINGS: Unsecureds to Recover 0% to 30.2% in Plan
GREEN GROUP: Seeks to Hire Jacobs PC as Special Counsel
GREENSILL CAPITAL: Seeks Approval to Hire Arent Fox as Counsel
GRIDDY ENERGY: Unsecureds Will Recover 2.4% to 8.7% in Plan
GVS PORTFOLIO: Seeks Approval to Hire FTI, Appoint CRO
H & R PROPERTY: Trustee Hires Mueller & Company as Accountant
HAMILTON ROAD: Fails to Halt Asset Sale
HARBORVIEW TOWERS: 4th Cir. Upholds Ruling on Clarke Claim
HCB (2020): Suit by 47 East 34th Street Remanded to State Court
HELIUS MEDICAL: All 5 Proposals Passed at Annual Meeting
HERTZ CORP: Akin Gump, Cole Schotz Represent Second Lien Group
HOSPITALITY INVESTORS: Gets OK to Hire Epiq as Claims Agent
J.H. BRYANT: Seeks Approval to Hire Raimondo Pettit as Accountant
JAMES SKEFOS: Hervery Home Buying Property in Memphis for $309K
JAMES SKEFOS: June 3 Hearing on Trustee's Sale of Memphis Property
KEVIN B. DEAN: Court Directs Plan Discovery Until Sept. 22
KING MOUNTAIN TOBACCO: Says Negotiations With Dry Creek Ongoing
LITTLE DRUG CO: Seeks Permission to Use Cash Collateral
LOVES FURNITURE: Updates Secured Claims Pay Details; Amends Plan
LUCKY STAR-DEER: Chengyi Says Plan Disclosures Inaccurate
MALLINCKRODT PLC: Herrick, Benesch Represent Equity Holders
MALLINCKRODT PLC: Proposes Private Sale of Adrabetadex Assets
MANOWN ENGINEERING: Objection to Frazier Claim Sustained
MAXIMO R. SAENZ: El Cofre Buying Shopping Center for $2.9 Million
MICHAEL JACQUES JACOBS: DLJ Mortgage Wins Stay Relief
MONUMENT VENTURES: Seeks to Hire Kane & Papa as Legal Counsel
MTE HOLDINGS: Seeks More Protection for Prepetition Lenders
NEW WEINBERG: Seeks to Hire Kane & Papa as Legal Counsel
OFS INTERNATIONAL: Case Summary & 30 Largest Unsecured Creditors
P8H INC: Case Trustee May Use Cash Collateral Thru July 11
PALWINDER SINGH: 4th Cir. Affirms Chapter 11 Case Dismissal
PINNEY INC: Gets Approval to Hire David C. Smith as Legal Counsel
QUOTIENT LIMITED: Unveils New $95-Mil. Financing Led by Highbridge
R & R INDUSTRIES: Wins Cash Collateral Access Thru June 3
RABUN MANOR: Case Summary & 13 Unsecured Creditors
RAMS ASSOCIATES: District Court Affirms Ruling Against Carballeira
ROOSTER ENERGY: Taylor's Personal Injury Suit Dismissed
S & A RETAIL: Seeks to Hire Morrison Cohen as Legal Counsel
S & A RETAIL: Seeks to Hire Omni as Administrative Agent
S & A RETAIL: Seeks to Hire RK Consultants as Financial Advisor
SAMM SOLUTIONS: May Use Cash Collateral Until August 15
SECURE HOME: $15MM DIP Financing OK'd on Final Basis
SKLAR EXPLORATION: Challenge Period Extended Thru Conf. Hearing
SOFT FINISH: Court Approves Accord with IRS on Cash Access
SUFFERN PARTNERS: June 18 Hearing on Sale of Suffern Real Property
SUPERIOR PLUS: DBRS Assigns BB Rating to $500MM Sr. Unsecured Notes
TERRY LEE FLEMING: Havasu's Plan Objection Overruled
TWO GUNS CONSULTING: May Use Cash Collateral Until June 11
VERANO RECOVERY: Seeks to Hire Goe Forsythe as Bankruptcy Counsel
VIDEOMINING CORPORATION: May Borrow, Use Cash Thru Aug. 24
WASHINGTON PRIME: Forbearance Period Extended Anew to June 2
WB SUPPLY: Committee Taps Carl Marks as Financial Advisor
WB SUPPLY: Committee Taps Chamberlain Hrdlicka as Legal Counsel
WEST POINT MARKET: District Court Won't Hear IOU Central Row
WORK CAT: Gets OK to Hire Genovese Joblove as Legal Counsel
ZOHAR III CORP: Mediation with Tilton, Patriarch Nixed
[^] Large Companies with Insolvent Balance Sheet
*********
37 CALUMET: Seeks to Use Bridge Loan Venture's Cash Collateral
--------------------------------------------------------------
37 Calumet Street, LLC asked Judge Frank J. Bailey for permission
to use the cash collateral of Bridge Loan Venture V QV Trust 2019-2
from June 1 through July 30, 2021. The Debtor seeks to use the
cash collateral, consisting of rent income from the Debtor's
residential real estate in Boston, Massachusetts, to pay the
operating expenses for the real estate.
Bridge Loan's first lien mortgage against the Debtor's property has
a balance of $2,406,692 as of the Petition Date. There is one
judicial lien on the property for approximately $21,000. The
Debtor said it will continue to pay insurance and necessary
operating expenses on the real estate property.
As adequate protection, the Debtor seeks to grant the Lender a
rollover lien in the rental income.
A copy of the motion is available for free at
https://bit.ly/3oYWKpT from PacerMonitor.com.
Bridge Loan Venture V QV Trust 2019-2 is represented by:
David Giangrasso, Esq.
GIANGRASSO LAW LLC
60 Walnut Street, Suite 301
Wellesley Hills, MA 02481
Direct: 781-328-9102
Fax: 888-552-2338
Main: 781-328-9099
Email: david@glaw-llc.com
About 37 Calumet Street, LLC
37 Calumet Street LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
20-12253) on Nov. 19, 2020. The petition was signed by Patricia
Hounsell, its manager. At the time of filing, the Debtor disclosed
$1 million to $10 million in both assets and liabilities.
Judge Frank J. Bailey oversees the case.
Gary W. Cruickshank, Esq., serves as the Debtor's counsel.
381 BROADWAY REALTY: $215K Lender Contribution to Fund Plan
-----------------------------------------------------------
Gregory Messer, as Chapter 11 Trustee of the estate of 381 Broadway
Realty Corp., submitted an Amended Plan of Liquidation and a
corresponding Disclosure Statement.
As of the Filing Date, the Debtor owned and operated the real
property known as, and located at, 381 Broadway, New York, New York
10013, which has been in foreclosure since 2018. The 381 Property
is the subject of a foreclosure judgment obtained by the Senior
Lender on January 28, 2020. The Senior Lender is owed
approximately $21,791,336.44, as of March 23, 2021. The 381
Property contains retail stores on the ground level and offices on
the upper floors.
The Plan will treat claims as follows:
* Class 1 - Secured Claim of the Senior Lender totaling
$21,855,106.53. The creditor will take in satisfaction of its
Senior Lender Secured Claim shall receive, on the Closing Date,
title to the 381 Property. Class 1 is impaired.
* Class 2 - General Unsecured Claims totaling $326,860. Each
Holder of an Allowed Class 2 Claim will receive their respective
pro rata distribution up to the amount of their respective Allowed
Class 2 Claim.
* Class 3 - Interests Shareholders of the Debtor. Class 3
Interests will only receive pro rata distributions under the Plan
in the event that all senior classes of allowed claims have been
paid in full.
Distributions under the Plan will be funded by the Senior Lender
who will be providing a contribution of $215,000 together with, if
any, the proceeds from the liquidation of all other estate assets
or prosecution of Causes of Action.
The Trustee asserts that a conversion to a chapter 7 case would
provide the holders of Class 1and 2 Allowed Claims with less
recovery than under the Plan. As a Liquidating Plan, distribution
would be similar to one that would be made under a chapter 7 case,
except: (1) conversion to a chapter 7 case would add additional
administrative costs, (2) the Senior Lender would not agree to the
Senior Lender Contribution and there would likely be no
distribution to the creditors of this estate.
Attorneys for Chapter 11 Trustee Gregory Messer:
Gary F. Herbst, Esq.
Jacqulyn S. Loftin, Esq.
Cristina M. Lipan, Esq.
LAMONICA HERBST & MANISCALCO, LLP
3305 Jerusalem Avenue, Suite 201
Wantagh, New York 11793
Tel: (516) 826-6500
A copy of the Disclosure Statement is available at
https://bit.ly/3vvHbZb from PacerMonitor.com.
About 381 Broadway Realty
381 Broadway Realty Corp. is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)). It owns a real property
worth $19 million, which is located at 381 Broadway, N.Y.
381 Broadway Realty filed a Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 20-12605) on Nov. 6, 2020. At the time of the filing, the
Debtor disclosed $19,021,000 in total assets and $23,119,091 in
total liabilities.
Goldberg Weprin Finkel Goldstein LLP, led by Kevin J. Nash, Esq.,
is the Debtor's legal counsel.
Gregory Messer is the Chapter 11 trustee appointed in the Debtor's
bankruptcy case. The trustee is represented by LaMonica Herbst &
Maniscalco, LLP.
4202 PARTNERS: Shabsi Pfeiffer Says Plan Unconfirmable
------------------------------------------------------
Shabsi Pfeiffer, a party in interest, objects to the Disclosure
Statement in Support of an Amended Chapter 11 Plan Of Liquidation
for Debtor 4202 Partners LLC respectfully represents as follows:
* At the heart of the Objection is the proposed treatment of
the air rights that were transferred from 4202 to 4218. Both
proposed disclosure statements in those cases give a scant one
paragraph describing the air rights dispute, and provide no
disclosure as to the economic impact of either having or not having
those air rights. Instead, both disclosure statements state that
there is a dispute as to the ownership of those air rights which
may or may not be resolved before a sale and which will be
litigated after the fact if not resolved.
* At the very least, the disclosure statements require a
fulsome explanation of the air rights dispute and the possible
impacts and a financial analysis of the impact on each parcel with
and without those rights. Even with that information, there are
still issues.
* It is submitted that the non-disclosure of the potential
value of the air rights is deliberate to depress the bidding on
these two properties and allow the lenders in both cases to
successfully acquire the properties at a discount and have an
artificially enhanced deficiency claim against Pfeiffer.
* The result is assured by the fact that even though both
proposed plans have mirror image bidding terms (including
artificially high bidding increments of $250,000.00) there is no
requirement in the plans that they take place at the same time or
that they be offered in bulk along with the air rights. As a
result, Pfeiffer submits that these plans are unconfirmable as a
matter of law as presently written.
* The Disclosure Statement lacks basic information that would
allow holders of claims and interests to make an informed decision
about whether to vote in favor of, or against, the Plan and
provides potential bidders with little or no information concerning
the value of the air rights or the merits of the litigation over
same.
* Accordingly, the disclosure statements do not contain
adequate information and present unconfirmable plans. They should
not be approved until the issues raised have been resolved.
A full-text copy of Pfeiffer's objection dated May 25, 2021, is
available at https://bit.ly/3uwk6UZ from PacerMonitor.com at no
charge.
Attorneys for Shabsi Pfeiffer:
Law Offices of Avrum J. Rosen, PLLC
Avrum J. Rosen, Esq.
38 New Street
Huntington, New York 11743
Tel: (631) 423-8527
E-mail: arosen@ajrlawny.com
About 4202 Partners
4202 Partners LLC, based in Brooklyn, NY, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 20-42438). In the petition
signed by Samuel Pfeiffer, manager, the Debtor listed $6,500,000 in
assets and $12,403,577 in liabilities. Goldberg Weprin Finkel
Goldstein LLP serves as bankruptcy counsel to the Debtor.
4218 PARTNERS: Shabsi Pfeiffer Says Plan Unconfirmable
------------------------------------------------------
Shabsi Pfeiffer, a party in interest, objects to Maguire Ft.
Hamilton LLC's Disclosure Statement in Connection with its Plan for
4218 Partners LLC, and represents as follows:
* At the heart of the Objection is the proposed treatment of
the air rights that were transferred from 4202 to 4218. Both
proposed disclosure statements in those cases give a scant one
paragraph describing the air rights dispute, and provide no
disclosure as to the economic impact of either having or not having
those air rights. Instead, both disclosure statements state that
there is a dispute as to the ownership of those air rights which
may or may not be resolved before a sale and which will be
litigated after the fact if not resolved.
* At the very least, the disclosure statements require a
fulsome explanation of the air rights dispute and the possible
impacts and a financial analysis of the impact on each parcel with
and without those rights. Even with that information, there are
still issues.
* It is submitted that the non-disclosure of the potential
value of the air rights is deliberate to depress the bidding on
these two properties and allow the lenders in both cases to
successfully acquire the properties at a discount and have an
artificially enhanced deficiency claim against Pfeiffer.
* The result is assured by the fact that even though both
proposed plans have mirror image bidding terms (including
artificially high bidding increments of $250,000.00) there is no
requirement in the plans that they take place at the same time or
that they be offered in bulk along with the air rights. As a
result, Pfeiffer submits that these plans are unconfirmable as a
matter of law as presently written.
* The Disclosure Statement lacks basic information that would
allow holders of claims and interests to make an informed decision
about whether to vote in favor of, or against, the Plan and
provides potential bidders with little or no information concerning
the value of the air rights or the merits of the litigation over
same.
* Accordingly, the disclosure statements do not contain
adequate information and present unconfirmable plans. They should
not be approved until the issues raised have been resolved.
A full-text copy of Pfeiffer's objection dated May 25, 2021, is
available at https://bit.ly/34LyRsF from PacerMonitor.com at no
charge.
Attorneys for Shabsi Pfeiffer:
Law Offices of Avrum J. Rosen, PLLC
Avrum J. Rosen, Esq.
38 New Street
Huntington, New York 11743
Tel: (631) 423-8527
arosen@ajrlawny.com
About 4218 Partners
4218 Partners LLC owns the property located at 4218 Fort Hamilton
Parkway, Brooklyn, New York, as well as, all rights attendant to
such property.
4218 Partners LLC, and 175 Pulaski RLM LLC, based in Brooklyn,
N.Y., sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No.
19-44444) on July 21, 2019. In the petitions signed by Joseph
Fischman, manager, 4218 Partners estimated assets of $10 million to
$50 million and liabilities of $1 million to $10 million; and 175
Pulaski estimated assets and liabilities of $1 million to $10
million. The cases are assigned to the Hon. Nancy Hershey Lord.
Nutovic & Associates is the Debtors' attorney.
On May 21, 2021, Lender Maguire Ft. Hamilton filed an Amended
Chapter 11 Plan of Reorganization for Debtor 4218 Partners, which
Plan provides for the sale, free and clear of liens, claim, and
encumbrances of the Debtor's 4218 Property. MORITT HOCK & HAMROFF
LLP represents Maguire.
AEPC GROUP: Obtains Permission to Use Kapitus Cash Collateral
-------------------------------------------------------------
AEPC Group, LLC entered into a stipulation with Strategic Funding
Source, Inc., d/b/a Kapitus, to continue using cash collateral
necessary to continue its business, through the earlier of May 31,
2021, or a further date Kapitus may agree to in writing, or the
occurrence of an event of default.
Thereafter, Judge Theodor C. Albert entered an order authorizing
the Debtor to use cash collateral on an interim basis through
August 31, 2021, pursuant to the budget and the Debtor's
stipulation with Kapitus.
As of the Petition Date, the Debtor owed Kapitus $78,624, plus
interest, fees, costs and charges, including attorneys' fees,
pursuant to pre-petition loan documents secured by an interest in
certain of the Debtor's personal property. Kapitus prepetition
filed a UCC financing statement to perfect its interest in said
property.
The Debtor and Kapitus have entered into a stipulation, pursuant to
which the Debtor has proposed to grant Kapitus:
* a postpetition replacement lien in all of the Debtor's assets
for the diminution in value of the prepetition collateral.
* an allowed super priority administrative claim; and
* a monthly adequate protection payments in cash of $10,000 on
the first day of each month that the Debtor is authorized to use
cash collateral, except for the adequate protection for November
2020, which shall be paid by ACH debit five business days after the
approval of the current stipulation.
As further adequate protection, pursuant to the stipulation, the
Debtor shall immediately transfer $70,000 to a segregated deposit
account which will be used to pay the monthly adequate protection
payments to Kapitus. A copy of the stipulation is available for
free at https://bit.ly/3ux1SCK from PacerMonitor.com.
In addition to the terms of the stipulation, Judge Albert ruled
that Slate Advance is granted replacement liens in the Debtor's
postpetition assets with the same validity and priority as the
secured creditor's prepetition liens.
A copy of the interim order is available for free at
https://bit.ly/2RbXXxC from PacerMonitor.com
About AEPC Group
AEPC Group, LLC is an Irvine, Calif.-based full-service,
multi-discipline architectural, engineering and construction
services firm with professional, technical and support personnel.
AEPC Group sought Chapter 11 protection (Bankr. C.D. Cal. Case No.
20-11611) on June 4, 2020. AEPC Group President Ed Ghalib signed
the petition. At the time of the filing, the Debtor disclosed
total assets of $953,625 and total liabilities of $1,327,056.
Judge Theodor Albert oversees the case. The Debtor has tapped
Jeffrey S. Shinbrot, APLC, as its legal counsel and C.Y.G.
Financial Advisory Services as its investment banker.
AERO SHADE: Seeks to Hire Ackerman Rodgers as Accountant
--------------------------------------------------------
Aero Shade Technologies, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Ackerman Rodgers, CPA, PLLC as accountant.
The firm's services include:
a. preparing tax returns;
b. compiling monthly balance sheets and income statements;
c. preparing monthly reports required by the U.S. Trustee's
Office, including detailed trial balance sheets, bank account
reconciliations, sorted and coded check registers, and monthly
transaction registers;
d. assisting in connection with the Debtor's Chapter 11
reorganization; and
e. other accounting and tax services as required.
Ackerman Rodgers will be paid at these rates:
Accountant $225 per hour
Staffs $95 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred. The retainer fee is $5,000.
Venita Ackerman, a partner at Ackerman Rodgers, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Venita Ackerman
Ackerman Rodgers, CPA, PLLC
1665 Palm Beach Lakes Blv., Suite 1004
West Palm Beach, FL 33401
Tel: (561) 293-4120
Fax: (561) 899-0395
About Aero Shade Technologies
Aero Shade Technologies, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-13573) on April 15, 2021, disclosing up to $50,000 in both
assets and liabilities. Judge Mindy A. Mora oversees the case.
Kelley Fulton & Kaplan, P.L. and Ackerman Rodgers, CPA, PLLC serve
as the Debtor's legal counsel and accountant.
AFFILIATE SERVICES: District Court Won't Hear Insurance Row
-----------------------------------------------------------
Chief District Judge Thomas E. Johnston denied Stratford Insurance
Company's Motion to Withdraw the Reference in the case, Affiliate
Services, LLC, Plaintiff, v. Stratford Insurance Company,
Defendant, No. 2:20-mc-00155 (S.D. W.Va.)
The action stems from a dispute over the scope of coverage, defense
and indemnification in a commercial insurance policy. On August 1,
2019, Richard M. Rashid filed a lawsuit against Affiliate and
several other individuals and entities in the Circuit Court of
Kanawha County, West Virginia. Affiliate is insured under a large
commercial insurance policy, which was issued to Affiliate's parent
company. The Policy covers certain companies, executives, and
employees under the "Monarch umbrella."
Shortly after the filing of the Rashid Action, Affiliate and
certain other defendants co-insured under the Policy submitted
requests to Stratford for defense and indemnification under the
Policy. Stratford responded that Affiliate and the Co-Insureds were
only entitled to a fraction of the coverage they believed
themselves entitled to. Affiliate and the Co-Insureds disputed this
amount and notified Stratford of its alleged errors.
In May 2020, Stratford filed a coverage action against Affiliate
and the Co-Insureds in the United States District Court for the
Northern District of Georgia. The Georgia Action sought to
determine the scope of Stratford's obligations to continue
defending the Underlying Suit, as well as any indemnification owed
to Affiliate and the Co-Insureds.
Then, in July 2020, Affiliate and the Co-Insureds filed a
third-party complaint against Stratford in the Circuit Court of
Kanawha County. The Insurance Action sought a declaratory judgment
that Stratford had an obligation to provide the full coverage under
the Policy, and Affiliate and the Co-Insureds also asserted claims
for breach of contract, bad faith, and unfair trade practices
against Stratford.
These several litigations and the eroding funds provided by
Stratford under the Policy, as well as other financial burdens and
pressures, forced Affiliate to file for Chapter 11 protection in
the United States Bankruptcy Court for the Southern District of
West Virginia on July 28, 2020. The Rashid Action was removed to
the Bankruptcy Court where it became Adversary Proceeding No.
2:20-ap-02009. Affiliate also sought to join its disputes with
Stratford in the Bankruptcy Court, where it filed Adversary
Proceeding No. 2:20-ap-02011. The claims asserted against
Stratford in AP 2011 were substantially like those in the Circuit
Court in the Insurance Action. The Co-Insureds moved to intervene
in AP 2011 to file their own complaint against Stratford.
In response, Stratford moved to transfer or dismiss AP 2011, and
argued that the "first-to-file" rule dictated that the Bankruptcy
Court must allow the Georgia Action to proceed first. Stratford
near-simultaneously filed the instant Motion to Withdraw,
initiating the proceedings in the District Court. The Bankruptcy
Court stayed ruling on the Co-Insureds' motion to intervene in AP
2011 and Stratford's motion to dismiss until the District Court
resolved the motion to withdraw. During the pendency of those
motions, Rashid sought to remand AP 2009 -- the Rashid Action -- to
the Circuit Court. After initially granting the motion, the
Bankruptcy Court stayed the remand upon a motion to reconsider.
Then, in late November 2020, Affiliate filed its initial disclosure
and plan in the Bankruptcy Court. Affiliate sought to determine
its coverage under the Policy first, with a stay put in place that
would limit further expenditures in the other actions until the
coverage dispute was resolved. However, shortly after Affiliate
filed its plan, the Northern District of Georgia dismissed the
Georgia Action for lack of personal jurisdiction. The Georgia
Court's dismissal mooted Stratford's motion to transfer, which had
been stayed in the Bankruptcy Court.
On January 21, 2021, the Bankruptcy remanded AP 2009 to the Circuit
Court and lifted the automatic stay to allow Rashid to litigate the
action. This was contrary to Affiliate's filed plan, and without a
feasible way forward, Affiliate moved to voluntarily dismiss its
Chapter 11 case.
Days after Affiliate moved the Bankruptcy Court for a voluntary
dismissal, Stratford filed an answer and counterclaim to
Affiliate's AP 2011 complaint in the District Court, along with an
answer and counterclaim to the Co-Insureds' motion to intervene in
AP 2011 and attached complaint. Stratford took these actions even
though the instant motion remained pending, and the motion to
intervene in AP 2011 similarly remained stayed.
The Bankruptcy Court granted Affiliate's motion for voluntary
dismissal on February 2, 2021. The very next day, the Co-Insureds
withdrew their motion to intervene in AP 2011. The remand of AP
2009 took effect on February 4. On February 5, Affiliate and the
Co-Insureds moved for a stay in the Rashid Action to allow the
Insurance Action to proceed against Stratford. That same day, the
District Court entered an order directing the parties to provide a
status update as to Stratford's motion to withdraw in light of the
dismissal of Affiliate's Chapter 11 case from the Bankruptcy
Court.
Stratford filed its motion to withdraw on September 30, 2020.
Affiliate objected.
Judge Johnston held that Stratford will be able to litigate its
interests more efficiently in state court, instead of the piecemeal
litigation in District Court.
A copy of the District Court's May 24, 2021 Memorandum Opinion and
Order is available at https://bit.ly/3yQhCEd from Leagle.com.
About Affiliate Services
Affiliate Services, LLC is a limited liability company organized
under the laws of the State of West Virginia. Affiliate Services
operated from offices at 400 2nd Avenue, South West in South
Charleston, West Virginia, owned by affiliate, E & G, Inc.
Affiliate Services acts as the administrative entity which provides
accounting, payroll, bill payment, and similar and related services
to a number of its affiliates, and serves as the employer for
entities for which its parent, Monarch Holdings, LLC is the owner.
It functions as the single, centralized employer, and administrator
of the real estate, retail and hospitality businesses owned by
Monarch.
Affiliate Services filed a Chapter 11 bankruptcy petition (Bankr.
S.D.W.Va. Case No. 20-20277) on July 28, 2020. Judge David L.
Bissett oversees the case. Stephen L. Thompson, Esq., at Barth &
Thompson and W. Bradley Sorrells, Esq., at Robinson & McElwee, PLLC
are the Debtor's counsel.
ALGOMA STEEL: S&P Places CCC+ ICR on Watch Positive on Legato Deal
------------------------------------------------------------------
On May 28, 2021, S&P Global Ratings placed all of its ratings on
Canada-based Algoma Steel Inc., including its 'CCC+' issuer credit
rating on the company, on CreditWatch with positive implications.
The CreditWatch placement indicates the potential to raise the ICR
on the company to 'B-' if the proposed merger is completed, with no
material changes in our base-case assumptions for Algoma.
Successful completion of the proposed merger would alleviate risk
related to accessing capital markets. Algoma announced that it
signed a definitive agreement to merge with Legato in an all-stock
transaction. Following the completion of the proposed merger,
Algoma will become a publicly listed company. S&P said, "We expect
transaction proceeds of about US$306 million in cash will be used
to finance Algoma's growth investments. Of the total capital
raised, US$100 million is coming from private investment in public
entity funds, including investments from steel industry
participants and several asset managers. The remaining proceeds
reflect cash contributed by Legato. In our view, Algoma's ability
to secure sizable equity financing would confirm the company's
ability to access capital markets, with material funds that bolster
liquidity to support continued reinvestment in Algoma's asset base.
In addition, we view the use of equity financing as favorable for
debtholders and refinancing prospects, given its subordinated
ranking."
Strengthening operating performance supports Algoma's improving
prospective access to capital markets. S&P said, "We believe
favorable steel prices over the next two years will contribute to
Algoma's sharply higher cash flow generation and lower leverage. We
are now assuming an average hot rolled coil (HRC) benchmark price
of about US$850 per metric ton (/mt) in fiscal 2022 and US$700/mt
in fiscal 2023 for unsettled future shipments. Based on these
assumptions, we estimate Algoma will reduce and maintain adjusted
debt to EBITDA well below 5x over the next two years. We also
expect the company will generate substantial free operating cash
flow (FOCF) in fiscal 2022, despite high capital spending to
support its recently announced electric arc furnace (EAF)
conversion project. We estimate Algoma will generate FOCF close to
C$400 million, which reflects capital spending of about C$300
million. Continued strength in steel market conditions (HRC prices
remain near a historical peak over US$1,700/mt) provide good
visibility on cash flow generation in the near term."
The company is planning to spend about US$500 million to convert
its existing blast furnace operations to EAF steel production. The
first phase of the project is targeted for completion in calendar
2023 and is potentially transformative for Algoma's business. S&P
said, "Based on the proceeds from the SPAC transaction and
estimated free cash flows, we believe the company can fund this
investment without incurring materially higher debt. However, our
forecasts assume notoriously volatile steel prices remaining above
historical averages over the next two years. Moreover, we
acknowledge the development risks and uncertainties associated with
this project."
S&P said, "The positive CreditWatch placement reflects the
likelihood that we could raise our ICR on Algoma by one notch at
the close of the proposed merger and receipt of transaction
proceeds. To consider an upgrade, we would also expect Algoma to
maintain adjusted debt to EBITDA at or below 5x and generate excess
free cash flow necessary to fund the remaining capital for its EAF
conversion project. We plan to resolve the CreditWatch placement at
the close of the transaction, likely in the third quarter of
2021."
ALTO TOWNHOMES: Unsecureds' Recovery Hiked to 10% in Amended Plan
-----------------------------------------------------------------
The Alto Townhomes on Hall, LLC, submitted a Second Amended
Disclosure Statement for its First Amended Plan of Reorganization
on May 25, 2021.
The Class 2 Allowed Secured Claim of Cambia Capital Partners, LLC
shall be paid in full $7,202,000 plus 6% interest per annum from
the Petition Date until paid in full and reasonable legal fees for
its disputed senior secured first mortgage loan claim. The original
balance was $7,914,000 including a $712,000 remaining construction
reserve unfunded to the Debtor. Less the $712,000 construction
reserve, the net balance is $7,202,000. Cambia Capital asserts that
its Claim is not less than $7.8 million and that all actions taken
in connection with the first lien financing were legal and
permissible under the applicable loan agreements. The Debtor
disagrees. Payment shall be made on the Effective Date.
The Class 3 Allowed Secured Claim of Cambia Investments, LLC shall
be paid the amount the Court determines is owed to this Claimant
after considering the usury claims asserted against this Claimant
in the pending Adversary Proceeding before this Court. Cambia
Investments has disputed the allegations made in this lawsuit and
asserts that its second lien financing is legal and permissible
under applicable state law. The Debtor disagrees.
Notwithstanding, if the Court determines that the Claim should not
be invalidated per Texas usury laws then the Debtor will pay a
claim of $1,375,150.00 plus interest at 6% per annum from the
Petition Date until paid in full. Cambia Investments asserts that
its claim is substantially more than $1,375,150.00. The Debtor
disagrees. Payment shall be made on the Effective Date.
Class 5 shall consist of Allowed Unsecured Claims, other than the
Claims of Class 7 Insiders. Class 5 Claims shall be paid 10% of the
face amount of their Allowed Claims. These Claims once Allowed
shall be paid on the Effective Date.
Class 6 shall consist of Allowed Preferred Equity Interests in the
Debtor. Class 6 Interests shall be paid nothing and shall be
cancelled. This includes Four Arrow Funding, Inc. as well as any
claim that Cambia Investments, LLC may claim as a preferred equity
holder of the Debtor. Four Arrow Funding, Inc. will be a part of an
acquiring entity of the new equity interests in the Debtor pursuant
to this Plan.
Class 8 shall consist of Allowed Common Equity Interests in the
Debtor. Class 8 Interests shall be cancelled under the Plan. New
equity interests in the Reorganized Debtor shall be issued on the
Effective Date to a new acquiring entity owned by Four Arrow
Funding Inc. and American Ventures, LLC pursuant to the Memorandum
of Understanding. Under the MOI, Four Arrow Funding, Inc. will
receive a 20% equity interest in the new acquiring entity of the
Debtor. The full terms of the new equity investment shall be as
stated in the MOI.
On or before Confirmation of the Plan the Debtor will obtain new
first mortgage financing from CoreVest American Finance Lender, LLC
in the amount of $8,000,000, and $2,500,000 of new equity
investment from a new acquiring entity owned by American Ventures,
LLC and Four Arrow Funding, Inc. Cambia asserts that the alleged
financing remains highly contingent, the proposed lender has not
committed to such financing to the Debtor, and such financing is
conditioned on, among other things, the proposed lender's appraisal
of the Debtor's Property, construction contracts, and the liquidity
of the borrower. The Debtor disagrees.
The new funds will fund the payments under the Plan and the
Debtor's operations as it resumes construction of the unfinished
townhomes. American Ventures, LLC will receive 80% ownership of the
new entity acquiring the new equity interests in the Debtor. The
Debtor projects that the townhomes will be completed by October 31,
2021 if the Effective Date is on or before July 31, 2021.
A full-text copy of the Second Amended Disclosure Statement dated
May 25, 2021, is available at https://bit.ly/2SFm0FA from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Joyce W. Lindauer
Kerry S. Alleyne
Guy H. Holman
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, Texas 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About Alto Townhomes on Hall
The Alto Townhomes on Hall, LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).
The Alto Townhomes on Hall sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 21-30379) on March
2, 2021. Lawrence Selevan, managing member, signed the petition. At
the time of the filing, the Debtor disclosed assets of between $1
million and $10 million and liabilities of between $10 million and
$50 million. Judge Harlin Dewayne Hale oversees the case. The
Debtor is represented by Joyce W. Lindauer Attorney, PLLC.
ASP UNIFRAX: S&P Hikes ICR to 'B-' on Lower Forecast Debt Leverage
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Tonawanda,
N.Y.-based specialty fiber company ASP Unifrax Holdings Inc. to
'B-' from 'CCC+'.
In addition, S&P raised its issue-level ratings on the company's
first-lien credit facilities to 'B-' from 'CCC+' and on its
second-lien term loan to 'CCC+' from 'CCC'. S&P's recovery ratings
are unchanged.
A solid rebound in demand should drive stronger operating
performance and significant deleveraging over the next 12 months.
Unifrax will benefit from a robust bounce-back in auto production
and more gradual recovery in industrial activity during 2021.
Despite semiconductor shortages, S&P forecasts U.S. auto sales will
grow 15% this year. This, combined with more stringent
environmental regulations China implemented in 2020, will increase
demand for emission control products. The company's PCW line
6--which began production in late 2019—should allow Unifrax to
take a greater share of this market globally.
The company's thermal management sales, which typically lag
industrial activity by a few quarters, should benefit from the
recovery in global industrial production that began late last year.
Overall, S&P forecasts higher sales will increase the company's
EBITDA significantly and reduce leverage to 8x-9x from 11.8x in
2020. Still, debt leverage remains high relative to 'B' rated
peers.
Unifrax will likely offset its limited supply chain and inflation
exposure by raising prices.The company's main raw materials--silica
and alumina--are in ample supply. In addition, solid demand should
allow Unifrax to pass any input price inflation on to customers.
Although shipping costs will rise during 2021, this is a relatively
small portion of its cost structure.
The company is well positioned to manage the long-term transition
from internal combustion engines (ICE) to electric vehicles (EVs).
Most of Unifrax's auto industry products go into ICE vehicles in
the form of insulation mats for catalytic converters and AGM car
battery separation media. Catalytic converter demand will likely
decline over the long-term as EVs increase as a share of new auto
sales. However, S&P expects a gradual transition, with battery EVs
and plug-in hybrids reaching 15% of new vehicle sales by 2025. This
will give Unifrax time to further shift to products serving EVs,
such as lithium-ion batteries. Furthermore, all hybrid EVs burn
gasoline and will continue to require catalytic converters.
The stable outlook reflects S&P's expectation that solid demand
will allow Unifrax to reduce debt leverage over the next 12 months
to a more sustainable 8x-9x, with sustained improvement
thereafter.
S&P could lower its rating on Unifrax if:
-- S&P views the company's capital structure as unsustainable, for
example if S&P Global Ratings-adjusted debt to EBITDA remains above
10x or free operating cash outflow is significant;
-- The company's liquidity cushion weakens; or
-- It makes a large enough draw on its revolver to trigger the
leverage covenant and we believe it cannot maintain headroom of at
least 15%.
Although unlikely over the next 12 months given Unifrax's currently
very high leverage, S&P could raise its rating if it expects that
the company's S&P Global Ratings-adjusted debt to EBITDA will fall
and remain below 6.5x, including all potential acquisitions and
shareholder rewards.
ASTROTECH CORP: All 5 Proposals Passed at Annual Meeting
--------------------------------------------------------
Astrotech Corporation held its annual meeting of shareholders on
May 26, 2021, at which the shareholders:
(a) elected Thomas B. Pickens III, Daniel T. Russler, Jr.,
Ronald W. Cantwell, and Tom Wilkinson to serve as directors
for the respective terms prescribed by the Company's
bylaws;
(b) ratified the appointment of Armanino, LLP as the Company's
independent registered public accounting firm for the
fiscal
year ending June 30, 2021:
(c) approved the adoption of the 2021 Omnibus Equity Plan;
(d) approved to increase the total number of authorized shares
of
the Company's common stock by 200,000,000 shares, to a
total
of 250,000,000 shares of common stock; and
(e) approved on an advisory basis the frequency three years for
future Say-on-Pay votes.
As outlined in the Company's additional proxy material filed with
the Securities and Exchange Commission on April 29, 2021, in
connection with the Company's validation proceeding with the
Delaware Court of Chancery pursuant to Section 205 of the Delaware
General Corporation Law, the Company will not proceed to file the
amendment to the Company's Certificate of Incorporation
contemplated by Proposal 4, nor will the Company grant any awards
pursuant to the 2021 Omnibus Equity Incentive Plan contemplated by
Proposal 3, unless the Delaware Court of Chancery ratifies and
confirms the amendment to the Company's Certificate of
Incorporation filed on July 1, 2020 with the Delaware Secretary of
State or the Delaware Court of Chancery grants some alternative
form of relief to permit such filing and such grants.
About Astrotech
Astrotech (NASDAQ: ASTC) -- http://www.astrotechcorp.com-- is a
science and technology development and commercialization company
that launches, manages, and builds scalable companies based on
innovative technology in order to maximize shareholder value. 1st
Detect develops, manufactures, and sells trace detectors for use
in
the security and detection market. AgLAB is developing chemical
analyzers for use in the agriculture market. BreathTech is
developing a breath analysis tool to provide early detection of
lung diseases. Astrotech is headquartered in Austin, Texas.
Astrotech reported a net loss of $8.31 million for the year ended
June 30, 2020, compared to a net loss of $7.53 million for the year
ended June 30, 2019. As of March 31, 2021, the Company had $33.78
million in total assets, $5.45 million in total liabilities, and
$28.33 million in total stockholders' equity.
Armanino LLP, in San Francisco, California, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Sept. 8, 2020, citing that the Company has suffered recurring
losses from operations and has net cash flows deficiencies that
raise substantial doubt about its ability to continue as a going
concern.
ATLANTA METRO: Case Summary & 4 Unsecured Creditors
---------------------------------------------------
Debtor: Atlanta Metro Greater Builders, LLC
270 Cobb Pkwy S
Suite 140139
Marletta, GA 30060-9320
Chapter 11 Petition Date: May 31, 2021
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 21-54171
Debtor's Counsel: Edward F. Danowitz, Esq.
DANOWITZ LEGAL, PC
300 Galleria Pkwy SE Ste 960
Atlanta, GA 30339-5949
E-mail: edanowitz@danowitzlegal.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Eric Fair, managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/E5YAGEI/Atlanta_Metro_Greater_Builders__ganbke-21-54171__0001.0.pdf?mcid=tGE4TAMA
BERGIO INTERNATIONAL: Incurs $477,622 Net Loss in First Quarter
---------------------------------------------------------------
Bergio International, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $477,622 on $1.15 million of net sales for the three months
ended March 31, 2021, compared to a net loss of $1.47 million on
$75,393 of net sales for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $7.37 million in total
assets, $6.27 million in total liabilities, and $1.11 million in
total stockholders' equity.
At March 3, 2021 the Company had negative working capital of
$1,969,474 as compared to positive working capital of $215,314 at
December 31, 2020. This decrease in working capital is primarily
attributed to the increase in liabilities s a result of the
Aphrodite's transaction. The Company believes it will work down
this debt as a result of improved operations.
For the three months ended March 31, 2021, the Company used
$251,308 in cash for operations as compared to using $11,201 in
cash for operations for the three months ended March 31, 2020.
This increase in cash used in operations is primarily attributed to
increase in loss from operations, increase in accounts receivable
and inventories partially offset by the decrease in prepaid
expenses and other current assets.
For the three months ended March 31, 2021, the Company used $40,169
in cash for investing activities as compared to using $-0- of cash
in investing activities for the three months ended March 31, 2020
as a as a result of purchases of capital assets.
Net provided by financing activities for the three months ended
March 31, 2021 was $1,122,516 as compared to using $11,580 for the
three months ended March 31, 2020. This increase is primarily the
result of increases in funds raised proceeds from the proceeds from
loans payable, sale of common stock offset partially by an increase
in repayments of loans payable, debt and convertible debt.
The Company's indebtedness is comprised of loans payable,
convertible debt, and advances from a stockholder/officer intended
to provide capital for the ongoing manufacturing of its jewelry
line, in advance of receipt of the payment from our retail
distributors.
The Company has suffered recurring losses and has an accumulated
deficit of $12,286,127 as of March 31, 2021. As of March 31, 2021,
the Company had $1,015,568 in convertible debentures and $1,801,084
in loans payable. The Company said these factors raise substantial
doubt about its ability to continue as a going concern. The
recoverability of a major portion of the recorded asset amounts
shown in the accompanying consolidated balance sheet is dependent
upon continued operations of the Company, which in turn, is
dependent upon the Company's ability to raise capital and/or
generate positive cash flows from operations.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1431074/000139390521000278/brgo-20210331.htm
About Bergio
Based in Fairfield, New Jersey, Bergio International, Inc. --
www.bergio.com -- is engaged in the exploration of mineral
properties. On Oct. 21, 2009, the Company entered into an exchange
agreement with Diamond Information Institute, Inc., whereby the
Company acquired all of the issued and outstanding common stock of
Diamond Information Institute and changed the name of the company
to Bergio International, Inc. On Feb. 19, 2020, the Company changed
its state of incorporation to the State of Wyoming.
Bergio International reported a net loss of $148,050 for the year
ended Dec. 31, 2020, compared to a net loss of $3.04 million for
the year ended Dec. 31, 2019. As of Dec. Dec. 31, 2020, the
Company had $1.48 million in total assets, $1.65 million in total
liabilities, and a total stockholders' deficit of $171,048.
Lakewood, Colorado-based BF Borgers CPA PC, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 17, 2021, citing that the Company has suffered
recurring losses from operations and has a significant accumulated
deficit. In addition, the Company continues to experience negative
cash flows from operations. These factors raise substantial doubt
about the Company's ability to continue as a going concern.
BRAVO RESIDENTIAL 2021-HE2: DBRS Gives B Rating to Class B-2 Notes
------------------------------------------------------------------
DBRS, Inc. assigned the following ratings to the Mortgage-Backed
Notes, Series 2021-HE2 to be issued by BRAVO Residential Funding
Trust 2021-HE2 (BRAVO 2021-HE2):
-- $202.9 million Class A-1 at AAA (sf)
-- $16.0 million Class A-2 at AA (sf)
-- $17.5 million Class A-3 at A (sf)
-- $13.5 million Class M-1 at BBB (sf)
-- $13.3 million Class B-1 at BB (sf)
-- $8.1 million Class B-2 at B (sf)
The AAA (sf) rating on the Notes reflects 31.10% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 25.65%, 19.70%,
15.10%, 10.60%, and 7.85% of credit enhancement, respectively.
Other than the specified classes above, DBRS Morningstar does not
rate any other classes in this transaction.
This is a securitization of a portfolio of seasoned first- and
junior-lien revolving home equity lines of credit (HELOC) and home
equity mortgage loans funded by the issuance of the Notes. The
Notes are backed by 5,067 HELOCs (including multiple segments of
the same loan at different interest rates) and 59 home equity loans
with total unpaid principal balances of $291,020,267 and
$3,439,554, respectively. The HELOCs had a total current credit
limit of $451,071,777 as of the Cut-Off Date (April 30, 2021).
DBRS Morningstar considers this transaction to be a seasoned
performing HELOC securitization. Please refer to Appendix 7 of the
"RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities
Model and Rating Methodology" for the applicable analytics used to
estimate expected losses for HELOCs.
