/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210831.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, August 31, 2021, Vol. 25, No. 242 Headlines 176 ROUTE 50: Oct. 14 Disclosure Statement Hearing Set 2340 ND CORP: Fay Refutes 'Unimpaired' Status of Claim in Plan ACASTI PHARMA: Completes Merger With Grace Therapeutics AEROCENTURY CORP: Unsec. Creditors to Recover 100% in Toggle Plan AFFILIATED PHYSICIANS: Seeks to Wind Down, Oppose $3.8M in Claims AINOS INC: Directors May Receive Compensation Under Amended Bylaws ALISHA LLC: Wins Cash Collateral Access Thru Sept 23 AMSTERDAM HOUSE: Unsecureds to Recover 15% of Allowed Claim in Plan APPLIED ENERGETICS: Incurs $1.2 Million Net Loss in Second Quarter AVINGER INC: Posts $3.5 Million Net Loss in Second Quarter B N EMPIRE: Case Summary & 3 Unsecured Creditors BARRACUDA NETWORKS: Fitch Affirms 'B-' LT IDR, Outlook Stable BASIC ENERGY: U.S. Trustee Appoints Creditors' Committee BL SANTA FE: Case Summary & 20 Largest Unsecured Creditors BMZ LLC: Has Until Dec. 20 to File Plan & Disclosures BOTS INC: Paul Rosenberg Quits as Director BROWNIE'S MARINE: BLU3 Collaborates With Pure Florida CAJUN COMPANY: Files Plan Supplement CAPITAL TRUCK: Oct. 20 Plan Confirmation Hearing Set CLEARY PACKAGING: Trade Unsecureds to Get 50% of Disposable Income CONSOLIDATED LAND: Court Denies Confirmation to Debtor's Plan CORPS PHYSIQUE: Seeks to Hire Morrison Tenenbaum as Legal Counsel DAVIDZON MEDIA: Wins Cash Collateral Access Thru Sept 10 DELCATH SYSTEMS: Incurs $6.4 Million Net Loss in Second Quarter DESOTO HOLDING: Sept. 22 Hearing on Plan, Disclosure Statement Set DESOTO OWNERS: Hearing on Plan, Disclosures Set for Sept. 17 DIAMOND SPORTS: S&P Cuts ICR to 'CCC' on Risk of Debt Restructuring DITECH HOLDING: Injunction, Confirmation Order Imposed on Claimant E.L. SERVICES: Seeks Access to Cash Collateral Thru Sept. 3 FINANCIAL GRAVITY: Incurs $7.1 Million Net Loss in Third Quarter FL SUNSHINE: Wins Cash Collateral Access FREEDOM SALES: Wins Cash Collateral Access FUWEI FILMS: Three Proposals Approved at Extraordinary Meeting GGS PIZZERIA: Involuntary Chapter 11 Case Summary HARRIS CRC: Wins Cash Collateral Access Thru Sept 10 HARRIS PHARMACEUTICAL: Debtor Fails as Fiduciary, Says Stockowner HARRIS PHARMACEUTICAL: Plan Proposed in Bad Faith, Chartwell Says HELIUS MEDICAL: Voluntarily Delists From Toronto Stock Exchange HESS MIDSTREAM: Fitch Affirms 'BB+' IDR & Alters Outlook to Pos. HOGAR CARINO: Confirmation Hearing Slated for Sept. 22 HOUSEHOLD OF FAITH: Obtains OK to Use Cash Collateral Thru Sept. 3 IBEC LANGUAGE: Seeks to Hire Kirby Aisner & Curley as Legal Counsel INNOVATIVE SOFTWARE: Sept. 30 Plan & Disclosure Hearing Set ISLET SCIENCES: Seeks to Hire Jonathan Lakey as Expert Witness JAMCO SERVICES: Seeks to Hire Weichert Realtors as Broker JAMCO SERVICES: Updates Equify & Commercial Secured Claim Details JFK HEATING: Unsecured Creditors Will Get 30% of Claims in 3 Years KINGLAND REALTY: Sept. 29 Disclosure Statement Hearing Set KISSMYASSETS LLC: Seeks to Hire Atlantic Tax as Accountant KRISU HOSPITALITY: Oct. 21 Plan Confirmation Hearing Set L'INC D'ALINE: Wins Cash Collateral Access LAKE CHARLES MEMORIAL HOSPITAL: S&P Cuts 2019 Bond Rating to 'BB' LAROSE HOSPITALITY: Unsec. Creditors to Get $150K in 60 Months LBD PLLC: Unsecureds to Recover 29.2% of Allowed Claims LIT'L PATCH OF HEAVEN: Seeks to Hire Pinnacle Real Estate as Broker LIVE WELL MEDICAL: Seeks to Hire Adam Law Group as Legal Counsel LONJ LLC: All Allowed Claims to be Paid in Full under Plan LONJ LLC: September 21 Plan & Disclosure Hearing Set LOST CAJUN: Unsecureds to Split $81K Contribution Pro Rata MARY BRICKELL: U.S. Trustee Unable to Appoint Committee MATLINPATTERSON GLOBAL: Seeks to Hire FTS US as Tax Consultant MATLINPATTERSON GLOBAL: Taps Ernst & Young to Provide Tax Services MONUMENT VENTURES: Plan Confirmation Hearing Slated for Sept. 29 MSLHD-KIRK: Updates Operating Reports; Amends Disclosure Statement MTE HOLDINGS: Files Third Amended Joint Plan NEELKANTH HOTELS: Disclosures Insufficient, US Bank Says NEUBASE THERAPEUTICS: Signs $50M Agreement to Sell Common Shares NEW HOLLAND: Seeks to Hire Michael Jay Berger as Legal Counsel NEW YORK OPTICAL: Seeks Approval to Hire Stampler as Auctioneer NEWSTREAM HOTEL: Voluntary Chapter 11 Case Summary NORTH PIER OCEAN: Seeks to Hire Ayers & Haidt as Legal Counsel NUZEE INC: Incurs $3.1 Million Net Loss in Third Quarter OCEANVIEW MOTEL: Oct. 14 Plan Confirmation Hearing Set ODYSSEY PREPARATORY: S&P Affirms 'BB-' Debt Rating on Revenue Bonds OFFICEMART INC: Seeks Approval to Hire Bruce Roach as Accountant OMNIQ CORP: Appoints Guy Elhanani, Itzhak Almog as Directors P8H INC: Unsecureds Owed $2.5M to Recover 10% in Liquidating Plan PILATES CENTER: Seeks to Hire Morrison Tenenbaum as Legal Counsel POLAR POWER: Incurs $866K Net Loss in Second Quarter PROSPECT-WOODWARD: Case Summary & 20 Largest Unsecured Creditors PULMATRIX INC: Receives Noncompliance Notice From Nasdaq PURDUE PHARMA: Further Fine-Tunes Plan Documents RANDOLPH HOSPITAL: Wins Cash Collateral Access Thru Oct 1 REGIONAL HOUSING: Seeks to Hire Scroggins & Williamson as Counsel RM BAKERY: Seeks to Hire Vernon Consulting as Financial Advisor ROCHELLE HOLDINGS: Property Sale Proceeds to Fund Plan SCENIC 30A: Seeks to Hire Jason A. Burgess as Legal Counsel SD IMPORT: Seeks to Hire Wrotslavsky & Davis as Financial Advisor SENSATIONAL DESSERTS: Unsecureds to Recover 25% in 60 Months SERENE MEADOWS: Unsecureds to Recover 100% in Subchapter V Plan SID BOYS: Case Summary & 9 Unsecured Creditors SINCLAIR BROADCAST: S&P Cuts ICR to B on Continued Weakness at DSG ST. CROIX CUSTOM: Voluntary Chapter 11 Case Summary STEREOTAXIS INC: To Pay $675K to Plaintiff's Counsel in Class Suit SUNERGY CALIFORNIA: Trustee Taps Conway as Financial Advisor TD HOLDINGS: Expects to Raise $37.85M From Private Placement TELKONET INC: Posts $156K Net Loss in Second Quarter TITLE QUEST: Amends Cash Request, Ups Proposed Payment to Bank TITLE QUEST: Seeks to Hire Van Horn Law Group as Counsel TRANSOCEAN LTD: Secures $252M Deal for Ultra-Deepwater Drillship U STOP PUMP: Court Confirms New Subchapter V Plan U.S. TOBACCO: Member-Growers Seek Appointment of Special Committee VIDEOMINING CORP: Wins Cash Collateral Access Thru Oct 15 VIZIV TECHNOLOGIES: Seeks to Hire Johnson McNamara as Accountant WASHINGTON PRIME: Boardman Says Plan Not Filed in Good Faith WASHINGTON PRIME: Molinas Want Treatment of Class 7 Clarified WASHINGTON PRIME: Williamson County Opposes Treatment of Its Claim WATER MARBLE: Sept. 28 Disclosure Statement Hearing Set WEST C BUILDERS: Unsecured Creditors Will Get 25% of Claims in Plan WILLIAMS TRANSPORTATION: Unsecureds to Get Income Share for 5 Years [*] Denver Attorney Ted Hartl Recognized by Best Lawyers [*] Expertise Names Douglas Borthwick Best Bankruptcy Attorney [*] Matthew Brash Proves Newpoint's Subchapter V Model Works [^] Large Companies with Insolvent Balance Sheet ********* 176 ROUTE 50: Oct. 14 Disclosure Statement Hearing Set ------------------------------------------------------ Judge Andrew B. Altenburg Jr. has ordered that October 14, 2021 at 10:00 AM at Courtroom 4B, 4th and Cooper Street, Camden NJ 08101 is the hearing on the adequacy of the Disclosure Statement. In addition, written objections to the adequacy of the Disclosure Statement shall be filed with the Clerk of this Court and served upon counsel for the Debtor, Counsel for the Creditor's Committee and upon the United States Trustee no later than 14 days prior to the hearing. A copy of the order dated August 26, 2021, is available at https://bit.ly/3DveEHp from PacerMonitor.com at no charge. About 176 Route, LLC 176 Route, LLC is a single asset real estate company. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 21-14402) on May 26, 2021. In the petition signed by James McCallion, the sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC is the Debtor's counsel. 2340 ND CORP: Fay Refutes 'Unimpaired' Status of Claim in Plan -------------------------------------------------------------- Fay Servicing, LLC, as servicer for U.S. Bank Trust National Association, Trustee of LSF10 Master Participation Trust, filed an objection to the Disclosure Statement and confirmation of the Plan of 2340 ND Corp. According to Fay, the Debtor's Disclosure Statement fails to comply with the requirements of Section 1129(a)(1) of the Bankruptcy Code on adequate information. Moreover, Fay complained about the Debtor's classification of Fay's claim as being unimpaired despite the proposed treatment of Fay's Class 2 claim under the Plan. The Plan provided that the Stipulation the Debtor entered into with Fay, the Debtor, and counsel for the U.S. Trustee be voided by the effective date. According to the Stipulation, the Debtor shall cure the postpetition arrears on its loan by October 31, 2021, and that it shall make regular postpetition mortgage payments beginning August 1, 2021, and file a Chapter 11 Plan and Disclosure Statement by July 30, 2021, among others. In exchange for the Stipulation treatment, the Debtor proposed to cram down Fay's Loan to an interest-bearing unpaid principal balance of $750,000 at 3% interest, amortized over 30 years, with an interest-bearing balloon due at maturity. If Fay does not consent to this cramdown, the Debtor will file a claim objection. Fay contended that classifying its claim as unimpaired has the practical effect of denying Fay its right to vote against confirmation of the Plan. Accordingly, the Court should deny approval of the Disclosure Statement until it is revised consistent with Fay's objection. A copy of the objection is available for free at https://bit.ly/3zk5sTU from PacerMonitor.com. Counsel for Fay Servicing, LLC, servicer for U.S. Bank Trust National Association, as Trustee of LSF10 Master Participation Trust: Katherine Heidbrink, Esq. Friedman Vartolo LLP 1325 Franklin Avenue, Suite 160 Garden City, NY 11530 Telephone: (212) 471-5100 Facsimile: (212) 471-5150 About 2340 ND Corp Based in Brooklyn, New York, 2340 ND Corp filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-46340) on Oct. 22, 2019, listing under $1 million in both assets and liabilities. Bruce Weiner at Rosenberg Musso & Weiner LLP represents the Debtor. ACASTI PHARMA: Completes Merger With Grace Therapeutics ------------------------------------------------------- Acasti Pharma Inc. has completed its previously disclosed acquisition of Grace Therapeutics, Inc. via merger. The successful completion of the merger positions Acasti to build a premier, late-stage specialty pharma company focused on rare diseases. Based on management's current forecasts, Acasti expects to have enough cash on its balance sheet following the merger to provide at least two years of operating runway. The combined companies will be led by Jan D'Alvise as president and chief executive officer, under the oversight of Acasti's newly elected Board of Directors, comprised of four re-elected directors of Acasti and two Grace nominees newly elected as directors (with a third Grace nominee expected to be nominated prior to the next annual meeting of shareholders). All Grace employees will transition to Acasti and they will continue to maintain a research and development laboratory and commercial presence in North Brunswick, New Jersey. Jan D'Alvise, Acasti's chief executive officer stated, "I'd like thank our shareholders for your strong vote of confidence in supporting this transaction, as well as the Acasti and Grace boards and management teams who worked tirelessly to make this transaction possible. We believe the Grace acquisition will be truly transformative, creating new and exciting opportunities for us in sizable markets with substantial unmet medical needs. With the transaction now complete, we look forward to aggressively executing on our mission of building a premier, late-stage specialty pharma company with a large portfolio of drug candidates focused on rare diseases. As previously discussed, Grace's technologies enable us to customize the formulation of marketed drugs in new ways that have the potential to address significant unmet medical needs by achieving faster onset of action, enhanced efficacy, reduced side effects, and more convenient drug delivery - all of which can help to increase compliance and improve patient outcomes. We are extremely encouraged by the outlook for the business and look forward to providing regular updates as we execute on our strategy." In connection with the transaction, Grace was merged with a new wholly owned subsidiary of Acasti and became a subsidiary of Acasti. As a result, Acasti acquired Grace's entire therapeutic pipeline consisting of three unique clinical stage and multiple pre-clinical stage assets supported by an intellectual property portfolio consisting of more than 40 granted and pending patents in various jurisdictions worldwide. Grace's product candidates aim to improve clinical outcomes by applying proprietary formulation and drug delivery technologies to existing pharmaceutical compounds to achieve improvements over the current standard of care or provide treatment for diseases with no currently approved therapy. Grace's three lead programs have all received Orphan Drug Designation from the U.S. Food & Drug Administration, which could provide up to seven years of marketing exclusivity in the United States upon the FDA's approval of a New Drug Application, provided that certain conditions are met. After giving effect to the adjustments provided in the merger agreement based on each company's capitalization and net cash balances, as described in more detail in the Circular, a total of 145,929,867 common shares of Acasti have been issued to Grace stockholders as consideration for the acquisition, bringing the total number of Acasti common shares issued and outstanding to 354,305,416 (pre-reverse stock split). As a result, Acasti securityholders prior to the transaction own after closing approximately 59% of the combined company's common shares, and former Grace securityholders own approximately 41%. In connection with the merger, Grace stockholders representing substantially all of the outstanding shares of Grace entered into voting and lock-up agreements with Acasti pursuant to which they have agreed, amongst other things, to be subject to lock-up provisions for a period of 12 months after the closing of the merger (subject to certain exceptions) and support the election of Acasti's board nominees through to the 2023 annual general meeting of shareholders. Oppenheimer & Co. acted as Acasti's financial advisor for the merger and Osler, Hoskin & Harcourt, LLP served as its legal counsel. William Blair & Company, LLC acted as financial advisor to Grace, and Reed Smith, LLP served as its legal counsel. The merger is an arm's length transaction in accordance with the policies of the TSX Venture Exchange. Voting Results of Annual General and Special Meeting of Shareholders Issuance of Acasti Shares pursuant to the Merger At the AGSM, shareholders approved the issuance of Acasti shares as consideration to Grace securityholders pursuant to the merger. Election of Directors At the AGSM, each of the four director nominees proposed in Acasti's proxy statement/prospectus dated July 15, 2021, being Roderick N. Carter, Jan D'Alvise, Jean Marie (John) Canan, Donald Olds was elected at the AGSM to serve for a term that expires at the 2022 annual meeting of Acasti shareholders or until their successors are duly elected or appointed, unless such office is earlier vacated in accordance with Acasti's by-laws. At the AGSM, shareholders also elected each of William A. Haseltine and Vimal Kavuru, conditional upon the now completed closing of the merger, as a director to serve for a term that expires at the 2022 annual meeting of Acasti shareholders, or until his successor is elected and qualified or until his earlier resignation or removal, as provided in the merger agreement. Acasti's Board of Directors is now composed of Roderick N. Carter, Jean Marie (John) Canan, Jan D'Alvise, William A. Haseltine, Vimal Kavuru, and Donald Olds. Appointment of Auditors At the AGSM, KPMG LLP were appointed as Acasti's auditors for the ensuing fiscal year and the directors were authorized to fix their remuneration. Advisory Vote on the Compensation of Named Executive Officers At the AGSM, shareholders passed an advisory (non-binding) resolution approving the compensation of Acasti's named executive officers. Amendments to Acasti's Stock Option Plan and Equity Incentive Plan At the AGSM, disinterested shareholders approved amendments to Acasti's stock option plan and equity incentive plan, as more particularly described in the Circular. Advisory Vote to effect a reverse stock split of Acasti common shares At the AGSM, shareholders passed an advisory (non-binding) resolution to amend the articles of incorporation of Acasti to effect a reverse stock split of Acasti common shares in conjunction with the closing of the Grace transaction to help regain compliance with NASDAQ's minimum bid price rule, within a range of 6-1 to 8-1 with such specific ratio to be approved by the Acasti board, as more particularly described in the Circular. Reverse Stock Split In connection with the merger and in furtherance to the advisory resolution passed by shareholders approving the reverse split, Acasti confirms that a reverse split of its common stock at an 8-1 ratio will be implemented to help regain compliance with NASDAQ minimum bid price rule, as described in more detail in the Circular, and is expected to be made effective on NASDAQ and the TSXV at the start of trading on August 31st. About Acasti Pharma Acasti -- http://www.acastipharma.com-- is a biopharmaceutical innovator that has historically focused on the research, development and commercialization of prescription drugs using OM3 fatty acids delivered both as free fatty acids and bound-to-phospholipid esters, derived from krill oil. OM3 fatty acids have extensive clinical evidence of safety and efficacy in lowering triglycerides in patients with hypertriglyceridemia, or HTG. CaPre, an OM3 phospholipid therapeutic, was being developed for patients with severe HTG. Acasti reported net loss and comprehensive loss of $19.68 million for the year ended March 31, 2021, compared to a net loss and comprehensive loss of $25.51 million for the year ended March 31, 2020. As of March 31, 2021, the Company had $62.46 million in total assets, $6.80 million in total liabilities, and $55.66 million in total shareholders' equity. AEROCENTURY CORP: Unsec. Creditors to Recover 100% in Toggle Plan ----------------------------------------------------------------- AeroCentury Corp., and its Affiliated Debtors filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Joint Chapter 11 Plan dated August 26, 2021. The Debtors jointly propose the following combined Disclosure Statement and Plan for the disposition of the Debtors' remaining Assets and distribution of the proceeds of the Assets to the Holders of Allowed Claims against the Debtors. Each Debtor is a proponent of the Plan within the meaning of Section 1129 of the Bankruptcy Code. The combined Disclosure Statement and Plan consists of a toggle between (i) the Sponsored Plan, which, pursuant to the terms of the Plan Sponsor Agreement, the Debtors and the Plan Sponsor will agree to a restructuring of the Debtors' businesses that will be implemented through the Sponsored Plan, and (ii) the Stand-Alone Plan, whereby the Debtors' remaining Assets will vest in the Post Effective Date Debtors and be monetized by the Plan Administrator. The Debtors will file a document detailing the treatment to be accorded to Holders of Interests in Class 7 no later than 14 days before the Voting Deadline. If a Plan Sponsor Agreement is not executed before 7 days prior to the Voting Deadline, the Debtors will file a notice that they will seek confirmation of the Stand-Alone Plan. Thus, this Plan contains both provisions applicable to a reorganization pursuant to the terms of the Plan Sponsor Agreement, as well as provisions only applicable under the Stand Alone Plan. Class 3 consists of Prepetition Loan Claims. Under both the Stand-Alone Plan and the Sponsored Plan, as of the Confirmation Date, the Prepetition Lender's sole and exclusive recourse on account of the Prepetition Loan Claims shall be limited to the Assets subject to any Asset Sales to the Prepetition Lender under the Falko Sale Order and no other assets of the Debtors, and the Prepetition Lender unconditionally and irrevocably waives any other rights to assert any Claims or Encumbrances against the Debtors, their Affiliates or subsidiaries, or the Estates. Creditors will recover 100% of their claims. Class 5 consists of General Unsecured Claims. Under both the Stand-Alone Plan and the Sponsored Plan, each Holder of an Allowed General Unsecured Claim shall receive in full and final satisfaction and release of and in exchange for such Allowed Class 5 Claim: (A) Cash equal to the amount of such Allowed General Unsecured Claim; or (B) such other treatment which the Plan Administrator or the Reorganized Debtors, as applicable, and the Holder of such Allowed General Unsecured Claim have agreed upon in writing. Creditors will recover 100% of their claims. Class 5 is unimpaired. Class 7 consists of Interests. Under the Stand-Alone Plan, on the Effective Date, Holders of Allowed Interests shall receive, in full and final satisfaction and release of and in exchange for such Allowed Class 7 Interest, their pro rata share of Distributions from the Post-Effective Date Debtor Assets until no further Post-Effective Date Assets remain, provided, however, that no Distributions shall be made until all Unclassified Claims and Claims in Classes 1 through 6 have been Paid in Full or otherwise satisfied in accordance with this Plan. Under the Sponsored Plan, all Holders of Allowed Interests shall receive either (A) Cash, (B) Reinstatement of such Allowed Interests, (C) Reinstatement of such Allowed Interests subject to dilution, or (D) a combination of (A) though (C), as set forth in the Plan Sponsor Agreement. All consideration necessary to make all monetary payments in accordance with the Sponsored Plan shall be obtained from the Cash and cash equivalents of the Debtors or the Reorganized Debtors, as applicable, or its subsidiaries, including the consideration in the Plan Sponsor Agreement received from the Plan Sponsor. All consideration necessary to make all monetary payments in accordance with the Stand-Alone Plan shall be obtained from the remaining Cash, and cash equivalents of the Debtors or the Post Effective Date Debtors, as applicable, or their subsidiaries, and the proceeds of Post-Effective Date Debtor Assets to be monetized through the Post-Effective Date Debtors. A full-text copy of the Disclosure Statement dated August 26, 2021, is available at https://bit.ly/3kBG9X5 from Kccllc, the claims agent. Counsel to the Debtor: Joseph M. Barry Ryan M. Bartley Joseph M. Mulvihill S. Alexander Faris YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Phone: (302) 571-6600 Fax: (302) 571-1253 E-mail: jbarry@ycst.com rbartley@ycst.com jmulvihill@ycst.com afaris@ycst.com Lorenzo Marinuzzi Raff Ferraioli MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 E-mail: lmarinuzzi@mofo.com rferraiolo@mofo.com About AeroCentury Corp. AeroCentury Corp. is engaged in the business of investing in used regional aircraft equipment and leasing the equipment to foreign and domestic regional air carriers. Its principal business objective is to acquire aircraft assets and manage those assets in order to provide a return on investment through lease revenue and, eventually, sale proceeds. It is headquartered in Burlingame, Calif. AeroCentury Corp. and affiliates, JetFleet Holdings Corp. and JetFleet Management Corp., sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 21-10636) on March 29, 2021. The Debtors tapped Morrison & Foerster, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel; B Riley Securities, Inc. as financial advisor and investment banker; and BDO USA, LLP as auditor. Kurtzman Carson Consultants is the claims agent and administrative advisor. AFFILIATED PHYSICIANS: Seeks to Wind Down, Oppose $3.8M in Claims ----------------------------------------------------------------- Affiliated Physicians and Employers Master Trust, d/b/a Member Health Plan NJ, filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Orderly Liquidation dated August 20, 2021. The Debtor is a self-funded multiple employer welfare arrangement (MEWA) under the provisions of Ch. 18 of Title 29 of the U.S. Code (the Employee Retirement Income Security Act or ERISA) and the New Jersey Revised Statutes Section 17B:27C-1, et seq. (the Self-Funded Multiple Employer Welfare Arrangement Regulation Act). A MEWA is a trust funded by participating employers (the Members) to pay medical claim coverage (including medical, dental, and prescription benefits) for the Member's employees and dependents. The Plan provides for the wind down or termination of all coverage no later than December 31, 2021. The Wind Down and the Plan will be funded by enrolled member health care fees, as well as assessments of current and former members enrolled as early as January 1, 2020. The Debtor anticipates that all creditors and claims will be paid in full upon receipt of the respective health care fees and assessments. There are no secured claims under the Plan. General Unsecured Claims in Class 1 will be paid on the later of: (i) the effective date, (ii) upon entry of a final order allowing the claim, or (iii) the date mutually agreed upon by the Debtor and creditor. Total General Unsecured Claims were not quantified in the Disclosures. The Debtor is seeking to object to claims aggregating $3.8 million. If a surplus results after payment of all claims or interests, the surplus from the collection of assessments and health care fees shall be returned to the Members. A copy of the Amended Plan is available for free at https://bit.ly/3mwkr9M from PacerMonitor.com. Counsel for the Debtor: Daniel M. Stolz, Esq. Donald W. Clarke, Esq. Genova Burns LLC 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Telephone: (973) 467-2700 Facsimile: (973) 467-8126 About Affiliated Physicians and Employers Master Trust Affiliated Physicians and Employers Master Trust (doing business as Members Health Plan NJ) sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 21-14286) on May 24, 2021. Lawrence Downs, chairman of Affiliated Physicians, signed the petition. In the petition, the Debtor disclosed total assets of $6,303,036 and total liabilities of $1,726,938. Judge Michael B. Kaplan oversees the case. Genova Burns, LLC and Withumsmith + Brown, PC serve as the Debtor's legal counsel and accountant, respectively. Concord Management Resources, LLC, is the administrative service manager. AINOS INC: Directors May Receive Compensation Under Amended Bylaws ------------------------------------------------------------------ The Board of Directors of Ainos, Inc. approved the following amendment to Article II, Section 10 of the Company's Bylaws effective Aug. 20, 2021: "Section 10. Compensation. The Board of Directors may provide for the compensation to members of the Board of Directors upon the recommendation of its Compensation Committee and in accordance with its Compensation Policies; provided, that nothing contained herein shall be construed to preclude any director from serving the Corporation in any other capacity or receiving compensation therefor." (emphasis added) Prior to the amendment, Article II, Section 10 of the Company's Bylaws provided as follows: "Section 10. Compensation. Directors as such shall not receive any stated salary for their services, but by resolution of the Board a fixed sum and expense of attendance, if any, may be allowed for attendance at such regular or special meetings of the Board; provided, that nothing contained herein shall be construed to preclude any director from serving the Corporation in any other capacity or receiving compensation therefor." Additionally, the Board of Directors of the Company approved an administrative amendment to the Company's Bylaws replacing the Company's former corporate name, "AMARILLO CELL CULTURE COMPANY, INCORPORATED" to the Company's current corporate name "Ainos, Inc." The Board of Directors of the Company adopted an amended Code of Ethics and Business Conduct, which governs the conduct of all directors, executive officers and employees of the Company. The amended Code is effective Aug. 20, 2021, and does not result in any waiver with respect to any officer, director or employee of the Company from any provision of the Code as in effect prior to the Board's action to amend the Code. About Ainos Ainos, Inc., formerly known as Amarillo Biosciences, Inc., is a diversified healthcare company engaged in the research and development and sales and marketing of pharmaceutical and biotech products. The Company is a Texas corporation incorporated in 1984. Amarillo reported a net loss of $1.45 million for the year ended Dec. 31, 2020, compared to a net loss of $1.58 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $20.62 million in total assets, $2.42 million in total liabilities, and $18.21 million in total stockholders' equity. Houston, Texas-based PWR CPA, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 30, 2021, citing that the Company's absence of significant revenues, recurring losses from operations, and its need for additional financing in order to fund its projected loss in 2021 raise substantial doubt about its ability to continue as a going concern. ALISHA LLC: Wins Cash Collateral Access Thru Sept 23 ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Kentucky, Lexington Division, has authorized Alisha, LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance through September 23, 2021, the date of the further hearing. The Debtor is permitted to use cash collateral to the extent necessary to avoid irreparable harm. As adequate protection for the Debtor's use of cash collateral, creditor Richmond Host, LLC is granted replacement liens of the same type of collateral and priority as existed as of the Petition Date, subject only to any valid and enforceable, perfected, and nonavoidable liens of other secured creditors. The Replacement Liens granted will be deemed effective, valid, and perfected as of the Petition Date without the necessity of the filing or lodging by or with any entity of any documents or instruments otherwise required to be filed or lodged under applicable nonbankruptcy law. As additional adequate protection, the Debtor will continue to account for all cash use, and the proposed cash use as set forth in the Budget is being incurred primarily to preserve property of the Estate. The Replacement Liens will be junior to the Debtor's obligation to pay allowed administrative expense claims in the case, or in the event the case converts to a case under Chapter 7. A copy of the order is available at https://bit.ly/2WzN2ji from PacerMonitor.com. About Alisha, LLC Alisha, LLC owns a real property located at 1698 Northgate Drive, Richmond, KY having a current value of $1.25 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (E.D. Kent. Case No. 21-50965) on August 23, 2021. In the petition signed by Pragneshbhai Patel, member, the Debtor disclosed $1,307,202 in assets and $500,115 in liabilities. Judge Gregory R. Schaaf oversees the case. Dean A. Langdon, Esq. at Delcotto Law Group PLLC is the Debtor's counsel. AMSTERDAM HOUSE: Unsecureds to Recover 15% of Allowed Claim in Plan ------------------------------------------------------------------- Amsterdam House Continuing Care Retirement Community, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York a Revised First Amended Plan of Reorganization dated August 20, 2021. On the Effective Date, the Reorganized Debtor shall cause the Issuer to issue the Series 2021A Bonds for $40,170,000 at a fixed rate of 9.0% per annum. In addition, the Series 2014A Bonds and Series 2014B Bonds (in the current aggregate principal amount of $139,917,130) will be exchanged for a pro rata amount of the new Series 2021B Bonds for $127,327,200. Moreover, Amsterdam Continuing Care Health System, Inc. (Member) shall contribute $9,000,000 to the Debtor, of which amount approximately $3,600,000 will come from the proceeds of the closing of the sale of the real property in the hamlet of Mount Sinai in Suffolk County, New York. Under New York law, continuing care retirement communities like the Debtor are required to maintain liquid assets supporting reserve funds once the community becomes operational. As a result of the restructuring, the Debtor will be in compliance with the minimum liquid operating reserve requirement and minimum liquid debt reserve requirement. General Unsecured Claims in Class 4, which include Rejection Damage Claims, will be paid an amount equal to 15% of the Allowed amount of such Class 4 Claim. Interest Claims in Class 7 shall be reinstated and holders of such Interests shall retain such Interests. The Disclosure Statement did not provide the amount of claims. A copy of the Revised Plan is available for free at https://bit.ly/2XWd2WR from Kurtzman Carson Consultants, claims and noticing agent. Counsel for the Debtor: Thomas R. Califano, Esq. William E. Curtin, Esq. Shafaq Hasan, Esq. Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: tom.califano@sidley.com wcurtin@sidley.com shafaq.hasan@sidley.com - and - Jackson T. Garvey Sidley Austin LLP One South Dearborn Chicago, IL 60603 Telephone: (312) 853-7000 Facsimile: (212) 853-7036 Email: jgarvey@sidley.com About Amsterdam House Continuing Care Amsterdam House Continuing Care Retirement Community, Inc. (doing business as The Amsterdam at Harborside) operates Nassau County's first and only continuing care retirement community licensed under Article 46 of the New York Public Health Law, which provides residents with independent living units, enriched housing and memory support services, comprehensive licensed skilled nursing care, and related health, social, and quality of life programs and services. Amsterdam House Continuing Care Retirement Community filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-71095) on June 14, 2021. James Davis, president and chief executive officer, signed the petition. At the time of the filing, the Debtor had between $100 million and $500 million in both assets and liabilities. Judge Louis A. Scarcella oversees the case. The Debtor tapped Sidley Austin, LLP as legal counsel and RBC Capital Markets, LLC as investment banker. Kurtzman Carson Consultants, LLC, is the Debtor's claims and noticing agent and administrative advisor. APPLIED ENERGETICS: Incurs $1.2 Million Net Loss in Second Quarter ------------------------------------------------------------------ Applied Energetics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.23 million on zero revenue for the three months ended June 30, 2021, compared to a net loss of $1.37 million on zero revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $2.31 million on zero revenue compared to a net loss of $2.64 million on $10,000 of revenue for the same period last year. As of June 30, 2021, the Company had $4.83 million in total assets, $2.57 million in total liabilities, and $2.26 million in total stockholders' equity. As of Aug. 11, 2021, the Company had cash and cash equivalents of approximately $5,500,000. Based on the Company's current business plan, it believes its cash balance as of the date of this report (Aug. 16, 2021) will be sufficient to meet its anticipated cash requirements for the next twelve months. However, the company cannot be certain that it will achieve its current business plan. "The company's existence is dependent upon management's ability to develop profitable operations. Management is devoting substantially all of its efforts to developing its business and raising capital, as needed, and cannot be certain that these efforts will be successful. Management's business development efforts may not result in profitable operations. To fund its research and development and marketing efforts, the company's management continues to explore possible financing opportunities through discussions with investment bankers and private investors. The company may not be successful in its effort to secure additional financing on terms it considers favorable." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/879911/000121390021042778/f10q0621_appliedener.htm About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- www.aergs.com -- specializes in the development and manufacture of advanced high-performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for prospective defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics reported a net loss of $3.23 million for the year ended Dec. 31, 2020, compared to a net loss of $5.56 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $5.75 million in total assets, $2.61 million in total liabilities, and $3.14 million in total stockholders' equity. Henderson, Nevada-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 12, 2021, citing that the company has suffered recurring losses from operations, will require additional capital to fund its current operating plan, and has stated that substantial doubt exists about the company's ability to continue as a going concern. AVINGER INC: Posts $3.5 Million Net Loss in Second Quarter ---------------------------------------------------------- Avinger, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss applicable to common stockholders of $3.50 million on $2.80 million of revenues for the three months ended June 30, 2021, compared to a net loss applicable to common stockholders of $4.97 million on $1.47 million of revenues for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss applicable to common stockholders of $9.59 million on $5.36 million of revenues compared to a net loss applicable to common stockholders of $11.79 million on $3.73 million of revenues for the six months ended June 30, 2020. As of June 30, 2021, the Company had $38.19 million in total assets, $20.91 million in total liabilities, and $17.28 million in total stockholders' equity. Cash and cash equivalents totaled $26.7 million as of June 30, 2021. Jeff Soinski, Avinger's president and CEO, commented, "Avinger's 2021 growth momentum continued in the second quarter as we delivered strong revenue gains for both our Pantheris atherectomy and image-guided CTO product lines and procedural volume improving in the first half of the year. Pantheris SV has been a standout solution, generating strong user interest based on its compelling clinical advantages in the treatment of below-the-knee lesions. We are also benefitting from the positive market response to our new Tigereye CTO-crossing device, which has now been launched at more than 40 sites with a pipeline of new accounts in process." "This is an exciting time for Avinger as we recently filed two new 510(k) submissions to support future growth opportunities. The first is for a new Pantheris clinical indication for the treatment of in-stent restenosis in the lower extremity arteries, a large and underserved market with few treatment options, where we believe our technology provides a compelling and effective solution. The second, filed in early August, is for our next generation imaging console, the Lightbox 3. This proprietary new console features a significantly reduced footprint, lower cost and enhanced workflow, which we believe will position us for accelerated growth by reducing barriers to adoption and expanding our ability to service accounts. With a growing portfolio of best-in-class products, strong clinical efficacy data, a robust sales team and strong balance sheet, we are excited about the future," Mr. Soinski said. