/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/211020.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 20, 2021, Vol. 25, No. 292 Headlines 2340 ND CORP: Nov. 17 Plan Confirmation Hearing Set 25-16 37TH AVE: Case Summary & 7 Unsecured Creditors 4YL DEVELOPMENT: Updates Secured Claims Pay; Files Amended Plan 540P PROPERTIES: Seeks to Hire Belvoir Real Estate Group as Broker A.B.C. CARPET CO: Committee Taps Seward & Kissel as Legal Counsel A.B.C. CARPET CO: Taps Stretto as Administrative Agent ALPINE 4: Approved to List on Nasdaq APOLLO ENDOSURGERY: Expects $69.6M Proceeds From Stock Offering BALANCE POINT: Seeks to Employ Polsinelli as Bankruptcy Counsel BALANCE POINT: Seeks to Employ Stretto as Administrative Advisor BALANCE POINT: Seeks to Hire Wyse Advisors as Financial Advisor BELVIEU BRIDGE: Files Emergency Bid to Use Cash Collateral BIONIK LABORATORIES: Hikes CFO's Bonus Target to 40% of Base Salary BOY SCOUTS: To Create Board Seat for Abuse Survivors BRAIN ENERGY: Nov. 18 Plan Confirmation Hearing Set BRAZOS ELECTRIC: Judge Says Electricity Can Be a Good & a Service BRIGHT MOUNTAIN: To Get Additional Loan Under Centre Lane Agreement BROOKFIELD SQUARE: Wisconsin Property Joins CBL in Chapter 11 BROOKLYN IMMUNOTHERAPEUTICS: To Move Common Stock Listing to Nasdaq CALUMET PAINT: Seeks Cash Collateral Access CLEARDAY INC: Signs Investor Relations Agreement With EMC CONFLUENT HEALTH: S&P Affirms 'B-' ICR, Outlook Stable CONTINENTAL COUNTRY: Nov. 16 Disclosure Statement Hearing Set CORNERSTONE ONDEMAND: Common Stock Delisted From Nasdaq CORNERSTONE ONDEMAND: Completely Acquired by Clearlake Capital CRAFT LOGISTICS: Plan to be Funded by Continued Operations CYTODYN INC: Alerts Shareholders to Vote on Proxy Card DAKOTA TERRITORY: Gets OK to Hire Alden & Associates as Bookkeeper DAME CONTRACTING: Taps DeMasco Sena & Jahelka as Accountant DK INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors DYNOTEC INDUSTRIES: Asset Sale Proceeds to Fund Plan Payments EAGLE HOSPITALITY: Plan Hearing Slated for Mid-December EHT US1: Seeks to Hire LVM Law Chambers as Conflicts Counsel FORMETAL COMPANY: Amends United Community Secured Claim Pay Details GOLDEN ARROW: Taps Home Saver Realty as Real Estate Broker GOLDEN STATE: Case Summary & 6 Unsecured Creditors HARRIS PHARMACEUTICAL: To Seek Plan Confirmation on Nov. 29 HUMANIGEN INC: State Street Corp Reports 14.82% Equity Stake IMAGEWARE SYSTEMS: Board OKs Engagement of Baker Tilly as Auditor INNOVATIVE SOFTWARE: Court Confirms Reorganization Plan INTELLIPHARMACEUTICS INT'L: Posts $1.3 Million Net Loss in Q3 INTELSAT SA: $115M Make-Whole Deal Faces Creditor Challenges IRONSTONE GROUP: Changes Name to 'Ironstone Properties, Inc.' JAB ENERGY: Committee Seeks to Hire Joyce LLC as Co-Counsel JAB ENERGY: Committee Taps Lugenbuhl as Lead Bankruptcy Counsel JIM'S DISPOSAL: Dec. 6 Plan & Disclosure Hearing Set JOHNSON & JOHNSON: Plaintiffs Attys Vow to Fight Bankruptcy Scheme JSM CONSULTING: Case Summary & 20 Largest Unsecured Creditors JSM CONSULTING: Seeks Cash Collateral Access JUSTIN MILLER: Case Summary & 8 Unsecured Creditors KENNEDY-WILSON HOLDINGS: S&P Affirms 'BB+' ICR, Outlook Stable KISSMYASSETS LLC: Bankr. Administrator Unable to Appoint Committee KORNBLUTH TEXAS: Seeks to Hire Claro Group as Financial Advisor L&L WINGS: Unsecured Claims Under $10K to Recover 100% in Plan LATAM AIRLINES: Court Okays Cheaper $750M Ch.11 Lending Facility LATAM AIRLINES: Shares Recover as It Finalizes Restructuring LEAFBUYER TECHNOLOGIES: Incurs $5-Mil. Net Loss in FY Ended June 30 LEGAL ADVOCACY: Case Summary & 2 Unsecured Creditors LIFESCAN GLOBAL: S&P Alters Outlook to Stable, Affirms 'B' ICR LIMETREE BAY: Fight With J. Aron Threatens Bankruptcy Loan Default LSB INDUSTRIES: Completes $500 Million Notes Offering LSB INDUSTRIES: LSB Funding Reports 61.45% Equity Stake LTL MANAGEMENT: Seeks Approval to Employ Epiq as Claims Agent LUTHERAN SOCIAL: Seeks Approval to Hire Hyperams as Auctioneer MAJOR MARKET: Case Summary & 4 Unsecured Creditors MAUNESHA RIVER: Seeks Approval to Hire Compeer as Financial Advisor MAYBELLE BEVERLY: $315K Sale of Trailer Park to Pay Claims in Full MERCURITY FINTECH: Expects to Raise $5 Million in Private Placement MERIDIANLINK INC: Moody's Rates 1st Lien Loans 'B2', Outlook Stable MICHAEL BAKER: Moody's Rates New $300MM First Lien Term Loan 'B2' MONSTER INVESTMENTS: Case Summary & 6 Unsecured Creditors MURCIA GROUP: Unsecured Creditors to Recover 100% in 48 Months MUSCLEPHARM CORP: Raises $7 Million From Securities Offering MYOMO INC: Expects to Receive $5.1 Million From Warrants Exercise ORGANIC EVOLUTION: Case Summary & 20 Largest Unsecured Creditors PLATINUM GROUP: Provides Waterberg Project Update RED RIVER WASTE: Fort Wayne Officials Look Into Bankruptcy RED RIVER: Oct. 25 Deadline Set for Panel Questionnaires RYBEK DEVELOPMENTS: Gets OK to Hire Allan D. NewDelman as Counsel SALEM CONSUMER: Nov. 8 Plan Confirmation Hearing Set SEAFOOD JUNKIE: Taps Buechler Law Office as Bankruptcy Counsel SENSATIONAL DESSERTS: $628K Unsecured Claims to Recover 25% in Plan SILVER STATE: Case Summary & 6 Unsecured Creditors SPORTTECHIE: Cash Collateral Access, $1.1 MM DIP Loan OK'd STATEWIDE AMBULETTE: Case Summary & 20 Top Unsecured Creditors STONEYS KINGFISHERS: Case Summary & 6 Unsecured Creditors SUMMIT BEHAVIORAL: Moody's Gives B3 CFR & Rates 2nd Lien Loans Caa2 TAYLOR MORRISON: S&P Alters Outlook to Stable, Affirms 'BB' ICR TELIGENT INC: Distributors Balk at Ch.11 Customer Risks TOP NOTCH HEALTHCARE: Files Emergency Bid to Use Cash Collateral VENUS CONCEPT: Files Form S-3 to Register $55 Million Securities VERITAS FARMS: Issues $1.5 Million Promissory Note to Wit Trust VIDEO DISPLAY: Posts $164K Net Income in Second Quarter VIDEO RIVER: Partners With CryptoFamily.Tech to Create Crypto Coin WIRECO WORLDGROUP: S&P Ups ICR to 'B' on Accelerated Deleveraging ********* 2340 ND CORP: Nov. 17 Plan Confirmation Hearing Set --------------------------------------------------- On Oct. 8, 2021, debtor 2340 ND Corp., filed with the U.S. Bankruptcy Court for the Eastern District of New York a second amended disclosure statement referring to a second amended plan under Chapter 11. On Oct. 14, 2021, Judge Elizabeth S. Stong approved the second amended disclosure statement and ordered that: * Nov. 15, 2021, is fixed as the last day for filing written acceptances or rejections of the plan. * Nov. 17, 2021, at 11:00 a.m. is fixed for the hearing on confirmation of the plan. * Nov. 15, 2021, is fixed as the last day for filing written objections to confirmation of the plan. A copy of the order dated October 14, 2021, is available at https://bit.ly/3vm5Hwo from PacerMonitor.com at no charge. About 2340 ND Corp 18 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. 25-16 37TH AVE: Case Summary & 7 Unsecured Creditors ---------------------------------------------------- Debtor: 25-16 37th Ave Owners, LLC 3284 N 29th Court Hollywood, FL 33020 Business Description: 25-16 37th Ave Owners, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court Eastern District of New York Case No.: 21-42662 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 Fax: (212) 509-1831 Email: shaffermanjoel@gmail.com Total Assets: $250,000 Total Liabilities: $18,437,803 The petition was signed by David Goldwasser, manager of Sawmill Road Partners, LLC, Member of 25-16 37th Owners, LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CHF4OKQ/25-16_37th_Ave_Owners_LLC__nyebke-21-42662__0001.0.pdf?mcid=tGE4TAMA 4YL DEVELOPMENT: Updates Secured Claims Pay; Files Amended Plan --------------------------------------------------------------- 4YL Development, Inc., submitted a Second Amended Plan of Reorganization and accompanying First Amended Disclosure Statement. Class 2 consists of the claim of SM VER Enterprises, LLC, in the amount of $183,209. The Secured Claim of SM VER Enterprises will be paid on a 360 month amortization with interest at 6.75% commencing on the Effective Date on a 3 year balloon. In addition, commencing on the Effective Date the Debtor shall make monthly deposits to SM VER for tax and insurance escrow accounts in accordance with SM VER's loan documents. The modifications pursuant to this Plan shall be evidenced by a modification agreement. Class 2 consists of the claim of Zia Trust, Inc., as Custodian for Teren D. Klein, IRA. The Secured Claim of Zia Trust, Inc. as Custodian for Teren D. Klein, IRA will be paid on a 360 month amortization with interest at 6.75% commencing on the Effective Date on a 3 year balloon. In addition, commencing on the Effective Date the Debtor shall make monthly deposits to Zia Trust for tax and insurance escrow accounts in accordance with Zia Trust's loan documents. Class 3 consists of the claim of AJPMMV Investments, LLC in the amount of $144,728.55. The Secured Claim of AJPMMV Investments, LLC will be paid on a 360 month amortization with interest at 6.75% commencing on the Effective Date on a 3 year balloon. In addition, commencing on the Effective Date the Debtor shall make monthly deposits to AJPMMV for tax and insurance escrow accounts in accordance with of AJPMMV's loan documents. Class 4 consists of the claim of PTTN Investments, LLC. Investments, LLC will be paid on a 360 month amortization with interest at 6.75% commencing on the Effective Date on a 3 year balloon. In addition, commencing on the Effective Date the Debtor shall make monthly deposits to PTTN for tax and insurance escrow accounts in accordance with of PTTN's loan documents. Like in the prior iteration of the Plan, 4YL proposes to pay a total of $20,000 to the Class 7{b) Unsecured Creditors. 4YL will disburse the $20,000 over 8 years with interest at 5.00%. Monthly payments in the total amount of $230 will be made beginning on the Effective Date with like payments to be on the 15th day of each succeeding month until the total of $20,000 with interest is paid. Payments will be shared pro-rata amongst the Class 7(b) creditors. Doug Rutter and his wife Terri Rutter have personally guaranteed all of the secured debt. Pursuant to the terms of the Agreed Orders on the Applications to Compromise Controversy, their personal guarantees have been released as to the Surrendered Properties. With regards to the Retained Properties, the personal guarantees remain in effect. A full-text copy of the Second Amended Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3n6QBHn from PacerMonitor.com at no charge. Attorneys for the Debtor: Carlos Miranda, Esq. Carlos G. Maldonado, Esq. Miranda & Maldonado, PC 2915 Silver Springs Bldg. 7 El Paso, TX 79912 Tel: (915) 587-5000 Email: cmiranda@eptxlawyers.com About 4YL Development 4YL Development, Inc., is an owner-operator of multi-family residential real estate in El Paso, Texas renting apartment units within its properties. 4YL Development sought Chapter 11 protection (Bankr W.D. Tex. Case No. 21-30157) on March 1, 2021. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge H. Christopher Mott oversees the case. Miranda & Maldonaldo, PC, led by Carlos Miranda, Esq., is the Debtor's legal counsel. 540P PROPERTIES: Seeks to Hire Belvoir Real Estate Group as Broker ------------------------------------------------------------------ 540P Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Belvoir Real Estate Group, LLC to sell its real estate. The firm will be paid a commission of 6 percent of the sale price. Matthew Goldsby, managing director at Belvoir, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew Goldsby Belvoir Real Estate Group, LLC 15835 Park Ten PI Ste 150 Houston, TX 77084-6099 Tel: (281) 600-9988 Email: seanh@belvoir.net About 540P Properties Pasadena, Texas-based 540P Properties, LLC filed a petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 21-32974) on Sept. 6, 2021, listing up to $10 million in assets and up to $1 million in liabilities. Bryan D. Hudson, member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped John E. Smith & Associates, P.C. as legal counsel. A.B.C. CARPET CO: Committee Taps Seward & Kissel as Legal Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of A.B.C. Carpet Co., Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Seward & Kissel, LLP as its legal counsel. The firm's services include: a. assisting the committee in its consultations with the Debtors relative to the administration of their bankruptcy cases and proposed asset sale; b. reviewing the Debtors' statements of operations, bankruptcy schedules and legal papers filed with the court by the Debtors or third parties, advising the committee as to their propriety and, after consultation with the committee, taking appropriate action; c. preparing legal papers; d. representing the committee at court hearings and communicating with the committee regarding the issues raised and decisions made by the court; and e. performing other necessary legal services. The firm's hourly rates are as follows: Partners $1,100 to 1,400 per hour Associates $550 to $875 per hour Seward & Kissel will also receive reimbursement for out-of-pocket expenses incurred. John Ashmead, Esq., a partner at Seward & Kissel, 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: John R. Ashmead, Esq. Robert J. Gayda, Esq. Catherine V. LoTempio, Esq. Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Phone: (212) 574-1200 Fax: (212) 480-8421 Email: ashmead@sewkis.com gayda@sewkis.com lotempio@sewkis.com About A.B.C. Carpet Co. Inc. New York-based A.B.C. Carpet Co., Inc. owns and operates ABC Carpet & Home, an iconic lifestyle brand and home furnishing retailer with stores in Manhattan and Brooklyn. A.B.C. Carpet Co. and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.21-11591) on Sept. 8 2021, listing up to $50 million in assets and up to $100 million in liabilities. Aaron Rose, chief executive officer, signed the petitions. Judge David S. Jones oversees the cases. The Debtors tapped Greenberg Traurig, LLP as legal counsel and B. Riley Securities, Inc. as investment banker and financial advisor. Stretto is the claims, noticing and administrative agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' bankruptcy cases on Sept. 22, 2021. Seward & Kissel, LLP and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. A.B.C. CARPET CO: Taps Stretto as Administrative Agent ------------------------------------------------------ A.B.C. Carpet Co., Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Stretto as administrative agent. The firm's services include: a. assisting with, among other things, solicitation, balloting and tabulation of votes, and preparing any related reports in support of confirmation of a Chapter 11 plan; b. preparing an official ballot certification and, if necessary, testifying in support of the ballot tabulation results; c. assisting with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs, and gathering data in conjunction therewith; d. assisting with the preparation of the Debtors' monthly operating reports and gathering data in conjunction therewith; e. providing a confidential data room; and f. managing and coordinating any distributions pursuant to a Chapter 11 plan if designated as distribution agent under such plan. The firm's hourly rates are as follows: Director of Solicitation $250 per hour Solicitation Associate $230 per hour Director $210 to $250 per hour Associate/Senior Associate $70 to $200 per hour Analyst $33 to $66 per hour Stretto received a retainer in the total amount of $10,000 and will receive reimbursement for out-of-pocket expenses incurred. Sheryl Betance, a senior managing director at Stretto's Corporate Restructuring, disclosed in court filings 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: Sheryl Betance Stretto 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: Sheryl.betance@stretto.com About A.B.C. Carpet Co. Inc. New York-based A.B.C. Carpet Co., Inc. owns and operates ABC Carpet & Home, an iconic lifestyle brand and home furnishing retailer with stores in Manhattan and Brooklyn. A.B.C. Carpet Co. and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.21-11591) on Sept. 8 2021, listing up to $50 million in assets and up to $100 million in