The transaction includes a significantly seasoned first-lien
portion and a slightly more seasoned junior-lien (predominantly
second-lien) portion.
In this transaction, approximately 77.0% of the loans are open and
temporarily closed HELOCs; 21.9% are closed HELOCs; and 1.2% are
home equity mortgage loans. The open-HELOC loans generally have a
draw period during which borrowers may make draws up to a credit
limit, which would result in increased loan balances up to the
related credit limit, though such right to make draws may be
temporarily frozen in certain circumstances. The HELOCs could be
closed temporarily, preventing borrowers from making new draws. The
temporary freeze of the credit line may happen for a few reasons,
including, but not limited to, a decrease in value of the related
mortgaged property, a material change in a borrower's financial
circumstances, a default by the related borrower under the related
line of credit agreement, or a change in delinquency status.
Borrowers of closed HELOCs may no longer make draws, while
open-HELOC mortgagors generally have a draw periods of 10 or 20
years and a repayment period at the end of the draw term of either
10, 15, or 20 years or are required to be repaid in full at the end
of the draw period. During the repayment period, borrowers are no
longer allowed to draw. Also, their monthly principal payments
during the repayment period will equal an amount that allows the
outstanding loan balance to evenly amortize down over the repayment
term, except for 36.3% that have a balloon payment due at the end
of the repayment period. Borrowers are generally required to make
accrued and unpaid interest payments only during the draw period
except in certain instances when the principal balance exceeds the
credit limit.
Borrowers of less than 0.02% and approximately 0.57% of the loans
(by loan count) opted to use a fixed-rate lock and fixed-rate
option feature, respectively. A loan with a fixed-rate lock feature
gives the borrower the ability to convert their HELOC into a
closed, fixed-rate mortgage loan with a repayment period of 15
years. A HELOC with a fixed-rate option feature gives the borrower
the ability to convert up to three segments of $5,000 or more to a
fixed-rate segment, while retaining the ability to draw additional
balances during the draw period up to the remaining credit limit.
The portfolio is approximately 116 months seasoned and contains
2.0% of modified loans. The modifications happened more than two
years ago for 70.2% of the modified loans. Within the pool, 198
mortgages have non-interest-bearing deferred amounts totaling
$332,676, which equates to approximately 0.1% of the total
principal balance. There are no Home Affordable Modification
Program (HAMP) or proprietary principal forgiveness amounts
included in the deferred amounts.
Loan Funding Structure LLC is the Sponsor, and PMIT TRS II LLC is
the Seller. PMIT Residential Funding VIII, LLC (the Depositor) will
transfer the loans to the Trust. These loans were originated and
previously serviced by various entities through purchases in the
secondary market.
Rushmore Loan Management Services LLC will service the loans. The
initial aggregate servicing fee for the BRAVO 2021-HE2 portfolio
will be 0.50% per annum.
U.S. Bank National Association (rated AA (high) with a Negative
trend by DBRS Morningstar) will serve as Indenture Trustee, Paying
Agent, and Custodian. U.S. Bank Trust National Association will
serve as the Owner Trustee.
The Sponsor or a majority-owned affiliate of the Sponsor will
acquire and intends to retain a vertical 5% interest in each class
of securities (other than the Class SA, Class AIOS and Class R
Notes) to satisfy the credit risk-retention requirements under
Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.
Unlike in several other transactions backed by junior-lien mortgage
loans and/or HELOCs, in this transaction, any junior-lien HELOC or
loan that is 180 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method will not be charged off.
Notwithstanding, DBRS Morningstar assumes no recoveries upon
default of any junior liens in this pool in its analysis.
This transaction uses a structural mechanism similar to those used
in other HELOC-backed transactions to fund future draw requests.
The Servicer will be required to fund draws and will be entitled to
reimburse itself for such draws prior to any payments on the Notes
from the principal collections. If the aggregate draws exceed the
principal collections (Net Draw), then the Paying Agent will
reimburse the Servicer first from amounts on deposit in the
variable-funding account (VFA) and second, if the amounts available
in the VFA are insufficient, from the future principal collections.
The VFA has an initial balance of $100,000 and a VFA required
amount of $100,000 for each payment date. If the amount on deposit
in the VFA is less than such required amount on a payment date, the
Paying Agent will use excess cash flow to deposit in the VFA. To
the extent the VFA is not funded up to its required amount from
excess cash flow, the holder of the Trust Certificates on behalf of
the Class R Notes will be required to use its own funds to make any
deposits to the VFA or to reimburse the Servicer for any Net Draws.
The holder of the Trust Certificate is permitted to finance these
funding obligations by using the financing secured by the Trust
Certificate with a third-party lender. The balance of Trust
Certificates will be increased by an amount deposited to VFA
account used to reimburse the Servicer for the Net Draws.
The transaction employs a modified sequential-pay cash flow
structure with a pro rata principal distribution among the more
senior tranches (Class A-1, A-2, and A-3 Notes) subject to a
sequential priority trigger (Credit Event) as described further
below. The Trust Certificates have a pro rata principal
distribution with all senior and subordinate tranches while the
Credit Event is not in effect. When the trigger is in effect, the
Trust Certificates principal distribution will be subordinated to
both the senior and subordinate notes in the payment waterfall.
While a Credit Event is in effect, realized losses will be
allocated reverse sequentially starting with the Trust
Certificates, followed by the Class B-3 Notes, and then continuing
up to Class A-1 Notes based on their respective payment priority.
While a Credit Event is not in effect, the losses will be allocated
pro rata between the Trust Certificates and all outstanding notes
based on their respective priority of payments. The outstanding
notes will allocate realized losses reverse sequentially, beginning
with Class B-3 up to Class A-1 Notes.
There will be no advancing of delinquent principal or interest on
the mortgages by the Servicer or any other party to the
transaction; however, the Servicer is obligated to make advances
for the first-lien loans in respect of homeowner association fees,
taxes and insurance, as well as reasonable costs and expenses
incurred in the course of servicing and disposing properties. The
Servicer is also obligated to fund any monthly Net Draws, as noted
above.
As of the Cut-Off Date, 99.5% of the pool was current and 0.3% was
30 days delinquent, under the MBA delinquency method. Additionally,
0.2% of the pool was in bankruptcy (all bankruptcy loans are
performing or 30 days delinquent). Approximately 91.1% of the
mortgage loans have been zero times 30 days delinquent (0 x 30) for
at least the past 24 months under the MBA delinquency method.
The majority of the pool (99.0%) is exempt from the Consumer
Financial Protection Bureau Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules. The loans subject to the ATR rules (1.0%) were
missing a designation. HELOCs are not subject to the ATR/QM rules.
The holder of the Trust Certificates may, at its option, on or
after the earlier of (1) the payment date in May 2024 or (2) the
date on which the total loans' and real estate owned (REO)
properties' balance falls to or below 30% of the loan balance as of
the Cut-Off Date, purchase all of the loans and REO properties at
the optional termination price described in the transaction
documents.
The Depositor, at its option, may purchase any mortgage loan that
is 90 days or more MBA delinquent under the MBA method (or in the
case of any loan that has been subject to a Coronavirus Disease
(COVID-19) pandemic-related forbearance plan, on any date from and
after the date on which such loan becomes 90 days MBA delinquent
following the end of the forbearance period) at the repurchase
price described in the transaction documents. The total balance of
such loans purchased by the Depositor will not exceed 10% of the
Cut-Off balance.
The Servicer, at the direction of the Controlling Holder, may
direct the Issuer to sell eligible nonperforming loans (NPLs; those
120 days or more MBA delinquent) or REO properties (both Eligible
NPLs) to third parties individually or in bulk sales. The
Controlling Holder will have a sole authority over the decision to
sale the Eligible NPLs, as described in the transaction documents.
Coronavirus Impact
The coronavirus pandemic and the resulting isolation measures have
caused an economic contraction, leading to sharp increases in
unemployment rates and income reductions for many consumers. DBRS
Morningstar anticipates that delinquencies may continue to rise in
the coming months for many residential mortgage-backed securities
(RMBS) asset classes.
Reperforming loans (RPL) is a traditional RMBS asset class that
consists of securitizations backed by pools of seasoned performing
and reperforming residential first- and junior- lien home loans and
HELOCs. Although borrowers in these pools may have experienced
delinquencies in the past, the loans have been largely performing
for the past six months to 24 months since issuance. Generally,
these pools are highly seasoned and contain sizable concentrations
of previously modified loans.
As a result of the coronavirus, DBRS Morningstar has seen increased
delinquencies and loans on forbearance plans, and expects a
potential near-term decline in the values of the mortgaged
properties. Such deteriorations may adversely affect the respective
borrowers' ability to make monthly payments, refinance their loans,
or sell properties in an amount sufficient to repay the outstanding
balance of their loans.
In connection with the economic stress assumed under its moderate
scenario (see "Global Macroeconomic Scenarios: March 2021 Update,"
published on March 17, 2021) for the RPL asset class, DBRS
Morningstar applies more severe market value decline (MVD)
assumptions across all rating categories than it previously used.
DBRS Morningstar derives such MVD assumptions through a fundamental
home price approach based on the forecast unemployment rates and
GDP growth outlined in the moderate scenario. In addition, for
pools with loans on forbearance plans, DBRS Morningstar may assume
higher loss expectations above and beyond the coronavirus
assumptions. Such assumptions translate to higher expected losses
on the collateral pool and correspondingly higher credit
enhancement.
In the RPL asset class, while the full effect of the coronavirus
may not occur until a few performance cycles later, DBRS
Morningstar generally believes that loans which were previously
delinquent, recently modified, or have higher updated loan-to-value
ratios (LTVs) may be more sensitive to economic hardships resulting
from higher unemployment rates and lower incomes. Borrowers with
previous delinquencies or recent modifications have exhibited
difficulty in fulfilling payment obligations in the past and may
revert to spotty payment patterns in the near term. Higher LTV
borrowers with less equity in their properties generally have fewer
refinance opportunities and, therefore, slower prepayments.
In addition, the Coronavirus Aid, Relief, and Economic Security
(CARES) Act, signed into law on March 27, 2020, mandates that all
mortgagors with government-backed mortgages be allowed to delay at
least 180 days of monthly payments (followed by another period of
180 days if the mortgagor requests it). For loans not subject to
the CARES Act, servicers may still provide payment relief to
borrowers who report financial hardship related to the coronavirus
pandemic. Within this pool, although not subject to the CARES Act,
6.6% of the borrowers are on or have been on coronavirus
pandemic-related forbearance or deferral plans. These forbearance
plans allow temporary payment holidays, followed by repayment once
the forbearance period ends or a deferral of the forborne balance.
Notes: All figures are in U.S. dollars unless otherwise noted.
BRIAN D. WITZER: Seeks to Hire Benedon & Serlin as Special Counsel
------------------------------------------------------------------
The Law Offices of Brian D. Witzer, Inc. seeks approval from the
U.S. Bankruptcy Court for the Central District of California to
employ Benedon & Serlin, LLP as special litigation counsel.
The Debtor needs the firm's legal assistance in connection with a
case (Pravati Credit Fund III, LP v. Law Offices of Brian D.
Witzer, Inc., et al., Case No. 19SMCV02046) filed in the Superior
Court of California, County of Los Angeles.
The firm's attorneys will be paid at hourly rates ranging from $325
to $600 while paralegals will be paid at the hourly rate of $195.
Benedon & Serlin will also receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $25,000.
Gerald M. Serlin, Esq. a partner at Benedon & Serlin, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Gerald M. Serlin, Esq.
Benedon & Serlin, LLP
1430 Truxtun Avenue, 5th Floor
Bakersfield, CA 93301
Tel: (661) 401-6134
Email: E. Gerald@BenedonSerlin.com
About Law Offices of Brian D. Witzer
The Law Offices of Brian D. Witzer -- https://witzerlaw.com -- is a
law firm specializing in serious personal injury, pharmaceutical
litigation, traumatic brain injury, premises liability,
construction liability, product liability, sexual assaults, and bad
faith insurance.
The Law Offices of Brian D. Witzer sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No.
21-12517) on March 29, 2021. In the petition signed by Brian D.
Witzer, chief executive officer and owner, the Debtor disclosed up
to $500,000 in assets and up to $50 million in liabilities. Judge
Neil W. Bason oversees the case.
The Debtor tapped the Law Offices of Michael Jay Berger as
bankruptcy counsel, Benedon & Serlin LLP as special litigation
counsel, and Jennifer M. Liu, CPA as accountant.
BURN FITNESS: Gets OK to Hire B2B CFO Partners as Financial Advisor
-------------------------------------------------------------------
Burn Fitness, LLC and its affiliates received approval from the
U.S. Bankruptcy Court for the Eastern District of Michigan to
employ B2B CFO Partners, LLC as accountant and financial advisor.
The firm's services include:
a. assisting the Debtors and other professionals employed in
their Chapter 11 cases in the preparation of a bankruptcy plan;
b. assisting the Debtors and their professionals in preparing
and reviewing financial projections;
c. assisting the Debtors in complying with the operational
guidelines and reporting requirements promulgated by the Office of
the United States Trustee; and
d. providing such additional financial analysis, projections,
and other accounting services as may be required.
The firm will be paid at the rate of $200 per hour and reimbursed
for out-of-pocket expenses incurred. The retainer fee is $6,000.
Ken Jacobson, a partner at B2B CFO Partners, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ken Jacobson
B2B CFO Partners, LLC
3850 E. Baseline Rd., Suite 105
Mesa, AZ 85206
Tel: (480) 397-0590
Email: kenjacobson@b2bcfo.com
About Burn Fitness
Burn Fitness, LLC operates health and fitness centers in three
separate locations in Michigan -- Rochester, Clawson and Livonia.
It focuses on personal service and a high-quality experience.
Burn Fitness and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Mich. Lead Case No. 21-43828)
on April 30, 2021. In the petition signed by Alyssa Tushman,
manager and authorized agent, each of the Debtors disclosed up to
$1 million in assets and up to $10 million in liabilities. Judge
Mark A. Randon oversees the case.
The Debtor tapped Maddin, Hauser, Roth & Heller, P.C. as legal
counsel and B2B CFO Partners, LLC as accountant and financial
advisor.
CAFE SERVICE: Mega Funding to Receive $2.47M From Property Sale
---------------------------------------------------------------
Cafe Service Co, Inc. and eight of its affiliates -- Yiorgos, LLC;
Lefkara Taxi, LLC; Kefalonia Taxi, LLC; Robola, Inc.; Tarifa, LLC;
Crossways Cab, Corp.; Devox, Inc; and Anesthitos, Inc. -- submitted
a Small Business Revised Amended Disclosure Statement describing
Amended Chapter 11 Plan dated May 25, 2021.
The settlement funds will be paid (or was partially paid) in part
from the sale of a commercial property located at 11-06 Broadway,
Astoria, New York 11106, which took place on March 10, 2021. The
payment to Mega Funding from the sale of the property will be/was
in the amount of $2,472,825.46.
Furthermore, as the property will then be developed by the
purchasers, depending on the developers ability to obtain full or
partial rezoning, the creditor, Mega Funding, would also receive a
full rezoning payment in the amount of $800,000.00, or a pro-rate
portion, in the event that partial rezoning is obtained, to be
calculated by the reduction per square foot, as per the terms of
the settlement agreement approved by the court. The payment of the
full or partial rezoning payment is to be a conditional bonus
payment in the event that full or partial rezoning is obtained.
Further, the individual principals of the debtors will have a right
to buy into the development corporation and in the event the
individual perincipals of the Debtors buy in, the Creditor, Mega
Funding, would additionally receive $200,000.00, as per the terms
of said agreement.
Additionally, the settlement agreement contemplates a payment of
the balance of the noncontingent settlement amount of
$3,375,000.00. The difference between the full settlement amount of
$3,375,000.00 and the Astoria property sale proceeds of
$2,472,825.46 and the sale of Whitestone properties co-owned by
George Ventouratos, one of the individual guarantors on the notes
to Mega Funding, shall be supplemented by the Debtors.
Finally, a contingent portion of the settlement agreement
contemplates a payment to the Lender, in monthly installments over
an 84 months plan of reorganization, an average monthly lease price
per medallion for each of the 18 Medallions owned by the borrowers,
reduced by $100 per monrh per Borrower, up to the total additional
amount of $1,000,000.00 during the course of 84 month plan of
reorganization.
The Revised Amended Disclosure Statement does not alter the
proposed treatment for unsecured creditors:
* Class V consists of the claims of general unsecured
creditors in the Debtor's case totaling approximately $16,455. The
Debtor proposes to pay 100% dividend of their allowed claims in one
lump sum payment on the effective date of this Plan.
A full-text copy of the Revised Amended Disclosure Statement dated
May 25, 2021, is available at https://bit.ly/3c83dtn from
PacerMonitor.com at no charge.
Debtors' Counsel:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
3099 Coney Island Avenue, 3rd Floor
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
E-mail: alla@kachanlaw.com
About Cafe Service Co.
Cafe Service Co. Inc., Yiorgos LLC, Lefkara Taxi LLC, Kefalonia
Taxi LLC, Robola Inc., Tarifa LLC, Crossways Cab Corp, Devox Inc.,
and Anesthitos Inc. are privately held companies that operate in
the taxi and limousine service industry.
Cafe Service and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos. 19-41690 to 19
41697) on March 22, 2019. At the time of the filing, these Debtors
disclosed their total assets and liabilities as follows:
Total Total
Assets Liabilities
------------ -----------
Cafe Service Co. Inc. $404,044 $1,414,692
Yiorgos, LLC $423,510 $1,574,256
Lefkara Taxi, LLC $401,076 $1,395,799
Kefalonia Taxi, LLC $405,600 $1,556,013
Anesthitos, Inc. $417,251 $1,431,245
The Debtors tapped the Law Offices of Alla Kachan, P.C., as their
legal counsel.
CANADIAN RIVER: Seeks to Hire Land Doctors as Real Estate Broker
----------------------------------------------------------------
Canadian River Ranch, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Allen,
Okla.-based real estate broker, Land Doctors, Inc.
The Debtor requires a real estate broker to market and sell an
11,084-acre real property in McIntosh County, Okla.
Land Doctors will be paid a 4 percent commission on the sales
price. The firm will also be reimbursed for out-of-pocket expenses
incurred.
Kelly Hurt, a partner at Land Doctors, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Kelly Hurt
Land Doctors, Inc.
29848 County Road 1480
Allen, OK 74825
Tel: (580) 421-7512
About Canadian River Ranch
Canadian River Ranch, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
21-60163) on April 9, 2021. The case is jointly administered with
the Chapter 11 case (Bankr. W.D. Texas Case No. 21-60162) filed by
Daryl Smith, the Debtor's managing member. Judge Ronald B. King
oversees the Debtor's case.
At the time of the filing, the Debtor disclosed $1 million to $10
million in assets and $10 million to $50 million in liabilities.
Munsch, Hardt, Kopf & Harr, P.C. represents the Debtor as legal
counsel.
CARBONYX INC: Trustee Says Plan Disclosures Insufficient
--------------------------------------------------------
Linda S. Payne, the Chapter 11 Trustee, files her objection to the
Second Amended Disclosure Statement of Frank Rango, Bhavna Patel,
River Partners 2012-CBX LLC, C6 Ardmore Ventures, LLC, Ingo Wagner,
and Harmir Realty Co. LP ("Proponents").
The Trustee points out that the Plan fails to sufficiently identify
fraudulent transfers. If the proponent is aware of specific
fraudulent transfers, they should be disclosed.
The Trustee further points out that the Disclosure Statement makes
limited effort to value those assets and provide the creditors with
a clear liquidation analysis to determine what is in their best
interest.
Trustee asserts that the Disclosure Statement makes reference to
valuable intellectual property ("IP") and licensing, but fails to
provide sufficient identification thereof.
Counsel for the Chapter 11 Trustee:
Bill F. Payne
Law Offices of Bill F. Payne, P.C.
12770 Coit Road, Suite 541
Dallas, TX 75251
Tel: (972) 628-4901
E-mail: bill@wpaynelaw.com
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.
CASTEX ENERGY: Amends Plan to Add Global Settlement
---------------------------------------------------
Castex Energy 2005 Holdco, LLC, et al., submitted a Third Amended
Joint Chapter 11 Plan that incorporates a global settlement with
the parties.
The Debtors say that a global settlement term sheet has been
reached by and among these parties): (i) the Debtors; (ii) the
Prepetition Lenders; (iii) the Committee; (iv) Talos Production
Inc., Talos Energy, Inc. and Talos Third Coast LLC (collectively,
"Talos"); (v) Walter Oil & Gas Corporation; and (vi) Texas
Petroleum Investment Company ("TPIC").
Although not a signatory to the Settlement Term Sheet, upon
information and belief, the United States of America, on behalf of
the United States Department of the Interior ("DOI"), supports the
global settlement agreed to by the Settlement Parties in the
Settlement Term Sheet, and, subject to (i) the mutually agreed
upon revisions included in the Third Amended Plan, (ii) the form of
the Confirmation Order being acceptable to the DOI, and (iii)
consummation of the transactions contemplated in the Settlement
Term Sheet, the DOI's objections to the confirmation are resolved
In resolution of issues regarding statutory P&A obligations, the
parties agree, among other things, that with respect to the
following properties, the Debtors will resign as operator and the
Debtors, Walter, and Talos agree that Walter will be designated
operator (collectively, the "Walter New Operated Properties"):
a. Vermilion BLK 253
b. Vermilion BLK252
c. Vermilion BLK 271
d. South Marsh Island BLK 87
e. High Island BLK 176
f. Main Pass BLK 270B
g. High Island BLK 116
h. High Island BLK 117
i. South Pelto BLK 018
j. WC 732
In resolution of issues relating to the Escrowed Talos Shares,
Talos will waive any claims against the Debtors with respect to the
PSA and Escrowed Talos Shares and on the Effective Date will
instruct the escrow agent to release the shares to the Liquidating
Trust. Talos will be entitled to receive $2,000,000 in cash
proceeds from the monetized Escrowed Talos Shares.
TPIC will waive and release the Debtors from any claims and causes
of action against the Debtors arising from or related to the
Debtors' interest in the TPIC Transferred Interests. TPIC will be
granted an allowed unsecured non-priority claim against the Debtors
in the amount of $1,750,000. TPIC shall be deemed to have voted to
accept the Debtors' Plan.
The Plan will treat claims as follows:
* Class 3: Secured Debt Claims. Each Holder of an Allowed
Secured Debt Claim will receive its Pro Rata Share of the equity
interests in Lender NewCo. Class 3 is impaired.
* Class 4 General Unsecured Claims. Each Holder of an Allowed
General Unsecured Claims will receive a Pro Rata Share of interests
in the Liquidating Trust. Class 4 is impaired.
* Class 5: Intercompany Claims. On the Effective Date, all
Intercompany Claims will be adjusted or reinstated, as determined
by the Debtors, subject to the consent of the Required Lenders.
* Class 6: Section 510(b) Claims. On the Effective Date, all of
the Debtors' outstanding obligations under the Section 510(b)
Claims shall be extinguished and canceled. Class 6 is impaired.
* Class 8: Existing Interests. On the Effective Date, Existing
Interests will be canceled. Class 8 is impaired.
The Liquidating Trust, through the Liquidating Trustee, shall be
responsible for distributing Liquidating Trust Assets, or the
proceeds thereof, in the order of priority shown (other than the
Escrowed Talos Shares): (i) to satisfy outstanding, Allowed
Priority Non-Tax Claims, if any; then (ii) to satisfy outstanding
Allowed General Unsecured Claims, if any. After the Escrowed Talos
Shares are released to the Liquidating Trust, the Liquidating
Trustee shall sell the Escrowed Talos Shares in a manner that
maximizes their value. Upon the monetization of all the Escrowed
Talos Shares, the proceeds shall be distributed: (i) to fund the
Funded Statutory P&A Obligation Escrow and Talos Settlement and
then (ii) to satisfy outstanding Allowed General Unsecured Claims,
if any.
Attorneys for the Debtor:
Matthew S. Okin
David L. Curry, Jr.
Ryan A. O'Connor
Johnie A. Maraist
OKIN ADAMS LLP
1113 Vine St., Suite 240
Houston, Texas 77002
Tel: 713.228.4100
Fax: 888.865.2118
E-mail: mokin@okinadams.com
E-mail: dcurry@okinadams.com
E-mail: roconnor@okinadams.com
E-mail: jmaraist@okinadams.com
A copy of the Third Amended Joint Chapter 11 Plan is available at
https://bit.ly/3fw2xA9 from Donlin Recano, the claims agent.
About Castex Energy 2005 Holdco
Castex Energy 2005 Holdco, LLC and its affiliates, Castex Energy
2005, LLC, Castex Energy Partners, LLC, and Castex Offshore, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 21-30710) on Feb. 26, 2021. At the time of
the filing, the Debtors disclosed assets of between $100 million
and $500 million and liabilities of the same range.
Judge David R. Jones oversees the cases.
The Debtors tapped Okin Adams LLP as bankruptcy counsel, The Claro
Group, LLC as financial advisor, and Thompson & Knight LLP as
special counsel and conflicts counsel. Douglas Brickley, managing
director at Claro Group, serves as the Debtors' chief restructuring
officer. Donlin, Recano & Company, Inc. is the notice, claims and
balloting agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases. Stewart
Robbins Brown & Altazan, LLC and Howley Law, PLLC serve as the
committee's bankruptcy counsel and local counsel, respectively.
Seaport Global Securities, LLC is the committee's financial
advisor.
CB THEATER: Mexican Parent Must Face Guaranty Suit
--------------------------------------------------
In the case, 1025 W. ADDISON STREET APARTMENTS OWNER, LLC v. GRUPO
CINEMEX, S.A. DE C.V., No. 20-cv-06811 (N.D. Ill.), District Judge
Marvin E. Aspen of the United States District Court for the
Northern District of Illinois ruled on Grupo Cinemex's motion to
dismiss for improper service and lack of personal jurisdiction,
motion to quash service of process, and motion to set aside default
judgment; and Motion to Quash Service of Process and Set Aside
Default Judgment. Specifically, the motion to dismiss is denied,
the motion to quash service is denied, and the motion to set aside
default judgment is granted, Judge Aspen held.
W. Addison Street Apartments Owner on November 17, 2020, sued Grupo
Cinemex for breach of contract to recover money on a guaranty.
Plaintiff is a Delaware limited liability company with its
principal place of business in Chicago, Illinois. Plaintiff is the
owner, operator, and lessor of a mixed-use real estate development
located at 1025 West Addison Street in Chicago's Wrigleyville
neighborhood.
Defendant is a sociedad anonima de capital variable (S.A. de C.V.)
organized and existing under the laws of Mexico, with its principal
place of business in Mexico City. Through its subsidiaries and
affiliates, Grupo Cinemex owns and operates movie theaters in both
Mexico and the United States. Defendant expanded into the United
States in 2015 through various subsidiaries, operating generally
under the trade name "CMX." By 2017, Defendant controlled
approximately 30 movie theaters in the United States.
In 2018, Plaintiff completed construction of the Wrigleyville
Project. Plaintiff leased approximately 30,000 square feet of
commercial space in the Wrigleyville Project to Cinemex Addison,
LLC, an owner/operator of movie theaters, for an initial 10-year
period. Cinemex Addison planned to operate a dine-in movie theater
in the Wrigleyville Project. Cinemex Addison amended its lease one
time to change the identity of the lessee to Cinemex IL, LLC. At a
later date, CB Theater Experience LLC was designated as the lessee
and movie theater operator under the 10-year lease with Plaintiff.
Grupo Cinemex directed and controlled each lessee, including CB
Theater, including for purposes of negotiating and executing the
Lease and amendments thereto. Grupo Cinemex is the ultimate parent
company of, and controls, both Cinemex Addison and CB Theater.
Grupo Cinemex agreed to guarantee all the lessee obligations.
In April 2020, CB Theater filed a voluntary Chapter 11 bankruptcy
petition in the Southern District of Florida and later rejected its
Lease at the Wrigleyville Project as part of the Chapter 11
proceedings. The Plaintiff contends CB Theater has materially
breached its obligations under the Lease. Grupo Cinemex, as the
guarantor, has not filed for bankruptcy, and the Guaranty is
unchanged by CB Theater's bankruptcy filing, according to the
Plaintiff, which also asserted that the Guaranty states Defendant's
liability is "primary," such that Plaintiff may proceed against
Defendant, as the guarantor, without first suing CB Theater. The
Plaintiff alleges that Grupo Cinemex's refusal to perform its
obligations under the Guaranty constitutes a material breach of
contract.
Among others, Grupo Cinemex contends it is "a Mexican entity with
no business activities or presence in Illinois" and that the
District Court does not have general or specific jurisdiction over
it. Plaintiff counters that Grupo Cinemex "had regular and
long-standing interactions with the State of Illinois" because it
was the ultimate owner of Illinois movie theaters and purposely
availed itself of the benefits and privileges of doing business in
Illinois.
Grupo Cinemex, however, argues that "the business activities of
indirect subsidiaries in Illinois are irrelevant and do not create
general jurisdiction over Grupo Cinemex." Further, the Defendant
argues it is not subject to specific jurisdiction in Illinois
because "there is no connection between Illinois and Grupo
Cinemex's alleged breach of the Guaranty." The Defendant contends
Plaintiff is alleging that the tenant under the Lease failed to pay
rent and rejected the Lease in bankruptcy, but "Grupo Cinemex is
not a party to the [L]ease and Plaintiff seeks payment from Grupo
Cinemex solely as a guarantor." Grupo Cinemex says its "alleged
breach of the Guaranty and Plaintiff's purported right to collect
pursuant to the Guaranty do not relate to or arise from any
contacts between Grupo Cinemex and Illinois."
Grupo Cinemex does not address the specific terms of its Guaranty,
while the Plaintiff points out the Guaranty "fully" and "expressly"
incorporates the Lease, which states "[t]he laws of the State of
Illinois shall govern this Lease and any action brought to enforce
this Lease or otherwise arising out of the transactions hereunder
shall be brought exclusively in Cook County, Illinois." The
Plaintiff argues the Guaranty, on its face, has "ties to Illinois,"
as it concerns Illinois real property owned by an Illinois LLC, and
because it "absolutely and unconditionally guarantees" the terms of
the Lease, including the stipulation that Illinois law and Cook
County, Illinois courts would govern disputes arising out of the
Lease.
According to the Court, there is no indication that Grupo Cinemex
did not freely enter into the Guaranty, or that it was unaware of
the forum-selection clause in the Lease. Other than arguing the
Guaranty itself "does not have any ties to Illinois," the Court
says Grupo Cinemex does not explain why the Guaranty's
incorporation of the Lease -- and of the Lease's forum-selection
clause -- should not be enforced, or why Defendant cannot litigate
in Illinois, as a practical matter. The Court says the forum
selection clause is valid under both federal and state law.
A copy of the District Court's May 26, 2021 Memorandum Opinion and
Order is available at https://t.ly/KSGm from Leagle.com.
About CB Theater Experience
Based in Miami, Florida, CB Theater Experience LLC is an affiliate
of Cinemex Holdings USA, Inc. and Cinemex USA Real Estate Holdings,
Inc. Cinemex operates a chain of cinemas.
Grupo Cinemex, S.A., de C.V., based in Mexico City, is the ultimate
parent entity. Grupo Cinemex owns and operates movie theaters in
both Mexico and the United States.
CB Theater filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case
No. 20-14699) on April 26, 2020, the Hon. Jay A. Cristol presiding.
In the petition signed by Jose Leonardo Marti, president, CB
Theater listed $100 million to $500 million in both assets and
liabilities.
Lawyers at Bast Amron LLP and Quinn Emanuel Urquhart & Sullivan
serve as the Debtor's counsel.
CBL & ASSOCIATES: Court Approves Disclosure Statement
-----------------------------------------------------
Judge David R. Jones has entered an order approving the Disclosure
Statement of CBL & Associates Properties, Inc., et al.
All objections, if any, to the Disclosure Statement, the Motion, or
any of the procedures or exhibits referenced therein that have not
been withdrawn or resolved as provided for in the record of the
Disclosure Statement Hearing are overruled.
The Solicitation Packages are APPROVED.
Holders of Claims in Class 3, Class 4, Class 5, Class 7, and Class
14, and registered holders of Interests in Class 10, Class 11, and
Class 12, to the extent they are determined to be entitled to vote,
may submit their Ballots via Epiq's online E-Balloting Portal by
visiting https://dm.epiq11.com/cblproperties, clicking on the
"Submit E-Ballot" section of the website, and following the
instructions set forth on the E-Ballot. With the exception of
Master Ballots submitted by Nominees on behalf of Beneficial
Holders, delivery of a Ballot to the Voting Agent by e-mail shall
not be valid.
The Notice of Non-Voting Status is APPROVED.
The Ballots are APPROVED.
The Ballots for holders of Class 4 (Consenting Crossholder Claims)
and Senior Unsecured Notes Claims in Class 7 (Unsecured Claims)
shall include instructions for exercising the Convertible Notes
Election. An election to exercise the Convertible Notes Election
must be made no later than the Voting Deadline.
The Debtors are also authorized to distribute Ballots to each of
the holders of First Lien Credit Facility Claims in Class 3,
Consenting Crossholder Claims in Class 4, Unsecured Claims in Class
7, and Section 510(b) Claims in Class 14.
The procedures set forth in the Motion regarding notice to all
parties of the assumption of the applicable Debtors' executory
contracts and unexpired leases are APPROVED.
The following dates and deadlines are hereby established (subject
to modifications as necessary) with respect to the Disclosure
Statement, solicitation of the Plan, voting on the Plan, and
confirmation of the Plan:
* The Plan Supplement Filing Deadline will be on July 19, 2021.
* Plan Objection Deadline will be on July 26, 2021, at 4:00 p.m.
(Prevailing Central Time).
* Ballot Certification Deadline will be on Aug. 2, 2021.
* Deadline to File Confirmation Brief and Reply to Plan
Objection(s) will be on August 10, 2021.
* Confirmation Hearing will be on Aug. 11, 2021, at 9:00 a.m.
(Prevailing Central Time).
Pursuant to the Plan, holders of Claims and Interests in Class 3
(First Lien Credit Facility Claims), Class 4 (Consenting
Crossholder Claims), Class 5 (Ongoing Trade Claims), Class 7
(Unsecured Claims), Class 10 (Existing LP Common Units), Class 11
(Existing REIT Preferred Stock), Class 12 (Existing REIT Common
Stock), and Class 14 (Section 510(b) Claims) are impaired and are
entitled to receive distributions under the Plan. Accordingly,
holders of Allowed Claims and Interests in such Classes are
entitled to vote on account of such Claims and Interests (to the
extent set forth herein).
Pursuant to the Plan, holders of Claims in Class 1 (Other Priority
Claims), Class 2 (Other Secured Claims), Class 6 (Property-Level
Guarantee Settlement Claims), Class 8 (Intercompany Claims), and
Class 13 (Intercompany Interests) are Unimpaired and, accordingly,
pursuant to section 1126(f) of the Bankruptcy Code, are
conclusively presumed to accept the Plan and are not entitled to
vote on account of such Claims and Interests.
The Notice of Non-Voting Status, complies with the Bankruptcy Code,
applicable Bankruptcy Rules, and applicable Local Rules and Complex
Chapter 11 Procedures and, together with the Confirmation Hearing
Notice and Release Opt Out Form (defined below), provides adequate
notice to holders of Claims or Interests in Class 1 (Other Priority
Claims), Class 2 (Other Secured Claims), Class 6 (Property- Level
Guarantee Settlement Claims), and Class 9 (Existing LP Preferred
Units). No further notice is necessary.
About CBL & Associates
CBL & Associates Properties, Inc. -- http://www.cblproperties.com/
-- is a self-managed, self-administered, fully integrated real
estate investment trust (REIT) that is engaged in the ownership,
development, acquisition, leasing, management and operation of
regional shopping malls, open-air and mixed-use centers, outlet
centers, associated centers, community centers, and office
properties.
CBL's portfolio is comprised of 107 properties totaling 66.7
million square feet across 26 states, including 65 high-quality
enclosed, outlet and open-air retail centers and 8 properties
managed for third parties. It seeks to continuously strengthen its
company and portfolio through active management, aggressive leasing
and profitable reinvestment in its properties.
CBL, CBL & Associates Limited Partnership and certain other related
entities filed voluntary petitions for reorganization under Chapter
11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020
(Bankr. S.D. Tex. Lead Case No. 20-35226).
The Debtors have tapped Weil, Gotshal & Manges LLP as their legal
counsel, Moelis & Company as restructuring advisor and Berkeley
Research Group, LLC, as financial advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
CBL & ASSOCIATES: Further Fine-Tunes Plan Documents
---------------------------------------------------
CBL & Associates Properties, Inc., et al., submitted a Third
Amended Joint Chapter 11 Plan and a corresponding Disclosure
Statement on May 25, 2021.
Class 10 consists of Existing LP Common Units. On the Effective
Date, the Existing LP Common Units shall be cancelled and each
holder of an Existing LP Common Unit shall, at such holder's
election, either (i) receive a percentage of New LP Units, issued
in accordance with the Restructuring Transactions, equal to the
product of (A) 5.5% and (B) the percentage equal to the number of
Existing LP Common Units that such holder elects to exchange for
New LP Units divided by the number of Existing LP Common Units
issued and outstanding immediately prior to the Plan Distributions
or (ii)(A) be deemed to have converted or redeemed such holder's
Existing LP Common Unit, effective the day prior to the
Distribution Record Date, in exchange for Existing REIT Common
Stock on terms consistent with the applicable prepetition
agreements for the Existing LP Common Units and (B) receive a Pro
Rata share of the Existing Common Equity Recovery Pool; provided
that, if the Bankruptcy Court does not approve the recovery to
holders of Existing LP Common Units, Existing REIT Preferred Stock,
and Existing REIT Common Stock, the New Common Stock shall be added
to the Unsecured Claims Recovery Pool and the New LP Units.
Further, notwithstanding anything to the contrary herein, even if
Class 10 votes, as a class, to accept the Plan, the rights of
holders of Existing LP Common Units to object to confirmation of
the Plan on the grounds that the Plan does not comply with section
1129(b)(2) of the Bankruptcy Code are preserved, and the Debtors
reserve all rights to dispute any such objection(s) on any grounds
other than on the basis that such party does not have a legal right
to prosecute such an objection as a matter of law.
Class 11 consists of Existing REIT Preferred Stock. On the
Effective Date, the Existing REIT Preferred Stock shall be
cancelled and each holder of Allowed Existing REIT Preferred Stock
shall receive such holder's Pro Rata share of a percentage of the
New Common Stock, issued in accordance with the Restructuring
Transactions; provided that, if the Bankruptcy Court does not
approve the recovery to holders of Existing LP Common Units,
Existing REIT Preferred Stock, and Existing REIT Common Stock, the
New Common Stock shall be added to the Unsecured Claims Recovery
Pool; provided, however, that the value otherwise allocable to
holders of Existing REIT Preferred Stock shall be reduced utilizing
the equity value implied by the mid-point of the Debtors' valuation
set forth in connection with confirmation, by any costs incurred by
or attributed to the Debtors' Estates in connection with any
litigation or objection prosecuted after the Bankruptcy Court's
approval of the Disclosure Statement by one or more holders of
Existing REIT Preferred Stock prior to or in connection with the
Confirmation Hearing.
Further, notwithstanding anything to the contrary, even if Class 11
votes, as a class, to accept the Plan, the rights of holders of
Existing REIT Preferred Stock to object to confirmation of the Plan
on the grounds that the Plan does not comply with section
1129(b)(2) of the Bankruptcy Code are preserved, and the Debtors
reserve all rights to dispute any such objection on any grounds
other than on the basis that such party does not have a legal right
to prosecute such an objection as a matter of law.
Class 12 consists of Existing REIT Common Stock. On the Effective
Date, the Existing REIT Common Stock shall be cancelled and each
holder of Allowed Existing REIT Common Stock shall receive such
holder's Pro Rata share of the Existing Common Equity Recovery
Pool; provided that, if the Bankruptcy Court does not approve the
recovery to holders of Existing LP Common Units, Existing REIT
Preferred Stock, and Existing REIT Common Stock, the Existing
Common Equity Recovery Pool shall be added to the Unsecured Claims
Recovery Pool; provided, however, that the value otherwise
allocable to holders of Existing REIT Common Stock shall be
reduced, on a dollar-for-dollar basis utilizing the equity value
implied by the mid-point of the Debtors' valuation set forth in
connection with confirmation, by any costs incurred by or
attributed to the Debtors' Estates in connection with any
litigation or objection prosecuted after the Bankruptcy Court's
approval of the Disclosure Statement by one or more holders of
Existing REIT Common Stock prior to or in connection with the
Confirmation Hearing; provided, further, that, to the extent that
no holder of Existing REIT Common Stock objects to confirmation of
the Plan, the recovery to holders of Interests in Class 12 on
account of such Interests shall not be reduced notwithstanding any
objection by holders of Claims or Interests in another Class.
Further, notwithstanding anything to the contrary, even if Class 12
votes, as a class, to accept the Plan, the rights of holders of
Existing REIT Common Stock to object to confirmation of the Plan on
the grounds that the Plan does not comply with section 1129(b)(2)
of the Bankruptcy Code are preserved, and the Debtors reserve all
rights to dispute any such objection on any grounds other than on
the basis that such party does not have a legal right to prosecute
such an objection as a matter of law.
Like in the prior iteration of the Plan, Unsecured Claims in Class
7 will receive a 54% to 56% projected recovery.
Proposed Attorneys for Debtors:
WEIL, GOTSHAL & MANGES LLP
700 Louisiana Street, Suite 1700
Houston, Texas 77002
Attn: Alfredo R. Pérez, Esq.
Telephone: (212) 310-8000
Facsimile: (713) 224-9511
E-mail: Alfredo.Perez@weil.com
– and –
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Attn: Ray C. Schrock, P.C.
Garrett A. Fail
Moshe A. Fink
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
E-mail: Ray.Schrock@weil.com
Garrett.Fail@weil.com
Moshe.Fink@weil.com
About CBL & Associates
CBL & Associates Properties, Inc. -- http://www.cblproperties.com/
-- is a self-managed, self-administered, fully integrated real
estate investment trust (REIT) that is engaged in the ownership,
development, acquisition, leasing, management and operation of
regional shopping malls, open-air and mixed-use centers, outlet
centers, associated centers, community centers, and office
properties.
CBL's portfolio is comprised of 107 properties totaling 66.7
million square feet across 26 states, including 65 high-quality
enclosed, outlet and open-air retail centers and 8 properties
managed for third parties. It seeks to continuously strengthen its
company and portfolio through active management, aggressive leasing
and profitable reinvestment in its properties.
CBL, CBL & Associates Limited Partnership and certain other related
entities filed voluntary petitions for reorganization under Chapter
11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020
(Bankr. S.D. Tex. Lead Case No. 20-35226).
The Debtors have tapped Weil, Gotshal & Manges LLP as their legal
counsel, Moelis & Company as restructuring advisor and Berkeley
Research Group, LLC, as financial advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
CERTA DOSE: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Certa Dose, Inc.