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1506928/000143774921019333/avgr20210630_10q.htm About Avinger Headquartered in Redwood City, California, Avinger -- http://www.avinger.com-- is a commercial-stage medical device company that designs and develops image-guided, catheter-based system for the diagnosis and treatment of patients with Peripheral Artery Disease (PAD). Avinger reported a net loss applicable to common stockholders of $22.87 million for the year ended Dec. 31, 2020, compared to a net loss applicable to common stockholders of $23.03 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $33.19 million in total assets, $20.12 million in total liabilities, and $13.07 million in total stockholders' equity. B N EMPIRE: Case Summary & 3 Unsecured Creditors ------------------------------------------------ Debtor: B N Empire, LLC 10921 N. 56th St. Temple Terrace, FL 33617 Chapter 11 Petition Date: August 30, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-04509 Debtor's Counsel: M. Vincent Pazienza, Esq. LAW FIRM OF M. VINCENT PAZIENZA, P.A. 23110 State Road 54, #277 Lutz, FL 33549 Tel: 813-949-9595 Fax: 813-949-8686 E-mail: vincent@pazlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Rajesh Bahl as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/5AR3PYA/B_N_Empire_LLC__flmbke-21-04509__0001.0.pdf?mcid=tGE4TAMA BARRACUDA NETWORKS: Fitch Affirms 'B-' LT IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Barracuda Networks, Inc.'s Long-Term Issuer Default (IDR) at 'B-'. The Rating Outlook is Stable. Fitch also affirmed Barracuda's $75 million first lien revolver and the first lien term loan rating at 'B+'/'RR2', and 2nd lien term loan at 'CCC'/'RR6'. Fitch's ratings contemplate Barracuda's highly recurring revenue supported by subscription-based revenue model. Barracuda's solid FY 2021 and 1Q FY 2022 operating performance through the peak of the coronavirus pandemic demonstrates the resilient business model. Barracuda's products are primarily cloud-based, making them easily accessible and manageable by SMB customers who prefer simplicity to sophistication in IT security as reflected by the 200,000+ customers served by the company. The subscription nature of the products and high revenue retention rates provide a high level of predictability for its operating profile. In spite of Barracuda's strong operating profile, its private equity ownership is likely to optimize return on equity (ROE) by maintaining some level of financial leverage. Fitch forecasts gross leverage to remain over 7.0x through FY 2022 and decline to below 7.0x in FY 2023 primarily driven by EBITDA growth with no voluntary debt repayment. The Stable Outlook reflects the trajectory supported by continuing solid operating performance. KEY RATING DRIVERS Product Range Supporting SMB Segment: Barracuda Networks, Inc. offers products addressing a wide range of IT needs for small-to-midsize business (SMB) customers that generally have limited financial and technical resources dedicated to IT management. The company's products include Next Generation Firewall, Web App Firewall, Email Security Gateway, Web Security Gateway, Security and Archiving for Office 365, and Backup/Data Protection. The availability of these products through both appliance- and cloud-based platforms enables its SMB customers to simplify IT security and data-storage management. Fitch believes the breadth of products available positions Barracuda well in a segment that prefers simplicity to sophisticated solutions. Secular Tailwind Supports Longer Term Growth: Fitch believes two factors serve as the fundamental demand drivers. The first is Barracuda's cloud-based solutions, which allows the company to benefit from the steady pace of IT workload migrating to the cloud from on-premise infrastructure. The second is the increasing awareness of IT security threats leading companies to allocate more resources to protecting their networks and data. Some of the high-visibility IT security breaches include data breaches and ransomware that could be costly or cause damage to a company's reputation. These factors should continue to support industry secular growth. Higher susceptibility to industry cycle: Notwithstanding the secular growth trends within the security industry, Barracuda's SMB customer base makes it more susceptible to customer losses relative to other software peers. Consistent with the fragmented nature of the SMB segment, Barracuda serves a large set of over 200,000 customers. Fitch believes the diverse customer base could partially mitigate inherent risks in the SMB segment through the economic cycles. In addition, the recurring nature of Barracuda's revenues also provides buffer for its operating performance as demonstrated during the pandemic in FY 2021. High Levels of Recurring Revenues and Revenue-Retention Rate: Barracuda has been steadily transitioning toward subscription-based revenue, which provides greater visibility into future revenue streams. The proportion of subscription revenues has reached over 90%, up from 70% during FY 2016. Barracuda consistently maintains high levels of revenue retention, which demonstrates its ability to retain active subscribers and upsell additional products. Fitch believes the high levels of recurring revenues and retention rates provide a high level of visibility into the Company's future revenue and cash flow streams. High Financial Leverage Constrains Credit Profile: Fitch expects Barracuda's financial leverage will constrain its credit profile over the near-term. Fitch expects gross leverage to be over 7.0x in fiscal 2022. Fitch expects the company to have the capacity to reduce gross leverage to near 6.0x by FY 2025 through EBITDA growth. However, Barracuda's private equity ownership will likely prioritize ROE optimization over deleveraging and maintain some level of financial leverage as demonstrated by its debt-financed dividend payment during FY 2021. DERIVATION SUMMARY Fitch's ratings are supported by Barracuda's focus on IT and data security for the SMB segment and the secular growth trend for the IT security industry. Barracuda's products are primarily cloud-based, making them easily accessible and manageable by SMB customers who prefer simplicity to sophistication in IT security; having an over 200,000-customer base reflects this. The subscription nature of the products and high revenue retention rates provide a high level of predictability for its revenues. At the IT security industry level, Fitch believes the heightened awareness of IT security risks arising from high profile security breaches in recent years provides support for the secular growth of the industry. Fitch expects Barracuda's leverage to remain above 7.0x through FY 2022 and gradually decline to mid-6x range over the rating horizon. Barracuda's industry expertise, revenue scale, and leverage profile are consistent with the 'B-' rating category. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Revenue growth in the high-single digits growth through FY 2025; -- EBITDA margins in the low- to mid-30s; -- Capex and working capital are expected to remain in line with historical trends; -- Aggregate acquisition of $100 million through FY 2025; -- Aggregate dividend of $450 million to equity owners through FY 2025. KEY RECOVERY RATING ASSUMPTIONS -- The recovery analysis assumes that Barracuda would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated; -- In the event of distress, Fitch has assumed that the company would suffer greater customer churn resulting in a combination of revenue decline and EBITDA margin contraction resulting in going concern EBITDA that is approximately 20% below LTM EBITDA; -- Fitch has assumed a 10% administrative claim; -- Fitch estimates an adjusted distressed enterprise valuation of $847 million using approximately $144 million in going-concern EBITDA. Fitch assumes that Barracuda will receive a going-concern recovery multiple of 6.5x. The estimate considers several factors including the volatility within the customer base relative to enterprise security companies, the secular growth drivers for the sector, the company's strong FCF generation and competitive market position despite its relatively smaller scale. This multiple is supported by: -- The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x-10.8x; -- Of these companies, only three were in the Software sector: Allen Systems Group, Inc.; Avaya, Inc.; and Aspect Software Parent, Inc., which received recovery multiples of 8.4x,8.1x, and 5.5x, respectively; -- The highly recurring nature of Barracuda's revenue and mission critical nature of the product support the high-end of the range. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Expectation for gross leverage sustaining below 7.0x through a combination of operating performance and financial policy; -- FFO leverage sustained below 7.5x; -- (Cash from operations-capex)/total debt with equity credit trending to 5%; -- Organic revenue growth sustaining near or above 5%. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- (Cash from operations-capex)/total debt with equity credit trending toward 0%; -- FFO interest coverage below 1.5x; -- Expectation for gross leverage sustaining above 9.0x, potentially due to additional debt-financed acquisitions or dividend payment to owners; -- FFO leverage sustained above 9.5x; -- Organic revenue growth sustained near or below 0%. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Strong Liquidity: The Company has strong liquidity as evidenced by $229 million of cash on hand as of May 31, 2021 and full availability under its $75 million Revolving Credit Facility. While Fitch believes the Company will increase its cash balance through meaningful FCF generation, they will likely continue to use FCF and debt combined to fund future acquisitions and dividend payments. Debt Structure: The company has a favorable maturity schedule with its next maturity in 2025 when its first lien term loan is due. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. ISSUER PROFILE Barracuda Networks is a provider of IT security and data protection products addressing security threats, network performance, data storage and protection. Barracuda's products are primarily subscription-based solutions that are delivered through appliances or cloud-based SaaS. Its security solutions are designed to protect IT applications against threats in common IT environments including Microsoft Office 365, email servers, web applications, data centers, and core networks. Its data protection solutions are designed to backup and archive business-critical data and make such data accessible for purposes such as compliance, disaster recovery, and business intelligence. The company primarily targets the SMB market segment and distributes its products through resellers, cloud service providers, and managed service providers. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch has made no material financial adjustments. BASIC ENERGY: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Basic Energy Services, Inc. and its affiliates. The committee members are: 1. Workday, Inc. Attention: Ann Sandor 6110 Stoneridge Mall Road Pleasanton, CA 94588 Phone: 925-951-9000 E-mail: ann.sandor@workday.com 2. Invoke Tax Partners, Inc. Attention: Jerrod Raymond 12221 Merritt Drive, Ste. 1200 Dallas, TX 75251 Phone: 817-569-7990 E-mail: jerrod.raymond@invoke.tax 3. Schledewitz Trucking Attention: Tyson Schledewitz 107 S. Meeker Street Ft. Morgan, CO 80701 Phone: 308-249-4899 E-mail: tysonschledewitz@gmail.com 4. Certex USA, Inc. Attention: Steve Thatcher 11949 FM 529 Houston, TX 77041 Phone: 832-783-8114 E-mail: sthatcher@certex.com 5. Baker Hughes Company Attention: Christopher J. Ryan 2001 Rankin Rd. Houston, TX 77073 Phone: 713-416-0149 E-mail: chris.ryan@bakerhughes.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Basic Energy Services Basic Energy Services -- http://www.basices.com/-- provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company's operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Specifically, the Company has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. Basic Energy Services, Inc., and 12 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 21-90002) on Aug. 17, 2021. Basic Energy disclosed total assets of $331 million and debt of $549 million as of March 31, 2021. The Hon. David R. Jones is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Alixpartners LLP as restructuring advisor, and Lazard Freres & Company as financial advisor. Prime Clerk is the claims agent. BL SANTA FE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- BL Santa Fe, LLC (Lead Case) 21-11190 1297 Bishops Lodge Rd., Santa Fe, NM 87501 BL Santa Fe (MEZZ), LLC 21-11191 1297 Bishops Lodge Rd., Santa Fe, NM 87501 Business Description: The Debtors own and operate a luxury resort known as Bishop's Lodge located at 1297 Bishops Lodge Road, Santa Fe, New Mexico 87506, approximately three miles north of historic Downtown Santa Fe. Chapter 11 Petition Date: August 30, 2021 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Mary F. Walrath Debtors' Counsel: Matthew B. Lunn, Esq. Joseph M. Barry, Esq. Robert F. Poppiti, Jr., Esq. Joseph M. Mulvihill, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: mlunn@ycst.com jbarry@ycst.com rpoppiti@ycst.com jmulvihill@ycst.com - and - Frank J. Wright, Esq. Jeffery M. Veteto, Esq. LAW OFFICES OF FRANK J. WRIGHT, PLLC 2323 Ross Avenue, Suite 730 Dallas, Texas 75201 Tel: 214-935-9100 E-mail: frank@fjwright.law jeff@fjwright.law Debtors' Claims, Noticing, & Solicitation Agent: BANKRUPTCY MANAGEMENT SOLUTIONS, INC. d/b/a STRETTO Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petitions were signed by Michael Norvet as authorized person. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LBAH73Q/BL_Santa_Fe_LLC__debke-21-11190__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LPURAAY/BL_Santa_Fe_Mezz_LLC__debke-21-11191__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Carrillo's Construction, LLC Sub Contractor $366,221 PO Box 9844 Santa Fe, NM 87504 Arnold Carrillo Tel: 505-690-4374 2. Century Bank PPP Loan $312,270 100 South Federal Place Santa Fe, NM 87501 Attn: Director or Officer Tel: 505-995-1200 3. Zelham, Inc Sub Contractor $136,640 5257 W. Fairview Ave Boise, ID 83706 Amy Schelling Tel: 208-658-1700 x 203 Email: amy.schelling@zelham.com 4. Deployed Technologies Sub Contractor $100,000 14150 Chaparral Lane Roanoke, TX 76262 Darrin Hubbard Tel: 817-502-1900 Email: dhubbard@deployedtech.com 5. Johnson-Lancaster and Vendor $99,817 Associates, Inc. 13031 US 19 N Clearwater, FL 33764 Bradford Lancaster Tel: 727-796-5622 Email: bradl@johnson-lancaster.com 6. Lujan Heating & Cooling Inc. Sub Contractor $75,000 1937 Lakeview Rd SW Albuquerque, NM 87105 Attn: Director or Officer Tel: 505-459-5740 Email: info@lujanheatingandcooling.com 7. Ellison Advisors, LLC Construction $57,417 1717 E 9th Ave Manager Tampa, FL 33605 Sam Ellison Tel: 813-760-7263 Email: samellison@ellisonadv.com 8. LRCC-INC. Comm. and Sub Contractor $51,049 Construction 2418 Miles SE Albuquerque, NM 87106 Attn: Director or Officer Tel: 505-831-1100 9. Oscar Lara Electric, LLC Sub Contractor $50,000 109 Seneca Dr., ste 6 El Paso, TX 79915 Oscar Lara Tel: 915-778-4418 Email: o.lara@sbcglobal.net 10. Santa fe Door Store Sub Contractor $50,000 PO Box 27643 Albuquerque, NM 87125 Ed White Tel: 505-345-3160 Email: EW@santafedoor.com 11. Select Electrical Systems Building Fire $41,297 3314 Vassar Dr NE Alarms Albuquerque, NM 87107 Attn: Director or Officer Tel: 505-232-0337 Email: scott@selectelectricalsystems.com 12. Construction Sub Contractor $40,000 Services Southwest, LLC PO Box 5219 Santa Fe, NM 87502 Bruce Duran Tel: 505-986-3875 Email: theplumbingassociates@gmail.com 13. Guero Concrete Co., LLC Sub Contractor $37,672 103 Camino Espejo Sante Fe, NM 87507 Jorge Marquez Tel: 505-490-3242 Email: gueroconcretesf@gmail.com 14. HKS, Inc. Interior $34,000 350 N Saint Paul St. Ste 100 Design Dallas, TX 75201 Services Natalie Smith Tel: 214-969-5599 Email: nsmith@hksinc.com 15. Assa Abloy Global Sub Contractor $29,765 Solutions Inc. PO Box 676947 Dallas, TX 75267 Attn: Director or Officer Tel: 972-907-2273 Email: accountsreceivable@assaabloy.com 16. Bel Air Conditioning & Sub Contractor $28,818 Heating Systems, LLC PO Box 4386 Sante Fe, NM 87502 Rocky quintana Tel: 505-231-0731 Email: belairsystems@gmail.com 17. EnviroWorks, LLC Sub Contractor $27,055 PO Box 340 Edgewood, NM 87015 Melissa Tel: 505-586-4891 Email: melissa@enviroworksforyou.com 18. High Pines R&R, LLC Sub Contractor $20,000 3837 Aqua Fria Rd. Santa Fe, NM 87502 Luis Ibarra Tel: 505-780-8602 19. Lang Lighting Design, Inc. Sub Contractor $15,183 120 Knox Place 4645 N. Central Expressway Dallas, TX 75205 Andy Lang Tel: 214-780-0700 Email: andy@langlighting.com 20. Equipment Share Equipment Rent $14,730 8301 Broadway Blvd SE Albuquerque, NM 87015 Attn: Director or Officer Tel: 505 379-0913 BMZ LLC: Has Until Dec. 20 to File Plan & Disclosures ----------------------------------------------------- Judge Michael G. Williamson has entered an order within which the deadline for Debtors BMZ, LLC and OLDSMAR JJ, LLC to file a Chapter 11 Plan of Reorganization and a Chapter 11 Disclosure Statement is extended to December 20, 2021. A copy of the order dated August 26, 2021, is available at https://bit.ly/3BogNTq from PacerMonitor.com at no charge. Attorney for the Debtor: Timothy B. Perenich, Esq. Perenich Law, PL 25749 US Highway 19 N, Suite 200 Clearwater, FL 33763-2004 Phone: (727) 669-2828 Fax: (727) 669-2220 Email: Bankruptcy@PerenichLaw.com About BMZ LLC Based in Clearwater, Fla., BMZ, LLC is a privately held company in the fast food and quick service restaurants business. BMZ sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-07203) on Sept. 26, 2020. Scott Zieba, managing member, signed the petition. At the time of the filing, the Debtor disclosed assets of between $100,000 and $500,000 and liabilities of between $1 million and $10 million. Perenich Law, PL is the Debtor's legal counsel. BOTS INC: Paul Rosenberg Quits as Director ------------------------------------------ Paul Rosenberg resigned as a director of BOTS, Inc. effective as of Aug. 24, 2021. The resignation was not the result of any dispute or disagreement with BOTS or its board of directors on any matter relating to the operations, policies or practices of the company. About BOTS, Inc. BOTS, Inc. -- www.BOTS.org -- was originally formed to open and operate a full-service day spa in Montrose, California. In October 2013 the Company repositioned itself as a technology company focused on two long-term secular trends sweeping the globe: (1) The decriminalization and legalization of marijuana for medicinal or recreational purposes; and, (2) the adoption of electronic vaporizing cigarettes. As of Jan. 31, 2021, the Company had $71.67 million in total assets, $596,626 in total liabilities, and $71.08 million in total equity. Tel Aviv, Israel-based Weinstein International CPA, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 9, 2021, citing that as of April 30, 2020, the Company has negative cash flow and there are no assurances the Company will generate a profit or obtain positive cash flow. The Company has a nominal working capital deficit, which raise substantial doubt about its ability to continue as a going concern. BROWNIE'S MARINE: BLU3 Collaborates With Pure Florida ----------------------------------------------------- Brownie's Marine Group, Inc.'s subsidiary, BLU3, Inc. has partnered with Pure Florida for a week-long social media giveaway on Instagram. Since the giveaway was announced, the @diveblu3 Instagram page has accumulated over 600 new followers. The account has reached 6,766 followers and is continuing to grow more by the minute. @pureflorida Instagram page has a following of 330,000, which is also continuing to grow because of the collaboration. "We are excited to collaborate with Pure Florida and give one lucky person a free Nemo diving system. In doing so, we hope to expand the BLU3 and Pure Florida brands across Instagram, while giving the gift of adventure," says Blake Carmichael, CEO of BLU3, Inc. Blake added "We hope that the giveaway will also drive traffic to our website and provide exposure for the entire BLU3 product line. Pure Florida already has an established Instagram presence and so far, the giveaway is performing tremendously well. We look forward to seeing the benefits it brings to both brands." "Teaming up with local, ocean-minded brands that represent a similar mission is the best way to enhance brand awareness and social presence, in the end, it's a win-win for both. It helps to get the conversation started, while increasing engagement and impressions," says Jonathon Dykert, content creator of Pure Florida. He added "We have loved working with @diveblu3 on such an epic giveaway to help one lucky winner discover some of the unseen Florida beauty under the water. Looking forward to this and any other collaborations we could work on together in the future." About Brownie's Marine Headquartered in Pompano Beach, Florida, Brownie's Marine Group, Inc., is the parent company to a family of innovative brands with a unique concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has three subsidiaries: Trebor Industries, Inc., founded in 1981, dba as "Brownie's Third Lung"; BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW Americas. The Company is headquartered in Pompano Beach, Florida. Brownie's Marine reported a net loss of $1.35 million for the year ended Dec. 31, 2020, compared to a net loss of $1.42 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $2.51 million in total assets, $1.50 million in total liabilities, and $1 million in total stockholders' equity. Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has experienced net losses and has an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. CAJUN COMPANY: Files Plan Supplement ------------------------------------ The Cajun Company filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Plan Supplement with respect to treatment of Claim No. 6 in the Debtor's Plan. The Supplement provided that "If the Plan is confirmed …the Debtor will be discharged from any debt that arose before confirmation of this Plan (however Claim No. 6 shall be treated as set forth in Section 6.01, subject to the occurrence of the Effective Date, to the extent specified in Section 1141(d) of the Bankruptcy Code." The document did not provide other details about Claim No. 6. A copy of the Plan Supplement is available for free at https://bit.ly/3gE4tGN from PacerMonitor.com. Counsel for the Debtor: H. Kent Aguillard, Esq. H. Kent Aguillard, Attorney at Law 141 S. 6th St. Eunice, LA 70535 Telephone: (337) 457-9331 Facsimile: (337) 457-2317 Email: kent@aguillardlaw.com About The Cajun Company The Cajun Company -- http://cajunco.net/-- is a family-owned and operated business that provides industrial insulation services. The Cajun Company filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. 21-50174) on March 26, 2021. Julia E. Davis, corporate secretary and comptroller, signed the petition. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. Judge John W. Kolwe oversees the case. The Debtor tapped H. Kent Aguillard, Esq., as bankruptcy counsel; Darnall, Sikes & Frederick, Inc., as accountant; and Steve Gardes, an accountant practicing in Lafayette, La., as financial consultant. Neuner Pate, Mickey S. deLaup, Esq., and Stephen M. DuValle, Esq., of Maricle & Associates, serve as the Debtor's special counsel. CAPITAL TRUCK: Oct. 20 Plan Confirmation Hearing Set ---------------------------------------------------- On July 6, 2021, Capital Truck, Inc. n/k/a CTI Holdings, Inc. f/d/b/a Mack Sales of Tallahassee filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement with respect to the Chapter 11 Plan of Liquidation. On Aug. 24, 2021, Judge Karen K. Specie approved the Disclosure Statement and ordered that: * Oct. 13, 2021, is fixed as the last day for filing written acceptances or rejections of the plan. * Oct. 20, 2021, at 01:30 PM, Eastern Time, via VIDEO ZOOM CONFERENCE is the confirmation hearing. * Any objections to confirmation shall be filed and served 7 days before the date set forth in paragraph 4 and shall be governed by Federal Rules of Bankruptcy Procedure. A copy of the order dated August 24, 2021, is available at https://bit.ly/3sTfSra from PacerMonitor.com at no charge. Counsel for the Debtor: Robert C. Bruner, Esq. Byron Wright III, Esq. Bruner Wright, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Capital Truck Capital Truck, Inc., based in Tallahassee, FL, filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 20-40287) on July 14, 2020. In the petition signed by Mark Thomas, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. BRUNER WRIGHT, P.A., serves as bankruptcy counsel to the Debtor. CLEARY PACKAGING: Trade Unsecureds to Get 50% of Disposable Income ------------------------------------------------------------------ Cleary Packaging, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland an Amended Subchapter V Plan of Reorganization dated August 20, 2021. The Debtor's Plan shall be funded from its disposable income. In addition, Vincent Cleary, the Debtor's sole interest holder, has agreed to provide unsecured financing as a revolving loan of $35,000 at 3% simple interest during the period of the Plan. Holders of Allowed Unsecured Trade Debt Claims in Class 4 will share pro rata of 50% of all available disposable income of the Debtor, without interest, (after payment of claims in Classes 1, 2 and 3). Classes 1 and 2 are Allowed Secured Claims which are unimpaired by the Plan. Class 3 represents Allowed PPP Loan Repayments for which the Debtor has obtained full forgiveness. Allowed Interests in Class 7 shall be retained. Mr. Cleary has agreed to waive any distribution for his claims in Class 6 aggregating $188,409, and to treat those as an equity investment into the Debtor. He also agreed to waive pursuing preference claims of approximately $75,000. A copy of the Amended Plan is available for free at https://bit.ly/3zpBLRw from PacerMonitor.com. The confirmation hearing on the Plan will be held on October 4, 2021 at 10 a.m. About Cleary Packaging Cleary Packaging, LLC is a wholesale distributor of packaging and janitorial supplies. The company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21-10765) on Feb. 7, 2021. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. The Debtor tapped Yumkas, Vidmar, Sweeney & Mulrenin as its legal counsel and George S. Magas CPA, PC as its accountant. Scott W. Miller has been appointed as Subchapter V Trustee for the Debtor. CONSOLIDATED LAND: Court Denies Confirmation to Debtor's Plan ------------------------------------------------------------- Judge Karen S. Jennemann of the U.S. Bankruptcy Court for the Middle District of Florida denied confirmation to the Liquidating Plan of Reorganization proposed by Consolidated Land Holdings, LLC and its debtor subsidiaries, having found the Debtors' Plan to be not confirmable. Judge Jennemann disclosed that the Court has already determined the competing liquidating plan of reorganization filed by Wells Fargo Bank, N.A. to be confirmable. Judge Jenneman pointed out that the Debtors' Joint Plan unfairly discriminates between Radisson Hotels International, Inc. and the other unsecured creditors. "Radisson gets paid $350,000 immediately; the other similarly situated unsecured creditors get 7% spread over five years with minimal interest. This is not fair or equitable and unfairly discriminates between similarly situated creditors," the judge complained. Accordingly, the Court concluded that Debtors' Joint Plan does not meet the cram down requirements and cannot satisfy Section 1129(b) of the Bankruptcy Code. Judge Jenneman also disclosed that no other creditor other than joint plan proponent, KCP Seven Ground, LLC/APluss, LLC, supports confirmation of the Debtors' Plan. A copy of the Memorandum Opinion is available for free at https://bit.ly/3BfbTIC from PacerMonitor.com. About Consolidated Land Holdings Consolidated Land Holdings and its subsidiaries are privately held companies engaged in activities related to real estate. Consolidated Land Holdings, LLC, and 21 affiliates concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 19-04760) on July 22, 2019. The petitions were signed by Joseph G. Gillespie III, manager. At the time of filing, the Debtors estimated $50 million to $100 million in both assets and liabilities. The Debtors are represented by R Scott Shuker, Esq., at Latham, Shuker, Eden & Beaudine, LLP. CORPS PHYSIQUE: Seeks to Hire Morrison Tenenbaum as Legal Counsel ----------------------------------------------------------------- Corps Physique Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Morrison Tenenbaum, PLLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with respect to its powers and duties in the management of its bankruptcy estate; b. assisting in any amendments to the Debtor's bankruptcy schedules and other financial disclosures and in the preparation or review of its disclosure statement and plan of reorganization; c. negotiating with creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing legal papers and appearing before the bankruptcy court; and e. performing all other legal services for the Debtors. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Lawrence F. Morrison $595 per hour Brian J. Hufnagel $450 per hour Associates $380 per hour Paraprofessionals $225 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The retainer fee is $15,000. Lawrence Morrison, Esq., a partner at Morrison Tenenbaum, 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: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, NY 10013 Tel: (212) 620-0938 Email: lmorrison@m-t-law.com bjhufnagel@m-t-law.com About Corps Physique Inc. Corps Physique Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22409) on July 14, 2021, listing as much as $50,000 in both assets and liabilities. Judge Sean H. Lane oversees the case. Lawrence F. Morrison, Esq., at Morrison Tenenbaum, PLLC represents the Debtor as legal counsel. DAVIDZON MEDIA: Wins Cash Collateral Access Thru Sept 10 -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York has authorized Davidzon Media, Inc. and affiliates to use cash collateral on an interim basis and provide related relief through September 10, 2021. The Debtor is authorized to use cash collateral in accordance with the approved budget, with a 10% variance. The Permitted Variance will be tested at the end of each week beginning with the end of the first week of May, 2021, both for the preceding week and cumulatively from the date of the Interim Order through the end of the most recently completed week. As adequate protection and security for the payment of the Adequate Protection Obligations, Great Elm Capital Corp., the prepetition secured lender, on account of the Loan Agreement and the Prepetition Liens, is granted a valid, perfected replacement security interest in and lien on all of the Prepetition Collateral, subject and subordinate only to the Carve Out. The Adequate Protection Obligations will constitute superpriority claims as provided in section 507(b) of the Bankruptcy Code. The Debtors will pay Great Elm $55,000 by wire transfer in immediately available funds on the first Tuesday of each month following entry of the Interim Order. The Court's order provides for a carve-out consisting of all fees required to be paid to the Clerk of the Court and to the United States Trustee under applicable law and in the event that one or more of the Cases converts to chapter 7, an additional amount of $3,000 for a Chapter 7 Trustee appointed in such case. These events constitute Events of Default: (a) Any Case will be dismissed or converted to a case under chapter 7 of the Bankruptcy Code, except to the extent Great Elm consents to such dismissal or conversion; (b) The Interim Order will be stayed, amended, modified, reversed, or vacated without the written consent of Great Elm, which stay is not vacated, or which amendment, modification, reversal, or vacatur is not stayed within three business days following the imposition of such stay or the effective date of such amendment, modification, reversal or vacatur; (c) Any Prepetition Collateral is sold without the prior written consent of Great Elm; (d) Any Debtor will file any application in support of any of (a) through (c) above; (e) Any Debtor's filing of a motion to appoint, any other party's filing of a motion to appoint if such motion is not resolved within 30 days, or the appointment of, a trustee or examiner with expanded powers in any Case; (f) Any Debtor's filing of a motion or other pleading seeking to grant a lien on the Prepetition Collateral that is equal or senior to the Prepetition Liens; (g) The Court's entry of an order granting relief from the automatic stay to allow for foreclosure on any Prepetition Collateral with an aggregate book value in excess of $25,000; (h) Any Debtor's failure to perform, in any respect, any of the terms, conditions, covenants, or obligations under the Interim Order. A further hearing on the Debtors' application to use Cash Collateral is scheduled for September 9 at 12 p.m. A copy of the order is available for free at https://bit.ly/38npn8t from PacerMonitor.com. About Davidzon Media Davidzon Media, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40308) on Feb. 8, 2021. Grigory Davidzon, president, signed the petition. At the time of filing, the Debtor disclosed less than $50,000 in assets and between $1 million and $10 million in liabilities. Judge Elizabeth S. Stong oversees the case. The Law Offices of Alla Kachan, PC serves as the Debtor's counsel. DELCATH SYSTEMS: Incurs $6.4 Million Net Loss in Second Quarter --------------------------------------------------------------- Delcath Systems, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $6.43 million on $398,000 of product revenue for the three months ended June 30, 2021, compared to a net loss of $4.28 million on $262,000 of product revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $13.18 million on $659,000 of product revenue compared to a net loss of $12.14 million on $437,000 of product revenue for the six months ended June 30, 2020. As of June 30, 2021, the Company had $24.92 million in total assets, $9.76 million in total liabilities, and $15.16 million in total stockholders' equity. Delcath stated, "The Company has incurred losses since inception and expects to continue incurring losses for the next several years. The Company's existence is dependent upon management's ability to obtain additional funding sources or to enter into strategic alliances. Adequate additional financing may not be available to the Company on acceptable terms, or at all. If the Company is unable to raise additional capital and/or enter into strategic alliances when needed or on attractive terms, it would be forced to delay, reduce, or eliminate its research and development programs or any commercialization efforts. There can be no assurance that the Company’s efforts will result in the resolution of the Company's liquidity needs. If Delcath is not able to continue as a going concern, it is likely that holders of its common stock will lose all of their investment. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales. These circumstances raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. Additional working capital is required to continue operations. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainty of product development and clinical trial results; uncertainty regarding regulatory approval; technological uncertainty; uncertainty regarding patents and proprietary rights; comprehensive government regulations; limited commercial manufacturing, marketing, or sales experience; and dependence on key personnel." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/872912/000156459021043029/dcth-10q_20210630.htm About Delcath Systems Headquartered in New York, NY, Delcath Systems, Inc. -- http://www.delcath.com-- is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The Company's lead product candidate, Melphalan Hydrochloride forInjection for use with the Delcath Hepatic Delivery System, or Melphalan/HDS, is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In Europe, Melphalan/HDS is approved for sale under the trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan. Delcath Systems reported a net loss of $24.15 million for the year ended Dec. 31, 2020, compared to a net loss of $8.88 for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $32.32 million in total assets, $12.31 million in total liabilities, and $20.01 million in total stockholders' equity. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DESOTO HOLDING: Sept. 22 Hearing on Plan, Disclosure Statement Set ------------------------------------------------------------------ Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York conditionally approved the Disclosure Statement of Desoto Holding LLC. The Court fixed the voting deadline with respect to the Debtor's Plan of Reorganization on or before September 10, 2021 at 5 p.m., prevailing Eastern Time. The voting certification must be filed on or before Sept. 13. The Court will consider final approval of the Disclosure Statement and confirmation of the Plan at 10:30 a.m. on Sept. 17, 2021, through Cisco WebEx platform. Objections to Disclosure Statement final approval and/or Plan confirmation must be filed by Sept. 10. The Debtor's response(s) to said objections, if any, must be filed and served by Sept. 14. A copy of the order is available for free at https://bit.ly/3ykuqkP from PacerMonitor.com. About Desoto Holding Based in Brooklyn, New York, Desoto Holding LLC filed a Chapter 11 petition (Bankr. E.D.N.Y Case No. 20-43388) on Sept. 22, 2020. At the time of filing, the Debtor estimated assets of between $0 to $50,000 and $10 million to $50 million liabilities. Isaac Nutovic, Esq. of Nutovic & Associates is the Debtor's counsel. DESOTO OWNERS: Hearing on Plan, Disclosures Set for Sept. 17 ------------------------------------------------------------ Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York conditionally approved the Disclosure Statement of Desoto Owners LLC. Ballots voting to accept or reject the Debtor's Plan of Reorganization must be actually received by the Voting Agent on or before 5 p.m. (prevailing Eastern Time) on September 10, 2021. The Voting Agent shall file the voting certification by Sept. 13. The hearing to consider final approval of the Disclosure Statement and confirmation of the Plan will be held at 10:30 a.m. on Sept. 17, 2021. Objections, if any, must be filed and served by Sept. 10. The Debtor must file responses thereto on or before Sept. 14. A copy of the order is available for free at https://bit.ly/2UTWn5m from PacerMonitor.com. About Desoto Owners Desoto Owners LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)), owning a real property commonly known as the Desoto Square Mall, which is located at 303 301 Blvd W., Bradenton, Fla. and is situated on a 58-acre parcel of land. Desoto Owners LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20- 43387) on Sep. 22, 2020. The petition was signed by Moshe Fridman, chief executive officer. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Isaac Nutovic, Esq., at Nutovic & Associates, represents the Debtor. DIAMOND SPORTS: S&P Cuts ICR to 'CCC' on Risk of Debt Restructuring ------------------------------------------------------------------- S&P Global Ratings lowered its issuer credit ratings on Diamond Sports Holdings LLC and subsidiary Diamond Sports Group LLC (DSG) to 'CCC' from 'CCC+' based on heightened concerns of a subpar debt exchange or redemption over the next year, which S&P would view as tantamount to a default. The negative outlook reflects the risk of a subpar debt exchange or repurchase over the next year. S&P said, "We believe DSG could restructure its debt over the next year. Given the company's heavy debt burden of more than $8 billion and our view that there is limited ability to materially reduce leverage organically, we believe DSG could pursue a subpar debt exchange or redemption over the next year. DSG's debt has traded at a steep discount to par since 2020 given its operational challenges, which could increase the potential for a transaction. The company reported in June 2021 that it had been in discussions with lenders to raise an additional $500 million-$600 million of capital and buy back a portion of its debt at a discount. While DSG was unable to come to an agreement with lenders, management said conversations are ongoing. "We believe DSG has sufficient liquidity over the next 12 months but could potentially have a shortfall in the second half of 2022. We believe DSG can cover its cash uses over the next twelve months given its sizable cash balance ($408 million as of June 30, 2021) and availability under its revolving credit facility ($227.5 million). Beyond mid-2022, we believe its ability to address its cash needs will largely depend on securing new carriage agreements or quickly scaling its planned direct-to-consumer (DTC) streaming service, which it expects to launch in the first half of 2022. DSG provided a guidance range of $310 million-$740 million for adjusted EBITDA in 2022, which we believe reflects the magnitude of uncertainty around its future performance. If EBITDA is at the lower end, we believe there could potentially be a liquidity shortfall in the second half of 2022. "We materially lowered our subscriber expectations for the RSNs, weakening credit metrics. We previously assumed YouTube TV and Hulu Live (both of which dropped the RSNs in October 2020) would sign new carriage contracts for the RSNs by mid-2021 as the baseball season ramped up. Given how long the RSNs have been missing on these streaming platforms, we removed the potential revenue from these platforms from our model. Given the uncertainty surrounding Sinclair's ongoing negotiations with DISH Network, which dropped the RSNs in August 2019, we also removed this potential revenue from our forecast. Our forecast also considers higher legacy pay-TV subscriber declines (of about 8% in 2021 and about 10% in 2022) as the price of video offerings continues to increase, pay-TV operators increasingly deemphasize their video products, and government stimulus from the COVID-19 pandemic rolls off. These revisions to our forecast significantly increase our leverage expectations for DSG, given the largely fixed cost base of the RSNs. As a result, we expect DSG's leverage will be well over 10x over the next several years. We assume DSG will face contract negotiations in 2022 since DSG's ultimate parent, Sinclair Broadcast Group Inc., signed coterminous agreements (between its broadcast stations and the RSNs) in 2019 with AT&T/DirecTV, Charter Communications, Cox Communications, and Mediacom and these contracts typically average three years." The company's DTC streaming service could potentially weaken near-term credit metrics. The DTC streaming service could provide revenue from subscriptions, advertising, and features such as gamification to potentially help offset revenue declines from its existing RSN distribution business. S&P said, "However, we do not know the total amount or timing of investments necessary to launch the streaming service, how quickly DSG can increase the streaming service's subscriber base, to what extent it will cannibalize its existing RSN subscriber base, and how long it will take for the streaming service to be profitable. The company also needs to negotiate with the National Basketball Association (NBA) and National Hockey League (NHL) leagues and individual Major League Baseball (MLB) teams for streaming rights. While we believe the company can likely secure the in-market streaming rights to launch its DTC streaming service, it is uncertain at what cost. Given the service's infancy, the company has not yet announced product pricing or contract terms. Depending on how its streaming services are structured, we believe there is a risk that some customers may sign up for only a portion of the year to watch a particular sport season or team." The negative outlook reflects the risk of a subpar debt exchange or redemption over the next year, which S&P would view as tantamount to a default. S&P could: -- Lower the rating to 'SD' (selective default) if the company pursues a subpar debt exchange or redemption; or -- Lower the rating to 'D' if there is a payment default. S&P views an upgrade as unlikely over next year given little visibility into DSG's future operations. However, S&P could raise the rating if: -- S&P no longer believe there is the potential for a subpar debt exchange or redemption; and -- EBITDA stabilizes and S&P views the company's debt load as sustainable. DITECH HOLDING: Injunction, Confirmation Order Imposed on Claimant ------------------------------------------------------------------ Darryl K. Browder is a purported Consumer Creditor Claimant of Ditech Holding Corporation and its debtor subsidiaries, who sued Ditech Financial LLC in Iowa state court to recover damages allegedly caused by wrongdoing on the part of Ditech Financial in servicing his mortgage (the First Iowa Action). Mr. Browder and Ditech filed the First Iowa Action Stipulation in the Iowa U.S. District Court. The court terminated the First Iowa Action in November 2019. Mr. Browder filed 12 proofs of claim (one of which he withdrew) in the Debtors' Chapter 11 cases seeking recovery of damages for Ditech Financial's alleged wrongdoing to which claims the Debtors filed an objection. The Court sustained the Debtors' objection and expunged the claims. In April 2021, the Claimant filed another lawsuit in Iowa state court seeking -- according to Judge James L. Garrity of the U.S. Bankruptcy Court for the Southern District of New York -- "tens of millions of dollars in monetary relief" against (i) Ditech Holding Corporation (Ditech); (ii) the Wind Down Estates; (iii) Sunny Singh, Esq., of Weil, Gotshal & Manges LLP, counsel to the Debtors and the Wind Down Estates; (iv) Megan Stumph Turner, Esq., Ditech's local counsel in the First Iowa Action; and (v) Tara Twomey, Esq., the Consumer Representative in Ditech, et al.'s Chapter 11 cases. The Claimant also named as defendant NewRez LLC, d/b/a Shellpoint Mortgage Servicing (Shellpoint), a subsidiary of the Forward Stalking Horse Purchaser under the Plan, which is the current servicer of Claimant's mortgage, along with SouthLaw P.C., Shellpoint's foreclosure counsel. According to Judge Garrity, Mr. Browder, in filing the New Iowa Action, is actively interfering with the implementation of the claims process in the Debtors' Chapter 11 cases in violation of Section 10.5(a) of the Plan, which enjoins "all holders of Claims and Interests . . . from taking any actions to interfere with the implementation or consummation of the Plan in relation to any Claim extinguished, discharged, or released pursuant to the Plan. Section 10.5 Injunction bars continued prosecution of the New Iowa Action against Ditech and Wind Down Estates and against the Individual Defendants. The Plan Administrator and the Consumer Representative filed a joint Motion --- the Motion being addressed by the current Memorandum Opinion -- seeking to (i) enforce the injunction provisions contained in the Confirmation Order and in the Plan, and (ii) hold Claimant in contempt and impose monetary sanctions for his violations of the Plan Injunctions and orders of the Bankruptcy Court. The Claimant opposed the Motion. In support of his Objection, Mr. Browder contended that Judge Garrity must recuse himself and cease presiding over the matter, having amended his complaint in the New Iowa Action naming Judge Garrity as a defendant in that action. It is settled law that "a judge is not required to recuse him or herself simply because a litigant before the judge has filed suit or made a complaint against him or her," Judge Garrity said. Mr. Browder had the opportunity to appeal the Browder Memorandum Decision and Order and any orders with which he disagreed, but failed to do so. A motion for recusal is not a substitute for an appeal of any adverse ruling, the judge added. Accordingly, Judge Garrity granted the motion of the Plan Administrator and the Consumer Representative to enforce the Plan Injunctions and Confirmation Order against Mr. Browder, hold him in contempt, and impose sanctions. A copy of the Memorandum Decision is available for free at https://bit.ly/3zwukrP from Epiq, claims agent. Counsel for the Plan Administrator of Ditech Holding Corporation and affiliated debtors: Ray C. Schrock, P.C. Richard Slack, Esq. Sunny Singh, Esq. Weil, Gotshal & Manges, LLP 767 Fifth Avenue New York, NY 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 Counsel for the Consumer Representative: Richard Levin, Esq. Jenner & Block LLP 919 Third Avenue New York, NY 10022 Telephone: (212) 891-1601 Email: rlevin@jenner.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. E.L. SERVICES: Seeks Access to Cash Collateral Thru Sept. 3 ----------------------------------------------------------- E.L. Services, Inc. asked the U.S. Bankruptcy Court for the Northern District of California to authorize, on an interim basis, the use of cash collateral in which the Internal Revenue Service and the California Employment Development Department (EDD) may assert an interest, through September 3, 2021, to pay for the Debtor's necessary expenses, pending a hearing on the entry of a final order on the motion. The Debtor said it has opposed and appealed the IRS levy action but has, to date, been unsuccessful to convince the IRS that the Debtor is not the alter ego of Enviroscapes, Inc. Enviroscapes went through a General Assignment for the Benefit of Creditors in May 2020 and the Debtor purchased the assets of Enviroscapes from the assignee. The IRS asserted a total of $1,395,025 against the Debtor. The Debtor, however, does not contest the EDD claim, which amounts to $3,103. To the extent that the IRS and EDD have liens against the assets of the Debtor, the Debtor requires the use of the prepetition accounts receivable in order to pay its expenses. The Debtor said that the use of the cash collateral to pay for the expenses will preserve and maximize the value of the IRS and EDD's collateral to the extent the liens are valid. This, according to the Debtor, satisfies the adequate protection requirement under Section 361 of the Bankruptcy Code. A qualifying interest demands protection only to the extent that the use of the creditor's collateral will result in a decrease in "the value of such entity's interest in such property," the Debtor said. A copy of the motion is available for free at https://bit.ly/3mKn4Vx from PacerMonitor.com. Proposed counsel for the Debtor: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little P.C. 1970 Broadway, Suite 600 Oakland, CA 94612 Telephone: (510) 763-1000 Facsimile: (510) 273-8669 Email: c.kuhner@kornfieldlaw.com About E.L. Services, Inc. E.L. Services, Inc., a landscape and maintenance company located in Dublin, California, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 21-41087) on August 25, 2021. On the Petition Date, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Steven P. Baca, general manager. Judge William J. Lafferty oversees the case. The Debtor tapped Kornfield, Nyberg, Bendes, Kuhner & Little P.C. to serve as its counsel. FINANCIAL GRAVITY: Incurs $7.1 Million Net Loss in Third Quarter ---------------------------------------------------------------- Financial Gravity Companies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $7.11 million on $1.68 million of total revenue for the three months ended June 30, 2021, compared to a net loss of $271,170 on $947,491 of total revenue for the three months ended June 30, 2020. For the nine months ended June 30, 2021, the Company reported a net loss of $7.41 million on $5.07 million of total revenue compared to a net loss of $437,511 on $2.25 million of total revenue for the same period during the prior year. As of June 30, 2021, the Company had $2.47 million in total assets, $1.72 million in total current liabilities, $609,547 in total non-current liabilities, and $132,652 in total stockholders' equity. As of June 30, 2021, the Company had cash and cash equivalents of $435,040. The decrease of $194,282 in cash and cash equivalents from Sept. 30, 2020 was due to net cash provided by operating activities of $98,019 net cash used in investing activities of $3,540, and net cash used in operations of $412,807. Financial Gravity stated, "Company's plans for expansion include attracting additional clients through marketing efforts with its current and future brokerage, investment management and insurance agent representatives, as well as increasing the TMN membership and the investment advisory activity of the members to increase assets under management and Company's revenue. Future growth plans will include efforts to increase advisory headcount through recruiting of individuals advisors and groups of advisors. There is no guaranty that the Company will achieve these objectives." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1377167/000168316821003962/fingravity_i10q-063021.htm About Financial Gravity Headquartered in Austin Texas, Financial Gravity Companies, Inc. is a parent company of stock brokerage, investment advisory, asset management, tax planning for business and personal, and financial advisor services companies. Financial Gravity reported a net loss of $791,675 for the year ended Sept. 30, 2020, compared to a net loss of $623,485 for the year ended Sept. 30, 2019. As of March 31, 2021, the Company had $10.07 million in total assets, $1.50 million in total current liabilities, $1.32 million in total non-current liabilities, and $7.24 million in total stockholders' equity. Whitley Penn LLP, the Company's auditor since 2019 issued a "going concern" qualification in its report dated Jan. 11, 2021, citing that the Company incurred a net loss and a net use of operating cash in the current year and currently has a retained deficit that raises substantial doubt about its ability to continue as a going concern. FL SUNSHINE: Wins Cash Collateral Access ---------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized FL Sunshine Services of Tampa, LLC to use cash collateral on a final basis. The Debtor stipulates that the indebtedness owed to Commercial Credit Group Inc.'s is fully secured by its equipment and the cash collateral as of the Petition Date. The Debtor is permitted to use cash collateral to pay amounts expressly authorized by the Court, including payments to the US Trustee for quarterly fees; (b) the current and necessary expenses set forth in the budget, with a variance of 10%; and such additional amounts as may be expressly approved in writing by Commercial Credit Group Inc., South State Bank, N.A. f/k/a CenterState Bank, N.A., Fundbox and U.S. Small Business Administration. As adequate protection for the Debtor's use of cash collateral, each secured creditor with a security interest in cash collateral, including Commercial Credit Group Inc., 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 document 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 the Secured Creditors. A copy of the order and the Debtor's budget for July and August is available at https://bit.ly/3yn2895 from PacerMonitor.com. The Debtor projects $32,692 in total revenue and $30,189.26 in total expenses. About FL Sunshine Services of Tampa, LLC FL Sunshine Services of Tampa, LLC, a Port Richey, Fla.-based limited liability company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-08148) on October 30, 2020. The petition was signed by Dan K. Wilson, manager. At the time of filing, the Debtor disclosed assets of less than $50,000 and liabilities of up to $10 million. Judge Caryl E. Delano oversees the case. Johnson, Pope, Bokor, Ruppell & Burns, LLP is the Debtor's legal counsel. FREEDOM SALES: Wins Cash Collateral Access ------------------------------------------ The U.S. Bankruptcy Court for the Western District of Texas, Midland Division, has authorized Freedom Sales & Services LL to use cash collateral on an interim basis in accordance with the budget, with a 5% variance. The Debtor requires the use of cash collateral to finance its operation and prevent irreparable harm. As adequate protection for the Debtor's use of cash collateral, Tejas Bank, Wide Merchant Investment Inc. dba Amax Leasing Source, Internal Revenue Service, ML Factors Funding LLC, EBF Holdings, LLC d/b/a Everest Business Funding, World Global Fund LLC and Forward Financing LLC are granted valid and automatically perfected replacement liens co-extensive with and in the same validity and priority as their respective pre-Petition liens equal to (i) the amount of Cash Collateral actually expended by the Debtors; and (ii) an amount equaling the aggregate decline in the value of all real and personal property and assets of the Debtors. The Debtor will pay interim adequate protection payments to Everest Business Financing in the amount of $750 per month beginning on September 1, 2021, and continuing until plan confirmation. To the extent the Replacement Liens prove insufficient to secure any diminution in value of the Creditors' interest in the pre-petition Collateral, resulting from the Debtor's use of Cash Collateral, the Creditors are granted an administrative priority claim pursuant to Section 507(b) of the Bankruptcy Code to secure any such diminution in value. The Debtor's rights to use any Cash Collateral will immediately terminate on the earlier of the date on which the event will occur: (i) the Chapter 11 case is converted to a case under Chapter 7 of the Bankruptcy Code or (ii) 10 business days after the Debtor violates the terms of the Order unless such violation is cured within 10 business days thereafter. A copy of the order and the Debtor's budget is available at https://bit.ly/3gF8E5f from PacerMonitor.com. The Debtor projects $60,710 in cash receipts and $46,654 in cash disbursements. About Freedom Sales & Services, LLC Freedom Sales & Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-70120) on August 6, 2021. In the petition signed by Angel Borunda, owner/president, the Debtor disclosed up to $100,000 in both assets and liabilities. Judge Tony M. Davis oversees the case. Robert Chamless Lane, Esq., at The Lane Law Firm is the Debtor's counsel. FUWEI FILMS: Three Proposals Approved at Extraordinary Meeting -------------------------------------------------------------- Fuwei Films (Holdings) Co., Ltd. announced that an Extraordinary General Meeting of Shareholders was held Aug. 16, 2021, at 10:00 a.m. (Beijing Time) at Fuwei Films (Shandong) Co., Ltd., No. 387 Dongming Road, Weifang, Shandong, China. Holders of approximately 73.7% of the Company's outstanding shares, as of the record date, July 27, 2021, were present in person or represented by proxy at the Meeting and approved (1) the issuance of 111,111,111 ordinary shares of par value of US$0.519008 each of the Company to the shareholders of Enesoon New Energy Limited, a company incorporated under the laws of the British Virgin Islands in exchange for all issued shares of Enesoon; (2) the authorized share capital of the Company be increased from US$2,595,040 divided into 5,000,000 ordinary shares of US$0.519008 each to US$70,066,080 divided into 135,000,000 ordinary shares of US$0.519008 each; and (3) the directors of the Company are authorized to do all acts and things considered by them to be necessary or desirable in connection with the implementation the forgoing resolutions. Completion of the transactions stated in the securities purchase agreement dated 31 March 2021 (as amended) made among by the Company, Enesoon, and certain other parties thereto is subject to the satisfaction or waiver of the closing conditions set forth in Securities Purchase Agreement. The Company will work with the other parties to the Securities Purchase Agreement towards satisfying the closing conditions and complete the transactions in a timely manner. About Fuwei Films Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. Fuwei Shandong develops, manufactures and distributes plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei Films' BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries. * * * This concludes the Troubled Company Reporter's coverage of Fuwei Films until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. GGS PIZZERIA: Involuntary Chapter 11 Case Summary ------------------------------------------------- Alleged Debtor: GGS Pizzeria, Inc. 101 3rd Street North Jacksonville Beach, FL 32250 Business Description: GGS Pizzeria Inc. operates in the restaurant industry offering pizza and classic Italian dishes. Involuntary Chapter 11 Petition Date: August 30, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-02097 Petitioner's Counsel: Michael F. Drywa, Jr., Esq. WRIGHT & CASEY, P.A. 340 North Causeway New Smyrna Beach, FL 32169 Tel: 386-428-3311 E-mail: mdrywa@surfcoastlaw.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LUVADOY/GGS_Pizzeria_Inc__flmbke-21-02097__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount ---------- --------------- ------------ Food Supply, Inc. Unpaid A/R $133,437 3100 Ridgewood Avenue - Suite 100 South Daytona, FL 32119 HARRIS CRC: Wins Cash Collateral Access Thru Sept 10 ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas has authorized Harris CRC, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 25% variance, pending a final hearing. The Debtor has immediate need to use the cash collateral to pay for its operating expenses, including wages, utilities, materials and consumables used in its construction business. The Debtor's primary creditor with respect to cash collateral is Happy State Bank. The Lender asserts an interest in, inter alia, the accounts, equipment, certain titled vehicles, and certain real property of the Debtor. The interim authorization will expire on the earlier of (i) the conclusion of a final hearing on the Motion, (ii) further Court order, or (iii) at 2:00AM on September 10, 2021. As adequate protection for the Debtor's use of cash collateral, HSB is granted replacement liens against the property of the estate co-extensive with the lender's prepetition liens, with the superpriority pursuant to Section 361(2) of the Bankruptcy Code. The security interests and liens granted to the Lender will at all times be senior to the rights of the Debtor and any successor trustees in these or any subsequent proceedings under the Bankruptcy Code to the extent that the Lender's prepetition security interests and liens are senior to the rights of the Debtor. The security interests and liens granted (i) are and shall be in addition to all security interests, liens, mortgages, and rights to set off existing in favor of the Lender on the Petition Date; (ii) in the same priority as the prepetition liens in favor of the Lender to the extent that prepetition liens and security interests are valid, perfected, enforceable, and non-avoidable; (iii) are and shall be valid, perfected, enforceable, and effective as of the Petition Date without any further action by the Debtor or the Lender and without the execution, filing, or recordation of any financing statements, security agreements, or other documents, and (iv) shall secure payment of principal as well as any interest, costs, or other charges to which the Lender may be entitled postpetition, but only to the extent that these items represent a diminution in value of the Lender's interest in its collateral. The replacement and security interest and liens granted are made retroactive to the Petition Date. To the extent of any inadequacy of the Postpetition Collateral with respect to the maintenance of position of the Lender, then, as further adequate protection, the Lender retains the right to assert, but is not herein granted, a superpriority administrative expense claim under Code sections 361(3), 503(b)(1), and 507(b), having priority over all other administrative expenses allowable under 507(a)(2). The liens on the Lender's Postpetition Collateral are subordinated to fees payable to the Subchapter V Trustee, and the Debtor is authorized to make payments to the Subchapter V Trustee as approved by the Court. The final hearing on the matter is scheduled for September 9 at 1:30 p.m. via WebEx. A copy of the order is available at https://bit.ly/38kTT2X from PacerMonitor.com. About Harris CRC, Inc. Harris CRC, Inc. owns and operates a construction company in Stinnett, Texas that builds steel/metal buildings. The company filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-20161) on July 12, 2021. On the Petition Date, the Debtor estimated $100,000 to $500,000 in both assets and liabilities. The Debtor's president, Michael Harris, also filed a Subchapter V petition (Bankr. N.D. Tex. Case No. 21-20162) on July 12. A request for joint administration of the cases is pending in Court. Judge Robert L. Jones oversees the case. Swindell Law Firm serves as counsel for both Debtors. Happy State Bank, as lender, is represented by: Burdett, Morgan, Williamson and Boykin, LLP 701 S Taylor, Ste. 440 Amarillo, TX 79101 HARRIS PHARMACEUTICAL: Debtor Fails as Fiduciary, Says Stockowner ----------------------------------------------------------------- Janice Harris, 40% owner of issued and outstanding shares of Harris Pharmaceutical, Inc., and a purported creditor of the Debtor, opposed the Debtor's Third Amended Subchapter V Plan of Reorganization, and complained that the Debtor has never involved her as a shareholder in any aspect of any decision of the Debtor's bankruptcy. The Debtor did not even provide her notice of the bankruptcy until months after its October 2020 filing, she added. Ms. Harris asked the U.S. Bankruptcy Court for the Middle District of Florida Court to deny confirmation to the Debtor's Plan because it fails to comply with Section 1129(a)(1) of the Bankruptcy Code. Daniel A. DeMarco, Esq. at Hahn Loeser & Parks LLP, counsel for Ms. Harris said that the Plan proponent is in breach of its fiduciary duty to Ms. Harris in that the Plan proposes to cancel her equity while providing that the only other shareholder retains his equity. Not only does the Plan unlawfully deprive her of the rights that flow from her equity interests, but the Plan also fails to comply with her rights as a creditor, he added. The counsel disclosed that Ms. Harris was employed by the Debtor from 2002 until November 2019, when Debtor terminated her employment. Accordingly, Ms. Harris is a creditor and party in interest in this case, he said. A copy of the objection is available for free at https://bit.ly/3BghFtf from PacerMonitor.com. Counsel for Janice Harris, 40% shareholder in Debtor: Daniel A. DeMarco, Esq. Hahn Loeser & Parks LLP 200 Public Square, Suite 2800 Cleveland, OH 44114 Telephone: (216)-621-0150 Facsimile: (216)-241-2824 Email: dademarco@hahnlaw.com - and - Robert A. Cooper, Esq. Hahn Loeser & Parks LLP 2400 First Street, Suite 300 Fort Myers, FL 33901 Telephone: 239-337-6730 Facsimile: 239-337-6701 Email: racooper@hahnlaw.com About Harris Pharmaceutical Harris Pharmaceutical, Inc., is engaged in the manufacturing of pharmaceutical and medicine products. The company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-08071) on October 29, 2020. In the petition signed by Dr. Brian A. Harris, M.D., chief executive officer, the Debtor disclosed $4,229,666 in total assets and $2,207,513 in total liabilities, as of September 30, 2021. Judge Caryl E. Delano is assigned to the case. The Law Office of Leon A. Williamson, Jr., P.A. represents the Debtor as counsel. HARRIS PHARMACEUTICAL: Plan Proposed in Bad Faith, Chartwell Says ----------------------------------------------------------------- Chartwell Therapeutics Licensing LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida an objection to the Third Amended Subchapter V Plan of Reorganization of Harris Pharmaceutical, Inc. David R. Softness, Esq., at David R. Softness P.A., counsel for Chartwell complained that the Debtor has never even attempted to negotiate a consensual plan with Chartwell, which holds at least 95% of the unsecured claims in the Debtor's case, and has instead filed a series of self-serving, one-sided plans. He added that the Debtor has refused to assert estate claims against its equity holders --Janice Harris and Dr. Brian Harris, the Debtor's CEO. Mr. Softness alleged that there are a number of claims against Ms. Harris in the nature of fraudulent transfer or illegal dividend, that is, equity distributions at a time when the Debtor was insolvent. Dr. Harris, the counsel further alleged, is also a litigation target for claims that inure to the benefit of the estate. Mr. Softness contended that the Plan was not proposed in good faith and is just another attempt to avoid paying Chartwell amounts it is owed. A copy of the objection is available for free at https://bit.ly/3BjGXqj from PacerMonitor.com. Counsel for Chartwell Therapeutics Licensing LLC, secured creditor: David R. Softness, Esq. David R. Softness P.A. 201 South Biscayne Blvd., Ste. 1740 Miami, FL 33131 Telephone: (305) 341-3111 Email: david@softnesslaw.com - and - Annie P. Kubic, Esq. Westerman Ball Ederer Miller Zucker & Sharfstein LLP 1201 RXR Plaza Uniondale, NY 11566 Telephone: (516) 622-9200 Email: akubic@westermanllp.com - and - Martin Siegel, Esq. Warshaw Burstein, LLP 575 Lexington Avenue New York, NY 10022 Telephone: (212) 984-7700 Email: msiegel@wbny.com About Harris Pharmaceutical Harris Pharmaceutical, Inc. is engaged in the manufacturing of pharmaceutical and medicine products. The company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-08071) on Oct. 29, 2020. In the petition signed by Dr. Brian A. Harris, M.D., the chief executive officer, the Debtor disclosed $4,229,666 in total assets and $2,207,513 in total liabilities, as of Sept. 30, 2021. Judge Caryl E. Delano is assigned to the case. The Law Office of Leon A. Williamson, Jr., P.A., is the Debtor's counsel. HELIUS MEDICAL: Voluntarily Delists From Toronto Stock Exchange --------------------------------------------------------------- Helius Medical Technologies, Inc. has provided written notice to the Toronto Stock Exchange regarding the voluntary delisting of its Class A common stock from the TSX. The Company believes that the trading volume of its shares on the TSX no longer justifies the expense and administrative efforts associated with maintaining this listing, especially given Helius' listing on The Nasdaq Capital Market. The Company's listing on Nasdaq provides its stockholders with good liquidity, and the savings in exchange fees, legal fees and managerial time and effort to maintain a dual listing can be redirected into further advancing the business of the Company. Helius anticipates that its Class A common stock will be delisted from the TSX at the close of trading on or about Sept. 9, 2021. Pursuant to Section 720(b)(i) of the TSX Company Manual, shareholder approval is not required with regards to the voluntary delisting as an alternative market for the shares will exist on Nasdaq. Stockholders holding shares in Canadian brokerage accounts should contact their brokers to confirm how to trade Helius' shares on the Nasdaq. 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 June 30, 2021, the Company had $10.72 million in total assets, $2.35 million in total liabilities, and $8.37 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. HESS MIDSTREAM: Fitch Affirms 'BB+' IDR & Alters Outlook to Pos. ---------------------------------------------------------------- Fitch Ratings has affirmed Hess Midstream Operations LP's (HESM OpCo) Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the senior secured rating at 'BBB-'/'RR1' and the senior unsecured rating at 'BB+'/'RR4'. The Rating Outlook is revised to Positive from Stable. HESM OpCo's ratings and Outlook revision reflect the strength of the high-quality counterparty, Hess Corporation (Hess), which has a Long-Term IDR of 'BBB-' and a Positive Outlook. Hess' Positive Outlook reflects Fitch's expectation of increasingly positive FCF as low-cost Guyana phases are completed and improve the company's cash flow profile, assuming a reasonably supportive oil price environment. Other rating drivers include HESM OpCo's low leverage, single-basin concentration and strong liquidity position. Despite the debt-funded share buyback and 10% increase in the per-share distribution, Fitch expects leverage to hit management's stated target of 3.0x by YE 2021 and decline further to below 3.0x by YE 2022. KEY RATING DRIVERS Relationship with Hess: HESM OpCo benefits from its contractual and operational relationship with its primary customer, Hess. Contractually, HESM OpCo derives substantially all revenues from fee-based agreements with Hess, including third party-volumes contracted with subsidiaries of Hess. In 2Q21 third-party volumes accounted for approximately 10% of gas and 15% of oil volumes, in line with full year guidance. Hess guarantees the obligations of their subsidiaries and owns 45.1% of HESM OpCo. HESM OpCo's ratings reflects its standalone credit profile, but the ratings are linked with Hess, as the primary counterparty. Contracts Provide Stability and Growth: The Hess-HESM OpCo contracts have fee mechanisms by which Hess protects HESM OpCo from volume downsides and other risks. One type of protection, minimum volume commitments (MVCs), have occasionally been triggered for some HESM OpCo services. Hess indicated plans to add a third rig in the Williston Basin in September 2021, supporting opportunities for organic growth. HESM OpCo has renewed several commercial agreements with Hess for a second term that will begin in 2024 and continue through 2033. For gathering and processing activities, the contract will convert to a fixed-fee contract with MVCs continuing for the full 10 years. The transition to the fixed fee in the second term will be set as an average of the rate during the last three years (2021-2023) and increase applying a CPI escalator through 2033. MVCs will also be set in advance on a three-year rolling basis. As a result, revenues will continue to be 100% fee based with at least 80% MVC revenue protection through 2033. Leverage Within Stated Goals: Fitch calculates 2Q21 LTM leverage (total debt with equity credit/operating EBITDA) pro forma for the transaction at 3.0x, which is higher than 2.6x at YE 2020. Even with the 10% distribution per share increase and debt-funded buyback of sponsor-held class B units, Fitch expects leverage to remain close to 3.0x by YE 2021, in line with management's long-term target. With 95% of HESM OpCo's revenues supported by MVCs and fee mechanisms through 2022, Fitch expects leverage to continue to decline below 3.0x by YE22. HESM OpCo's leverage profile is conservative relative to its midstream peers and is supportive of future growth spending. HESM OpCo Growth: Following completion of the Tioga gas plant expansion and the turnaround near the end of 2021, future capex will focus on gathering well connects and additional gas compression capacity driven by increased drilling from Hess. HESM OpCo plans to add 64 million cubic feet per day (mmcf/d) compression capacity by 2022, which is expandable to approximately 130mmcf/d. Expansions will support continued flaring reductions and gas capture. HESM OpCo previously stated that additional growth may come from the acquisition of Hess's infrastructure assets located in the Gulf of Mexico. Contracts Provide Two-Fold Revenue Protection: HESM OpCo is a 100% fee-based business. Its fixed fees are subject to annual recalculation based HESM OpCo maintaining its targeted return on capital through YE 2023 and longer for the terminal and export agreement, as well as the water agreement. The calculation also incorporates the production profile of Hess. In addition to this recalculation structure, the suite of contracts provides that near-term total revenues may be bolstered by MVCs. HESM OpCo's 2020 10-K disclosed that the 2020 minimum volume shortfall fee payments were $18.7 million, versus $8.3 million in the prior year. The setting of MVCs is an annual exercise, and they are established each year for the current year and the two thereafter. Once the MVCs are set, they cannot be lowered. Hess, as HESM OpCo's counterparty, will bear high effective unit costs in a downside volume scenario by operation of the two revenue protection mechanisms. DERIVATION SUMMARY HESM OpCo is rated 'BB+', one notch above EQM Midstream Partners, LP (BB/Negative), which is also a midstream operator in a single basin with customer concentration. Approximately 70% of EQM's revenues are from EQT Corporation (BB+/Stable) and its focus is on natural gas in the Appalachian basin. HESM OpCo receives revenues from a stronger counterparty, Hess. HESM OpCo's primary assets are located in the Bakken region. In terms of size of EBITDA, EQM is much larger than HESM OpCo. However, HESM OpCo is rated above EQM given its strong contract structure from an investment-grade counterparty and low leverage. Fitch forecasts leverage at EQM to be between 5.4x and 5.6x at YE 2021. Fitch expects leverage at HESM OpCo to be approximately 3.0x by YE 2021 and drop below 3.0x by YE 2022. EnLink Midstream, LLC (BB+/Stable) is a comparable in the same rating category as HESM OpCo. Whereas EnLink is larger in terms of size and scale with assets diversified in Oklahoma (STACK play), the Permian and the Barnett, the company is more highly leveraged. HESM OpCo also compares more favorably in terms of contract structure, as MVCs from EnLink's major counterparty Devon Energy Corporation (BBB/Positive) expired. KEY ASSUMPTIONS -- Gas processing capacity reaches 500 mmcf/d in 2021; -- EBITDA grows approximately 18% in 2021; -- Growth capex in 2021 is approximately $160 million, increasing incrementally in 2022; -- Distributions grow 5% through 2023, following the 10% step-up in 2021; -- New $750 million senior unsecured notes issuance to fund the $750 million unit repurchase. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Positive rating action at primary counterparty Hess; -- Leverage sustained below 3.0x on a sustained basis in the context of HESM OpCo maintaining its current size; -- A significant acquisition that diversifies the company's business risk, provided that leverage stays below 4.5x, although this may vary, depending on the risk profile of the acquisition. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Negative rating action at primary counterparty Hess; -- Adverse changes in certain terms in the array of contracts with Hess; -- Leverage rising above 4.0x on a sustained basis in the context of HESM OpCo maintaining its current size. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: As of June 30, 2021, HESM OpCo had approximate $894.8 million of liquidity. The company had $3.8 million of cash on the balance sheet, $109 million drawn and no LOC outstanding on the $1 billion senior secured revolving credit facility that matures in 2024. The next maturities are the senior secured revolving credit facility and the senior secured term loan due in 2024. Financial covenants on the secured credit facilities permit a maximum funded debt-to-EBITDA ratio of 5.0x (as defined in the credit facilities), expanding temporarily to 5.5x in the event of certain acquisitions. Pro forma the debt issuance, HESM OpCo was in compliance with these financial covenants as of June 30, 2021, and Fitch expects this compliance to continue over the intermediate term. ISSUER PROFILE HESM is a fee-based gathering- and processing-focused midstream company with assets concentrated in the Bakken shale region in North Dakota. HES has dedicated nearly all its existing and future owned or controlled production in the Bakken under long-term fee-based agreements supported by MVCs. HESM offers natural gas gathering and compression, oil gathering, and produced water gathering and disposal. Processing facilities include the Tioga Gas Plant and JV interest in LM4. HESM also offers crude oil and NGL terminaling and export facilities. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch typically calculates midstream energy issuers' leverage by using an EBITDA figure that excludes earnings from equity investments and adding in distributions from equity investments. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Ratings for HESM OpCo are influenced by the ratings of the primary counterparty HES. ESG CONSIDERATIONS Hess Midstream Operations LP has an ESG Relevance Score of '4' for Group Structure due to the somewhat complex group structure HESM operates under with exposure to financial issues arising elsewhere in the group , which has a negative impact on the credit profile, and is relevant to the ratings] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. HOGAR CARINO: Confirmation Hearing Slated for Sept. 22 ------------------------------------------------------ Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico conditionally approved the Disclosure Statement of Hogar Carino, Inc. The Court ruled that acceptances or rejections of the Debtor's Plan of Reorganization must be filed on or before 14 days prior to the confirmation hearing, which is set for September 22, 2021 at 1:30 p.m. via Microsoft Teams. Final approval of the Disclosure Statement shall also be considered at such hearing. Any objection to final approval of the Disclosure Statement and/or confirmation of the Plan must be filed on or before 14 days prior to said hearing date. A copy of the order is available for free at https://bit.ly/2WoOO6W from PacerMonitor.com. About Hogar Carino San Juan, P.R.