liabilities. Aaron Rose, chief executive officer, signed the petitions. Judge David S. Jones oversees the cases. The Debtors tapped Greenberg Traurig, LLP as legal counsel and B. Riley Securities, Inc. as investment banker and financial advisor. Stretto is the claims, noticing and administrative agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' bankruptcy cases on Sept. 22, 2021. Seward & Kissel, LLP and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. ALPINE 4: Approved to List on Nasdaq ------------------------------------ Alpine 4 Holdings, Inc., has been approved by The Nasdaq Stock Market to list on The Nasdaq Capital Market effective at the open of the market today under the trading symbol ALPP. Kent Wilson, CEO, had this to say about the Nasdaq approval: "This has been a long-anticipated event, and I can state enthusiastically that we are very pleased to be joining Nasdaq. I want to say thank you to all our hard-working employees and shareholders who helped make this day possible!" In conjunction with the Nasdaq listing, the Company has also promoted Larry Zic from chief accounting officer to chief financial officer and has appointed Mike Loyd to the Board of Directors and to become Chair of the Audit Committee. Mr. Zic has been with the Company since April 2020, originally serving as corporate controller. Later, he became the Company's chief accounting officer. Mr. Zic has a Bachelor of Accounting degree from St. Joseph's College in Indiana, and a Master of Business Administration degree from Indiana University Bloomington. Mr. Loyd currently serves as the treasurer and SVP at Old National Bank in Fort Branch, Indiana. Mr. Loyd has a Bachelor of Business Administration degree from the University of Kentucky and a Master of Business Administration degree from Auburn University. About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. As of April 14, 2021, the Company was a holding company that owned nine operating subsidiaries: ALTIA, LLC; Quality Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.; Deluxe Sheet Metal, Inc.; Excel Construction Services, LLC; SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US), Inc. Alpine 4 Holdings reported a net loss of $8.05 million for the year ended Dec. 31, 2020, compared to a net loss of $3.13 for the year ended Dec. 31, 2019, and a net loss of $7.91 million for the year ended Dec. 31, 2018. As of June 30, 2021, the Company had $94.03 million in total assets, $47.12 million in total liabilities, and $46.91 million in total stockholders' equity. APOLLO ENDOSURGERY: Expects $69.6M Proceeds From Stock Offering --------------------------------------------------------------- Apollo Endosurgery, Inc. entered into a purchase agreement with Piper Sandler & Co., Cowen and Company, LLC and Stifel, Nicolaus & Company, Incorporated, as representatives of the several underwriters, relating to the issuance and sale of 8,400,000 shares of the company's common stock, par value $0.001 per share. The public offering price of shares of common stock in the offering is $7.75 per share, and the underwriters have agreed to purchase the shares from Apollo Endosurgery pursuant to the Underwriting Agreement at a price of $7.285 per share. The net proceeds to Apollo Endosurgery from this offering are expected to be approximately $69.6 million, including the net proceeds from the full exercise by the underwriters' of their 30-day option to purchase 1,260,000 additional shares of common stock from the company, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the company. The offering is being made pursuant to Apollo Endosurgery's effective registration statement on Form S-3 (Registration Statement No. 333-255786), as previously filed with the U.S. Securities and Exchange Commission, and a related prospectus supplement and accompanying prospectus. About Apollo Endosurgery Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a medical technology company focused on less invasive therapies to treat various gastrointestinal conditions, ranging from gastrointestinal complications to the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries and include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System, and the ORBERA Intragastric Balloon. Apollo Endosurgery reported a net loss of $22.61 million for the year ended Dec. 31, 2020, compared to a net loss of $27.43 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $74.42 million in total assets, $71.71 million in total liabilities, and $2.71 million in total stockholders' equity. BALANCE POINT: Seeks to Employ Polsinelli as Bankruptcy Counsel --------------------------------------------------------------- Balance Point LLC and MECTA Corporation seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Polsinelli, PC to serve as legal counsel in their Chapter 11 cases. The firm's services include: (a) taking all necessary action to protect and preserve the estates of the Debtors, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; (b) providing legal advice with respect to the Debtors' powers and duties in the continued operation of their business; (c) preparing legal papers and appearing in court; (d) taking all necessary or appropriate actions in connection with any plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; (e) reviewing all pleadings filed in the cases; and (f) performing all other necessary legal services. The firm's hourly rates are as follows: Shareholders $550 - $850 per hour Associates $250 - $550 per hour Paraprofessionals $200 - $350 per hour The Debtors paid $325,000 to the law firm as a retainer fee. Shanti Katona, Esq., shareholder of Polsinelli, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shanti M. Katona, Esq. Polsinelli PC 222 Delaware Avenue, Suite 1101, Wilmington, Delaware 19801 Tel.: 302.252.0924 Fax: 302.252.0921 Email: skatona@polsinelli.com About Balance Point and MECTA Tualatin, Ore.-based Balance Point, LLC was formed to hold, maintain, develop and license intellectual property supporting the medical devices used in the treatment of mental illness. It is a wholly owned subsidiary of MECTA Corporation, a marketer, manufacturer and distributor of Electroconvulsive Therapy (ECT) devices. As of the petition date, MECTA has a non-exclusive license to all of Balance Point's patents, trademarks, copyrights, trade secrets and other intellectual property, which it uses in connection with the business. Balance Point and MECTA filed petitions for Chapter 11 protection (Bankr. D. Del. Case No. 21-11279) on Sept. 30, 2021. MECTA President Robin H. Nicol signed the petitions. At the time of the filing, Balance Point listed up to $10 million in assets and up to $50,000 in liabilities while MECTA listed as much as $10 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Polsinelli, PC and Wyse Advisors, LLC as legal counsel and financial advisor, respectively. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. BALANCE POINT: Seeks to Employ Stretto as Administrative Advisor ---------------------------------------------------------------- Balance Point LLC and MECTA Corporation seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Stretto, Inc. as administrative advisor. The firm's services include: (a) assisting with, among other things, legal noticing, claims management and reconciliation, plan solicitation, balloting, disbursements and tabulation of votes, preparing any related reports in support of confirmation of a Chapter 11 plan, and processing requests for documents; (b) preparing an official ballot certification and, if necessary, testifying in support of the ballot tabulation results; (c) assisting with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs; (d) providing a confidential data room, if requested; and (e) managing and coordinating any distributions pursuant to a Chapter 11 plan. As disclosed in court filing, the firm may require an advance or direct payment where an expense or group of expenses to be incurred is expected to exceed $10,000. Sheryl Betance, managing director at Stretto, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: 714.716.1872 Email: sheryl.betance@stretto.com About Balance Point and MECTA Tualatin, Ore.-based Balance Point, LLC was formed to hold, maintain, develop and license intellectual property supporting the medical devices used in the treatment of mental illness. It is a wholly owned subsidiary of MECTA Corporation, a marketer, manufacturer and distributor of Electroconvulsive Therapy (ECT) devices. As of the petition date, MECTA has a non-exclusive license to all of Balance Point's patents, trademarks, copyrights, trade secrets and other intellectual property, which it uses in connection with the business. Balance Point and MECTA filed petitions for Chapter 11 protection (Bankr. D. Del. Case No. 21-11279) on Sept. 30, 2021. MECTA President Robin H. Nicol signed the petitions. At the time of the filing, Balance Point listed up to $10 million in assets and up to $50,000 in liabilities while MECTA listed as much as $10 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Polsinelli, PC and Wyse Advisors, LLC as legal counsel and financial advisor, respectively. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. BALANCE POINT: Seeks to Hire Wyse Advisors as Financial Advisor --------------------------------------------------------------- Balance Point, LLC and MECTA Corporation seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Wyse Advisors, LLC as financial advisor. The firm's services include: (a) assisting the Debtors in the preparation of financial-related disclosures required by the court, including but not limited to the Debtors' schedules of assets and liabilities, statements of financial affairs and monthly operating reports; (b) assisting the Debtors' management team and legal counsel focused on the coordination of resources related to the reorganization effort; (c) assisting in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, and analysis of various asset and liability accounts; (d) attending meetings and assisting in the discussions with the U.S. trustee, the Subchapter V trustee and other parties in interest, as requested; (e) assisting the management in connection with the Debtors' development of a three-year business plan, and such other related forecasts as may be required in connection with the Debtors' restructuring efforts; (f) assisting in the preparation of information and analysis necessary for the confirmation of a plan of reorganization in the cases; and (g) rendering other general business consulting services. The firm's hourly rates range from $300 to $600. The Debtors paid $225,000 to the firm as a retainer fee. Michael Wyse, managing director at Wyse Advisors, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Wyse Wyse Advisors LLC 51 JFK Parkway Short Hills, NJ 07078 Tel.: (937) 218-2407 Email: jgatlin@wyseadvisorsllc.com About Balance Point and MECTA Tualatin, Ore.-based Balance Point, LLC was formed to hold, maintain, develop and license intellectual property supporting the medical devices used in the treatment of mental illness. It is a wholly owned subsidiary of MECTA Corporation, a marketer, manufacturer and distributor of Electroconvulsive Therapy (ECT) devices. As of the petition date, MECTA has a non-exclusive license to all of Balance Point's patents, trademarks, copyrights, trade secrets and other intellectual property, which it uses in connection with the business. Balance Point and MECTA filed petitions for Chapter 11 protection (Bankr. D. Del. Case No. 21-11279) on Sept. 30, 2021. MECTA President Robin H. Nicol signed the petitions. At the time of the filing, Balance Point listed up to $10 million in assets and up to $50,000 in liabilities while MECTA listed as much as $10 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Polsinelli, PC and Wyse Advisors, LLC as legal counsel and financial advisor, respectively. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. BELVIEU BRIDGE: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Belvieu Bridge Properties Group, LLC asks the U.S. Bankruptcy Court for the District of Maryland for authority to use cash collateral on an interim basis. The Debtor requires the use of cash collateral to pay necessary expenses for the continued operation of its property and for the protection and preservation of the bankruptcy estate assets. Cash Collateral in the case consists of income generated in the regular course of business from the post-petition operation of the Debtor's business, two residential apartment buildings located at 3915 - 3921 Belvieu Avenue and 4610-4614 Wellington Avenue, Baltimore, Maryland 21215 and 2427-2431 Lakeview Avenue, Baltimore, Maryland 21217. The income generated from the operations of the Debtor is to be used for payment of necessary and appropriate operating expenses of the Debtor and administrative expenses in the case. With respect to such administrative expenses, the Debtor requests authorization to pay administrative expenses (such as professional and appraisal fees) after approval by the Court. The Debtor operates two residential apartment complexes at the Belvieu Property and the Lakeview Property. The purchase of the Properties was funded by loans from Velocity Commercial Capital, LLC, as to the Belvieu Property in the amount of $1,500,000 and as to the Lakeview Property in the amount of $1,176,000. It is alleged that the Loans were subsequently assigned to U.S. Bank National Association, as Trustee for Velocity Commercial Capital Loan Trust 2017-2. Although Velocity has actively participated in the case, it has not filed Proofs of Claim. The approximate balance owed on the Loans on the Petition Date: Belvieu Loan: $1,515,875.12 Lakeview Loan: $1,258,782.12 No other parties, apart from governmental liens for utilities and/or property taxes, assets liens as to the Properties. As of September 28, 2021, the Belvieu Property has been appraised at $2,750,000. As of September 28, 2021, the Lakeview Property has been appraised at $1,750,000. This results in gross equity for the Belvieu Property of $1,234,124.90 and for Lakeview of $491,217.90. On September 2, 2021, a Consent Order Authorizing Use of Cash Collateral and Providing Adequate Protection was entered at Docket No. 89. This Consent Order provided for a one-time payment of $100,000 and weekly reports to Velocity as indicated therein. Such payment was made, and the Debtor believes that it is in compliance with the reporting requirements. The Consent Order was predicated on the assumption that the October 18, 2021 confirmation hearing would resolve confirmation issues and obviate the need for an extension or revision in the Consent Order. Unfortunately, as noted in Line Withdrawing the Chapter 11 Plan, it has been necessary to withdraw that Plan to address the Proofs of Claim filed by the Mayor and City Council of Baltimore and the agreed-upon treatment of the claim filed by South End Capital Corporation, as well as balloting issues with the Plan. An Amended Plan has been filed addressing these issues, but confirmation will extend past the current expiration of the Consent Order. Since the Petition Date, all business operations of the Debtor have been funded solely with the Pre-Petition Funds, as discussed infra, and/or funds paid pursuant to the Consent Order. The impact of the Covid-19 pandemic on the Debtor's business has been devastating. Many of its tenants lost their jobs or had significant cutbacks in their hours and thus their income. Non-payment of rent soared. As noted on the Schedule A/B, the Debtor, on the Petition Date, was owed approximately $93,000 in unpaid rent. The eviction moratorium imposed by Governor Hogan on March 16, 2020 prevented the Debtor from evicting non-paying tenants, with the result that there were a significant number of tenants residing in rental units who were not paying rent and could not be evicted. The budgets for the Belvieu Property and the Lakeview Property, show that the Debtor anticipates having $6,964.65 in net income after October 2021, and $3,034.78 in net income from Lakeview after October 2021. Further, the substantial equity in both properties as shown on the Lender's own appraisal shows that the Lender's position is more than adequately protected. Since the filing of the case, the Debtor has received rents for post-petition tenant obligations, as well as the payment of accounts receivable for pre-petition tenant obligations. None of the Post-Petition Funds have been used to fund any post-petition business operations of the Debtor, and such funds are currently in the Debtor's Debtor-in-Possession account. The total amount of post-petition receipts from the Properties through July 31, 2021, is $99,979.59. As adequate protection for the use of Cash Collateral, Velocity will retain its liens and be paid as follows (which sums represent all of the Debtor's net income from the Properties for the period stated): Belvieu Loan: $6,964.65 on November 1, 2021 $6,964.65 on December 1, 2021 Lakeview Loan: $3,034.78 on November 1, 2021 $3,034.78 on December 1, 2021 Before January 1, 2022, the amount of the Adequate Protection Payments will be reexamined to determine, based on the Debtor's income and expenses between now and such reexamination, as well as any appraisal that will be performed on the Properties, to determine whether a change in these amounts is appropriate. A copy of the motion is available at https://bit.ly/3n1CQtE from PacerMonitor.com. About Belvieu Bridge Properties Group Baltimore, Md.