101 Avenue of the Americas
3rd Floor
New York, NY 10013
Business Description: Certa Dose Inc. develops, sells and
licenses pharmaceutical products and
technology.
Chapter 11 Petition Date: May 30, 2021
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 21-11045
Debtor's Counsel: Norma Ortiz, Esq.
ORTIZ & ORTIZ, LLP
35-10 Broadway Ste 202
Astoria, NY 11106
Tel: 718-522-1117
E-mail: email@ortizandortiz.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Caleb S. Hernandez, president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/J5PIC2Y/Certa_Dose_Inc__nysbke-21-11045__0001.0.pdf?mcid=tGE4TAMA
CHARLES K. BRELAND: Bankr. Court Declines to Halt Proceedings
-------------------------------------------------------------
Bankruptcy Judge Jerry C. Oldshue, Jr., denied the request of
debtor Charles K. Breland Jr. to stay all proceedings in his
Chapter 11 bankruptcy as well as the related adversary proceedings
pursuant to 11 U.S.C. sec. 105(a) pending the determination of a
constitutional issue currently on appeal.
The Bankruptcy Court previously appointed a Chapter 11 Trustee in
the case based upon Breland's violations of his fiduciary duties as
a debtor-in-possession including but not limited to: fraud,
dishonesty, gross mismanagement, misconduct, self-dealing,
pre-petition voidable preferences and fraudulent transfers. Breland
appealed, contending the appointment of a Trustee in an individual
Chapter 11 case violates the Thirteenth Amendment of the United
States Constitution.
On appeal, the United States District for the Southern District of
Alabama held that Breland lacked standing to raise a Thirteenth
Amendment challenge. Breland thereafter appealed to the Eleventh
Circuit Court of Appeals, which found he has standing and remanded
the matter to the District Court for a decision on the merits. The
Eleventh Circuit expressed skepticism of Breland's Thirteenth
Amendment challenge and indicated that although the Court was
tempted to address the merits, it was unable to do so because
rejection of Breland's claim would constitute a dismissal with
prejudice and thereby alter the District Court's judgment. The
District Court has not yet entered an order on the remand.
A copy of the Court's May 24, 2021 Memorandum Opinion and Order is
available at https://bit.ly/3wNoOzg from Leagle.com.
About Charles Breland Jr.
Charles K. Breland, Jr., filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Ala. Case No. 16-02272) on July 8, 2016, and is
represented by Eric Slocum Sparks, Esq., at Eric Slocum Sparks PC.
A. Richard Maples, Jr., was appointed as Chapter 11 trustee for the
Debtor.
Debtor Osprey Utah, LLC, which is owned and controlled by Charles
K. Breland, Jr., owns real property.
CHARLESTON ORTHODONTIC: Gets Interim Cash Access Amid Dissent
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina
authorized Charleston Orthodontic Specialists LLC to use cash
collateral on an interim basis in accordance with prior cash
collateral orders, subject to the arguments of AKF Inc., d/b/a
FundKite, the Debtor and Pinnacle Bank. Fundkite opposed the
Debtor's use of cash collateral, asserting ownership of certain of
the Debtor's funds and receivables. The Debtor and Pinnacle Bank
dispute Fundkite's claim.
In order to resolve FundKite's objection, the Court directed the
Debtor to:
* initiate an adversary proceeding, within 30 days from the
date of the entry of the current Order, seeking a determination of
the nature of FundKite's transaction with the Debtor and a
determination whether or not the funds which FundKite alleges it
owns are property of the bankruptcy estate;
* immediately pay FundKite $800 monthly in exchange for use of
the property it claims ownership of until the Court issues a final
ruling in the adversary proceeding. Each monthly payment will be
credited to FundKite's indebtedness with the Debtor.
A copy of the interim order is available for free at
https://bit.ly/3fy8T1X from PacerMonitor.com.
Counsel for AKF Inc., d/b/a FundKite:
Lawrence W. Johnson, Jr., Esq.
JOHNSON LAW FIRM, P.A.
P.O. Box 883
Columbia, SC 29202
Telephone: (803) 771-1500
Email: jlfpa@bellsouth.net
- and -
Shanna Kaminski, Esq.
KAMINSKI LAW PLLC
Email: skaminski@kaminskilawpllc.com
Counsel for Pinnacle Bank:
Robert C. Byrd, Esq.
Parker Poe, Esq.
PARKER POE ADAMS & BERNSTEIN LLP.
200 Meeting Street, Suite 301
Charleston, SC 29401-3156
Telephone: 843.727.2665
Email: bobbybyrd@parkerpoe.com
About Charleston Orthodontic Specialists
Charleston Orthodontic Specialists, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.S.C. Case No. 21-00827) on March 24, 2021. At the time of the
filing, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities. Ivan N. Nossokoff, Esq., at Ivan N.
Nossokoff, LLC, represents the Debtor as legal counsel.
CHESAPEAKE ENERGY: Oklahoma Judge Tosses Gards' Suit
----------------------------------------------------
District Judge Robin J. Cauthron dismissed the case, GENE GARD and
PAULA GARD, Husband and Wife, Plaintiffs, v. TPS-NOPEC GEOPHYSICAL
COMPANY; SAEXPLORATION SEISMIC SERVICES (US), LLC; CHESAPEAKE
OPERATING, LLC, and APACHE CORPORATION, Defendants, Case No.
CIV-21-328-C (W.D. Okla.).
Plaintiffs filed the action seeking to recover damages in state
court. At the time of Plaintiffs' filing, Chesapeake had filed a
Chapter 11 bankruptcy proceeding in the United States District
Court for the Southern District of Texas. Chesapeake seeks
dismissal of Plaintiffs' claim against it, arguing the claim
violates the discharge obtained by Defendant Chesapeake in the
bankruptcy case. Plaintiffs argue they should be permitted to
pursue their claims to recover any liability insurance that
Chesapeake has that covers their claims.
Judge Cauthron says whether or not Plaintiffs' claims against
Chesapeake "are viable following the bankruptcy proceeding is a
decision for the bankruptcy court. What is clear, is that
Plaintiffs' claims cannot proceed in this Court until such time as
the bankruptcy court permits. Accordingly, Defendant Chesapeake's
Motion to Dismiss will be granted."
A copy of the Court's May 26, 2021 order is available
https://t.ly/32RN from Leagle.com.
About Chesapeake Energy Corp.
Headquartered in Oklahoma City, Chesapeake Energy Corporation's
(NASDAQ: CHK) operations are focused on discovering and responsibly
developing its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United
States.
Chesapeake Energy and its affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 20-33233) on June 28, 2020, after
reaching terms of a Chapter 11 plan of reorganization to eliminate
approximately $7 billion of debt.
The Debtors tapped Kirkland & Ellis LLP as legal counsel, Jackson
Walker LLP as co-counsel and conflicts counsel, Alvarez & Marsal as
restructuring advisor, Rothschild & Co and Intrepid Financial
Partners as financial advisors, and Reevemark as communications
advisor. Epiq Global is the claims agent.
Wachtell, Lipton, Rosen & Katz serves as legal counsel to
Chesapeake Energy's Board of Directors.
MUFG Union Bank, N.A., the DIP facility agent and exit facilities
agent, has tapped Sidley Austin LLP as legal counsel, RPA Advisors
LLC as financial advisor, and Houlihan Lokey Capital Inc. as
investment banker.
Davis Polk & Wardell LLP and Vinson & Elkins L.L.P. serve as legal
counsel to an ad hoc group of first lien last out term loan lenders
while Perella Weinberg Partners and Tudor, Pickering, Holt & Co.
serve as the group's investment bankers.
Franklin Advisers, Inc., has tapped Akin Gump Strauss Hauer & Feld
LLP as legal counsel, FTI Consulting, Inc., as financial advisor,
and Moelis & Company LLC as investment banker.
On July 9, 2020, the Office of the U.S. Trustee appointed a
committee to represent unsecured creditors in Debtors' Chapter 11
cases. The unsecured creditors' committee has tapped Brown
Rudnick, LLP and Norton Rose Fulbright US, LLP as its legal
counsel, and AlixPartners, LLP as its financial advisor.
On July 24, 2020, the bankruptcy watchdog appointed a committee of
royalty owners. The royalty owners' committee is represented by
Forshey & Prostok, LLP.
Chesapeake Energy successfully concluded its restructuring process
and emerged from Chapter 11 after winning confirmation of its
Chapter 11 plan in January 2021. Chesapeake emerged from
bankruptcy with about $3 billion in new financing, a $7 billion
reduction in debt, and $1.7 billion cut from gas processing and
pipeline costs.
CITY WIDE COMMUNITY: Files Amendment to Disclosure Statement
------------------------------------------------------------
City-Wide Community Development Corporation, ("CWCDC"); and its
wholly owned subsidiaries, Lancaster Urban Village Residential,
LLC, ("LUVR")and Lancaster Urban Village Commercial, LLC, submitted
a Consolidated First Amended Disclosure Statement for the First
Amended Plan dated May 25, 2021.
The Debtors shall, as the Reorganized Debtor, continue to exist
after the Effective Date as legal entities organized in the State
of Texas without any prejudice to any right to alter or terminate
such existence under applicable state law.
The Plan provides, with exception of the City of Dallas which is
escrowed pending completion of resolution of disputes regarding
whether there is a $1 million lien on LUVR, payment in full on the
Effective Date, or under their respective terms. The priority
claims to the taxing authorities, if any, will also be paid in full
in five years. Unsecured creditors with claims of professional fees
not requiring Court approval and trade accounts will be paid 100%
of their claims in one single lump sum payment to be made within
180 days of the Effective Date.
The First Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors:
* Class 13 consists of Unsecured Creditors of Professionals
and Trade Debt. Allowed Claims of creditors in Class 13 shall be
paid 100% of their Allowed Claims. Creditors will receive a single
lump sum payment of 100% of their Allowed Claim paid within 180
days of the Effective Date. Debtors believe the total Allowed
Claims in Class 13 will be approximately $80,000 on the Effective
Date.
* Class 14 consists Unpaid Salaries and Benefits. Allowed
Claims of creditors in Class 14 shall be paid 100% of their Allowed
Claims. Creditors will receive a single lump sum payment of 100% of
their Allowed Claim paid within 180 days of the Effective Date.
Debtors believe the total Allowed Claims in Class 14 will be
approximately $595,000 on the Effective Date.
The Debtor intends to market this property for its current
appraised value, in an "as-is, where is" sale. Based on broker's
opinion, this sale will be at a range of from $19 million to $22
million. This sale, or refinancing in lieu of sale, if purchase
fails, will drive funding of the Plan.
A full-text copy of the First Amended Disclosure Statement dated
May 25, 2021, is available at https://bit.ly/3fToNTy from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Kevin S. Wiley, Sr.
WILEY LAW GROUP, PLLC
325 N. St. Paul Street, Suite 2250
Dallas, Texas 78201
Tel: (214) 537-9572
Fax: (972) 498-1117
E-mail: kwiley@wileylawgroup.com
About City-Wide Community Development Corp.
City-Wide Community Development Corp. and affiliates are primarily
engaged in renting and leasing real estate properties.
City-Wide Community Development Corp. and affiliates Lancaster
Urban Village Residential, LLC and Lancaster Urban Village
Commercial, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 21-30847) on April
30, 2021. In the petitions signed by Sherman Roberts, president
and chief executive officer, the Debtors disclosed $12,026,657 in
assets and $10,332,946 in liabilities. Judge Michelle V. Larson
oversees the cases. Kevin S. Wiley, Sr., Esq. and Kevin S. Wiley,
Jr., Esq. at the Wiley Law Group, PLLC, are the Debtors' legal
counsel.
CMC II: Seeks OK to Hire Investment Banker, Financing Advisor
-------------------------------------------------------------
CMC II, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Configure
Partners and McDonald Hopkins, LLC to jointly act as their
investment banker and litigation financing advisor, respectively.
The Debtors need the firms' services in connection with the
marketing and sale of potential litigation claims and causes of
action. Configure Partners and McDonald Hopkins will be paid as
follows:
(a) Each firm shall receive a non-refundable monthly fee of
$50,000; provided, however, the monthly fee shall be $25,000 per
month after the payment of four full monthly fees until the
termination of the firms' engagement agreements.
(b) Each firm shall receive a transaction fee of $375,000 upon
the consummation of any transaction or other disposition of all or
a material portion of the litigation assets, including, without
limitation, the release, waiver or settlement of all or a material
portion of the litigation assets. One hundred percent of the first
four full monthly fees actually paid shall be credited once against
any transaction fee payable.
(c) Each firm shall receive an additional fee in an amount
equal to 2.5 percent of the proceeds received (in the case of a
sale) or the value obtained (in the case of a financing or other
transaction) by the Debtors, their estates, or their respective
successors or assigns, as a result of the consummation of any
transaction in excess of the value of the stalking horse bid
attributable to the litigation assets in the asset purchase
agreement between CPSTN Operations, LLC and the Debtors.
(d) Reimbursement of out-of-pocket expenses incurred.
As disclosed in court filings, Configure Partners and McDonald
Hopkins are both "disinterested" as that term is defined in Section
101(14) of the Bankruptcy Code.
The firms can be reached through:
Joseph Weissglass
Configure Partners
3280 Peachtree Road
Atlanta, GA 30305
Phone: (678) 723-4575
Email: info@configurepartners.com
-- and --
Marc J. Carmel
McDonald Hopkins LLC
300 North LaSalle Street, Suite 1400
Chicago, IL 60654
Phone: (312) 642-1484
About CMC II LLC
CMC II, LLC, 207 Marshall Drive Operations, LLC and 803 Oak Street
Operations LLC are part of a group of Consulate Health care
corporate affiliates that manage and operate 140 skilled nursing
facilities.
CMC II provides management and support services to approximately
140 SNFs, each of which is operated by an affiliate under the
common ownership of non-debtor LaVie Care Centers, LLC, doing
business as Consulate Health Care. 207 Marshall operates Marshall
Health and Rehabilitation Center, a 120-bed SNF located in Perry,
Fla., while 803 Oak Street operates Governor's Creek Health and
Rehabilitation, a 120-bed SNF located in Green Cove Springs, Fla.
On March 1, 2021, CMC II, 207 Marshall, 803 Oak Street and three
inactive affiliates sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 21-10461). As of the bankruptcy filing, CMC II had
between $100 million and $500 million in both assets and
liabilities.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Chipman Brown Cicero & Cole, LLP, as legal
counsel and Alvarez & Marsal North America, LLC as restructuring
advisor. Stretto is the claims agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Porzio, Bromberg & Newman, P.C.
DITECH FINANCIAL: Yee Foreclosure Suit Tossed
---------------------------------------------
District Judge Lucy H. Koh dismissed Ditech Financial LLC as
defendant in the second amended complaint in the lawsuit filed by
Dolores Yee.
Yee, proceeding pro se, sued Select Portfolio Servicing Inc.;
Ditech Financial LLC f/k/a Green Tree Servicing LLC; Specialized
Loan Servicing LLC; The Mortgage Law Firm PLC; and "CWABS, Inc.,
Asset-Backed Certificates, Series 2007-2,"1 who are unknown
defendant certificate holders, in connection with a pending
foreclosure on Plaintiff's home.
On September 26, 2019, the United States Bankruptcy Court for the
Southern District of New York approved Ditech's Chapter 11
bankruptcy plan, which has an effective date of September 30, 2019.
Ditech's Chapter 11 bankruptcy plan explicitly provides that the
holders of all claims that arose prior to the effective date and
that seek monetary damages against the Debtors are enjoined from
"commencing, conducting or continuing in any manner, directly or
indirectly, any suit, action, or other proceeding of any kind . . .
against or affecting the Debtors" or their successors. This
injunctive provision bars Plaintiff's claims for monetary relief
against Ditech because Plaintiff's claims for monetary relief arose
well before the effective date of September 30, 2019, Judge Koh
said.
The case is, YEE v. SELECT PORTFOLIO, INC., Case No.
18-CV-02704-LHK (N.D. Cal.). A copy of Judge Koh's May 25, 2021
Order is available at https://bit.ly/3c0Vxcj from Leagle.com.
About Ditech Holding Corporation
Ditech Holding Corporation and its subsidiaries --
http://www.ditechholding.com/-- are independent servicer and
originator of mortgage loans. Based in Fort Washington,
Pennsylvania, the Debtors have approximately 3,300 employees and
service a diverse loan portfolio.
Ditech Holding and certain of its subsidiaries, including Ditech
Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary
Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on
Feb. 11, 2019, after reaching terms with lenders of a Chapter 11
plan that will reduce debt by $800 million.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
Houlihan Lokey as investment banker and AlixPartners LLP as
financial advisor. Epiq Bankruptcy Solutions LLC served as claims
and noticing agent.
Kirkland & Ellis LLP and FTI Consulting Inc. served as the
consenting term lenders' legal counsel and financial advisor,
respectively.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases on Feb. 27, 2019. The
creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as
its legal counsel and Goldin Associates, LLC, as its financial
advisor.
On May 2, 2019, the U.S. trustee appointed an official committee of
consumer creditors. The consumers committee tapped Quinn Emanuel
Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as
financial advisor.
On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter
11 bankruptcy plan, which became effective four days later.
DITECH HOLDING: Court Disallows Ellison's $386,000 Claim
--------------------------------------------------------
Angela Ellison filed Proof of Claim No. 1357 asserting a $386,000
secured claim against Ditech Financial LLC. She seeks damages
based upon the allegedly illegal foreclosure of her property. In
their Sixty-Seventh Omnibus Claims Objection, the Plan
Administrator and the Consumer Claims Representative, as
representatives of the post-confirmation estate of Ditech, seek to
disallow and expunge the Claim. The Claimant responded to the
Objection and the Estate Representatives submitted a joint reply to
the Response.
The Estate Representatives contend that the Court should expunge
the Claim because it fails to state a claim for relief against
Ditech. Pursuant to the Claims Procedures Order, the Court
conducted a Sufficiency Hearing on the Claim. The legal standard
of review at a Sufficiency Hearing is equivalent to the standard
applied to a motion to dismiss for failure to state a claim upon
which relief may be granted under Rule 12(b)(6) of the Federal
Rules of Civil Procedure.
The Claimant seeks relief that is identical to the relief she
sought against Aames Funding, its successors by merger, and
assignees, in a pre-petition lawsuit that she unsuccessfully
prosecuted in the United States Bankruptcy Court for the Northern
District of Texas. In that action, the Claimant contended she was
the victim of an illegal foreclosure sale and sought damages under
Texas state law from the holder of the Mortgage Loan, the assignee
of the Deed of Trust and servicer of the Mortgage Loan, among
others. Ditech was not party to the Texas Action. The Texas
Bankruptcy Court dismissed the Texas Action, with prejudice, and
the United States District Court for the Northern District of Texas
affirmed the dismissal on appeal.
According to Bankruptcy Judge James L. Garrity, Jr., it is settled
that under Rule 12(b)(6), dismissal of a claim on res judicata
grounds is appropriate when the elements of res judicata are
apparent on the face of the claim. It is also settled that pro se
claimants are subject to application of the principles of res
judicata and claim preclusion. Judge Garrity held that, construing
the Claim in the light most favorable to the pro se Claimant, and
drawing all inferences in her favor, the Claimant fails to state a
claim for relief against Ditech. Hence, the Court sustains the
Objection and disallows and expunges the Claim on the grounds that
the doctrine of res judicata as applied under Texas law bars the
Claimant from obtaining any recovery under the Claim.
A copy of the Court's May 21, 2021 Memorandum Decision and Order is
available at https://bit.ly/3yJPa6O from Leagle.com.
About Ditech Holding Corporation
Ditech Holding Corporation and its subsidiaries --
http://www.ditechholding.com/-- are independent servicer and
originator of mortgage loans. Based in Fort Washington,
Pennsylvania, the Debtors have approximately 3,300 employees and
service a diverse loan portfolio.
Ditech Holding and certain of its subsidiaries, including Ditech
Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary
Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on
Feb. 11, 2019, after reaching terms with lenders of a Chapter 11
plan that will reduce debt by $800 million.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
Houlihan Lokey as investment banker and AlixPartners LLP as
financial advisor. Epiq Bankruptcy Solutions LLC served as claims
and noticing agent.
Kirkland & Ellis LLP and FTI Consulting Inc. served as the
consenting term lenders' legal counsel and financial advisor,
respectively.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases on Feb. 27, 2019. The
creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as
its legal counsel and Goldin Associates, LLC, as its financial
advisor.
On May 2, 2019, the U.S. trustee appointed an official committee of
consumer creditors. The consumers committee tapped Quinn Emanuel
Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as
financial advisor.
On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter
11 bankruptcy plan, which became effective four days later.
EHT US1: Joyce LLC Updates List of Equity Holders
-------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Joyce, LLC submitted an amended verified statement
to disclose an updated list Ad Hoc Committee of Holders of Equity
Units that it is representing in the Chapter 11 cases of EHT US1,
Inc, et al.
On March 9, 2021, the Ad Hoc Equity Committee retained BlackOak LLC
and Brown Rudnick LLP to represent it as co-counsel in connection
with the chapter 11 cases of the above-captioned debtors and
debtors-in-possession. Thereafter, on March 19, 2021, the Ad Hoc
Equity Committee retained Blank Rome LLP as co-counsel.
On March 23, 2021, the Ad Hoc Equity Committee filed its statement
[D.I. No. 484] in accordance with Bankruptcy Rule 2019.
On May 24, 2021, the Ad Hoc Equity Committee retained the Law
Offices of Joyce, LLC to represent it as substituting counsel in
connection with these chapter 11 cases.
As of March 26, 2021, members of the Ad Hoc Equity Committee and
their disclosable economic interests are:
Number of Units
---------------
Kay Ping Poh 1,853,600
Wei Chiang Jason Ng 100,000
Yong Sheng Desmond Lin 66,900
Jian Hao Leow 57,000
Thomas Ooi 20,000
Yue Lin Wu 17,500
Pang Soon Ong 17,000
Each member of the Ad Hoc Equity Committee is the beneficial holder
of disclosable economic interests in relation to the Debtors. In
accordance with Bankruptcy Rule 2019, and based upon information
provided to Joyce, LLC by the Ad Hoc Equity Committee, attached
hereto as Exhibit A is an amended list of the names and nature and
amount of each disclosable economic interest of each of the members
of the Ad Hoc Equity Committee as of the date of this Amended
Statement.
Nothing contained in this Amened Statement is intended to or should
be construed to constitute (a) a waiver or release of any claims
filed or to be filed against the Debtors held by the Ad Hoc Equity
Committee, its members, affiliates or any other entity, or (b) an
admission with respect to any fact or legal theory. Nothing herein
should be construed as a limitation upon, or waiver of, any rights
of the Ad Hoc Equity Committee (i) to assert, file, and/or amend
any proof of claim in accordance with applicable law or (ii) with
respect to any orders entered in these cases.
The Ad Hoc Equity Committee reserves the right to amend or
supplement this Amended Statement from time to time for any reason
in accordance with Bankruptcy Rule 2019.
Counsel to the Ad Hoc Equity Committee can be reached at:
Michael J. Joyce, Esq.
JOYCE, LLC
1225 King Street
Suite 800
Wilmington, DE 19801
Tel: (302)-388-1944
E-mail: mjoyce@mjlawoffices.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3c5iY3Y and https://bit.ly/3uzHjFL
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust. Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.
EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.
EHT US1 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker. Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and Cayman
Law counsel, respectively. Donlin, Recano & Company, Inc. is the
claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 4, 2021. The committee tapped Kramer
Levin Naftalis & Frankel, LLP as its bankruptcy counsel, Morris
James LLP as Delaware counsel, and Province, LLC, as financial
advisor.
ELLSWORTH HANSEN: Court Conditionally Approves Disclosure Statement
-------------------------------------------------------------------
Judge Michelle M. Harner has entered an order conditionally
approving the Amended Disclosure Statement of Ellsworth Hansen
Associates LLC, and the hearing to consider the final approval of
the Amended Disclosure Statement and the confirmation of the Plan
will be held on July 7, 2021, at 10:00 a.m., by videoconference.
June 25, 2021, is fixed as the last day for filing and serving
written objections to the conditionally approved Amended Disclosure
Statement or confirmation of the Plan.
June 25, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan.
About Ellsworth Hansen Associates
Ellsworth Hansen Associates LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D. Md. Case No. 19-21159) on Aug. 20, 2019,
estimating under $1 million in both assets and liabilities. The
Debtor is represented by Edward M. Miller, Esq., at Miller &
Miller, LLP.
EQUESTRIAN EVENTS: Seeks Bridge Ruling for Continued Cash Access
----------------------------------------------------------------
Equestrian Events, LLC asked the U.S. Bankruptcy Court for the
Northern District of Illinois to authorize the use of cash
collateral so it may continue the operations of its horse boarding
business, make payroll and pay basic operating expenses, as well as
provide for the care of the horses boarded on its premises while
the issues in its bankruptcy case are resolved.
After the Petition Date, prepetition lenders Skylight Services and
Silver Bottom, LLC sought to prohibit the Debtor from using the
cash collateral. In the course of the Debtor's cases, the Debtor
negotiated with the lenders for the use of cash collateral. The
prepetition lenders assert an interest in the cash collateral for
certain sums of money loaned to the Debtor, secured by an
assignment of rents. In a ruling, the Court clarified that the
assignment gave the lenders a lien on at least a portion of the
Debtor's revenue from its boarding agreements and that revenue
constitutes cash collateral. The lenders granted concessions to
the Debtor to use the cash collateral through April 30 and
thereafter, through May 31 pursuant to a May 3 Court order. Due to
discussions between the Debtor and the prepetition lenders of a
possibility to enter into a final cash collateral order, the
Debtor's authority to use cash collateral was continued until May
17.
At the hearing on May 17, however, the lenders told the Court they
no longer intend to enter into the final cash collateral order, but
would likely agree to a temporary order as soon as the Debtor could
present a DIP financing motion. Thus, the use of cash collateral
again continued until May 24.
The Debtor, again, sought to extend its authority to use the cash
collateral, this time, through June 30 but the lenders would not
agree to extend the existing order past May 31. The Court
authorized the parties to file briefs on the continued use of cash
collateral and set the next hearing for June 21. The existing
order, however, was not extended.
The Debtor now asks the Court to enter a bridge order extending the
use of cash collateral, on the same terms as the previous orders,
to allow the parties to file the cash collateral briefs, which will
be heard on June 21. The Debtor filed a budget for June 2021,
which provided for $61,788 in total expenses. A copy of the budget
is available for free at https://bit.ly/3p0NC3P from
PacerMonitor.com.
A copy of the motion is available at https://bit.ly/3fQ4kyY from
PacerMonitor.com at no charge.
The Court will consider the Debtor's continued use of the cash
collateral at a hearing via Zoom on June 7 at 1 p.m. before the
Honorable Timothy A. Barnes. Objections must be filed no later
than two business days before the hearing.
About Equestrian Events, LLC
Equestrian Events, LLC operates a horse boarding business at
45W015-45W017 Welter Rd, Maple Park, Illinois. It has 100%
ownership interest in the property, which has a current value of
$2.10 million.
Equestrian Events filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
20-21793) on Dec. 21, 2020. Brian Anderson, its manager, signed the
petition.
At the time of filing, the Debtor disclosed total assets of
$2,186,326 and total liabilities of $3,162,525.
Judge Timothy A. Barnes oversees the case.
SPRINGER LARSEN GREENE, LLC serves as the Debtor's legal counsel.
Skyylight Services and Silver Bottom, LLC, as Lenders, are
represented by Mark A. Carter, Esq., Richard Polony, Esq., and
Daniel L. Morriss, Esq. at HINSHAW & CULBERTSON LLP as counsel.
EXPO CONSTRUCTION: Ordered to File Amended Disclosures by June 15
-----------------------------------------------------------------
Judge Eduardo Rodriguez has entered an order that Expo Construction
Group, LLC, must file its Amended Disclosure Statement, if any, no
later than June 15, 2021.
Any objections to the Amended Disclosure Statement must be filed no
later than June 22, 2021.
A hearing on the Debtor's Disclosure Statement will be conducted
electronically before the United States Bankruptcy Court, Southern
District of Texas, Houston Division on June 29, 2021, at 1:30 p.m.
(Central Standard Time).
About Expo Construction Group
Expo Construction Group, LLC, a Houston-based general contractor,
filed a voluntary petition for relief under Chapter 11 of the
United States Code (Bankr. S.D. Tex. Case No. 20-34099) on Aug. 18,
2020. Melida Taveras, a managing member, signed the petition. At
the time of filing, the Debtor estimated $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities. The Law
Office of Margaret M. McClure serves as the Debtor's legal counsel.
FILLIT INC: Cherokee and PURE Say Plan Unconfirmable
----------------------------------------------------
Palmyra Urban Renewal Entity, LLC ("PURE"), the designated
redeveloper of the closed, contaminated landfill (the "Fillit
Property" or "Property") located in Palmyra Borough, New Jersey
("Palmyra" or the "Borough") and owned by debtor Fillit, Inc., and
Cherokee Equities LLC ("Cherokee" and together with PURE,
"Objectors"), which is both a secured creditor of the Debtor and a
member of PURE, objects to Debtor's Combined Disclosure Statement
and Plan of Reorganization, and state as follows:
* The Debtor has filed a disclosure statement that is legally
deficient. The self-serving descriptions are likely intended to
further its and NP Palmyra's goal of collaterally attacking the
redevelopment parties, including Cherokee and PURE.
* The Debtor omits a major fact concerning contamination of
the Property and the resulting violation of the 2011 Blight
Settlement Agreement. The Debtor asserts that contamination was
caused by Clean Earth, but there is no mention of the Debtor's
leasing of the Property to convicted felon Bradley Sirkin and
Jersey Recycling Services, LLC.
* Cherokee and PURE object to any assertion by the Debtor in
its disclosure statement that the Property is worth $50 million.
This is a completely speculative and unreasonable evaluation given
the limited information to which the Debtor cites.
* Cherokee and PURE object to the broad release of claims
and/or injunctions from bringing claims against the Debtor and NP
Palmyra in Section XI of the Plan. The Plan is not a true pass
through because the Debtor is being released from all claims,
except for the NJ-DEP Environmental Justice lawsuit, while
simultaneously wiping away Cherokee and PURE's setoff rights.
* The Plan discloses nothing that suggests that the Debtor is
under any obligation to indemnify or fund NP Palmyra for actions
that NP Palmyra has taken or may take that could lead to litigation
against NP Palmyra.
* Section IX.L of the Plan seeks to wipe away all of
Cherokee's and PURE's rights of setoff absent a formal motion to
preserve them. The Plan setoff clause allows the Debtor to reduce
any claim by use of setoff or recoupment and requires that in order
for a holder of a claim to assert any setoff rights, it must file a
formal motion or risk waiving its claim and being forever barred
from asserting the setoff rights.
* Section IX.M of the Plan attempts to provide that no
interest will be paid on allowed prepetition claims that are not
secured claims. Yet the Debtor asserts that all classes of claims
are unimpaired. The attempt to deny post-petition interest renders
the Plan unconfirmable under the fair and equitable provision of
Section 1129(b)(2).
* Cherokee and PURE request that the Court reject the
inadequate disclosures proposed by the Debtor or make it clear that
the questionable disclosures by the Debtor have no binding effect
on third parties; deny confirmation of the Plan absent removal of
the inappropriate provisions; and grant such other and further
relief as is just and proper.
A full-text copy of Cherokee and Palmyra Urban's objection dated
May 25, 2021, is available at https://bit.ly/3fzBmUN from
PacerMonitor.com at no charge.
Attorneys for Cherokee Equities:
WOLLMUTH MAHER & DEUTSCH LLP
500 Fifth Avenue
New York, New York 10110
Phone: (212) 382-3300
Fax: (212) 382-0050
James N. Lawlor, Esq.
Attorney for Palmyra Urban:
CARLIN & WARD, P.C.
25B Vreeland Road, Suite 203
P.O. Box 751
Florham Park, New Jersey 07932
Phone: (973) 377-3350 Ext. 115
Fax: (973) 377-5626
James M. Turteltaub, Esq.
About Fillit, Inc.
Fillit, Inc., d/b/a Fillit Corp., is engaged in activities related
to real estate.
Fillit sought Chapter 11 protection (Bankr. D.N.J. Case No. 20
23140) on Nov. 30, 2020. In the petition signed by James Campo,
president, the Debtor was estimated to have $10 million to $50
million in assets and $1 million to $10 million in liabilities as
of the bankruptcy filing. The Honorable Christine M. Gravelle is
the case judge. LOWENSTEIN SANDLER, LLP, led by Kenneth A. Rosen,
is the Debtor's counsel.
FILLIT INC: Palmyra Says Disclosure Statement Deficient
-------------------------------------------------------
The Borough of Palmyra, a municipality of the State of New Jersey,
with offices located in Borough Hall, 20 West Broad Street,
Palmyra, New Jersey, ("Palmyra") a creditor of Debtor Fillit, Inc.,
objects to Debtor's Combined Disclosure Statement and Plan of
Reorganization.
Palmyra joins in the joint Objection filed by the Palmyra Urban
Renewal Entity, LLC ("PURE") and Cherokee Equities, LLC.
Palmyra cites that the Debtor has filed a disclosure statement that
is legally deficient. The self-serving descriptions are likely
intended to further the Debtor's and NP's goal of collaterally
attacking the redevelopment area directly, and Palmyra, Cherokee
and PURE indirectly.
Palmyra claims that the Disclosure Statement minimized the Debtor's
responsibility for the remediation of the contamination on the
site. The Debtor has violated numerous Orders and Consent Decrees
from the New Jersey Department of Environmental Protection (the
"NJDEP") and there is inadequate mention of the Debtor's
responsibility to pay the NJDEP's fines and penalties it owes.
Palmyra objects to the broad release of claims and/or injunctions
from bringing claims against the Debtor and NP in Section XI of the
Plan. The Plan is not a true pass through because the Debtor is
being released from all claims, except for the NJDEP Environmental
Justice lawsuit, while simultaneously wiping away potential claims
of Palmyra.
Palmyra points out that the Plan's extremely broad injunction
provisions in Sections XI.E, and XI.F should be expressly limited
to those Claims that are actually paid under the Plan, and not
extend to those that will continue to survive and be the subject of
litigation. Creditors and parties-in-interest should not have to
risk contempt proceedings when the Debtor is already stating it
intends to pass through claims and litigate them in state court.
Palmyra asserts that the unfettered right of NP to make
modifications to the Option permits it to reshape its obligations
and the Debtor's at will, regardless of the Plan's requirements. It
should be explicitly stated in the Confirmation Order that the
Option cannot be modified to ensure that Cherokee and PURE's rights
are truly preserved post-bankruptcy.
Palmyra requests that this Court reject the inadequate disclosures
proposed by the Debtor or, make it clear that the questionable
disclosures by the Debtor have no binding effect on third parties;
deny confirmation of the Plan absent removal of the inappropriate
provisions; and grant such other and further relief as is just and
proper.
A full-text copy of Palmyra's objection dated May 25, 2021, is
available at https://bit.ly/3uAVXg2 from PacerMonitor.com at no
charge.
Attorney for Borough of Palmyra:
LAW OFFICES OF TED M. ROSENBERG
PO Box 97
Moorestown, New Jersey 08057
Ph: (856) 608-9999
Fax: (856)235-8196
Ted M. Rosenberg, Esq.
About Fillit, Inc.
Fillit, Inc., d/b/a Fillit Corp., is engaged in activities related
to real estate.
Fillit sought Chapter 11 protection (Bankr. D.N.J. Case No.
20-23140) on November 30, 2020. In the petition signed by James
Campo, president, the Debtor was estimated to have $10 million to
$50 million in assets and $1 million to $10 million in liabilities
as of the bankruptcy filing. The Honorable Christine M. Gravelle
is the case judge. LOWENSTEIN SANDLER, LLP, led by Kenneth A.
Rosen, is the Debtor's counsel.
FORD MOTOR: DBRS Confirms BB(high) Issuer Rating, Trend Stable
--------------------------------------------------------------
DBRS Limited changed the trend on Ford Motor Company's Issuer
Rating to Stable from Negative and confirmed the rating at BB
(high).
Pursuant to the "DBRS Morningstar Criteria: Recovery Ratings for
Non-Investment-Grade Corporate Issuers," DBRS Morningstar also
changed the trends to Stable from Negative for the instrument
ratings on Ford's Long-Term Debt, Revolving Credit Facility, and
Senior Unsecured Convertible Debt and confirmed the ratings at BB
(high) with associated recovery ratings of RR4. Concurrently, DBRS
Morningstar changed the trends on the long-term debt ratings of
Ford Motor Credit Company LLC (Ford Credit) and its subsidiary Ford
Credit Canada Company to Stable from Negative. The trends on the
short-term ratings remain at Stable as, pursuant to DBRS
Morningstar's debt rating scale, the R-4 rating maps consistently
to long-term ratings ranging from BB (high) to B (high). DBRS
Morningstar also confirmed the long-term and short-term ratings at
BB (high) and R-4, respectively, of Ford Credit and Ford Credit
Canada Company.
The rating actions reflect Ford's sound business risk assessment as
a major global automotive original equipment manufacturer (OEM)
with a notably strong competitive position in full-size pickup
trucks. Additionally, the Company's financial risk assessment (FRA)
has stabilized somewhat (although remaining meaningfully weaker
relative to recent historical levels) following last year's
challenges substantially attributable to the Coronavirus Disease
(COVID-19); however, DBRS Morningstar notes that Ford's ensuing
recovery has been undermined by the global semiconductor shortage
that has afflicted substantially all automotive OEMs.
As with several OEMs, the Company's 2020 operating performance was
significantly weaker year over year (YOY), in line with the global
progression of the coronavirus pandemic that adversely affected
both production and demand. Accordingly, Ford's 2020 wholesale
volumes declined by 22% YOY to 4.2 million units from 5.4 million
units in 2019. Notwithstanding the sizable drop in volumes, Ford
proved reasonably resilient to the pandemic with the Company
benefitting from cost reductions and notable pricing gains that
were significantly a function of low industry inventories stemming
from production interruptions caused by the coronavirus pandemic.
DBRS Morningstar notes further that Ford's liquidity remained solid
throughout the pandemic given proactive measures taken by the
Company that included suspending dividends (after Q1 2020), fully
drawing down available loan facilities for a total amount of $15.4
billion, and issuing unsecured notes in an aggregate amount of $8.0
billion. As a function of a meaningful recovery in H2 2020 that
exceeded DBRS Morningstar's expectations, Ford generated
significant cash (which included materially positive working
capital effects) in the latter half of the year that enabled it to
fully repay its revolving facilities in Q3 2020.
Going forward, the anticipated industry recovery following last
year's marked contraction stands to be impeded by the global
semiconductor shortage that could now extend into 2022. The Company
has indicated that it is expecting associated production
interruptions to result in losses of about 50% of planned Q2 2021
production and annual losses of about 1.1 million wholesale units,
equivalent to roughly 20% of 2019 volumes. This translates to an
estimated earnings impact of $2.5 billion, with increasing
commodity costs representing another headwind. Despite the above,
Ford's 2021 industrial earnings are forecast to moderately improve
YOY, in line with projected volume gains. These earnings should be
bolstered considerably by ongoing firmer pricing that reflects the
above-cited low industry inventory levels as well as Ford's product
momentum, with recent launches including several high-profile
models such as the Mustang Mach-E, Bronco, and F-150. DBRS
Morningstar notes that Ford has now effectively completed its
targeted migration away from passenger cars that typically
generated weak contribution margins, with the Company's product
portfolio now substantially consisting of more profitable trucks
and utility vehicles. Finally, earnings of Ford Credit are
estimated to improve considerably from already solid 2020 levels in
line with lower credit loss provisions and favorable residual value
performance, with distributions from Ford Credit to the Company's
industrial operations to increase correspondingly.
Consistent with the Stable trend assigned to the ratings, DBRS
Morningstar deems it unlikely that Ford will be subject to negative
rating actions over the near to medium term because the Company has
endured the worst of the coronavirus pandemic; Ford's FRA is
underpinned by its consistently solid liquidity position; and the
industrial operations have a net cash position of $5.4 billion as
of March 31, 2021. Conversely, positive rating actions could result
if the Company's earnings performance continue to improve next year
amid more favorable industry conditions (and the moderation of the
semiconductor shortage), bolstered by Ford's aforementioned product
momentum—thereby enabling a reduction in industrial indebtedness
and associated improvement in credit metrics.
Notes: All figures are in U.S. dollars unless otherwise noted.
FOSSIL EXHIBITS: Seeks to Hire Roy W. Wiesner as Accountant
-----------------------------------------------------------
Fossil Exhibits International, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Roy
Wiesner, an accountant practicing in Hempstead, Texas.
The Debtor requires an accountant to prepare tax returns and
provide other accounting services.
Mr. Wiesner's hourly rate is $100. The accountant will be paid
$1,000 to $3,000 to prepare the Debtor's corporate federal income
tax return, and $250 for the Texas franchise tax return. He will
also receive reimbursement for out-of-pocket expenses incurred.
As disclosed in court filings, Mr. Wiesner is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
Mr. Wiesner can be reached at:
Roy W. Wiesner
737 12 th St.
Hempstead, TX 77445
Tel: (979) 826-8979
About Fossil Exhibits International
Based in Houston, Fossil Exhibits International, LLC --
http://fossil-exhibits.com-- provides its clients with trade show
booths, permanent installations, and event management services.
Fossil Exhibits sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 21-30714) on Feb. 26,
2021. Cherie Quentin, president, signed the petition. At the time
of the filing, the Debtor had between $1 million and $10 million in
both assets and liabilities. Judge Christopher M. Lopez oversees
the case.
The Debtor tapped The Ratnala Law Firm, PLLC to serve as its legal
counsel and Roy Wiesner, an accountant practicing in Hempstead,
Texas.
.
FRANCESCA'S HOLDINGS: Unsecureds to Recover 0% to 30.2% in Plan
---------------------------------------------------------------
FHC Holdings Corporation (f/k/a Francesca's Holdings Corporation,),
FHC LLC (f/k/a Francesca's, LLC), FHC Collections, Inc. (f/k/a
Francesca's Collections, Inc.), and Francesca's FHC Services
Corporation (f/k/a Francesca's Services Corporation), (each a
"Debtor" and collectively, the "Debtors") submitted a First Amended
Combined Disclosure Statement and Chapter 11 Plan of Liquidation
dated May 25, 2021.
The Debtors reconvened on January 19, 2021, to announce that (a)
the Buyer was the successful bidder for substantially all of the
Debtors' Asserts for a Cash purchase price of $18.0 million, plus
the Promissory Note for $1.25 million of additional consideration,
the assumption of approximately $7.74 million in Assumed
Liabilities, and the assumption of all open customer orders and
ordinary course purchase orders, and (b) MAS Acquisitions, LLC was
the backup bidder. Pursuant to the terms of the Asset Purchase
Agreement, all Avoidance Actions were purchased by the Buyer.