-based Hogar Carino, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-01181) on April 16, 2021. Elizabeth Noemi Padro Rivera, vice president, signed the petition. In the petition, the Debtor disclosed total assets of $176,883 and total liabilities of $1,568,780. Judge Edward A. Godoy oversees the case. The Debtor tapped The Law Offices of Luis D. Flores Gonzalez and Virgilio Vega III, CPA as its legal counsel and accountant, respectively. HOUSEHOLD OF FAITH: Obtains OK to Use Cash Collateral Thru Sept. 3 ------------------------------------------------------------------ The U.S. Small Business Administration has agreed to permit Household of Faith Community Church to use SBA's cash collateral as operating capital. In consideration for SBA's consent, the Debtor has agreed to use the cash collateral only in the ordinary course of its business. The SBA's cash collateral is in the form of accounts receivable. Accordingly, Judge Jeffrey P. Norman of the U.S. Bankruptcy Court for the Southern District of Texas authorized the Debtor to use the cash collateral, on an interim basis, through September 3, 2021, pursuant to the parties' agreement. The SBA is granted replacement liens to the same extent, validity and priority as existed on the Petition Date. A copy of the agreed order is available for free at https://bit.ly/3kAKxWl from PacerMonitor.com. The U.S. Small Business Administration is represented by: Chad W. Cowan Assistant U.S. Attorney, Civil Division Southern District of Texas 1000 Louisiana, Suite 2300 Houston, TX 77002 Telephone: (713) 567-9569 Email: ccowan@usa.doj.gov About Household of Faith Community Church Household of Faith Community Church owns a church in Harris County, Texas, that operates as a place of worship. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32288) on July 6, 2021, listing as much as $1 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. James Q. Pope, Esq., at The Pope Law Firm, represents the Debtor as legal counsel. IBEC LANGUAGE: Seeks to Hire Kirby Aisner & Curley as Legal Counsel ------------------------------------------------------------------- IBEC Language Institute, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kirby Aisner & Curley, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management of its property and affairs; (b) negotiating with creditors of the Debtor and working out a plan of reorganization and taking the necessary legal steps in order to effectuate such a plan; (c) preparing legal papers; (d) appearing before the bankruptcy court; (e) attending meetings and negotiating with representatives of creditors and other parties-in-interest; (f) advising the Debtor in connection with any potential refinancing of secured debt; (g) representing the Debtor in connection with obtaining post-petition financing, if necessary; (h) taking any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) other necessary legal services. The hourly rates of the firm's attorneys and staff are as follows: Partners $425 to $525 per hour Associates $295 per hour Paraprofessionals $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received received a pre-bankruptcy retainer in the total amount of $25,000. Dawn Kirby, Esq., partner at Kirby Aisner & Curley, disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dawn Kirby, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: dkirby@kacllp.com About IBEC Language Institute Inc. IBEC Language Institute, Inc. filed a voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-22455) on Aug. 6, 2021, disclosing $100,000 in assets and $1 million in liabilities. Dawn Kirby, Esq. at Kirby Aisner & Curley, LLP represents the Debtor as legal counsel. INNOVATIVE SOFTWARE: Sept. 30 Plan & Disclosure Hearing Set ----------------------------------------------------------- On Aug. 24, 2021, Innovative Software Solution, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Combined Disclosure Statement and Plan of Reorganization. On Aug. 26, 2021, Judge Scott M. Grossman has ordered that: * Sept. 30, 2021, at 9:30 a.m. at the United States Bankruptcy Court, 299 East Broward Boulevard, Courtroom 308, Ft. Lauderdale, Florida 33301 is the hearing on approval of the disclosure statement and confirmation of the plan. * Sept. 27, 2021, is fixed as the last day for filing and serving written objections to the disclosure statement and confirmation of the plan. * Sept. 23, 2021, is fixed as the last day for filing written acceptances or rejections of the plan. * Sept. 16, 2021, is the deadline for objections to claims. * Sept. 9, 2021, is the deadline for fee applications. A copy of the order dated August 26, 2021, is available at https://bit.ly/3zr8nKs from PacerMonitor.com at no charge. Attorney for Debtor: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 330 N. Andrews Ave., Suite 450 Fort Lauderdale, Florida 33301 Tel: (954) 765-3166 Fax: (954) 756-7103 E-mail: Chad@cvhlawgroup.com About Innovative Software Innovative Software Solution, Inc., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-10538) on Jan. 20, 2021. Natalie Frazier, president, signed the petition. Judge Scott M. Grossman oversees the case. Van Horn Law Group, PA, serves as the Debtor's legal counsel. ISLET SCIENCES: Seeks to Hire Jonathan Lakey as Expert Witness -------------------------------------------------------------- Islet Sciences, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Jonathan Lakey, Ph.D., MSM, to serve as expert witness at the hearing to consider confirmation of its proposed Chapter 11 plan of reorganization. The firm will pay Dr. Lakey a flat fee of $10,000 for the first 20 hours and $500 per hour for additional time spent. Dr. Lakey disclosed in a court filing that he is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. Dr. Lakey can be reached at: Jonathan Lakey, Ph.D., MSM University of California, Irvine 100 Theory, Ste 250 Irvine, CA 92617 Phone: (949) 824-8022 Email: jlakey@uci.edu About Islet Sciences Islet Sciences, Inc., is a biotechnology company engaged in the research, development, and commercialization of new medicines and technologies for the treatment of metabolic diseases and related indications covering unmet medical needs. On May 29, 2019, creditors, namely, James Green, William Wilkison, Brighthaven Ventures, LLC, Kevin M. Long, VACO Raleigh, LLC, Steve Delmar, and Apex Biostatistics, Inc. (collectively, "Petitioning Creditors") filed an involuntary Chapter 7 petition against Islet Sciences (Bankr. D. Nev. 19-13366). The case was converted to one under Chapter 11 on Sept. 18, 2019. Judge Mike K. Nakagawa oversees the case. The Debtor tapped Brownstein Hyatt Arber Schreck LLP and Schwartz Law PLLC as its legal counsel, Armstrong Teasdale LLP as special litigation counsel, and Portage Point Partners LLC as financial advisor. The U.S. Trustee for Region 17 appointed a committee of unsecured creditors on Nov. 26, 2019. The committee is represented by Andersen Law Firm, Ltd. JAMCO SERVICES: Seeks to Hire Weichert Realtors as Broker --------------------------------------------------------- Jamco Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Weichert Realtors to market for sale its real property at 6308 S. County Road 1270, Midland, Texas. The firm will charge the Debtor a commission of 5.5 percent of the gross sales price. Shana Curry-Gipson, a realtor at Weichert Realtors, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Shana Curry-Gipson Weichert Realtors 1304 West Texas Avenue Midland, TX 79701 Phone: (432) 556-7333 Fax: 432-694-7335 Email: shanapbre@yahoo.com About Jamco Services Jamco Services, LLC -- https://www.jamcoservices.com/ for more information -- is a full-service heavy equipment construction company in Midland, Texas. Its services include drilling construction, frac pit construction, site remediation, oilfield construction, game fencing, pit lining and oilfield construction. Jamco Services conducts business under the name Jam Construction. Jamco Services filed a petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 20-70142) on Nov. 25, 2020, disclosing as much as $10 million in both assets and liabilities. Judge Tony M. Davis oversees the case. The Debtor tapped Condon Tobin Sladek Thornton, PLLC as its legal counsel and EGK Financial, LLC as its accountant. JAMCO SERVICES: Updates Equify & Commercial Secured Claim Details ----------------------------------------------------------------- Jamco Services, LLC, submitted a First Amended Disclosure Statement with respect to the Chapter 11 Plan dated August 26, 2021. Class 2C consists of the Secured Claim of Equify Financial. Claims in the class total $302,000 and are project to have a 100% estimated recovery. Equify Financial shall initially be paid from the surrender of the Equify Equipment. Thereafter Equify Financial shall be paid in equal monthly payments beginning on the Effective Date. The Liens securing Equify Financial's Claim shall remain unimpaired and unaffected until each such Claim is paid in full. All Distributions on account of Claim shall be made by the Reorganized Debtor. Class 2G consists of the Secured Claim of Commercial Credit Group. This Class has claims totaling $645,678 and is estimated to have a 100% recovery. Commercial Credit Group shall be paid in full from the surrender of the CCG Equipment and or the proceeds from the sale of the Debtor's Heavy Equipment. Holders of Interests in Class 4 shall retain their Interest in the Debtor. Class 4A is unimpaired. Holders of Class 4A Interests are conclusively presumed to have accepted the Plan and, accordingly, are not entitled to vote on the Plan. The Debtor has filed a motion to sell its Real Property and a motion to sell Heavy Equipment. The Debtor does not believe these assets will be necessary for the Reorganized Debtor to operate. The Debtor will lease a smaller space in lieu of the Real Property. It is believed the Real Property will generate approximately $1,800,000.00, which will be used to pay Citizens in full, with the remainder being used to fund the Reorganized Debtor's operations and the Plan payments. The sale of the Heavy Equipment is expected to generate approximately $740,000.00, which will pay in full the Claims of Cat Financial, Warren Power, and Wells Fargo, as well as fund partial payments to Hitachi and CCG. Like in the prior iteration of the Plan, Class 3 General Unsecured Claims totaling $2,941,000 will recover 100% of their claims. All Allowed Class 3 Claims shall bear interest from and after the Effective Date until paid at the Plan Rate. On each successive Distribution Date, to the extent of Distributable Cash, the Reorganized Debtor will make Pro Rata Distributions to each holder of an Allowed Class 3 Claim until all Allowed Class 3 Claims, including the principal amount of each Allowed Class 3 Claim plus interest at the Plan Rate from the Effective Date, have been paid in full. Class 3 is Impaired. To fund the Plan and provide the greatest return to General Unsecured Creditors, the Debtor has moved the Court for authority to sell its Heavy Equipment and Real Property. A full-text copy of the First Amended Disclosure Statement dated August 26, 2021, is available at https://bit.ly/38koWfl from PacerMonitor.com at no charge. Attorney for the Debtor: J. Seth Moore CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite Dallas, Texas 75231 Telephone: (214) 265-3800 Facsimile: (214) 691-6311 smoore@ctstlaw.com About Jamco Services Jamco Services, LLC, -- https://www.jamcoservices.com/ -- which conducts business under the name Jam Construction, is a full-service heavy equipment construction company. Its services include drilling construction, frac pit construction, site remediation, oilfield construction, game fencing, pit lining, and oilfield construction. Jamco Services sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 20-70142) on Nov. 25, 2020. The Debtor was estimated to have $1 million to $10 million in assets and liabilities. Judge Toby M. Davis oversees the cases. The Debtor tapped Condon Tobin Sladek Thornton, PLLC as its legal counsel and EGK Financial, LLC as its accountant. JFK HEATING: Unsecured Creditors Will Get 30% of Claims in 3 Years ------------------------------------------------------------------ JFK Heating & Cooling, LLC, submitted a First Amended Plan of Reorganization dated August 24, 2021. The Plan provides for a reorganization and restructuring of Debtor's financial obligations. The Plan provides for a distribution to creditors in accordance with the terms of the Plan from Debtor over the course of the Term, which is 3 years from the First Distribution Date – or to June 30, 2024. Debtor anticipates it will be able to pay current operation expenses and fund the Chapter 11 Plan payments. FocusCFO assisted in the preparation of the projections for the Plan based upon Debtor's historical revenues and historical expenses with some adjustments to reduce office staff to improve cash flow. Additional fine details of the Debtor's business operations and anticipated growth were used to create a 3-year cash flow forecast. These financial projections for September 2021 through June 2025 over the Term of the Plan of $83,980, which is sufficient to fund the Plan. With the assumption that the business operations of the Debtor will remain consistent or increase over the term of the Plan; the Debtor will be able to fund the Plan for the Term. Classes 1 and 2, which consist of Allowed Administrative Expense Claims and Allowed Priority Tax Claims, shall be paid in full or provided with other treatment consistent with Section 1129(a)(9) of the Bankruptcy Code. Class 3 consists of Priority Claims for Consumer Deposits. On or before the Effective Date, each Class 3 Creditor with an Allowed Claim will be served by the Debtor with an Election, which will permit each such Class 3 Allowed Claim Creditor to elect to either (1) have their maintenance performed in accordance with their agreement with the Debtor, or (2) waive their right to have their maintenance performed and have the value of their remaining customer deposit returned to them. Class 4 consists of Secured Claims. The Secured Creditors are the SBA, Huntington Bank (as relates to its vehicle loans, not its PPP loan or its credit card debt) and Nissan Motor Acceptance. Each Class 4 Claim will be paid in full with interest at the contract rate and monthly payments continuing until such claim is paid in full, regardless of whether the final payment on such claim is during the Term of the Plan or after the Term of the Plan has expired. Class 5 consists of General Unsecured Claims. Allowed Class 5 Claims shall be paid the pro rata Net Excess Funds. Debtor estimates a distribution of approximately 30% over the term of the Plan. Class 5 is impaired under the Plan and entitled to vote to accept or reject the Plan. Class 6 consists of the ownership interest of Jason Kirby. Class 6 shall retain its ownership interest in the Debtor. The salary of the Class 6 equity owner shall be capped at $2,500 per week plus use of his residence for the term of the Plan. Debtor anticipates the continued operations of the business will be adequate to fund the Plan over the Term. A full-text copy of the First Amended Plan of Reorganization dated August 24, 2021, is available at https://bit.ly/2Y62fcX from PacerMonitor.com at no charge. Counsel for Debtor: Patricia J. Friesinger, Esq. Coolidge Wall Co., LPA 33 W. First Street, Ste. 200 Dayton, OH 45402 Telephone: (937) 449-5776 Facsimile: (937) 223-6705 Email: friesinger@coollaw.com About JFK Heating & Cooling JFK Heating & Cooling, LLC -- https://www.jfkheatingandcooling.com -- is a heating and cooling company based in Dayton, Ohio. The Company offers furnace and air conditioning services in and around Dayton. JFK Heating & Cooling sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 21-30341) on March 8, 2021. Jason Kirby, member, signed the petition. At the time of the filing, the Debtor disclosed total assets of $431,058 and total liabilities of $1,212,947. Judge Guy R. Humphrey oversees the case. Coolidge Wall Co., LPA, led by Patricia J. Friesinger, Esq., serves as the Debtor's counsel. KINGLAND REALTY: Sept. 29 Disclosure Statement Hearing Set ---------------------------------------------------------- Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida fixed for September 29, 2021 at 10:30 a.m., via Zoom Video conference, the hearing to consider approval of the Disclosure Statement of Kingland Realty Corp, Inc. Objections to approval of the Disclosure Statement must be filed no later than Sept. 22. A copy of the order is available for free at https://bit.ly/3BdNEdH from PacerMonitor.com. About Kingland Realty Corp Kingland Realty Corp, Inc., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-15563) on June 6, 2021, listing under $1 million in both assets and liabilities. Reatte Joyce King, president, signed the petition. Judge Laurel M. Isicoff oversees the case. Elias Leonard Dsouza, Esq., at D&S Law Group, PA serves as the Debtor's legal counsel. KISSMYASSETS LLC: Seeks to Hire Atlantic Tax as Accountant ---------------------------------------------------------- Kissmyassets, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Atlantic Tax & Accounting, Inc. as its accountant. The firm's services include the preparation of the Debtor's tax returns, general tax advice, and other accounting services. Atlantic Tax will charge $75 per hour for the preparation of tax forms and bookkeeping services, and a flat fee of $150 per tax return. The firm can be reached through: Candace Weisner Atlantic Tax & Accounting, Inc. 111 Ridgeway Drive Wilmington, NC 28409 Tel: 910-540-9922 About Kissmyassets LLC Kissmyassets, LLC owns a unit in a commercial shopping center located at 419 S. College Road Unit 39, in Wilmington, N.C. Kissmyassets filed a petition for Chapter 11 protection (Bankr. E.D. N.C. Case No. 21-01316) on June 8, 2021, disclosing total assets of up to $500,000 and total liabilities of up to $50,000. Judge Stephani W. Humrickhouse oversees the case. The Law Offices of Oliver & Cheek, PLLC and Atlantic Tax & Accounting, Inc. serve as the Debtor's legal counsel and accountant, respectively. KRISU HOSPITALITY: Oct. 21 Plan Confirmation Hearing Set -------------------------------------------------------- Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas has approved the First Amended Disclosure Statement of Krisu Hospitality, LLC. Tuesday, Oct. 19, 2021, is fixed as the last day for filing written acceptances or rejections of the Debtor's Amended Plan. The hearing on confirmation of the Debtor's First Amended Plan is scheduled for Oct. 21, 2021 at 1:30 p.m., via WebEx. A copy of the order is available for free at https://bit.ly/3zkL0Co from PacerMonitor.com. About Krisu Hospitality Krisu Hospitality, LLC, a company based in Pampa, Texas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-20347) on Nov. 4, 2019, listing as much as $50 million in assets and as much as $10 million in liabilities. Judge Robert L. Jones oversees the case. Swindell Law Firm and Briana Cooper, PLLC, serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. L'INC D'ALINE: Wins Cash Collateral Access ------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, authorized L'Inc D'Aline Corporation to use cash collateral on an interim basis. The Debtor is directed to only pay Ennerdale Corporation Defined Benefit Plan & Trust, for the benefit of Alan Reay, and Ennerdale Corporation 401K, for the benefit of Alan Reay: $6,268 per month on the first loan, and $9,041 per month on the second loan. The Court says at this time, the other items in the budget, including insurance, property tax payments, underground tax payments, payroll for insiders, United States Trustee Fees and Professional Fees to the Debtor's proposed counsel cannot be paid from cash collateral. A further hearing on the matter is scheduled for October 13, 2021 at 1:30 p.m. A copy of the order is available at https://bit.ly/3joYM1m from PacerMonitor.com. About L'Inc D'Aline Corporation L'Inc D'Aline Corporation owns a real property located at 7470 Cerritos Avenue, Stanton, California 90680. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-11906) on August 3, 2021. In the petition signed by Zaal John Haddadin, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's counsel. LAKE CHARLES MEMORIAL HOSPITAL: S&P Cuts 2019 Bond Rating to 'BB' ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Calcasieu Parish Memorial Hospital Service District, La.'s series 2019 revenue bonds to 'BB' from 'BB+'. The bonds were issued for the Southwest Louisiana Hospital Association, which does business as Lake Charles Memorial Hospital (LCMH). The outlook is stable. "The rating action reflects our view of LCMH's heightened environmental risk relative to its sector peers under our assessment of environmental, social, and governance risk factors," said S&P Global Ratings credit analyst Patrick Zagar. "Supporting the rating action, and largely a result of the hospital's elevated environmental risk, is LCMH's challenged operating performance, with negative results in fiscal 2020 --ended Dec. 31--and losses growing further through the first half of fiscal 2021 with less than 1.0x maximum annual debt service (MADS) coverage, though management currently anticipates covenant compliance at year-end." LCMH's balance sheet remains characterized by tight operating liquidity and moderately elevated debt, and this was previously offset by the hospital's historically strong operating performance. The current rating and stable outlook are reflective of LCMH's leading position within the Lake Charles region, garnering about 52% of inpatient admissions within its primary service area (PSA) of Calcasieu Parish. Moreover, the stable outlook is supported by our expectation that underlying operations will turn positive over the outlook period and the balance sheet will remain favorable to fiscal 2019 levels. S&P believes unrestricted reserves must remain superior to 2019 levels given the added cushion necessary to offset the higher environmental risk. S&P said, "We consider LCMH's environmental risk to be higher than its sector peers and this has driven the rating action. As shown this past year, the hospital's location near the Gulf Coast makes it susceptible to various severe weather events. The financial risks associated with this exposure have so far been significantly mitigated given ample insurance coverage and timely payout of funds, and management is also well-versed with the FEMA application process, which remains ongoing and could yield upwards of $17 million based on current estimates. LCMH is also currently evaluating targeted investments across its facilities to add greater resiliency to the organization, such as retrofitting windows and developing a water well on the flagship campus. In addition to facility damage, weather-related financial pressure for health care providers also manifests itself in the form of lower volumes and higher labor and supply expenses. We believe mitigating investments and increased balance sheet cushion cannot fully offset the risk of these pressures occurring again in the future. "We also view LCMH's social risk as slightly higher than sector peers given its elevated Medicaid exposure and some population decline this past year that management considers transitory as homes are repaired. Moreover, the core mission of health care facilities is protecting the health and safety of communities, which is further evidenced by responsibilities to serve COVID-19-related patient demand. We believe the pandemic exposes the entire sector to additional social risks that could present prolonged financial pressure and will continue to evaluate these risks over coming reviews. "We lastly analyzed the hospital's governance risks and determined they are in line with our view of the sector standard. Though the management turnover experienced this past year was unexpected, we believe it stemmed from the board's involvement in the organization's direction and performance, executing strong oversight over the executive team and pushing for outside talent to establish a new vision for the hospital. Given the team has now seemingly stabilized, we would view any further turnover negatively. S&P Global Ratings met with certain members of the board individually as part of this review." LAROSE HOSPITALITY: Unsec. Creditors to Get $150K in 60 Months -------------------------------------------------------------- Larose Hospitality, LLC, submitted a Second Amended Plan of Reorganization under Subchapter V dated August 24, 2021. Under the Plan, the Debtor will pay Secured Claims in full and will pay $150,000 over 60 months out of which the Allowed Unsecured Claims will share pro rata. According to the Schedules and Proofs of Claims on file, the Debtor owes total Unsecured Claims of $974,258.26 as of the Petition Date. Class 3 consists of the Allowed Secured Claim of Red Oak Capital Funding II, LLC. Red Oak timely filed a Proof of Claim on May 24, 2021 in the amount of $4,082,166.00. Red Oak shall have an Allowed Secured Claim in the amount of $4,346,992.00. The Debtor shall pay the Red Oak Claim as follows: (a) Cash on the Confirmation Date in the amount of $264,829.00, which represents the balance of cash in the capital reserve account, and (b) a promissory note in the amount of $4,082,166.00. Class 4 consists of Allowed General Unsecured Claims. These Claims in this class will be paid once Allowed a pro rata out of $1,000 per month for the first 6 months of the Plan and then $2,666.66 for the remaining 54 months for a total of $150,000 over 60 months starting after the Effective Date on the first day of each month thereafter. This Class includes the claim of Minvir, Inc. and the SBA. These Claims are impaired. The Debtor intends to make all payments required under the Plan from available cash and income from the business operations of the Debtor. A full-text copy of the Second Amended Plan of Reorganization dated August 24, 2021, is available at https://bit.ly/3zl8ZBk from PacerMonitor.com at no charge. Attorneys for Debtor: Joyce W. Lindauer, Esq. Kerry S. Alleyne, Esq. Guy H. Holman, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About Larose Hospitality Larose Hospitality, LLC, operates the Holiday Inn Express & Suites in Livingston, Texas. Larose Hospitality filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 21-90034) on Feb. 24, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Joyce W. Lindauer Attorney, PLLC. Henry Thomas Moran is the Subchapter V trustee appointed in the Debtor's Chapter 11 case. LBD PLLC: Unsecureds to Recover 29.2% of Allowed Claims ------------------------------------------------------- LBD PLLC filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Third Amended Plan of Reorganization and Third Amended Disclosure Statement dated August 20, 2021. Funds for distributions to be made under the Plan shall consist of funds on hand as of the Effective Date and income generated by LBD from business operations during the life of the Plan. Income from business operations will be committed in amounts required to make distributions of not less than $204,400 toward allowed general unsecured claims during the six-year life of the Plan and as required to fund remaining distributions to other allowed claimants and until all allowed claims are paid in accordance with the provisions of the Plan. The Unclassified Claims include the Debtor's principal, Joseph DiPietro's 401(k) Profit Sharing Plan of $79,041 which will be paid over a three-year period every December 31 beginning on Dec. 31, 2021. Unimpaired Classes of Claims include the secured claim of First Savings Bank in Class 3 for $2,017,579 which will continue to be paid under the existing loan terms. Partially secured is $500,738 claim of EagleBank, which agreed to the bifurcation of its claim. Of the total EagleBank Claim, $150,000 shall be allowed as a secured claim and the remainder shall be treated as allowed general unsecured claim in Class 2(b). Impaired Claims include Allowed Priority Wage Claims in Class 1 for $32,543, which will be paid in full within 16 months of the effective date. Distributions to Allowed General Unsecured Claims in Class 2(b) totaling approximately $204,400 consists 29.2% of the total Allowed General Unsecured Claims. Owners of Membership interests in Class 5 will retain their interest. Mr. DiPietro will subordinate his compensation, if necessary, to ensure that the compensation of the firm's attorneys and staff will be fully maintained and that all payments to creditors under the plan will be successfully completed. In view of the potential rejection by certain claimholders, the Debtor may seek confirmation of the Plan pursuant to the "cramdown" provisions under Section 1129(b) of the Bankruptcy Code. A copy of the Third Amended Disclosure Statement is available for free at https://bit.ly/3yksgBJ from PacerMonitor.com. Counsel for the Debtor: Jeffery T. Martin, Jr., Esq. Tayman Lane Chaverri LLP 601 13th Street NW, Suite 900 South Washington, DC 20005 Telephone: (202) 921-4070 (Direct) Cellphone: (703) 474-3436 Email: jmartin@tlclawfirm.com About LBD PLLC LBD, PLLC -- https://www.dipietropllc.com/ -- is a law firm specializing in divorce, family law, estate planning and business law. The firm has offices throughout Northern Virginia, Maryland and the Washington, D.C. Metro areas. LBD filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 20-10414) on Feb. 9, 2020. In the petition signed by Joseph J. DiPietro, member and manager, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Jeffery T. Martin, Jr., Esq., at Henry & O'Donnell, P.C., is the Debtor's legal counsel. LIT'L PATCH OF HEAVEN: Seeks to Hire Pinnacle Real Estate as Broker ------------------------------------------------------------------- Lit'l Patch of Heaven seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Pinnacle Real Estate Advisors to assist in the marketing and sale of its property in Thornton, Colo., and its business as a going concern. Pinnacle will be paid a 6 percent commission, of which 2.8 percent will be paid to a buyer's agent or transactional broker. Barton Thompson, a senior advisor at Pinnacle, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Bankruptcy Code Section 101(14). The firm can be reached through: Barton Thompson Pinnacle Real Estate Advisors One Broadway, Suite A300 Denver, CO 80203 Phone: 303-962-9555/303-407-9789 Fax: 303-962-9991 About Lit'l Patch of Heaven Lit'l Patch of Heaven Inc., a Thornton, Colo.-based owner and operator of an assisted living residence facility, filed a Chapter 11 petition (Bankr. D. Colo. Case No. 19-16119) on July 17, 2019. In the petition signed by Jeff Kraft, chief executive officer, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's bankruptcy counsel. LIVE WELL MEDICAL: Seeks to Hire Adam Law Group as Legal Counsel ---------------------------------------------------------------- Live Well Medical Centers Orlando, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Adam Law Group P.A. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor with respect to its powers and duties under the Bankruptcy Code; (b) preparing all necessary pleadings associated with the administration of the Debtor's case; (c) representing the Debtor at all court proceedings; (d) protecting the interests of the Debtor in all matters pending before the court; and (e) representing the Debtor in negotiations with creditors and in the preparation of a disclosure statement and plan of reorganization. In a declaration, Thomas C. Adam, Esq., a partner at Adam Law Group, disclosed that he and his firm are "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas C. Adam, Esq. Adam Law Group P.A. 301 W. Bay Street, Suite 1430 Jacksonville, FL 32202 Tel: (904) 329-7249 Fax: (904) 516-9230 Email: tadam@adamlawgroup.com About Live Well Medical Centers Orlando Live Well Medical Centers Orlando, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02027) on Aug. 19, 2021, listing as much as $50,000 in both assets and liabilities. The Debtor is represented by Thomas C. Adam, Esq., at Adam Law Group, P.A. LONJ LLC: All Allowed Claims to be Paid in Full under Plan ---------------------------------------------------------- LONJ, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Combined Plan of Liquidation and Disclosure Statement. The Debtor's Plan proposes to pay off its debt through the sale of its lone asset consisting of 3.81 acres of undeveloped land in Frankford Township, New Jersey. The Debtor's sole activity is ownership of the Property. The Debtor owes $32,738 to the Frankford Township for real estate taxes; three mortgages on the Property for $146,000; $75,000 and $50,000. The Internal Revenue Service asserts $35,538 in unsecured claim representing penalty and interest. The Debtor will move to have the IRS Claim expunged or reduced. All creditors with allowed claims will be paid in full from the proceeds of the asset sale. A copy of the Combined Plan and Disclosure Statement is available for free at https://bit.ly/3Dh0WrI from PacerMonitor.com. Counsel for the Debtor: John F. Bracaglia, Jr., Esq. Savo Schalk Gillespie O'Grodnick & Fisher, P.A. 56 East Main Street, Suite 301 Somerville, NJ 08876 Telephone: (908) 526-0707 Email: bracaglia@centraljerseylaw.com About LONJ, LLC LONJ, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 21-14247) on May 21, 2021. On the Petition Date, the Debtor estimated $500,000 to $1,000,000 in assets and $100,000 to $500,000 in liabilities. Jean Rubin, company vice president, signed the petition. Judge Stacey L. Meisel presides over the case. Savo Schalk Gillespie O'Grodnick & Fisher, P.A., is the Debtor's counsel. LONJ LLC: September 21 Plan & Disclosure Hearing Set ---------------------------------------------------- On Aug. 20, 2021, debtor LONJ, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement and Plan. On Aug. 26, 2021, Judge Stacey L. Meisel conditionally approved the Disclosure Statement and ordered that: * Sept. 14, 2021, is fixed as the last day for filing and serving written objections to the Disclosure Statement and confirmation of the Plan. * Sept. 14, 2021, is fixed as the last day for filing written acceptances or rejections of the Plan. * Sept. 21, 2021, at 11:00 a.m. at the United States Bankruptcy Court, 50 Walnut Street, Newark NJ in Courtroom 3A is the hearing for final approval of the Disclosure Statement and for confirmation of the Plan. A copy of the order dated Aug. 26, 2021, is available at https://bit.ly/38mTUU3 from PacerMonitor.com at no charge. About LONJ, LLC LONJ, LLC, filed a Chapter 11 petition (D.N.J. Case No. 21-14247) on May 21, 2021. The Debtor is represented by John F. Bracaglia, Jr., Esq. of SAVO SCHALK GILLESPIE O'GRODNICK & FISHER, P.A. LOST CAJUN: Unsecureds to Split $81K Contribution Pro Rata ---------------------------------------------------------- The Lost Cajun Enterprises, LLC (Franchisor) and The Lost Cajun Spice Company, LLC (Debtor Spice) filed with the U.S. Bankruptcy Court for the District of Colorado their Amended Joint Plan of Reorganization. The Debtors propose to pay creditors from current available assets as well as by the one-time contribution of the Projected Income amounting to $81,000 by the equity holder. The Debtors' secured claims will be paid in full from the Franchisor's current cash on hand. Debtor Spice has no secured creditors. Secured claims filed against Franchisor include the $150,000 SBA Loan which shall have 100% percentage recovery under the Joint Plan. Partially secured is First Bank's claim for $88,340 on account of PPP Loan. The Debtor intends to apply for forgiveness on said loan. The Franchisor's unsecured claims aggregate $691,384, and that of Debtor Spice total $651,000. Holders of unsecured claims will receive their pro rata share of their allowed claim from the one-time cash contribution from the equity holders, which amount, according to the Debtors, is slightly more than the disposable income of the Debtors over a three-year period, as projected. Equity interest holders will retain their equity under the Plan. A copy of the Amended Joint Plan is available for free at https://bit.ly/3jjkrry from PacerMonitor.com. About The Lost Cajun Enterprises The Lost Cajun Enterprises, LLC, located at 204 Main St., Frisco, CO 80443, filed a Chapter 11 petition (Bankr. D. Col. Case No. 21-12072) on April 21, 2021. The Debtor disclosed between $100,000 and $500,000 in estimated assets, and between $1 million and $10 million in estimated liabilities. Affiliate, The Lost Cajun Spice Company filed a petition under Sub-chapter V of Chapter 11 of the Bankruptcy Code on April 21, 2021. Lost Cajun Spice estimated up to $50,000 in assets, and between $500,001 and $1 million in liabilities as of the Petition Date. The Debtors' cases are jointly administered. Amy M. Leitch, Esq., at Akerman LLP, represents the Debtors as counsel. The petitions were signed by Raymond A. Griffin, founder. MARY BRICKELL: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Mary Brickell Village Hotel, LLC, according to court dockets. About Mary Brickell Village Hotel Mary Brickell Village Hotel, LLC operates the Aloft Miami Brickell Hotel, a 14-storey hotel that consists of 160 rooms, a fitness center, a large pool deck, and a 900-square-foot terrace for events. Mary Brickell Village Hotel filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-17103) on July 21, 2021, listing as much as $50 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Joseph A. Pack, Esq., at Pack Law, P.A., is the Debtor's legal counsel. MATLINPATTERSON GLOBAL: Seeks to Hire FTS US as Tax Consultant -------------------------------------------------------------- MatlinPatterson Global Opportunities Partners II L.P. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire FTS US, Inc. as tax consultant. The firm will render these services: (a) provide in-house tax preparation services, including gathering and preparing information from the Debtors' books and records for tax reporting purposes; (b) liaise with and review tax returns prepared by Ernst & Young, LLP; and (c) provide other tax consulting services. The hourly rates charged by the firm's professionals are as follows: Managing Director $595 per hour Director $475 per hour Manager $375 per hour Senior Associate $315 per hour Associate $225 per hour Nicole Apisa, a director at FTS US, disclosed in a court filing that her firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicole Apisa FTS US Inc. 600 5th Ave 22nd floor New York, NY 10020 Phone: +1 646-780-1654 About MatlinPatterson Global MatlinPatterson Global Opportunities Partners II L.P. is a private investment fund structured as limited partnership entity organized in the State of Delaware. MatlinPatterson and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No 21-11255) on July 6, 2021, disclosing total assets of $100 million to $500 million and total liabilities of $10 million to $50 million. The cases are handled by Judge David S. Jones. The Debtors tapped Simpson Thacher & Bartlett, LLP as bankruptcy counsel, Schulte Roth & Zabel LLP as conflicts counsel, FTS US Inc. as tax consultant, Ernst & Young, LLP as tax services provider, and North Country Capital LLC as restructuring advisor. Matthew Doheny of North Country Capital serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims and noticing agent and administrative advisor. MATLINPATTERSON GLOBAL: Taps Ernst & Young to Provide Tax Services ------------------------------------------------------------------ MatlinPatterson Global Opportunities Partners II L.P. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Ernst & Young, LLP as their tax services provider. The firm's services include: -- preparation of Federal Form 1065, U.S. Return of Partnership Income and related Schedule K-1s; -- preparation of U.S. Domestic State and Local Partnership Income returns; -- computation relating to U.S. Withholding on payments to foreign persons; and -- federal and state extension requests. The firm will charge the Debtors a fixed fee of $18,480 for its services. Marc Lemberger, managing director at Ernst & Young, 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: Marc Lemberger Ernst & Young LLP 5 Times Square New York, NY 10036-6530 Direct: +1 212 773 3000 Fax: +1 212 773 6350 About MatlinPatterson Global MatlinPatterson Global Opportunities Partners II L.P. is a private investment fund structured as limited partnership entity organized in the State of Delaware. MatlinPatterson and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No 21-11255) on July 6, 2021, disclosing total assets of $100 million to $500 million and total liabilities of $10 million to $50 million. The cases are handled by Judge David S. Jones. The Debtors tapped Simpson Thacher & Bartlett, LLP as bankruptcy counsel, Schulte Roth & Zabel LLP as conflicts counsel, FTS US Inc. as tax consultant, Ernst & Young, LLP as tax services provider, and North Country Capital LLC as restructuring advisor. Matthew Doheny of North Country Capital serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims and noticing agent and administrative advisor. MONUMENT VENTURES: Plan Confirmation Hearing Slated for Sept. 29 ---------------------------------------------------------------- Judge Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia will consider confirmation of the Plan of Monument Ventures, LLC on September 29, 2021 at 10 a.m. Objections to Plan confirmation must be filed and served by Sept. 22. The last day for filing acceptances or rejections of the Plan is Sept. 22. A copy of the order is available for free at https://bit.ly/3znstp8 from PacerMonitor.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. MSLHD-KIRK: Updates Operating Reports; Amends Disclosure Statement ------------------------------------------------------------------ MSLHD-Kirk, LLC, submitted an Amended Disclosure Statement for the Plan of Reorganization dated August 26, 2021. The court has set a claims bar date of August 23, 2021. The Debtor will propose in its plan for a deadline to object to claims of 90 days from the Effective Date. As of the date of this Disclosure Statement, the Debtor has filed its monthly operating reports through June, 2021 and plans to file its July operating report before the end of August. The Debtor is current on its payments to the U.S. Trustee and will remain current as of the hearing on confirmation of its plan. The Debtor shall pay any outstanding U.S. Trustee fees pursuant to section 1930(a) of the Judicial Code, in full on or before the Effective Date, and the Debtor and/or Reorganized Debtor shall continue to pay such fees until the Chapter 11 case is converted, dismissed, or closed, whichever occurs first. The Debtor shall continue complying with monthly reporting requirements through the Effective Date. After the Effective Date, the Debtor and/or Reorganized Debtor shall file quarterly reports consistent with Local Bankruptcy Rule 2015-2 and other applicable law. The Debtor and/or Reorganized Debtor shall no longer have the obligation to file quarterly reports once the Debtor's case is converted, dismissed, or a final decree has been entered by the court. The Amended Disclosure Statement does not alter the proposed treatment for creditors and the equity holder: * Class 1 Allowed administrative expenses shall be paid in full, as they come due or, in the case of professionals' fees, are allowed by the Court. * Class 2 consists of the City of Roanoke Secured Claim. The City of Roanoke has filed a secured claim for real estate taxes in the amount of $25,282.54. The Debtor will pay the Class 3 Claim in full, in addition to timely paying its post confirmation real estate tax payments. * Class 3 consists of the Pinnacle Bank Secured Claim. The Pinnacle Bank secured claim in the amount of approximately $630,000.00 is secured by the Debtor's real estate in Roanoke City. On or before the Effective Date, from its funds on hand, funds due from its tenant, and from its principal, the Debtor will pay Pinnacle Bank an amount sufficient to bring its loan current as of the Petition Date (estimated to be $32,515.35), curing the pre-petition default. * Class 4 consists of Membership Interests. The Debtor's equity holders shall retain their equity in the Debtor but shall not receive any distribution on equity until such time as the Debtor's obligations to its Class 2 and 3 creditors are fully satisfied. The Debtor will continue to lease its premises to Hall Associates, Inc. From its payments pursuant to the lease, additional payments from the tenant and contributions from its principal, the Debtor will make payments due under the Plan. A full-text copy of the Amended Disclosure Statement dated August 26, 2021, is available at https://bit.ly/38oEWwW from PacerMonitor.com at no charge. Counsel for the Debtor: Andrew S. Goldstein, Esq. Magee Goldstein Lasky & Sayers, P.C. P.O. Box 404 Roanoke, VA 24003-0404 Telephone: (540) 343-9800 Facsimile: (540) 343-9898 E-mail: agoldstein@mglspc.com About MSLHD-Kirk MSLHD-Kirk, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 21-70356) on May 3, 2021, listing under $1 million in both assets and liabilities. Stuart Meredith, manager, signed the petition. Magee Goldstein Lasky & Sayers, PC, serves as the Debtor's legal counsel. MTE HOLDINGS: Files Third Amended Joint Plan -------------------------------------------- MTE Holdings LLC and affiliated debtors filed with the U.S. Bankruptcy Court for the District of Delaware a Third Amended Joint Chapter 11 Plan of Reorganization. The Reorganized Debtors will fund distributions under the Plan with proceeds from the Sale Transaction (a sale of substantially all of the Debtors' assets) and with Excluded Assets. Distributions to be made by the respective Litigation Trusts shall be paid from recoveries on the respective Litigation Trust Assets. The Wind-Down Expenses shall be paid by the Plan Administrator from the Wind-Down Budget. Solely for the purposes of the Wind-Down, the Reorganized Debtors will be managed by the Plan Administrator. On the Effective Date, the Debtors will effectuate the Sale Transaction. Confirmation of the Plan shall also be deemed an approval of the Consolidated Adversary Proceeding Settlement, which shall provide for the dismissal of the adversary proceeding against the Debtors, the MDC Administrative Agent and the MDC RBL Lenders, with prejudice. Under the Plan, partially secured claims include the MTE Term Loan Claims in Class 3, which are deemed allowed for $410 million; Senior Secured Trade Claims in Class 4, and MDC RBL Facility Claims in the aggregate allowed principal of $56.96 million. Holders of claims in these classes shall receive their pro rata share of the respective fund source -- the net MTE Cash and applicable units issued by the MTE Litigation Trust for Class 3 MTE Term Loan Claims; and the Senior Secured Trade Recovery Amount for the Class 4 Senior Secured Trade Claims. Holders of Allowed MTE General Unsecured Claims in Class 6A-6C shall be cancelled and extinguished and shall not receive any distribution under the Plan. Holders of MDC General Unsecured Claims in Class 6D-6G shall receive their pro rata share of the applicable units issued by the MDC Litigation Trust. All Interests held by any of the Debtors shall be transferred to the respective Litigation Trusts. The interests in MTE Holdings II LLC shall be transferred to the MTE Litigation Trust and the MTE Litigation Trustee shall be the sole member of MTE Holdings II LLC. A copy of the Third Amended Plan (both clean and redlined versions) may be accessed for free at https://bit.ly/3yfRkd2 from Stretto, claims and noticing agent. Attorneys for the Debtors: Matthew B. Stein, Esq. David J. Mark, Esq. Kasowitz Benson Torres LLP 1633 Broadway New York, NY 10019 Telephone: (212) 506-1700 Facsimile: (212) 506-1800 Email: MStein@kasowitz.com DMark@kasowitz.com - and - Robert J. Dehney, Esq. Eric D. Schwartz, Esq. Daniel B. Butz, Esq. Michelle M. Fu, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@morrisnichols.com eschwartz@morrrisnichols.com dbutz@morrisnichols.com mfu@morrisnichols.com About MTE Holdings MTE Holdings LLC is a privately held company in the oil and gas extraction business. MTE sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12269) on October 22, 2019. In the petition signed by its authorized representative, Mark A. Siffin, the Debtor disclosed assets of less than $50 billion and debts of $500 million. Judge Karen B. Owens was originally assigned to the case before Judge Christopher S. Sontchi took over. The Debtor tapped Kasowitz Benson Torres LLP as its bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as its local counsel; Greenhill & Co., LLC, as financial advisor and investment banker; Ankura Consulting LLC, as a chief restructuring officer; and Stretto as its claims and noticing agent. NEELKANTH HOTELS: Disclosures Insufficient, US Bank Says -------------------------------------------------------- U.S. Bank National Association filed an objection to the Second Amended Plan Of Reorganization of Neelkanth Hotels, LLC. U.S. Bank complained, among other things, that the Debtor failed to provide a basis of how the $30,216 monthly payment to US Bank was computed, as well as to providing specific dates of distributions under the Plan, citing that the Plan proposed to provide US Bank "yearly payments" beginning 2023. In addition, US Bank objects to the treatment as Class D for the unsecured portion of its claims, noting that Class D Claims, according to the Plan, shall receive distribution only when the single Class C unsecured claim has been fully paid. This treatment, according to US Bank, not only impermissibly treat the Class C Claim as a priority claim but also fails to provide requisite information as to when payments of Class D Claims will commence. Accordingly, US Bank objects to the adequacy of the Debtor's Disclosure Statement. US Bank N.A. is the Trustee for the registered holders of Comm 2012-CCRE3 Commercial Mortgage Pass-Through Certificates acting by and through KeyBank National Association, as Special Servicer. US Bank asserts to be the largest creditor in the Debtor's Chapter 11 case with at least $6,054,121 in claims against the Debtor. A copy of the objection is available for free at https://bit.ly/3sLNtTY from PacerMonitor.com. About Neelkanth Hotels Neelkanth Hotels, LLC, a privately held company in the traveler accommodation industry, filed its voluntary Chapter 11 petition (Bankr. N.D. Ga. Case No. 20-69501) on Aug. 31, 2020, listing as much as $10 million in both assets and liabilities. Hemant Thaker, member and manager, signed the petition. Judge Jeffery W. Cavender oversees the case. Schreeder, Wheeler & Flint, LLP serves as the Debtor's legal counsel. NEUBASE THERAPEUTICS: Signs $50M Agreement to Sell Common Shares ---------------------------------------------------------------- NeuBase Therapeutics, Inc. entered into an Open Market Sale Agreement with Jefferies LLC pursuant to which the Company may offer and sell shares of its common stock, $0.0001 par value per share, having an aggregate offering price of up to $50 million from time to time in "at the market" offerings through Jefferies as its sales agent. The Sales Agreement provides that Jefferies will be entitled to aggregate compensation for its services equal to 3.0% of the gross sales price per share of any shares of Common Stock sold through Jefferies under the Sales Agreement. The Company is not obligated to sell, and Jefferies is not obligated to buy or sell, any shares of Common Stock under the Sales Agreement. No assurance can be given that the Company will sell any shares of Common Stock under the Sales Agreement, or, if it does, as to the price or number of shares of Common Stock that it sells or the dates when such sales will take place. The Common Stock to be sold under the Sales Agreement, if any, will be issued and sold pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-254980) filed with the Securities and Exchange Commission on April 1, 2021 and declared effective by the SEC on April 14, 2021. On Aug. 27, 2021, the Company filed a prospectus supplement with the SEC in connection with the offer and sale of an aggregate offering price of up to $50 million of shares of Common Stock pursuant to the Sales Agreement. The Company may sell up to this amount from time to time. About NeuBase Therapeutics NeuBase Therapeutics, Inc. -- http://www.neubasetherapeutics.com-- is a biotechnology company focused on developing next generation therapies to treat rare genetic diseases and cancers caused by mutant genes. Given that perhaps every human disease has a genetic component, the Company believes that its differentiated platform technology has the potential for broad impact. Neubase Therapeutics reported a net loss of $17.38 million for the year ended Sept. 30, 2020, compared to a net loss of $26.13 million for the year ended Sept. 30, 2019. As of June 30, 2021, the Company had $69.32 million in total assets, $9.04 million in total liabilities, and $60.28 million in total stockholders' equity. NEW HOLLAND: Seeks to Hire Michael Jay Berger as Legal Counsel -------------------------------------------------------------- New Holland, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Michael Jay Berger to handle its Chapter 11 case. The hourly rates of the firm's attorneys and staff are as follows: Michael Jay Berger $595 per hour Sofya Davtyan $525 per hour Debra Reed $435 per hour Carolyn M. Afari $435 per hour Samuel Boyamian $350 per hour Gary Badin $275 per hour Senior Paralegals and Law Clerks $225 per hour Bankruptcy Paralegals $200 per hour The firm received a retainer of $20,000 from the Debtor. It will also receive reimbursement for out-of-pocket expenses incurred. Michael Jay Berger, 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. The firm may be reached at: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212-2929 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com About New Holland LLC New Holland, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-16454) on Aug. 13, 2021, disclosing up to $50 million in assets and up to $10 million in liabilities. New Holland President Patrick R. Kealy signed the petition. Judge Barry Russell oversees the case. The Law Offices of Michael Jay Berger serves as the Debtor's legal counsel. NEW YORK OPTICAL: Seeks Approval to Hire Stampler as Auctioneer --------------------------------------------------------------- New York Optical-International, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Stampler Auctions to sell its Porsche Design inventory. The auctioneer requested a buyer's premium of 15 percent of the purchase price. As disclosed in court filings, Stampler Auctions is "disinterested" within the meaning of Section 101(4) of the Bankruptcy Code. Stampler Auctions can be reached through: Harry Stampler Stampler Auctions 5412 Stirling Rd Davie, FL 33314 Phone: 954.342.2089 Fax: 954.342.2080 Email: info@stamplerauctions.com About New York Optical-International New York Optical-International, Inc. is a Davie, Fla.-based company that offers optical products. It conducts business under the name Tuscany Eyewear. New York Optical-International filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 20-17961) on July 22, 2020, listing as much as $10 million in both assets and liabilities. New York Optical-International President Wayne R. Goldman signed the petition. Judge Scott M. Grossman oversees the case. David W. Langley, Esq., is the Debtor's bankruptcy attorney while Leto Law Firm and Alexander Duve, Esq., serve as the Debtor's special counsel. Connolly Wasserstrom & Castillo, LLC is the Debtor's accountant. NEWSTREAM HOTEL: Voluntary Chapter 11 Case Summary -------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Newstream Hotel Partners-ABQ, LP 21-41212 d/b/a Surestay Plus Hotel by Best Western 311 South Oak Street, Suite 250 Roanoke, TX 76262 Newstream Hotels and Hospitality, LLC 21-41213 311 South Oak Street, Suite 250 Roanoke, TX 76262 Business Description: Chapter 11 Petition Date: August 30, 2021 Court: United States Bankruptcy Court Eastern District of Texas Debtors' Counsel: Jason P. Kathman, Esq. SPENCER FANE 5700 Granite Parkway, Suite 650 Plano, TX 75024 Tel: 972-324-0300 E-mail: jkathman@spencerfane.com Newstream Hotel Partners-ABQ's Estimated Assets: $1 million to $10 million Newstream Hotel Partners-ABQ's Estimated Liabilities: $1 million to $10 million Newstream Hotels and Hospitality's Estimated Assets: $0 to $50,000 Newstream Hotels and Hospitality's Estimated Liabilities: $1 million to $10 million The petitions were signed by Timothy C. Nystrom, manager. The Debtors failed to include in the petitions lists of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VCNFKTY/Newstream_Hotel_Partners-ABQ_LP__txebke-21-41212__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/TNWGTGQ/Newstream_Hotels_and_Hospitality__txebke-21-41213__0001.0.pdf?mcid=tGE4TAMA NORTH PIER OCEAN: Seeks to Hire Ayers & Haidt as Legal Counsel -------------------------------------------------------------- North Pier Ocean Villas Homeowners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Ayers & Haidt, PA to serve as legal counsel in its Chapter 11 case. Ayers & Haidt received the sum of $12,500, which has been fully applied to the firm's pre-bankruptcy attorneys' fees and costs. David Haidt, Esq., the firm's attorney who will be handling the case, disclosed in court filings that he does not represent any interest adverse to the Debtor. Ayers & Haidt can be reached through: David J. Haidt, Esq. Ayers & Haidt, PA P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: 252-638-2955 Email: davidhaidt@embarqmail.com About North Pier Ocean Villas Homeowners Association North Pier Ocean Villas Homeowners Association, Inc. filed a petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 21-01760) on Aug. 5, 2021, listing under $1 million in both assets and liabilities. David J. Haidt, Esq., at Ayers & Haidt, PA, represents the Debtor as legal counsel. NUZEE INC: Incurs $3.1 Million Net Loss in Third Quarter -------------------------------------------------------- NuZee, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.07 million on $510,032 of revenues for the three months ended June 30, 2021, compared to a net loss of $2.54 million on $191,962 of revenues for the three months ended June 30, 2020. For the nine months ended June 30, 2021, the Company reported a net loss of $15.05 million on $1.44 million of revenues compared to a net loss of $8.49 million on $1.13 million of revenues for the nine months ended June 30, 2020. As of June 30, 2021, the Company had $15.29 million in total assets, $1.28 million in total liabilities, and $14.01 million in total stockholders' equity. NuZee stated, "Since our inception in 2011, we have incurred significant losses, and as of June 30, 2021, we had an accumulated deficit of approximately $49 million. We have not yet achieved profitability, and anticipate that we will continue to incur significant sales and marketing expenses prior to recording sufficient revenue from our operations to offset these expenses. We expect to incur additional losses as a result of the costs associated with operating as an exchange-listed public company in the future. To date, we have funded our operations primarily with proceeds from equity offerings. Our principal use of cash is to fund our operations, which includes the commercialization of our pour over coffee products, the continuation of efforts to improve our products, administrative support of our operations and other working capital requirements. We may need to raise additional funds to support our operating activities, and such funding may not be available to us on acceptable terms, or at all. If we are unable to raise additional funds when needed, our operations and ability to execute our business strategy could be adversely affected. We may seek to raise additional funds through equity, equity-linked or debt financings. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to holders of our equity securities and could contain covenants that restrict our operations. Any additional equity financing may be dilutive to our stockholders." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1527613/000149315221019878/form10-q.htm About NuZee NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company and a single-serve pour-over coffee producer and co-packer. The Company owns sophisticated packing equipment developed in Asia for pour over coffee production and it believes its long-standing experience with this equipment and associated pour over filters, and its relationships with their manufacturers provide the Company with an advantage over its North American competitors. NuZee reported a net loss of $9.52 million for the year ended Sept. 30, 2020, compared to a net loss of $12.21 million for the year ended Sept. 30, 2019. As of March 31, 2021, the Company had $17.33 million in total assets, $1.84 million in total liabilities, and $15.49 million in total stockholders' equity. OCEANVIEW MOTEL: Oct. 14 Plan Confirmation Hearing Set ------------------------------------------------------ On July 1, 2021, debtor Oceanview Motel, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan. On Aug. 26, 2021, Judge Andrew B. Altenburg, Jr. approved the Disclosure Statement and ordered that: * Oct. 14, 2021 at 10:00 am is fixed as the date and time for the hearing on confirmation of the plan. * Written acceptances, rejections or objections to the plan shall be filed with the attorney for the plan proponent not less than 7 days before the hearing on confirmation of the plan. A copy of the order dated August 26, 2021, is available at https://bit.ly/3ztwYOX from PacerMonitor.com at no charge. About Ocean View Motel Ocean View Motel, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 20-21165) on Sept. 30, 2020, disclosing under $1 million in both assets and liabilities. The Debtor is represented by McDowell Law, PC. ODYSSEY PREPARATORY: S&P Affirms 'BB-' Debt Rating on Revenue Bonds ------------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BB-' rating on Arizona Industrial Development Authority's series 2017A, 2017B, and 2019 education facility revenue and refunding bonds, issued on behalf of Odyssey Preparatory Academy. "The positive outlook reflects our view of the school's improved financial performance and steady demand profile as demonstrated by its consistent enrollment levels, good retention rates, and competitive academic results following years of rapid expansion and deficit operations," said S&P Global Ratings credit analyst Mikayla Mahan. If Odyssey is able to meet enrollment projections, generate stronger operations and coverage in fiscal 2022 and continue to grow liquidity commensurate with higher rated peers, we could raise the rating. As of fiscal 2020 year-end, Odyssey had $87.2 million in debt outstanding, consisting of the 2017 and 2019 bonds. The series 2019 bonds were used to purchase the school's remaining leased campus, along with constructing and renovating the Institute campus. The series 2019 bonds are on parity with the 2017 bonds and are secured by pledged revenues of all the school's campuses consisting primarily of per-pupil funding from the state. The school's covenants on its bonds include a liquidity covenant of 45 days' cash on hand along with a debt service coverage (DSC) ratio of 1.1x. A DSC ratio below 1.0x constitutes an event of default. As in years prior, the school remains compliant with all covenants. S&P said, "We assessed Odyssey's enterprise profile as adequate, characterized by the school's overall healthy total enrollment, rapid growth in recent years, and good academics, offset by its minimal waitlist. We assessed Odyssey's financial profile as vulnerable with a very high debt burden but improving maximum annual debt service (MADS) coverage, positive operations in fiscal 2020 with positive results anticipated in the coming fiscal years, and a growing liquidity position. We believe that, combined, these credit factors lead to an anchor rating of 'bb'. As our criteria indicate, the final rating can be within one notch of the anchor rating level. In our opinion, while the school has shown some improvement, the final 'BB-' rating on Odyssey's bonds better reflects the school's high leverage and limited track record of posting surpluses." Odyssey is a 501(c)3 nonprofit organization that operates four campuses. The Goodyear campus serves grades K-5 in Goodyear. The Apache and Sienna Hills campuses serve grades K-5, while the Institute campus serves grades 6-12, in Buckeye. Odyssey's campuses are all in Maricopa County, facing competition from many charter schools, including expanding networks. However, the county's minor population is healthy and growing, mitigating some of this risk. In S&P's opinion, Odyssey's current board structure poses a potential conflict of interest, constituting an elevated governance risk under our environmental, social, and governance (ESG) factors. Two members of the school's small five-member board of directors concurrently serve as Odyssey's co-executive directors. Although leadership has a conflict of interest policy in place, S&P believes this is not best practice and presents a weakness in organizational structure that could present potential risks regarding board effectiveness and independence. S&P said, "We view the risks posed by COVID-19 to public health and safety as an elevated social risk for all charter schools under our ESG factors, given the continued uncertainty presented by the pandemic and recent variant strains, which could have potential effects on enrollment and demand preferences and modes of instruction going into fall 2021. For Odyssey, this risk is mitigated somewhat as management was able to stem enrollment declines in fall 2020 despite the pandemic. Despite the elevated social and governance risks, we consider the school's environmental risks in line with our view of the sector as a whole." OFFICEMART INC: Seeks Approval to Hire Bruce Roach as Accountant ---------------------------------------------------------------- Officemart, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Bruce Roach, a certified public accountant practicing in Albuquerque, N.M. The Debtor needs an accountant to prepare internal financial statements and federal and state tax returns. Mr. Roach will charge $50 per hour for his services. In court papers, Mr. Roach disclosed that he does not hold an interest adverse to the Debtor's bankruptcy estate. Mr. Roach can be reached at: Bruce Roach, CPA 1918 Washington St. NE Albuquerque, NM 87110 Phone: (919) 579-4042 Email: brroachrm@gmail.com About OfficeMart Inc. OfficeMart, Inc. is a Garner, N.C.-based company that provides office supplies, goods and services to nationwide distributors and customers. OfficeMart sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01590) on July 16, 2021, disclosing $4,592 in assets and $8,070,038 in liabilities. Judge David M. Warren oversees the case. Blake Y. Boyette, Esq., at Buckmiller, Boyette & Frost, PLLC is the Debtor's legal counsel. OMNIQ CORP: Appoints Guy Elhanani, Itzhak Almog as Directors ------------------------------------------------------------ Guy Elhanani and Itzhak Almog have been appointed to omniQ Corp.'s board of directors effective upon the Company's listing on the Nasdaq Capital Market, LLC. Mr. Elhanani, 47, is a qualified CFO with experience leading financial strategies to facilitate a company's growth plans. He has been the CFO and a partner of Singulariteam VC, a venture capital firm, since 2017. Since 2017, Mr. Elhananai has been the CFO of Sirin Labs, a multinational, high-tech company specializing in secured mobile phones. From 2015 to 2017, Mr. Elhanani was the CFO of SalesTech, an online internet technology servicing company. Mr. Elhanani has also served as the CFO of other companies, including: Micronet Ltd. (2012-2015); InterLogic Ltd. (2007-2012); and Finotec Group Inc. (2006-2007). From 2003 to 2006, Mr. Elhanani was the corporate controller of On Track Innovations Ltd. From 1999 to 2003, Mr. Elhanani was a senior auditor at Kesselman and Kesselman (PWC Israel). Mr. Elhanani was a lecturer at IVC College in Israel from 2014 to 2018 and at Hebrew University in Jerusalem from 2001 to 2003. Mr. Elhanani has also served as a board member for various companies, including: General Robotics (2017-Present); Effective Space Solutions (2017-Present); Octopus Systems (2017-Present); and Infinity AR (2017-2019). Mr. Elhanani received a B.A. in Accounting and Economics, and a Master of Business Administration, specializing in finance, from Hebrew University. Mr. Almog, 83, has served in various management positions and board roles over the years. From May 2006 to March 2014, Mr. Almog served as an independent director and the chairman of the audit committee of NTS, Inc., an advanced communication company based in the United States. From 2002 to 2006, Mr. Almog was the executive vice president of engineering of Comverge Inc., a company based in Atlanta, Georgia, which offers solutions to electric utilities. From 1993 to 2002, Mr. Almog served as the president and CEO of Comverge Control Systems Ltd., an Israel based startup company which develops innovative solutions for electric utilities. From 1995 to 1998, Mr. Almog was an independent director of Rada Company, a high tech Israeli based company specializing in advanced systems for commercial and military aviation. From 1990 to 1993, Mr. Almog was the president and CEO of Tasco Electronic Services, Inc., a U.S. based company specializing in automatic test machines for commercial and military aviation. Prior to that, Mr. Almog served in the Israeli Navy for 32 years reaching the position of Rear Admiral. Mr. Almog received a B.A. in Modern Middle East History, and a Master of Business Administration from the Tel Aviv University. About omniQ Corp. Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) -- http://www.omniq.com-- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. Omniq Corp. reported a net loss attributable to common stockholders of $11.31 million for the year ended Dec. 31, 2020, compared to a net loss attributable to common stockholders of $5.31 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $35.86 million in total assets, $44.50 million in total liabilities, and a total stockholders' deficit of $8.64 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has a deficit in stockholders' equity, and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. P8H INC: Unsecureds Owed $2.5M to Recover 10% in Liquidating Plan ----------------------------------------------------------------- Megan E. Noh, solely in her capacity as Chapter 11 Trustee (the "Trustee") of P8H, Inc., d/b/a Paddle 8 (the "Debtor"), and the Official Committee of Unsecured Creditors ("Committee") of the Debtor submitted a Disclosure Statement accompanying Plan of Liquidation of the Debtor dated August 26, 2021. On March 16, 2020, the Debtor filed a voluntary for relief under chapter 11 of the Bankruptcy Code. The Debtor's operations had already been substantially suspended by the Petition Date as a result of the Debtor's financial distress and inability to obtain funding necessary to support its business activities. The Debtor's dire situation was further compounded by the shut-down orders of governmental agencies issued in connection with the COVID-19 pandemic. The Debtor did not engage in any online sales business during the pendency of the bankruptcy case. Class 3 consists of Online Seller Claims. Each Holder of an Allowed Claim in Class 3 shall receive in full and final satisfaction, settlement, release, and discharge of such Claim, without pre- or post-petition interest, pursuant to the Online Seller/Auction Consignor Claim Settlement under the Plan. This Class has $477,000 amount of claims with 50% estimated recovery. Class 4 consists of Artist Consignor Claims. Each Holder of an Allowed Claim in Class 4 shall receive in full and final satisfaction, settlement, release, and discharge of such Claim, without pre- or post-petition interest. This Class has $224,000 amount of claims with 60% estimated recovery. Class 5 consists of Online Buyer Claims. Each Holder of an Allowed Claim in Class 5 shall receive in full and final satisfaction, settlement, release, and discharge of such Claim, without pre- or postpetition interest. This Class has $309,000 amount of claims and shall recover 10% if Holder elects to terminate purchase right and be treated as General Unsecured claim. If Holder elects to confirm the purchase and retrieve the property (at own expense), 10% of the cost of delivery. Class 6 consists of General Unsecured Claims. Each Holder of an Allowed Claim in Class 6 other than FBNK or Holders of Insider Unsecured Claims, shall receive a Pro Rata Distribution, in Cash, on account of such Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of such Claim, without pre- or post-petition interest. Estimated Amount of General Unsecured Claims excluding Insider Unsecured Claims total $2,500,000 and shall recover 10%. Estimated Amount of Insider Unsecured Claims total $8,600,000 and shall recover 0.0%. On the Effective Date, all Interests in Class 7 shall be discharged, cancelled, released, and extinguished as of the Effective Date, and the holders of such Interests shall neither receive any Distributions nor retain any property under the Plan for or on account of any such Interests. Class 7 Interests are deemed to have rejected the Plan and will not be solicited for their acceptances of the Plan. On February 18, 2021, the Trustee and the Committee filed a joint motion for entry of an order referring the Adversary Proceedings to mediation. On April 6, 2021, the Bankruptcy Court granted the motion (without any opposition) and entered an order referring the Adversary Proceedings to mediation (the "Mediation"). As a result of the Mediation, through the efforts of the Mediator and the agreements of the Parties in the Mediation, the Mediation was resolved successfully with the negotiation and preparation of the Settlement Agreement, which embodies the Litigation Settlement to be approved under the Plan. The Litigation Settlement resolves the FBNK Lien Action and the Fiduciary Breach Actions, and includes certain other compromises and settlements resulting from the Settlement Agreement to be approved by the Plan. The Mediator shall remain designated to address any questions or disputes arising from, arising out of or related to the Litigation Settlement and the Settlement Agreement, subject to the supervision of the Bankruptcy Court. Several charities filed pre- or post-petition lawsuits and/or asserted positions in early bankruptcy motion practice in the Case in which they asserted rights to equitable relief and/or damages relating to funds held by the Debtor which they claimed to be proceeds payable to them for items they contracted with the Debtor to sell in online auctions. In connection with these contentions, the Bankruptcy Court ordered the Debtor (and, later, the Trustee) to segregate from the Estate's cash on hand and hold in a separate account the amount of approximately $267,500 (since reduced with court approval to the current balance of $213,261) (the "Segregated Seller Fund"), pending further order and without prejudice to any arguments or defenses relating to the rights in, and/or ownership of, the funds. On the Effective Date, all Assets and property in the Estate including all Avoidance Actions and Causes of Action, with the exception of the Segregated Seller Fund, shall vest in the Plan Administrator, free and clear of all Liens, Claims, charges, or other encumbrances of any nature, except to the extent otherwise provided by the Plan. The Mediator shall remain designated to address any questions or disputes arising from, arising out of or related to the Litigation Settlement and the Settlement Agreement, subject to the supervision of the Bankruptcy Court. The Mediator shall have the procedural powers and administrative rights conferred by Local Bankruptcy Rule 9019-1 and General Order M-452 of the Bankruptcy Court date June 28, 2013. A full-text copy of the Disclosure Statement dated August 26, 2021, is available at https://bit.ly/3gHemUd from PacerMonitor.com at no charge. Attorneys for Megan E. Noh: Richard Levy, Jr., Esq. PRYOR CASHMAN LLP 7 Times Square New York, NY 10036 Telephone: (212) 326-0886 Facsimile: (212) 798-6393 E-mail: rlevy@pryorcashman.com Attorneys for the Official Committee of Unsecured Creditors: Richard J. Corbi, Esq. Law Offices of Richard J. Corbi PLLC 1501 Broadway, 12th Floor, New York, NY 10036 Tel: (646) 571-2033 (516) 582-0649 Email: rcorbi@corbilaw.com 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. PILATES CENTER: Seeks to Hire Morrison Tenenbaum as Legal Counsel ----------------------------------------------------------------- Pilates Center of New York, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Morrison Tenenbaum, PLLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with respect to its powers and duties in the management of its bankruptcy estate; b. assisting in any amendments to the Debtor's bankruptcy schedules and other financial disclosures and in the preparation or review of its disclosure statement and plan of reorganization; c. negotiating with creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing legal papers and appearing before the bankruptcy court; and e. performing all other legal services for the Debtors. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Lawrence F. Morrison $595 per hour Brian J. Hufnagel $450 per hour Associates $380 per hour Paraprofessionals $225 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The retainer fee is $15,000. Lawrence Morrison, Esq., a partner at Morrison Tenenbaum, 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: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, NY 10013 Tel: (212) 620-0938 Email: lmorrison@m-t-law.com bjhufnagel@m-t-law.com About Pilates Center of New York Inc. Pilates Center of New York Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code ( U.S. Bankruptcy Court for the Southern District of New York) on July 14, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Sean H. Lane oversees the case. Lawrence F. Morrison, Esq., at Morrison Tenenbaum, PLLC represents the Debtor as legal counsel. POLAR POWER: Incurs $866K Net Loss in Second Quarter ---------------------------------------------------- Polar Power, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $866,000 on $4.85 million of net sales for the three months ended June 30, 2021, compared to a net loss of $2.30 million on $1.13 million of net sales for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $2.77 million on $8.14 million of net sales compared to a net loss of $2.50 million on $3.99 million of net sales for the same period a year ago. As of June 30, 2021, the Company had $28.21 million in total assets, $6.31 million in total liabilities, and $21.90 million in total stockholders' equity. The Company's available capital resources on June 30, 2021 consisted primarily of $8,538,000 in cash and cash equivalents, as compared to $1,646,000 as of Dec. 31, 2020 and the Company had availability under its credit facility with Pinnacle Bank, or Pinnacle, in the amount of $2,481,000. The Company believes it has sufficient liquidity to meet its anticipated working capital, debt service and other liquidity needs for the next twelve months from the date of this report. During the six months ended June 30, 2021, the Company funded its operations primarily from cash on hand. As of June 30, 2021, the Company had working capital of $20,374,000 as compared to working capital of $10,123,000 at Dec. 31, 2020. This $10,251,000 increase in working capital is primarily attributable to a $6,892,000 increase in cash and cash equivalents resulting from net cash of $6,131,000 used in operating activities, and net cash from financing activities of $13,023,000 which includes net proceeds of $12.5 million from closing an underwritten public offering of 750,000 shares of common stock in February 2021. In addition, the Company received net proceeds of $707,000 from the exercise of certain of our common stock warrants. On June 30, 2021 and Dec. 31, 2020, the Company's net trade receivables totaled $4,880,000 and $1,190,000 respectively. On June 30, 2021, $3,756,000 (77%) and $541,000 (11%) represented customer account balances of its two largest customers, while $1,041,000 (87%) and $53,000 (5%) represented customer account balances of its two largest customers on Dec. 31, 2020. The Company expects its future capital resources will consist primarily of cash on hand, cash generated by operations, if any, draw-downs on its credit facility with Pinnacle and future debt or equity financings, if any. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1622345/000149315221020026/form10-q.htm About Polar Power Headquartered in Gardena, California, Polar Power, Inc. designs, manufactures and sells direct current, or DC, power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging and residential and commercial power. Polar Power reported a net loss of $10.87 million for the year ended Dec. 31, 2020, compared to a net loss of $4.04 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $17.80 million in total assets, $6.31 million in total liabilities, and $11.49 million in total stockholders' equity. PROSPECT-WOODWARD: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: The Prospect-Woodward Home d/b/a Hillside Village Keene f/k/a Prospect Hill Home 95 Wyman Road Keene, NH 03431 Case No.: 21-10523 Business Description: The Debtor owns and operates a licensed continuing care retirement facility with 222 units, comprised of 141 independent living units, 43 assisted living units, 18 memory care units, and 20 licensed but not yet opened long term nursing care units located on or about 95 Wyman Road, Keene, New Hampshire, comprising approximately 66 acres. Chapter 11 Petition Date: August 30, 2021 Court: United States Bankruptcy Court District of New Hampshire Judge: Hon. Bruce A. Harwood Debtor's General Bankruptcy Counsel: Jeremy R. Johnson, Esq. Stephen J. Astringer, Esq. POLSINELLI PC 600 Third Avenue, 42nd Floor New York, New York 10016 Tel: (212) 684-0199 Fax: (212) 684-0197 Email: jeremy.johnson@polsinelli.com sastringer@polsinelli.com Debtor's Corporate & Regulatory Counsel: Daniel M. Deschenes, Esq. Owen R. Graham, Esq. HINCKLEY, ALLEN & SNYDER LLP 650 Elm Street Manchester, New Hampshire 03101 Tel: (603) 225-4334 Fax: (603) 224-8350 Email: ddeschenes@hinckleyallen.com - and - Jennifer V. Doran, Esq. 28 State Street Boston, Massachusetts 02109 Tel: (617) 345-9000 Fax: (617) 345-9020 Email: jdoran@hinckleyallen.com Debtor's Corporate Counsel: ONEPOINT PARTNERS - and - SILVERBLOOM CONSULTING, LLC Debtor's Investment Banker: GRANDBRIDGE REAL ESTATE CAPITAL LLC Debtor's Public Relations Consultant: ACCOMMUNICATION PARTNERS Debtor's Notice, Claims, Balloting Agent and Administrative Advisor: DONLIN, RECANO & COMPANY, INC. Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Toby Shea as chief restructuring officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/37AGFJI/The_Prospect-Woodward_Home__nhbke-21-10523__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Tsomides Associates LLC Trade Payable $586,378 Echo Bridge Office PK 389 Elliot St Newton Upper Falls MA 02464 Constantine L. Tsomides Tel: 617-969-4774 Email: CTSOMIDES@TSOMIDES.COM 2. Resident -F1051 Resident Refund $577,800 3. Resident -F1059 Resident Refund $549,900 4. Resident -F1080 Resident Refund $544,500 5. Resident -F1022 Resident Refund $539,100 6. Resident -F1005 Resident Refund $539,100 7. Resident -F1057 Resident Refund $455,400 8. Resident -F1083 Resident Refund $448,200 9. Resident -F1021 Resident Refund $436,500 10. Resident -F1049 Resident Refund $429,300 11. Resident -F1061 Resident Refund $423,000 12. Resident -F1002 Resident Refund $423,000 13. Resident -F1001 Resident Refund $418,500 14. Resident -F1090 Resident Refund $409,500 15. Resident -F1066 Resident Refund $409,500 16. Resident -F1018 Resident Refund $409,500 17. Resident -F1050 Resident Refund $403,200 18. Resident -F1045 Resident Refund $403,200 19. Resident -F1027 Resident Refund $403,200 20. Resident -F1013 Resident Refund $403,200 The addresses of the creditors were intentionally omitted. PULMATRIX INC: Receives Noncompliance Notice From Nasdaq -------------------------------------------------------- Pulmatrix, Inc. received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, based upon the closing bid price of the Company's common stock for the 30 consecutive business day period between July 6, 2021 through Aug. 16, 2021, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until Feb. 14, 2022, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A). In order to regain compliance with Nasdaq's minimum bid price requirement, the Company's common stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. In the event the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible for additional time to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, the Company may be granted an additional 180 calendar days to regain compliance. However, if it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional cure period, Nasdaq will provide notice that the Company's common stock will be subject to delisting. The letter has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on The Nasdaq Capital Market, subject to the Company's compliance with the other listing requirements of The Nasdaq Capital Market. Although the Company will use all reasonable efforts to achieve compliance with Rule 5550(a)(2), there can be no assurance that the Company will be able to regain compliance with that rule or will otherwise be in compliance with other listing criteria of The Nasdaq Capital Market. About Pulmatrix Pulmatrix, Inc. -- http://www.pulmatrix.com-- is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE technology. The Company's proprietary product pipeline includes treatments for serious lung diseases such as allergic ronchopulmonary aspergillosis and lung cancer, as well as neurologic disorders such as acute migraine. Pulmatrix's product candidates are based on iSPERSE, its proprietary engineered dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes. Pulmatrix reported a net loss of $19.31 million for the year ended Dec. 31, 2020, compared to a net loss of $20.59 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $69.85 million in total assets, $13.20 million in total liabilities, and $56.65 million in total stockholders' equity. PURDUE PHARMA: Further Fine-Tunes Plan Documents ------------------------------------------------ Purdue Pharma L.P., et al., submitted a Disclosure Statement for their Tenth Amended Joint Chapter 11 Plan of Reorganization dated August 26, 2021. Class 11(a) consists of Avrio General Unsecured Claims. Except to the extent a Holder of an Allowed Avrio General Unsecured Claim and Avrio Health L.P. agree to different treatment, on the Effective Date, or as soon as reasonably practicable thereafter, each Holder of an Allowed Avrio General Unsecured Claim shall receive, on account of such Allowed Claim, payment in full in Cash. Avrio General Unsecured Claims are Unimpaired. Class 11(b) consists of Adlon General Unsecured Claims. Except to the extent a Holder of an Allowed Adlon General Unsecured Claim and Adlon Therapeutics L.P. agree to different treatment, on the Effective Date, or as soon as reasonably practicable thereafter, each Holder of an Allowed Adlon General Unsecured Claim shall receive, on account of such Allowed Claim, payment in full in Cash. Adlon General Unsecured Claims are Unimpaired. Class 11(c) consists of Other General Unsecured Claims. All Other General Unsecured Claims are Disputed. Except to the extent a Holder of an Allowed Other General Unsecured Claim and the Debtor against which such Claim is asserted agree to different treatment, after the Effective Date upon the Allowance of such Claim in accordance with Article VII of the Plan, each Holder of an Allowed Other General Unsecured Claim shall receive, on account of such Allowed Claim, such Holder's Pro Rata Share of the Other General Unsecured Claim Cash, up to payment in full of such Allowed Claim. Other General Unsecured Claims are Impaired. The Debtors, the Supporting Claimants and the Shareholder Payment Parties believe the treatment provided in respect of Claims against and Interests in the Debtors and the treatment of competing Classes of Claims is fair and appropriate only when combined with the distribution scheme, including without limitation all Distributions to be made under the Plan, and the release, injunction and all other provisions contained in the Plan, all of which are material aspects of the Plan. More than 614,000 Proofs of Claim alleging liability arising out of or in connection with Opioid-Related Activities were filed against the Debtors by the General Bar Date. Approximately 10% of the submitted Proofs of Claim allege a specific amount of liability. The aggregate alleged liability associated with these Proofs of Claim is more than $40 trillion (exclusive of one personal injury claim that asserted $100 trillion in alleged liability). Approximately 90% of Claims alleging liability arising out of or in connection with Opioid-Related Activities do not allege a specific amount of liability. The Debtors believe that any reasonable estimate, projection or valuation of their total liability and obligation to pay for Claims in Classes 3, 4, 5, 6, 7, 8, 9, 10(a) and 10(b), if they had the ability to pay those Claims outside of these Chapter 11 Cases, exceeds by many multiples the total value of all assets of their Estates, including but not limited to contributions from third parties and the full face value of all of Purdue's insurance. The Debtors have structured the Plan on the basis of this understanding, and the Confirmation Order shall include a finding consistent with this understanding. Pursuant to the Plan and in accordance with the NewCo Transfer Agreement, the NewCo Transferred Assets, including the Initial NewCo Cash, shall be transferred to and vest in NewCo or one or more Subsidiaries of NewCo, in each case free and clear of all Claims, Interests, Liens, other encumbrances and liabilities of any kind; provided that NewCo shall comply with its obligations under the Plan, including NewCo's obligations under the NewCo Credit Support Agreement, NewCo's obligation to satisfy any deficiency of funding in the Wind-Up Reserve and NewCo's obligations under Section 5.3(e) of the Plan, and NewCo shall assume the Assumed Liabilities. On or before the Effective Date, TopCo shall be formed in accordance with the terms of the Plan and the TopCo Operating Agreement. In accordance with the Public Entity Settlements, upon completion of the Restructuring Transactions, NOAT shall hold the TopCo NOAT Interest and the Tribe Trust shall hold the TopCo Tribe Interest, collectively representing 100% of the voting and economic Interests in TopCo. On or prior to the Effective Date, the Debtors shall fund an upfront premium payment from Effective Date Cash to purchase directors' and officers' liability insurance for the TopCo Managers in an amount and on terms acceptable to the Debtors and the Governmental Consent Parties. The Master Disbursement Trust shall be funded with the proceeds of the MDT Transferred Assets and amounts, if applicable, received pursuant to the NewCo Credit Support Agreement. Counsel to the Debtors: DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, New York 10017 Marshall S. Huebner Benjamin S. Kaminetzky Timothy Graulich Eli J. Vonnegut Christopher S. Robertson About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation facing the Company. The Company's consolidated balance sheet at Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has been assigned to oversee Purdue's Chapter 11 case. Davis Polk & Wardwell LLP and Dechert LLP are serving as legal counsel to Purdue. PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor. Prime Clerk LLC is the claims agent. RANDOLPH HOSPITAL: Wins Cash Collateral Access Thru Oct 1 --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina entered an order approving the Stipulation and Agreed Sixteenth Interim Order authorizing Randolph Hospital, Inc. d/b/a Randolph Health and its affiliates to use cash collateral until the earliest of (i) the close of business on October 1, 2021; (ii) the conclusion of the further hearing on the Cash Collateral Motion; or (iii) the termination of the use of cash collateral upon the occurrence of any Termination Event. An immediate need exists for the Debtors to have continued access to the Cash Collateral in order to continue their operations, meet their payroll, and other necessary, ordinary course business expenditures, administer and preserve the value of the estates, and maintain adequate access to cash in amounts customary and necessary for hospitals of this size in this industry to maintain customer and vendor confidence. On August 31, 2012, Randolph entered into a Term Loan Agreement with Bank of America, N.A. and the Trustee under the Deed of Trust in the original principal amount of $44.9 million. Additionally, in 2008, Randolph entered into an ISDA Master Agreement as amended and supplemented from time to time with BOA. In accordance with the terms of the Swap Agreement, Randolph and BOA entered into a Transaction pursuant to the confirmation with a trade date of July 21, 2008, an initial Notional Amount equal to $22.9 million and a termination date of October 1, 2037. The Swap Agreement constitutes an obligation under the Loan Agreement secured by Obligations No. 3 and No. 4 issued under the Master Indenture. The Transaction was terminated as of June 18, 2019 and in connection with the termination of the Transaction, Randolph currently owes BOA approximately $2.6 million. First Horizon Bank is a minority participant in the Loan Agreement. The term loan under the Loan Agreement matured on February 28, 2020. As of the petition date, the aggregate amount due under the Loan Agreement and SWAP obligation is approximately $24.0 million. The Debtors, BOA, and their respective agents, advisors, and employees have acted in good faith in negotiating, consenting, and agreeing to the Debtors' use of BOA Cash Collateral and the use, sale, and lease of other BOA Pre-Petition Collateral in the ordinary course of business as contemplated and provided by the Agreed Eighteenth Interim Order. To the extent BOA is not secured in the BOA Pre-Petition Collateral, BOA will not have Replacement Liens or a Super-Priority Claim with regard to any use of cash or cash equivalents that is not found to be their Cash Collateral pursuant to Section 363 of the Bankruptcy Code. As adequate protection for the Debtors' use of cash collateral, the Debtors will pay BOA an adequate protection payment to BOA consistent with the approved Budget. The Debtors grant, assign, and pledge to BOA valid, perfected, and enforceable liens and security interests in all of the Debtors' accounts receivable created from and after the Petition Date and all of the Debtors' right, title, and interest in, to, and under the BOA Pre-Petition Collateral, to the extent same existed on the Petition Date and the proceeds, products, offspring, rents, and profits of all of the foregoing, all as may otherwise be described in the Loan Agreement. In addition, the Debtors grant, assign, and pledge to BOA a valid, perfected, and enforceable lien and security interest on the equipment of the Debtors, as more particularly described in the Collateral Evaluation Associates, Inc. appraisal dated April 23, 2020 and as set forth on the Debtors' Schedule A/B. The Debtors assert the Equipment has a forced liquidation value of approximately $2,109,050. BOA's lien on the Equipment will be perfected by virtue of the Order without the necessity of the Debtors executing any security documents or the filing of UCC financing statements and a copy of the Order may be filed in the public registry to reflect this perfected security interest. Notwithstanding the foregoing, the Debtor will execute such security documents as reasonably requested by BOA to reflect its perfected security interest in the Equipment. The BOA Replacement Liens granted are valid, perfected, and enforceable against the BOA Replacement Collateral as of the Petition Date without further filing or recording of any document or instrument or the taking of any further actions, and shall not be subject to dispute, avoidance or subordination. The Debtors will also maintain adequate insurance and provide evidence thereof to the Bankruptcy Administrator and BOA. Solely to the extent that the BOA Replacement Liens are later proven to be insufficient as a form of adequate protection, BOA is granted an administrative expense claim as and to the extent provided by Section 507(b) of the Bankruptcy Code with priority over all other administrative expense claims, now existing or hereafter arising, of the kind specified in or ordered pursuant to Section 105, 326, 330, 331, 351, 503(b), 506(c), 507(a) and 1114 of the Bankruptcy Code. The Debtors will also maintain adequate insurance and provide evidence thereof to the Bankruptcy Administrator and BOA. A further hearing on the matter is scheduled for October 1 at 9:30 a.m. A copy of the order and the Debtor's budget is available at https://bit.ly/3DnqSSr from Epiq Corporate Restructuring, LLC, the claims agent. The Debtor projects $3,869,902 in ending cash balance for the six-week period ending October 1. About Randolph Hospital Randolph Hospital -- https://www.randolphhealth.org/ -- operates as a hospital that provides inpatient and outpatient services in North Carolina. The Company offers, among other services, cancer care, imaging, maternity services, cardiac services, surgical services, outpatient specialty clinics, rehabilitation services, and emergency services. Randolph Hospital, Inc. and its affiliates, MRI of Asheboro, LLC and Randolph Specialty Group Practice, each filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case No. 20-10247) on March 6, 2020. In the petition signed by CRO Louis E. Robichaux IV, Randolph Hospital was estimated to have $100 million to $500 million in both assets and liabilities. Judge Lena Mansori James oversees the case. The Debtor is represented by Jody A. Bedenbaugh, Esq. and Graham S. Mitchell, Esq., at Nelson Mullins Riley & Scarborough LLP. Epiq Corporate Restructuring, LLC is the claims agent. Bank of America, as Lender, is represented by Scott Vaughn, Esq. at McGuire Woods, LLP. The Official Committee of Unsecured Creditors is represented by Andrew H. Sherman, Esq. and Boris I. Mankovetskiy, Esq. at Sills, Cummis & Gross, P.C. REGIONAL HOUSING: Seeks to Hire Scroggins & Williamson as Counsel ----------------------------------------------------------------- Regional Housing & Community Services Corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Scroggins & Williamson, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a) preparing pleadings and applications; b) conducting examinations; c) advising the Debtor of its rights and duties under the Bankruptcy Code; d) consulting with and representing the Debtor with respect to a Chapter 11 plan or sale of its assets; e) performing legal services incidental and necessary to the day-to-day operation of the Debtor's affairs, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business and corporate legal advice; and f) taking other actions in connection with the Debtor's Chapter 11 case. The firm's hourly rates are as follows: Attorneys $475 to $5420 per hour Legal Assistants $135 to $175 per hour Scroggins & Williamson will also receive reimbursement for out-of-pocket expenses incurred. J. Robert Williamson, Esq., a partner at Scroggins & Williamson, 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. Scroggins & Williamson can be reached at: J. Robert Williamson, Esq. Ashley Reynolds Ray, Esq. Scroggins & Williamson, P.C. 4401 Northside Parkway, Suite 450 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About Regional Housing & Community Services Corporation Regional Housing & Community Services Corporation filed a petition for Chapter 11 protection (Bankr. N.D. Ga. Case No. 21-41034) on Aug. 26, 2021, listing as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. J. Robert Williamson, Esq., at Scroggins & Williamson, P.C. represents the Debtor as legal counsel. RM BAKERY: Seeks to Hire Vernon Consulting as Financial Advisor --------------------------------------------------------------- RM Bakery, LLC and BKD Group, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Vernon Consulting Inc. as their financial advisor and accountant. The firm's services will include: a. accounting services required to accurately prepare the schedules and reports required by the chapter 11 process; b. assistance in the preparation of monthly operating statements; c. preparation of forecasts, projections, and cash flow reports requested by lenders, creditors, prospective investors or in conjunction with a proposed plan of reorganization; d. assistance in developing support for and the preparation of motions; e. assistance in arranging Debtor in Possession financing, and presenting cash flows to potential lenders, as requested; f. assistance in the identification of executory contracts and unexpired leases, and performing cost/benefit evaluations with respect to the assumption or rejection of each, as needed; g. assistance in developing strategies for negotiating with vendors and creditors, including Federal, State, and Local Tax Authorities; h. financial advisory services in connection with any contemplated sale of assets, reorganization, or liquidation under the Bankruptcy Code; i. litigation support for avoidance actions; and j. other services as customarily provided in connection with these proceedings. The hourly rates charged by Vernon Consulting for professional services are: Managing Directors $425 Directors $350 Senior Managing Consultants $300 Analysts and Staff $150 Laura Patt, managing director at Vernon Consulting, disclosed in court filings that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Laura W. Patt Vernon Consulting Inc. 344 East 65th Street New York, NY 10065 Telephone: (917) 822-7578 About RM Bakery and BKD Group RM Bakery, LLC, owner of a bakery business, and BKD Group, LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11422) on June 15, 2020. At the time of the filing, RM Bakery disclosed assets of between $1 million and $10 million and liabilities of the same range. Meanwhile, BKD Group had estimated assets of less than $50,000 and estimated liabilities of between $1 million and $10 million. Judge Martin Glenn presides over the case. The Debtors tapped Mayerson & Hartheimer, PLLC as legal counsel and Vernon Consulting Inc. as financial advisor and accountant. Epiq Corporate Restructuring, LLC is the claims and noticing agent. ROCHELLE HOLDINGS: Property Sale Proceeds to Fund Plan ------------------------------------------------------ Rochelle Holdings XIII, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for the Plan of Reorganization dated August 26, 2021. Rochelle Holdings was formed on November 22, 2006, and has remained in business for almost 15 years. In that time, Rochelle Holdings acquired 205 acres of what has become highly sought after real estate. Since the property was acquired, the value of the property has increased substantially. The current intentions, after reaching agreement with 2 developers, is to sell nearly 193 acres of the property owned to fund the Plan. By completing these sales, Rochelle Holdings can generate sufficient monies to pay all of its creditors in full, and the Debtor looks to emerge from bankruptcy as a viable business. Since filing Chapter 11 the following positive changes have occurred: * The Debtor received a brief reprieve from paying pre-petition debt, providing it the ability to focus on completing its plans for funding the Plan, by selling some of its real estate; * This has allowed the Debtor, to facilitate the sale of a portion of the real estate holdings, to two developers, which will enable the Debtor to pay all of its obligations in full, following the effective date of the Plan, and in accordance with a Chapter 11 Plan of Reorganization. The Plan contemplates the payment of all allowed secured claims, in Classes 1 and 2, in full, at the effective date of the Plan. There are not any Unsecured Claims, and accordingly, the Plan does not make any provision for this class of creditor. The Plan does provide for the payment of all allowed administrative claims, and to the extend any priority claims arise, the plan provides for the payment of same. The Equity Interests will continue under the terms of the Plan and will maintain their interests in the Reorganized Debtor. Under the Debtor's plan, the secured creditors will be paid their allowed claim in full. All payments being made through the plan will be a lump sum, one-time payment, commencing on the effective date of the Plan, which will occur within 120 days after the Order confirming the Chapter 11 Plan becomes final. Creditors who maintain liens under state laws or under non-bankruptcy laws, shall maintain their liens, until the creditor's allowed secured claim has been paid in full, to the same extent and priority as existed pre-petition. The Plan contemplates that the Debtor will be able to sell two large tracts of land, to two different potential buyers, and generate sufficient monies to pay the secured creditors, in full, as well as any priority creditors or administrative creditors. The Debtor believes the proceeds from the sales, will be sufficient to make all Plan Payments and will be sufficient to pay ordinary business expenses, including but not limited to, priority and administrative costs. A full-text copy of the Disclosure Statement dated August 26, 2021, is available at https://bit.ly/3DnIwWp from PacerMonitor.com at no charge. Counsel for the Debtor: Lawrence M. Kosto, Esq. Kosto & Rotella, PA 619 East Washington Street Post Office Box 113 Orlando, FL 32802 Telephone: (407) 425-3456 Facsimile: (407) 423-9002 Email: lkosto@kostoandrotella.com About Rochelle Holdings XIII LLC Rochelle Holdings XIII LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Rochelle Holdings sought voluntary Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-03216) on July 15, 2021. In the petition signed by managing member Matthew R. Hill, Rochelle Holdings disclosed assets of $85,000,0000 and estimated liabilities of $29,055,000. Lawrence M. Kosto, Esq., of LAWRENCE M. KOSTO, is the Debtor's counsel. SCENIC 30A: Seeks to Hire Jason A. Burgess as Legal Counsel ----------------------------------------------------------- Scenic 30A Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ The Law Offices of Jason A. Burgess, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with respect to its powers and duties and the continued management of its business; b. advising the Debtor with respect to its responsibilities in complying with the U.S. trustee's operating guidelines and reporting requirements and with the local rules of the court; c. preparing legal documents; d. protecting the interest of the Debtor in all matters pending before the court; and e. representing the Debtor in negotiations with its creditors and in the preparation of a plan of reorganization. The hourly rates charged by the firm are as follows: Jason Burgess, Esq. $350 per hour Paralegal $75 per hour The firm agreed to a minimum fee for representation in the amount of $5,738. Jason Burgess, 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. Mr. Burgess can be reached at: Jason A. Burgess, Esq. The Law Offices of Jason A. Burgess, LLC 1855 Mayport Road Atlantic Beach, FL 32233 Tel: (904) 372-4791 Fax: (904) 372-4994 Email: jason@jasonAburgess.com About Scenic 30A Investments LLC Scenic 30A Investments, LLC, a Florida limited liability company, filed a voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-02060) on Aug. 24, 2021, listing up to $100,000 in assets and up to $1 million in liabilities. Judge Roberta A Colton oversees the case. The Law Offices of Jason A. Burgess, LLC represents the Debtor as legal counsel. SD IMPORT: Seeks to Hire Wrotslavsky & Davis as Financial Advisor ----------------------------------------------------------------- SD Import, LLC and Select Distributors, LLC seek approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Wrotslavsky & Davis, CPAs, LLC as their financial advisor. The firm will render these services: a. prepare all required monthly operating reports; b. prepare plan projections, liquidation analysis, and budgets for the Debtors; c. provide financial consulting, advice, research, planning and analysis services; d. prepare all other necessary reports required during the course of the Debtors' Chapter 11 cases; and e. provide testimony, if required. The hourly rates charged by the firm's professionals are as follows: Partners $325 per hour Consultants/Senior Associates $250 per hour Associates/Analysts $150 - $200 per hour Paraprofessional staff $75 - $125 per hour As disclosed in court filings, Wrotslavsky & Davis is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Menachem S. Davis Wrotslavsky & Davis, CPAs, LLC 30400 Telegraph Rd Ste 115 Bingham Farms, MI 48025 Phone: +1 248-645-1900 Email: mdavis@wrotslavskycpa.com About SD Import and Select Distributors SD Import, LLC and Select Distributors, LLC collectively operate an import and wholesale business, which wholesales, among other novelty products, vape pens under various trade names. SD Import and Select Distributors filed their voluntary Chapter 11 petitions (Bankr. E.D. Mich. Lead Case No. 21-45687) on July 6, 2021. At the time of the filing, SD Import listed up to $50,000 in assets and up to $1 million in liabilities while Select Distributors listed up to $50,000 in assets and up to $500,000 in liabilities. Judge Thomas J. Tucker oversees the cases. Schafer and Weiner, PLLC and The Weintraub Group, PLC serve as the Debtors' bankruptcy counsel and special counsel, respectively. Wrotslavsky & Davis, CPAs, LLC is the Debtors' financial advisor. SENSATIONAL DESSERTS: Unsecureds to Recover 25% in 60 Months ------------------------------------------------------------ Sensational Desserts, L.L.C., filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Reorganization dated August 24, 2021. Sensational Desserts, L.L.C., operates two restaurants in Margate, New Jersey. It commenced a chapter 11 case on May 26, 2021, after the State of New Jersey attempted to shut down the restaurants right before the Memorial Day weekend. The restaurants have remained open since then. The Debtor's principal is optimistic, particularly with an extraordinary projection for this year, that a successful Plan of Reorganization can be confirmed. The bank has agreed to continue to honor the forbearance notwithstanding the chapter 11 filing. Negotiations have been ongoing with both the prior lender, who was prepared to close when the pandemic hit, and at least one new lender who has just requested a full due diligence package. Debtor has also obtained a renewal of its liquor license. This Plan of Reorganization provides for payment of administrative expenses, priority tax claims, and a pro rata distribution of 25% to unsecured creditors over a period of 60 months. The source of funding for the Plan is future revenues of Debtor's two restaurants. The Debtor's principal is also prepared to make a capital contribution to ensure that a minimum of $50,000 cash is available on the Effective Date. In accordance with the seasonal nature of Debtor's businesses, the Plan provides for 80 percent of the annual payments to creditors to be made over a four-month period, on June 15, July 15, August 15, and September 15 for the 60-month duration of the Plan. Administrative expenses will be paid over the first 12 months of the Plan according to the same seasonal schedule. The Plan will be funded through future revenues of the two restaurants. Also, Debtor's principal is prepared to make a capital contribution to ensure that Debtor has a minimum of $50,000 in cash on hand as of the Effective Date. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of $318,000.00. The final Plan payment is expected to be paid on the 60th month following confirmation. The projections are based on the usual seasonal increase in activity during the summer months and anticipated increases in sales as the effects of the pandemic decrease over time. A full-text copy of the Plan of Reorganization dated August 24, 2021, is available at https://bit.ly/3BiGm8v from PacerMonitor.com at no charge. Attorneys for Debtor: LAW OFFICE OF ANDREW L. MILLER 1550 New Road, Suite A Northfield, NJ 08225 (609) 645-1599; Fax: (609) 645-7554 Andrew L. Miller, Esq. andrewmiller@almlaw.com About Sensational Desserts Sensational Desserts, L.L.C. doing business as Johnny's Café d/b/a Shucker's Bar & Grille owns a Plenary Retail Consumption License (Liquor License) valued at $200,000. Sensational Desserts filed a Chapter 11 petition (Bankr. D.N.J. Case No. 21-14375) on May 26, 2021. In the petition signed by Giovanna Liccio, president, the Debtor disclosed up to $200,000 in assets and up to $3,040,000 in liabilities. Andrew L. Miller, Esq., of LAW OFFICES OF ANDREW L. MILLER, is the Debtor's counsel. SERENE MEADOWS: Unsecureds to Recover 100% in Subchapter V Plan --------------------------------------------------------------- Serene Meadows Hospice, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated August 24, 2021. The Debtor filed this case on June 7, 2021 with the purpose of maintaining operations. Once the case was filed the Debtor sought relief from the Court to stop the Recoupment from Medicare. The Debtor and Medicare were able to reach an agreement set forth below that will allow the Debtor to maintain operations and repay its creditors. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Plan will treat claims as follows: * Class 1 consists of the Allowed Administrative Claims of Professionals and Subchapter V Trustee which are unimpaired and will be paid in cash and in full on the Effective Date of this Plan. Class 1 Creditor Allowed Claims are estimated as of the date of the filing of this Plan to not exceed the amount of $15,000. * Class 2 consists of the Allowed Priority Tax Creditor Claims which are impaired. Arlington ISD has filed a Proof of Claim in the amount of $62.62 and Tarrant County has filed a Proof of Claim in the amount of $21.07 (collectively "Ad Valorem Tax Claims"). The Allowed Ad Valorem Tax Creditor Claims on shall be paid in full 30 days after the Effective Date. * Class 3 consists of the Allowed Tax Claim of the Internal Revenue Service. The IRS has filed a Priority Tax Creditor Claim in the amount of $107,990.51 and a Secured Tax Claim in the amount of $54,111.50. The IRS Allowed Priority and Secured Claims will be paid in full over a 60 month period commencing on the Effective Date, with interest at a rate of 3% per annum. * Class 4 consists of the Allowed Priority Tax Claims of the Texas Workforce Commission which are impaired. The Debtors owes Unemployment Taxes to the Texas Workforce Commission ("TWC") in the amount of priority tax amount of $2,634.50. The Debtor shall pay the Priority Claim of the TWC in full with interest at the rate of 5% per annum in 12 equal monthly payments commencing on the Effective Date. * Class 6 consists of Allowed Unsecured Claims. All unsecured creditors shall share pro rata in the unsecured creditors pool. The Debtor shall make monthly payments commencing 30 days after the Effective Date of $1,000 into the unsecured creditors' pool. The Debtor shall make distributions to the Class 5 creditors every 90 days commencing 90 days after the first payment into the unsecured creditors pool. The Debtor shall make up to 60 payments into the unsecured creditors pool. Based upon the Debtor schedules the Class 6 creditors will receive 100% of their Allowed Claims under this Plan. The Class 6 creditors are impaired. * Class 7 ( Current Owners) are not impaired under the Plan. The current owner will receive no payments under the Plan, however, she will be allowed to retain her ownership in the Debtor. Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated August 24, 2021, is available at https://bit.ly/2WsOpjW from PacerMonitor.com at no charge. Proposed Attorney for the Debtor: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 1100 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About Serene Meadows Hospice Serene Meadows Hospice, LLC began in 2014 to provide end-of-life care using a comprehensive approach that includes physicians, nurses, chaplains, hospice aides and volunteers. It filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-41368) on June 7, 2021, disclosing total assets of up to $50,000 and total liabilities of up to $1 million. Judge Mark X. Mullin oversees the case. Eric A. Liepins, PC serves as the Debtor's legal counsel. SID BOYS: Case Summary & 9 Unsecured Creditors ---------------------------------------------- Debtor: Sid Boys Corp. d/b/a Kellogg's Diner 518 Metropolitan Avenue Brooklyn, NY 11211 Business Description: Sid Boys Corp. is a privately held company that operates in the restaurant industry specializing in American and Greek cuisine. Chapter 11 Petition Date: August 28, 2021 Court: United States Bankruptcy Court Eastern District of New York Case No.: 21-42207 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Rachel L. Kaylie, Esq. LAW OFFICES OF RACHEL L. KAYLIE, P.C. 1702 Avenue Z Suite 205 Brooklyn, NY 11235 Tel: 718-615-9000 Fax: 718-228-5988 E-mail: rachel@kaylielaw.com Total Assets: $548,852 Total Liabilities: $2,130,284 The petition was signed by Irene Siderakis, owner & president. A full-text copy of the petition containing, among other items, a list of the Debtor's nine unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AWTA27I/Sid_Boys_Corp__nyebke-21-42207__0001.0.pdf?mcid=tGE4TAMA SINCLAIR BROADCAST: S&P Cuts ICR to B on Continued Weakness at DSG ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Sinclair Broadcast Group Inc. (SBG) to 'B' from 'B+' because it views SBG's business less favorably given the ongoing operational challenges and limited visibility into future performance at Diamond Sports Group LLC (DSG). The stable outlook reflects S&P's expectation that Sinclair's broadcast TV stations will continue to provide a stable source of cash flow, despite continued operational challenges at the regional sports networks (RSNs). S&P said, "Our rating on Sinclair Broadcast Group Inc. (SBG) includes the consolidated operations of subsidiaries Sinclair Television Group Inc. (STG; the owner of the broadcast TV stations) and Diamond Sports Group LLC (DSG; the owner of the regional sports networks [RSNs]). "We are concerned about how Sinclair's desire to secure carriage for the RSNs could potentially harm its broadcast TV stations. It is largely for this reason that our rating on STG is equal to that on SBG, even though our rating on DSG is delinked from SBG. Sinclair's broadcast stations are still being carried by DISH Network after its contract expired on Aug. 16, 2021, while negotiations continue. We believe it is possible that a new deal for the broadcast stations could be signed before the football season starts in September. However, we are unsure how the timing and terms of a potential new contract might be harmed by Sinclair's desire to regain RSN carriage on DISH after they were dropped in August 2019. DISH management has publicly stated it does not want its customers to pay for the RSNs if they don't watch them. The outcome of the company's negotiations with DISH could potentially influence Sinclair's future contract negotiations. Sinclair signed coterminous agreements (between the RSNs and its broadcast stations) in 2019 with AT&T/DirecTV, Charter Communications, Cox Communications, and Mediacom and we assume at least a portion of these contracts will expire in 2022 since these contracts typically average three years. "We have materially lowered our subscriber expectations for the RSNs, weakening consolidated credit metrics. We previously assumed YouTube TV and Hulu Live (both of which dropped the RSNs in October 2020) would sign new carriage contracts for the RSNs by mid-2021 as the baseball season ramped up. Given how long the RSNs have been missing on these streaming platforms, we removed the potential RSN revenue from our model. Given the uncertainty surrounding Sinclair's negotiations with DISH, we also removed that potential RSN revenue from our forecast. Our forecast also considers higher legacy pay-TV subscriber declines (of about 8% in 2021 and about 10% in 2022) as the price of video offerings continues to increase, pay-TV operators increasingly deemphasize their video products, and government stimulus from the COVID-19 pandemic rolls off. These revisions to our forecast significantly increase our leverage expectations for both SBG and DSG, given the largely fixed cost base of the RSNs. As a result, we expect DSG's leverage will be well over 10x over the next several years while SBG's leverage will be above 7x." The company's direct-to-consumer (DTC) streaming service could potentially weaken near-term credit metrics. Sinclair plans to launch a DTC streaming service for the RSNs in the first half of 2022, which could provide revenue from subscriptions, advertising, and features such as gamification. This could potentially help offset revenue declines from its existing RSN distribution business. S&P said, "However, we do not know the total amount or timing of investments necessary to launch the streaming service, how quickly the company can increase the streaming service's subscriber base, to what extent it will cannibalize its existing RSN subscriber base, and how long it will take for the streaming service to be profitable. Sinclair also needs to negotiate with the National Basketball Association (NBA) and National Hockey League (NHL) leagues and individual Major League Baseball (MLB) teams for streaming rights. While we believe Sinclair can likely secure the in-market streaming rights to launch its DTC streaming service, it is uncertain at what cost. Given the streaming service's infancy, the company has not yet announced product pricing or contract terms. Depending on how its streaming services are structured, we believe there is a risk that some customers may sign up for only a portion of the year to watch a particular sport season or team." S&P said, "We expect the broadcast TV stations will continue to provide a relatively stable source of cash flow. Local broadcast TV advertising's recovery from the pandemic has been more robust than we initially expected, supported by consumer savings and pent-up demand. While the automotive category's recovery has lagged due to supply chain issues, growth from the services and sports getting categories is strong, and Sinclair expects core advertising for its broadcast stations will be flat to up in the low-single-digit percentages in the third quarter of 2021 compared to the same period in 2019. The broadcast stations also generated record political advertising revenue in 2020, and we expect it will benefit from significant political advertising revenue in 2022 associated with the U.S. midterm elections. We expect retransmission revenue will be a relatively stable source of revenue over the next few years, although we are uncertain to what extent future price increases during contract renewals may be affected by Sinclair's desire to secure carriage for the RSNs. "The stable outlook reflects our expectation that Sinclair's broadcast TV stations will continue to provide a stable source of cash flow, despite continued operational challenges at the RSNs. "While unlikely over the next year, we could lower the rating on SBG if operating performance deteriorates at STG, causing SBG's discretionary cash flow to become negative without a near-term path for improvement. While unlikely, this could potentially occur if retransmission contracts for the broadcast stations are not renewed in 2021 and 2022. "If there is a selective default or payment default at DSG, we would not lower our ratings on SBG or STG because they do not guarantee DSG's debt." S&P views an upgrade as unlikely over next year given little visibility into DSG's future operations. However, S&P could raise the rating on SBG if: -- The company's planned DTC offering for the RSNs has a track record of growth such that distribution revenue at DSG stabilizes and S&P has visibility into the DTC streaming service's path to profitability; -- Sinclair renews the retransmission contracts for its broadcast TV stations in 2021 and 2022; and -- S&P expects DSG's discretionary cash flow to be positive on a sustained basis. ST. CROIX CUSTOM: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: St. Croix Custom Pools, L.L.C. 12801 Interestate 45N Willis, TX 77318 Business Description: St. Croix Custom Pools, L.L.C. is part of the "Other Specialty Trade Contractors" industry. Chapter 11 Petition Date: August 30, 2021 Court: United States Bankruptcy Court Southern District of Texas Case No.: 21-32853 Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Robert Chamless Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston, TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Mills as owner. 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/4BMP7VI/St_Croix_Custom_Pools_LLC__txsbke-21-32853__0001.0.pdf?mcid=tGE4TAMA STEREOTAXIS INC: To Pay $675K to Plaintiff's Counsel in Class Suit ------------------------------------------------------------------ Stereotaxis, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that the Company agreed to pay $675,000 to plaintiff's counsel for attorneys' fees and expenses in full satisfaction of the claim for attorneys' fees and expenses in a putative class action complaint filed in Delaware Chancery Court by Richard Barre, a purported shareholder, against the Company and its current directors, as defendants. The complaint alleged breaches of fiduciary duty against the defendants based on alleged disclosure deficiencies in the definitive proxy statement filed by the Company on April 9, 2021 relative to the vote at the Company's 2021 Annual Meeting of Stockholders that was to be held on May 20, 2021 seeking stockholder approval of issuance of shares under the Performance Share Unit Award granted to David L. Fischel, the Company's chief executive officer. The complaint sought various remedies, including a preliminary injunction seeking to enjoin the vote at the 2021 Stockholder Meeting to approve the issuance of shares for the CEO Performance Award. Although the Company believed that the claims were wholly without merit and that no further disclosure was required to supplement the Proxy Statement under applicable law, as previously disclosed, the Company filed a supplement to the Proxy Statement on May 10, 2021 addressing the alleged disclosure claims in order to eliminate the burden, expense, and uncertainties inherent in such litigation, and without admitting any liability or wrongdoing. On May 12, 2021, the plaintiff withdrew the motion for a preliminary injunction and voluntarily dismissed the Action, reserving the right to apply for an award of attorneys' fees and reimbursement of expenses. On May 21, 2021, the Chancery Court approved a stipulation under which the plaintiff voluntarily dismissed the Action with prejudice as to itself only, but without prejudice as to any other putative class member. The Chancery Court retained jurisdiction solely for the purpose of adjudicating the anticipated application of plaintiff's counsel for an award of attorneys' fees and reimbursement of expenses in connection with the supplemental disclosures included in the Proxy Supplement. The Chancery Court has not been asked to review, and will pass no judgment on, the payment of the attorneys' fees and expenses or their reasonableness. About Stereotaxis Based in St. Louis, Missouri, Stereotaxis, Inc. -- http://www.stereotaxis.com-- designs, manufactures and markets an advanced robotic magnetic navigation system for use in a hospital's interventional surgical suite, or "interventional lab", that the Company believes revolutionizes the treatment of arrhythmias by enabling enhanced safety, efficiency, and efficacy for catheter-based, or interventional, procedures. The Company's primary products include the Genesis RMN System, the Odyssey Solution, and related devices. The Company also offers to its customers the Stereotaxis Imaging Model S x-ray System. Stereotaxis reported a net loss of $6.65 million for the year ended Dec. 31, 2020, compared to a net loss of $4.59 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $57.34 million in total assets, $15.29 million in total liabilities, $5.58 million in series A - convertible preferred stock, and $36.47 million in total stockholders' equity. SUNERGY CALIFORNIA: Trustee Taps Conway as Financial Advisor ------------------------------------------------------------ Jeffery Perea, Chapter 11 trustee for Sunergy California, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Conway MacKenzie, LLC as his financial advisor. The firm's services include: a) evaluating the Debtor's short-term cash flows and financing requirements as it relates to the Debtor's Chapter 11 proceedings; b) assisting the trustee in the Debtor's Chapter 11 proceedings, including the preparation and oversight of financial statements and bankruptcy schedules, monthly operating reports, pleadings and other information; c) assisting the trustee in obtaining court approval for use of cash collateral or financing; d) assisting the trustee with respect to bankruptcy-related claims management and reconciliation process; e) assisting the trustee in the development of a plan of reorganization; f) working with the Debtor and its employees to assess any offer made pursuant to bankruptcy court-approved sale procedures; g) assisting the trustee in communications with key constituents, as requested, including lenders, equity holders, customers and other stakeholders; h) assisting the management, where appropriate, in communications and negotiations with stakeholders critical to the successful execution of the Debtor's near-term business plan; and i) assisting the trustee, where appropriate, in communications and negotiations with other constituents critical to the successful execution of the Debtor's bankruptcy proceedings. The hourly rates charged by the firm's professionals are as follows: Michael Flynn $459 per hour Haley Hutchison $468 per hour Shawn Smith $315 per hour The hourly rates reflect a 10 percent discount from Conway MacKenzie's normal hourly rates for the professionals. As disclosed in court filings, Conway MacKenzie does not represent any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Jeffrey C. Perea Conway MacKenzie, LLC 333 South Hope Street, Suite 3625 Los Angeles, CA 90071 Phone: 213-416-6200 About Sunergy California Sunergy California LLC -- http://www.sunergyus.com/-- is a solar module supplier. It was founded in 2016 and is headquartered and has module production facilities in Sacramento, Calif. Sunergy California filed a Chapter 11 petition (Bankr. E.D. Calif. Case No. 21-20172) on Jan. 20, 2021. In the petition signed by Lu Han, chairman, the Debtor disclosed total assets of $7,629,993 and total liabilities of $17,226,553. Judge Christopher M. Klein oversees the case. Gonzalez & Gonzalez Law, P.C. and RKF Global PLLC serve as the Debtor's bankruptcy counsel and special counsel, respectively. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors on March 17, 2021. The committee tapped Downey Brand, LLP as legal counsel and Dundon Advisers, LLC as financial advisor. On Aug. 11, 2021, the court approved the appointment of Jeffrey Perea as Chapter 11 trustee. Nuti Hart, LLP and Conway MacKenzie, LLC serve as the trustee's legal counsel and financial advisor, respectively. TD HOLDINGS: Expects to Raise $37.85M From Private Placement ------------------------------------------------------------ TD Holdings, Inc. entered into a certain securities purchase agreement on Aug. 26, 2021, with Ms. Renmei Ouyang, the chief executive officer and chairwoman of the Company, Mr. Shuxiang Zhang, an affiliate of the Company, and certain other purchasers whom are "non-U.S. Persons" as defined in Regulation S of the Securities Act of 1933, as amended, pursuant to which the Company agreed to sell an aggregate of 16,000,000 shares of its common stock, par value $0.001 per share, at a per share purchase price of $1.00. The gross proceeds to the Company from the Common Stock Offering will be $16,000,000. Since Ms. Ouyang and Mr. Zhang are affiliates of the Company, the Common Stock Offering has been approved by the Audit Committee of the Board of Directors of the Company as well as the Board of Directors of the Company. The parties to the Common Stock SPA have each made customary representations, warranties and covenants, including, among other things, (a) the Investors are "non-U.S. Persons" as defined in Regulation S and are acquiring the Shares for the purpose of investment, (b) the absence of any undisclosed material adverse effects, and (c) the absence of legal proceedings that affect the completion of the transaction contemplated by the Common Stock SPA. The Common Stock SPA is subject to various conditions to closing including Nasdaq's completion of its review of the notification to Nasdaq regarding the listing of the Shares. The Shares to be issued in the Common Stock Offering are exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Regulation S promulgated thereunder. Unit Private Placement On Aug. 26, 2021, the Company entered into a certain securities purchase agreement with certain purchasers whom are "non-U.S. Persons" as defined in Regulation S of the Securities Act, pursuant to which the Company agreed to sell an aggregate of 19,000,000 units, each Unit consisting of one Common Stock and a warrant to purchase one Common Stock with an initial exercise price of $1.15 at a price of $1.15 per Unit, for an aggregate purchase price of approximately $21.85 million. The Warrants are exercisable immediately upon the date of issuance at an initial exercise price of $1.15 for cash. The Warrants may also be exercised cashlessly if at any time after the three-month anniversary of the issuance date, there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares. The Warrants shall expire five years from its date of issuance. The Warrants are subject to customary anti-dilution provisions reflecting stock dividends and splits or other similar transactions. The Unit SPA is subject to various conditions to closing including Nasdaq's completion of its review of the notification to Nasdaq regarding the listing of the Units. The Units to be issued in the Unit Offering are exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Regulation S promulgated thereunder. The net proceeds of the Common Stock Offering and the Unit Offering shall be used by the Company in connection with the Company's general corporate purposes, working capital, or other related business as approved by the board of directors of the Company. About TD Holdings TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information, please visit http://ir.tdglg.com. TD Holdings reported a net loss of $5.95 million for the year ended Dec. 31, 2020, compared to a net loss of $6.94 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $186.59 million in total assets, $37.33 million in total liabilities, and $149.26 million in total equity. TELKONET INC: Posts $156K Net Loss in Second Quarter ---------------------------------------------------- Telkonet, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss attributable to common stockholders of $155,595 on $1.86 million of total net revenue for the three months ended June 30, 2021, compared to a net loss attributable to common stockholders of $950,097 on $1.28 million of total net revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss attributable to common stockholders of $72,856 on $3.15 million of total net revenue compared to a net loss attributable to common stockholders of $1.60 million on $3.09 million of total net revenue for the six months ended June 30, 2020. As of June 30, 2021, the Company had $6.97 million in total assets, $5.72 million in total liabilities, and $1.25 million in total stockholders' equity. "While Telkonet has improved upon key metrics compared to the prior year, we continue to experience headwinds due to a slowed market recovery," stated Jason Tienor, Telkonet's chief executive officer. "Through management action, receipt of a second PPP loan and the recent transaction signing with VDA Group S.p.A., we believe the Company will weather the current climate and will be positioned for the expected market recovery." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1094084/000168316821003618/telkonet_i10q-063021.htm About Telkonet Headquartered in Waukesha, WI, Telkonet, Inc. is the creator of the EcoSmart and the Rhapsody Platforms of intelligent automation solutions designed to optimize energy efficiency, comfort and analytics in support of the emerging Internet of Things. The platforms are deployed primarily in the hospitality, educational, governmental and other commercial markets, and is specified by engineers, HVAC professionals, building owners, and building operators. The Company currently operates in a single reportable business segment. Telkonet reported a net loss attributable to common stockholders of $3.15 million for the year ended Dec. 31, 2020, compared to a net loss attributable to common stockholders of $1.93 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $6.49 million in total assets, $5.17 million in total liabilities, and $1.32 million in total stockholders' equity. Minneapolis, Minnesota-based Wipfli LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has suffered operating losses, has negative operating cash flows and is dependent upon its ability to generate profitable operations in the future and obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These conditions raise substantial doubt about its ability to continue as a going concern. TITLE QUEST: Amends Cash Request, Ups Proposed Payment to Bank -------------------------------------------------------------- Title Quest Investments LLC asked the U.S. Bankruptcy Court for the Southern District of Florida for authority to use the cash collateral of First Home Bank and pay First Home Bank, in consideration for such use, $750 monthly. The Debtor is seeking to use the cash collateral until a final hearing can be held on its request. The Debtor owed First Home Bank, as of the Petition Date, $294,691 arising from a $300,000 prepetition loan, secured by the all personal property of the Debtor, including related proceeds, accounts, as well as general intangibles. The collateral was also secured by a UCC-1 financing statement. The collateral, however, is valued only at $2,000 rendering First Home Bank's claim undersecured. The Debtor originally proposed to pay First Home Bank $100 monthly. A copy of the amended motion is available for free at https://bit.ly/3gH807j from PacerMonitor.com. About Title Quest Investments LLC Title Quest Investments LLC -- http://www.titlequestinvestments.com/-- which operates in Pembroke Pines, Florida, is in the business of reviewing real estate title, issuing insurance policies, facilitating real estate closings, and recording documents related to real estate transactions. The company filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 21-17969) on August 17, 2021. On the Petition Date, the Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1,000,000 in liabilities. Elizabeth Questell, managing member, signed the petition. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A. represents the Debtor as counsel. TITLE QUEST: Seeks to Hire Van Horn Law Group as Counsel -------------------------------------------------------- Title Quest Investments LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Chad T. Van Horn, Esq. and the law firm of Van Horn Law Group, P.A. as its legal counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties and the continued management of its business operations; (b) advising the Debtor regarding its responsibilities in complying with the U.S. trustee's operating guidelines and reporting requirements and with the rules of the court; (c) preparing legal documents; (d) protecting the Debtor's interest in all matters pending before the bankruptcy court; and (e) representing the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The firm's hourly rates range from $150 to $450 per hour for law clerks, paralegals, and attorneys. Mr. Van Horn's normal hourly rate is $450 per hour but has agreed to lower it to $350 per hour. In addition, Van Horn Law Group will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $5,000 plus $1,738 for the filing fee cost for a total amount of $6,738. Chad Van Horn, Esq., founding partner at Van Horn Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad T. Van Horn, Esq. Van Horn Law Group, PA 330 N. Andrews Ave., Suite 450 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlwgroup.com About Title Quest Investments LLC Title Quest Investments LLC -- http://www.titlequestinvestments.com/-- which operates in Pembroke Pines, Florida, is in the business of reviewing real estate title, issuing insurance policies, facilitating real estate closings, and recording documents related to real estate transactions. The company filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 21-17969) on August 17, 2021. On the Petition Date, the Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1,000,000 in liabilities. Elizabeth Questell, managing member, signed the petition. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A. represents the Debtor as counsel. TRANSOCEAN LTD: Secures $252M Deal for Ultra-Deepwater Drillship ---------------------------------------------------------------- BOE Exploration & Production LLC awarded Transocean Ltd. a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. Additionally, the contract provides for a significant performance bonus opportunity based upon agreed operating metrics. This award results from the final investment decision of BOE and the Shenandoah working interest owners to sanction the previously announced Shenandoah project in the U.S. Gulf of Mexico. The Shenandoah program comprises two phases. Once delivered from the shipyard, the Deepwater Atlas is expected to commence operations in the third quarter of 2022, initially using dual blowout preventers ("BOP") rated to 15,000 psi. The initial drilling program is expected to last approximately 255 days and result in approximately $80 million of contract drilling revenue. Upon completion of the initial drilling program, a 20,000 psi BOP will be installed on the rig, making it Transocean's second asset with a 20,000 psi-rated well control system. The BOP installation and commissioning is expected to last 45 to 60 days, contributing approximately $17 million of revenue. Following the 20,000 psi BOP installation, the Deepwater Atlas will commence the second phase of the project – the well completion program. This phase is expected to last approximately 275 days and contribute approximately $125 million of contract drilling revenue. "This is a significant milestone for Transocean, BOE and the Shenandoah partners, as we jointly venture into this new frontier of ultra-deepwater drilling," said President and Chief Executive Officer, Jeremy Thigpen. "We are extremely pleased to have secured the maiden contract for the Deepwater Atlas; the first of our two 8th generation ultra-deepwater drillships that will enter the market in 2022, both of which will be outfitted for 20,000 psi ultra-deepwater well operations. We are very encouraged by the growing list, across multiple customers, of 20,000 psi opportunities in the U.S. Gulf of Mexico. And, with the only two assets in the world specifically designed to maximize efficiencies for 20,000 psi well completions, we are the undisputed market leader in this space, and thus excited about the future prospects for these state-of-the art assets." About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Transocean reported a net loss of $568 million for the year ended Dec. 31, 2020, compared to a net loss of $1.25 billion for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $21.20 billion in total assets, $1.32 billion in total current liabilities, $8.57 billion in total long-term liabilities, and $11.31 billion in total equity. * * * As reported by the TCR on July 12, 2021, S&P Global Ratings raised its issuer credit rating on Switzerland-based offshore drilling company Transocean Ltd. to 'CCC' from 'CCC-'. S&P said, "Our 'CCC' issuer credit rating reflects the potential that the company will undertake additional distressed transactions over the next year. Although Transocean has taken steps to improve its liquidity, it still has significant debt maturities and high capital spending requirements over the next two years." U STOP PUMP: Court Confirms New Subchapter V Plan ------------------------------------------------- Judge Charles L. Nail, Jr. of the U.S. Bankruptcy Court for the District of South Dakota confirmed the Modified Subchapter V Plan of U Stop Pump & Wash, LLC. The Modified Plan provided that the Debtor's lone unsecured creditor for $5,740 will be paid, with interest at 4.5% per annum, over 60 months, with the first monthly payment due on December 31, 2021. All classes of claims under the Plan are impaired including the claim of Clay County Treasurer for $25,064 for real estate taxes and the mortgage claim of Sonset Marketing for $71,676. A copy of the Modified Plan is available for free at https://bit.ly/2UMMzKa from PacerMonitor.com. A copy of the order is available for free at https://bit.ly/3DnqN1k from PacerMonitor.com. Prior to entry of the confirmation, on August 12, 2021, the Court entered an order approving the Debtor's motion to vacate the order confirming the Plan and the attendant Plan, and directed the Debtor to submit a new Plan as confirmed. About U Stop Pump & Wash U Stop Pump & Wash, LLC, which owns the property that previously operated as a Caseys' C-store, filed a Chapter 11 petition (Bankr. D.S.D. Case No. 20-40448) on Dec. 3, 2020. Judge Charles L. Nail, Jr. oversees the case. Gerry & Kulm Ask, Prof. LLC serves as the Debtor's legal counsel. U.S. TOBACCO: Member-Growers Seek Appointment of Special Committee ------------------------------------------------------------------ A group of tobacco growers asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to appoint a special committee that will represent members of U.S. Tobacco Cooperative Inc. in its Chapter 11 case. The group, which consists of current members of U.S. Tobacco Cooperative who grow leaf tobacco for purchase by the cooperative under an annual marketing agreement, said a special committee would eliminate the need for individual participation by over 500 current member-growers. "Appointment of one or more special committees will greatly simplify participation by individual creditors in these proceedings and allow each of them to receive adequate representation of their interests," said the group's attorney, Trawick Stubbs, Jr., Esq., at Stubbs & Perdue, P.A. Mr. Stubbs said the group and those similarly situated are primarily farmers who have not previously been represented by counsel in U.S. Tobacco's Chapter 11 case and have not been educated by counsel concerning the effects of the case on their membership in the cooperative, their annual marketing agreements, and the ability of the cooperative to issue them future annual marketing agreements. "Given the large number of current member-growers, none of whom appear to have been listed on the consolidated top 30 unsecured creditors filed by [U.S. Tobacco] on July 15, 2021 who were solicited for the formation of an unsecured creditors committee by the bankruptcy administrator, a special committee appointed to represent their interests in this case would allow for an efficient representation of this group," Mr. Stubbs said. U.S. Tobacco is a cooperative owned by over 500 different tobacco member-growers primarily located in the Southeastern region of the United States. The cooperative purchases leaf tobacco from these member-growers and process, distribute and sell tobacco products to both domestic and international market. The active member-growers benefit from continued membership in U.S. Tobacco and selling their leaf tobacco to the cooperative because of its pricing and continued marketing efforts to expand access to overseas markets such as China and Japan. Stubbs & Perdue can be reached at: Trawick H. Stubbs, Jr., Esq. Laurie B. Biggs, Esq. Jimmie B. Hicks, Jr., Esq. Stubbs & Perdue, P.A. 9208 Falls of Neuse Road, Suite 201 Raleigh, NC 27615-2438 Phone: (919) 870-6258 Fax: (919) 870-6259 E-mail: tstubbs@stubbsperdue.com lbiggs@stubbsperdue.com jhicks@stubbsperdue.com About U.S. Tobacco Cooperative U.S. Tobacco Cooperative produces U.S. flue-cured tobacco grown by more than 500 member growers in Florida, Georgia, South Carolina, North Carolina, and Virginia. Member-grown tobacco is processed and sold as raw materials to cigarette manufacturers worldwide. U.S. Tobacco Cooperative and affiliates sought Chapter 11 protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7, 2021. In the petition signed by Keith H. Merrick, chief financial officer, U.S. Tobacco Cooperative estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. Judge Joseph N. Callaway oversees the cases. The Debtors tapped Hendren, Redwine & Malone, PLLC as bankruptcy counsel and McGuireWoods, LLP as special counsel. BDO Consulting Group, LLC, SSG Advisors, LLC and CliftonLarsonAllen serve as the Debtors' financial advisor, investment banker and accountant, respectively. VIDEOMINING CORP: Wins Cash Collateral Access Thru Oct 15 --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania approved the stipulation among VideoMining Corporation, Enterprise Bank, White Oak Business Capital, Inc., and the Internal Revenue Service authorizing the Debtor to use cash collateral through October 15, 2021, pursuant to the budget. The approved stipulation extended, also through October 15, 2021, the maturity date of the Debtor's DIP loan. The stipulation further provided that the cash collateral extension and the DIP loan extension will 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 26, 2021. Enterprise Bank will 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. A copy of the Seventh Stipulation and Consent Order, along with the budget, is available for free at https://bit.ly/3yowhFk from PacerMonitor.com. The Debtor projects $330,000 in accounts receivable and $75,900 in total operating expenses for the week ending September 3, 2021. 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. VIZIV TECHNOLOGIES: Seeks to Hire Johnson McNamara as Accountant ---------------------------------------------------------------- Viziv Technologies, LLC seeks approval from the U.S Bankruptcy Court for the Northern District of Texas to employ Johnson McNamara, LLC as its accountant. The Debtor needs the assistance of an accountant to prepare its 2020 federal and state tax returns and communicate to unit holders and others regarding the tax return preparer change, the expected tax return filing date, and the expected delivery date of federal and state K-1's for 2020. The firm's hourly rate is $250. William Craig Johnson, a member of Johnson McNamara, disclosed in a court filing that his firm is a "disinterested person" within the meaning of the Bankruptcy Code Section 101(14). The firm can be reached through: William Craig Johnson Johnson McNamara LLC Galleria Tower 3 13155 Noel Road, Suite 900 Dallas, TX 75240 About Viziv Technologies Viziv Technologies, LLC is an electronics company in Italy, Texas, which specializes in the field of electromagnetic surface waves. On Oct 7, 2020, creditors Surface Energy Partners LP, Kendol C. Everroad and Jamison Partners, LP filed an involuntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 20-32554) against Viziv Technologies. The creditors are represented by Kenneth Stohner Jr., Esq., at Jackson Walker, LLP. Judge Stacey G. Jernigan oversees the case. Cavazos Hendricks Poirot, PC is the Debtor's bankruptcy counsel. The Debtor tapped Allred & Wilcox, PLLC, The Beckham Group and King & Fisher Law Group, PLLC as special counsel; Stout Risius Ross, LLC as investment banker; RSM US LLP as auditor; and Johnson McNamara, LLC as accountant. WASHINGTON PRIME: Boardman Says Plan Not Filed in Good Faith ------------------------------------------------------------ Boardman SC, LLC ("BSC") objects to the First Amended Joint Chapter 11 Plan of Reorganization of Washington Prime Group Inc., and its debtor and its debtor affiliates. BSC claims that because the OEA's provisions are covenants running with the land, the Debtors are incapable of assuming, assuming and assigning or rejecting them, and the Plan fails to adequately protect BSC's rights and interests under the OEA. BSC objects to the treatment of the OEA as an executory contract or unexpired lease and, in an abundance of caution, to whatever "Cure Amount" the Debtors may propose if or to the extent the OEA is determined to be an executory contract or unexpired lease. BSC points out that to the extent the Plan seeks results that are contrary to the Bankruptcy Code's objectives and purposes – such as, potentially, seeking to limit, evade or otherwise adversely affect the OEA's real property covenants or failing to remedy all Violations – the Plan lacks the requisite good faith that section 1129(a)(3) mandates. BSC specifically objects to the Third-Party Release described in the Plan, and hereby opts out of the Third-Party Release. The Debtors' proposal that each holder of a Claim will be deemed to release the Released Parties – unless that creditor affirmatively "opts-out" or objects in a filing – is counterintuitive and unfair. Counsel for Boardman SC: BERNSTEIN-BURKLEY, P.C. Keri P. Ebeck, Esq. PA I.D. # 91298 (Admitted in SDTX) kebeck@bernsteinlaw.com 601 Grant Street, 9th Floor Pittsburgh, PA 15219 Tel: (412) 456-8112 Fax: (412) 456-8135 About Washington Prime Group Washington Prime Group Inc. (NYSE: WPG) -- http://www.washingtonprime.com/-- is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. It 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 and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-31948) on June 13, 2021. At the time of the filing, Washington Prime Group's property portfolio consists of material interests in 102 shopping centers in the United States totaling approximately 52 million square feet of gross leasable area. The company operates 97 of the 102 properties. As of March 31, 2021, Washington Prime Group had total assets of $4.029 billion against total liabilities of $3.471 billion. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. Prime Clerk LLC is the claims agent, maintaining the page http://cases.primeclerk.com/washingtonprime SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP and Evercore Group, LLC as its legal counsel and investment banker, respectively. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. Greenberg Traurig, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. On July 15, 2021, the U.S. Trustee appointed an official committee of equity security holders. The equity committee tapped Porter Hedges, LLP and Brown Rudnick, LLP as legal counsel; Province, LLC, as financial advisor; and Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. WASHINGTON PRIME: Molinas Want Treatment of Class 7 Clarified ------------------------------------------------------------- Francisco Molina and Maria Molina object to confirmation of the First Amended Joint Chapter 11 Plan of Reorganization of Washington Prime Group Inc., and its debtor and its debtor affiliates. The Molinas state that as per the defined term "General Unsecured Claim" the Molinas have a contingent general unsecured claim that would fall under Class 7 of the Plan. Given the nature of the Molinas pre-petition claim and classification in Class 7 the only way the claim would be unimpaired would be if their pre-petition cause of action was fully preserved, however the language in Class 7 is ambiguous as to treatment as to the claim of Molinas or similarly situated claims. The Molinas claim that the Plan as filed has various releases including a Debtor Release, Third-Party Release, Exculpation, and Injunction that are very broad. The Molinas are concerned that the all-inclusive nature of the various releases could be interpreted in a way to eliminate the Molinas pre-petition rights to finalize the prepetition cause of action against Orange Park Mall, LLC and Washington Prime Group, Inc. including any insurance litigation or bad faith insurance litigation even though the insurance policies of the Debtor are being assumed through the Plan. The Molinas assert that should the releases be interpreted to bar the Molinas from pursuing their pre-petition cause of action it would render their claim fully impaired and thus the claim would fail to fall under Class 7 of the Plan and would likely not have a category in the current Plan. Counsel for Molinas: Jason A. Burgess Florida Bar No. 40757 1855 Mayport Road Atlantic Beach, Florida 32233 Tel: (904) 372-4791 E-mail: jason@jasonaburgess.com About Washington Prime Group Washington Prime Group Inc. (NYSE: WPG) -- http://www.washingtonprime.com/-- is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. It 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 and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-31948) on June 13, 2021. At the time of the filing, Washington Prime Group's property portfolio consists of material interests in 102 shopping centers in the United States totaling approximately 52 million square feet of gross leasable area. The company operates 97 of the 102 properties. As of March 31, 2021, Washington Prime Group had total assets of $4.029 billion against total liabilities of $3.471 billion. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. Prime Clerk LLC is the claims agent, maintaining the page http://cases.primeclerk.com/washingtonprime SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP and Evercore Group, LLC as its legal counsel and investment banker, respectively. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. Greenberg Traurig, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. On July 15, 2021, the U.S. Trustee appointed an official committee of equity security holders. The equity committee tapped Porter Hedges, LLP and Brown Rudnick, LLP as legal counsel; Province, LLC as financial advisor; and Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. WASHINGTON PRIME: Williamson County Opposes Treatment of Its Claim ------------------------------------------------------------------ Williamson County, Texas, objects to the Joint Chapter 11 Plan of Reorganization of Washington Prime Group Inc., and Its Debtor Affiliates. Williamson County objects to the treatment of its claim in the Plan because it does not specifically provide for the payment of interest on its oversecured claim at the state statutory rate of 1% per month pursuant to 11 U.S.C. Sections 506(b) and 511. As an oversecured creditor, Williamson County is entitled to postpetition interest on its claim. This violates 11 U.S.C. Sections 506(b), 511 and 1129. Williamson County objects to the treatment of its claim in the Plan because it does not specifically provide it to receive post Effective Date interest on its claim at the state statutory rate of 12% per annum pursuant to 11 U.S.C. Sections 511 and 1129. Williamson County contends to confirmation of the Plan to the extent that it does not provide that they retain the liens that secure all base tax, penalties and interest that may accrue on their Secured claims. Williamson County claims that the Plan should not be confirmed based on the option of the Debtors returning the collateral that secures the claim of a member of this class. To the extent that the holder of an Other Secured Claim asserts a security interest in or lien against assets that secure a claim of one or more of Williamson County, Williamson County objects to the preferential treatment of creditors who are junior to them. Williamson County objects to confirmation of the Plan on the basis that its secured liens are being primed by that of the Exit Facility Lenders. Attorney for Williamson County: McCREARY, VESELKA, BRAGG & ALLEN, P.C. Tara LeDay (TX 24106701) P. O. Box 1269 Round Rock, TX 78680-1269 Telephone: (512) 323-3200 Fax: (512) 323-3500 Email: tleday@mvbalaw.com About Washington Prime Group Washington Prime Group Inc. (NYSE: WPG) -- http://www.washingtonprime.com/-- is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. It 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 and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-31948) on June 13, 2021. At the time of the filing, Washington Prime Group's property portfolio consists of material interests in 102 shopping centers in the United States totaling approximately 52 million square feet of gross leasable area. The company operates 97 of the 102 properties. As of March 31, 2021, Washington Prime Group had total assets of $4.029 billion against total liabilities of $3.471 billion. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. Prime Clerk LLC is the claims agent, maintaining the page http://cases.primeclerk.com/washingtonprime SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP and Evercore Group, LLC as its legal counsel and investment banker, respectively. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. Greenberg Traurig, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. On July 15, 2021, the U.S. Trustee appointed an official committee of equity security holders. The equity committee tapped Porter Hedges, LLP and Brown Rudnick, LLP as legal counsel; Province, LLC as financial advisor; and Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. WATER MARBLE: Sept. 28 Disclosure Statement Hearing Set ------------------------------------------------------- Water Marble Holding, L.L.C., filed with the U.S. Bankruptcy Court for the Middle District of Florida a disclosure statement. On August 26, 2021, Judge Jerry A. Funk ordered that: * Sept. 28, 2021 at 11:30 a.m., in 4th Floor Courtroom D, 300 North Hogan Street, Jacksonville, Florida is the hearing to consider and rule on the disclosure statement. * Any objection to the proposed disclosure statement shall be filed and served 7 days before the date of the disclosure statement hearing. A copy of the order dated August 26, 2021, is available at https://bit.ly/3gKPQS3 from PacerMonitor.com at no charge. About Water Marble Holding Water Marble Holding, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 21-01034) on April 28, 2021, disclosing $1 million to $10 million in both assets and liabilities. Judge Jerry A. Funk oversees the case. The Debtor is represented by The Law Offices of Jason A. Burgess, LLC WEST C BUILDERS: Unsecured Creditors Will Get 25% of Claims in Plan ------------------------------------------------------------------- West C Builders, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization under Subchapter V dated August 24, 2021. The Debtor is a corporation, and since 2006, the Debtor has operated as a general contractor. The Debtor has generated significant gross revenues in the recent years preceding the Covid-19 pandemic. In addition, the Debtor was involved in State court litigation leading up to and contributing to the need for, the bankruptcy filing due to the costs associated with funding the litigation. Since the filing of the bankruptcy case, the Debtor has reduced salary to its principal and rent payments in order to reduce costs going forward and will continue to do so in order to fund the proposed payments under the Plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $295,000.00, or $5,000.00 per month. The Debtor has proposed a 60-month plan. Hence the final payment is projected to be on or about November 2026. Non-priority unsecured creditors holding allowed claims will receive 25% of their allowed claims, which is greater than what the dividend would be in a Chapter 7 liquidation. This Plan also provides for the payment of administrative and priority claims. The Plan will treat claims as follows: * Class 1 consists of Priority claims. Class 1 is unimpaired by this Plan, and each holder of a Class 1 Priority Claim will be paid in full, in cash, upon the later of the effective date of this Plan, or the date on which such claim is allowed by a final non-appealable order. * Class 2 consists of the Secured claim of Cadence Bank, N.A. Monthly payments of $3,911.22 in accordance with the terms of the note. * Class 2 consists of the Secured claim of U.S. Small Business Administration. Monthly payments of $731.00, beginning in June 2022, in accordance with the terms of the note. * Class 2 consists of the Secured claim of J.P. Morgan Chase/ Landrover Financial. Monthly payments in the amount of $1,600.34 in accordance with the terms of the Agreement. * Class 3 consists of non-priority unsecured creditors. These claimants shall receive a pro-rata share of a fund of $450,000 ($420,000 if the Plan is non-consensual). -- Payable in payments of $5,000.00 per month in Month 1-59 commencing on the first day of the month after the Effective Date. -- In addition, these general unsecured claimants shall receive an additional pro-rata distribution of $155,000.00 on the 1st day of the 60th month after the Effective Date. * Class 4 consists of Equity security holders of the debtor. Equity holders will enjoy no recovery under this Plan. The Debtor will continue to generate income as a general contractor. The many years of operations, the good reputation of the Debtor will enable it to continue to operate and generate income. The Plan will also be funded by contributions from the debtor's principal, Anton Council, in the amount of a balloon payment of $155,000.00 in month 60 of the Plan. Anton Council will also reduce the rent on the office warehouse located at Silverado Trail, Napa, CA 94559 from $5,000.00 per month, to zero per month. A full-text copy of the Plan of Reorganization dated August 24, 2021, is available at https://bit.ly/2WusMQr from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Gina Klump, Esq. Law Office of Gina R. Klump 30 5th Street, Suite 200 Petaluma, CA 94952 Tel: (707) 778-0111 Fax: (707) 778-1086 Email: klumplaw@gmail.com About West C Builders West C Builders, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 21-10263) on May 26, 2021. In the petition signed by Anton D. Council, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Roger L. Efremsky oversees the case. Gina R. Klump, Esq. at Law Office of Gina R. Klump is the Debtor's counsel. WILLIAMS TRANSPORTATION: Unsecureds to Get Income Share for 5 Years ------------------------------------------------------------------- Williams Transportation Co. LLC filed with the U.S. Bankruptcy Court for the Southern District of Mississippi a Plan of Reorganization under Subchapter V dated August 24, 2021. The Debtor was greatly affected by the Covid 19 pandemic. Debtor fleet is older and the lien holder, Bank of Montgomery, refused to allow the debtor to trade in the equipment on new equipment. If the debtor had been able to upgrade the repairs and maintenance cost would have decreased and allowed the lease payments to increase. The reduction in their income left them unable to pay all their creditors. Class 3 consists of the Secured Claim of Bank of Montgomery: * Bank of Montgomery - 8.1 acres with building. The 8.1 acre with the building at 46 Doncurt Lane, Laurel Mississippi will be sold and the proceeds applied to the principal debt with Bank of Montgomery. The Bank of Montgomery appraisal is $750,000.00. If the property is not sold by the time of confirmation of the plan, the property will be abandoned to Bank of Montgomery in satisfaction for the value of the real property ($750,000.00). * Bank of Montgomery - 31 acres. The approximately 31 acres adjacent to 46 Doncurt Lane, Laurel Mississippi will be sold and the proceeds applied to the principal debt with Bank of Montgomery. The Bank of Montgomery appraisal is $155,000.00. If the property is not sold by the time of confirmation of the plan, the property will be abandoned to Bank of Montgomery insatisfaction for the value of the real property ($155,000.00). * Bank of Montgomery - Equipment. Debtor will pay the total value of the $21,000.00. This amount will be reamortized at 5.25% and the debtor will make monthly payments to Bank of Montgomery in the amount of $401.38 for 60 months. Upon these 60 payments, Bank of Montgomery will release the titles and any other liens. The rest of the equipment will be sold at liquidation value. Any equipment that is not sold be time of the confirmation of the plan will be abandoned back to Bank of Montgomery in satisfaction of principal debt per the value of Bank of Montgomery's appraisal. * Bank of Montgomery - Restricted account. Debtor will be allowed to use the funds, approximately $193,119.59, to obtain two new trucks and/ or trailers. Bank of Montgomery will retain a PMSI on the two new trucks and/or trailers. The $193,119.59 will be paid back to Bank of Montgomery at 5.25% over a 60 months. The payment will be $3,673.00. Upon these 60 payments, Bank of Montgomery will release the titles and any other liens. Class 3 consists of General Unsecured Claims. The Holders of Allowed General Unsecured Claims will receive yearly distributions from the Debtor that represent its net income, if any. The Debtor's net income will be determined by the Debtor's income, less business expenses, less payment of Administrative Expense Claims, less taxes and less payments to Holders of Secured and Priority Claims. The Debtor's net income will be paid to General Unsecured Creditors holding Allowed General Unsecured Claims for a period of five years from and after the entry of an Order confirming the Plan. The Debtor's means of execution of the Plan will be provided by income the Debtor generates from its operations. Debtor will also secure funding for three additional trucks and trailers to replace its fleet. These debts will be paid back at the negotiated terms with the new lender. Debtor will also renegotiate it leases to provide for set monthly lease payments based on miles run. A full-text copy of the Plan of Reorganization dated August 24, 2021, is available at https://bit.ly/2Wuo70S from PacerMonitor.com at no charge. Debtor's Counsel: Douglas M. Engell, Esq. Law Offices of Douglas M. Engell, Inc. PO BOX 309 Marion, MS 39342 Tel: (601) 693-6311 Email: dengell@dougengell.com About Williams Transportation Co. Williams Transportation Co, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 21-50539) on April 30, 2021. Scott A. Williams, member and manager, signed the petition. In the petition, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Katharine M. Samson oversees the case. The Law Offices of Douglas M. Engell, Inc., is the Debtor's legal counsel. [*] Denver Attorney Ted Hartl Recognized by Best Lawyers -------------------------------------------------------- Theodore J. Hartl of Ballard Spahr's Denver office has been named a 2022 Lawyer of the Year by The Best Lawyers in America, a designation only one attorney can receive in each location for each practice area. Mr. Hartl was recognized in the Litigation-Bankruptcy category. Nine other Ballard Spahr attorneys in the firm's Baltimore, Minneapolis, Phoenix, Philadelphia, Sioux Falls, and Washington, D.C. offices were also named Lawyers of the Year. Overall, 175 Ballard Spahr attorneys across the firm's 15 nationwide offices received 282 total recognitions. About Ballard Spahr Ballard Spahr LLP -- http://www.ballardspahr.com/-- an AmLaw 100 law firm with more than 600 lawyers in 15 U.S. offices, serves clients across industry sectors in litigation, transactions, and regulatory compliance. It partners with clients -- from start-ups to Fortune 500 companies, governments, and non-profit organizations -- to deliver the strategic counsel, powerful advocacy, and dynamic thinking that helps them overcome challenges, protect what's important, and position themselves for future success. The firm combines a comprehensive scope of practice with strong regional market knowledge. [*] Expertise Names Douglas Borthwick Best Bankruptcy Attorney -------------------------------------------------------------- The Law Offices of Douglas Borthwick on Aug. 26 disclosed that they were recently named by Expertise.com as one of the Best Bankruptcy Attorneys in Santa Ana. Expertise is an organization that aims to serve the general public by compiling a list of the best local experts in any given field and location. Their listings are affected by a business' reputation, credibility, experience, availability, as well as professionalism. The Law Offices of Douglas Borthwick has been recognized by their peers, clients and other industry leaders as being an authority in their field that meets these selective standards. We are pleased to announce their inclusion on this esteemed list. Douglas Borthwick is also AV PREEMINENT RATED by Martindale-Hubbell. This is the highest possible attorney peer review rating in both legal ability and ethical standards. Douglas Borthwick is further "SUPERB" rated by Avvo. Douglas Borthwick has earned the trust and respect of his clients and colleagues for his integrity, preparation, determination, and attention to detail. Douglas Borthwick's experience includes, but is not exclusive of, the following areas: Personal Injury Law, Family Law, Criminal Law, and general civil litigation practice. "Leave the darkness of your past behind so it cannot block the light of your bright future. Your past is gone. Whatever happened, whether unjust, cruel, harsh, whatever the case, reliving the events will never do you any good. If someone did you wrong, the ONLY WAY you can win, is if you let go and move on. If you live in hate, they win. If you live in the victim story, they win. If YOU want to win, you must focus on building your future and start right now. Release that weight from your back so you can be free. Don't allow events of the past, which are now gone, to ruin this moment, which is perfect – this moment which is now to enjoy, which is ready for you to LIVE FULLY. Your past does not equal your future."- Attorney Douglas Borthwick, Esq. To learn more about Law Offices of Douglas Borthwick, visit: www.borthwicklawyer.com. Also visit: https://calbizjournal.com/attorney-douglas-borthwick/ Also visit: https://www.acq-intl.com/issues/2018-Leading-Adviser-Supplement/32/ Media Contact: John Walter Phone: 714-564-9400 Santa Ana, California Contact: Douglas M. Borthwick Law Offices of Douglas Borthwick Telephone: 714-654-6742 Firm website: www.borthwicklawyer.com [*] Matthew Brash Proves Newpoint's Subchapter V Model Works ------------------------------------------------------------ During the nation's largest gathering of Bankruptcy Trustees which includes the newly appointed d Subchapter V Bankruptcy trustees, Newpoint Advisors Corporation congratulated Senior Managing Director Matthew Brash and Senior Managing Director Tim Stone for "proving Newpoint's Subchapter V model works." "In over 50 cases, in which Matthew and Tim were the Subchapter V trustee, they demonstrated that our insights, honed by focusing on small, distressed companies is a successful approach," said Newpoint President Ken Yager. Mr. Brash is the SBRA Subchapter V Trustee for the Northern District of Illinois, Eastern Division and Mr. Stone is the SBRA Subchapter V Trustee for the Middle District of Tennessee. They will be attending the National Association of Bankruptcy Trustees (NABT) conference in Chicago August 25-27. As the Senior Managing Directors and lead of the TRAIL (Trustee, Receivership, Assignee, Interim Management, Liquidation) at Newpoint Advisors (www.newpointadvisors.us), they became two of the first Subchapter V Trustee appointed under the new Subchapter V of the Chapter 11 bankruptcy code. Not only was Mr. Stone appointed to the first case filed under the Subchapter V of the Chapter 11 bankruptcy code, both Mr. Brash and Mr. Stone have also been elevated to the Trustee in Possession as well. Subchapter V, which came into effect in February 2020 under the Small Business Reorganization Act (SBRA), enables small business owners facing bankruptcy to organize their debts in a faster and more affordable way. Reduced compliance costs, streamlined processes, and faster timetables all mean that small businesses have more flexibility, fewer onerous hurdles, and a better chance of emerging from bankruptcy in a much stronger position than they would otherwise. Newpoint Advisors Corporation -- https://newpointadvisors.us/ -- is a financial advisory firm dedicated to improving troubled and financially underperforming businesses with revenues of $1 million and $50 million and/or credits of less than $10 million. Founded in 2013, the company has offices in over 20 major cities across the United States and Canada. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ACCELERATE DIAGN 1A8 GR 94.0 (69.8) 74.4 ACCELERATE DIAGN AXDX US 94.0 (69.8) 74.4 ACCELERATE DIAGN AXDX* MM 94.0 (69.8) 74.4 ACCELERATE DIAGN 1A8 TH 94.0 (69.8) 74.4 ACCELERATE DIAGN 1A8 QT 94.0 (69.8) 74.4 ADAMAS PHARMACEU ADMS US 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 GR 150.6 (4.0) 93.8 ADAMAS PHARMACEU ADMSEUR EU 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 TH 150.6 (4.0) 93.8 AEMETIS INC DW51 GR 143.3 (124.0) (43.9) AEMETIS INC AMTX US 143.3 (124.0) (43.9) AEMETIS INC AMTXGEUR EZ 143.3 (124.0) (43.9) AEMETIS INC AMTXGEUR EU 143.3 (124.0) (43.9) AEMETIS INC DW51 GZ 143.3 (124.0) (43.9) AEMETIS INC DW51 TH 143.3 (124.0) (43.9) AEMETIS INC DW51 QT 143.3 (124.0) (43.9) AERIE PHARMACEUT AERI US 355.5 (39.6) 180.9 AERIE PHARMACEUT AERIEUR EU 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 GR 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 TH 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 QT 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 GZ 355.5 (39.6) 180.9 AGENUS INC AGEN US 192.3 (237.5) (75.9) AGENUS INC AJ81 GZ 192.3 (237.5) (75.9) AGENUS INC AJ81 GR 192.3 (237.5) (75.9) AGENUS INC AJ81 QT 192.3 (237.5) (75.9) AGENUS INC AGENEUR EZ 192.3 (237.5) (75.9) AGENUS INC AJ81 TH 192.3 (237.5) (75.9) AGENUS INC AGENEUR EU 192.3 (237.5) (75.9) AGRIFY CORP AGFY US 163.5 141.8 123.4 ALPHA CAPITAL -A ASPC US 231.6 206.6 1.6 ALPHA CAPITAL AC ASPCU US 231.6 206.6 1.6 ALPHA PARTNERS T APTMU US 0.9 (2.2) (0.4) ALTICE USA INC-A 15PA GR 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A 15PA TH 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A ATUSEUR EU 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A 15PA GZ 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A ATUS* MM 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A ATUS US 33,532.0 (1,349.0) (2,294.7) AMC ENTERTAINMEN AMC US 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 GR 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC4EUR EU 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC* MM 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 TH 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 QT 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 GZ 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 SW 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC-RM RM 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN A2MC34 BZ 11,329.1 (1,404.7) 453.9 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMERICA'S CAR-MA CRMT US 900.8 (269.1) 586.2 AMERICA'S CAR-MA HC9 GR 900.8 (269.1) 586.2 AMERICA'S CAR-MA CRMTEUR EU 900.8 (269.1) 586.2 AMERICAN AIR-BDR AALL34 BZ 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL US 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G GR 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL* MM 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G TH 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL TE 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G SW 72,464.0 (7,667.0) 1,126.0 AMERICAN 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4,791.1 (367.8) 1,607.9 MSCI INC MSCI AV 4,791.1 (367.8) 1,607.9 MSCI INC-BDR M1SC34 BZ 4,791.1 (367.8) 1,607.9 N/A HYREEUR EU 27.6 12.7 12.6 NATHANS FAMOUS NATH US 114.0 (58.1) 85.0 NATHANS FAMOUS NFA GR 114.0 (58.1) 85.0 NATHANS FAMOUS NATHEUR EU 114.0 (58.1) 85.0 NEIGHBOURLY PHAR NBLY CN 504.1 319.8 123.0 NEUROPACE INC NPCE US 147.0 88.7 138.8 NEW ENG RLTY-LP NEN US 290.2 (43.5) - NEXIMMUNE INC NEXI US 115.4 109.9 105.7 NEXIMMUNE INC 737 GR 115.4 109.9 105.7 NEXIMMUNE INC NEXI1EUR EU 115.4 109.9 105.7 NEXIMMUNE INC 737 GZ 115.4 109.9 105.7 NOBLE CORP NE US 2,150.5 1,385.7 195.7 NOBLE ROCK ACQ-A NRAC US 243.3 223.0 1.6 NOBLE ROCK ACQUI NRACU US 243.3 223.0 1.6 NORTHERN OIL AND 4LT1 GR 1,091.8 (168.2) (161.2) NORTHERN OIL AND NOG US 1,091.8 (168.2) (161.2) NORTHERN OIL AND NOG1EUR EU 1,091.8 (168.2) (161.2) NORTHERN OIL AND 4LT1 TH 1,091.8 (168.2) (161.2) NORTHERN OIL AND 4LT1 GZ 1,091.8 (168.2) (161.2) NORTONLIFEL- BDR S1YM34 BZ 6,565.0 (497.0) (435.0) NORTONLIFELOCK I NLOK US 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYM TH 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYM GR 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYMC TE 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYM SW 6,565.0 (497.0) (435.0) NORTONLIFELOCK I NLOK* MM 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYMCEUR EU 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYM GZ 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYMC AV 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYMCEUR EZ 6,565.0 (497.0) (435.0) NORTONLIFELOCK I SYM QT 6,565.0 (497.0) (435.0) NORTONLIFELOCK I NLOK-RM RM 6,565.0 (497.0) (435.0) NRX PHARMACEUTIC NRXP US 18.5 (17.4) (16.9) NRX PHARMACEUTIC B1QB GR 18.5 (17.4) (16.9) NRX PHARMACEUTIC BRPAEUR EU 18.5 (17.4) (16.9) NRX PHARMACEUTIC B1QB GZ 18.5 (17.4) (16.9) NRX PHARMACEUTIC BRPAEUR EZ 18.5 (17.4) (16.9) NRX PHARMACEUTIC B1QB TH 18.5 (17.4) (16.9) NRX PHARMACEUTIC B1QB QT 18.5 (17.4) (16.9) NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5) 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 NTNXEUR EZ 2,265.6 (746.8) 705.5 NUTANIX INC - A NTNX US 2,265.6 (746.8) 705.5 OMEROS CORP OMER US 145.4 (246.3) 64.7 OMEROS CORP 3O8 GR 145.4 (246.3) 64.7 OMEROS CORP 3O8 QT 145.4 (246.3) 64.7 OMEROS CORP 3O8 TH 145.4 (246.3) 64.7 OMEROS CORP OMEREUR EU 145.4 (246.3) 64.7 OMEROS CORP 3O8 GZ 145.4 (246.3) 64.7 ONCOLOGY PHARMA ONPH US 0.0 (0.4) (0.4) ORGANON & CO OGN US 10,908.0 (1,934.0) 936.0 ORGANON & CO OGN-WEUR EU 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP TH 10,908.0 (1,934.0) 936.0 ORGANON & CO OGN* MM 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP GR 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP GZ 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP QT 10,908.0 (1,934.0) 936.0 ORGANON & CO OGN-RM RM 10,908.0 (1,934.0) 936.0 ORTHO CLINCICAL OCDX US 3,304.2 375.5 389.8 ORTHO CLINCICAL OCDXEUR EU 3,304.2 375.5 389.8 ORTHO CLINCICAL 41V TH 3,304.2 375.5 389.8 OTIS WORLDWI OTIS US 10,857.0 (3,254.0) (35.0) OTIS WORLDWI 4PG GR 10,857.0 (3,254.0) (35.0) OTIS WORLDWI 4PG GZ 10,857.0 (3,254.0) (35.0) OTIS WORLDWI OTISEUR EZ 10,857.0 (3,254.0) (35.0) OTIS WORLDWI OTIS* MM 10,857.0 (3,254.0) (35.0) OTIS WORLDWI OTISEUR EU 10,857.0 (3,254.0) (35.0) OTIS WORLDWI 4PG TH 10,857.0 (3,254.0) (35.0) OTIS WORLDWI 4PG QT 10,857.0 (3,254.0) (35.0) OTIS WORLDWI OTIS AV 10,857.0 (3,254.0) (35.0) OTIS WORLDWI-BDR O1TI34 BZ 10,857.0 (3,254.0) (35.0) PAPA JOHN'S INTL PP1 GR 855.7 (141.1) (54.2) PAPA JOHN'S INTL PZZA US 855.7 (141.1) (54.2) PAPA JOHN'S INTL PZZAEUR EU 855.7 (141.1) (54.2) PAPA JOHN'S INTL PP1 GZ 855.7 (141.1) (54.2) PAPA JOHN'S INTL PP1 TH 855.7 (141.1) (54.2) PAPA JOHN'S INTL PP1 QT 855.7 (141.1) (54.2) PARATEK PHARMACE PRTK US 179.6 (99.3) 132.5 PARATEK PHARMACE N4CN GR 179.6 (99.3) 132.5 PARATEK PHARMACE N4CN TH 179.6 (99.3) 132.5 PARATEK PHARMACE N4CN GZ 179.6 (99.3) 132.5 PARTS ID INC ID US 54.7 (11.0) (24.8) PET VALU HOLDING PET CN 533.6 (152.2) 36.2 PHASEBIO PHARMAC PHAS US 100.6 (19.2) 72.3 PHILIP MORRI-BDR PHMO34 BZ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM US 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN 4I1 GR 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM1CHF EU 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM1 TE 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN 4I1 TH 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM1EUR EU 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMI SW 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMIZ EB 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMIZ IX 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN 0M8V LN 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMOR AV 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN 4I1 GZ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM1CHF EZ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM1EUR EZ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM* MM 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN 4I1 QT 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMIZ TQ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM-RM RM 40,686.0 (9,200.0) 2,859.0 PLANET FITNESS-A PLNT1EUR EU 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL QT 1,899.6 (679.4) 446.2 PLANET FITNESS-A PLNT1EUR EZ 1,899.6 (679.4) 446.2 PLANET FITNESS-A PLNT US 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL TH 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL GR 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL GZ 1,899.6 (679.4) 446.2 PLANTRONICS INC POLY US 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM GR 2,135.1 (112.6) 207.9 PLANTRONICS INC PLTEUR EU 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM GZ 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM TH 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM QT 2,135.1 (112.6) 207.9 PPD INC PPD US 6,749.1 (506.7) 501.2 QUALTRICS INT-A XM US 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 GR 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 QT 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 GZ 1,434.1 35.3 324.9 QUALTRICS INT-A XM1EUR EU 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 TH 1,434.1 35.3 324.9 QUANTUM CORP QNT2 GR 178.2 (112.9) (12.6) QUANTUM CORP QMCO US 178.2 (112.9) (12.6) QUANTUM CORP QTM1EUR EU 178.2 (112.9) (12.6) QUANTUM CORP QNT2 TH 178.2 (112.9) (12.6) RADIUS HEALTH IN RDUS US 192.9 (227.1) 102.8 RADIUS HEALTH IN 1R8 GR 192.9 (227.1) 102.8 RADIUS HEALTH IN RDUSEUR EZ 192.9 (227.1) 102.8 RADIUS HEALTH IN 1R8 TH 192.9 (227.1) 102.8 RADIUS HEALTH IN 1R8 QT 192.9 (227.1) 102.8 RADIUS HEALTH IN RDUSEUR EU 192.9 (227.1) 102.8 RAPID7 INC RPDEUR EU 1,240.3 (95.4) 343.6 RAPID7 INC RPD US 1,240.3 (95.4) 343.6 RAPID7 INC R7D GR 1,240.3 (95.4) 343.6 RAPID7 INC R7D TH 1,240.3 (95.4) 343.6 RAPID7 INC RPD* MM 1,240.3 (95.4) 343.6 REVLON INC-A REV US 2,418.8 (2,020.0) 269.8 REVLON INC-A RVL1 GR 2,418.8 (2,020.0) 269.8 REVLON INC-A REV* MM 2,418.8 (2,020.0) 269.8 REVLON INC-A RVL1 TH 2,418.8 (2,020.0) 269.8 REVLON INC-A REVEUR EU 2,418.8 (2,020.0) 269.8 RIMINI STREET IN RMNI US 272.1 (77.1) (66.1) RIMINI STREET IN 0QH GR 272.1 (77.1) (66.1) RIMINI STREET IN RMNIEUR EU 272.1 (77.1) (66.1) ROCKLEY PHOTONIC RKLY US 93.9 53.3 (2.0) RR DONNELLEY & S DLLN TH 3,000.9 (243.8) 502.7 RR DONNELLEY & S DLLN GR 3,000.9 (243.8) 502.7 RR DONNELLEY & S RRD US 3,000.9 (243.8) 502.7 RR DONNELLEY & S RRDEUR EU 3,000.9 (243.8) 502.7 RR DONNELLEY & S DLLN GZ 3,000.9 (243.8) 502.7 RUSH STREET INTE RSI US 414.7 354.9 340.0 RYMAN HOSPITALIT RHP US 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT 4RH GR 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT 4RH TH 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT RHPEUR EZ 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT 4RH QT 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT RHPEUR EU 3,552.3 (25.8) (9.9) SABRE CORP SABR US 5,608.4 (159.8) 939.4 SABRE CORP 19S GR 5,608.4 (159.8) 939.4 SABRE CORP 19S TH 5,608.4 (159.8) 939.4 SABRE CORP 19S QT 5,608.4 (159.8) 939.4 SABRE CORP SABREUR EU 5,608.4 (159.8) 939.4 SABRE CORP SABREUR EZ 5,608.4 (159.8) 939.4 SABRE CORP 19S GZ 5,608.4 (159.8) 939.4 SBA COMM CORP 4SB GR 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBAC US 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB TH 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB GZ 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBACEUR EZ 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBAC* MM 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBACEUR EU 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB QT 9,960.3 (4,824.6) (143.8) SCIENTIFIC GAMES TJW GZ 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES SGMS US 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES TJW GR 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES TJW TH 7,762.0 (2,370.0) 1,237.0 SEAWORLD ENTERTA SEAS US 2,786.7 (21.3) 243.7 SEAWORLD ENTERTA W2L GR 2,786.7 (21.3) 243.7 SEAWORLD ENTERTA W2L TH 2,786.7 (21.3) 243.7 SEAWORLD ENTERTA SEASEUR EU 2,786.7 (21.3) 243.7 SELECTA BIOSCIEN 1S7 GR 180.5 (4.2) 79.5 SELECTA BIOSCIEN SELBEUR EU 180.5 (4.2) 79.5 SELECTA BIOSCIEN SELB US 180.5 (4.2) 79.5 SELECTA BIOSCIEN 1S7 TH 180.5 (4.2) 79.5 SELECTA BIOSCIEN 1S7 GZ 180.5 (4.2) 79.5 SENSEONICS HLDGS 6L6 TH 235.1 (312.6) 159.2 SENSEONICS HLDGS 6L6 GR 235.1 (312.6) 159.2 SENSEONICS HLDGS SENS1EUR EU 235.1 (312.6) 159.2 SENSEONICS HLDGS SENS US 235.1 (312.6) 159.2 SENSEONICS HLDGS 6L6 GZ 235.1 (312.6) 159.2 SHARECARE INC SHCR US 437.2 86.8 16.3 SHELL MIDSTREAM SHLX US 2,327.0 (467.0) 352.0 SHOALS TECHNOL-A SHLS US 273.7 (34.7) 64.3 SIENTRA INC SIEN3EUR EU 190.5 (30.9) 79.5 SIENTRA INC SIEN US 190.5 (30.9) 79.5 SIENTRA INC S0Z GR 190.5 (30.9) 79.5 SINCLAIR BROAD-A SBGI US 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA GR 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBGIEUR EU 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA GZ 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA TH 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA QT 12,780.0 (1,362.0) 1,621.0 SIRIUS XM HOLDIN RDO GR 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO TH 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRIEUR EU 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO GZ 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRI AV 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRI US 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRIEUR EZ 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO QT 11,201.0 (2,515.0) (1,808.0) SIX FLAGS ENTERT 6FE GR 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT SIX US 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT SIXEUR EU 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT 6FE QT 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT 6FE TH 2,928.4 (617.2) (115.4) SKYWATER TECHNOL SKYT US 318.8 95.5 63.8 SLEEP NUMBER COR SNBR US 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 GR 854.5 (403.7) (659.1) SLEEP NUMBER COR SNBREUR EU 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 TH 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 QT 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 GZ 854.5 (403.7) (659.1) SOFTCHOICE CORP SFTC CN 558.3 49.7 (64.1) SOFTCHOICE CORP 90Q GR 558.3 49.7 (64.1) SOFTCHOICE CORP SFTCEUR EU 558.3 49.7 (64.1) SOFTCHOICE CORP 90Q GZ 558.3 49.7 (64.1) SOUTHWESTRN ENGY SW5 TH 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SW5 GR 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN US 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN1EUR EZ 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SW5 QT 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN1EUR EU 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SW5 GZ 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN-RM RM 5,394.0 (18.0) (1,351.0) SQUARESPACE -BDR S2QS34 BZ 867.2 (38.2) (77.3) SQUARESPACE IN-A SQSP US 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT GR 867.2 (38.2) (77.3) SQUARESPACE IN-A SQSPEUR EU 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT GZ 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT TH 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT QT 867.2 (38.2) (77.3) STARBUCKS CORP SBUX* MM 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB GR 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB TH 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX US 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX CI 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX SW 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXEUR EU 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX TE 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX IM 29,476.8 (6,794.3) 131.9 STARBUCKS CORP USSBUX KZ 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXUSD SW 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB GZ 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX AV 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXEUR EZ 29,476.8 (6,794.3) 131.9 STARBUCKS CORP 0QZH LI 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX PE 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB QT 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX-RM RM 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXCL CI 29,476.8 (6,794.3) 131.9 STARBUCKS-BDR SBUB34 BZ 29,476.8 (6,794.3) 131.9 STARBUCKS-CEDEAR SBUX AR 29,476.8 (6,794.3) 131.9 STARBUCKS-CEDEAR SBUXD AR 29,476.8 (6,794.3) 131.9 SWITCHBACK II CO SWBK/U US 317.3 287.3 0.5 SWITCHBACK II-A SWBK US 317.3 287.3 0.5 TASTEMAKER ACQ-A TMKR US 279.7 252.5 0.8 TASTEMAKER ACQUI TMKRU US 279.7 252.5 0.8 THUNDER BRIDGE C TBCPU US 415.0 389.1 (10.4) THUNDER BRIDGE C THCPU US 0.4 (0.0) (0.4) THUNDER BRIDGE-A TBCP US 415.0 389.1 (10.4) TORRID HOLDINGS CURV US - - - TRANSAT A.T. TRZ CN 1,862.3 (66.0) (127.8) TRANSAT A.T. TRZBF US 1,862.3 (66.0) (127.8) TRANSDIGM - BDR T1DG34 BZ 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDG US 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP T7D GR 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDG* MM 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP T7D TH 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDGEUR EZ 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP T7D QT 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDGEUR EU 19,089.0 (3,132.0) 5,087.0 TRANSPHORM INC TGAN US 14.0 (31.0) (6.1) TRAVEL + LEISURE WD5A TH 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A GR 6,639.0 (918.0) 653.0 TRAVEL + LEISURE TNL US 6,639.0 (918.0) 653.0 TRAVEL + LEISURE 0M1K LI 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A QT 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WYNEUR EU 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A GZ 6,639.0 (918.0) 653.0 TRIUMPH GROUP TG7 GR 1,883.5 (826.2) 444.5 TRIUMPH GROUP TGI US 1,883.5 (826.2) 444.5 TRIUMPH GROUP TG7 TH 1,883.5 (826.2) 444.5 TRIUMPH GROUP TGIEUR EU 1,883.5 (826.2) 444.5 TRIUMPH GROUP TG7 GZ 1,883.5 (826.2) 444.5 TUPPERWARE BRAND TUP US 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP GR 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP TH 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP1EUR EU 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP GZ 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP1EUR EZ 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP QT 1,194.4 (112.8) (341.6) UNISYS CORP UISCHF EU 2,376.3 (263.8) 467.3 UNISYS CORP USY1 TH 2,376.3 (263.8) 467.3 UNISYS CORP USY1 GR 2,376.3 (263.8) 467.3 UNISYS CORP UIS US 2,376.3 (263.8) 467.3 UNISYS CORP UIS1 SW 2,376.3 (263.8) 467.3 UNISYS CORP UISEUR EU 2,376.3 (263.8) 467.3 UNISYS CORP USY1 GZ 2,376.3 (263.8) 467.3 UNISYS CORP USY1 QT 2,376.3 (263.8) 467.3 UNISYS CORP UISEUR EZ 2,376.3 (263.8) 467.3 UNISYS CORP UISCHF EZ 2,376.3 (263.8) 467.3 UNITI GROUP INC 8XC GR 4,745.4 (2,133.4) - UNITI GROUP INC 8XC TH 4,745.4 (2,133.4) - UNITI GROUP INC UNIT US 4,745.4 (2,133.4) - UNITI GROUP INC 8XC GZ 4,745.4 (2,133.4) - VECTOR GROUP LTD VGR US 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR GR 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGREUR EU 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGREUR EZ 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR TH 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR QT 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR GZ 1,496.4 (592.0) 472.2 VERA THERAPEUTIC VERA US 97.6 92.2 92.1 VERISIGN INC VRS TH 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSN US 1,741.4 (1,417.8) 190.7 VERISIGN INC VRS GR 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSN* MM 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSNEUR EU 1,741.4 (1,417.8) 190.7 VERISIGN INC VRS GZ 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSNEUR EZ 1,741.4 (1,417.8) 190.7 VERISIGN INC VRS QT 1,741.4 (1,417.8) 190.7 VERISIGN INC-BDR VRSN34 BZ 1,741.4 (1,417.8) 190.7 VERISIGN-CEDEAR VRSN AR 1,741.4 (1,417.8) 190.7 VINCO VENTURES I BBIG US 121.3 (27.5) 71.8 VIVINT SMART HOM VVNT US 2,973.8 (1,630.6) (327.2) W&T OFFSHORE INC WTI US 1,139.0 (259.8) 57.4 WALDENCAST ACQ-A WALD US 346.3 301.9 1.0 WALDENCAST ACQUI WALDU US 346.3 301.9 1.0 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 US 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A W* MM 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF QT 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A WEUR EZ 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF GZ 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF GR 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF TH 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A WEUR EU 4,681.2 (1,541.9) 908.2 WAYFAIR INC- BDR W2YF34 BZ 4,681.2 (1,541.9) 908.2 WIDEOPENWEST INC WOW US 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 TH 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 GR 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WOW1EUR EU 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 QT 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WOW1EUR EZ 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 GZ 2,487.3 (184.2) (129.1) WINGSTOP INC WING1EUR EU 234.3 (322.2) 33.1 WINGSTOP INC WING US 234.3 (322.2) 33.1 WINGSTOP INC EWG GR 234.3 (322.2) 33.1 WINGSTOP INC EWG GZ 234.3 (322.2) 33.1 WINMARK CORP WINA US 27.0 (12.7) 4.9 WINMARK CORP GBZ GR 27.0 (12.7) 4.9 WW INTERNATIONAL WW US 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 GR 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 TH 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 GZ 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTWEUR EZ 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTW AV 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTWEUR EU 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 QT 1,435.3 (537.9) 12.7 WYNN RESORTS LTD WYNN* MM 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNN US 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR GR 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR TH 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNNEUR EU 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR GZ 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNNEUR EZ 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR QT 13,022.7 (353.8) 676.8 WYNN RESORTS-BDR W1YN34 BZ 13,022.7 (353.8) 676.8 YELLOW CORP YEL GR 2,491.2 (286.4) 303.9 YELLOW CORP YELL US 2,491.2 (286.4) 303.9 YELLOW CORP YEL1 TH 2,491.2 (286.4) 303.9 YELLOW CORP YRCWEUR EZ 2,491.2 (286.4) 303.9 YELLOW CORP YEL QT 2,491.2 (286.4) 303.9 YELLOW CORP YRCWEUR EU 2,491.2 (286.4) 303.9 YELLOW CORP YEL GZ 2,491.2 (286.4) 303.9 YUM! BRANDS -BDR YUMR34 BZ 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR TH 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR GR 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM* MM 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM US 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUMUSD SW 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR GZ 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUMEUR EZ 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM AV 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR TE 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUMEUR EU 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR QT 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM SW 5,649.0 (7,893.0) (44.0) ZETA GLOBAL HO-A ZETA US 354.5 53.1 97.4 ZHEN DING RESOUR RBTK US 0.0 (10.1) (10.1) ********* 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 ***