-based Belvieu Bridge Properties Group, LLC is the owner of multi-unit residential apartment buildings located at 3915 Belvieu Avenue & 4610 Wallington Avenue, Baltimore, MD 21215; and 2427-2429 & 2431-2433 Lakeview Avenue, Baltimore, MD 21217. The company is the owner of fee simple title to the properties, having a current value of $2.93 million. Belvieu Bridge Properties Group filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21-11452) on March 9, 2021. Zenebe Shewayene, managing member, signed the petition. At the time of the filing, the Debtor disclosed total assets of $3,115,322 and total liabilities of $3,108,307. Judge David E. Rice oversees the case. The Weiss Law Group, LLC serves as the Debtor's legal counsel. BIONIK LABORATORIES: Hikes CFO's Bonus Target to 40% of Base Salary ------------------------------------------------------------------- Bionik Laboratories Corp. amended its employment agreement, dated as of Oct. 15, 2021, with Rich Russo, the company's chief financial officer and interim chief executive officer, to increase the annual bonus target from 30% of base salary to 40% of base salary. About BIONIK Laboratories BIONIK Laboratories -- http://www.BIONIKlabs.com-- is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development. Bionik Laboratories reported a net loss and comprehensive loss of $13.62 million for the year ended March 31, 2021, compared to a net loss and comprehensive loss of $25.02 million for the year ended March 31, 2020. As of March 31, 2021, the Company had $8.79 million in total assets, $5.51 million in total liabilities, and $3.28 million in total stockholders' equity. As of June 30, 2021, the Company had $8.68 million in total assets, $5.76 million in total liabilities, and $2.92 million in total stockholders' equity. Toronto, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 24, 2021, citing that he Company has experienced losses and has a working capital deficiency and an accumulated deficit. These conditions, along with other matters, raise substantial doubt about Company's ability to continue as a going concern. BOY SCOUTS: To Create Board Seat for Abuse Survivors ---------------------------------------------------- Rick Archer of Law360 reports that a group representing Boy Scouts of America sexual abuse claimants announced Monday, October 18, 2021, that the organization has agreed to create a seat for an abuse survivor on its national executive board after its Chapter 11 reorganization is finished. The Coalition of Abused Scouts for Justice, a group representing abuse tort claimants that have accepted the Boy Scouts' proposed Chapter 11 settlement of their claims, said the idea came from survivors' desire to prevent future abuse and could be a model for other organizations settling similar claims. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BRAIN ENERGY: Nov. 18 Plan Confirmation Hearing Set --------------------------------------------------- On Oct. 8, 2021, debtor Brain Energy Holdings LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Second Amended Chapter 11 Plan of Liquidation and a corresponding Second Amended Disclosure Statement. On Oct. 14, 2021, Judge Nancy Hershey Lord approved the Amended Disclosure Statement and ordered that: * Nov. 12, 2021 at 5:00 p.m. is the deadline to submit ballots accepting or rejecting the Amended Plan. * Nov. 18, 2021 at 11:00 a.m. is the telephonic hearing to consider confirmation of the Amended Plan. * Nov. 12, 2021 at 5:00 p.m. is the deadline to file objections, if any, to confirmation of the Amended Plan. A copy of the order dated October 14, 2021, is available at https://bit.ly/2YYiCsV from PacerMonitor.com at no charge. Counsel to the Debtor: PICK & ZABICKI LLP 369 Lexington Avenue, 12th Floor New York, New York 10017 Tel: (212) 695-6000 Douglas J. Pick, Esq. Eric C. Zabicki, Esq. About Brain Energy Holdings Brain Energy Holdings LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Company is the fee simple owner of a 6 floor mixed use brownstone located at 153 Clinton Street, Brooklyn, NY having a current value of $4.5 million. The Debtor filed Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 21 42150) on August 24, 2021. Hon. Nancy Hershey Lord oversees the case. Douglas Pick, Esq. of PICK & ZABICKI LLP is the Debtor's Counsel. In the petition signed by Anthony Spartalis, managing member, the Debtor disclosed $4,501,100 in assets and $4,411,145 in liabilities. BRAZOS ELECTRIC: Judge Says Electricity Can Be a Good & a Service ----------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that touching on a key issue in the fight between Brazos Electric Power Cooperative and Texas' electric grid operator, Ercot, U.S. Bankruptcy Judge David R. Jones said Monday, October 18, 2021, he believes electricity can be both a good and a service. "I actually think that you have to look at where you are in the supply chain," Judge Jones said in a virtual hearing Monday. "At one point in the chain it can be a good and at another point it can be a service." Judge Jones called the issue "factually intensive." As reported in the TCR, Brazos Electric Power Cooperative Inc has asked the judge overseeing its bankruptcy to determine that Texas's electric operator applied the wrong pricing mechanism for electricity used during the state's historic winter storm that left millions without power. The Debtor filed a lawsuit in August as part of its bankruptcy against the Electric Reliability Council of Texas Inc(ERCOT) over a $2 billion bill it received after the February 2021 storm. Brazos has proposed holding a trial in bankruptcy court as early as December 2020 over the amount it owes the ERCOT. About Brazos Electric Power Cooperative Brazos Electric Power Cooperative Inc. is a 3,994-megawatt transmission and generation cooperative which members' service territory covers 68 counties from the Texas Panhandle to Houston. It was organized in 1941 and the first cooperative formed in the Lone Star state with the primary intent of generating and supplying electrical power. At present, Brazos Electric is the largest generation and transmission cooperative in the state and is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system. Brazos Electric filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30725) on March 1, 2021. At the time of the filing, the Debtor disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversees the case. The Debtor tapped Norton Rose Fulbright US, LLP and O'Melveny & Myers LLP as bankruptcy counsel; Foley & Lardner LLP and Eversheds Sutherland US LLP as special counsel; Collet & Associates LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. Ted B. Lyon & Associates, The Gallagher Law Firm, West & Associates LLP, Butch Boyd Law Firm and Boyd Smith Law Firm, PLLC serve as special litigation counsel and McKool Smith PC serves as special conflicts counsel. Stretto is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's case on March 15, 2021. The committee is represented by the law firms of Porter Hedges, LLP and Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc., and Lazard Freres & Co. LLC serve as the committee's financial advisor and investment banker, respectively. BRIGHT MOUNTAIN: To Get Additional Loan Under Centre Lane Agreement ------------------------------------------------------------------- Bright Mountain Media, Inc. and its subsidiaries entered into a fifth amendment to the senior secured credit agreement dated June 5, 2020, with Centre Lane Partners Master Credit Fund II, L.P., as administrative agent and collateral agent. The credit agreement was amended to provide for an additional loan amount of $725,000. This term loan shall be repaid in monthly installments beginning on Oct. 31 through Dec. 31, 2021. About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc. -- www.brightmountainmedia.com -- is an end-to-end digital media and advertising services platform, efficiently connecting brands with targeted consumer demographics. In addition to its corporate website, the Company owns and/or manages 24 websites which are customized to provide its niche users, including active, reserve and retired military, law enforcement, first responders and other public safety employees with products, information and news that the Company believes may be of interest to them. The Company also owns an ad network which was acquired in September 2017. Bright Mountain reported a net loss of $3.40 million for the year ended Dec. 31, 2019, compared to a net loss of $5.22 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $42.77 million in total assets, $29.92 million in total liabilities, and $12.85 million in total shareholders' equity. EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 14, 2020, citing that the Company has experienced recurring net losses, cash outflows from operating activities, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BROOKFIELD SQUARE: Wisconsin Property Joins CBL in Chapter 11 ------------------------------------------------------------- Brookfield Square Anchor S, LLC, the owner a first-class, open-air entertainment development in Madison, Wisconsin, filed for Chapter 11 bankruptcy, almost a year after parent CBL & Associates Properties, Inc., sought bankruptcy protection. The Brookfield Property is home to 11 tenants, including Marcus Theater, Whirlyball, and Orange Theory Fitness. The Brookfield Property is adjacent to the larger Brookfield Square Mall, which CBL acquired in 2001. As a result of the ongoing COVID-19 pandemic, which forced the Mall to close for two months in 2020, the Brookfield Property was, and continues to be, significantly and financially impacted. Indeed, Whirlyball and Marcus Theater, the main entertainment venues at the Brookfield Property, have only recently opened for business and at a reduced capacity. In 2019, to fund the construction costs associated with the Brookfield Property, Brookfield entered into a Syndicated Construction Loan Agreement dated Oct. 23, 2018, with Associated Bank, National Association, and West Suburban Bank. The Lenders agreed to extend credit to Brookfield in the aggregate principal amount of up to $29,400,000. As of Oct. 18, 2021, the amount outstanding under the Brookfield Loan Agreement is $27,461,204 in unpaid principal, plus accrued and unpaid interest, fees and other expenses. On Nov. 1, 2020, CBL and certain of its subsidiaries commenced their chapter 11 cases. As the Court is aware, the chapter 11 cases generally did not include subsidiaries of the REIT that are party to certain property-level loans. Given the economic circumstances of the Brookfield Property, CBL realized that a more fulsome restructuring of the Brookfield Loan was necessary and engaged Associated Bank in such restructuring discussions. To date, however, the parties have been unable to reach an agreement regarding the restructuring of the Brookfield Loan. Consequently, to preserve and maximize value of the Brookfield estate, Brookfield has decided to commence this chapter 11 case to restructure the Brookfield Loan utilizing the tools available under the Bankruptcy Code. Brookfield and the Initial Debtors request entry of an order that, among other things, directs (i) joint administration of the chapter 11 case of Brookfield with the jointly administered chapter 11 cases of CBL & Associates Properties, Inc., et al., (Case No. 20-35226) (DRJ) for procedural purposes only; and (ii) certain generally applicable orders previously entered by the Court in the Initial Debtors' chapter 11 cases to be made applicable to Brookfield's chapter 11 case. About Brookfield Square Brookfield Square Anchor S, LLC, owns a first-class, open-air entertainment development in Madison, Wisconsin. Brookfield Square Anchor S, LLC, filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 21-90014) on Oct. 18, 2021. The Company has sought joint administration of its chapter 11 case with the jointly administered chapter 11 cases of CBL & Associates Properties, Inc., et al. (Case No. 20-35226). About CBL & Associates Properties CBL & Associates Properties, Inc. -- http://www.cblproperties.com/ -- is a self-managed, self-administered, fully integrated real estate investment trust (REIT) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers, and office properties. CBL's portfolio is comprised of 107 properties totaling 66.7 million square feet across 26 states, including 65 high-quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. It seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. CBL, CBL & Associates Limited Partnership and four other entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020 (Bankr. S.D. Tex. Lead Case No. 20-35226). Another 172 entities sought bankruptcy protection on Nov. 2, 2020, and CBL/Regency I, LLC on Nov. 13. Laredo Outlet Shoppes, LLC filed its Chapter 11 petition on May 26, 2021. The cases are jointly administered with CBL & Associates Properties' case as the lead case. The Debtors have tapped Weil, Gotshal & Manges LLP as their legal counsel, Moelis & Company as restructuring advisor and Berkeley Research Group, LLC, as financial advisor. Epiq Corporate Restructuring, LLC, is the claims agent. BROOKLYN IMMUNOTHERAPEUTICS: To Move Common Stock Listing to Nasdaq ------------------------------------------------------------------- Brooklyn ImmunoTherapeutics, Inc. will transfer its common stock listing from the NYSE American to the Nasdaq Global Market, effective upon the market close on Oct. 22, 2021. Brooklyn's common stock is expected to begin trading as a Nasdaq-listed security on Oct. 25, 2021 and will continue to trade under the ticker symbol "BTX." Brooklyn's President and CEO Howard J. Federoff, M.D., Ph.D., commented, "We view the Nasdaq Global Market as more in line with the innovation we are pursuing, which we believe will be attractive to a broader range of investors oriented around companies such as ours. We view this transfer as driving further shareholder value for our investors. We thank the New York Stock Exchange for its partnership, and are extremely pleased to join many of the world's most successful and innovative companies listed on Nasdaq." About Brooklyn ImmunoTherapeutics Brooklyn ImmunoTherapeutics (formerly NTN Buzztime, Inc.) is biopharmaceutical company focused on exploring the role that cytokine, gene editing, and cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases. NTN Buzztime reported a net loss of $4.41 million for the year ended Dec. 31, 2020, compared to a net loss of $2.05 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $64.71 million in total assets, $29.53 million in total liabilities, and $35.18 million in total stockholders' and members' equity. San Diego, California-based Baker Tilly US, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 11, 2021, citing that the Company incurred a significant net loss for the year ended Dec. 31, 2020 and as of Dec. 31, 2020 had a negative working capital balance, and does not expect to have sufficient cash or working capital resources to fund operations for the twelve-month period subsequent to the issuance date of these financial statements. These factors raise substantial doubt about the Company's ability to continue as a going concern. CALUMET PAINT: Seeks Cash Collateral Access ------------------------------------------- Calumet Paint & Wallpaper, Inc. asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and related relief. The Debtor requires the use of cash collateral to pay, among other things, operating expenses, insurance, utilities, and rent. The Debtor says its proposal will permit it to pay and sustain the business and reorganize its financial affairs through the implementation of a successful Plan of Reorganization. Furthermore, the Debtor's proposal will adequately protect the purported interests of secured creditors. On May 17, 2021, an arbitration award in favor of Super Painters Supply, LLC and against the Debtor and its principal officer, Mark LaVelle, in the amount of approximately $689,000 was issued by the arbitrator. The issuance of the Arbitration Award followed a hearing at which neither the Debtor nor Mr. LaVelle participated. Thereafter, SPS filed a Petition for Confirmation of Arbitration Award in the Circuit Court of Cook County, Illinois. In response to this Petition, the Debtor and Mr. LaVelle filed a Motion to Vacate the Arbitration Award citing numerous grounds. SPS filed a Motion to Strike the Motion to Vacate. The Chapter 11 case was filed before any substantive rulings on the Motion to Vacate and the Motion to Strike. As of the Petition Date, the Arbitration Award has not been confirmed. The Arbitration Award and resulting litigation costs were the triggering events for the filing of the Chapter 11 case. The Debtor intends to file a plan of reorganization that provides for repayment to all creditors with allowed claims over an acceptable period of time from revenue generated by the Debtor in the ordinary course of business. Pratt & Lambert United, Inc. and PPG Architectural Finishes, Inc. assert liens and security interests against the Debtor's assets to secure an underlying indebtedness due from the Debtor. P&L is the successor to Sherwin Williams and has recorded liens and security interests dating back to 1993 on the Debtor’s accounts and inventory sold by P&L to the Debtor. As of the Petition Date, P&L was owed approximately $6,377 by the Debtor. PPG is more commonly known as Pittsburgh Paints and has recorded liens and security interests dating back to 1996 on inventory sold by PPG to the Debtor. As of the Petition Date, PPG was owed approximately $835 by the Debtor. The Debtor proposes to use cash collateral and provide adequate protection to the Secured Creditors upon these terms and conditions: a. The Debtor will permit the Secured Creditors to inspect, upon reasonable notice, within reasonable hours, the Debtor's books and records; b. The Debtor shall maintain and pay premiums for insurance to cover all of its assets from fire, theft and water damage; c. The Debtor shall, upon reasonable request, make available to the Secured Creditors evidence of that which purportedly constitutes its collateral or proceeds; d. The Debtor will properly maintain its assets in good repair and properly manage the business; and e. The Secured Creditors shall be granted valid, perfected, enforceable security interests in and to the Debtor's post-petition assets, including all proceeds and products which are now or hereafter become property of this estate to the extent and priority of their alleged pre-petition liens, if valid, but only to the extent of any diminution in the value of such assets during the period from the commencement of the Debtors' Chapter 11 case through the next hearing on the use of cash collateral. A copy of the motion is available at https://bit.ly/3BXJTtt from PacerMonitor.com. About Calumet Paint & Wallpaper, Inc. Calumet Paint & Wallpaper, Inc. is an Illinois corporation operating from leased premises at 12120 Western Avenue, Blue Island, Illinois. Calumet Paint has been in business since 1957 and is currently an authorized Benjamin Moore retailer specializing in the sale of interior and exterior paints, stains and related supplies. Calumet Paint sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-11709 on October 13, 2021. In the petition signed by Mark R. Lavelle, president, the Debtor disclosed up to $1 million in both assets and liabilities. David K. Wench, Esq., at Burke, Warren, MacKay and Serritella, PC is the Debtor's counsel. CLEARDAY INC: Signs Investor Relations Agreement With EMC --------------------------------------------------------- Clearday, Inc. has entered into an agreement for electronic media and webcast services, design, development and dissemination services with Emerging Markets Consulting, LLC. EMC will be providing investor relation services to the company, effective Oct. 18, 2021. The EMC agreement has an initial term of 30 days, and Clearday has paid EMC a non-refundable cash fee of US$150,000. EMC distributes content to numerous investor relations consultants consisting of stockbrokers, investment bankers, fund managers and institutions that actively seek opportunities in the microcap and small-cap equity markets. Neither EMC nor any of its principals currently owns any securities, directly or indirectly, of the company or has any intentions to acquire any securities of the company. The compensation to EMC does not include any equity compensation. James Walesa, Chairman of Clearday, said: "Following our recent merger and listing on the OTCQB, we believe the time is right to further our reach to investors. We expect the engagement of EMC will help us expand our corporate messaging and shareholder outreach. It is Clearday's intention to share with all investor groups our vision of care in the coming years." James Painter, president of EMC, said, "With the tremulous year we have all faced, hope springs eternal. Working with Clearday is an honor and a privilege. The company's prospects met our stringent client requirements, and we are happy to have Clearday on our prestigious client roster." About Clearday Clearday (fka Superconductor Technologies, Inc.) is an innovative non-acute longevity health care services company with a modern, hopeful vision for making high quality care options more accessible, affordable, and empowering for older Americans and those who love and care for them. Clearday has decade-long experience in non-acute longevity care through its subsidiary Memory Care America, which operates highly rated residential memory care communities in four U.S. states. Clearday at Home -- its digital service -- brings Clearday to the intersection of telehealth, Software-as-a-Service (SaaS), and subscription-based content. Superconductor reported a net loss of $2.96 million in 2020 following a net loss of $9.23 million in 2019. As of July 3, 2021, the Company had $2.36 million in total assets, $668,000 in total liabilities, and $1.69 million in total stockholders' equity. Los Angeles, CA-based Marcum LLP, the Company's auditor since 2009, 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 is operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CONFLUENT HEALTH: S&P Affirms 'B-' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on Confluent Health LLC. S&P also assigned 'B-' issue-level ratings and '4' recovery ratings to the proposed secured debt. S&P expects to withdraw the issue-level ratings on the existing debt upon close of the transaction. S&P said, "The stable outlook reflects our expectation that the company will continue to grow organically. It also reflects our view that the company will remain acquisitive, but that the company will continue to generate positive discretionary cash flow. "We view the proposed transaction as credit neutral. Although the transactions raise leverage, this is offset by improving operating trends, increasing scale of the business, and our expectation that the company will generate $20 million in discretionary cash flow in 2022. Although Confluent remains small relative to the physical therapy peers we rate, we expect the company will more than double in size by the end of 2022 compared with 2020. This increased scale comes from a combination of past acquisitions, proposed acquisitions, and a recovery in patient visits in the second quarter of 2021." Operating results in the first half, and the second quarter in particular, have shown a recovery from the pandemic. After disruption to the business in the first quarter due to a combination of pandemic and weather-related declines in patient visits, conditions stabilized in March and have remained consistent since then. S&P said, "We also note that despite a generally tight labor market, Confluent has not experienced the significant labor and retention challenges seen by physical therapy peer ATI Physical Therapy Inc. In our view Confluent's Education Services segment is also a strategic source of new talent for the company in a tight labor market." S&P said, "We expect total revenue to exceed $500 million in 2022.The company has grown rapidly through acquisition and organic growth since Partners Group acquired the business in 2019. In 2019, the company generated $200 million of revenue. The company's local branding strategy and minority ownership interest model incentivizes performance at the clinic level, which has led to organic growth in the mid- to upper-single-digit percentage range. Tuck-in acquisitions and de novo clinics have been a significant contributor to growth during this time period. The company issued $80 million of incremental term loan in October 2020 to fund several tuck-in acquisitions. The proposed transaction now adds $190 million of incremental debt (after debt repayment) to fund additional acquisitions currently under letters of interest (LOI). We expect those acquisitions to close by the end of 2021, with the company deploying the proposed $100 million delayed-draw term loan to for acquisitions before the end of 2022. We expect that combined with organic growth, these transactions will enable Confluent to generate over $500 million in revenue 2022. "We expect debt to EBITDA to decline to about 6x in 2022, benefitting from acquired EBITDA and fewer disruptions to patient visit volumes relative to 2020 and the first quarter of 2021.The near-term acquisitions under LOI will contribute approximately $31 million of EBITDA. We expect Confluent to deploy the net proceeds of the proposed refinancing, including proceeds from the $100 million delayed-draw term loan, toward acquisitions over the next 12 months. In our base case we expect adjusted debt to EBITDA of 6.0x and discretionary cash flow of about $20 million in 2022. "The stable outlook reflects our expectation that the company will continue to grow organically. It also reflects our view that the company will remain acquisitive, but will continue to generate positive discretionary cash flow. "We could consider raising the rating if the company successfully executes on its growth strategy without significantly increasing leverage. This would require integrating its proposed acquisitions while generating consistent organic revenue growth, producing discretionary cash flow generation of over $25 million, and maintaining discretionary cash flow to debt of above 3% on a sustained basis. "We could consider a downgrade if Confluent's operating performance declines as a result of competition, volume declines, labor challenges, or rate cuts which result in its inability to cover its fixed charges, including mandatory amortization. This would suggest the company's capital structure is unsustainable. Such a scenario could occur if EBITDA margins decline about 500 basis points." CONTINENTAL COUNTRY: Nov. 16 Disclosure Statement Hearing Set ------------------------------------------------------------- On Oct. 8, 2021, Continental Country Club, Inc., an Arizona Non-profit corporation, filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement and a Plan of Reorganization. On Oct. 14, 2021, Judge Eddward P. Ballinger ordered that: * Nov. 16, 2021, at 11:00 o'clock a.m., is the hearing to consider the approval of the Disclosure Statement. * Nov. 13, 2021 is fixed as the last day for filing and serving written objections to the Disclosure Statement. A copy of the order dated Oct. 14, 2021, is available at https://bit.ly/3aQ8Ife from PacerMonitor.com at no charge. About Continental Country Club Continental Country Club, Inc., an Arizona non-profit corporation, owns and operates the Continental Country Club in Flagstaff, Arizona, for the use and enjoyment of its homeowner members and the broader general public. The Continental Country Club operates as full-service country club with golf, tennis, paddleball, swimming, fitness, clubhouse, and dining amenities for the benefit of its members, who are primarily comprised of homeowners in the Association's associated residential developments. The Association was first developed by the late Charles Keating and his affiliated development companies in the early 1970s as part of the broader Continental development in Flagstaff, Arizona. Over the course of the past 50 years, the Association has been operated as a non-profit corporation supported by annual assessments paid by its homeowner members and the business revenues generated through the ongoing operation of the Club facilities. Under the currently applicable Amended and Unified Declaration of Restrictions, each member is required to pay the Association regular annual assessments and special assessments as authorized under the CC&Rs and approved by the members. The Association sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 21-00956) on Feb. 9, 2021. In the petition signed by Jon Held, designated representative, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eddward P. Ballinger Jr. oversees the case. Engelman Berger, P.C. is the Debtor's counsel. Sunwest Bank, as the lender, is represented by Alissa Brice Castaneda, Esq. -- Alissa.Castaneda@quarles.com -- at Quarles & Brady. CORNERSTONE ONDEMAND: Common Stock Delisted From Nasdaq ------------------------------------------------------- Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission notifying the removal from listing or registration of Cornerstone OnDemand Inc.'s common stock under Section 12(b) of the Securities Exchange of 1934. About Cornerstone Headquartered in Santa Monica, California, Cornerstone -- www.cornerstoneondemand.com -- is a provider of learning and people development solutions, delivered as software-as-a-service. The Company helps organizations around the globe recruit, train, and manage their employees. Cornerstone reported a net loss of $39.98 million for the year ended Dec. 31, 2020, a net loss of $4.05 million for the year ended Dec. 31, 2019, and a net loss of $33.84 million for the year ended Dec. 31, 2018. As of June 30, 2021, the Company had $1.99 billion in total assets, $1.68 billion in total liabilities, and $308.57 million in total stockholders' equity. CORNERSTONE ONDEMAND: Completely Acquired by Clearlake Capital -------------------------------------------------------------- Clearlake Capital Group, L.P., together with its affiliates, has completed its acquisition of Cornerstone OnDemand, Inc. The acquisition was previously announced on Aug. 5, 2021, and was approved by Cornerstone OnDemand shareholders on Oct. 12, 2021. Under the terms of the agreement, Clearlake has acquired the outstanding shares of Cornerstone common stock for $57.50 per share in cash. As a result of the transaction, Cornerstone is now a privately held company and shares of Cornerstone common stock are no longer listed on the public market. The acquisition combines Cornerstone's product and industry leadership with Clearlake's proven software investment experience and operational improvement approach, O.P.S., to strengthen and accelerate the company's next phase of growth and innovation. "Clearlake's investment in Cornerstone is an exciting and important step for our company and our customers," said Phil Saunders, CEO, Cornerstone. "Clearlake has shown immense confidence in our talented team and the direction we are headed. With their financial sponsorship to invest behind growth, we will have even greater opportunity to accelerate innovation and advance our customers' efforts to ensure their organizations - and people - are future-ready." "Cornerstone has done a tremendous job providing best-in-class software solutions to a large base of global customers," said Behdad Eghbali, co-founder and managing partner, and Prashant Mehrotra, Partner, of Clearlake. "We are thrilled to partner with the company's talented employees and believe that Cornerstone is well positioned to continue building on its strong leadership position for talent management SaaS solutions, both organically and through accelerated add-on acquisition activity." "We are proud to partner with Clearlake and the Cornerstone management team in the next stage of the company's growth," said David Fishman, Managing Director and Head of Private Equity, and Andy Fishman, Managing Director at Vector Capital. "During our ownership of Saba Software, we developed tremendous respect for Cornerstone, and we believe the company's innovative products and people will extend Cornerstone's leadership position for years to come." Advisors Qatalyst Partners and Centerview Partners LLC served as financial advisors to Cornerstone, and Cooley LLP served as legal counsel. Morgan Stanley, Rothschild & Co., J.P. Morgan, Goldman Sachs, BoA Securities, Barclays, Jefferies and William Blair served as financial advisors to Clearlake. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Clearlake in the connection with the acquisition and debt financing. J.P. Morgan, BoA Securities, Ares, Golub, Antares, Barclays, Blue Owl, BMO Capital Markets, BNP Paribas, Credit Suisse, Goldman Sachs and Jefferies provided debt financing for the transaction. About Cornerstone Headquartered in Santa Monica, California, Cornerstone -- www.cornerstoneondemand.com -- is a provider of learning and people development solutions, delivered as software-as-a-service. The Company helps organizations around the globe recruit, train, and manage their employees. Cornerstone reported a net loss of $39.98 million for the year ended Dec. 31, 2020, a net loss of $4.05 million for the year ended Dec. 31, 2019, and a net loss of $33.84 million for the year ended Dec. 31, 2018. As of June 30, 2021, the Company had $1.99 billion in total assets, $1.68 billion in total liabilities, and $308.57 million in total stockholders' equity. CRAFT LOGISTICS: Plan to be Funded by Continued Operations ---------------------------------------------------------- Craft Logistics, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Consensual Plan of Reorganization dated October 14, 2021. Craft operates a multi-state trucking business that transports freight for national grocery chains and for large box stores. Craft had to commence bankruptcy proceedings as it became necessary once a merchant cash advance company held up is operating income and funds through its factoring company. Since the filing of the bankruptcy case, Craft has expanded its business by introducing more trucks and trailers in order to increase gross revenue. The Debtor had approximately $41,175 in accounts receivable as of the Petition Date. Since the filing of this case, the amount of receivables continues to grow and as a result of ongoing operations the current receivables are $118,735. The Debtor owns some office furniture and equipment. The Debtor also leases at least 45 semi-trucks and trailers. The Debtor filed this case on July 16, 2021, with the goal of surrendering secured debts, assuming the current leases and propose to pay any unsecured claims in full at zero interest and proposing a repayment plan, including the claim of Bridge Funding. Debtor anticipates having sufficient receivables available to fund the plan and pay the creditors pursuant to the proposed plan. 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. Debtor is adding more trucks and trailers to continue the growth of Craft Logistics, Inc. Class 4 Claimants are Special Unsecured Claims (These claims are impaired) Allowed special unsecured claims of the true leasing companies dealing with the vehicles leased to the Debtor to the extent allowed as executory contracts and unexpired lease claims under § 365 of the Code. The following class contains Debtor's unexpired lease contract claims and the proposed treatment under the Plan, subject to the Court's ruling on pending objections to claims: * 4-1 Premier Trailers, LLC filed an unsecured claim in the amount of $12,640.79 (Claim no. 3-1). Debtor will pay the pre petition unexpired lease amount due in the amount of $12,640.79 at 0% interest per annum in monthly installments and the claim will be paid in full in 36 equal monthly payments. The payments will be $351.13 per month with the first monthly payment being due and payable 30 days after the effective date, unless this date falls on a weekend or federal holiday, in which case the payment will be due on the next business day. * 4-2 AIM Leasing Company filed an unsecured claim in the amount of $89,539.00 (Claim no. 4-1). Debtor will pay the pre petition unexpired lease amount due in the amount of $89,539.00 at 0.00% interest per annum in monthly installments and the claim will be paid in full in 36 equal monthly payments. The payment will be $2,487.19 per month with the first monthly payment being due and payable 30 days after the effective date, unless this date falls on a weekend or federal holiday, in which case the payment will be due on the next business day. * 4-3 Velocity filed an unsecured claim in the amount of $26,507.52 (Claim no. 5- 1). Debtor will pay the pre-petition unexpired lease amount due in the amount of $26,507.52 at 0% interest per annum in monthly installments and the claim will be paid in full in 36 equal monthly payments. The payments will be $736.32 per month with the first monthly payment being due and payable 30 days after the effective date, unless this date falls on a weekend or federal holiday, in which case the payment will be due on the next business day. * 4-4 Extra Lease LLC filed an unsecured claim in the amount of $51,747.01 (Claim no. 6-1). Debtor will pay the pre-petition unexpired lease amount due in the amount of $51,747.01 at 0% interest per annum in monthly installments and the claim will be paid in full in 36 equal monthly payments. The payments will be $1,437.42 per month with the first monthly payment being due and payable 30 days after the effective date, unless this date falls on a weekend or federal holiday, in which case the payment will be due on the next business day. Class 5 Claimants are Allowed Impaired Unsecured Claims which are impaired. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next 3 years beginning not later than 30 days after the effective date, unless this date falls on a weekend or federal holiday, in which case the payment will be due on the next business day and continuing every year thereafter for the additional 2 years remaining on this date. Nothing prevents Debtor from making monthly or quarterly distributions that may begin on the 15th day of the month after the effective date of confirmation, so as long as 1/3 of the annual distributions to the general allowed unsecured creditors are paid by each yearly anniversary of the confirmation date of the plan. Debtor will distribute up to $12,000.00 to the general allowed unsecured creditor pool over the 3 year term of the plan. The Debtor's General Allowed Unsecured Claimants will receive 100% of their allowed claims under this plan. Class 6 Equity Interest Holders(Current Owner) are not impaired under the Plan. The current owner will receive no payments under the Plan; however, they will be allowed to retain their ownership in the Debtor. The Debtor anticipates the continued operations of the business to fund the Plan. All guarantees and other obligations shall be deemed modified to reflect the restructuring of the primary obligations under the Plan. If the plan is confirmed, a creditor may not enforce liability under a guaranty or other third-party claim unless the Debtor defaults under the Plan for that creditor. In the event of default, only the amount owing under the Plan shall be recovered from the guarantor. This provision is intended to apply to creditors who had previously recovered judgments against the guarantor. A full-text copy of the Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3BSHz7l from PacerMonitor.com at no charge. About Craft Logistics Craft Logistics, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-31304) on July 16, 2021. In the petition signed by Jeremy Rees Louder, president, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Michelle V. Larson presides over the case. Robert Chamless Lane, Esq., at The Lane Law Firm is the Debtor's counsel. CYTODYN INC: Alerts Shareholders to Vote on Proxy Card ------------------------------------------------------ CytoDyn Inc. announced that shareholders will receive proxy material beginning this week from the Company in connection with its upcoming 2021 Annual Meeting of Stockholders on Oct. 28, 2021. The Company urges all shareholders to vote their shares immediately on the Company's card upon receipt of the proxy material to ensure their votes count in time for the Annual Meeting. Shareholders should expect to be contacted by the Company's proxy solicitor, Morrow Sodali, to provide personalized assistance for voting. As a reminder, the Delaware Court of Chancery found that CytoDyn's Board of Directors properly rejected a nomination notice presented by the activist group. In light of the Court ruling on October 13th, the Company will disregard the group's director nominations, and no proxies or votes in favor of its nominees will be recognized or tabulated at the 2021 Annual Meeting, absent judicial intervention requiring otherwise. Shareholders of record as of Sept. 1, 2021, are entitled to vote at the Annual Meeting. For questions, please contact the Company's proxy solicitor: Morrow Sodali LLC Stockholders Call Toll Free: (800) 662-5200 Banks, Brokers, Trustees and Other Nominees Call Collect: (203) 658-9400 Email: cydy@info.morrowsodali.com About CytoDyn Inc. Headquartered in Vancouver, Washington, CytoDyn Inc. -- http://www.cytodyn.com-- is a late-stage biotechnology company focused on the clinical development and potential commercialization of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection, with the potential for multiple therapeutic indications. Cytodyn reported a net loss of $154.67 million for the year ended May 31, 2021, compared to a net loss of $124.40 million for the year ended May 31, 2020. As of Aug. 31, 2021, the Company had $104.97 million in total assets, $130.16 million in total liabilities, and a total stockholders' deficit of $25.19 million. Birmingham, Alabama-based Warren Averett, LLC, the Company's auditor since 2007, issued a "going concern" qualification in its report dated July 30, 2021, citing that the Company incurred a net loss of approximately $154,674,000 for the year ended May 31, 2021 and has an accumulated deficit of approximately $511,294,000 through May 31, 2021, which raises substantial doubt about its ability to continue as a going concern. DAKOTA TERRITORY: Gets OK to Hire Alden & Associates as Bookkeeper ------------------------------------------------------------------ Dakota Territory Tours, A.C.C. received approval from the U.S. Bankruptcy Court for the District of Arizona to employ Alden & Associates, LLC to maintain its books and records and provide training in connection with its bookkeeping practices. Alden & Associates will be paid $50 per hour for bookkeeping, and $100 per hour for consulting and training. The firm will also receive reimbursement for out-of-pocket expenses incurred. Shelley Allen, a partner at Alden & Associates, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shelley C. Allen Alden & Associates LLC 1100 Pine Ridge Road, Apt B-307 Naples, FL 34108 About Dakota Territory Tours Dakota Territory Tours A.C.C., a company that offers helicopter tours in northern Ariz., filed a voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 21-05729) on July 26, 2021, listing $1,702,410 in assets and $955,763 in liabilities. Eric Brunner, president of Dakota Territory Tours, signed the petition. Judge Eddward P. Ballinger Jr. oversees the Debtor's Chapter 11 case while Michael W. Carmel is the Subchapter V trustee appointed in the case. The Debtor tapped Kelly G. Black, PLC as bankruptcy counsel; Stinson, LLP as special counsel; Sterling Accounting & Tax, LLC as tax preparer; and Alden & Associates, LLC, doing business as Sedona Bookkeeping & Payroll, as bookkeeper. DAME CONTRACTING: Taps DeMasco Sena & Jahelka as Accountant ----------------------------------------------------------- Dame Contracting, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ DeMasco Sena & Jahelka, LLP as its accountant. The firm's services include the preparation of tax returns and accounting services needed to prepare the Debtor's monthly operating reports and Chapter 11 plan. The firm's hourly rates are as follows: Partner $355 per hour Manager $310 per hour Supervisor $265 per hour Senior Associate $235 per hour Associate $220 per hour Bookkeeper $160 per hour Support Staff $140 per hour DeMasco received a $15,000 retainer from the Debtor. The firm will also receive reimbursement for out-of-pocket expenses incurred. As disclosed in court filings, DeMasco is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bob Jahelka DeMasco Sena & Jahelka, LLP 1400 Old Country Road, Suite 310E Westbury, NY 11590 Phone: (516) 541-6549/(212) 399-8969 Fax: (516) 541-6563 Email: info@dsjcpa.com About Dame Contracting Inc. Dame Contracting, Inc. is a New York corporation founded in 1996 as a small family-owned construction business. It has been operated and managed by James Connolly, president and sole shareholder, and Lara McNeil, vice president and secretary. It is engaged in carpentry construction for private and municipal jobs, ranging from stores and restaurants to schools and other municipal structures. Dame Contracting filed a petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 21-71627) on Sept. 13, 2021, listing as much as $10 million in both assets and liabilities. Judge Alan S. Trust oversees the case. Adam P. Wofse, Esq., at Lamonica Herbest & Maniscalco, LLP and DeMasco Sena & Jahelka, LLP serve as the Debtor's legal counsel and accountant, respectively. DK INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: DK International Associates, Inc. d/b/a DKIA d/b/a DK 1417 SW 1st Ave Fort Lauderdale, FL 33315 Business Description: DK International Associates, Inc.'s line of business includes manufacturing fabricated structural metal and steel. Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-20035 Judge: Hon. Scott M. Grossman Debtor's Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG LANDAUE & PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 E-mail: bss@slp.law Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Daryl Soderman as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CRRNRLA/DK_International_Associates_Inc__flsbke-21-20035__0001.0.pdf?mcid=tGE4TAMA DYNOTEC INDUSTRIES: Asset Sale Proceeds to Fund Plan Payments ------------------------------------------------------------- DynoTec Industries, Inc., filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Reorganization dated October 14, 2021. DynoTec Industries, Inc. was founded in 2007 as a transmission repair and refurbishing shop in Shakopee, Minnesota. Debtor's 100% owner is Timothy Lundquist. Debtor purchased torque converters, a key component of automatic transmissions, from Transtar Industries, Inc. The Debtor, after examining all of its options, reluctantly decided that a Chapter 11 filing followed by a sale of substantially all of its assets in a Section 363 sale represented the best method of maximizing the amount payable to its creditors. If the assets are sold to a buyer who will continue the business as a going concern as Debtor hopes, this will also preserve the jobs of all of the employees of the Debtor. The Debtor has yet to find a buyer. However, based upon an order of the Bankruptcy Court, the Debtor has to file a plan no later than October 15, 2021 setting out as much information as possible as to potential recovery for creditors and other information that will allow creditors to vote on the plan or reorganization. Class I consists of the Claim of New Market Bank. The Debtor refinanced an equipment loan and a line of credit with New Market Bank in 2017 by executing a Security Agreement dated June 2, 2017, ("Blanket Security Agreement(s)"), granting New Market a security interest in all of Debtor's assets (the "Security Collateral"). The current total of the amounts owed to New Market Bank is approximately $141,082.15 for the equipment loan and $137,478.73 for the line of credit (a total of $278,560.88). In accordance with the proof of claim filed by New Market Bank, their claim will be treated as a general unsecured claim (Class VI). Class II consists of the secured claim of the Internal Revenue Service ("IRS"). Total secured debt owed the IRS is $1,285,850.04. The Allowed Amount of the IRS's secured claim shall be paid to the extent possible from the cash and accounts receivable retained by the Debtor after closing on the sale of assets of the Debtor. To the extent that the IRS's secured claim is paid in full or in part from the proceeds of the sale of the real estate of New Market Holdings, the Debtor will reduce the payment on the IRS's secured claim accordingly. Class III consists of the Secured Claim of Funding Circle. The current balance owing to Funding Circle or its affiliates is approximately $119,000.00. Funding Circle's Allowed claim shall be paid from the proceeds of the sale of assets of the Debtor's non-cash assets. If the proceeds of the non-cash assets are insufficient to pay the full amount of the Class III claim, and if there are cash assets remaining after paying the superior secured claim of the IRS (a portion of the Class II claims), Funding Circle's remaining claim will be paid from those assets to the extent they are available. Class IV consists of the Secured Claim of the United States Small Business Association. The SBA's secured claim will be paid from the sale of the non-cash assets of the Debtor or cash assets retained and excluded from the sale after the superior claims of the IRS secured claim (a portion of the Class II claims) and Circle Funding secured claim (Class III) are paid in full. To the extent that the SBA's claim is not paid in full from the proceeds of the sale of assets, any remaining claim shall be reclassified as a non-priority unsecured (Class VI) claim. Class V shall consists of the Claim of Ally Financial. To the extent that any payments on the various loans have been missed during the pendency of the Chapter 11, those payments will be made up on the Effective Date. The Debtor will continue to pay on the vehicle loans to Ally Financial for as long as the company remains in business or until they are paid in full whichever comes first. The vehicles are part of the assets listed for sale. Class VI shall consist of allowed unsecured claims not entitled to priority and not treated in any other class in the Plan. The allowed claims in Class VI are scheduled by the Debtor in the amount of $3,429,129.65. The holder of a Class VI Allowed Claim shall be paid the Pro Rata Share of any remaining proceeds of the sale of assets and after the unclassified claims and secured claims in Class II, III and IV have been paid in full. Debtor estimates that there will be approximately $27,932.71 be distributed from this sale to Class VI claimants. Class VII shall consist of the Allowed Equity or ownership interests of the Debtor consisting of a 100% ownership interest by Timothy Lundquist, the President of the Debtor. Timothy Lundquist shall remain as the sole shareholders of the Debtor. The confirmation of the plan shall leave his ownership interest unaffected. The Debtor has determined in its business judgment, that it is in the best interest of the creditors and the enterprise itself to sell as many of the assets of the company as a going concern that it can and liquidate any remaining assets. Selling at a going concern will greatly increase the amount available to creditors as opposed to selling the assets at liquidation. Debtor is seeking to sell all of its assets free and clear of all liens and encumbrances at a sale governed by § 363 of the Bankruptcy Code. There is as yet no identified buyer and there is no guarantee that such a buyer will be found. If a buyer or buyers is identified and a purchase agreement signed, that purchase agreement will be subject to approval of the Court. In that instance, Debtor will seek approval of the sale by a motion that provides, among other provisions, that any buyer's bid may be topped by another interested buyer who meets certain eligibility requirements. Debtor has its noncash assets on the market for a price of $600,000.00. Debtor estimates that as of the Effective Date it will have $550,000 in cash and collectible accounts receivable available for payment of allowed claims. In addition, Debtor believes that if there is a buyer for the assets of the Debtor, the real estate owned by DynoTec Holdings, Inc. will be sold to the same buyer. The real estate has a listed value of $1,250,000.00. If the building is sold either to the buyer of the assets of the Debtor or to another separate buyer on or before the sale of the Debtor's assets for the listed price, this will have the effect of reducing the total of the IRS's secured Class II claim by approximately $846,439.00 (after payment of the amount owed on mortgages on that property (approximately $278,560.88) held by New Market Bank Fund). If the buyer of the Debtor's assets pays the listed price of $600,000 for the non-cash assets and any buyer purchases the building owned by DynoTec Holdings for the listed price of $1,250,000 and the Debtor has $550,000 in cash assets available on the Effective Date. A full-text copy of the Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3aLqNep from PacerMonitor.com at no charge. Attorneys for Debtor: Kenneth C. Edstrom (148696) Sapientia Law Group, PLLC Minneapolis, Minnesota 55402 kene@sapientialaw.com 612 756-1008 About DynoTec Industries DynoTec Industries, Inc., was founded in 2007 as a transmission repair and refurbishing shop in Shakopee, Minnesota. DynoTec's 100% owner is Timothy Lundquist. Typically, the business does from between $2,000,000 and $3,000,000 in sales per year. The business has grown and changed over the years and now primarily caters to commercial clients. DynoTec sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 21-30803) on May 14, 2021. In the petition signed by Timothy Lundquist, president, the Debtor disclosed $1,285,850 in assets and $4,398,498 in liabilities. Judge Kathleen H. Sanberg oversees the case. Sapienta Law Group is the Debtor's counsel. EAGLE HOSPITALITY: Plan Hearing Slated for Mid-December ------------------------------------------------------- Ameya Karve of Bloomberg News reports that a U.S. bankruptcy court will conduct a hearing in mid-December to confirm a liquidation plan filed by Eagle Hospitality Real Estate Investment Trust and related Chapter 11 entities. The entities on Oct. 14, 2021 filed the Chapter 11 plan, Singapore-listed Eagle Hospitality Trust said in a filing on Tuesday, October 12, 2021. They also filed a disclosure statement that helps creditors of the bankrupt entities to make "a reasonably informed decision" on whether to vote to accept or reject the plan: filing. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. EHT US1: Seeks to Hire LVM Law Chambers as Conflicts Counsel ------------------------------------------------------------ Eagle Hospitality Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire LVM Law Chambers, LLC to represent them in matters in which their primary Singapore law counsel, Rajah & Tann Singapore LLP, has an actual or potential conflict of interest. The firm's services include: (a) representing the Debtors in relation to the investigation and possible pursuit of claims against former officers and directors of Eagle Hospitality REIT Management Pte. Ltd.; and (b) representing the Debtors in matters related to the liquidation proceeding in Singapore involving the former officers and directors of Eagle Hospitality REIT. The firm's hourly rates are as follows: Directors S$750 - S$1,500 per hour Associates S$350 - S$550 per hour Alan Tantlef, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alan Tantlef, Esq. LVM Law Chambers LLC 160 Robinson Road #13-02 SBF Center, Singapore 068914 Tel: +65 6206 7888 Fax: +65 6206 7898 Email: contact@lvmlawchambers.com About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis in a diversified portfolio of income-producing real estate, which is used primarily for hospitality or hospitality-related purposes as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc. and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their bankruptcy counsel, FTI Consulting Inc. as restructuring advisor, and Moelis & Company LLC as an investment banker. Rajah & Tann Singapore LLP and Walkers serve as Singapore Law counsel and Cayman Law counsel, respectively. Donlin, Recano & Company, Inc. is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on Feb. 4, 2021. The committee tapped Kramer Levin Naftalis & Frankel, LLP as bankruptcy counsel, Morris James LLP as Delaware counsel, and Province, LLC as financial advisor. LVM Law Chambers LLC serves as the Debtor's Singapore law conflicts counsel. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' Chapter 11 cases. Thomas D. Bielli, Esq., at Bielli & Klauder, LLC, is the fee examiner's legal counsel. FORMETAL COMPANY: Amends United Community Secured Claim Pay Details ------------------------------------------------------------------- The Formetal Company, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Modification to Plan of Reorganization dated October 14, 2021. On Sept. 1, 2021, the Debtor filed its Subchapter V Plan of Reorganization. The Debtor has modified the Plan in accordance with Secs. 1125 and 1127 of Chapter 11 of Title 11 of the United States Code. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan, and specifically Article 4, Section 4.5, Class 5 of the Plan, is hereby deleted and replaced with the following: Class 5 consists of the Secured Claim of United Community Bank ("UCB"). On August 31, 2021, UCB filed proof of claim 22 asserting a secured claim in the amount of $274,837.47 consisting of: (i) principal in the amount of $274,000.25 and (ii) interest in the amount of $837.22 (such amount, or such amount as allowed by the Court, plus all attorneys' fees and costs incurred by UCB, the "Class 5 Secured Claim") secured by a first priority lien. The Debtor will pay the Class 5 Secured Claim as follows: (i) the Debtor shall continue to pay UCB interest-only payments on the UCB Note on the 15th of each month and continuing on the 15th day of each and every consecutive month thereafter through and including the earlier of the April 15, 2022 payment or entry of the Confirmation Order; and (ii) beginning on the earlier of (a) entry of the Confirmation Order or (b) May 15, 2022, principal and interest payments to UCB shall be made on the UCB Note based upon a 120-month amortization schedule with interest accruing at the annual rate of 5% on the principal balance of the Class 5 Secured Claim with a final payment for the then outstanding balance of the Class 5 Secured Claim, and all other amounts due and owing to UCB under the terms of the UCB Loan Documents, including all attorneys' fees and costs, on November 12, 2023. The principal balance of the Class 5 Secured Claim is $274,000.25 resulting in monthly payments as follows: (i) equal monthly payments of $2,906.20 each commencing the earlier of entry of the Confirmation Order or May 15, 2022 and continuing on the 15th day of each month through and including October 15, 2023 and (ii) a final payment on November 12, 2023 in the amount of the then outstanding balance of the Class 5 Secured Claim plus all other amounts due and owing UCB under the terms of the UCB Loan Documents, including all attorneys' fees and costs. The Class 5 Secured Claim shall not be subordinate to any Claims, including without limitation the Class 6 Secured Claim of CFA. On or before October 14, 2021, R. Harris Boyd and Gary Brumleve (the "Borrowers") shall have executed a forbearance agreement acceptable to UCB in its sole discretion (the "Forbearance Agreement"); The Borrowers shall be authorized, as representatives of the Debtor, to carry out all provisions of the Forbearance Agreement and otherwise ensure the Debtor's compliance with all the terms and conditions the Forbearance Agreement. The Forbearance Agreement shall be considered a "UCB Loan Document" for purposes of the Plan and this Modification, the terms and conditions, and not withstanding anything contained in the Plan to the contrary, a default under the Forbearance Agreement shall be deemed a default under the terms of the Plan, and a default under any term or provision of the Plan shall be considered a default under the Forbearance Agreement. The Claim of the Class 5 Creditor is Impaired by the Plan and the holder of the Class 5 Secured Claim is entitled to vote to accept or reject the Plan. A full-text copy of the Modified Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3mYv7fW from PacerMonitor.com at no charge. Attorneys for Debtor: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: cmccord@joneswalden.com About The Formetal Company The Formetal Company, LLC is a Forest Park, Ga.-based company that manufactures and distributes cold formed light gauge steel framing used in the commercial construction of all types of buildings as well as manufacturing companies. Formetal Company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55029) on July 3, 2021. Robert H. Boyd, manager, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Jones & Walden, LLC, is the Debtor's legal counsel. GOLDEN ARROW: Taps Home Saver Realty as Real Estate Broker ---------------------------------------------------------- Golden Arrow, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Home Saver Realty, Inc. to market for sale its real property located at 5409 Clybourn, North Hollywood, Calif. The firm will be paid a commission of 5 percent of the sales price. Carlos Cotta, a partner at Home Saver Realty, 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: Carlos Cotta Home Saver Realty, Inc. 1503 S Coast Dr. Suite 100 Costa Mesa, CA 92626 Tel: (949) 430-0475 Email: ccotta@homesaverrealty.com About Golden Arrow Inc. Golden Arrow, Inc., a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)), sought Chapter 11 protection (Bankr. C.D. Calif. Case No. 21-14299) on Aug. 9, 2021. At the time of the filing, the Debtor listed as much as $50,000 in both assets and liabilities. Judge Mark D. Houle oversees the case. W. Derek May, Esq., is the Debtor's legal counsel. GOLDEN STATE: Case Summary & 6 Unsecured Creditors -------------------------------------------------- Debtor: Golden State Broadcasting, LLC 6725 Via Austi Parkway Las Vegas, NV 89119 Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court District of Nevada Case No.: 21-14979 Judge: Hon. Natalie M. Cox Debtor's Counsel: Stephen R. Harris, Esq. HARRIS LAW PRACTICE LLC 6151 Lakeside Drive Suite 2100 Reno, NV 89511 Tel: 775-786-7600 Email: steve@harrislawreno.