The proceeds from the Sale of the Debtors' Assets and the Debtors'
Cash on hand have been used to pay the costs of administration of
the Chapter 11 Cases, including the payment of (a) all obligations
owed to the DIP Parties under or relating to the DIP Credit
Agreement and the DIP Facility; (b) certain ordinary course
Administrative Claims; (c) stub rent Claims for rejected leases
that were reserved and required to be paid under the DIP Financing
Orders; and (d) cure Claims in connection with the assumption and
assignment of unexpired leases to the Buyer.
In accordance with the terms of the Asset Purchase Agreement and
the Sale Order, the Debtors agreed to change the corporate name of
each of the Debtor entities to remove the words "francesca's" or
"Francesca's" from the Debtors' names. On May 11, 2021, the Debtors
filed name change amendments with the Secretary of State of the
State of Delaware to change the name of Francesca's Holdings
Corporation to FHC Holdings Corporation and Francesca's LLC to FHC
LLC. On May 12, 2021, the Debtors filed name change amendments
with the Secretary of State of the State of Texas to change the
name of Francesca's Collections, Inc. to FHC Collections, Inc. and
Francesca's Services Corporation to FHC Services Corporation.
On May 19, 2021, the Bankruptcy Court entered the Order Authorizing
the Change of Corporate Names and Change of Case Caption,
authorizing the Debtors to change their corporate names and to
change the case caption to reflect the Debtors' name changes.
Class 3 consists of General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim shall receive its Pro Rata share of
the GUC Plan Consideration. Holders of Allowed General Unsecured
Claims shall not receive any Distributions unless and until all
Allowed Senior Claims have been paid in full. For the avoidance of
doubt, Holders of Allowed General Unsecured Claims shall not
receive any Distributions in excess of the Allowed amount of their
Claim.
On the Effective Date, all existing Equity Interests in the Debtors
shall be cancelled and released without any Distribution or
retention of any property on account of such Equity Interests;
provided, however, that as of the Effective Date, the Plan
Administrator shall be deemed to own one share of stock in FHC
provided, further, that the Plan Administrator shall not be
entitled to receive any Distribution on account of such retained
Equity Interest.
The Debtors shall fund Distributions under the Plan with: (a) Cash
on hand, (b) the Promissory Note, and (c) all other proceeds, if
any, generated from the liquidation of the Estate Assets,
including, without limitation, any Pre-Closing Tax Refunds. The
Debtors anticipate that, following their receipt of the Pre Closing
Tax Refunds for the 2019 and 2020 fiscal years, they will have
sufficient Cash to pay all Allowed Administrative Claims and
Allowed Priority Claims in full in Cash and make an estimated
distribution of 0% to 30.2% on account of Allowed General Unsecured
Claims.
The primary sources of Cash for Distributions to Holders of Allowed
Administrative Claims and Allowed Priority Claims under the Plan
are the remaining Cash proceeds from the Sale and the Cash proceeds
from the Pre-Closing Tax Refunds. The Debtors estimate that as of
the Effective Date they will have approximately $8.1 million in
Cash on hand, which includes the remaining proceeds of the Sale but
does not include the proceeds of any PreClosing Tax Refunds.
Although the Debtors believe that there will be sufficient Cash on
the Effective Date to pay all Allowed Administrative Claims and
Allowed Priority Claims in full in Cash, the Debtors may need to
delay payments to Holders of Allowed Administrative Claims and
Allowed Priority Claims in the event there is not sufficient Cash
to pay such Claims in full. The Debtors will pay such Claims in
full in Cash from the proceeds of the Pre-Closing Tax Refunds. The
Debtors have fully submitted their request for the Pre-Closing Tax
Refund for fiscal year 2019 and expect to receive payment of such
refund from the IRS within the next six months. However, the
pending Tax Audit may delay receipt of such payment. If the
Pre-Closing Tax Refund for fiscal year 2019 is not received before
the Effective Date, the Debtors will pay Allowed Administrative
Claims and Allowed Priority Claims in full in Cash as soon as
reasonably practicable after the Debtors' receipt of sufficient
Pre-Closing Tax Refunds.
A copy of the First Amended Combined Disclosure Statement and Plan
is available at https://bit.ly/3uzIeWH from Stretto, the claims
agent.
Co-Counsel to the Debtors:
Mark D. Collins
Michael J. Merchant
Jason M. Madron
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, Delaware 19801
Telephone: (302) 651-7700
Facsimile: (302) 651-7701
E-mail: collins@rlf.com
merchant@rlf.com
madron@rlf.com
Maria J. DiConza
Joseph Zujkowski
Diana M. Perez
O'MELVENY & MYERS LLP
Times Square Tower
Seven Times Square
New York, New York 10036
Telephone: (212) 326-2000
Facsimile: (212) 326-2061
E-mail: mdiconza@omm.com
jzujkowski@omm.com
dperez@omm.com
About Francesca's Holdings
Francesca's Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
20-13076) on Dec. 3, 2020. Francesca's Holdings had total assets
of $264.7 million and total liabilities of $290.5 million as of
Nov. 1, 2020.
Judge Brendan Linehan Shannon oversees the cases.
The Debtors tapped O'Melveny & Myers LLP and Richards, Layton &
Finger P.A. as legal counsel; FTI Capital Advisors LLC as financial
advisor and investment banker; A&G Realty Partners as real estate
advisor; and KPMG LLP as tax and accounting advisor. Bankruptcy
Management Solutions Inc. is the notice, claims and balloting
agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' cases.
Cole Schotz P.C. and Province, LLC serve as the committee's legal
counsel and financial advisor, respectively.
GREEN GROUP: Seeks to Hire Jacobs PC as Special Counsel
-------------------------------------------------------
Green Group 11, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Jacobs, PC as
special counsel.
The Debtor needs the firm's services in connection with potential
litigation that may be commenced in its Chapter 11 case.
The firm will be paid at these rates:
Partners $500 and $850 per hour
Special Counsels $400 and $650 per hour
Associates $300 and $500 per hour
Legal Assistants/Aides $100 and $280 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Ilevu Yakubov, Esq., a partner at Jacobs PC, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ilevu Yakubov
Jacobs, PC
8002 Kew Gardens Road
Kew Gardens, NY 11415
Tel: (718) 772-8704
About Green Group 11
Green Group 11, LLC is the owner and operator of a grocery store
located at 220 Greene Ave., Brooklyn, N.Y.
Green Group 11 filed a Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 19-40115) on Jan. 8, 2019. In the petition signed by Michael
Kandhorov, manager, the Debtor disclosed $6,000 in assets and
$1,895,562 in liabilities. Judge Nancy Hershey Lord oversees the
case.
The Debtor tapped the Law Office of Ira R. Abel as bankruptcy
counsel, Jacobs PC as special counsel, and Spiegel, LLC as
accountant.
GREENSILL CAPITAL: Seeks Approval to Hire Arent Fox as Counsel
--------------------------------------------------------------
Greensill Capital Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Arent Fox LLP
as its legal counsel.
The firm's services include:
(a) advising the committee of its rights, duties and powers in
the Debtor's Chapter 11 case;
(b) assisting the committee in its consultation with the
Debtor;
(c) assisting the committee in analyzing the Debtor's assets
and liabilities, investigating the extent and validity of liens and
participating in and reviewing any proposed asset sales or
dispositions;
(d) attending meetings and negotiating with representatives of
the Debtor, secured creditors and other parties-in-interest;
(e) assisting the committee in its examination, investigation
and analysis of the conduct of the Debtor's affairs;
(f) assisting the committee in the review, analysis and
negotiation of any plan of reorganization or liquidation and any
disclosure statement that may be filed;
(g) assisting the committee in the review and negotiation of
any financing or funding agreements;
(h) taking all necessary actions to protect and preserve the
interests of unsecured creditors, including without limitation, the
prosecution of actions on behalf of the committee, negotiations
concerning all litigation in which the Debtor is involved, and the
review and analysis of all claims filed against the Debtor's
estate;
(i) preparing legal papers;
(j) appearing before the court and the U.S. trustee;
(k) other legal services that may be necessary in connection
with the Debtor's Chapter 11 case.
The firm will be paid at these rates:
Partners $705 - $1,180 per hour
Of Counsel $695 - $1,105 per hour
Associates $430 - $750 per hour
Paraprofessionals $185 - $405 per hour
As disclosed in court filings, Arent Fox is a "disinterested
person" as that phrase is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
George P. Angelich, Esq.
Jordana L. Renert, Esq.
Arent Fox LLP
1301 Avenue of the Americas, Floor 42
New York, NY 10019
Tel: (212) 484-3900
Fax: (212) 484-3990
Email: George.Angelich@ArentFox.com
Jordana.Renert@ArentFox.com
and
Justin A. Kesselman, Esq.
Arent Fox LLP
The Prudential Tower
800 Boylston Street, 32nd Floor
Boston, MA 02199
Tel: (617) 973-6102
Email: Justin.Kesselman@ArentFox.com
About Greensill Capital
Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.
Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.
Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.
Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.
The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The committee is represented
by Arent Fox LLP.
GRIDDY ENERGY: Unsecureds Will Recover 2.4% to 8.7% in Plan
-----------------------------------------------------------
Judge Marvin Isgur has entered an order conditionally approving the
Disclosure Statement of Griddy Energy LLC.
The Debtor's request for a Combined Hearing on the approval of the
Disclosure Statement and confirmation of the Plan, and the
following Plan Confirmation Schedule is approved:
* Assumption and Cure Notice: Deadline June 7, 2021
* Assumption and Cure Objection Deadline: June 21, 2021, at 5:00
p.m. (prevailing Central time)
* Plan Supplement Date: June 18, 2021
* Plan and Disclosure Statement Objection Deadline: June 25,
2021 at 5:00 p.m. (prevailing Central Time)
* Voting Deadline: June 25, 2021, at 5:00 p.m. (prevailing
Central Time)
* Deadline to File Voting Report: July 1, 2021 at 5:00 p.m.
(prevailing Central Time)
* Deadline to File Confirmation Brief and/or Omnibus Reply to
Any Plan or Disclosure Statement Objection: July 2, 2021
* Combined Hearing on Disclosure Statement and Plan: July 7,
2021 at 3:00 p.m. (prevailing Central Time)
Each Person or Entity listed in the Debtor's books and records as
having been a customer of the Debtor at any point since February
2017, each of whom is listed on the Debtor's Schedules of
Liabilities as having contingent, unliquidated and disputed claims
in an undetermined amount, shall be deemed to have a Class 5
Customer Claim in the amount of $1.00 that is temporarily allowed
pursuant to Bankruptcy Rule 3018 solely for purposes of voting on
the Plan, including indicating whether the Person or Entity
consents to give and receive the benefit of the Customer Releases
set forth in section 12.10 of the Plan. Such former customer shall
not have an Allowed Class 5 Customer Claim unless such former
customer is a Participating Customer (i.e., does not opt-out of the
Customer Releases, including if such former customer abstains from
voting and does not opt-out of the Customer Releases) and the Court
approves the Customer Releases. If a former customer is a
Non-Participating Customer (i.e., opts-out of the Customer Releases
in accordance with the terms of the Plan), (a) the Customer
Releases shall not apply to such former customer, and (b) solely
for purposes of voting on the Plan, such Non-Participating Customer
shall be deemed to have a Class 4 Other General Unsecured Claim in
the amount of $1.00 that is temporarily allowed pursuant to
Bankruptcy Rule 3018 solely for purposes of voting on the Plan,
including indicating whether the Person or Entity consents to the
Third Party Releases set forth in Section 12.07(b) of the Plan.
In lieu of distributing a Solicitation Package to holders of Class
2 Other Secured Claims and Class 3 Priority Non-Tax Claims, the
Debtor shall cause the Combined Hearing Notice and the Non-Voting
Status Notice to be served on holders of Claims in Class 2 and
Class 3.
Reorganization Plan
According to its Disclosure Statement, Griddy Energy's Plan
provides, among other things, that:
* the Debtor's secured lenders will, for the benefit of the
Debtor's estate forego receipt of approximately $1.448 million of
the principal face amount owed to them by the Debtor plus interest
at the default contract rate in favor of other creditors in
accordance with the terms of the Plan and the Debtor's obligation
to pay certain professional fees and expenses of the Prepetition
Secured Lenders will be limited in amount and scope;
* holders of Allowed Class 5 Customer Claims (i.e., former
customers of the Debtor):
(a) will have the opportunity to receive releases from the
Debtor and the other Released Parties for all claims, including,
for unpaid amounts owed by such former customers for the
electricity and related fees, taxes, expenses and other costs due
as a result of the winter storm event that occurred in mid-February
2021 in Texas (commonly referred to as "Winter Storm Uri"), in
exchange for such former customers giving the
Released Parties a release of all claims the former customers have
or may have against the Released Parties; and
(b) for those former customers that:
(i) do not opt out of the mutual releases described in (a)
immediately above; and
(ii) paid the Debtor for electricity consumed by such
Participating Customer (i.e., a former customer that does not
opt-out of the Customer Releases, including a former customer that
abstains from voting on the Plan and does not opt-out of the
Customer Releases, and otherwise does not elect to become a
Non-Participating Customer in accordance with the terms of the
Plan) during the period February 13, 2021 through February 19, 2021
and timely and properly files a proof of claim for such amount as
reflected on the Debtor's books and records by the Former Customers
Bar Date in accordance with the Former Customers Bar Date Order,
such former customer would have an Allowed Claim in Class 5 in such
amount, less any amounts such Participating Customer successfully
disputed and received a full or partial refund from such
Participating Customer's credit card company (to the extent not
accounted for in the Debtor's books and records) and receive its
pro rata share of:
(x) any Texas Storm Causes of Action Net Recovery Proceeds in
accordance with the terms of the Plan,
(y) any cash that is available from the Prepetition Lender
Contribution of approximately $1.448 million (net of all Wind Down
Costs and payment of other claims in accordance with the payment
priorities under the Plan), and
(z) if a settlement is reached between the Debtor and the
Public Utilities Commission of Texas (the "PUCT") related to a
certain letter of credit in the amount of $500,000 the PUCT drew
upon prior to the Petition Date and the settlement is less than
$500,000, each holder of an Allowed Class 5 Participating Customer
Potential Return Claim will share Pro Rata in Available Cash with
holders of Allowed Class 4 Claims in the amount of the difference
between $500,000 and amount of any PUCT Settlement proceeds.
Any former customer that does not wish to exchange releases will be
considered a "Non-Participating Customer" and will not be treated
as having an Allowed Class 5 Customer Claim. Rather, such
Non-Participating Customer would have a temporarily Allowed Claim
in Class 4 (Other General Unsecured Claims) for purposes of voting
on the Plan. For all other purposes, if the Non-Participating
Customer timely and properly files an unsecured nonpriority claim
against the Debtor by the applicable Bar Date in accordance with
the applicable Bar Date Order, the Non-Participating Customer will
be treated as a holder of Other General Unsecured Claims. Other
than for purposes of voting on the Plan, any former customer that
does not wish to exchange releases and does not timely and properly
file a proof of claim against the Debtor shall not have either a
Class 4 Claims (Other General Unsecured Claims) or Class 5 Claims
(Customer Claims) against the Debtor. Any Participating Customer
will have the option to elect to become a Non-Participating
Customer up until 45 day s following the Effective Date of the
Plan;
* Holders of Allowed Other General Unsecured Claims will receive
on a Pro Rata basis (i) the aggregate amount of Available Cash of
the Debtor and (ii) any Net Recovery Proceeds, provided that, with
respect to (a) any cash that is available from the Prepetition
Lender Contribution of approximately $1.448 million (net of all
Wind Down Costs and payment of other claims in accordance with the
payment priorities under the Plan) and (b) any Causes of Action
arising from, relating to or in connection with the winter storm
event that occurred in Texas in mid-February 2021, holders of
Allowed Other General Unsecured Claims will share any recoveries
therefrom (net of all costs and expenses) on a Pro Rata basis with
the holders of Allowed Class 5 Participating Customer Claims, in
each case, on account of the Participating Customers' Allowed
Participating Customer Potential Return Claims. To the extent there
is a Settlement Deficiency, each holder of an Allowed Class 5
Participating Customer Potential Return Claim will receive its Pro
Rata Share from Available Cash of the amount of the Settlement
Deficiency, unsecureds will recover 2.4% -- 8.7%, plus any
recoveries from Causes of Action of their claims;
* the Debtor and the Committee will jointly select a plan
administrator (the "Plan Administrator") and, upon the Effective
Date, the Liquidating Debtor will enter into a Plan Administrator
Agreement with the Plan Administrator and the sole interest in the
Liquidating Debtor will vest in the Plan Administrator. The Plan
Administrator will act as a fiduciary and will have full authority
to administer the liquidation and wind down of the Debtor under the
provisions of the Plan, including to: (a) make Distributions to
holders of Claims set forth in the Plan; (b) object to, dispute,
compromise or settle the amount, validity, priority, treatment or
Allowance of any Claim; (c) sell, abandon or dispose of any
remaining property of the Debtor; and (d) pursue any Causes of
Action consistent with the provisions of the Plan. Certain material
actions of the Plan Administrator will be subject to consent by a
threemember Oversight Committee that will be formed on the
Effective Date. Two members will be appointed by the Committee and
one member will be appointed by HoldCo. As set forth in the Plan,
upon the occurrence of certain events, the Oversight Committee may
be reconstituted such that the majority of the members are
appointed by HoldCo.
The Debtor reached a comprehensive settlement with the other
Settlement Parties (the "Global Settlement") that resolves all
disputes between and among such Parties, including disputes
regarding the terms of the Plan:
* The Prepetition Secured Lenders agree to waive the portion of
their claims attributable to principal and default interest at the
contract rate accruing in connection therewith owed under the
Prepetition Secured Agreements;
* The Prepetition Lender Fee Claims shall be limited to a maximum
amount of $225,000 for the period through the Effective Date, which
amount shall be paid by one or more Non- Debtor Affiliates;
provided, that, if there are any unanticipated litigation or
contested matters, including any document requests or other
discovery that arise during the period May 19, 2021 through the
Effective Date in this case or any related adversary proceeding,
that cause the Prepetition Secured Lenders or the Collateral Agent
to incur fees and expenses in excess of $225,000, the Prepetition
Secured Lenders or the Collateral Agent, as the case may be, may,
promptly after expiration of the Outstanding LC, offset such
reasonable and documented out-of-pocket fees and expenses incurred
by the Prepetition Secured Lenders or the Collateral Agent in
connection therewith (to the extent provided under the Prepetition
Secured Agreements) against any undrawn amounts remaining from cash
collateralizing the Outstanding LC. The reasonable and documented
out-of-pocket fees and expenses described in the foregoing sentence
shall be Allowed on the Effective Date. Following satisfaction of
the such fees and expenses, any remaining cash subject to the
Prepetition Secured Lenders claims will be returned to the Debtor's
Estate;
* The Available Prepetition Lender Contribution will be shared
pro rata between holders of Allowed Class 5 Participating Customer
Potential Return Claims and holders of Class 4
Other General Unsecured Claims;
* Subject to Court approval, holders of Class 5 Claims that are
Participating Customers shall have 45 days following the Effective
Date to elect to become Non-Participating Customers for all
purposes under the Plan other than in respect of voting on the Plan
if such election is made after the Voting Deadline;
* All proceeds of any PUCT Settlement will be distributed by the
PUCT or its designee (as opposed to the Debtor) on a Pro Rata basis
to holders of Allowed Class 5 Participating Customer Potential
Return Claims and, to the extent the proceeds of the PUCT
Settlement are less than $500,000, each holder of an Allowed Class
5 Participating Customer Potential Return Claim will share Pro Rata
in Available Cash with holders of Allowed Class 4 Claims in the
amount of the difference between $500,000 and amount of any PUCT
Settlement proceeds;
* Former Customers will be included in the Third Party Release
(as defined below) provision provided for in Section 12.07(b) of
the Plan;
* Non-Debtor Affiliates will contribute their rights with respect
to certain to be agreed causes of action that overlap with any
Retained Causes of Action of the Debtor under the Plan;
* The Debtor and the Committee will jointly select the Plan
Administrator and the Plan Administrator will be subject to
oversight by an Oversight Committee consisting originally of two
members selected by the Committee and one member selected by the
Debtor, Certain actions by the Plan Administrator will require
consent of the members of the Oversight Committee;
* Griddy Technologies LLC ("Griddy Tech") will provide a limited
license of its technology to the Plan Administrator solely for
purposes to enable the Plan Administrator to wind down the Debtor's
Estate;
* Applicable Non-Debtor Affiliates and directors and officers
will provide reasonable assistance to the Plan Administrator in
connection with pursuit of Causes of Action, subject to be agreed
limitations on the total uncompensated time and duration of such
assistance;
* A suspension of payment of certain board of directors fees from
May 14 through July 1 and potential limitations to be agreed on the
amount and duration of fees for the independent director; and
* An agreement by all parties to the Global Settlement to support
the Plan.
Counsel for the Debtor:
David Eastlake
BAKER BOTTS L.L.P.
910 Louisiana Street
Houston, Texas 77002
Telephone: (713) 229-1234
Facsimile: (713) 229-1522
Email: david.eastlake@bakerbotts.com
Robin Spigel
Chris Newcomb
BAKER BOTTS L.L.P.
30 Rockefeller Plaza
New York, New York 10112-4498
Telephone: (212) 408-2500
Facsimile: (212) 408-2501
E-mail: robin.spigel@bakerbotts.com
chris.newcomb@bakerbotts.com
A copy of the Order is available at https://bit.ly/3fsE7r8 from
PacerMonitor.com.
A copy of the Disclosure Statement is available at
https://bit.ly/2R0s6zG from PacerMonitor.com.
About Griddy Energy
California startup Griddy Energy, LLC is a power retailer that
formerly sold energy to people in the state of Texas at wholesale
prices for a $9.99 monthly membership fee and had approximately
29,000 members. Griddy was a feature of Texas' unusual,
deregulated system for electric power. The vast majority of Texans
-- and Americans -- pay a fixed rate for electric power and get
predictable monthly bills. However, Griddy works by connecting
customers to the wholesale market for electricity, which can change
by the minute and is more volatile, for a monthly fee of $9.99.
During the winter storm in February 2021 in Texas, power generators
failed and demand for heating shot up. In response, ERCOT raised
the price of electricity to the legal limit of $9 per kilowatt-hour
and kept it there for several days. Griddy customers who didn't
lose power were hit with massive electric bills that were
auto-debited from their bank accounts.
State grid operator ERCOT at the end of February 2020 cut off
Griddy's access to customers for unpaid bills following the Texas
freeze. The Texas attorney general also said it is suing Griddy,
saying it engaged in deceptive trade practices by issuing excessive
bills.
Griddy Energy filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Texas Case No. 21-30923) on Mar. 15, 2021. Roop Bhullar, chief
financial officer, signed the petition. At the time of the filing,
the Debtor disclosed $1 million to $10 million in assets and $10
million to $50 million in liabilities. Judge Marvin Isgur oversees
the case.
The Debtor tapped Baker Botts LLP as legal counsel and Crestline
Solutions, LLC and Scott PLLC as public affairs advisors. Stretto
is the claims agent.
On March 31, 2021, the U.S. Trustee for Region 7 appointed an
official committee of unsecured creditors. The committee tapped
McDermott Will & Emery, LLP as legal counsel and Province, LLC, as
financial advisor.
GVS PORTFOLIO: Seeks Approval to Hire FTI, Appoint CRO
------------------------------------------------------
GVS Portfolio I B, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire FTI Consulting, Inc. and
appoint Alan Tantleff, the firm's senior managing director, as
chief restructuring officer.
The firm's services include:
a) assisting the Debtor in the preparation of 13-week cash
flow forecasts;
b) assessing liquidity needs;
c) assisting in obtaining debtor-in-possession financing;
d) assisting the Debtor with the filing of bankruptcy
schedules, statements and other reports required by the bankruptcy
court;
e) reviewing performance of the Debtor and its real estate
holdings;
f) assisting the Debtor with the reporting requirements;
g) managing cash and bank accounts, if any;
h) responding to lenders' requests;
i) assisting in retaining any necessary professionals for the
sale or financing of the Debtor;
j) appearing at court hearings;
k) assisting in the negotiation for the sale or refinancing of
the Debtor;
l) assisting in the transfer of operable documents such as
tenant subleases;
m) working through property level logistics;
n) evaluating unpaid A/P and developing strategy for
resolution;
o) addressing litigation that may arise; and
p) other general business consulting services.
The firm will be paid at these rates:
Senior Managing Directors $920 - $1,295
per hour
Directors/Senior Directors/Managing Directors $690 - $905
per hour
Consultants/Senior Consultants $370 - $660
per hour
Administrative / Paraprofessionals $150 - $280
per hour
Alan Tantleff, senior managing director at FTI Consulting,
disclosed in a court filing that his firm is a "disinterested
person" as defined by Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alan Tantleff
FTI Consulting, Inc.
Three Times Square, 9th Floor
New York , NY - 10036
Tel: +1 212 499 3613
Email: alan.tantleff@fticonsulting.com
About GVS Portfolio
Austin, Texas-based GVS Portfolio I B, LLC is a privately-owned
chain of self-storage facilities. It owns 64 self-storage
facilities as well as parking lots for cars, boats and recreational
vehicles in 10 states. The company does business under the name
Great Value Storage.
GVS Portfolio I B filed a Chapter 11 petition (Bankr. D. Del. Case
No. 21-10690) on April 12, 2021. At the time of the filing, the
Debtor disclosed total assets of up to $500 million and total
liabilities of up to $100 million. Judge Christopher S. Sontchi
oversees the case. Morrison Cohen LLP and Bayard, P.A. serve as
the Debtor's legal counsel.
H & R PROPERTY: Trustee Hires Mueller & Company as Accountant
-------------------------------------------------------------
Samuel Sweet, the Chapter 11 trustee for H & R Property, LLC,
received approval from the U.S. Bankruptcy Court for the Eastern
District of Michigan to employ Mueller & Company, PC as
accountant.
The firm will provide these services:
a. assist the trustee in preparing financial reports and tax
returns;
b. prepare accounting of the income and expenses of the estate
as recovered and administered by the trustee; and
d. analyze the Debtor's books and records and assist the trustee
in identifying and recovering assets.
Mueller & Company will be paid at these rates:
Kurt Mueller, CPA $295 per hour
Staff Accountants $175 per hour
Paraprofessionals $90 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Kurt Mueller, a partner at Mueller & Company, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Kurt Mueller
Mueller & Company, PC
575 E. Big Beaver Rd., Suite 250
Troy, MI 48083
Tel: (248) 524-6000
Email: kurt@muellerpc.com
About H & R Property
H & R Property, LLC filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 20-52081) on Dec. 4, 2020. Hassan Ouza,
member of H & R Property, signed the petition. In the petition, the
Debtor disclosed assets of between $1 million and $10 million and
liabilities of the same range. Judge Thomas J. Tucker presides
over the case. The Debtor is represented by Raymond N. Mashni,
PLC.
Samuel D. Sweet is the Chapter 11 trustee appointed in the Debtor's
bankruptcy case. The trustee tapped Mueller & Company, PC as his
accountant.
HAMILTON ROAD: Fails to Halt Asset Sale
---------------------------------------
District Judge Joanna Seybert denied Hamilton Road Realty LLC's
request for an emergency stay of the sale of its assets pending
appeal.
Hamilton on May 12, 2021, took an appeal from the order of the
United States Bankruptcy Court for the Eastern District of New York
(Grossman, Bankr. J.), dated May 11 confirming the sale, free and
clear of all liens, claims, encumbrances, and security interests,
of real property commonly known as 14 Sandringham Lane,
Southampton, New York to William Mulligan and Anthony Riccio. On
May 17, 2021, Hamilton filed a motion for an emergency stay of the
Bankruptcy Court Order because, among other reasons, Chapter 7
Trustee Allan B. Mendelsohn, Esq. was set to close on the sale on
May 20.
On May 18, 2021, the District Court entered an order temporarily
granting a stay "to preserve the status quo given the time
constraints, and to afford the Trustee/Appellee time to respond to
Debtor/Appellant's emergency motion." After receiving and reviewing
the Trustee's response and hearing oral argument, the Court denied
the emergency stay request. Among others, the District Court said
there are no arguments that the sale process did not comply with
the April 20 Sale Order. The Court would not be inclined to find
that Hamilton established "a substantial possibility of success" on
arguments that Mulligan and Riccio are not good faith purchasers.
Hamilton is directed to file a letter with the Court within 14
days, indicating whether the sale of the Property has closed and
whether the closing has rendered the Appeal moot.
A copy of the Court's May 24, 2021 Order is available at
https://bit.ly/3i2vqFL from Leagle.com.
About Hamilton Road Realty
Hamilton Road Realty LLC was a privately held company engaged in
renting and leasing real estate properties. It owned a
single-family house located at 14 Sandringham Road Southampton,
N.Y., having a comparable sale value of $2 million.
Hamilton Road Realty sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-72596) on April 10,
2019. In the petition signed by Sitara Khan, president, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
Richard S. Feinsilver, Esq., represented the Debtor as counsel.
Judge Robert E. Grossman presides over the case.
On February 14, 2020, the Bankruptcy Court converted the bankruptcy
case from a case under Chapter 11 of the Bankruptcy Code to a case
under Chapter 7 and appointed Allan B. Mendelsohn as the Trustee.
HARBORVIEW TOWERS: 4th Cir. Upholds Ruling on Clarke Claim
----------------------------------------------------------
Cross-appeals arise from the Chapter 11 bankruptcy proceedings in
the District of Maryland of the Council of Unit Owners of the 100
Harborview Drive Condominium, an unincorporated condominium
association. The other parties to these appeals are Paul C. Clark,
Sr., and his family members Rebecca Delorme and Paul Clark, Jr. The
Creditors filed claims against the Council -- seeking more than $25
million -- related to property damage to the Creditors' penthouse
unit in a 29-story, 249-unit condominium building managed by the
Council at Baltimore's Inner Harbor. The elder Clark had purchased
Unit PH4A as a family residence, but the unit sustained water,
mold, and other damage that rendered it uninhabitable.
In early 2018, the bankruptcy court disposed of various summary
judgment motions by, inter alia, awarding summary judgment to the
Council on the Creditors' claims under the Fair Housing and
awarding summary judgment to the Creditors insofar as they claimed
that the Council breached its duty to maintain and repair Unit PH4A
after February 23, 2012. In April 2018, following a four-day trial,
the court entered a Preliminary Order Regarding Creditors' Damages
Claim, finding that the Creditors were entitled to damages for
repairs and the loss of use of Unit PH4A. The court awarded the
Creditors $731,000 in damages as of February 23, 2018, plus $6,000
per month beginning on February 24, 2018 and "pending Unit PH4A
being substantially remediated." The court specified that "this
monthly amount is subject to adjustment upward or downward based on
the parties' cooperation in completing the remediation."
Consequently, the court designated its "Order as a preliminary
ruling, subject to a final Order once all damages are
ascertained."
On the same day, the bankruptcy court also entered an Order
Confirming Debtor's Fifth Amended Plan of Reorganization. The court
thereby established the Council's obligations on claims other than
the Creditors' claims. The Creditors did not request a stay of the
implementation of the reorganization plan.
Over the months that followed, the Council paid more than $2.8
million on its obligations pursuant to the Confirmed Plan.
Meanwhile, the bankruptcy court entertained status reports and
conducted an evidentiary hearing on the remediation of Unit PH4A.
In October 2018, the court entered a Final Order Regarding
Creditors' Damages Claim, awarding the Creditors a total of
$750,552, including $19,552 in damages incurred after February 23,
2018.
The Creditors and the Council each appealed the Final Damages Order
to the district court under 28 U.S.C. Section 158(a). The Creditors
argued they were entitled to greater damages, including recovery on
their FHA claims. The Council contended it should have been
ordered to pay less in loss-of-use damages and nothing in repair
costs.
In September 2019, the district court dismissed the Creditors'
appeal, explaining in a Memorandum Opinion that the appeal was
equitably moot. The district court applied the four-factor test for
equitable mootness and concluded that "all four factors cut in
favor of dismissing the appeal." The court so ruled because the
Creditors "did not attempt to stay the implementation of the
Confirmed Plan" pending entry of the Final Damages Order, there had
been "substantial consummation" of the Confirmed Plan since its
effective date, and the relief sought by the Creditors on appeal
threatened to both "nullify the success that ha[d] already been
achieved under the Confirmed Plan" and "harm the interests of
third-party creditors and other unit owners."
In October 2019, the district court disposed of the Council's
appeal by affirming the bankruptcy court's damages award to the
Creditors, for reasons the district court explained in a second
Memorandum Opinion. The district court assessed the Preliminary
Damages Order and the Final Damages Order under the applicable
standards -- reviewing the bankruptcy court's findings of fact for
clear error and its conclusions of law de novo -- and discerned no
reversible error. The parties cross-appealed to the Fourth
Circuit.
In the Creditors' appeal from the dismissal of their prior appeal,
the Fourth Circuit reviewed the district court's equitable mootness
ruling for abuse of discretion, as that is the standard advocated
by the parties. The Fourth Circuit pointed to In re Bate Land &
Timber LLC, 877 F.3d 188, 195 n.5 (4th Cir. 2017) (observing that
this Court "has declined to decide whether we review an equitable
mootness determination de novo or for abuse of discretion"). In the
Council's appeal from the affirmance of the damages award, "we
apply the same standard of review that was applied by the district
court" and thus "review the bankruptcy court's legal conclusions de
novo" and "its factual findings for clear error." The Fourth
Circuit cited Copley v. United States, 959 F.3d 118, 121 (4th Cir.
2020). Having thoroughly examined the record of these proceedings
and carefully considered the parties' appellate briefs, the Fourth
Circuit said it is "satisfied to affirm the district court in each
appeal."
The Fourth Circuit further held that, in resolving the Council's
appeal, the panel rejected the Creditors' arguments that the
Council lacks standing to appeal and that it waived the right to
dispute the amount of the damages awarded to the Creditors.
The cases are, PAUL C. CLARK, SR.; REBECCA DELORME; PAUL CLARK,
JR., Creditors-Appellants, v. COUNCIL OF UNIT OWNERS OF THE 100
HARBORVIEW DRIVE CONDOMINIUM, Debtor-Appellee. PAUL C. CLARK, SR.;
REBECCA DELORME; PAUL CLARK, JR., Creditors-Appellees, v. COUNCIL
OF UNIT OWNERS OF THE 100 HARBORVIEW DRIVE CONDOMINIUM,
Debtor-Appellant, Nos. 19-2140, 19-2183 (4th Cir.).
The Fourth Circuit's May 27, 2021 per curiam opinion is available
at https://t.ly/lmgv from Leagle.com.
Counsel for Appellants/Cross-Appellees:
Brennan C. McCarthy, Esq.
BRENNAN McCARTHY & ASSOCIATES
1116 West Street, Suite C
Annapolis, MD 21401
E-mail:BMcCarthy@brennanmccarthy.com
Counsel for Appellee/Cross-Appellant:
Paul Sweeney, Esq.
James R. Schraf, Esq.
Lisa Yonka Stevens, Esq.
YUMKAS VIDMAR SWEENEY & MULRENIN, LLC
185 Admiral Cochrane Drive, Suite 130
Annapolis, MD 21401
- and -
10211 Wincopin Circle, Suite 500
Columbia, MD 21044
Tel: 410-571-2780
Direct: 443-569-0795
E-mail: psweeney@yvslaw.com
jschraf@yvslaw.com
lstevens@yvslaw.com
About Council of Unit Owners of
the 100 Harborview Drive Condominium
Council of Unit Owners of the 100 Harborview Drive Condominium, a
condominium association, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 16-13049) on March 9, 2016.
In the petition signed by Dr. Reuben Mezrich, president, the
Debtor estimated assets and liabilities at $10 million to $50
million. Judge James F. Schneider is assigned to the case. The
Debtor is represented by Paul Sweeny, Esq., at Yumkas, Vidmar,
Sweeney & Mulrenin, LLC.
The Debtor's bankruptcy-exit plan was confirmed April 10, 2018.
HCB (2020): Suit by 47 East 34th Street Remanded to State Court
---------------------------------------------------------------
District Judge Lewis J. Liman granted the plaintiff's request to
remand the case, 47 EAST 34TH STREET (NY), L.P., Plaintiff, v.
BRIDGESTREET WORLDWIDE, INC., et al., Defendants, No. 20-cv-9978
(LJL) (S.D.N.Y.), to state court.
The case was originally commenced on June 19, 2018, by the
Plaintiff's filing of a summons in New York Supreme Court. It was
removed to the District Court, pursuant to 28 U.S.C. Section
1452(a) and 28 U.S.C. Section 1334 on November 25, 2020, by the
only remaining Defendants in the action, Domus BWW Funding, LLC and
Versa Capital management, LLC.
A copy of the Court's May 20, 2021 Opinion and Order is available
at https://bit.ly/2SGkSkU from Leagle.com.
One of the defendants, BridgeStreet Corporate Housing filed a
Chapter 7 bankruptcy petition in the Eastern District of Virginia,
In re HCB (2020), LLC, Case No. 20-12600 (Bankr. E.D. Va. 2020) on
November 25, 2020.
HELIUS MEDICAL: All 5 Proposals Passed at Annual Meeting
--------------------------------------------------------
At Helius Medical Technologies, Inc.'s annual meeting of
stockholders held on May 25, 2021, the Company's stockholders:
(i) elected Blane Walter, Dane C. Andreeff, Edward M. Straw,
Jeffrey Mathiesen, Mitchell E. Tyler, and Sherrie Perkins
as directors, each to serve for a one-year term until the
2022 annual meeting of stockholders or until his or her
successor is duly elected and qualified or until his or her
earlier death, resignation or removal;
(ii) ratified the appointment of BDO USA, LLP as the Company's
independent registered public accounting firm for the year
ended Dec. 31, 2021;
(iii) approved (on an advisory basis) the compensation of the
Company's named executive officers;
(iv) approved (on an advisory basis) that an advisory vote on the
compensation of the Company's named executive officers
should
occur every three years; and
(v) approved an amendment to the Helius Medical Technologies,
Inc. 2018 Omnibus Incentive Plan. The Amendment (i)
increases by 565,000 the maximum number of shares of Class A
common stock that may be issued pursuant to awards granted
under the 2018 Plan and (ii) increases the maximum number of
shares that may be issued pursuant to incentive stock
options.
About Helius Medical
Helius Medical Technologies -- http://www.heliusmedical.com-- is a
neurotech company focused on neurological wellness. Its purpose is
to develop, license or acquire non-invasive technologies targeted
at reducing symptoms of neurological disease or trauma.
Helius Medical reported a net loss of $14.13 million for the year
ended Dec. 31, 2020, compared to a net loss of $9.78 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $14.66 million in total assets, $2.77 million in total
liabilities, and $11.90 million in total stockholders' equity.
Philadelphia, Pennsylvania-based BDO USA, LLP issued a "going
concern" qualification in its report dated March 10, 2021, citing
that the Company has incurred substantial net losses since its
inception, has an accumulated deficit of $118.9 million as of Dec.
31, 2020 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.
HERTZ CORP: Akin Gump, Cole Schotz Represent Second Lien Group
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Akin Gump Strauss Hauer & Feld LLP and Cole
Schotz, P.C., submitted a verified statement to disclose that they
are representing the Ad Hoc Second Lien Group in the Chapter 11
cases of The Hertz Corporation, et al.
The Ad Hoc Second Lien Group of 7.625% Senior Secured Second
Priority Notes due 2022 issued by The Hertz Corporation under that
certain indenture dated as of June 6, 2017.
The Ad Hoc Second Lien Group engaged Akin Gump Strauss Hauer & Feld
LLP on or about May 12, 2020 to represent it in connection with a
potential restructuring of the Debtors. Shortly thereafter, the Ad
Hoc Second Lien Group engaged Cole Schotz, P.C. as Delaware counsel
and TRS Advisors, LLC as financial advisor in connection with the
Chapter 11 Cases. In addition, the Ad Hoc Second Lien Group
directed BOKF, N.A., in its capacity as Trustee and Note Collateral
Agent under the Indenture, to retain Akin Gump, as special counsel,
Cole Schotz, as Delaware counsel, and TRS Advisors, LLC as
financial advisor.
Counsel represents the Ad Hoc Second Lien Group. Counsel does not
represent the Ad Hoc Second Lien Group as a "committee" and does
not undertake to represent the interests of, and are not
fiduciaries for, any creditor, party in interest or other entity
that has not signed a retention agreement with Counsel. In
addition, the Ad Hoc Second Lien Group does not represent or
purport to represent any other entities in connection with the
Debtors' chapter 11 cases.
As of May 25, 2021, members of the Ad Hoc Second Lien Group and
their disclosable economic interests are:
Cohanzick Management, LLC
CrossingBridge Advisors, LLC
427 Bedford Road, Suite 230
Pleasantville, NY 10570
* DIP Facility: $53,235,773
* Second Lien Notes: $20,085,000
HBK Capital Management
One Bryant Park Suite 4000
New York, NY 10036
* DIP Facility: $104,600,000
* First Lien Claims: $184,400,000
* Second Lien Notes: $20,000,000
Neuberger Berman Investment Advisers LLC
Neuberger Berman Loan Advisers LLC
Neuberger Berman Loan Advisers II LLC
190 S. LaSalle Street 24th Floor
Chicago, IL 60603
* First Lien Claims: $56,799,320
* Second Lien Notes: $21,000,000
Pentwater Capital Management
1001 10th Ave South, Suite 216
Naples, FL 34102
* First Lien Claims: $4,000,000
* Second Lien Notes: $66,016,000
* Unsecured Notes & ALOC Facility: $179,486,000
* Existing Hertz Parent Interests: 2,646,105
Shenkman Capital Management, Inc.
461 Fifth Avenue
New York, NY 10017
* Second Lien Notes: $21,413,000
UBS O'Connor
787 7th Avenue, 13th FL
New York, NY 10019
* Second Lien Notes: $27,583,000
* Unsecured Notes: $4,000,000
Waterfall Asset Management, LLC
1251 Avenue of the Americas 50th FL
New York, NY 10020
* Second Lien Notes: $22,151,000
Co-Counsel to the Ad Hoc Second Lien Group can be reached at:
COLE SCHOTZ P.C.
Justin R. Alberto, Esq.
G. David Dean, Esq.
500 Delaware Avenue, Suite 1410
Wilmington, DE 19801
Telephone: (302) 652-3131
Facsimile: (302) 652-3117
E-mail: jalberto@coleschotz.com
ddean@coleschotz.com
- and -
AKIN GUMP STRAUSS HAUER & FELD LLP
Arik Preis, Esq.
Abid Qureshi, Esq.
Kevin Zuzolo, Esq.
One Bryant Park
New York, NY 10036
Telephone: (212) 872-1000
Facsimile: (212) 872-1002
E-mail: apreis@akingump.com
aqureshi@akingump.com
kzuzolo@akingump.com
- and -
James Savin, Esq.
2001 K Street, N.W.
Washington, D.C. 20006
Telephone: (202) 887-4000
Facsimile: (202) 887-4288
E-mail: jsavin@akingump.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3vBE5Tm and https://bit.ly/3p4dJHc
About Hertz Corp.
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. They also operate a
vehicle leasing and fleet management solutions business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).
Judge Mary F. Walrath oversees the cases.
The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor. The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan. Prime Clerk LLC is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases. The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.
HOSPITALITY INVESTORS: Gets OK to Hire Epiq as Claims Agent
-----------------------------------------------------------
Hospitality Investors Trust, Inc. and its affiliates received
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Epiq Corporate Restructuring, LLC as claims and
noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
The firm will be paid at these rates:
Clerical/Administrative Support $29 to $55 per hour
IT/Programming $55 to $72 per hour
Case Managers $72 to $140 per hour
Directors/Vice Presidents $140 to $165 per hour
Solicitation Consultant $165 per hour
Executive Vice President/Solicitation $182 per hour
Executives No Charge
The firm will also be reimbursed for out-of-pocket expenses
incurred. The retainer fee is $10,000.
Brian Hunt, a consulting director at Epiq, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Brian Hunt
Epiq Corporate Restructuring, LLC
777 3rd Ave., 12th Floor
New York, NY 10017
Tel: (212) 225-9200
About Hospitality Investors Trust
Headquartered in New York, Hospitality Investors Trust, Inc. --
http://www.HITREIT.com/-- is a self-managed real estate investment
trust that invests primarily in premium-branded select-service
lodging properties in the United States. As of Dec. 31, 2020,
Hospitality Investors Trust owns or has an ownership interest in a
total of 101 hotels, with a total of 12,673 guestrooms in 29
states.
Hospitality Investors Trust and subsidiary, Hospitality Investors
Trust Operating Partnership LP, sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-10831) on May 19, 2021. In the
petition signed by CEO and president, Jonathan P. Mehlman,
Hospitality Investors Trust disclosed total assets of
$1,701,867,000 as of March 31, 2021 and total liabilities of
$1,360,423,000 as of March 31, 2021.
The cases are handled by Honorable Judge Craig T. Goldblatt.
The Debtors tapped Proskauer Rose, LLP and Potter Anderson &
Corroon, LLP as legal counsel, and Jefferies LLC as financial
advisor. Morrison & Foerster, LLP serves as legal counsel to the
independent directors. Epiq Corporate Restructuring, LLC is the
Debtors' claims agent.
J.H. BRYANT: Seeks Approval to Hire Raimondo Pettit as Accountant
-----------------------------------------------------------------
J.H. Bryant Jr., Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Raimondo Pettit
Group as its accountant.
The firm's services include:
a. preparation and review of financial statements;
b. preparation of federal and state income tax returns for the
Debtor for the year ended June 30, 2021; and
c. assistance on an as-needed basis or other accounting
support services.
The firm's fees range from $145 to $445 per hour.
As disclosed in court filings, Raimondo Pettit is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code, .
The firm can be reached through:
Jacques Welche
Raimondo Pettit Group
21515 Hawthorne
Boulevard, Suite 1250
Torrance, CA 90503
Tel: 310-540-5990
Fax: 310-543-3066
Email: jwelche@rpgcpa.com
About J.H. Bryant Jr. Inc.
J.H. Bryant Jr., Inc. -- http://www.jhbryant.com-- is a
family-owned and operated multi-solution contractor established in
1951 to provide contracting services.
J.H. Bryant filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12463) on
March 26, 2021. John Henry Bryant III, president of J.H. Bryant,
signed the petition. In the petition, the Debtor disclosed between
$1 million and $10 million in both assets and liabilities. Judge
Ernest M. Robles oversees the case.
The Debtor tapped Danning, Gill, Israel & Krasnoff, LLP as legal
counsel, Armory Consulting Co. as financial advisor, and Raimondo
Pettit Group as accountant.
JAMES SKEFOS: Hervery Home Buying Property in Memphis for $309K
---------------------------------------------------------------
Michael Collins, the Chapter 11 trustee of James Jerry Skefos and
affiliates, asks the U.S. Bankruptcy Court for the Western District
of Tennessee to authorize the sale of the real property located at
3644 Poplar Avenue, in Memphis, Tennessee, to Hervery Home
Improvement, LLC, for $309,000.
Mr. Skefos owns the Real Property.
The Trustee requests that the Court approves the sale of the Real
Property for $309,000 pursuant to the sale contract between Mr.
Skefos and the Buyer. He further requests that sale of the Real
Property be free and clear of Interests, with any Interests
attaching to the proceeds of the sale of the Real Property.
The Trustee believes that the sale of the Real Property pursuant to
the Sale Contract will maximize the value of this property for the
Mr. Skefos' estate. The offer reflected in the Sale Contract is
the best offer received by either Mr. Skefos (pre or post-petition)
or the Trustee.
Moreover, the Trustee requests authorization to pay all of the net
sale proceeds after payment of realtor fees, closing costs, and
associated property taxes to Velocity Commercial Capital, LLC,
which holds a first-priority mortgage on the Real Property.
Velocity also holds a first-priority mortgage on the real property
owned by the bankruptcy estate of Mr. Skefos, which is located at
3668 Poplar Avenue, Memphis, Tennessee. The deed of trust
encumbering 3668 Poplar is cross-collateralized with the deed of
trust encumbering the Real Property. The Net Sale Proceeds will
not satisfy the entire cross-collateralized debt owed to Velocity.
Velocity consents to the sale requested pursuant to the Motion.
To implement the sale of the Real Property successfully, the
Trustee seeks waivers of the 14-day stay of an order granting a
motion for relief from the automatic stay under Bankruptcy Rule
4001(a)(3), the notice requirements under Bankruptcy Rule 6004(a),
and the 14-day stay of an order authorizing the use, sale, or lease
of property under Bankruptcy Rule 6004(h).
A copy of the Motion is available at https://tinyurl.com/v7jyw6n6
from PacerMonitor.com free of charge.
James Jerry Skefos sought Chapter 11 protection (Bankr. W.D. Tenn.
Case No. 17-28243) on Sept. 18, 2017. The Debtor tapped Daniel
Lofton, Esq., at Craig & Lofton, P.C. as counsel. On Dec. 18,
2019, the Court appointed Michael E. Collins as the chapter 11
trustee of affiliate Skefco Properties, Inc.
JAMES SKEFOS: June 3 Hearing on Trustee's Sale of Memphis Property
------------------------------------------------------------------
Judge Jennie D. Latta of the U.S. Bankruptcy Court for the Western
District of Tennessee will convene a hearing on June 3, 2021, at
10:30 a.m., to consider the sale proposed by Michael Collins, the
Chapter 11 trustee of James Jerry Skefos and affiliates, of the
real property located at 3644 Poplar Avenue, in Memphis, Tennessee,
to Hervery Home Improvement, LLC for $309,000.
Within one business day of the entry of the Order, the Trustee will
serve a copy of the Order on all parties in interest and parties
requesting notice.
The Court will retain jurisdiction to hear and determine all
matters arising from the implementation of the Order.
James Jerry Skefos sought Chapter 11 protection (Bankr. W.D. Tenn.
Case No. 17-28243) on Sept. 18, 2017. The Debtor tapped Daniel
Lofton, Esq., at Craig & Lofton, P.C. as counsel. On Dec. 18,
2019, the Court appointed Michael E. Collins as the chapter 11
trustee of affiliate Skefco Properties, Inc.
KEVIN B. DEAN: Court Directs Plan Discovery Until Sept. 22
----------------------------------------------------------
Bankruptcy Judge Michael A. Fagone entered an order establishing
further proceedings on confirmation in the Chapter 11 case of Kevin
B. Dean.
Dean's chapter 11 case began about six months ago. Since then, the
Debtor has filed several plans, including, most recently, the Third
Amended Plan of Reorganization dated April 7, 2021, which
designates three classes of claims, one for allowed claims held by
Emile Clavet, a second for allowed claims held by Machias Savings
Bank, and a third for allowed claims held by Franklin Savings Bank.
In the Plan, the Debtor asserts that, in a hypothetical chapter 7
liquidation of the estate, MSB would receive approximately $900,000
on account of its claim. The Plan does not propose a distribution
of $900,000 to MSB. Instead, the Debtor proposes to pay, in twenty
quarterly installments, MSB's attorney fees and costs incurred in
connection with this case up to the date of confirmation. The Plan
also proposes to leave intact MSB's rights against the Debtor under
certain "agreements . . . that [are] in effect on the Confirmation
Date." MSB has not accepted the Plan. As a result, the Plan cannot
be confirmed.
The Debtor has two retorts to this seemingly straightforward
conclusion, the Court says. First, the Debtor says he may be able
to strike a deal with MSB such that MSB would accept a modified
plan. Second, the Debtor disavows his own liquidation analysis and
suggests that, in a chapter 7 liquidation, MSB would not receive
close to $900,000 because a chapter 7 trustee could force MSB to
look to the assets of a third party (here, Health Affiliates of
Maine) before receiving a distribution from the Debtor's estate.
According to the Debtor, if a chapter 7 trustee were successful in
this endeavor under 11 U.S.C. Section 544 and applicable
nonbankruptcy law, MSB would receive little or no distribution in
the hypothetical chapter 7 case. With the floor so reduced, the
Debtor believes that his proposed treatment of MSB's allowed claim
in the chapter 11 case would pass muster. He suggests that if peace
does not break out with MSB, he could modify his plan to bake this
marshalling theory into his liquidation analysis.
According to the Court, the Debtor's positions give rise to plenty
of questions, and the path to confirmation appears -- at this
juncture -- to be strewn with obstacles, not the least of which is
the Debtor's new marshalling (or marshalling-like) argument. Having
said that, it is at least possible that MSB may change its views
about the Debtor's Plan (or some modified plan). That possibility
-- combined with Clavet's desire to proceed to a contested
confirmation hearing -- militates against an immediate denial of
confirmation based on the patent defect that currently exists
(i.e., the treatment of MSB's claim). Further, although the Debtor
believes that Clavet's objection to confirmation raises a number of
"gateway" legal issues that must be decided before an evidentiary
hearing on confirmation, the Court is persuaded that the most
expeditious course is to proceed directly to a contested hearing.
The Court, accordingly, directed discovery in this contested
matter. At a preliminary hearing on May 13, 2021, the parties
represented that they would need only 90 days for discovery.
Notwithstanding that representation, the Court said the parties
will have until September 22, 2021, to complete discovery.
Extensions of this deadline will not be granted unless the party
seeking an extension demonstrates compelling circumstances and a
showing of reasonable diligence. Within two days after the close of
discovery, the parties must contact the Courtroom Deputy for the
purpose of scheduling a final pretrial hearing in this contested
matter. During that final pretrial hearing, the Court will
establish a schedule for a contested confirmation hearing on the
Plan.
Although the proponent of a plan may ordinarily modify such plan at
any time prior to confirmation, see 11 U.S.C. section 1127(a), the
Debtor does not have the right to make his creditors chase him
through a chapter 11 maze constructed out of serial amendments to a
plan. The Debtor is therefore prohibited from modifying the Plan
without prior leave of Court unless: (a) the modification has the
written consent of Franklin, MSB, and Clavet; or (b) the
modification relates to the treatment of MSB's claim, and such
modification does not have a material and adverse effect on the
treatment of Clavet's claims under the Plan.
The case is, In re Kevin B. Dean, Case No. 20-20427 (Bankr. D.
Maine).
KING MOUNTAIN TOBACCO: Says Negotiations With Dry Creek Ongoing
---------------------------------------------------------------
King Mountain Tobacco Company, Inc., submitted a Second Amended
Disclosure Statement for the Second Amended Plan of Reorganization
dated May 25, 2021.
The Debtor has determined that it will cease all farming
operations, a process the Debtor has already begun. The Debtor
negotiated with an unrelated third party, Dry Creek Corp., to take
over farming operations and the underlying leases of the Debtor's
farmland, which will save the Debtor costs and expenses going
forward.
Dry Creek utilizes its own equipment and labor to farm the premises
and has entered into that certain Irrigation System and Equipment
Lease, dated April 30, 2021 and approved by order of the court on
May 13, 2021, for its use of the Debtor's irrigation equipment. The
Debtor anticipates that it will not incur further expenses after
May 31, 2021, related to farming operations. Any farming equipment
that the Debtor will not use in the future will be liquidated by
the Trust Administrator.
The Debtor has also provided financial support for affiliate
Wheeler Cattle. The Debtor has ceased all such support, a portion
of which occurred following the Petition Date, effective April 30,
2021.
The Debtor is defending a lawsuit filed by the State of New York in
the U.S. District Court for the Eastern District of New York, Case
No. 2:12-CV-06276 (JS) (SIL), New York v. Mountain Tobacco Company
d/b/a King Mountain Tobacco Company Inc. The parties continue to
engage in discussions to resolve the disputes relating to this
litigation and anticipate coming to a settlement in the near
future, pending approval of the Bankruptcy Court and District
Court. On May 20, 2021, the Bankruptcy Court entered an order
approving a second stipulation between the parties extending the
bar date to file a proof of claim for the State of New York to July
23, 2021.
The Debtor is prosecuting its claims and defending counterclaims in
ongoing litigation commenced in 2019 against Kamiakin Wheeler,
Kanim James, and Lone Warrior Holdings, Inc. ("Lone Warrior
Defendants"), pending in Yakima County Superior Court, Case No.
19-2-04309-39, King Mountain Tobacco Company, Inc. v. Wheeler, et
al. The parties have conducted extensive discovery and motions
practice related to this matter, and the Debtor is informed that
the Lone Warrior Defendants have substantial assets which may
satisfy a judgment or settlement in King Mountain's favor.
The Debtor holds certain claims and potential causes of action
against Randolph Barnhouse and the law firm of Barnhouse Keegan
Solimon & West LLP. The Debtor has retained legal counsel and is
actively pursuing its claims against Barnhouse.
The Debtor is also obligated to the FDA on a portion of its claim
that is a Priority Tax Claim, in the estimated amount of $55,000,
which is included in the FDA Proof of Claim filed on March 24,
2021.
Like in the prior iteration of the Plan, each Allowed Claim in
Classes 1–9 will be paid in full, with interest accruing at the
rate specified in the Plan, if any, from income generated from the
Debtor's business operations and from the proceeds of its Escrow
Accounts, as specified in the Plan. The Holder(s) of the Equity
Interests shall retain their interests following Confirmation and
will continue to own, manage and operate the Debtor and its
property.
A full-text copy of the Second Amended Disclosure Statement dated
May 25, 2021, is available at https://bit.ly/3fAW8Ud from
PacerMonitor.com at no charge.
The Debtor is represented by:
James L. Day
Richard B. Keeton
BUSH KORNFELD LLP
601 UNION STREET, SUITE 5000
SEATTLE, WA 98101
Tel: (206) 292-2110
E-mail: jday@bskd.com
E-mail: rkeeton@bskd.com
About King Mountain Tobacco
King Mountain Tobacco Company, Inc., is a Native American-owned
premium tobacco manufacturer. It was founded by Delbert and Trina
Wheeler and incorporated in November 2005 under the laws of the
Yakama Nation, and registered as a foreign corporation with the
State of Washington. Its products are 100% manufactured in the
United States. King Mountain has paid Yakama Nation over $10
million in taxes over the past 10 years, which has been used to
assist the community in a variety of ways. On the Web:
https://www.kingmountaintobacco.com/
King Mountain Tobacco Company sought Chapter 11 protection (Bankr.
W.D. Wash. Case No. 20-01808) on Sept. 25, 2020. The Debtor
disclosed total assets of $28,586,378 and total liabilities of
$92,425,329 as of the bankruptcy filing. The Hon. Whitman L. Holt
is the case judge. James L. Day, Esq., at Bush Kornfeld LLP,
serves as the Debtor's legal counsel.
LITTLE DRUG CO: Seeks Permission to Use Cash Collateral
-------------------------------------------------------
Little Drug Co., Inc. asked the Bankruptcy Court for authority to
use cash collateral nunc pro tunc to the Petition Date to pay for
ordinary business expenses, which the Debtor estimates to be
approximately $15,106 per month.
Prior to the Petition Date, the Debtor and its landlord, Victoria
Building Property Inc., are in dispute as to the alleged amounts
due under (i) the lease pertaining to the Debtor's premises located
at 412 Canal Street, New Smyrna Beach, Florida, and (ii) a
Promissory Note dated January 22, 2019, for $69,700.
The Debtor is also in dispute with the Sapps -- Jerry C. Sapp, Jr.,
Dolores W. Sapp, and Mary Joan Sapp -- with respect to a
Promissory Note dated September 13, 2013, for $650,000. In
addition, the Sapps are in dispute with the Debtor's principals,
Justin Sikes and David Sikes pertaining to a Hypothecation and
Pledge Agreement dated September 1, 2013.
The Debtor intends, through the bankruptcy petition, to restructure
any debt it allegedly owed to Victoria Building Property and the
Sapps.
Holders of UCC financing statements McKesson Corporation, Letto &
Bassuk, and Victoria Building Property may also assert claims
against the property of the estate. Moreover, in 2020, the Debtor
received $110,447 under the Paycheck Protection Program (PPP) and
Economic Injury Disaster Loans from the Small Business
Administration. The Debtor said the amount, however, is subject to
forgiveness.
To adequately protect the secured creditors, the Debtor proposed to
grant a lien on postpetition cash collateral to the same extent,
validity and priority as the lien held by the secured creditors
before the Petition Date. The Debtor believes that its business
can be operated on a profit that more cash collateral will be
generated in the ordinary course of business. The Debtor's monthly
expected average postpetition revenue is approximately $84,000.
A copy of the motion is available for free at
https://bit.ly/3fSLR4K from PacerMonitor.com.
About Little Drug Co.
Little Drug Co., Inc., d/b/a Little Drug Healthmart, d/b/a Little
Drug Co., owns and operates a pharmacy, soda fountain, and
restaurant in New Smyrna Beach, Florida. On May 20, 2021, the
Debtor filed a petition under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02332) to restructure
the disputed claims of its landlord, Victoria Building Property
Inc., and certain individual creditors.
As of the Petition Date, the Debtor estimated between $100,001 and
$500,000 in assets and between $500,001 and $1,000,000 in
liabilities. Justin Sikes, president, signed the petition.
MELISSA YOUNGMAN, P.A. represents the Debtor as counsel.
The firm can be reached through:
Melissa Youngman, Esq.
MELISSA YOUNGMAN, PA
1705 Edgewater Drive
P.O. Box 541507
Orlando, FL 32854
Telephone: (407) 374-1372
Email: my@melissayoungman.com
LOVES FURNITURE: Updates Secured Claims Pay Details; Amends Plan
----------------------------------------------------------------
Loves Furniture, Inc., submitted a First Amended Combined Plan of
Liquidation and Disclosure Statement dated May 25, 2021.
The First Amended Combined Plan and Disclosure Statement added the
Class 1 which consists of Priority Claims for Customer Deposits in
the amount of $541,590. Each Holder of an Allowed Priority Customer
Deposit Claim will receive on or as soon as reasonably practicable
after the Effective Date and after payment in full of all Allowed
Claims and Liquidation Trust Claims entitled to higher priority in
payment, Cash in an amount equal to the amount of such Allowed
Priority Customer Deposit Claim.
Class 7 consists of the Secured Claim of Shift 4 in the amount of
$241,992.92. The Debtor believes that the Allowed Claim of Shift 4
will exceed the Shift 4 Reserve Account. Unless prior to the
Effective Date, the Court has entered a Final Order authorizing
Shift 4 to setoff or recoup against the Shift 4 Reserve its Allowed
Secured Claim, after the Effective Date, the Liquidation Trustee
will have 30 days to file an objection to Shift 4's right to set
off or recoup its Allowed Secured Claim against the Shift 4 Reserve
Account. If no objection is filed, Shift 4's Allowed Secured Claim
shall automatically be determined to be $241,992 and Shift 4 will
have the right to immediately set off or recoup its Allowed Secured
Claim against the Shift 4 Reserve Account without regard to any
other provision of this Plan.
Class 8A consists of the Secured Claim of A&R Properties in the
amount of $72,443. Under 11 U.S.C. §1129(b)(2)(A)(iii), the Debtor
must surrender the collateral consisting of various equipment and
store fixtures that secures A&R Properties' Allowed Secured Claim
to A&R Properties, on or prior to the Effective Date in full
settlement and satisfaction of this Claim against the Debtor and
the Estate.
Class 8B consists of the Secured Claim of Argyle Acres in the
amount of $23,628. Under 11 U.S.C. §1129(b)(2)(A)(iii), the Debtor
must surrender the collateral consisting of various equipment and
store fixtures that secures Argyle Acres' Allowed Secured Claim to
Argyle Acres on or prior to the Effective Date in full settlement
and satisfaction of this Claim against the Debtor and the Estate.
Since January 16, 2021, and pursuant to the Interim Sale Order and
the Final Sale Order, the Agent has been conducting Store Closing
Sales at its leased locations. The Store Closing Order provided for
the Agent's payment of the Agent Advance, a $2,500,000 advance
payment of the Debtor's share of the proceeds of the Sales which
allowed the Debtor to pay necessary administrative expenses,
including payroll, as well as $200,000 as an Augment Fee to assist
the Debtor to resolve the claims of Priority Deposit Customers. The
Plan is not intended to alter in any way the terms of repayment of
the Agent Advance or the Augment Fee.
The First Amended Combined Plan Disclosure Statement does not alter
the proposed treatment for unsecured creditors and the equity
holder:
* Holders of Allowed Class 7 General Unsecured Claims will
receive, on account of each respective Allowed General Unsecured
Claims, their Pro Rata share of the Unsecured Creditors Escrow
established pursuant to the February 5 Order, net of any portion
that may, at the election of the Committee, be allocated to a
Litigation Trust, plus their Pro Rata share of the Liquidation
Trust Assets, after the satisfaction of Administrative Expense
Claims, Post Confirmation Trust Claims, Priority Claims, and Class
1-6 Claims.
* The Holder of Class 9 Equity Interest will not receive any
distribution on account of such interest except to the extent funds
remain after payment in full of all Administrative Expense Claims,
Post Confirmation Trust Claims, Prepetition Priority Claims and
Class 1-8 Claims.
The Plan is a liquidating plan and provides for the vesting of all
remaining assets of the Debtor in a Liquidation Trust. All company
inventory will have been sold by the Effective Date of the Plan.
The Liquidation Trustee will continue to sell any remaining assets
with or without Court approval until all assets are fully
liquidated or abandoned. The Liquidation Trustee will distribute
the proceeds from such liquidation to the holders of Allowed Claims
in order of the priorities set forth in the Plan.
A full-text copy of the First Amended Combined Plan and Disclosure
Statement dated May 25, 2021, is available at
https://bit.ly/3wEkRwu from Stretto, the claims agent.
The firm can be reached through:
Max Newman, Esq.
Thomas B. Radom, Esq.
Butzel Long, a Professional Corporation
Stoneridge West
41000 Woodward Avenue
Bloomfield Hills, MI 48304
Telephone: (248) 258-1616
Email: Newman@butzel.com
Radom@butzel.com
About Loves Furniture
Loves Furniture Inc. -- http://www.lovesfurniture.com/-- is a
furniture retailer that sells furniture, mattresses, home décor
and appliances. It conducts business under the name Loves
Furniture and Mattresses.
Loves Furniture sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 21-40083) on Jan. 6, 2021. The Debtor was estimated to
have $10 million to $50 million in assets and liabilities at the
time of the filing.
Judge Thomas J. Tucker oversees the case.
The Debtor tapped Butzel Long, A Professional Corporation, led by
Max J. Newman, Esq., as legal counsel; B. Riley Advisory Services
as financial advisor; and Stretto as claims and noticing agent.
On Jan. 14, 2021, the U.S. Trustee for Region 9 appointed an
official committee of unsecured creditors. The committee tapped
Foley & Lardner LLP as its legal counsel and Conway Mackenzie, LLC
as its financial advisor.
LUCKY STAR-DEER: Chengyi Says Plan Disclosures Inaccurate
---------------------------------------------------------
American Chengyi Investment Management Group, Inc., filed an
objection to the Disclosure Statement of Victoria Towers
Development Corporation ("Debtor") filed in connection with the
Debtor's Chapter 11 Plan of Reorganization.
Chengyi points out that
-- The Disclosure Statement fails to provide complete, accurate
information about the Debtor's assets:
* The Disclosure Statement fails to include adequate,
consistent, or complete answers to three basic questions: (1) What
property does the Debtor own?; (2) What is the approximate value of
that property?; and (3) Which creditor(s) hold lien(s) on that
property.
-- The Disclosure Statement does not adequately disclose the
units' value.
* The Debtor fails to provide a valuation of its assets. In
Section C of the Disclosure Statement, the Debtor states what it
believes to be the current value for 12 Units that were the subject
of the unenforceable pre-petition settlement agreement with Xizhu
Bai. The Debtor provides no explanation for how it determined the
value of these 12 Units.
-- The Disclosure Statement creates confusion as to which
creditor(s) have liens on which unit(s):
* The Debtor states in the Disclosure Statement that Sanford
holds a first in priority mortgage in 47 Units. At the same time,
the Debtor alleges Chengyi holds subordinate mortgages against 43
Units. These representations are misleading. As previously stated,
the Debtor has likely included Units that have already been sold in
its description of the secured creditors' respective collateral.
-- The proposed sale process is insufficient and does not
adequately address secured creditors' claims:
* The proposed sale procedures described in the Disclosure
Statement lack detail and clarity in several key respects. For
example, it is not entirely clear whether a bulk sale can be
triggered after the initial 90-day marketing period expires in the
event that the Debtor meets the milestones for required sales
during the initial 90-day marketing period, but thereafter sales
stall.
-- The Disclosure Statement does not contain adequate
information about the issues sub judice before the state court,
which go to the amount of Sanford's claim:
* The Disclosure Statement contains no mention of the action
commenced by Chengyi against the Debtor currently pending in the
Supreme Court of New York, Queens County (the "State Court"),
captioned American Chengyi Investment Management Group, Inc. v.
Victoria Towers Development Corp., et al. (Index No. 711850/2020)
(the "State Court Action").
-- The Debtor's arrangement with Sanford for a carveout is
improper.
* The Debtor discloses that Certilman Balin Adler & Hyman,
as escrow agent, "is holding approximately $3,600,000 in a special
escrow account, which funds were not available for release until
such time as the Debtor obtained a Permanent Certificate of
Occupancy for the Real Property."
Attorneys for American Chengyi Investment Management Group, Inc.:
Stephen E. Turman
MORITT HOCK & HAMROFF LLP
400 Garden City Plaza
Garden City, New York 11530
Telephone No.: 516-873-2000
Email: sturman@moritthock.com
About Lucky Star-Deer Park
Lucky Star-Deer Park, LLC, is a single asset real estate as defined
in 11 U.S.C. Section 101(51B). The company is based in Flushing,
N.Y.
Lucky Star-Deer Park and affiliates, Flushing Landmark Realty LLC
and Victoria Towers Development Corp., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos.
20-73301, 20-73302 and 20-73303) on Oct. 30, 2020. On Nov. 3,
2020, another affiliate, Queen Elizabeth Realty Corp., filed a
Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-73327). Judge
Robert E. Grossman oversees the cases, which are jointly
administered under Case No. 20-73301.
At the time of the filing, Lucky Star-Deer Park was estimated to
have assets of less than $50,000 and liabilities of between
$100,001 and $500,000.
The Debtors tapped Rosen & Kantrow PLLC as their bankruptcy
counsel, Certilman Balin as special counsel, Joseph A. Broderick
P.C. as accountant, and Miu & Co. as audit consultant.
MALLINCKRODT PLC: Herrick, Benesch Represent Equity Holders
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Herrick Feinstein, LLP and Benesch Friedlander
Coplan & Aronoff submitted a verified statement to disclose that
they are representing the d Hoc Consortium of Equity Holders in the
Chapter 11 cases of Mallinckrodt PLC, et al.
As of May 28, 2021, each Ad Hoc Consortium Member and their
disclosable economic interests are:
Shares
------
Kenneth S. Grossman Roth IRA 110,000
Irvin Schlussel IRA 24,149
Alexandre Zyngier IRA 160,000
The Firm can be reached at:
HERRICK, FEINSTEIN LLP
Sean E. O'Donnell, Esq.
Kristina M. Wesch, Esq.
Rachel H. Ginzburg, Esq.
2 Park Avenue
New York, NY 10016
Telephone: (212) 592-1400
Facsimile: (212) 592-1500
E-mail: sodonnell@herrick.com
kwesch@herrick.com
rginzburg@herrick.com
- and -
BENESCH FRIEDLANDER COPLAN & ARONOFF LLP
Jennifer R. Hoover, Esq.
John C. Gentile, Esq.
1313 N. Market St., Suite 1201
Wilmington, DE 19801
Telephone: (302) 442-7010
Facsimile: (302) 442-7012
E-mail: jhoover@beneschlaw.com
jgentile@beneschlaw.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3yQiecZ
About Mallinckdrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC, is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter. Prime Clerk LLC is the claims agent.
MALLINCKRODT PLC: Proposes Private Sale of Adrabetadex Assets
-------------------------------------------------------------
Mallinckdrodt PLC and affiliates ask the U.S. Bankruptcy Court for
the District of Delaware to authorize them to enter into and
perform under an asset purchase agreement between Debtor Vtesse LLC
and MANDOS LLC (and Beren Therapeutics P.B.C. solely for purposes
of Section 9.12(b) of the VTS APA), to sell, via private sale,
certain assets related to VTS-270, also known as adrabetadex.
In consideration for the sale and transfer of the Purchased Assets,
the Buyer will (a) at the Closing, assume the Assumed Liabilities
and pay to the Seller a one-time, non-refundable payment of $1
million, and (b) in the manner and at the times set forth in the
VTS APA, pay or cause to be paid any amounts payable pursuant to
Section 2.6(a), Section 2.6(b) and Section 2.6(c) of the VTS APA.
A hearing on the Motion is set for June 9, 2021, at 2:00 p.m. (ET).
The Objection Deadline is June 2, 2021, at 4:00 p.m. (ET).
Adrabetadex is a pharmaceutical compound that the Debtors had
sought to commercialize as a treatment for Niemann-Pick Type C
Disease ("NPC"), a rare, fatal cholesterol metabolism disorder,
typically diagnosed in children, that leads to loss of mobility,
speech, and the ability to swallow. At the time of the Debtors'
acquisition of Sucampo Pharmaceuticals, Inc. in early 2018, through
which the Debtors acquired the VTS Assets, Adrabetadex was
projected to gain approval from the U.S. Food and Drug
Administration in 2019 and achieve peak net sales in excess of $150
million. However, this timeline was pushed out as the Debtors
engaged in multiple clinical studies for Adrabetadex with
disappointing results, even as a substantial community of NPC
patients and their parents came to rely on Adrabetadex as a key
potential treatment for this grave illness.
In April 2020, the Debtors received a general advice letter from
the FDA indicating that additional data submitted from their
then-ongoing Adrabetadex studies were insufficient to demonstrate
the efficacy of Adrabetadex and an additional study may be
necessary to establish the compound's clinical benefit. Based on
this letter and consultation with experts in the field, the Debtors
determined that a sizable randomized clinical trial of extended
duration would be necessary to support a regulatory filing for
Adrabetadex, and that such a trial would be infeasible. Following
this determination, the Debtors planned to cease all active
clinical studies for Adrabetadex and transition existing trial
participants to expanded access programs ("EAPs"), which allow for
broader access to investigational therapies for patients with
life-threatening diseases.
With no viable path to commercialization of Adrabetadex for the
Debtors, the Debtors began a search for buyers for the VTS Assets,
both to maximize the value of the VTS Assets and to ensure
continued access to Adrabetadex for the NPC patients who rely on
it. However, given the substantial investment required and the
uncertain path forward, the market for the VTS Assets proved very
limited and active outreach to potential buyers elicited few
interested parties.
The Buyer was the first of several parties to contact the Debtors
regarding the VTS Assets, reaching out to the Debtors in mid-2020
with an initial offer. This contact was renewed in February 2021
following the Debtors' announcement that they would be
discontinuing the Adrabetadex development program. Throughout the
marketing process, the Buyer has most consistently shown interest,
both procedurally and through the competitiveness of their offers.
The Debtors' decision to pursue the Sale Transaction represents a
valid and good faith exercise of their business judgement. They
believe that the proposed sale represents the highest and/or best
offer for the VTS Assets under the circumstances and provides the
patients with NPC the best opportunity to have the Product brought
to market.
Notwithstanding the foregoing, the Debtors will provide the Sale
Notice to the Notice Parties. Importantly, to the extent the
Debtors receive an additional proposal in writing on or before the
objection deadline, they will consider the terms of any such
competing offer in order to determine whether such offer represents
a viable option that is a higher and/or better bid for the assets.
As of April 2021, the Debtors forecast approximately $9.5 million
in wind-down costs during 2021 associated with the VTS Assets in
the absence of the Sale Transaction, a portion of which will be
assumed or otherwise paid by Buyer under the VTS APA. Due to the
modest value, significant wind-down costs, and very limited market
for the VTS Assets, the Debtors submit that conducting a private
sale as described is more efficient than a public auction and will
maximize value for the Debtors, their estates and all parties in
interest. Further, entering into the transition services agreement
between the Debtors and the Buyer ("TSA"), as required under the
VTS APA, will help both to cover the Debtor personnel costs
otherwise to be borne solely them and to ensure an orderly
transition of the VTS Assets, to the benefit of the patients who
rely on Adrabetadex for treatment.
The pertinent terms of the Sale Transaction are:
a. Seller: Vtesse LLC
b. Buyer: MANDOS LLC
c. Purchase Price: The Buyer will (a) at the Closing, assume
the Assumed Liabilities and pay to the Seller a one-time,
non-refundable payment of $1 million, and (b) in the manner and at
the times set forth in the VTS APA, pay or cause to be paid any
amounts payable pursuant to Section 2.6(a), Section 2.6(b) and
Section 2.6(c) of the VTS APA.
d. Cure Payments: Capped at $400,000
e. Pursuant to the terms of the TSA, the Buyer is expected to
pay approximately $362,000 in Debtor personnel costs otherwise
borne solely by the Debtors.
f. Purchased Assets: Assets related to VTS-270, also known as
adrabetadex
g. The VTS APA includes standard release language for each
party related to the Sale Transaction itself.
h. The proceeds from the Sale Transaction will become property
of the Debtors' estates and utilized in accordance with the terms
of the Plan.
i. The Debtors are seeking to sell the VTS Assets free and
clear of successor liability claims.
j. The Debtors are seeking relief from the 14-day stay imposed
by Bankruptcy Rule 6004(h) for the transaction.
The sale of the VTS Assets must be approved and consummated to
preserve the value of the VTS Assets and to ensure the closing of
the Sale. Therefore, time is of the essence, and the Debtors and
the Buyer intend to close the Sale Transaction in connection with
the closing of the Sale. Accordingly, as the exigent nature of the
requested relief justifies immediate action, the Debtors
respectfully request that the Court waives the 14-day stay imposed
by Bankruptcy Rules 6004(h) and 6006(d).
The Purchaser:
MANDOS LLC
9200 Sunset Blvd.
Suite 1010
West Hollywood, CA 90069
E-mail: Legal@Mandos.com
Telephone: (213) 318-4043
Attn: General Counsel
The Purchaser is represented by:
COVINGTON & BURLING LLP
One CityCenter, 850 Tenth Street, NW
Washington, DC 20001-4956
Telephone: (202) 662-5975
Facsimile: (202) 778-5975
Attn: Jerry Masoudi
About Mallinckdrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the company.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC, is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter. Prime Clerk LLC is the claims agent.
On April 20, 2021, the Debtors filed their Plan of Reorganization
and the Disclosure Statement related thereto. The Bankruptcy Court
will hold a hearing to consider approval of the Disclosure
Statement on May 26, 2021, at 1 p.m. (prevailing Eastern Time)
before the Honorable John T. Dorsey.
MANOWN ENGINEERING: Objection to Frazier Claim Sustained
--------------------------------------------------------
Chief Bankruptcy Judge Karen K. Specie sustained the objection to
Claim 4 against Manown Engineering Co., Inc.
Scott D. Hall Attorney at Law filed the Claim, on behalf of Kim
Frazier, in the amount of $168,218.82 against Manown Engineering
Co., Inc. The Claim is based in part on a pre-petition judgment
awarded to Frazier against Manown and others, and an alleged
settlement of that judgment in exchange for money from the sale of
certain assets.
On September 3, 2020, Mary W. Colon, Manown's Chapter 7 Trustee,
filed the Objection to Claim 4 on the basis that Frazier recorded a
Satisfaction of Judgment on October 27, 2017, and had not submitted
evidence of any new obligation for the debt represented by the
judgment.
A copy of the Court's May 20, 2021 Findings of Fact, Conclusions of
Law, and Memorandum Opinion is available at https://bit.ly/3wGge4Y
from Leagle.com.
Manown Engineering Co., Inc., filed a voluntary Chapter 7 petition
(Bankr. N.D. Fla. Case No. 18-50205) on July 23, 2018. Mary W.
Colon was appointed Chapter 7 Trustee.
MAXIMO R. SAENZ: El Cofre Buying Shopping Center for $2.9 Million
-----------------------------------------------------------------
Maximo R. Saenz asks the U.S. Bankruptcy Court for the Southern
District of Texas to authorize the private sale of the Store
Shopping Center Property located at 505 W. Business Highway 83, in
Weslaco, Hidalgo County, Texas, to El Cofre Del Tesoro, LLC, for
$2.9 million.
Objections, if any, must be filed within 21 days of the date the
Motion was served.
The Debtor has filed a Plan of Reorganization that provides for the
sale of his properties to pay his creditors. He files the Motion
to sell the Store Shopping Center Property.
The legal description for the Store Shopping Center property is
described as "A 4.22-acre of land out of Lot 1, of the Subdivision
of the West 7.19 acres of Farm Tract 1507, Block 163, WEST TRACT
SUBDIVISION, Hidalgo County, Texas as per map or plat thereof
recorded in Volume 3, Page 2, Map Records, Hidalgo County, Texas,
and out of Lot 8, PARK ADDITION, an addition to the City of
Weslaco, Hidalgo County, Texas, as per map or plat thereof recorded
in Volume 2, Page 32, Map Records, Hidalgo County, Texas, with the
address of 505 W. Business U.S. Highway 83, Weslaco, Texas 78596
'Shopping Center.'"
Rio Bank holds a first lien against the Property to secure
indebtedness to Rio Bank of approximately $2,759,184.86 (Claim No.
8). The Debtor also secured his debt to Rio by an Assignment of
Rents and Leases. The income from the Shopping Center is cash
collateral of Rio.
Ofilia A. Saenz holds a second lien against the Property to secure
indebtedness to her of approximately $773,910.39. Ofilia holds a
second lien rank by Second Lien Deed of Trust dated Sept. 11, 2007
recorded on Oct. 10, 2007, under Clerk’s File No. 1814638 on the
Property.
Pacific Western holds a third lien against the Property to secure
indebtedness to it of approximately $2,571,125.11. PacWest's third
lien on the Property is documented by Deed of Trust, Security
Agreement, Assignment of Leases and Rents, and Fixture Filing dated
June 30, 2015 recorded on Feb. 2, 2016, under Clerk's File No.
2681697.
The Property was actively marketed for over six months and numerous
potential buyers were contacted. The Debtor received a written
offer from the Buyer to purchase the Property for $2.9 million with
a $25,000 earnest money deposit, with the Seller to pay title
policy expense and customary closing costs. It is the best
feasible offer the Debtor has received and in its business judgment
is in the best interest of the estate. The offer to purchase was
accepted by Debtor, subject to the approval of the Court, and is
memorialized in the Commercial Contract - Improved Property
contract.
The Debtor moves the Court for an Order to sell the Property free
and clear of all liens and encumbrances except those of Rio Bank
which should be paid at closing, but free and clear of all other
liens, claims and encumbrances including federal tax liens, if any,
mechanic's liens, if any, judgment liens, if any, and realty liens
and claims, with all liens, claims, and encumbrances attaching to
the proceeds of sale.
Pursuant to the Contract, current property taxes will be prorated.
The Debtor requests that the Court orders approving sale provide
for payment of customary closing costs, title policy fee, prorated
taxes, and Rio Bank's first lien. It is anticipated that after
payment of closing costs and Rio Bank's first lien, there may be
small balance, which should be paid to the second lien holder
described. The second lienholder will not be paid in full.
The Debtor will provide notice of the Motion to all parties in
interest and all parties otherwise entitled to notice pursuant to
Bankruptcy Rule 2002. The notice will include the deadline for
filing any objections to the relief requested and the time and
place of sale hearing ordered by the Court. The Debtor submits
that such notice constitutes adequate and reasonable notice to
interested parties under the circumstances.
The Debtor moves the Court to waive the stay provided under FRBP
6004(h); due diligence, inspection is proceeding preliminary to
closing with a view for closing by July 1st, 2021.
He moves the Court to authorize him to execute any such releases,
termination statements, assignments, consents, or instruments on
behalf of any third party, including the holders of any liens,
claims or interests identified that are necessary or appropriate to
effectuate or consummate the sale.
The Property is to be sold, transferred, and delivered to Buyer on
an "as is, where is" or "with all faults" basis.
In an exercise of his sound business judgment, the Debtor
determined that it is in the best interest of his estate, his
creditors and all parties in interest for the Debtor to sell the
Property pursuant to the private sale described.
A copy of the Contract is available at https://tinyurl.com/5xs3w8ry
from PacerMonitor.com free of charge.
The Purchaser:
EL COFRE DEL TESORO, LLC
Atrn: Carlos Antonio Lopez Hernandez
4900 N 10th St., Suite 88
McAllen, TX 78604
Telephone: (956) 897-6238, (956) 330-5152
E-mail: calopezh@semicmex.com.mx, hrlos@raythomaspc.com
Maximo R. Saenz sought Chapter 11 protection (Bankr. S.D. Tex. Case
No. 20-70232) on Aug. 3, 2020. The Debtor tapped John Stephen,
Esq., as counsel.
MICHAEL JACQUES JACOBS: DLJ Mortgage Wins Stay Relief
-----------------------------------------------------
In the Chapter 11 case of Michael Jacques Jacobs, Bankruptcy Judge
Robert H. Jacobvitz granted in rem stay relief to DLJ Mortgage
Capital, Inc. under 11 U.S.C. Sec. 362(d)(4), and overruled the
Debtor's objection to DLJ Mortgage's claim. DLJ Mortgage filed a
proof of claim for a secured claim in the amount of $497,457.45 as
of the Petition Date. This figure consists of a principal balance
of $324,305.93, interest of $82,162.64, fees and costs of
$25,253.40, and an escrow deficiency for funds advanced in the
amount of $47,066.93, and includes interest on judgment amount
entered in a state court action at the rate of 3.5% per annum from
May 7, 2016, through the Petition Date. The proof of claim says the
amount necessary to cure the prepetition arrearage as of the
Petition Date is $239,195.44.
A copy of the Court's May 24, 2021 Memorandum Opinion is available
at https://bit.ly/3uwCGfr from Leagle.com.
The case is In re Jacobs, Case No. 19-12591-j11 (Bankr. D.N.M.).
MONUMENT VENTURES: Seeks to Hire Kane & Papa as Legal Counsel
-------------------------------------------------------------
Monument Ventures, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to employ Kane & Papa
P.C. as its legal counsel.
The firm's services include:
a. assisting the Debtor in preparing legal papers, bankruptcy
schedules and statements and other documents required to administer
its Chapter 11 case;
b. representing the Debtor's interest in all contested matters,
adversary proceedings and other matters related to the case;
c. advising the Debtor concerning the rights and remedies with
regard to its assets and claims of creditors and other parties in
interest;
d. investigating the existence of other assets of the estate and
taking appropriate actions to have those assets turned over to the
estate, including instituting lawsuits; and
e. preparing a plan of reorganization, negotiating with
creditors and other parties in interest and taking appropriate
actions to obtain confirmation and consummate the plan.
Kane & Papa will be paid at the rate of $350 per hour for
attorney's services and $125 per hour for paralegal services. The
firm will also be reimbursed for out-of-pocket expenses incurred
and paid a retainer in the amount of $2,500.
In court filings, James Kane, Esq., a partner at Kane & Papa,
disclosed that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
James E. Kane, Esq.
Kane & Papa, P.C.
P.O. Box 508
Richmond, VA 23218-0508
Tel: (804) 225-9500
Fax: (804) 225-9598
Email: jkane@kaneandpapa.com
About Monument Ventures
Richmond, Va.-based Monument Ventures, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
21-31635) on May 17, 2021. Lee Barnes, Jr., manager, signed the
petition. At the time of the filing, the Debtor disclosed total
assets of up to $1 million and total liabilities of up to $10
million. Kane & Papa, P.C. is the Debtor's legal counsel.
MTE HOLDINGS: Seeks More Protection for Prepetition Lenders
-----------------------------------------------------------
MTE Holdings, LLC and its debtor-affiliates, to finalize a proposed
plan of reorganization in their Chapter 11 cases, are currently in
talks with:
* prepetition secured parties BMO Harris Bank, N.A., and
Natixis, New York Branch, as Prepetition Administrative Agent;
* Riverstone Credit Management, LLC, in its capacity as Term
Loan Administrative Agent and on behalf of Maple Energy Holdings,
LLC, the proposed purchaser of substantially all of the Debtors'
assets;
* various other joint operating partners in oil and gas
production agreements; and
* statutory lienholders asserting liens under Chapter 53 and 56
of the Texas Property Code.
The Prepetition Secured Parties expressed concern over the
continued depletion of hydrocarbon reserves during the protracted
negotiations well after the concluded auction and are having
reservations about whether or not to extend further access to cash
collateral to the Debtors pursuant to the Final Cash Collateral
Order, without providing additional protection.
Thus, in exchange for further extensions of cash collateral access,
the Debtors and the Prepetition Secured Parties have agreed that
the Prepetition Secured Parties be provided Additional Adequate
Protection Payments, which payments, in effect, are upfront
payments or advances towards the Prepetition Secured Parties'
recovery of their interest that will be paid under the contemplated
Plan.
Without access to cash collateral, the Debtors contend they would
be unable to pay expenses in the ordinary course and would be
forced to abandon the negotiations for a Plan which is currently
under discussion.
Accordingly, the Debtors ask the Court for authority to supplement
the adequate protection provided to the Prepetition Secured
Parties, pursuant to the Final Cash Collateral Order, with:
* a one-time cash payment of $1,000,000;
* an additional adequate protection of $250,000, which are set
forth in the Additional Adequate Protection Budget a copy of which
is available for free at https://bit.ly/3uySVIT from Stretto,
claims and noticing agent.
Any such amounts shall offset any consideration to be distributed
to the Prepetition Secured Parties under the Plan, if the Effective
Date of such Plan occurs prior to August 31, 2021.
Provided that the Plan is consummated by August 31, 2021, the
Debtors said the Additional Adequate Protection Payments will
reduce, on a dollar-for-dollar basis, any cash recovery the
Prepetition Secured Parties may receive from the sale of the assets
under the Plan.
The Debtor disclosed that new Plan milestones have been set forth,
the failure to comply therewith shall constitute a termination
event under the Final Cash Collateral Order, barring the Debtors
from further accessing cash collateral to fund operations. A copy
of the new Plan milestones is available as Exhibit 2 at
https://bit.ly/3vK5KBT from Stretto.
In addition, the Debtors ask the Court to increase the amount of
Cash Collateral that may be expended to complete the Alysheba oil
and gas well unit, from $550,000 to $580,000.
A copy of the motion is available at https://bit.ly/3vK5KBT from
Stretto.
About MTE Holdings, LLC, et al.
MTE Holdings, LLC and its debtor-affiliates are privately held
companies in the oil and gas extraction business.
MTE Holdings sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 19-12269) on October 22, 2019.
On October 23, 2019, Affiliates MTE Partners LLC (Bankr. D. Del.
Case No. 19-12272) and Olam Energy Resources I LLC (Bankr. D. Del.
19-12273) filed voluntary petitions under Chapter 11.
On November 8, 2019, these debtor-affiliates filed Chapter 11
petitions: MDC Energy LLC d/b/a MDC Texas Energy LLC (Bankr. D.
Del. Case No. 19-12385); MDC Reeves Energy LLC (Bankr. D. Del. Case
No. 19-12388); MDC Texas Operator LLC (Bankr. D. Del. Case No.
19-12387); and Ward I, LLC (Bankr. D. Del. Case No. 19-12386).
The Debtors' cases are jointly administered under MTE Holdings,
LLC's case.
On the Petition Date, the Debtors estimated assets and liabilities
as follows:
Estimated Estimated
Debtors Assets Liabilities
------- --------- -----------
MTE Holdings, LLC $10 billion to $100 million to
$50 billion $500 million
MTE Partners LLC $10 billion to $100 million to
$50 billion $500 million
Olam Energy $10 billion to $100 million to
Energy Resources I LLC $50 billion $500 million
MDC Energy LLC, dba $1 billion to $100 million to
MDC Texas Energy LLC $10 billion $500 million
MDC Reeves Energy LLC $1 billion to $100 million to
$10 billion $500 million
MDC Texas Operator LLC $0 to $50,000 $0 to $50,000
Ward I, LLC $0 to $50,000 $0 to $50,000
The petitions were signed by Mark A. Siffin, authorized
representative.
Judge Karen B. Owens was originally assigned to the case before
Judge Christopher S. Sontchi took over.
The Debtors tapped Kasowitz Benson Torres LLP as bankruptcy
counsel; Morris, Nichols, Arsht & Tunnell, LLP as local counsel;
Greenhill & Co., LLC, as financial advisor and investment banker;
Ankura Consulting LLC, as a chief restructuring officer; and
Stretto as claims and noticing agent.
NEW WEINBERG: Seeks to Hire Kane & Papa as Legal Counsel
--------------------------------------------------------
New Weinberg Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Kane & Papa, P.C. as its legal counsel.
The firm's services include:
a. assisting the Debtor in preparing legal papers, bankruptcy
schedules and statements and other documents required to administer
its Chapter 11 case;
b. representing the Debtor's interest in all contested matters,
adversary proceedings and other matters related to the case;
c. advising the Debtor concerning the rights and remedies with
regard to its assets and claims of creditors and other parties in
interest;
d. investigating the existence of other assets of the estate and
taking appropriate actions to have those assets turned over to the
estate, including instituting lawsuits; and
e. preparing a plan of reorganization, negotiating with
creditors and other parties in interest and taking appropriate
actions to obtain confirmation and consummate the plan.
Kane & Papa will be paid at the rate of $350 per hour for
attorney's services and $125 per hour for paralegal services. The
firm will also be reimbursed for out-of-pocket expenses incurred.
The retainer fee is $2,500.
James Kane, Esq., a partner at Kane & Papa, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
James E. Kane, Esq.
Kane & Papa, P.C.
P. O. Box 508
Richmond, VA 23218-0508
Tel: (804) 225-9500
Fax: (804) 225-9598
Email: jkane@kaneandpapa.com
About New Weinberg Properties
Richmond, Va.-based New Weinberg Properties, LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
21-31634) on May 17, 2021. Lee Barnes, Jr., manager, signed the
petition. At the time of the filing, the Debtor estimated assets
of between $100,000 and $500,000 and liabilities of between $1
million and $10 million. Kane & Papa, P.C. is the Debtor's legal
counsel.
OFS INTERNATIONAL: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
OFS International, LLC (Lead Case) 21-31784
7735 Miller Road #3
Houston, TX 77049
OFSI Holding LLC 21-31786
Threading and Precision Manufacturing LLC 21-31787
Business Description: The Debtors are providers of oil and gas
production/processing equipment and
services, with their headquarters in
Houston, Texas and operations in the
Permian, Barnett and Marcellus regions. The
Debtors' services include the provision of
field services, inspections, couplings,
threading and accessories to the oil and gas
industry.
Chapter 11 Petition Date: May 31, 2021
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. David R. Jones
Debtors' Counsel: Joshua W. Wolfshohl, Esq.
Aaron J. Power, Esq.
Megan Young-John, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Fax: (713) 226-6248
Email: jwolfshohl@porterhedges.com
apower@porterhedges.com
myoung-john@porterhedges.com
Debtors'
Noticing &
Claims Agent: BMC GROUP, INC.
https://www.bmcgroup.com/restructuring/GenInfo.aspx?ClientID=476
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Alexey Ratnikov, chief financial
officer.
A full-text copy of OFS International's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/L2XDQUI/OFS_International_LLC__txsbke-21-31784__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. PAO TMK Trade Debt $40,481,249
40/2a Pokrovka Street
Moscow, RU 10100
2. US Small Business Administration Bank Loan $8,048,962
8701 S Gessner Rd #1200
Houston, TX 77074
3. Arcelormittal Projects Trade Debt $2,691,119
Americas LLC
19500 State Highway 249,
Ste. 650
Houston, TX 77070
4. RDT Inc. Trade Debt $1,328,877
9022 Vincik Ehlert
PO Box 73
Beasley, TX 77417
5. Tubos Reunidos Industrial SLU Trade Debt $1,227,636
Barrio Sagarribai No. 2
Amurrio, Spain 01470
6. TMK Gulf International Trade Debt $1,025,543
Pipe Industry LLC
POB 1831
Azaiba, Oman 130
7. Tubular Solutions Inc. Trade Debt $353,094
12335 Kingsride Ln, Ste 250
Houston, TX 77024
8. Tubos Reunidos America, Inc. Trade Debt $122,878
550 Post Oak Blvd, Ste #430
Houston, TX 77027-9413
9. Schouest, Bamdas, Sochea & Professional $112,707
Benmaier P.L.L.C. Services
1001 Mckinney Str. Ste 1400
Houston, TX 77002
10. Houston International Trade Debt $110,037
Specialty Inc.
19996 Hickory Twig Way
Spring, TX 77388
11. BRC International LLC Trade Debt $80,390
4721 Garth Rd Suite C-3/C-400
Baytown, TX 77521
12. The Hammond Law Firm Professional $72,246
550 Post Oak Blvd, Ste 580 Services
Houston, TX 77027
13. Weatherford Gemoco Trade Debt $54,092
PO Box 301003
Dallas, TX 75303-1003
14. James River Insurance Company Professional $31,985
PO Box 27648 Services
Richmond, VA 23261-7648
15. Universal Tubi Protectors LLC Trade Debt $22,613
1325 Hartwig
Houston, Texas 77093
16. Bradley J. Fish, Inc. Trade Debt $20,286
(dba Sullair of Houston)
8640 Panair
Houston, TX 77061-4185
17. Drilltec Technologies Inc. Trade Debt $18,409
10875 Kempwood Drive, Suite 2
Houston, TX 77043
18. REL Enterprises Inc. Trade Debt $16,341
PO Box 1379
Broussard, LA 70518
19. Scan Systems Corp. Professional $14,932
8505 Technology Forest PL Services
Ste 702
The Woodlands, TX 77381
20. EEPB Innova Tax, LLC Professional $14,712
2950 North Loop South, Suite 1200 Services
Houston, TX 77092
21. American CAP Trade Debt $11,759
PO Box 107
Wheatland, PA 16161
22. PTR Tool and Plastics, LLC Trade Debt $11,569
PO Box 338
Wheatland, PA 16161
23. Patriot Security EOC Professional $11,560
PO Box 1876 Services
Nederland, TX 77627
24. Polaris Precision Tubular Trade Debt $11,143
Services LLC
PO Box 80926
Midland, TX 75771
25. Texas Commissioned Trade Debt $10,947
Security Operations
10200 East Fwy 120
Houston, TX 77029
26. Warehouse Rentals & Trade Debt $10,032
Supplies
1335 South Main Street
Greensburg, PA 15601
27. Charles W. Girkin, Inc. Trade Debt $8,164
1468 Confederate Rd.
Houston, TX 77055
28. LNK Plastics LLC Trade Debt $6,135
PO Box 639
Shepherd, TX 77371
29. Reladyne/Hurt Company Trade Debt $6,043
PO Box 958427
Saint Louis, MO
63195-8427
30. Republic Tube, LLC Trade Debt $6,000
11200 Mesa Dr
Houston, TX 77078
P8H INC: Case Trustee May Use Cash Collateral Thru July 11
----------------------------------------------------------
Judge David S. Jones authorized the Chapter 11 Trustee of P8H,
Inc., d/b/a Paddle8, to use cash collateral on an interim basis up
to an aggregate of $25,483 for budgeted expenses to be incurred
during the period from May 31, 2021 to and including July 11,
2021.
Judge Jones ruled that lender FBNK Finance S.a.r.l, as assignee of
StockAccess Holdings SAS, is granted:
* replacement liens to the extent that the Lender's alleged
lien in the cash collateral was valid, perfected and enforceable as
of the Petition Date, subject to the carve-out consisting of (i)
the claims of the Chapter 11 professionals duly retained in the
Debtor's case; (ii) the fees of the U.S. Trustee and the Clerk's
filing fees; (iii) fees and expenses incurred in connection with
any investigation of the nature, extent and validity of the
Lender's lien in an amount not to exceed $10,000; and (iv) the fees
and commissions of a hypothetical Chapter 7 trustee of up to
$10,000;
* a first priority postpetition lien in the proceeds of any
litigation that may be commenced; and
* a superpriority administrative expense claim, subject to the
carve-out, to the extent the protection granted is inadequate.
The Trustee is directed to segregate and continue to hold from the
Debtor's cash on hand $260,447 related to the claims alleged by the
Art Law Claimants. A copy of the 14th interim order, together with
the budget, is available for free at https://bit.ly/2SFHjXf from
PacerMonitor.com.
The Court will convene a telephonic hearing on July 8, 2021, at 10
a.m., prevailing Eastern Time, to consider the Debtor's use of cash
collateral. Objections must be filed by 4 p.m., prevailing Eastern
Time, on July 2.
About P8H, Inc. d/b/a Paddle8
Paddle8 was founded in 2011 by Alexander Gilkes, Aditya Julka, and
Osman Khan. It is one of the first online auction house that
specialized in the art world's "middle market." It announced a
high-profile merger with the Berlin-based online auction house
Auctionata in 2016, but the partnership was dissolved in 2017 when
Auctionata filed for insolvency.
P8H, Inc., doing business as Paddle 8, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-10809) on March 16, 2020. At the time of filing, the Debtor was
estimated to have assets of less than $50,000 and liabilities of
between $50,001 and $100,000.
Judge Stuart M. Bernstein oversees the case.
The Debtor is represented by Kirby Aisner & Curley, LLP.
Megan E. Noh is the Debtor's Chapter 11 trustee. The Trustee is
represented by Pryor Cashman, LLP.
FBNK Finance S.a.r.l., as lender, is represented by Jonathan I.
Rabinowitz, Esq., at Rabinowitz, Lubetkin & Tully, LLC.
PALWINDER SINGH: 4th Cir. Affirms Chapter 11 Case Dismissal
-----------------------------------------------------------
Palwinder Singh appeals from the district court's order affirming
the bankruptcy court's order dismissing his Chapter 11 bankruptcy
case.
The United States Court of Appeals, Fourth Circuit reviewed the
record and found no reversible error. Accordingly, the Fourth
Circuit affirmed for the reasons stated by the district court.
Singh v. Fitzgerald, No. 1:20-cv-00327-AJT-JFA (E.D. Va. filed
Sept. 23, 2020; entered Sept. 24, 2020).
"We dispense with oral argument because the facts and legal
contentions are adequately presented in the materials before this
court and argument would not aid the decisional process," the
Fourth Circuit said.
The bankruptcy case is, In re Palwinder Singh, Case No. 20-10424
(Bankr. E.D. Va., February 10, 2020).
PINNEY INC: Gets Approval to Hire David C. Smith as Legal Counsel
-----------------------------------------------------------------
Pinney Inc. received approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ the Law Offices of
David C. Smith, PLLC as its legal counsel.
The firm's services include:
a. legal advice and assistance to the Debtor with respect to
matters relevant to its Chapter 11 case or to any distributions to
creditors;
b. preparation of necessary pleadings; and
c. other legal services for the Debtor, which may be
necessary.
The firm will be paid $400 per hour for its services and reimbursed
for out-of-pocket expenses incurred. It received a $10,000
pre-bankruptcy flat fee.
David Smith, Esq., disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
David C. Smith can be reached at:
David C. Smith, Esq.
Law Offices of David C. Smith, PLLC
Tacoma, WA 98402
Tel: (253)272-4777
Fax: (253)461-8888
Email: david@davidsmithlaw.com
About Pinney Inc.
Pinney Inc. sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 21-40300) on Feb. 22,
2021, disclosing total assets of up to $50,000 and total
liabilities of up to $500,000. The Law Offices Of David Smith,
PLLC, represents the Debtor as legal counsel.
QUOTIENT LIMITED: Unveils New $95-Mil. Financing Led by Highbridge
------------------------------------------------------------------
Quotient Limited has agreed to sell $95.0 million aggregate
principal amount of its new 4.75% Convertible Senior Notes due 2026
in a private offering to institutional investors, including funds
managed by Highbridge Capital Management, LLC. Quotient intends to
use the net proceeds from the offering for the continued
development of the multimodal, multiplexing MosaiQ platform, to
prepare for its commercial launch and for other general corporate
purposes. The Convertible Notes contain covenants limiting
incurrences of new indebtedness and the granting of liens, subject
to exceptions, including exceptions that would allow the company to
refinance its existing senior secured notes. Closing of the
initial offering is subject to customary closing conditions.
Quotient may issue up to an additional $15.0 million aggregate
principal amount of the Notes in one or more subsequent offerings.
On a pro forma basis, after giving effect to the initial sale of
the Notes and the payment of related expenses, the Company's cash
and cash equivalents on May 26, 2021 was approximately $166
million.
The Notes will bear interest at an annual rate of 4.75%, payable
semi-annually, and will mature in May 2026. Holders of the Notes
may convert their Notes to ordinary shares of Quotient at the
holder's option at any time prior to the close of business on the
second business day immediately preceding the maturity date at an
initial conversion price of $5.67, which represents a 27.5% premium
to the price of Quotient's ordinary shares at the close of trading
on May 21, 2021. In connection with the transaction, the investors
have agreed to not sell short any shares of Quotient's common stock
for a period of 90 days after their issuance.
Quotient will have the right to redeem all or a portion of the
Notes on or after May 2024 at a price equal to 100% of the
principal amount thereof, plus accrued and unpaid interest, if any,
if the last reported sale price of Quotient's ordinary shares has
been at least 130% of the conversion price then in effect over a
specified 20 trading day period and certain other conditions are
satisfied. If Quotient elects to redeem the Notes or certain other
corporate events occur prior to the maturity date, Quotient will,
in certain circumstances, increase the conversion rate for holders
who elect to convert their Notes in connection with such event.
Holders of the Notes may require Quotient to repurchase for cash
all or part of their Notes upon certain fundamental changes at a
repurchase price equal to 100% of the principal amount of the Notes
to be repurchased, plus accrued and unpaid interest. Quotient has
agreed to file a registration statement covering resales of shares
issuable on conversion of the Notes.
The Notes were sold in a private placement to qualified
institutional buyers in reliance on the exemption from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended.
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 expenditure
plans 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.
R & R INDUSTRIES: Wins Cash Collateral Access Thru June 3
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has authorized R&R Industries, Inc. to use cash
collateral on an interim basis through June 3, 2021, nunc pro tunc
to the petition date.
As previously reported by the Troubled Company Reporter, the Debtor
anticipates that AJ Equity Group, LLC, TVT Capital, LLC, Crystal
Springs Capital, Inc., and Business Funding Source, Inc., may
assert an interest in the cash collateral.
The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court; and (b) the current and
necessary expenses set forth in the budget.
The Debtor will timely perform all obligations of a
debtor-in-possession required by the Bankruptcy Code, Federal Rules
of Bankruptcy Procedure, and the Orders of the Court.
The Court order says any Secured Creditor will have a perfected
post-petition lien against cash collateral to the same extent and
with the same validity and priority as the prepetition lien,
without the need to file or execute any documents as may otherwise
be required under applicable non-bankruptcy law.
The Debtor is also directed to maintain insurance coverage for its
property in accordance with the obligations under the loan and
security documents with Secured Creditor, if any.
A continued hearing on the matter is scheduled for June 3 at 10
a.m.
A copy of the order and the Debtor's budget from April to September
2021 is available for free at https://tinyurl.com/y6scj5s from
PacerMonitor.com.
The Debtor projects total expenses of $308,492.50 and total income
of $931,027.09 for June 2021.
About R & R Industries
R & R Industries, a Florida S corporation formed in 1964,
specializes in the installation of roofing, heating, air
conditioning and ventilation systems for commercial, industrial and
residential properties. Located at 500 Carswell Avenue, in Daytona
Beach, Florida, R&R has been serving the Daytona Beach area for
over 55 years.
The Debtor filed a petition under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. M.D.Fla. Case No. 01050) on March 11, 2021
in the U.S. Bankruptcy Court for the Middle District of Florida.
In the petition, Larry T. Beasley II, president, the Debtor
estimated between $1 million and $10 million in both assets and
liabilities. Law Offices of Scott W. Spradley, P.A., is the
Debtor's attorney.
RABUN MANOR: Case Summary & 13 Unsecured Creditors
--------------------------------------------------
Debtor: Rabun Manor Resort, LLC
205 Carolina Street
Dillard, GA 30537
Chapter 11 Petition Date: May 31, 2021
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 21-20596
Debtor's Counsel: Theodore N. Stapleton, Esq.
THEODORE N. STAPLETON, P.C.
2802 Paces Ferry Road
Suite 100-B
Atlanta, GA 30339
Tel: (770) 436-3334
Fax: (404) 935-5344
Email: tstaple@tstaple.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by David A. Okun, manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/KRMZELY/Rabun_Manor_Resort_LLC__ganbke-21-20596__0001.0.pdf?mcid=tGE4TAMA
RAMS ASSOCIATES: District Court Affirms Ruling Against Carballeira
------------------------------------------------------------------
District Judge Anne E. Thompson affirmed the final judgment of the
U.S. Bankruptcy Court for the District of New Jersey against Joseph
Carballeira in the Chapter 11 case of Rams Associates, LP.
In 1990, Carballeira and others formed Rams Associates, a limited
partnership in the State of New Jersey. Rams was formed for the
purpose of buying and operating a hockey and ice-skating facility
in Farmingdale, New Jersey. Carballeira is a General Partner of
Rams, with an approximately 13% share in the partnership. In 2013,
an involuntary petition under Chapter 7 of the Bankruptcy Code was
filed against Rams. Shortly after, Rams filed a voluntary petition
under Chapter 11 of the Bankruptcy Code. The Bankruptcy Court
consolidated the petitions and oversaw the proceedings for several
years.
On May 23, 2014, the Bankruptcy Court confirmed Rams' Second
Modified Chapter 11 Plan. At the time, Carballeira held a $1.75
million secured interest in Rams in the form of a mortgage. Per the
Confirmation Order, Carballeira agreed to waive any distributions
from the bankruptcy in exchange for release under an asset purchase
agreement that sold "substantially all of [Rams'] assets" to a
third-party buyer. The Confirmation Order also created a
litigation trust and named Edward Bond as Litigation Trustee. The
litigation trust was formed to bring claims against the general
partners of Rams to hold them personally liable for the
partnership's outstanding debts.
On February 23, 2015, the Litigation Trustee filed an adversary
proceeding against Carballeira and two other Rams general partners:
Brian Sabo and Worthington Capital LLC. Sabo and Worthington
Capital both filed motions to dismiss; Carballeira did not answer
or otherwise respond to the complaint. The Litigation Trustee
subsequently settled with Sabo and Worthington Capital. On August
11, 2016, the Litigation Trustee requested default judgment against
Carballeira, who still had not answered the complaint. Three days
later, the Bankruptcy Court entered default judgment against
Carballeira in the amount of $3,314,715. The Judgment represented
all of Rams' outstanding unsecured debt, not including the funds
already distributed pursuant to the Confirmation Order.
Over eight months later, on April 28, 2017, Carballeira moved to
vacate the Judgment. Carballeira asserted he had been unaware of
the adversary proceeding because he moved to a new address. The
Bankruptcy Court heard oral argument and denied the Motion.
Carballeira moved for reconsideration. The Bankruptcy Court again
heard oral argument and again denied Carballeira's Motion.
On December 4, 2017, William Heinzerling, one of Rams' creditors,
filed an affidavit waiving his outstanding $1.8 million unsecured
claim.
On July 3, 2020, Carballeira petitioned the Bankruptcy Court for a
Warrant for Satisfaction of Judgment. Specifically, he argued that
the $1.75 million Carballeira Waiver entitled him to a $1.75
million deduction from the Judgment. He also argued the Heinzerling
Claim should be deducted from the Judgment. Therefore, in
Carballeira's view, because the Carballeira Waiver and the
Heinzerling Claim -- together, totaling $3.55 million -- exceeded
the amount he owed, he was entitled to a Warrant for Satisfaction
of Judgment.
The Bankruptcy Court heard oral argument on August 11, 2020. The
Bankruptcy Court denied Carballeira's Motion at the conclusion of
the hearing and issued a written Order the next day.
On September 11, 2020, Carballeira moved for reconsideration. He
argued that the Bankruptcy Court's denial of his prior Motion
constituted error "resulting in manifest injustice." The Bankruptcy
Court heard oral argument on October 20, 2020, and denied
Carballeira's Motion at the conclusion of the hearing and issued a
written Order the next day.
On October 26, 2020, Carballeira filed a Notice of Appeal with the
District Court. Carballeira argues the Bankruptcy Court erred by
failing to follow its previous orders and by failing to discharge
the Heinzerling Claim.
Among others, Judge Thompson held that the Bankruptcy Court did not
err by denying Carballeira's Motion to Compel a Warrant for
Satisfaction of Judgment. There was no clear error or manifest
injustice for the Bankruptcy Court to correct on reconsideration.
A copy of the District Court's May 21, 2021 Opinion is available at
https://bit.ly/2RQ3IRZ from Leagle.com.
About Rams Associates
Rams Associates LP was formed in 1990 for the purpose of acquiring
and operating an ice rink then operated under the name American
Hockey & Ice Skating Center located in Farmingdale, New Jersey for
a purchase price of $1,800,000 for the land and building. Rams
expended another $3,200,000 to build-out the arena and purchase the
necessary equipment to operate the Arena. Rams continues to own
and operate the ice rink, under the name Jersey Shore Arena.
On June 25, 2013, an involuntary petition under chapter 7 of the
Bankruptcy Code, 11 U.S.C. Sec. 101, et seq., was filed against
Rams, which proceeding was assigned Case No. 13-23969 (CMG).
On July 16, 2013, Rams Associates filed a superseding Chapter 11
petition (Bankr. D.N.J. Case No. 13-25541) in Trenton, New Jersey.
On July 30, 2013, a consent order substantively consolidating the
cases was entered by the Bankruptcy Court, which allowed for Rams
to proceed with the superseding chapter 11 case.
Judge Christine M. Gravelle presides over the case. Morris S.
Bauer, Esq. And Larry K. Lesnik, Esq., of McLaughlin & Marcus,
P.A., serves as the Debtor's counsel.
The Debtor estimated assets and debts of at least $10 million.
ROOSTER ENERGY: Taylor's Personal Injury Suit Dismissed
-------------------------------------------------------
In the case, Allen Taylor, v. B & J Martin, Inc., et al., Civil
Action No. 18-8941 (E.D. La.), District Judge Jay C. Zaine entered
judgment in favor of defendants and dismissed Plaintiff's claims
for damages based on the negligence under the Jones Act,
unseaworthiness, and additional maintenance and cure with
prejudice.
The civil action is brought by Allen Taylor pursuant to the Jones
Act and general maritime law against B&J Martin, Rooster Oil & Gas,
LLC, Lege Consulting Services, LLC, Corey Gardiner, Starstone
Underwriting Limited on behalf of Lloyd's Syndicate 1301, and
Houston Casualty Company. Plaintiff seeks damages for injuries
allegedly sustained while he was employed as captain onboard the
F/V DUSTY DAWN. Plaintiff alleges that on October 14, 2015, he
slipped and fell on the deck after stepping on a cigarette lighter
that had been left near the stairway. Plaintiff seeks recovery for
injuries to his back that he contends are causally related to the
incident aboard the F/V DUSTY DAWN. Defendants deny liability
claiming that Plaintiff's injuries were caused in whole or in part
by Plaintiff's own actions.
The Court held, "Notwithstanding Plaintiff's counsel's outstanding
presentation of the case, and after assessing the credibility of
the witnesses, the facts clearly demonstrate that Plaintiff is 100%
at fault."
Defendant B&J Martin, Inc. is the owner and operator of the F/V
DUSTY DAWN, a specialized trawling vessel very similar to a shrimp
boat.
Defendant Rooster Oil & Gas, LLC is a foreign limited liability
company that was authorized to do business in Louisiana. Rooster
Oil & Gas is no longer active and filed for Chapter 11 bankruptcy
in the U.S. District Court for the Western District of Louisiana.
The bankruptcy proceeding is still open; however, the bankruptcy
stay has been lifted for this case.
Defendants Rooster Oil & Gas and Rooster Oil & Petroleum, LLC are
sister companies. In October 2015, Rooster Petroleum contracted
with B&J Martin to perform site clearance trawling for Rooster at
its East Cameron Block 129 field in the Gulf of Mexico. Rooster Oil
& Gas owned this field, but Rooster Petroleum operated it. Site
clearance generally involves cleaning debris off the bottom of the
Gulf of Mexico by dragging a gorilla cargo net on the bottom.
Defendant Lege Consulting Services is a limited liability company
duly organized under the laws of the State of Louisiana with its
principal place of business in Vermilion Parish, Louisiana. Lege
Consulting was hired by Rooster to put a "company representative"
on the DUSTY DAWN to observe the work.
Defendant Starstone Underwriting Limited on behalf of Lloyd's
Syndicate 1301 is a foreign insurer authorized to do and doing
business in Louisiana. Starstone provided Protection and Indemnity
Insurance to B&J Martin on a primary basis. Starstone issued a
primary policy with depleting policy limits of $1,000,000 to B&J
Martin.
Defendant Houston Casualty Company issued an excess policy of
insurance to B&J Martin, excess of the primary policy of insurance
issued to B&J Martin by Starstone, with depleting policy limits of
$4,000,000.
A copy of the Court's May 24, 2021 Findings of Fact and Conclusions
of Law is available at https://bit.ly/3yTvSfh from Leagle.com.
About Rooster Energy
Houston, Texas-based Rooster Energy Ltd. --
http://www.roosterenergyltd.com/-- is an integrated oil and
natural gas company with an exploration and production (E&P)
business and a downhole and subsea well intervention and plugging
and abandonment service business. The Company's operations are
located in the state waters of Louisiana and the shallow waters of
the Gulf of Mexico, mature regions that have produced since 1936.
Rooster Energy, L.L.C., Rooster Energy Ltd., and five other
affiliates sought Chapter 11 protection (Bankr. W.D. La. Lead Case
No. 17-50705) on June 2, 2017. Kenneth F. Tamplain, Jr., president
and chief executive officer, signed the petitions.
In its petition, Rooster Energy L.L.C. estimated $50 million to
$100 million in liabilities.
Jan M. Hayden, Esq., Lacey Rochester, Esq., Susan C. Mathews, Esq.,
and Daniel J. Ferretti, Esq., at Baker Donelson Bearman Caldwell &
Berkowitz, P.C., serve as bankruptcy counsel. Opportune LLP has
been tapped as restructuring advisor. Donlin Recano & Company,
Inc., serves as claims, noticing and solicitation agent.
On June 23, 2017, the U.S. Trustee appointed three creditors to
serve in the official committee of unsecured creditors of the
Rooster Petroleum case.
On June 22, 2017, the U.S. Trustee appointed two creditors to serve
in the official committee of unsecured creditors of the Cochon
Properties case.
On February 8, 2018, the Court entered an order confirming the
Second Amended Chapter 11 Plan of Debtors Cochon Properties, LLC &
Morrison Well Services, LLC. The Plan was declared effective March
19, 2018.
The Chapter 11 cases of Rooster Petroleum, LLC (Case No. 17-50708),
Rooster Oil & Gas, LLC (Case No. 17-50709) and Probe Resources US
Ltd. (Case No. 17-50711) were converted to Chapter 7 liquidation on
December 4, 2017. The Chapter 11 cases of Rooster Energy, L.L.C.
(Case No. 17-50705) and Rooster Energy Ltd. (Case No. 17-50707)
were converted to Chapter 7 liquidation on August 1, 2018.
S & A RETAIL: Seeks to Hire Morrison Cohen as Legal Counsel
-----------------------------------------------------------
S & A Retail, Inc. and S & A Distribution, Inc. seek approval from
the U.S. Bankruptcy Court for the Southern District of New York to
hire Morrison Cohen, LLP as their legal counsel.
The firm's services include:
a. providing legal advice with respect to the Debtors' powers
and duties in the continued operation of their businesses and
management of their properties;
b. preparing legal papers and appearing in court;
c. reviewing all pleadings filed in the Debtors' Chapter 11
cases;
d. preparing and pursuing confirmation of a plan of
reorganization; and
e. performing other legal services for the Debtors that may be
necessary in the Debtors' bankruptcy proceedings.
The firm will be paid at these rates:
Partners $560 – $995 per hour
Associates $400 – $650 per hour
Paraprofessionals $215 – $375 per hour
Joseph T. Moldovan $975 per hour
Michael Barry $595 per hour
David J. Kozlowski $650 per hour
Sally Siconolfi $525 per hour
Erika L. Shapiro $400 per hour
Morrison Cohen will also be reimbursed for out-of-pocket expenses
incurred.
Joseph Moldovan, Esq., a partner at Morrison Cohen, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph T. Moldovan, Esq.
David J. Kozlowski, Esq.
Morrison Cohen, LLP
909 Third Avenue
New York, NY 10022
Tel: 212-735-8600
Fax: 212-375-8708
Email: jmoldovan@morrisoncohen.com
dkozlowski@morrisoncohen.com
About S & A Retail and S & A Distribution
S & A Retail, Inc. and S & A Distribution, Inc. sell Geox branded
footwear and apparel through wholesale and ecommerce distribution
channels. The companies operate two retail stores in New York and
Florida.
S & A Retail and S & A Distribution filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 21-22174) on March 26, 2021. Bridgette Nally,
secretary, signed the petitions. In the petitions, S & A Retail
disclosed total assets of up to $500,000 and total liabilities of
up to $10 million while S & A Distribution disclosed total assets
of up to $10 million and total liabilities of up to $50 million.
Judge Robert D. Drain oversees the cases.
The Debtors tapped Morrison Cohen, LLP and RK Consultants, LLC as
their legal counsel and financial advisor, respectively. Omni
Agent Solutions is the claims, noticing and administrative agent.
S & A RETAIL: Seeks to Hire Omni as Administrative Agent
--------------------------------------------------------
S & A Retail, Inc. and S & A Distribution, Inc. seek approval from
the U.S. Bankruptcy Court for the Southern District of New York to
hire Omni Agent Solutions as their administrative agent.
The firm will render these bankruptcy administrative services:
a. assist in the solicitation, balloting and tabulation of
votes, prepare any related reports in support of confirmation of a
Chapter 11 plan, and process requests for documents;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist in the preparation of the Debtors' 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 bankruptcy administrative services.
The standard hourly rates charged by Omni Agent Solutions'
professionals are as follows:
Analyst $35 - $50 per hour
Consultants $65 - $160 per hour
Senior Consultants $165 - $200 per hour
Solicitation and Securities Services $205 per hour
Technology/Programming $85 - $135 per hour
Paul Deutch, executive vice president of Omni, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul H. Deutch, Esq.
Omni Agent Solutions
1120 Avenue of the Americas, 4th Floor
New York, NY 10036
Tel. 212-302-3580 Ext 190
Fax. 212-302-3820
Email: paul@omniagnt.com
About S & A Retail and S & A Distribution
S & A Retail, Inc. and S & A Distribution, Inc. sell Geox branded
footwear and apparel through wholesale and ecommerce distribution
channels. The companies operate two retail stores in New York and
Florida.
S & A Retail and S & A Distribution filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 21-22174) on March 26, 2021. Bridgette Nally,
secretary, signed the petitions. In the petitions, S & A Retail
disclosed total assets of up to $500,000 and total liabilities of
up to $10 million while S & A Distribution disclosed total assets
of up to $10 million and total liabilities of up to $50 million.
Judge Robert D. Drain oversees the cases.
The Debtors tapped Morrison Cohen, LLP and RK Consultants, LLC as
their legal counsel and financial advisor, respectively. Omni
Agent Solutions is the claims, noticing and administrative agent.
S & A RETAIL: Seeks to Hire RK Consultants as Financial Advisor
---------------------------------------------------------------
S & A Retail, Inc. and S & A Distribution, Inc. seek approval from
the U.S. Bankruptcy Court for the Southern District of New York to
RK Consultants, LLC as their financial advisor.
The firm's services include:
a. preparing monthly operating reports in accordance with the
Local Bankruptcy Rules and the guidelines of the Office of the
United States Trustee;
b. preparing a cash flow budget, cash management and
distribution of funds;
c. performing an investigation and analyses of potential
claims and recoveries, including analyzing transactions with
vendors, insiders, or affiliated companies;
d. analyzing the liquidation or sale of the Debtors' business
and assets;
e. reconciling proofs of claim and claims asserted against the
Debtors' estates;
f. analyzing and negotiating leases;
g. preparing a plan of reorganization; and
h. such other financial advisory services as the Debtors may
require in connection with their Chapter 11 cases.
The principal professionals designated to provide the services and
their standard hourly rates are:
Brian Ryniker $400 per hour
Karl Knechtel $350 per hour
Mike Rizzo $350 per hour
The firm received a total of $78,545 as pre-bankruptcy retainer.
As disclosed in court filings, RK Consultants is a "disinterested
person" as that phrase is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Brian Ryniker
RK Consultants LLC
1178 Broadway, 3rd Floor, Suite 1505
New York, NY 10001
Phone: 646-341-3926
Email: brian@rkc.llc
About S & A Retail and S & A Distribution
S & A Retail, Inc. and S & A Distribution, Inc. sell Geox branded
footwear and apparel through wholesale and ecommerce distribution
channels. The companies operate two retail stores in New York and
Florida.
S & A Retail and S & A Distribution filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 21-22174) on March 26, 2021. Bridgette Nally,
secretary, signed the petitions. In the petitions, S & A Retail
disclosed total assets of up to $500,000 and total liabilities of
up to $10 million while S & A Distribution disclosed total assets
of up to $10 million and total liabilities of up to $50 million.
Judge Robert D. Drain oversees the cases.
The Debtors tapped Morrison Cohen, LLP and RK Consultants, LLC as
their legal counsel and financial advisor, respectively. Omni
Agent Solutions is the claims, noticing and administrative agent.
SAMM SOLUTIONS: May Use Cash Collateral Until August 15
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
approved the amended stipulation between SAMM Solutions, Inc. and
its lender Pacific Premier Bank, extending the Debtor's authority
to use cash collateral until August 15, 2021.
The Court directed the Debtor to make monthly payments of $15,837
to the Bank, and grant the Bank replacement liens in all of the
Debtor's assets. The Debtor's monthly budget provided for $251,548
in total cash outlay, including the monthly payment to Pacific
Bank.
A copy of the order is available at https://bit.ly/3fWd8D9 from
PacerMonitor.com at no charge.
About SAMM Solutions
SAMM Solutions, Inc. -- http://www.btsresearch.com/-- is a San
Diego-based contract research organization that delivers GLP and
Non-GLP biological services to clients in the pharmaceutical,
biopharmaceutical, biotech, academic research, medical device and
related industries.
SAMM Solutions sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Calif. Case No. 21-01163) on March 26, 2021.
Usama Abunadi, president, signed the petition. At the time of the
filing, the Debtor disclosed $1 million and $10 million in both
assets and liabilities. Judge Louise DeCarl Adler oversees the
case. The Debtor tapped Higgs Fletcher & Mack LLP as legal counsel
and Scott M. Bier at The CFO Solution LLC as financial advisor and
consultant.
Lender Pacific Premier Bank is represented by David W. Brody, Esq.,
at the Law Offices of David W. Brody.
SECURE HOME: $15MM DIP Financing OK'd on Final Basis
----------------------------------------------------
Judge J. Kate Stickles authorized the debtor-affiliates of Secure
Home Holdings, LLC -- My Alarm Center, LLC, as lead borrower; ACA
Security Systems, LP, and Hawk Creation, LLC, as guarantors -- to
obtain, on a final basis, $15,000,000 of superpriority DIP
financing from Seaport Loan Products LLC and Acquiom Agency
Services LLC as co-administrative agents, and Acquiom Agency
Services LLC as collateral agent, pursuant to a Secured
Superpriority DIP Credit Agreement.
Judge Stickles directed the Debtors to grant the DIP Agents, for
the benefit of the DIP Secured Parties, subject to the Carve Out,
security interests, liens, and super priority claims, including (i)
super priority administrative claims, (ii) liens pursuant to
Sections 364(c)(2) and 364(c)(3) of the Bankruptcy Code, and (iii)
priming liens pursuant to Section 364(d) of the Bankruptcy Code,
to secure the Debtors' obligations under the DIP Documents.
Adequate Protection to
Prepetition First Lien Lenders
As of the Petition Date, the Debtors were jointly and severally
liable to the Prepetition First Lien Secured Parties -- the lenders
party to the Prepetition First Lien Credit Agreement, from time to
time; and Seaport Loan Products LLC and Acquiom Agency Services
LLC, as successor co-administrative agents; and Acquiom Agency
Services LLC, as successor collateral agent -- for at least
$197,513,860, which consists of $195,929,915 in principal amount of
revolving loans advanced under the Prepetition First Lien Credit
Agreement, plus no less than $1,583,945 for accrued and unpaid
interest.
By the final DIP order, Judge Stickles authorized the Debtors to
grant adequate protection to the Prepetition First Lien Secured
Parties. The Prepetition First Lien Obligations are secured by
valid, binding, perfected, and enforceable first priority liens on
and security interests in the collateral, subject only to certain
Permitted Liens.
The Debtors may use the proceeds of the DIP Facility and the
Prepetition Collateral, subject to the DIP Budget, (A) to pay
transaction costs, fees, and expenses which are incurred in
connection with the DIP Facility; (B) to pay professional fees of
the Debtors and their estates, and other professionals retained in
the Debtors' Chapter 11 cases; and (C) for working capital and
other general corporate purposes.
All of the Debtors' cash and the collection of accounts receivable
or other disposition of the Prepetition Collateral as of the
Petition Date is the Prepetition First Lien Secured Parties' cash
collateral within the meaning of Section 363(a) of the Bankruptcy
Code.
Adequate Protection to
Prepetition Second Lien Lenders
Judge Stickles further authorized the Debtors to pay or grant the
Prepetition Second Lien Secured Parties -- consisting of the
lenders, party thereto from time to time, and Goldman Sachs
Specialty Lending Group, L.P. as administrative agent -- the
following consideration constituting the Second Lien Waiver and
Consent Payments:
* $1,000,000 as waiver and consent fee;
* the lesser of $200,000 and the actual legal fees of the
Prepetition Second Lien Agent; and
* releases with respect to the Prepetition Second Lien
Obligations and the Debtors' Joint Prepackaged Chapter 11 Plan of
Reorganization, as well as third party releases under the Plan.
The Prepetition Second Lien Lenders have agreed to waive certain
rights and to consent to the DIP Facility in exchange for the
Second Lien Waiver and Consent Payments.
As of the Petition Date, the Debtors were jointly and severally
indebted to the Prepetition Second Lien Secured Parties for at
least $33,952,009, which consists of (x) $33,741,127 in principal
amounts, plus (y) no less than $210,882 for accrued and unpaid
interest, costs and fees, including the fees and expenses of
Imperial Capital, LLC, as advisor to the Prepetition Second Lien
Agent.
The Prepetition Second Lien Obligations are secured by valid,
binding, perfected, and enforceable second priority liens on and
security interests in the Prepetition Collateral, subject only to
the Prepetition First Liens and certain Permitted Liens.
The terms of the Intercreditor Agreement between Prepetition First
Lien Collateral Agent and the Prepetition Second Lien Agent dated
July 14, 2017, remain in full force and effect, the Court ruled.
A copy of the final DIP order is available for free at
https://bit.ly/3wKjmwH from Kurtzman Carson Consultants, claims
agent.
About Secure Home Holdings
Newtown Square, Pa.-based Secure Home Holdings, LLC, and its
affiliates are a national provider of technologically advanced
security solutions, including residential and commercial security
systems, home automation systems, smoke and carbon monoxide
detectors, and other security solutions in communities throughout
the United States.
On April 25, 2021, Secure Home Holdings LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-10745). At the time of the filing, Secure Home had between $100
million and $500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Chipman Brown Cicero & Cole, LLP as bankruptcy
counsel; Skadden, Arps, Slate, Meagher & Flom, LLP as special
bankruptcy counsel; M3 Advisory Partners, LP as financial advisor;
and Raymond James & Associates, Inc., as their investment banker.
Kurtzman Carson Consultants, LLC, is the claims and noticing
agent.
SKLAR EXPLORATION: Challenge Period Extended Thru Conf. Hearing
---------------------------------------------------------------
Sklar Exploration Company, LLC and Sklarco, LLC have agreed with
the Official Committee of Unsecured Creditors in their Chapter 11
cases, and with East West Bank, as Prepetition Agent and Lead
Arranger, that the Eighth Extended Challenge Period with respect to
the Committee is extended through and including the earlier of
confirmation or denial of the Debtors' Second Amended and Restated
Joint Plan of Reorganization.
The Debtors asked the Court to approve the stipulation, a copy of
which is available for free at https://bit.ly/3c23YUR from Epiq,
claims agent.
About Sklar Exploration Company
Sklar Exploration Company, LLC -- https://sklarexploration.com/ --
is an independent exploration production company owned and managed
by Howard F. Sklar. With offices in Boulder, Colo., Shreveport,
La., and Brewton, Ala., Sklar owns interests in oil and gas wells
located throughout the United States. Its exploration and
production activities have historically focused on the
hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf
Coast basins of East Texas, North Louisiana, South Mississippi,
South Alabama, and the Florida Panhandle.
Sklar Exploration Company and Sklarco, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No.
20-12377) on April 1, 2020. At the time of the filing, Sklar
Exploration had estimated assets of between $1 million and $10
million and liabilities of between $10 million and $50 million.
Sklarco disclosed assets of between $10 million and $50 million and
liabilities of the same range.
Judge Elizabeth E. Brown oversees the cases.
The Debtors tapped Kutner Brinen, P.C., as bankruptcy counsel, and
Berg Hill Greenleaf & Ruscitti, LLP and Armbrecht Jackson, LLP, as
special counsel. Epiq is the Debtor's claim agent.
The U.S. Trustee for Region 19 appointed a committee to represent
unsecured creditors in the Debtors' Chapter 11 cases. The
Committee is represented by Munsch Hardt Kopf & Harr, P.C.
SOFT FINISH: Court Approves Accord with IRS on Cash Access
----------------------------------------------------------
Judge Barry Russell approved the stipulation between Soft Finish
Inc. and the Internal Revenue Service for the Debtor's use of the
cash collateral, there being no objections to the stipulation.
The Stipulation authorizes the Debtor to use cash collateral for
ordinary and necessary expenses until September 15. Use of cash
collateral may be renewed upon subsequent stipulation with the
IRS.
At the hearing on April 6, 2021, the Debtor's counsel noted that
the IRS had requested some additional terms as a condition to
consenting to the use of cash collateral including payment of
adequate protection of $3,000 per month beginning on April 15,
2021. The IRS proposed a Stipulation with the additional terms.
Counsel for the Debtor reviewed the Stipulation with counsel for
Pacific City Bank and modified it slightly based on that review.
Once the terms of the IRS Stipulation were agreed to, the Debtor
proposed an Order approving the use of cash collateral through
September 15, which both the IRS and Pacific City Bank accepted.
The IRS has filed a Proof of Claim asserting a secured claim of
$163,844.30 for the Debtor's employment tax liabilities for the
periods ending September 30, 2019 and December 31, 2019.
The Stipulation provides that beginning April 15, 2021, and the
15th day of the month thereafter until the case is dismissed or a
plan is confirmed, the Debtor will make an adequate protection
payment to the United States of $3,000. Payments will be credited
against the pre-petition secured tax liabilities of the Debtor or
to post-petition interest thereon, at the IRS's discretion.
As further adequate protection, the IRS shall receive a replacement
lien on all post-petition accounts receivable and all other
property acquired by the Debtor up to the full extent of the value
of its prepetition lien(s). This lien shall have priority pursuant
to relevant law and shall be in addition to any other liens of the
IRS against the assets and property of the Debtor as of the
petition date. Any diminution in the value of the collateral over
the life of the proceeding shall entitle the IRS to a
super-priority claim pursuant to 11 U.S.C. sec. 507(b).
A copy of the order is available for free at https://bit.ly/3hZRq43
from PacerMonitor.com.
About Soft Finish Inc.
Soft Finish manufactures clothing, specifically denim product such
as jeans, denim jackets, skirts, shorts, shirts. Soft Finish
specializes in "distressing" garments, taking hard, rigid,
untreated denim fabric and washing the product to soften garments
and using techniques to "beat up" or "age" garments. Distressing
includes hand sanding garments to create natural wear areas, adding
holes to garments to make them look used or old, stone washing to
give the garment a softer feel and a lighter color as well as other
hand treatments.
Soft Finish is the successor in interest to US Garment LLC. In late
2017, US Garment LLC transferred its assets to Soft Finish and Soft
Finish assumed 100% of the US Garment debt. The owners of US
Garment were Jae K. Chung and a minority interest with her son
Wesley Chung. Jae K. Chung is the sole owner of Soft Finish.
Soft Finish sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12038) on March 15,
2021. In the petition signed by Jae K. Chung, as president, the
Debtor disclosed $203,316 in assets and $1,404,553 in liabilities.
Judge Barry Russell oversees the case.
M. Jonathan Hayes, Esq., at Resnik Hayes Moradi, LLP, is the
Debtor's counsel.
SUFFERN PARTNERS: June 18 Hearing on Sale of Suffern Real Property
------------------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York will convene a hearing on June 18, 2021, at
2:00 p.m., to consider Suffern Partners LLC's private sale of the
real property located at 25 Old Mill Road, in Suffern, New York, to
TT Holder Entity LLC for $52.5 million, in accordance with the
terms of the Purchase and Sale Agreement, as amended.
The Hearing will be held via telephonic conference only. Parties
who wish to appear must register with Court Solutions at
www.court-solutions.com in advance of the hearing. The Objection
Deadline is June 11, 2021, at 4:00 p.m.
In the Motion, the Debtor requests for entry of an order:
a. authorizing and approving the assumption of the PSA and
the Broker Agreement, respectively, pursuant to Section 365 of the
Bankruptcy Code;
b. authorizing and approving a private sale to the Purchaser
free and clear of all liens, encumbrances and interests of any
kind, including but not limited to the RS2 Notices of Pendency,
with same to attach to the proceeds of the sale, pursuant to
Sections 363(b) and (f) of the Bankruptcy Code; and
c. granting the Purchaser good faith purchaser status under
Section 363(m) of the Bankruptcy Code.
About Suffern Partners LLC
Suffern Partners LLC is a Single Asset Real Estate debtor. The
Debtor is the fee simple owner of a property located at 25 Old Mill
Road, Suffern, NY 10901 valued at $52.5 million.
The Debtor sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
21-22280) on May 16, 2021. The case is assigned to Judge Sean H.
Lane.
The Debtor has a total assets of $58 million and $48,716,042 in
liabilities.
The Debtor tapped Robert L. Rattet, Esq., at Davidoff Hutcher &
Citron, LLP as counsel.
The petition was signed by Isaac Lefkowitz, CEO.
SUPERIOR PLUS: DBRS Assigns BB Rating to $500MM Sr. Unsecured Notes
-------------------------------------------------------------------
DBRS Limited assigned a rating of BB to the $500 million Senior
Unsecured Notes of Superior Plus LP issued on May 18, 2021. The
Notes have an interest rate of 4.25% and mature on May 18, 2028.
The trend is Stable.
A review of the Trust Indenture and the Term Sheet and Placement
Memorandum shows that the Notes rank pari passu with the Company's
existing senior unsecured debt. The Company will likely use net
proceeds from the issuance, along with borrowings under the
Issuer's credit facility and cash on hand, to redeem the $400
million principal amount of 5.25% senior unsecured notes due
February 27, 2024, and the $370 million principal amount of 5.125%
senior unsecured notes due August 27, 2025.
DBRS Morningstar based the rating assigned to this newly issued
debt instrument on the rating of an already-outstanding debt series
of the above-mentioned debt instrument.
Notes: All figures are in Canadian dollars unless otherwise noted.
TERRY LEE FLEMING: Havasu's Plan Objection Overruled
----------------------------------------------------
Bankruptcy Judge Mark S. Wallace overruled Havasu Lakeshore
Investments, LLC's objections to confirmation of the Joint Plan
Proponents' Amended Chapter 11 Plan Dated February 12, 2021 in the
Chapter 11 case of Terry Lee Fleming, Sr.
HLI contends the Court is precluded from confirming the 2021 Plan
because the 2021 Plan took account of a credit against the Debtor's
obligations to HLI in the amount of $3.694 million in respect of
previous conveyances of real property to HLI.
The real property consisted of three finished homesites and 46
finished but vacant lots located in Lake Havasu, California, in a
community known as Vista Del Lago. The Properties were conveyed by
Deed to HLI pursuant to, and following, the Court's confirmation of
a plan of reorganization in 2019. The basis for the Court's
confirmation of the 2019 Plan was that HLI would receive the
"indubitable equivalent" of its claims within the meaning of 11
U.S.C. Section 1129(b)(2)(A)(iii) pursuant to payments and
conveyances under the 2019 Plan.
HLI appealed the confirmation of the 2019 Plan to the BAP. The
issue before the BAP on appeal was whether the entire package of
consideration provided to HLI under the 2019 Plan constituted the
"indubitable equivalent" of HLI's claims. It is important to note
that what HLI received under the 2019 Plan was not merely the
Properties but, in addition, millions of dollars worth of other
consideration as well, such as, for example, a large cash down
payment and a secured promissory note pursuant to which a stream of
payments would be made to HLI over approximately a five-year
period.
The Bankruptcy Appellate Panel of the Ninth Circuit determined that
the entire package of consideration provided to HLI under the 2019
Plan did not satisfy the requirement of indubitable equivalence: ".
. . plan treatment consisting of cash payments in addition to the
transfer of real property at the bankruptcy court's valuation does
not provide HLI with the indubitable equivalent of its secured
claim under Section 1129(b)(2)(A)(iii)." The BAP most specifically
did not find this Court's valuation of the Properties at $3.694
million to be clearly erroneous: ". . . we do not determine whether
the valuation here was clearly erroneous . . . ."
The issue now before the Court with respect to confirmation of the
2021 Plan is not one of indubitable equivalence. Rather, the issue
is whether the stream of payments being provided to HLI with
respect to its partially paid-down claim (i.e., paid down by a
prior conveyance of the Properties) satisfies the requirements not
of 11 U.S.C. Section 129(b)(2)(A)(iii) but rather of 11 U.S.C.
Section 1129(b)(2)(A)(i).
"The simple fact of the matter is that HLI's claim has been
partially paid down by the conveyance of the Properties to HLI.
This has already occurred. The bell cannot be unrung," Judge
Wallace says. "Conveyance of the Properties to HLI is not part of
the 2021 Plan because that has already happened. The question
before the Court is to what extent HLI's claim was partially paid
down by reason of this conveyance. The answer, quite obviously, is
that HLI's claim was paid down by an amount equal to the fair
market value of the Properties. THE BAP quite explicitly did not
disturb this Court's valuation of the Properties, and that
valuation is $3.694 million."
The Court's determination of the fair market value of the
Properties (and, correspondingly, the extent to which HLI's claim
was paid down by the conveyance of the Properties to it) is not
governed by any type of "indubitable equivalent" standard. When a
court determines the fair market value of real property for this
purpose, such valuation need not be "indubitably" correct.
"Indubitable" is defined as "too evident to be doubted," Judge
Wallace says, pointing to Webster's Ninth New Collegiate
Dictionary. "It is likely the case that a forward-looking
valuation of property, even publicly-traded property, can never be
indubitably correct. Prices fluctuate, and the fact that a
particular stock traded at closing at X dollars and cents per share
is no guarantee it will open at such price the following morning,"
Judge Wallace continues.
According to Judge Wallace, HLI's contention that its claim should
not be considered to be reduced by the fair market value of the
Properties it received (as determined by this Court after a lengthy
evidentiary hearing) but instead by some lesser amount is contrary
to reason and logic. HLI has cited the Court to no authority for
the proposition that if a creditor is paid, in money or money's
worth, X dollars, the creditor is entitled to reduce the claim it
holds against the debtor by some amount less than X dollars.
One day before the confirmation hearing for the 2021 Plan, on May
17, 2021, HLI filed a Supplement to Objection to Confirmation of
the Amended Chapter 11 Plan. The Supplemental Objection states HLI
has entered into a contract for the sale of 46 vacant lots at a
price of $2,246,000. HLI argues from this that the reduction in
its claim by reason of the conveyance of the 46 lots and three
finished homesites should be approximately $3 million instead of
the $3.694 million number used by this Court. (The three finished
homesites sold in the aggregate for about $728,000). In effect,
what HLI is arguing is that, by reason of the BAP decision, HLI is
entitled to limit the reduction in its claim by reason of the real
estate conveyance to the values at which it ultimately was able to
sell the lots, not by their fair market value on the date such
properties were conveyed to HLI.
The Court rejects such a proposed resolution of the issue. HLI
acquired all the benefits and burdens of ownership of the 46 lots
when it acquired them in approximately July 2019. If the 46 lots
had tripled or quadrupled in value between July 2019 and June/July
2021, HLI presumably would not be asking the Court to use the
tripled or quadrupled values in determining how much its claim
should be reduced. As it turned out -- hardly surprising in view of
the onset of the greatest pandemic in a century -- is that the
value of the 46 lots diminished over time, it did not increase. HLI
must accept the bad with the good by reason of its fee ownership of
the 46 lots (as any other property owner would have to do).
To the extent HLI is arguing that a sale in June/July 2021 is a
good comparable for determining the fair market value of the 46
lots in July 2019, such arguement is seriously flawed. First,
there is a foreclosure pending with respect to the 46 lots by
reason of HLI's failure to pay homeowner fees to the Vista Del Lago
HOA, so the sale is a distressed sale -- not a good indicator of
true value. Second, as stated above, lying between the 2019
conveyance and a sale in June/July 2021 is one of the greatest
pandemics in history. Vastly changed circumstances are obvious.
Third, the upcoming sale is structured as a sale in bulk. The
Court, based upon the expert testimony of Dr. Vanderley, the
Debtor's valuation expert, determined that a bulk sale is not a
commercially reasonable sale. A retail lot-by-lot sale is
commercially reasonable, whereas a bulk sale is not. For all these
reasons, the Court concludes that the value to be realized by HLI
by reason of the sale that is now in the works is not a credible
indicator of the fair market value of the 46 lots when those lots
were conveyed to HLI in July 2019.
In summary, the Court determined that the fair market value of the
Properties was $3.694 million. The Properties have been conveyed
to HLI. The BAP did not disturb the Court's determination that the
Properties in fact had a fair market value of $3.694 million.
Therefore, the amount of HLI's claim at the present time that is
now before the Court for purposes of analysis under 11 U.S.C.
Section 1129(b)(2)(A)(i) is not the amount of the claim HLI held
before the Properties were conveyed to it but instead the amount of
the claim it now holds, which of necessity must reflect a reduction
in the amount of $3.694 million because that was the fair market
value of the Properties. All of HLI's arguments are based upon the
faulty premise that when a creditor's claim is partially paid down
during a bankruptcy case through a conveyance of property, the
amount of the claim reduction is not the fair market value of such
property but instead some lesser amount determined by the creditor
instead of the bankruptcy court.
Apart from these matters, HLI argues that the 2021 Plan fails to
account for or pay HLI's claims as evidenced by Proof of Claim
Numbers 8-1, 9-1, 11-1 and 12-1, aggregating approximately
$250,000. Claim Number 8-1 states that it is a secured claim and
relates to a $200,000 appeals bond. Claim Numbers 9-1, 11-1 and
12-1 are based upon attorneys' fees awards in litigation between
HLI and the Debtor and are stated to be unsecured claims.
Bankruptcy's absolute priority rule, see 11 U.S.C. Section
1129(b)(2)(B), requires that unsecured claims be paid in full if a
debtor is to retain any property under a confirmed chapter 11 plan.
HLI argues that the 2021 Plan fails to provide for the full payment
of the afore-mentioned claims and therefore violates the absolute
priority rule and cannot be confirmed.
Claim Numbers 9-1, 11-1 and 12-1 are classified as Class 9 claims
under the 2021 Plan and will be paid in full along with other Class
9 claims over a period of not more than five years with interest at
the federal judgment rate from and after the 2021 Plan's effective
date. Such treatment satisfies the absolute priority rule.
The 2021 Plan provides that IFIC, the issuer of the appeals bond
referenced above, shall have an allowed secured claim of $200,000
and an allowed unsecured claim of $25,000. Pursuant to a settlement
agreement, IFIC "shall pay the $200,000 of Cash Collateral that
IFIC is holding in its Escrow Account to HLI to satisfy HLI's claim
against the IFIC Bond . . . ." This provision of the 2021 Plan
adequately provides for the full payment of Claim Number 8-1 and
therefore satisfies the requirements of the absolute priority
rule.
A copy of the Court's May 21, 2021 Memorandum Decision is available
at https://bit.ly/2R705Xg from Leagle.com.
Terry Lee Fleming, Sr., filed for Chapter 11 bankruptcy (Bankr.
C.D. Cal. Case No. 16-19513) on November 15, 2017. James E. Till,
Esq., at Bosley Till Neue & Talerico LLP, serves as counsel to the
Debtor.
TWO GUNS CONSULTING: May Use Cash Collateral Until June 11
----------------------------------------------------------
Judge David R. Jones authorized Two Guns Consulting & Construction,
LLC to use cash collateral until June 11, 2021, pursuant to a
corrected third interim order dated May 18. The Debtor previously
was authorized to use cash collateral until June 7. A copy of the
corrected interim order is available for free at
https://bit.ly/2RLI6WT from PacerMonitor.com.
The Court cancelled the hearing scheduled for June 7, 2021 at 9:30
a.m., but will reconvene on June 11 at 9:30 a.m., via telephonic
and video hearing, to further consider the Debtor's cash collateral
request.
About Two Guns Consulting & Construction
Odem, Texas-based Two Guns Consulting & Construction, LLC is a
company in the heavy and civil engineering construction industry.
Two Guns Consulting & Construction sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-21061) on
March 9, 2021. Charles Luke Duncan, sole managing member, signed
the petition. In the petition, the Debtor disclosed total assets of
$1,313,914 and total liabilities of $5,038,064. Judge David R.
Jones oversees the case.
Jordan Holzer & Ortiz, P.C. and Wickens Herzer Panza serve as the
Debtors bankruptcy counsel and special counsel, respectively.
VERANO RECOVERY: Seeks to Hire Goe Forsythe as Bankruptcy Counsel
-----------------------------------------------------------------
Verano Recovery, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Goe Forsythe &
Hodges, LLP as its bankruptcy counsel.
The firm will render these services:
a. advise and assist the Debtor with respect to compliance
with the requirements of the U.S. trustee;
b. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor regarding its
assets and with respect to the claims of creditors;
c. represent the Debtor in any proceedings or hearings in the
bankruptcy court or in other court where its rights under the
Bankruptcy Code may be litigated or affected;
d. conduct examinations of witnesses, claimants, or adverse
parties and prepare reports, accounts, and pleadings related to the
Debtor's Chapter 11 case;
e. advise the Debtor concerning the requirements of the
bankruptcy court and applicable rules;
f. assist the Debtor in negotiation, formulation, confirmation
and implementation of a Chapter 11 plan of reorganization;
g. make bankruptcy court appearances; and
h. perform other legal services necessary to administer the
Debtor's Chapter 11 case.
Goe Forsythe & Hodges will be paid as follows:
Partners $545 - $495 per hour
Associates $495 - $320 per hour
Of Counsel $385 - $625 per hour
Paralegals $170 - $195 per hour
The firm received a $25,000 payment from the Debtor, plus the
filing fee.
As disclosed in court filings, Goe Forsythe is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Marc C. Forsythe, Esq.
Goe Forsythe & Hodges LLP
18101 Von Karman Ave #1200
Irvine, CA 92612
Phone: 949-798-2460
Fax: 949.955.9437
Email: mforsythe@goeforlaw.com
About Verano Recovery
Pasadena, Calif.-based Verano Recovery, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Case No. 21-14127) on May 19, 2021. At the time of
filing, the Debtor had between $10 million and $50 million in both
assets and liabilities. Judge Sheri Bluebond presides over the
case. Goe Forsythe & Hodges, LLP represents the Debtor as legal
counsel.
VIDEOMINING CORPORATION: May Borrow, Use Cash Thru Aug. 24
----------------------------------------------------------
Judge Gregory Taddonio approved the stipulation among VideoMining
Corporation, Enterprise Bank, White Oak Business Capital, Inc., and
the Internal Revenue Service, pursuant to which the Debtor may use
cash collateral through August 24, 2021, pursuant to the budget.
The approved stipulation extended, also through August 24, 2021,
the maturity date of the Debtor's DIP loan.
The stipulation further provided that:
* the cash collateral extension and the DIP loan extension
shall remain in effect so long as the Debtor is making progress
towards closing on the sale of its assets in accordance with the
Letter of Intent from VMC Acq., LLC dated May 11, 2021;
* The Debtor shall file a motion to approve the VMC
transaction by June 10, 2021;
* Enterprise Bank shall be authorized to file a motion for
relief from the automatic stay on an expedited basis if the VMC
transaction is terminated for any reason, or an event of default
occurs and continues beyond all applicable cure periods;
* the Debtor shall be authorized to utilize the non-refundable
deposit of $100,000 for operating expenses up until closing
provided that the Debtor has first exhausted its cash and
availability under the DIP loan;
* the Debtor shall replenish the non-refundable deposit up to
the amount it previously utilized for operating expenses with the
objective of the non-refundable deposit equaling $100,000 on the
date of the closing of the sale with VMC.
A copy of the sixth stipulation, along with the budget, is
available for free at https://bit.ly/3uyr5wD from PacerMonitor.com.
Counsel for Enterprise Bank:
William E. Kelleher, Jr. Esq.
Thomas D. Maxson, Esq.
Daniel P. Branagan, Esq.
DENTONS COHEN & GRIGSBY P.C.
625 Liberty Avenue
Pittsburgh, PA 15222-3152
Telephone: (412) 297-4900
Facsimile: (412) 209-0672
Email: bill.kelleher@dentons.com
thomas.maxson @dentons.com
daniel.branagan@dentons.com
About VideoMining Corporation
VideoMining Corporation -- http://www.videomining.com/-- is
in-store behavior analytics for Consumer Packaged Goods (CPG)
manufacturers and retailers. VideoMining's analytics platform
utilizes a patented suite of sensing technologies to capture
in-depth shopper behavior data. These previously unmeasured
insights are then integrated with multiple other data sources such
as transactions, planograms, product mapping, loyalty, and
promotions to fuel comprehensive solutions for optimizing shopper
experience and sales performance.
VideoMining Corporation filed a Chapter 11 petition (Bankr. W.D.
Pa. Case No. 20-20425) on February 4, 2020. In the petition signed
by Rajeev Sharma, chief executive officer, the Debtor was estimated
to have between $10 million and $50 million in assets and between
$1 million and $10 million in liabilities.
Judge Gregory L. Taddonio oversees the case. The Debtor tapped
Robert O Lampl Law Office as the legal counsel and Onmyodo, LLC as
a financial consultant, and ICAP Patent Brokerage LLC to market its
patents.
WASHINGTON PRIME: Forbearance Period Extended Anew to June 2
------------------------------------------------------------
Washington Prime Group, L.P. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the forbearance periods
under its forbearance agreements with noteholders and lenders have
been extended to the earlier of June 2, 2021 at 11:59 p.m., Eastern
time, and the occurrence of any of the specified early termination
events described in the applicable Forbearance Agreement.
As previously reported, on March 16, 2021, Washington Prime Group,
L.P., the operating partnership of Washington Prime Group Inc.,
entered into a forbearance agreement with certain beneficial owners
of its senior notes due 2024 and forbearance agreements with
certain lenders under the agreements governing its corporate credit
facilities. As previously reported, on May 17, 2021, the
Forbearing Noteholders and Forbearing Lenders, respectively, agreed
to extend the forbearance period under the applicable Forbearance
Agreement to no later than May 26, 2021.
The Company is continuing to engage in negotiations and discussions
with the Forbearing Noteholders and Forbearing Lenders to
restructure its capital structure.
About Washington Prime Group
Headquartered in Columbus Ohio, Washington Prime Group Inc. --
http://www.washingtonprime.com/-- is a retail REIT and a
recognized company in the ownership, management, acquisition and
development of retail properties. The Company combines a national
real estate portfolio with its expertise across the entire shopping
center sector to increase cash flow through rigorous management of
assets and provide new opportunities to retailers looking for
growth throughout the U.S. Washington Prime Group is a registered
trademark of the Company.
* * *
As reported by the TCR on Feb. 22, 2021, Fitch Ratings downgraded
the Long-Term Issuer Default Ratings (IDRs) of Washington Prime
Group, Inc. and Washington Prime Group, L.P. (collectively WPG) to
'C' from 'CC'. Fitch expects WPG's operating performance to
deteriorate further in the near term.
In March 2021, S&P Global Ratings lowered its issuer credit rating
on Washington Prime Group Inc. to 'D' from 'CC' and its issue-level
ratings on its unsecured debt and preferred stock to 'D' from 'C'.
Moody's Investors Service also downgraded the senior unsecured debt
and corporate family ratings of Washington Prime Group, L.P. to
Caa3 from Caa1. "WPG's Caa3 corporate family rating reflects its
large, geographically diversified portfolio of retail assets, which
includes a mix of enclosed malls (71% of Comp NOI) and open-air
centers (29%) across the US," Moody's said, according to a TCR
report dated June 1, 2020.
WB SUPPLY: Committee Taps Carl Marks as Financial Advisor
---------------------------------------------------------
The official committee of unsecured creditors of WB Supply, LLC
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Carl Marks Advisory Group, LLC as its financial
advisor.
The firm's services include:
a. analyzing the current financial position of the Debtor;
b. analyzing the business plans, cash flow projections,
restructuring programs, and other reports or analyses prepared by
the Debtor or its professionals;
c. attending meetings with the committee, the committee's legal
counsel and other advisors, and representatives of the Debtor;
d. advising the committee with respect to the proposed
bankruptcy auction, bid procedures and sales process;
e. assisting the committee and its legal counsel in the
development, evaluation and documentation of any plan of
reorganization or strategic transactions;
f. communicating with the Debtor and its liquidators in order to
monitor and participate in the sale process;
g. assisting in communications with the Debtor and other
constituents;
h. evaluating potential fraudulent conveyances, preferences and
other instances where recovery is possible outside of the estate;
and
i. monitoring the ongoing performance of the Debtor and keeping
the committee informed.
Carl Marks will be paid at these rates:
Partners $825 per hour
Managing Directors $725 per hour
Directors/Vice Presidents $625 per hour
Associates/Analysts $400 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Brian Williams, a partner at Carl Marks, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Brian A. Williams
Carl Marks Advisory Group LLC
314 N. Post Oak Lane
Houston, TX 77024
Phone: (832) 730-1951/(713) 922-3784
Email: bwilliams@carlmarks.com
About WB Supply LLC
WB Supply, LLC is a privately held pipe and supply company based in
Pampa, Texas. Founded in 1971, WB Supply has grown to more than a
dozen locations in multiple states, including Texas, Oklahoma and
New Mexico.
WB Supply sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Case No. 21-10729) on April 20, 2021. At the time
of the filing, the Debtor had between $10 million and $50 million
in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Chipman Brown Cicero & Cole, LLP as its legal
counsel, Great American Global Partners, LLC as liquidation agent,
and EHI, LLC, a division of KBF CPAS LLP, as restructuring advisor.
EHI President Edward Hostmann serves as the Debtor's chief
restructuring officer. Stretto is the claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtor's case on April 29, 2021. The
committee is represented by Sullivan Hazeltine Allinson, LLC and
Chamberlain Hrdlicka White Williams & Aughtry, P.C. as legal
counsel. Carl Marks Advisory Group, LLC serves as the committee's
financial advisor.
WB SUPPLY: Committee Taps Chamberlain Hrdlicka as Legal Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of WB Supply, LLC
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Chamberlain Hrdlicka White Williams & Aughtry,
P.C. as its legal counsel.
The firm's services include:
a. attending committee meetings;
b. reviewing financial and operational information furnished by
the Debtor to the committee;
c. analyzing and negotiating the budget and the terms and use of
the debtor-in-possession financing;
d. assisting the committee in negotiations with the Debtor and
other parties in interest on the Debtor's proposed Chapter 11 plan
and exit strategy for its bankruptcy case;
e. conferring with the Debtor's management, legal counsel,
financial advisor and any other retained professional;
f. conferring with the principals, legal counsel and advisors of
the Debtor's lenders and equity holders;
g. reviewing the Debtor's bankruptcy schedules, statements of
financial affairs, and business plan;
h. advising the committee as to the ramifications regarding all
of the Debtor's activities and motions before the court;
i. reviewing and analyzing the Debtor's financial advisors' work
product and reporting to the committee;
j. investigating and analyzing certain of the Debtor's
pre-bankruptcy conduct, transactions and transfers;
k. providing the committee with legal advice in relation to its
Chapter 11 case;
l. preparing various pleadings;
m. representing the committee in all court proceedings; and
n. other legal services that may be necessary or proper in the
Debtor's bankruptcy proceedings.
Chamberlain will be paid at these rates:
Partners $535 per hour
Of Counsel $475 per hour
Associates $315 per hour
Paralegals $265 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Jarrod Martin, Esq., a partner at Chamberlain, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jarrod B. Martin, Esq.
Chamberlain Hrdlicka White
Williams & Aughtry, P.C.
1200 Smith St. Suite 1400
Houston, TX 77002
Tel: (713) 658-1818
Email: jarrod.martin@chamberlainlaw.com
About WB Supply LLC
WB Supply, LLC is a privately held pipe and supply company based in
Pampa, Texas. Founded in 1971, WB Supply has grown to more than a
dozen locations in multiple states, including Texas, Oklahoma and
New Mexico.
WB Supply sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Case No. 21-10729) on April 20, 2021. At the time
of the filing, the Debtor had between $10 million and $50 million
in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Chipman Brown Cicero & Cole, LLP as its legal
counsel, Great American Global Partners, LLC as liquidation agent,
and EHI, LLC, a division of KBF CPAS LLP, as restructuring advisor.
EHI President Edward Hostmann serves as the Debtor's chief
restructuring officer. Stretto is the claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtor's case on April 29, 2021. The
committee is represented by Sullivan Hazeltine Allinson, LLC and
Chamberlain Hrdlicka White Williams & Aughtry, P.C. as legal
counsel. Carl Marks Advisory Group, LLC serves as the committee's
financial advisor.
WEST POINT MARKET: District Court Won't Hear IOU Central Row
------------------------------------------------------------
District Judge Pamela A. Barker denied the Motion for Withdrawal of
Reference and Transfer to District Court filed by IOU Central,
Inc., the defendant in Adversary Proc. No. 20-05006 commenced by
Marc P. Gertz, Trustee in Bankruptcy for West Point Market of
Akron, LLC.
IOU Central, Inc. filed a Proof of Claim in the Debtor's bankruptcy
proceeding, asserting a $128,133.34 unsecured claim.
On September 20, 2018, the Debtor's case was converted to one under
Chapter 7 of the Bankruptcy Code. Plaintiff was then appointed as
the Chapter 7 Trustee of the Debtor's bankruptcy estate. About a
year and a half later, on February 5, 2020, the Trustee initiated
an adversary proceeding in the United States Bankruptcy Court for
the Northern District of Ohio against Defendant, seeking avoidance
and recovery of an allegedly preferential transfer from the Debtor
to Defendant that occurred shortly before the filing of the
Debtor's bankruptcy petition. In his Complaint, Plaintiff alleges
that Defendant received preferential transfers from the Debtor in
the aggregate amount of $34,782.88 that are avoidable under Sec.
547 of the Bankruptcy Code.
After Defendant's motion to dismiss or transfer the adversary
proceeding was denied by the bankruptcy court, Defendant filed an
Answer to Plaintiff's Complaint. Therein, Defendant has demanded a
jury trial and raised several defenses, including allegations that
Defendant was fraudulently induced into its loan to the Debtor,
that the Debtor's owners and officers breached their fiduciary
duties, and that Plaintiff's suit is barred by the doctrine of in
pari delicto. Shortly thereafter, on October 27, 2020, Defendant
filed a Notice of Withdrawal of Proof of Claim, which purported to
withdraw Defendant's Proof of Claim from the Debtor's bankruptcy
proceeding.
On February 17, 2021, in the adversary proceeding against it,
Defendant filed a Motion for Withdrawal of Reference, asserting
that the bankruptcy court was divested of jurisdiction based on
Defendant's jury demand and that the matter should be transferred
to the District Court.
A copy of the Court's May 21, 2021 Memorandum of Opinion and Order
is available at https://bit.ly/3g1iugq from Leagle.com.
About West Point Market
West Point Market of Akron, LLC, is a specialty family-owned
supermarket in Akron, Ohio. West Point Market was founded in 1936
and is owned by Richard Vernon.
West Point Market of Akron sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ohio Case No. 18-10659) on May 24,
2018. In the petition signed by its member, Richard Vernon, the
Debtor estimated assets and liabilities of less than $10 million.
The Hon. Alan M. Koschik presides over the case. Julie K. Zurn,
Esq., of Zurn Law, LLC, served as the Debtor's counsel.
On September 20, 2018, the case was converted to one under Chapter
7 of the Bankruptcy Code. Marc P. Gertz was appointed as Chapter 7
Trustee.
WORK CAT: Gets OK to Hire Genovese Joblove as Legal Counsel
-----------------------------------------------------------
Work Cat Florida, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Genovese Joblove &
Battista, P.A. as its bankruptcy counsel.
The firm's services include:
(a) advising the Debtor regarding its powers and duties in the
continued management and operation of its business and properties;
(b) attending meetings and negotiating with representatives of
creditors and other parties-in-interest;
(c) advising the Debtor in connection with any contemplated
sales of assets or business combinations;
(d) advising the Debtor in connection with post-petition
financing and cash collateral arrangements, pre-bankruptcy
financing arrangements, emergence financing and capital structure;
(e) advising the Debtor on matters relating to the assumption,
rejection or assignment of unexpired leases and executory
contracts;
(f) advising the Debtor regarding legal issues arising in or
relating to its ordinary course of business;
(g) taking all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, the defense of any actions commenced against the estate,
negotiations concerning all litigation in which the Debtor may be
involved and objections to claims filed against the estate;
(h) preparing legal papers;
(i) negotiating and preparing a plan of reorganization,
disclosure statement and all related agreements or documents, and
taking any necessary action to obtain confirmation of such plan;
(j) attending meetings with third parties and participating in
negotiations;
(k) appearing before the bankruptcy court, any appellate
courts and the U.S. trustee; and
(l) other legal services necessary to administer the Debtor's
Chapter 11 case.
The hourly rates range from $100 for legal assistants to $650 for
the firm's most senior partners. Eric Jacobs, Esq., the firm's
attorney who will be handling the case, will be paid at the rate of
$375 per hour.
Genovese Joblove received a retainer in the amount of $17,500.
As disclosed in court filings, Genovese Joblove is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Eric D. Jacobs, Esq.
Genovese Joblove & Battista, P.A.
100 N. Tampa Street, Suite 2600
Tampa, FL 33602
Phone: (813) 439-3100
Fax: (813) 439-3110
Email: ejacobs@gjb.law
About Work Cat Florida
Work Cat Florida LLC, formerly known as Work Cat Trans Gulf, LLC,
has been in business since August 2020 as a short sea shipping
operation that provides trans-Gulf of Mexico container and roll
on/roll off freight transportation services utilizing its own
proprietary vessel design known as the "Work Cat."
Work Cat Florida filed a Chapter 11 petition (Bankr. M.D. Fla. Case
No. 21-02588) on May 18, 2021, disclosing $696,377 in total assets
and $6,940,094 in total liabilities. Chris Raley, chief executive
officer, signed the petition. Genovese Joblove & Battista, P.A. is
the Debtor's legal counsel.
ZOHAR III CORP: Mediation with Tilton, Patriarch Nixed
------------------------------------------------------
The Hon. Mary Pat Thynge, Chief Magistrate Judge of the District of
Delaware, held that the issues involved in the case, ZOHAR III,
CORP. Appellant, v. LYNN TILTON and the PATRIARCH, SHAREHOLDERS and
MICHAEL BERGER, as INDEPENDENT MANAGER of GLOBAL AUTOMOTIVE
SYSTEMS, LLC Appellees, No. BAP 21-00021, C.A. No. 21-628-MN, are
not amenable to mediation. "[M]ediation at this stage would not be
a productive exercise, a worthwhile use of judicial resources nor
warrant the expense of the process," Judge Thynge said.
On March 23, 2021, the Appellees filed a motion for entry of an
Order to enforce and implement the terms of the settlement to a
Portfolio Company Sale and the Appellants filed objections to this
motion in the Bankruptcy Court. Appellees filed a reply brief on
April 5, 2021.
Thereafter, the Bankruptcy Court conducted an evidentiary hearing
on the motion and related pleadings from April 8 through April 12,
2021, announced its ruling on the record of a hearing held on April
13, 2021. The District Court further entered an Order enforcing
and implementing the terms of the settlement agreement with respect
to a Portfolio Company Sale and granted related relief. Appellants
filed a notice of appeal of this Order on April 30, 2021, which was
transmitted to the District Court on the same day.
The parties have conferred regarding mediating the dispute and
agree that a mediation process would not be useful process to
resolve this appeal.
The parties further requested that a briefing schedule be entered.
Accordingly, Judge Thynge recommended that:
-- Appellants' Opening Brief is due Monday, June 28, 2021;
-- Appellees' Answering Brief is due not later than 45 days
after the filing of the Opening Brief;
-- Appellants' Reply Brief is due not later than 21 days after
the filing of the Answering Brief.
Appellees have indicated they may file a motion to dismiss this
Appeal. The parties request that any briefing scheduled ordered be
subject to change in the event such motion practice occurs.
About Zohar III, Corp.
Patriarch Partners, LLC, is a family office/private investment firm
founded by diva of distress Lynn Tilton. Since 2000, through
affiliated investment funds, Tilton has had ownership in and
restructured more than 240 companies with combined revenues in
excess of $100 billion, representing more than 675,000 jobs.
Zohar III, Corp., and its affiliates are investment funds
structured as collateralized loan obligations. Tilton formed
collateralized loan funds -- Zohar I, Zohar II, and Zohar III -- in
2003 to borrow $2.5 billion to buy distressed companies.
Tilton has faced an avalanche of lawsuits, including allegations
from the SEC that her Patriarch Partners improperly valued assets
in its Zohar debt funds and extracted about $200 million in excess
fees from investors.
Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited,
Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. --
Zohar Funds -- sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case Nos. 18-10512 to 18-10517) on March 11,
2018. In the petition signed by Lynn Tilton, director, the Debtors
were estimated to have $1 billion to $10 billion in assets and $500
million to $1 billion in liabilities.
Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy
counsel.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN 1A8 GR 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX* MM 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 TH 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 QT 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX US 92.7 (66.4) 74.4
AEMETIS INC AMTXGEUR EU 143.7 (138.4) (42.2)
AEMETIS INC DW51 GZ 143.7 (138.4) (42.2)
AEMETIS INC DW51 TH 143.7 (138.4) (42.2)
AEMETIS INC DW51 GR 143.7 (138.4) (42.2)
AEMETIS INC AMTX US 143.7 (138.4) (42.2)
AERIE PHARMACEUT AERIEUR EU 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GR 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GZ 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 TH 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 QT 362.7 (10.4) 200.2
AERIE PHARMACEUT AERI US 362.7 (10.4) 200.2
AGENUS INC AJ81 GZ 234.9 (175.4) (2.7)
AGENUS INC AJ81 GR 234.9 (175.4) (2.7)
AGENUS INC AGEN US 234.9 (175.4) (2.7)
AGENUS INC AJ81 QT 234.9 (175.4) (2.7)
AGENUS INC AJ81 TH 234.9 (175.4) (2.7)
AGENUS INC AGENEUR EU 234.9 (175.4) (2.7)
AGILITI INC AGTI US 2,195.8 466.1 42.5
AGRIFY CORP AGFY US 161.5 146.1 144.0
ALPHA CAPITAL -A ASPC US 0.2 (0.0) (0.2)
ALPHA CAPITAL AC ASPCU US 0.2 (0.0) (0.2)
ALTICE USA INC-A ATUS* MM 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GR 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA TH 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUSEUR EU 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GZ 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUS US 33,169.8 (1,384.5) (2,360.4)
AMC ENTERTAINMEN AH9 GR 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC* MM 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC4EUR EU 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 TH 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 QT 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 GZ 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC US 10,488.7 (2,287.0) (568.5)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICA'S CAR-MA CRMT US 822.2 (257.5) 534.2
AMERICA'S CAR-MA CRMTEUR EU 822.2 (257.5) 534.2
AMERICA'S CAR-MA HC9 GR 822.2 (257.5) 534.2
AMERICAN AIR-BDR AALL34 BZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL US 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL* MM 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GR 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G TH 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL TE 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G SW 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL11EUR EU 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL AV 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G QT 68,649.0 (7,945.0) 756.0
AMERISOURCEB-BDR A1MB34 BZ 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC US 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GR 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC2EUR EU 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG QT 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GZ 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG TH 47,003.3 (102.8) 2,472.7
AMYRIS INC 3A01 QT 326.6 (310.1) 105.1
AMYRIS INC AMRSEUR EU 326.6 (310.1) 105.1
AMYRIS INC 3A01 GZ 326.6 (310.1) 105.1
AMYRIS INC AMRS US 326.6 (310.1) 105.1
AMYRIS INC 3A01 GR 326.6 (310.1) 105.1
AMYRIS INC 3A01 TH 326.6 (310.1) 105.1
APPLOVIN CO-CL A APP US 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV GZ 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A APP2EUR EU 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV GR 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV QT 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV TH 2,621.4 (129.7) 698.2
APRIA INC APR US 684.4 (19.0) 32.2
ARCHIMEDES TECH ATSPU US - - -
ARCHIMEDES- SUB ATSPT US - - -
ARRAY TECHNOLOGI ARRY US 583.3 (70.1) 53.2
ASANA INC- CL A ASAN US 731.1 (12.8) 282.3
ASHFORD HOSPITAL AHT1EUR EU 3,816.8 (317.2) -
ASHFORD HOSPITAL AHD1 GR 3,816.8 (317.2) -
ASHFORD HOSPITAL AHT US 3,816.8 (317.2) -
ATLAS TECHNICAL ATCX US 362.3 (154.4) 113.0
AUSTERLITZ ACQ-A AUS US 691.6 618.5 0.8
AUSTERLITZ ACQUI AUS/U US 691.6 618.5 0.8
AUTOZONE INC AZO US 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 GZ 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZO AV 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 TE 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZO* MM 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZOEUR EU 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 QT 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 TH 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 GR 14,137.9 (1,763.4) (788.9)
AUTOZONE INC-BDR AZOI34 BZ 14,137.9 (1,763.4) (788.9)
AVID TECHNOLOGY AVID US 263.0 (134.6) (1.7)
AVID TECHNOLOGY AVD GR 263.0 (134.6) (1.7)
AVIS BUD-CEDEAR CAR AR 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GR 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA TH 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR* MM 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA QT 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR2EUR EU 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GZ 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR US 18,609.0 (316.0) (322.0)
BABCOCK & WILCOX BWEUR EU 582.4 (195.4) 123.7
BABCOCK & WILCOX UBW1 GR 582.4 (195.4) 123.7
BABCOCK & WILCOX BW US 582.4 (195.4) 123.7
BAUSCH HEALTH CO VRX SW 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GZ 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF TH 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX1EUR EU 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF QT 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHCN MM 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GR 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC CN 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC US 30,197.0 (124.0) 494.0
BELLRING BRAND-A BRBR US 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 TH 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GR 639.3 (133.8) 108.7
BELLRING BRAND-A BRBR1EUR EU 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GZ 639.3 (133.8) 108.7
BIOCRYST PHARM BO1 SW 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX* MM 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 QT 284.4 (75.0) 172.6
BIOCRYST PHARM BCRXEUR EU 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 TH 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX US 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 GR 284.4 (75.0) 172.6
BIOHAVEN PHARMAC 2VN TH 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC BHVN US 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC 2VN GR 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC BHVNEUR EU 1,003.2 (218.2) 504.9
BLACK ROCK PETRO BKRP US 0.0 (0.0) -
BLUE BIRD CORP BLBD US 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB GR 326.0 (52.6) (11.5)
BLUE BIRD CORP BLBDEUR EU 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB GZ 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB TH 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB QT 326.0 (52.6) (11.5)
BOEING CO-BDR BOEI34 BZ 150,035.0 (17,841.0) 30,053.0
BOEING CO-CED BA AR 150,035.0 (17,841.0) 30,053.0
BOEING CO-CED BAD AR 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA TE 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA CI 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BAUSD SW 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO GZ 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA AV 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO QT 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BACL CI 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO GR 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BAEUR EU 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA EU 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA* MM 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BOE LN 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO TH 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA PE 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BOEI BB 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA US 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA SW 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE TR TCXBOE AU 150,035.0 (17,841.0) 30,053.0
BOMBARDIER INC-B BBDBN MM 14,940.0 (3,061.0) 1,779.0
BRIDGEBIO PHARMA 2CL GZ 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA BBIOEUR EU 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL TH 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA BBIO US 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL GR 1,093.3 (388.1) 850.4
BRIDGEMARQ REAL BRE CN 88.3 (54.2) 10.0
BRINKER INTL BKJ TH 2,309.0 (390.6) (325.4)
BRINKER INTL EAT2EUR EU 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ QT 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ GR 2,309.0 (390.6) (325.4)
BRINKER INTL EAT US 2,309.0 (390.6) (325.4)
BROOKFIELD INF-A BIPC US 11,930.4 (730.3) (2,775.8)
BROOKFIELD INF-A BIPC CN 11,930.4 (730.3) (2,775.8)
BROOKLYN IMMUNOT BTX US 20.7 (4.4) 4.8
BRP INC/CA-SUB V DOO CN 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V B15A GR 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V DOOO US 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V B15A GZ 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V DOOEUR EU 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V B15A TH 4,885.9 (474.9) 669.8
CADIZ INC 2ZC GR 89.5 (13.1) 17.2
CADIZ INC CDZIEUR EU 89.5 (13.1) 17.2
CADIZ INC CDZI US 89.5 (13.1) 17.2
CALUMET SPECIALT CLMT US 1,868.0 (273.5) (229.1)
CAP SENIOR LIVIN CSU2EUR EU 686.9 (240.3) (285.5)
CEDAR FAIR LP FUN US 2,627.7 (780.6) 146.4
CENGAGE LEARNING CNGO US 2,704.3 (177.2) 167.1
CENTRUS ENERGY-A LEU US 483.7 (284.8) 67.2
CENTRUS ENERGY-A 4CU TH 483.7 (284.8) 67.2
CENTRUS ENERGY-A LEUEUR EU 483.7 (284.8) 67.2
CENTRUS ENERGY-A 4CU GR 483.7 (284.8) 67.2
CEREVEL THERAPEU CERE US 408.1 340.0 315.7
CHARGEPOINT HOLD CHPT US 290.1 (0.8) 108.5
CHEWY INC- CL A CHWY US 1,740.9 (2.0) (154.1)
CHEWY INC- CL A CHWY* MM 1,740.9 (2.0) (154.1)
CINCINNATI BELL CBBEUR EU 2,603.2 (189.6) (87.2)
CINCINNATI BELL CBB US 2,603.2 (189.6) (87.2)
CINCINNATI BELL CIB1 GR 2,603.2 (189.6) (87.2)
CINEPLEX INC CX0 GR 2,246.7 (65.3) (269.2)
CINEPLEX INC CGX CN 2,246.7 (65.3) (269.2)
CINEPLEX INC CX0 TH 2,246.7 (65.3) (269.2)
CINEPLEX INC CGXEUR EU 2,246.7 (65.3) (269.2)
CINEPLEX INC CGXN MM 2,246.7 (65.3) (269.2)
CINEPLEX INC CX0 GZ 2,246.7 (65.3) (269.2)
CINEPLEX INC CPXGF US 2,246.7 (65.3) (269.2)
CLOVIS ONCOLOGY C6O QT 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O TH 548.8 (221.0) 79.3
CLOVIS ONCOLOGY CLVSEUR EU 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O GZ 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O GR 548.8 (221.0) 79.3
CLOVIS ONCOLOGY CLVS US 548.8 (221.0) 79.3
CM LIFE SCIENCES CMLTU US 0.4 (0.0) (0.4)
COGENT COMMUNICA CCOIEUR EU 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOI* MM 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOI US 853.0 (307.6) (106.4)
COGENT COMMUNICA OGM1 GR 853.0 (307.6) (106.4)
COMMUNITY HEALTH CYH US 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 QT 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CYH1EUR EU 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 TH 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GZ 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GR 15,592.0 (1,114.0) 1,394.0
CPI CARD GROUP I PMTSEUR EU 246.3 (135.6) 87.5
CPI CARD GROUP I PMTS US 246.3 (135.6) 87.5
CPI CARD GROUP I PMTS CN 246.3 (135.6) 87.5
CPI CARD GROUP I CPB1 GR 246.3 (135.6) 87.5
CUSTOM TRUCK ONE CTOS US 750.2 (68.7) 39.3
DELEK LOGISTICS DKL US 948.9 (111.4) (4.7)
DENNY'S CORP DE8 TH 422.9 (102.1) (22.1)
DENNY'S CORP DENNEUR EU 422.9 (102.1) (22.1)
DENNY'S CORP DE8 GR 422.9 (102.1) (22.1)
DENNY'S CORP DENN US 422.9 (102.1) (22.1)
DIALOGUE HEALTH CARE CN - - -
DIEBOLD NIXDORF DBD SW 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBDEUR EU 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD TH 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD QT 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD GZ 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD GR 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD US 3,515.6 (840.0) 164.0
DIGITAL MEDIA-A DMS US 220.0 (79.5) 18.7
DINE BRANDS GLOB IHP TH 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GZ 1,856.3 (317.4) 50.6
DINE BRANDS GLOB DIN US 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GR 1,856.3 (317.4) 50.6
DOMINO'S PIZZA DPZEUR EU 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV GZ 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ AV 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ* MM 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV GR 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ US 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV QT 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV TH 1,662.8 (3,236.1) 424.0
DOMO INC- CL B 1ON TH 192.4 (92.9) (30.5)
DOMO INC- CL B DOMO US 192.4 (92.9) (30.5)
DOMO INC- CL B 1ON GR 192.4 (92.9) (30.5)
DOMO INC- CL B 1ON GZ 192.4 (92.9) (30.5)
DOMO INC- CL B DOMOEUR EU 192.4 (92.9) (30.5)
DRIVE SHACK INC DS US 449.5 (0.4) (51.4)
DROPBOX INC-A DBX US 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 GR 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 TH 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 SW 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 QT 3,307.3 (83.0) 959.1
DROPBOX INC-A DBXEUR EU 3,307.3 (83.0) 959.1
DROPBOX INC-A DBX AV 3,307.3 (83.0) 959.1
DROPBOX INC-A DBX* MM 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 GZ 3,307.3 (83.0) 959.1
DYE & DURHAM LTD DND CN 1,523.4 743.6 499.8
DYE & DURHAM LTD DYNDF US 1,523.4 743.6 499.8
ESPERION THERAPE ESPR US 278.6 (269.4) 174.7
ESPERION THERAPE ESPREUR EU 278.6 (269.4) 174.7
ESPERION THERAPE 0ET TH 278.6 (269.4) 174.7
ESPERION THERAPE 0ET QT 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GR 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GZ 278.6 (269.4) 174.7
FLEXION THERAPEU FLXN US 230.4 (38.9) 146.6
FLEXION THERAPEU F02 GR 230.4 (38.9) 146.6
FLEXION THERAPEU FLXNEUR EU 230.4 (38.9) 146.6
FLEXION THERAPEU F02 TH 230.4 (38.9) 146.6
FLEXION THERAPEU F02 QT 230.4 (38.9) 146.6
FRONTDOOR IN FTDR US 1,355.0 (46.0) 133.0
FRONTDOOR IN 3I5 GR 1,355.0 (46.0) 133.0
FRONTDOOR IN FTDREUR EU 1,355.0 (46.0) 133.0
GALERA THERAPEUT GRTX US 70.5 (10.6) 48.4
GLOBAL CLEAN ENE GCEH US 234.4 (36.4) (13.8)
GLOBAL SYNERGY GSAQU US 0.6 (0.0) (0.5)
GLOBAL SYNERGY-A GSAQ US 0.6 (0.0) (0.5)
GODADDY INC-A GDDY US 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D TH 7,259.3 (71.0) (503.3)
GODADDY INC-A GDDY* MM 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D GR 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D QT 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D GZ 7,259.3 (71.0) (503.3)
GOGO INC G0G TH 687.7 (631.5) 420.4
GOGO INC G0G GR 687.7 (631.5) 420.4
GOGO INC GOGOEUR EU 687.7 (631.5) 420.4
GOGO INC G0G QT 687.7 (631.5) 420.4
GOGO INC G0G GZ 687.7 (631.5) 420.4
GOGO INC GOGO US 687.7 (631.5) 420.4
GOLDEN NUGGET ON GNOG US 281.6 (21.1) 131.6
GOLDEN NUGGET ON 5ZU GR 281.6 (21.1) 131.6
GOLDEN NUGGET ON LCA2EUR EU 281.6 (21.1) 131.6
GOLDEN NUGGET ON 5ZU TH 281.6 (21.1) 131.6
GOOSEHEAD INSU-A GSHD US 192.6 (36.3) 27.4
GOOSEHEAD INSU-A 2OX GR 192.6 (36.3) 27.4
GOOSEHEAD INSU-A GSHDEUR EU 192.6 (36.3) 27.4
GORES GUGGENHE-A GGPI US - (0.0) (0.0)
GORES GUGGENHEIM GGPIU US - (0.0) (0.0)
GORES HOLD VII-A GSEV US - - -
GORES HOLDINGS V GSEVU US - - -
GORES TECH-A GTPA US 0.0 (0.0) (0.0)
GORES TECH-B GTPB US - (0.0) (0.0)
GORES TECHNOLOGY GTPAU US 0.0 (0.0) (0.0)
GORES TECHNOLOGY GTPBU US - (0.0) (0.0)
GRAFTECH INTERNA EAF US 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G GR 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G TH 1,378.1 (233.8) 380.2
GRAFTECH INTERNA EAFEUR EU 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G QT 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G GZ 1,378.1 (233.8) 380.2
GREEN PLAINS PAR GPP US 104.6 (11.5) (65.7)
GREENBROOK TMS GTMS CN 56.1 (2.1) (2.2)
GREENSKY INC-A GSKY US 1,354.4 (162.2) 637.2
GULFPORT ENERGY GPOR US 2,627.6 (287.7) (137.1)
H&R BLOCK - BDR H1RB34 BZ 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB TH 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB QT 3,168.4 (534.6) 529.2
H&R BLOCK INC HRBEUR EU 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB GZ 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB US 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB GR 3,168.4 (534.6) 529.2
HERBALIFE NUTRIT HOO TH 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFUSD EU 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO GZ 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFEUR EU 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO QT 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO GR 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLF US 2,666.8 (1,362.3) 319.7
HEWLETT-CEDEAR HPQD AR 34,549.0 (3,360.0) (7,938.0)
HEWLETT-CEDEAR HPQC AR 34,549.0 (3,360.0) (7,938.0)
HEWLETT-CEDEAR HPQ AR 34,549.0 (3,360.0) (7,938.0)
HILTON WORLD-BDR H1LT34 BZ 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TH 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GR 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLT* MM 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTW AV 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTEUR EU 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TE 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLT US 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 QT 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GZ 15,974.0 (1,620.0) 992.0
HORIZON GLOBAL HZN1EUR EU 468.2 (24.3) 89.0
HORIZON GLOBAL HZN US 468.2 (24.3) 89.0
HORIZON GLOBAL 2H6 GR 468.2 (24.3) 89.0
HOVNANIAN ENT-A HOV US 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HOVEUR EU 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HO3A GR 1,850.7 (416.3) 870.0
HP COMPANY-BDR HPQB34 BZ 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ SW 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ CI 34,549.0 (3,360.0) (7,938.0)
HP INC HPQUSD SW 34,549.0 (3,360.0) (7,938.0)
HP INC HPQEUR EU 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP GZ 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ AV 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP QT 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ US 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP TH 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP GR 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ TE 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ* MM 34,549.0 (3,360.0) (7,938.0)
HYRECAR INC 8HY GR 28.8 19.7 19.8
HYRECAR INC HYRE US 28.8 19.7 19.8
HYRECAR INC 8HY TH 28.8 19.7 19.8
HYRECAR INC 8HY QT 28.8 19.7 19.8
HYRECAR INC 8HY GZ 28.8 19.7 19.8
IMMUNITYBIO INC NK1EUR EU 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA GZ 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA TH 209.4 (185.3) 19.7
IMMUNITYBIO INC IBRX US 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA GR 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA QT 209.4 (185.3) 19.7
INFRASTRUCTURE A IEA US 692.7 (96.0) 78.9
INFRASTRUCTURE A IEAEUR EU 692.7 (96.0) 78.9
INFRASTRUCTURE A 5YF GR 692.7 (96.0) 78.9
INSEEGO CORP INO TH 251.4 (1.5) 77.7
INSEEGO CORP INO QT 251.4 (1.5) 77.7
INSEEGO CORP INSG US 251.4 (1.5) 77.7
INSEEGO CORP INO GR 251.4 (1.5) 77.7
INSEEGO CORP INSGEUR EU 251.4 (1.5) 77.7
INSEEGO CORP INO GZ 251.4 (1.5) 77.7
INSPIRED ENTERTA 4U8 GR 301.0 (112.4) 1.4
INSPIRED ENTERTA INSEEUR EU 301.0 (112.4) 1.4
INSPIRED ENTERTA INSE US 301.0 (112.4) 1.4
INTERCEPT PHARMA I4P TH 520.1 (200.0) 341.3
INTERCEPT PHARMA ICPT US 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GR 520.1 (200.0) 341.3
INTERCEPT PHARMA ICPT* MM 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GZ 520.1 (200.0) 341.3
ITIQUIRA ACQUI-A ITQ US 0.4 (0.0) (0.3)
ITIQUIRA ACQUISI ITQRU US 0.4 (0.0) (0.3)
J. JILL INC JILL US 497.2 (96.9) (38.8)
J. JILL INC JILLEUR EU 497.2 (96.9) (38.8)
J. JILL INC 1MJ1 GZ 497.2 (96.9) (38.8)
JACK IN THE BOX JBX GR 1,790.8 (780.6) (90.4)
JACK IN THE BOX JBX GZ 1,790.8 (780.6) (90.4)
JACK IN THE BOX JBX QT 1,790.8 (780.6) (90.4)
JACK IN THE BOX JACK1EUR EU 1,790.8 (780.6) (90.4)
JACK IN THE BOX JACK US 1,790.8 (780.6) (90.4)
JOSEMARIA RESOUR JOSE SS 15.0 (18.6) (31.2)
JOSEMARIA RESOUR NGQSEK EU 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES EB 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES IX 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES I2 15.0 (18.6) (31.2)
KARYOPHARM THERA 25K GR 274.9 (39.6) 193.5
KARYOPHARM THERA KPTIEUR EU 274.9 (39.6) 193.5
KARYOPHARM THERA 25K QT 274.9 (39.6) 193.5
KARYOPHARM THERA 25K TH 274.9 (39.6) 193.5
KARYOPHARM THERA 25K GZ 274.9 (39.6) 193.5
KARYOPHARM THERA KPTI US 274.9 (39.6) 193.5
KL ACQUISI-CLS A KLAQ US 0.4 (0.0) (0.5)
KL ACQUISITION C KLAQU US 0.4 (0.0) (0.5)
KNOWBE4 INC-A KNBE US 268.6 24.7 (0.1)
L BRANDS INC LTD SW 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD GR 10,545.5 (532.9) 1,932.2
L BRANDS INC LBRA AV 10,545.5 (532.9) 1,932.2
L BRANDS INC LBEUR EU 10,545.5 (532.9) 1,932.2
L BRANDS INC LB* MM 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD QT 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD GZ 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD TH 10,545.5 (532.9) 1,932.2
L BRANDS INC LB US 10,545.5 (532.9) 1,932.2
L BRANDS INC-BDR LBRN34 BZ 10,545.5 (532.9) 1,932.2
LAREDO PETROLEUM LPI1EUR EU 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM LPI US 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM 8LP1 GR 1,474.9 (68.6) (154.2)
LDH GROWTH C-A LDHA US 233.2 215.2 2.6
LDH GROWTH CORP LDHAU US 233.2 215.2 2.6
LEE ENTERPRISES LEE US 835.1 (12.8) (39.5)
LENNOX INTL INC LII* MM 2,075.0 (160.7) 289.1
LENNOX INTL INC LXI TH 2,075.0 (160.7) 289.1
LENNOX INTL INC LII1EUR EU 2,075.0 (160.7) 289.1
LENNOX INTL INC LXI GR 2,075.0 (160.7) 289.1
LENNOX INTL INC LII US 2,075.0 (160.7) 289.1
LESLIE'S INC LESL US 858.9 (391.0) 140.9
LESLIE'S INC LE3 GR 858.9 (391.0) 140.9
LESLIE'S INC LESLEUR EU 858.9 (391.0) 140.9
LESLIE'S INC LE3 TH 858.9 (391.0) 140.9
LESLIE'S INC LE3 QT 858.9 (391.0) 140.9
LIVE NATION ENTE 3LN GR 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYVEUR EU 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN QT 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN TH 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV US 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV* MM 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN GZ 10,919.6 (129.7) 280.4
LIVE NATION-BDR L1YV34 BZ 10,919.6 (129.7) 280.4
MADISON SQUARE G MSG1EUR EU 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 GR 1,304.4 (255.3) (146.2)
MADISON SQUARE G MSGS US 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 TH 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 QT 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 GZ 1,304.4 (255.3) (146.2)
MAGNET FORENSICS MAGT CN 51.8 (8.6) (6.6)
MANNKIND CORP NNFN SW 319.4 (173.6) 215.2
MANNKIND CORP NNFN QT 319.4 (173.6) 215.2
MANNKIND CORP MNKDEUR EU 319.4 (173.6) 215.2
MANNKIND CORP NNFN GZ 319.4 (173.6) 215.2
MANNKIND CORP NNFN TH 319.4 (173.6) 215.2
MANNKIND CORP MNKD US 319.4 (173.6) 215.2
MANNKIND CORP NNFN GR 319.4 (173.6) 215.2
MATCH GROUP -BDR M1TC34 BZ 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTCH US 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTCH1* MM 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN TH 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GR 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN QT 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTC2 AV 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GZ 3,214.7 (1,212.5) 734.3
MBIA INC MBI1EUR EU 5,375.0 (28.0) -
MBIA INC MBJ QT 5,375.0 (28.0) -
MBIA INC MBJ GZ 5,375.0 (28.0) -
MBIA INC MBJ TH 5,375.0 (28.0) -
MBIA INC MBJ GR 5,375.0 (28.0) -
MBIA INC MBI US 5,375.0 (28.0) -
MCAFEE CORP - A MCFE US 5,362.0 (1,783.0) (1,457.0)
MCAFEE CORP - A MC7 GR 5,362.0 (1,783.0) (1,457.0)
MCAFEE CORP - A MCFEEUR EU 5,362.0 (1,783.0) (1,457.0)
MCDONALD'S CORP TCXMCD AU 51,103.1 (7,235.5) 888.1
MCDONALDS - BDR MCDC34 BZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD TE 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD CI 51,103.1 (7,235.5) 888.1
MCDONALDS CORP 0R16 LN 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDUSD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDEUR EU 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD AV 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO TH 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO QT 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GR 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD PE 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDCL CI 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD* MM 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD US 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCDD AR 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCD AR 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCDC AR 51,103.1 (7,235.5) 888.1
MDC PARTNERS-A MDCAEUR EU 1,560.7 (380.2) (170.4)
MDC PARTNERS-A MD7A GR 1,560.7 (380.2) (170.4)
MDC PARTNERS-A MDCA US 1,560.7 (380.2) (170.4)
MEDIAALPHA INC-A MAX US 241.7 (89.4) 30.4
METAMATERIAL INC MMAT CN 15.0 (1.6) 2.6
MILESTONE MEDICA MMD PW 0.9 (17.0) (17.0)
MILESTONE MEDICA MMDPLN EU 0.9 (17.0) (17.0)
MONEYGRAM INTERN MGI US 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N TH 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGIEUR EU 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N QT 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N GR 4,587.6 (259.2) (35.2)
MONGODB INC 526 GZ 1,407.5 (0.3) 787.3
MONGODB INC MDB US 1,407.5 (0.3) 787.3
MONGODB INC 526 GR 1,407.5 (0.3) 787.3
MONGODB INC MDBEUR EU 1,407.5 (0.3) 787.3
MONGODB INC 526 QT 1,407.5 (0.3) 787.3
MONGODB INC 526 TH 1,407.5 (0.3) 787.3
MONGODB INC MDB* MM 1,407.5 (0.3) 787.3
MONGODB INC- BDR M1DB34 BZ 1,407.5 (0.3) 787.3
MOTOROLA SOL-BDR M1SI34 BZ 10,423.0 (478.0) 847.0
MOTOROLA SOL-CED MSI AR 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOSI AV 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI1EUR EU 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GZ 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA QT 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA TH 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GR 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOT TE 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI US 10,423.0 (478.0) 847.0
MSCI INC 3HM SW 4,565.5 (481.6) 881.3
MSCI INC 3HM GZ 4,565.5 (481.6) 881.3
MSCI INC 3HM QT 4,565.5 (481.6) 881.3
MSCI INC MSCI* MM 4,565.5 (481.6) 881.3
MSCI INC 3HM TH 4,565.5 (481.6) 881.3
MSCI INC 3HM GR 4,565.5 (481.6) 881.3
MSCI INC MSCI US 4,565.5 (481.6) 881.3
MSCI INC-BDR M1SC34 BZ 4,565.5 (481.6) 881.3
MSG NETWORKS- A MSGN US 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 GR 971.8 (418.9) 358.2
MSG NETWORKS- A MSGNEUR EU 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 QT 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 TH 971.8 (418.9) 358.2
N/A HYREEUR EU 28.8 19.7 19.8
NATHANS FAMOUS NATHEUR EU 104.6 (63.1) 79.3
NATHANS FAMOUS NATH US 104.6 (63.1) 79.3
NATHANS FAMOUS NFA GR 104.6 (63.1) 79.3
NATIONAL CINEMED XWM GR 895.0 (299.3) 165.8
NATIONAL CINEMED NCMIEUR EU 895.0 (299.3) 165.8
NATIONAL CINEMED NCMI US 895.0 (299.3) 165.8
NAVISTAR INTL NAVEUR EU 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR QT 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR GZ 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR TH 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR GR 6,118.0 (3,825.0) 811.0
NAVISTAR INTL NAV US 6,118.0 (3,825.0) 811.0
NEIGHBOURLY PHAR NBLY CN 418.2 (187.9) (282.1)
NEW ENG RLTY-LP NEN US 290.1 (42.9) -
NOBLE ROCK ACQ-A NRAC US 0.4 (0.0) (0.3)
NOBLE ROCK ACQUI NRACU US 0.4 (0.0) (0.3)
NORTHERN OIL AND NOG1EUR EU 873.2 (180.7) (53.5)
NORTHERN OIL AND 4LT1 TH 873.2 (180.7) (53.5)
NORTHERN OIL AND 4LT1 GR 873.2 (180.7) (53.5)
NORTHERN OIL AND NOG US 873.2 (180.7) (53.5)
NORTONLIFEL- BDR S1YM34 BZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMC TE 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK* MM 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMCEUR EU 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM GZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMC AV 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK US 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM QT 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM TH 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM GR 6,361.0 (500.0) (598.0)
NUTANIX INC - A 0NU GZ 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU GR 2,265.6 (746.8) 705.5
NUTANIX INC - A NTNXEUR EU 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU TH 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU QT 2,265.6 (746.8) 705.5
NUTANIX INC - A NTNX US 2,265.6 (746.8) 705.5
O'REILLY AUT-BDR ORLY34 BZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLYEUR EU 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY AV 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GR 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY US 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY* MM 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 QT 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 TH 11,850.9 (7.0) (1,215.4)
OMEROS CORP OMER US 161.4 (222.0) 89.0
OMEROS CORP 3O8 QT 161.4 (222.0) 89.0
OMEROS CORP 3O8 TH 161.4 (222.0) 89.0
OMEROS CORP OMEREUR EU 161.4 (222.0) 89.0
OMEROS CORP 3O8 GZ 161.4 (222.0) 89.0
OMEROS CORP 3O8 GR 161.4 (222.0) 89.0
ONCOLOGY PHARMA ONPH US 0.0 (0.4) (0.4)
OPTINOSE INC OPTN US 157.9 (16.7) 105.5
OPTIVA INC OPT CN 73.1 (63.2) 5.2
OTIS WORLDWI OTIS US 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG GR 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI OTISEUR EU 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG GZ 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI OTIS* MM 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG TH 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG QT 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,505.0 (3,286.0) (49.0)
PARATEK PHARMACE N4CN GR 159.3 (119.0) 118.9
PARATEK PHARMACE N4CN GZ 159.3 (119.0) 118.9
PARATEK PHARMACE N4CN TH 159.3 (119.0) 118.9
PARATEK PHARMACE PRTK US 159.3 (119.0) 118.9
PARTS ID INC ID US 66.9 (13.3) (26.4)
PHILIP MORRI-BDR PHMO34 BZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1 TE 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 TH 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 0M8V LN 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMOR AV 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 GZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM* MM 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMIZ IX 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMIZ EB 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 QT 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMI SW 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1EUR EU 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM US 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 GR 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1CHF EU 39,804.0 (9,574.0) 2,695.0
PLANET FITNESS-A 3PL QT 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT1EUR EU 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT US 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL TH 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL GR 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL GZ 1,865.0 (696.7) 441.0
PLANTRONICS INC PLTEUR EU 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM GZ 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM TH 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM QT 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM GR 2,664.3 (80.8) 214.0
PLANTRONICS INC POLY US 2,664.3 (80.8) 214.0
PONTEM CORP PNTM/U US 0.6 (0.0) (0.5)
PONTEM CORP-CL A PNTM US 0.6 (0.0) (0.5)
PPD INC PPD US 6,468.0 (605.7) 386.7
PRIORITY TECHNOL PRTHU US 400.5 (99.8) (18.0)
PRIORITY TECHNOL PRTH US 400.5 (99.8) (18.0)
PRIORITY TECHNOL PRTHEUR EU 400.5 (99.8) (18.0)
PRIORITY TECHNOL 60W GR 400.5 (99.8) (18.0)
PSOMAGEN INC-KDR 950200 KS 49.5 36.8 25.3
QUALTRICS INT-A XM US 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 GR 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 QT 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 GZ 1,389.5 (99.4) 208.1
QUALTRICS INT-A XM1EUR EU 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 TH 1,389.5 (99.4) 208.1
QUANTUM CORP QTM1EUR EU 194.9 (112.2) (3.0)
QUANTUM CORP QNT2 TH 194.9 (112.2) (3.0)
QUANTUM CORP QNT2 GR 194.9 (112.2) (3.0)
QUANTUM CORP QMCO US 194.9 (112.2) (3.0)
RADIUS HEALTH IN 1R8 GR 205.1 (216.0) 114.3
RADIUS HEALTH IN RDUS US 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 TH 205.1 (216.0) 114.3
RADIUS HEALTH IN RDUSEUR EU 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 QT 205.1 (216.0) 114.3
RAPID7 INC R7D SW 1,222.7 (81.2) 390.3
RAPID7 INC RPDEUR EU 1,222.7 (81.2) 390.3
RAPID7 INC R7D TH 1,222.7 (81.2) 390.3
RAPID7 INC RPD US 1,222.7 (81.2) 390.3
RAPID7 INC R7D GR 1,222.7 (81.2) 390.3
REVLON INC-A REV* MM 2,430.9 (1,958.7) 278.3
REVLON INC-A REVEUR EU 2,430.9 (1,958.7) 278.3
REVLON INC-A RVL1 TH 2,430.9 (1,958.7) 278.3
REVLON INC-A RVL1 GR 2,430.9 (1,958.7) 278.3
REVLON INC-A REV US 2,430.9 (1,958.7) 278.3
RIMINI STREET IN RMNI US 311.6 (22.9) (11.4)
RR DONNELLEY & S RRDEUR EU 2,980.4 (254.4) 381.1
RR DONNELLEY & S DLLN GR 2,980.4 (254.4) 381.1
RR DONNELLEY & S RRD US 2,980.4 (254.4) 381.1
RR DONNELLEY & S DLLN TH 2,980.4 (254.4) 381.1
RUSH STREET INTE RSI US 428.8 364.8 352.4
SBA COMM CORP SBAC US 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB TH 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB GR 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB GZ 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBAC* MM 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBACEUR EU 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB QT 9,763.5 (5,031.5) (170.8)
SBA COMMUN - BDR S1BA34 BZ 9,763.5 (5,031.5) (170.8)
SCIENTIFIC GAMES TJW GZ 7,856.0 (2,521.0) 1,240.0
SCIENTIFIC GAMES SGMS US 7,856.0 (2,521.0) 1,240.0
SCIENTIFIC GAMES TJW GR 7,856.0 (2,521.0) 1,240.0
SCIENTIFIC GAMES TJW TH 7,856.0 (2,521.0) 1,240.0
SEAWORLD ENTERTA SEAS US 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA W2L GR 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA W2L TH 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA SEASEUR EU 2,573.4 (145.8) 161.0
SECOND SIGHT MED EYES US 4.5 (0.7) (0.9)
SELECTA BIOSCIEN 1S7 GR 176.7 (19.6) 78.5
SELECTA BIOSCIEN SELBEUR EU 176.7 (19.6) 78.5
SELECTA BIOSCIEN SELB US 176.7 (19.6) 78.5
SELECTA BIOSCIEN 1S7 TH 176.7 (19.6) 78.5
SELECTA BIOSCIEN 1S7 GZ 176.7 (19.6) 78.5
SHELL MIDSTREAM SHLX US 2,322.0 (467.0) 325.0
SHOALS TECHNOL-A SHLS US 252.3 (42.9) 45.0
SIENTRA INC SIEN3EUR EU 198.4 (12.9) 89.6
SIENTRA INC SIEN US 198.4 (12.9) 89.6
SIENTRA INC S0Z GR 198.4 (12.9) 89.6
SINCLAIR BROAD-A SBGIEUR EU 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA GZ 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBGI US 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA GR 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA TH 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA QT 13,132.0 (998.0) 2,048.0
SIRIUS XM HO-BDR SRXM34 BZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO TH 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRIEUR EU 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRI AV 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO QT 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRI US 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GR 9,988.0 (2,603.0) (1,945.0)
SIX FLAGS ENTERT 6FE QT 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT SIXEUR EU 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT SIX US 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT 6FE TH 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT 6FE GR 2,674.0 (713.1) (248.5)
SKYWATER TECHNOL SKYT US 252.3 (4.6) (5.3)
SLEEP NUMBER COR SNBREUR EU 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 TH 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 QT 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 GZ 822.2 (332.6) (585.9)
SLEEP NUMBER COR SNBR US 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 GR 822.2 (332.6) (585.9)
SQUARESPACE IN-A SQSP US 872.5 (45.5) (71.1)
STAR ALLIANCE IN STAL US 0.5 (0.2) (0.7)
STARBUCKS CORP SBUX SW 28,371.7 (7,648.3) 474.4
STARBUCKS CORP USSBUX KZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX CI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX TE 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXEUR EU 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX IM 28,371.7 (7,648.3) 474.4
STARBUCKS CORP 0QZH LI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXUSD SW 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB GZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX AV 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX US 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX PE 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB QT 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXCL CI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB TH 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX* MM 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB GR 28,371.7 (7,648.3) 474.4
STARBUCKS-BDR SBUB34 BZ 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUXD AR 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUX AR 28,371.7 (7,648.3) 474.4
SWITCHBACK II CO SWBK/U US 317.9 5.0 1.2
SWITCHBACK II-A SWBK US 317.9 5.0 1.2
SYSOREX INC SYSX US 3.3 (24.9) (12.8)
TAIGA MOTORS COR TAIG CN 102.3 (7.5) (109.1)
TASTEMAKER ACQ-A TMKR US 279.9 256.4 1.0
TASTEMAKER ACQUI TMKRU US 279.9 256.4 1.0
THUNDER BRIDGE C TBCPU US 415.2 392.2 (7.3)
THUNDER BRIDGE-A TBCP US 415.2 392.2 (7.3)
TORTEC GROUP COR TRTK US 0.0 (0.1) (0.1)
TRANSDIGM - BDR T1DG34 BZ 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDG* MM 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D TH 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D QT 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDGEUR EU 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDG US 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D GR 18,739.0 (3,521.0) 4,778.0
TRANSPHORM INC TGAN US 22.2 (19.9) (8.5)
TRAVEL + LEISURE 0M1K LI 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GR 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE TNL US 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A QT 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WYNEUR EU 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GZ 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A TH 6,728.0 (976.0) 3,073.0
TREACE MEDICAL C TMCI US 37.4 (0.7) 27.9
TREACE MEDICAL C 7DW TH 37.4 (0.7) 27.9
TREACE MEDICAL C 7DW GR 37.4 (0.7) 27.9
TREACE MEDICAL C TMCIEUR EU 37.4 (0.7) 27.9
TRIUMPH GROUP TG7 TH 2,450.9 (818.9) 836.1
TRIUMPH GROUP TGIEUR EU 2,450.9 (818.9) 836.1
TRIUMPH GROUP TG7 GZ 2,450.9 (818.9) 836.1
TRIUMPH GROUP TG7 GR 2,450.9 (818.9) 836.1
TRIUMPH GROUP TGI US 2,450.9 (818.9) 836.1
TUPPERWARE BRAND TUP SW 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP TH 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP1EUR EU 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP GZ 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP QT 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP US 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP GR 1,226.9 (153.3) (317.6)
UBIQUITI INC 3UB GZ 893.0 (60.2) 440.3
UBIQUITI INC UBNTEUR EU 893.0 (60.2) 440.3
UBIQUITI INC 3UB GR 893.0 (60.2) 440.3
UBIQUITI INC UI US 893.0 (60.2) 440.3
UNISYS CORP UIS US 2,456.7 (285.8) 550.7
UNISYS CORP UIS1 SW 2,456.7 (285.8) 550.7
UNISYS CORP USY1 GZ 2,456.7 (285.8) 550.7
UNISYS CORP USY1 QT 2,456.7 (285.8) 550.7
UNISYS CORP UISEUR EU 2,456.7 (285.8) 550.7
UNISYS CORP UISCHF EU 2,456.7 (285.8) 550.7
UNISYS CORP USY1 TH 2,456.7 (285.8) 550.7
UNISYS CORP USY1 GR 2,456.7 (285.8) 550.7
UNITI GROUP INC 8XC SW 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC TH 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC GR 4,781.8 (2,153.7) -
UNITI GROUP INC UNIT US 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC GZ 4,781.8 (2,153.7) -
VALVOLINE INC 0V4 TH 2,921.0 (56.0) 520.0
VALVOLINE INC VVVEUR EU 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 GR 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 QT 2,921.0 (56.0) 520.0
VALVOLINE INC VVV US 2,921.0 (56.0) 520.0
VECTOR GROUP LTD VGREUR EU 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR TH 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR QT 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GZ 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GR 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR US 1,403.6 (656.5) 392.3
VERA THERAPEUTIC VERA US - - -
VERISIGN INC VRSN* MM 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSNEUR EU 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GZ 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS TH 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS QT 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN US 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GR 1,782.9 (1,403.8) 225.3
VERISIGN INC-BDR VRSN34 BZ 1,782.9 (1,403.8) 225.3
VERISIGN-CEDEAR VRSN AR 1,782.9 (1,403.8) 225.3
VERY GOOD FOOD C VERY1EUR EU 48.0 24.9 17.7
VERY GOOD FOOD C VERY CN 48.0 24.9 17.7
VERY GOOD FOOD C VRYYF US 48.0 24.9 17.7
VERY GOOD FOOD C 0SI TH 48.0 24.9 17.7
VERY GOOD FOOD C 0SI GZ 48.0 24.9 17.7
VERY GOOD FOOD C 0SI QT 48.0 24.9 17.7
VININGS HOLDINGS NDYN US 0.2 (0.6) (0.6)
VIVINT SMART HOM VVNT US 2,833.3 (1,584.0) (312.7)
W&T OFFSHORE INC UWV SW 949.7 (208.6) (26.2)
W&T OFFSHORE INC WTI US 949.7 (208.6) (26.2)
W&T OFFSHORE INC WTI1EUR EU 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV TH 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV GZ 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV GR 949.7 (208.6) (26.2)
WALDENCAST ACQ-A WALD US 0.2 (0.0) (0.2)
WALDENCAST ACQUI WALDU US 0.2 (0.0) (0.2)
WARRIOR TECHN-A WARR US 0.4 (0.0) (0.4)
WARRIOR TECHNOLO WARR/U US 0.4 (0.0) (0.4)
WAYFAIR INC- A W* MM 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GZ 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF QT 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GR 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF TH 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A WEUR EU 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A W US 4,774.9 (1,469.7) 996.9
WIDEOPENWEST INC WOW US 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 GR 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 TH 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 QT 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WOW1EUR EU 2,505.1 (202.0) (91.3)
WINGSTOP INC WING1EUR EU 217.8 (331.7) 33.0
WINGSTOP INC WING US 217.8 (331.7) 33.0
WINGSTOP INC EWG GR 217.8 (331.7) 33.0
WINGSTOP INC EWG GZ 217.8 (331.7) 33.0
WINMARK CORP WINA US 30.7 (12.8) 5.6
WINMARK CORP GBZ GR 30.7 (12.8) 5.6
WW INTERNATIONAL WW6 TH 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW US 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GZ 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WTW AV 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WTWEUR EU 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 QT 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GR 1,436.4 (555.8) (76.2)
WYNN RESORTS LTD WYR TH 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNNEUR EU 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR GZ 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR QT 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNN* MM 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNN US 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR GR 13,166.9 (202.9) 1,879.9
WYNN RESORTS-BDR W1YN34 BZ 13,166.9 (202.9) 1,879.9
YELLOW CORP YEL1 TH 2,354.5 (281.2) 280.3
YELLOW CORP YEL1 SW 2,354.5 (281.2) 280.3
YELLOW CORP YEL QT 2,354.5 (281.2) 280.3
YELLOW CORP YRCWEUR EU 2,354.5 (281.2) 280.3
YELLOW CORP YEL GZ 2,354.5 (281.2) 280.3
YELLOW CORP YEL GR 2,354.5 (281.2) 280.3
YELLOW CORP YELL US 2,354.5 (281.2) 280.3
YUM! BRANDS -BDR YUMR34 BZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM* MM 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM US 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUMUSD SW 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM AV 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR TE 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUMEUR EU 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR QT 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM SW 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR TH 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GR 5,550.0 (7,912.0) (25.0)
*********
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 2021. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***