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Edward R. Stolz as manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/A5V3RHA/GOLDEN_STATE_BROADCASTING_LLC__nvbke-21-14979__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Bellaire Towers Judgment $343,984 Homeowners Association c/o Daniel J. Kelly, Esq. Tucker Ellis LLP 201 Mission Street Suite 2310 San Francisco, CA 94105 2. Chuck and Allen Haas Unknown $0 10533 Esquire Place Cupertino, CA 95014 3. Dariush G. Adli, Esq. Legal Fees $0 Adli Law Group, P.C. 12400 Wilshire Blvd. Suite 1460 Los Angeles, CA 90025 4. PG&E Utilities $0 P.O. Box 997300 Sacramento, CA 95899-7300 5. VCY America Potential Claims $0 c/o Duane C. Pozza, Esq. Wiley Rein LLP 1776 K Street NW Washington, DC 20006 6. W. Lawrence Patrick Claims for $590,340 c/o Glaser Weil Receiver Fees Fink Howard Et Al. and Attorneys' Fees 10250 Constellation Blvd. 19th Floor Los Angeles, CA 90067 HARRIS PHARMACEUTICAL: To Seek Plan Confirmation on Nov. 29 ----------------------------------------------------------- Judge Caryl E. Delano will conduct a hearing on confirmation of the Plan of Harris Pharmaceutical, Inc., on Nov. 29, 2021, at 2:30 p.m. in Room 4−102, Hearing Room, United States Courthouse, 2110 First St., Fort Myers, FL 33901. Objections to confirmation of the Plan shall be filed no later than seven days before the Confirmation Hearing. Creditors and other parties in interest shall file their written acceptances or rejections of the Plan (ballots) no later than seven days before the Confirmation Hearing. The Debtor shall file a ballot tabulation no later than two days before the Confirmation Hearing. 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. HUMANIGEN INC: State Street Corp Reports 14.82% Equity Stake ------------------------------------------------------------ State Street Corporation disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Sept. 30, 2021, it beneficially owns 8,801,491 shares of common stock of Humanigen, Inc., which represent 14.82 percent of the shares outstanding. SSGA Funds Management, Inc., also reported beneficial ownership of 8,003,733 common shares of the company, which represent 13.47 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/93751/000009375121000678/Humanigen_Inc.txt About Humanigen Based in Brisbane, California, Humanigen, Inc. (OTCQB: HGEN), formerly known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com-- is a clinical stage biopharmaceutical company developing its clinical stage immuno-oncology and immunology portfolio of monoclonal antibodies. The Company is focusing its efforts on the development of its lead product candidate, lenzilumab, its proprietary Humaneered anti-human GM-CSF immunotherapy, through a clinical research agreement with Kite Pharmaceuticals, Inc., a Gilead company to study the effect of lenzilumab on the safety of Yescarta, axicabtagene ciloleucel including cytokine release syndrome, which is sometimes also referred to as cytokine storm, and neurotoxicity, with a secondary endpoint of increased efficacy in a multicenter Phase Ib/IIclinical trial in adults with relapsed or refractory large B-cell lymphoma. Humanigen reported a net loss of $89.53 million for the 12 months ended Dec. 31, 2020, compared to a net loss of $10.29 million for the 12 months ended Dec. 31, 2019. As of June 30, 2021, the Company had $121.73 million in total assets, $78.04 million in total liabilities, and $43.70 million in total stockholders' equity. IMAGEWARE SYSTEMS: Board OKs Engagement of Baker Tilly as Auditor ----------------------------------------------------------------- The Board of Directors of ImageWare Systems, Inc. approved the engagement of Baker Tilly US, LLP as the company's independent registered public accounting firm for the fiscal year ended Dec. 31, 2021. The company dismissed Mayer Hoffman McCann P.C. on June 20, 202. During the fiscal years ended Dec. 31, 2020, and 2019, and subsequent interim period through Oct. 13, 2021, neither ImageWare nor anyone on its behalf has consulted with Baker Tilly regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the company's financial statements, and neither a written report or oral advice was provided to the company that Baker Tilly concluded was an important factor considered by the company in reaching a decision as to any accounting, auditing, or financial reporting issue, (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K, or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K. About ImageWare Systems Headquartered in San Diego, CA, ImageWare Systems, Inc. -- http://www.iwsinc.com-- provides defense-grade biometric identification and authentication for access to data, products, services or facilities. The Company delivers next-generation biometrics as an interactive and scalable cloud-based solution. ImageWare brings together cloud and mobile technology to offer two-factor, biometric, and multi-factor authentication for smartphone users, for the enterprise, and across industries. Imageware Systems reported a net loss of $7.25 million for the year ended Dec. 31, 2020, compared to a net loss of $11.58 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $8.77 million in total assets, $16.70 million in total liabilities, $5.20 million in mezzanine equity, and a total shareholders' deficit of $13.14 million. San Diego, California- based Mayer Hoffman McCann P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated April 2, 2021, citing that the Company does not generate sufficient cash flows from operations to maintain operations and, therefore, is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INNOVATIVE SOFTWARE: Court Confirms Reorganization Plan ------------------------------------------------------- Judge Scott M. Grossman has entered an order approving and confirming the Combined Disclosure Statement and Plan of Reorganization of Innovative Software Solution, Inc. A post-confirmation status conference will be conducted on Wednesday, November 3, 2021 at 1:30 p.m. via Zoom Video Communications, Inc. Lexmark has 14 days from the date of this order to file an objection to the debtor's assumption of Lexmark executory contract; otherwise the contract will be deemed assumed and any objection will be waived. The Plan was voted on by the holders of Class 2. The Debtor estimates that Class 2 creditors will receive a distribution of approximately 21.4591% of the Allowed General Unsecured Claims. The following corrections are made to the Plan: (a) Page 17 – Section VII: Assumption or Rejection of Executory Contracts is corrected to reflect the assumption of the Master Logistics Service Agreement with Lexmark International, Inc. ("Lexmark"). Lexmark and the Debtor are parties to that certain Master Logistics Service Agreement commencing March 1, 2018 and ending not less than March 1, 2023, as amended (the "Lexmark Executory Contract"). The Debtor hereby assumes the Lexmark Executory Contract. LEXMARK HAS 14 DAYS FROM THE DATE OF THIS ORDER TO FILE AN OBJECTION TO THE DEBTOR'S ASSUMPTION OF LEXMARK EXECUTORY CONTRACT; OTHERWISE THE CONTRACT WILL BE DEEMED ASSUMED AND ANY OBJECTION WILL BE WAIVED. (b) Page 6 – last paragraph, line 8, the number $1,176,00 is corrected to $1,176,000.00, and the number $1,247.50 is corrected to $1,247,500.00; (c) Page 12 – (D) Classes of Secured Claims is corrected to reflect under Column 1 - Class that payments are for 360 months; (d) Page 13 – Column 1 – Class is corrected to reflect that the payment to unsecured creditors for Months 1 – 4 is $33,633.21, and Months 5 – 60 is $7,681.34; (e) Page 18 – first paragraph, 3rd line - the number $1,176,00 is corrected to $1,176,000.00, and the number $1,247.50 is corrected to $1,247,500.00; and (f) Page 20 – Paragraph L(1) is corrected on the last line to change Class 3 to Class 2. The following revisions are made to the Plan: (a) Page 5 – lines 4 and 5 are revised to remove the following language: "no UCC-1 having been filed, as is customary in the usual sale/purchase transaction of this type."; (b) Page 13 – third column – Treatment - Paragraph (b) is revised to remove the following language: "Any shortfall in the monthly payments will be made up by the principals of the Debtor."; (c) Page 16 – Section VII(E) is revised to include the following language at the end of the paragraph: "Nothing in this section or Plan or Order approving confirmation of this Plan, shall be construed as in any way limiting, impairing, or impacting the rights of Ricoh USA, Inc. to pursue or enforce claims against the Debtor's principals pursuant to the duly executed Stipulation between Ricoh and the Debtor's principals filed in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 20-cv-04025-MAK at Docket No. 34." (d) Page 20 – Section VII(J) is revised to include an additional subparagraph J(6) reading: "Nothing in this section or Plan or Order approving confirmation of this Plan, shall be construed as in any way limiting, impairing, or impacting the rights of Ricoh USA, Inc. to pursue or enforce claims against the Debtor's principals pursuant to the duly executed Stipulation between Ricoh and the Debtor's principals filed in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 20-cv-04025-MAK at Docket No. 34." The Debtor's counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 330 N Andrews Ave., Suite 450 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Facsimile: (954) 756-7103 Email: 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. INTELLIPHARMACEUTICS INT'L: Posts $1.3 Million Net Loss in Q3 ------------------------------------------------------------- Intellipharmaceutics International Inc. reported a net loss and comprehensive loss of $1.26 million on zero revenue for the three months ended Aug. 31, 2021, compared to net income and comprehensive income of $1.03 million on $328,781 of revenue for the three months ended Aug. 31, 2020. For the nine months ended Aug. 31, 2021, the Company reported a net loss and comprehensive loss of $3.19 million on zero revenue compared to a net loss and comprehensive loss of $1.77 million on $1.10 million of revenue for the same period during the prior year. As of Aug. 31, 2021, the Company had $3.46 million in total assets, $9.62 million in total liabilities, and a shareholders' deficiency of $6.17 million. A full-text copy of the Form 6-K is available for free at: https://www.sec.gov/Archives/edgar/data/1474835/000165495421011161/EX992.htm About Intellipharmaceutics Intellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. The Company's patented Hypermatrix technology is a multidimensional controlled-release drug delivery platform that can be applied to a wide range of existing and new pharmaceuticals. Intellipharmaceutics has developed several drug delivery systems based on this technology platform, with a pipeline of products (some of which have received FDA approval) in various stages of development. The Company has ANDA and NDA 505(b)(2) drug product candidates in its development pipeline. These include the Company's abuse-deterrent oxycodone hydrochloride extended release formulation ("Oxycodone ER") based on its proprietary nPODDDS novel Point Of Divergence Drug Delivery System (for which an NDA has been filed with the FDA), and Regabatin XR (pregabalin extended-release capsules). Intellipharmaceutics reported a net loss and comprehensive loss of $3.39 million for the year ended Nov. 30, 2020, compared to a net loss and comprehensive loss of $8.08 million for the year ended November 30, 2019. As of Nov. 30, 2020, the Company had $3.38 million in total assets, $9.70 million in total liabilities, and a shareholders' deficiency of $6.31 million. Toronto, Canada-based MNP LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Feb. 28, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. INTELSAT SA: $115M Make-Whole Deal Faces Creditor Challenges ------------------------------------------------------------ The Official Committee of Unsecured Creditors appointed in Intelsat S.A.'s Chapter 11 cases objects to the Debtors' motion for entry of an order approving the First Lien Notes Claims Settlement. The Motion seeks approval of a settlement whereby the Debtors would gift over $115 million in value to the holders of the First Lien Notes to resolve certain asserted claims (representing 77% of the full asserted value of such claims) ostensibly to "build consensus" around the Debtors' Second Amended Joint Chapter 11 Plan of Reorganization. The Committee asserts that the Motion should be denied. According to the Committee, paying any amount on account of claims that are unenforceable under binding Fourth Circuit precedent, never mind 77% of their asserted value, is not only unreasonable as a matter of law but is anathema to the purposes of the Bankruptcy Code. "The underlying dispute which the Debtors seek authority to settle is based on a simple question in the context of these otherwise complex cases: Are the Debtors required to pay a multimillion dollar premium to the holders of the First Lien Notes for the sole reason that they sought bankruptcy protection? And should they do so even though the noteholders have not suffered any actual loss on account of the Debtors' bankruptcy filing? Controlling Fourth Circuit precedent, New York law, the Bankruptcy Code, and common sense answer those questions with an emphatic "no"", the Committee asserts. "The Debtors admit that the only Event of Default that may have given rise to the Applicable Premium Claims was the filing of these bankruptcy cases, which purportedly triggered an "automatic" acceleration of the First Lien Notes. Binding Fourth Circuit precedent, however, holds that such ipso facto provisions are unenforceable as a matter of law. Where no other Event of Default exists, the Applicable Premium Claims have not been triggered and are not owed under the provisions of the First Lien Notes Indentures. The Debtors fail to acknowledge this and instead simply assume that the First Lien Notes were validly accelerated, thus triggering the Applicable Premium Claims." "Curiously, the Motion does not confront this controlling Fourth Circuit precedent and, instead, as support for the reasonableness of the proposed settlement, cites cases from other circuits that do not find such clauses to be per se invalid. This glaring omission evidences the unreasonableness of the relief sought in the Motion. Any agreement to pay unenforceable claims -- much less to pay over $115 million on account of such claims -- on its face fails to clear even the lowest point in the range of reasonableness. Indeed, the only settlement of these claims that may be called reasonable would be equal to the Debtors' anticipated costs of litigation." "Even if this Court were to disagree that the Fourth Circuit controlling precedent forbids any payment on account of the Applicable Premium Claims and find that the First Lien Notes were validly accelerated upon the Debtors' bankruptcy filing, the Applicable Premium Claims are still not enforceable under New York law. Redemption premiums are not enforceable unless they represent a reasonable measure of the actual loss in the event of a breach of a contract under which that actual loss was difficult to anticipate at inception. The Applicable Premium Claims are not enforceable because the holders of the First Lien Notes have suffered no actual loss in these cases." About Intelsat S.A. Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held operator of satellite services businesses, which provides a diverse array of communications services to a wide variety of clients, including media companies, telecommunication operators, internet service providers, and data networking service providers. It is also a provider of commercial satellite communication services to the U.S. government and other select military organizations and their contractors. The company's administrative headquarters are in McLean, Virginia, and the Company has extensive operations spanning across the United States, Europe, South America, Africa, the Middle East, and Asia. Intelsat S.A. and its debtor-affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The petitions were signed by David Tolley, executive vice president, chief financial officer, and co-chief restructuring officer. At the time of the filing, the Debtors disclosed total assets of $11,651,558,000 and total liabilities of $16,805,844,000 as of April 1, 2020. Judge Keith L. Phillips oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal counsel; Alvarez & Marsal North America, LLC as restructuring advisor; PJT Partners LP as financial advisor & investment banker; Deloitte LLP as tax advisor; and Deloitte Financial Advisory Services LLP as fresh start accounting services provider. Stretto is the claims and noticing agent. The U.S. Trustee for Region 4 appointed an official committee of unsecured creditors on May 27, 2020. The committee tapped Milbank LLP and Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc., as financial advisor; Moelis & Company LLC as investment banker; Bonn Steichen & Partners as special counsel; and Prime Clerk LLC as information agent. IRONSTONE GROUP: Changes Name to 'Ironstone Properties, Inc.' ------------------------------------------------------------- Ironstone Group, Inc. changed its name to Ironstone Properties, Inc. as part of bringing the company back into good standing in Delaware where it is incorporated. During the time when the company was in "Void status" in Delaware, another entity assumed the same name. The Board of Directors elected to rename the company to "Ironstone Properties, Inc." hence forth. As of Sept. 30, 2021, Ironstone Properties, Inc. is in good standing with the Secretary of State of Delaware. The company will continue to trade under the ticker symbol "IRNS". Existing shares of formerly Ironstone Group Inc. are recognized as Ironstone Properties, Inc. About Ironstone Group, Inc. Ironstone Group, Inc.'s main assets are investments in non-marketable securities of TangoMe Inc., Arcimoto Inc. and marketable securities of Salon Media Group Inc., Truett-Hurst Inc., and FlexiInternational Software Inc. Ironstone reported a net loss of $258,753 in 2014 following a net loss of $169,747 in 2013. As of June 30, 2021, the Company had $4.20 million in total assets, $3.51 million in total liabilities, and $687,400 in total stockholders' equity. JAB ENERGY: Committee Seeks to Hire Joyce LLC as Co-Counsel ----------------------------------------------------------- The official committee of unsecured creditors of JAB Energy Solutions II, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Joyce, LLC as co-counsel with Lugenbuhl, Wheaton, Peck, Rankin & Hubbard. The firm's services include: (a) providing legal advice with respect to the committee's powers and duties as appointed under Bankruptcy Code Section 1102; (b) assisting in the investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business, and any other matter relevant to the Debtor's Chapter 11 case or to the formulation of a plan of reorganization or liquidation; (c) preparing legal papers; (d) reviewing, analyzing and responding to pleadings filed in the case and appearing before the court; (e) representing the committee in hearings and other judicial proceedings; (f) advising the committee of its fiduciary duties and responsibilities; and (g) performing other necessary legal services. The firm's hourly rates are as follows: Partner $400 per hour Paraprofessionals $120 per hour Michael Joyce, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael J. Joyce, Esq. Joyce, LLC 1225 King Street, Suite 800 Wilmington, DE 19801 Tel: (302)-388-1944 Fax: 901-525-2389 Email: mjoyce@mjlawoffices.com About JAB Energy Solutions II JAB Energy Solutions II, LLC -- http://jabenergysolutions.com/-- is an EPIC (Engineering, Procurement, Installation & Commissioning) specialist providing comprehensive project management services for decommissioning, abandonment, construction and installation of offshore and onshore oil and gas facilities, platforms and pipelines. Based in Houston, with offices in Lake Charles, La., JAB Energy Solutions serves major and independent energy companies worldwide. JAB Energy Solutions filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-11226) on Sept. 7, 2021, listing as much as $50 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Traverse, LLC as restructuring advisor. Albert Altro, the founder of Traverse, serves as the Debtor's chief restructuring officer. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard and Joyce, LLC as legal counsel. JAB ENERGY: Committee Taps Lugenbuhl as Lead Bankruptcy Counsel --------------------------------------------------------------- The official committee of unsecured creditors of JAB Energy Solutions II, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as its bankruptcy counsel. The firm's services include: (a) providing legal advice with respect to the committee's powers and duties as appointed under Bankruptcy Code Section 1102; (b) assisting in the investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business, and any other matter relevant to the Debtor's Chapter 11 case or to the formulation of a plan of reorganization or liquidation; (c) preparing legal papers; (d) reviewing, analyzing and responding to pleadings filed in the case and appearing before the court; (e) representing the committee in hearings and other judicial proceedings; (f) advising the committee of its fiduciary duties and responsibilities; and (g) performing other necessary legal services. The firm's hourly rates are as follows: Shareholders $450 - $500 per hour Of counsel $325 - $425 per hour Associates $325 - $425 per hour Paralegals $110 per hour Benjamin Kadden, Esq., a partner at Lugenbuhl, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Benjamin W. Kadden, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras Street, Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Email: bkadden@lawla.com About JAB Energy Solutions II JAB Energy Solutions II, LLC -- http://jabenergysolutions.com/-- is an EPIC (Engineering, Procurement, Installation & Commissioning) specialist providing comprehensive project management services for decommissioning, abandonment, construction and installation of offshore and onshore oil and gas facilities, platforms and pipelines. Based in Houston, with offices in Lake Charles, La., JAB Energy Solutions serves major and independent energy companies worldwide. JAB Energy Solutions filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-11226) on Sept. 7, 2021, listing as much as $50 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Traverse, LLC as restructuring advisor. Albert Altro, the founder of Traverse, serves as the Debtor's chief restructuring officer. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard and Joyce, LLC as legal counsel. JIM'S DISPOSAL: Dec. 6 Plan & Disclosure Hearing Set ---------------------------------------------------- On Oct. 4, 2021, Jim's Disposal Service, LLC, filed with the U.S. Bankruptcy Court for the Western District of Missouri a Chapter 11 plan as well as a disclosure statement. On Oct. 14, 2021, Judge Brian T. Fenimore conditionally approved the disclosure statement and ordered that: * Dec. 6, 2021, at 9:00 a.m. is fixed for the hearing on final approval of the disclosure statement, and for the hearing on confirmation of the plan. * Nov. 19, 2021, is the deadline for filing objections to the disclosure statement or plan confirmation; and submitting ballots accepting or rejecting the plan. A copy of the order dated Oct. 14, 2021, is available at https://bit.ly/3vrKiSO from PacerMonitor.com at no charge. Counsel for the Debtor: Robert S. Baran, Esq. Ryan E. Shaw CONROY BARAN 1316 Saint Louis Ave., 2nd FL Kansas City, MO 64101 Tel: (816) 210-9680 / (816) 616-5009 Fax: (816) 817-6023 E-mail: rbaran@conroybaran.com lpittman@conroybaran.com rshaw@conroybaran.com About Jim's Disposal Service Jim's Disposal Service, LLC, a company that specializes in residential waste solutions, filed a Chapter 11 petition (Bankr. W.D. Mo. Case No. 20-40050) on Jan. 6, 2020. At the time of the filing, the Debtor was estimated to have less than $50,000 in assets and $1 million to $10 million in liabilities. Judge Brian T. Fenimore oversees the case. The Debtor tapped Mann Conroy, LLC, as its legal counsel and Cochran Head Vick & Co., P.A., as its accountant. JOHNSON & JOHNSON: Plaintiffs Attys Vow to Fight Bankruptcy Scheme ------------------------------------------------------------------ Lawyers who represent more than 30,000 women who have filed lawsuits against Johnson & Johnson (NYSE:JNJ) in connection with its defective talc body powders, including the iconic Johnson's Baby Powder, say they will resist J&J's decision to use bankruptcy to avoid legal responsibility for the cancers tied to those products. "It seems inconceivable that bankruptcy involving a highly profitable $500 billion company could be contemplated, let alone become reality," says Andy Birchfield of the Beasley Allen law firm, which represents thousands of women and families alleging that use of the company's Baby Powder led to ovarian cancer. "It seems hypocritical that such a company could defend a product it claims to be safe, while seeking bankruptcy protection for marketing that same product it knew to be dangerous." On Thursday, J&J announced that it had created a separate subsidiary, LTL Management LLC (LTL) to "hold and manage claims in the cosmetic talc litigation." At the same time, J&J placed the subsidiary into bankruptcy, filing in the Western District of North Carolina, Charlotte Division. This venue is considered responsive to companies seeking to shield themselves from legal claims brought about by their defective products. Mr. Birchfield says that recent abuses of the bankruptcy system mean that members of Congress including Sen. Elizabeth Warren (D-Mass) and Rep. Jerrold Nadler (D-NY) will join talc cancer victims in opposing J&J's bankruptcy plan. An increasing number of bankruptcy experts have voiced concerns about similar previous ploys, as corporate bankruptcies are normally reserved for struggling businesses that need relief from creditors. "Right behind the Sacklers, the Boy Scouts and USA Gymnastics, here's another example of the wealthy and powerful using bankruptcy as a hiding place to protect their profits and avoid responsibility," says Andy Birchfield. According to the bankruptcy filing, Johnson & Johnson is proposing to create a $2 billion settlement fund. In the ongoing talc litigation, one single verdict for twenty women exceeded that amount and total talc-related liabilities are estimated at more than $25 billion. Ovarian cancer is a horrific and deadly disease that exacts both an emotional and financial toll on women and their families. On average, medical expenses related to ovarian cancer caused by talc often exceed $500,000 per victim. Birchfield says the filing creates an uncertain future for pending trials, including thousands of talc cases filed in multidistrict litigation in New Jersey federal court. "As a firm we are committed to challenging this petition at every level and fighting any attempt by J&J to further delay scheduled trials and prolong the suffering of thousands of ovarian cancer victims and their families," says Birchfield. "We will fight -- no matter how hard and how long it takes -- until these women get justice." About LTL Management LTL Management LLC is a newly formed subsidiary of Johnson & Johnson. LTL was formed to manage and defend thousands of talc-related claims and to oversee the operations of its subsidiary, Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA /MYLICON and ROGAINE products. LTL Management LLC filed a Chapter 11 petition (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The Hon. J. Craig Whitley is the case judge. The Debtor tapped JONES DAY as counsel, RAYBURN COOPER & DURHAM, P.A., as co-counsel; BATES WHITE, LLC, as financial consultant; and ALIXPARTNERS, LLP, as restructuring advisor. KING & SPALDING LLP and SHOOK, HARDY & BACON L.L.P., serve as special counsel, and McCARTER & ENGLISH, LLP is the litigation consultant. EPIQ CORPORATE RESTRUCTURING, LLC, is the claims agent. The Debtor was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. About Johnson & Johnson Johnson & Johnson (J&J) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. J&J is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. Johnson & Johnson had worldwide sales of $82.6 billion during calendar year 2020. JSM CONSULTING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: JSM Consulting Inc. 65 Station Road Cranbury, NJ 08512-3152 Business Description: JSM Consulting Inc. is a management consulting company which serves asset- intensive industries. Chapter 11 Petition Date: October 18, 2021 Court: United States Bankruptcy Court Southern District of New York Case No.: 21-11791 Judge: Hon. Shelley C. Chapman Debtor's Counsel: Jonathan I. Rabinowitz, Esq. RABINOWITZ, LUBETKIN & TULLY, LLC 30 East 9th Street Apt. 5-L New York, NY 10003 Tel: 973-597-9100 Fax: 973-597-9119 Email: jrabinowitz@rltlawfirm.com Total Assets as of September 30, 2021: $2,503,259 Total Liabilities as of September 30, 2021: $869,848 The petition was signed by Mukesh Somani as chief executive officer. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/TSHYB7Q/JSM_Consulting_Inc__nysbke-21-11791__0001.0.pdf?mcid=tGE4TAMA JSM CONSULTING: Seeks Cash Collateral Access -------------------------------------------- JSM Consulting, Inc. asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral. The Debtor seeks the use of cash collateral to fund, in accordance with a budget (i) expenditures in the ordinary course of its business and (ii) under the doctrine of necessity, certain pre-petition wage claims and critical vendor claims. The Small Business Administration loaned the Debtor money and it is presently owed approximately $150,000. By virtue of the execution of a security agreement dated July 5, 2020 and the filing of a UCC-1 Financing Statement with the New Jersey Department of the Treasury on July 17, 2020, the Debtor granted the SBA a blanket lien on its personal property including, without limitation, machinery and equipment, accounts receivable, and the proceeds thereof to secure the SBA Debt which appears to have been duly perfected. TD Bank, N.A. loaned the Debtor money and it is presently owed approximately $325,000. Upon information and belief, the Debtor, by virtue of the execution of a business loan agreement dated June 19, 2015, granted TD Bank a blanket lien on the Personal Property, including, without limitation, M&E, AR, and the proceeds thereof to secure the TD Bank Debt. That security interest appears to have been perfected by the tiling of a UCC-1 Financing Statement with the New Jersey Department of Treasury on July 7, 2015 which was continued on February 7, 2020. The TD Bank Debt is personally guaranteed by the Debtor's principals, Rashmi Somani and Mukesh Somani. The SBA Debt and the TD Bank Debt total approximately $475,000. The collateral for those secured debts consists of AR in the amount of approximately $1,763,000 and M&E which has been valued as of the petition date at $3,227, for a total collateral value of approximately $1,766,227. Thus, the secured creditors have an equity cushion of approximately $1,291,227 which represents an 73% equity cushion. Equity cushions of as little as 20% have been deemed adequate protection. Thus, an equity cushion of 83% more than adequately protects the SBA and TD Bank for the use of cash collateral in which they claim an interest in accordance with the budget. The secured creditors are also adequately protected because the Debtor proposes to make periodic cash payments in the amount of their pre-petition debt service payments preserving the manner of the application of those payment to the debt for a later determination. In addition, the SBA and TD Bank are adequately protected because the budget demonstrates that the Debtor will replace cash collateral at least at the same rate that it uses it. This lack of diminution in value is also adequate protection. As further adequate protection, the Debtor is prepared to grant the secured creditors a replacement lien pursuant to section 361(2) of the Bankruptcy Code on any unencumbered assets they may have and on post-petition assets not subject to their lien pursuant to section 552 of the Bankruptcy Code limited solely to the extent of any determination of diminution in value by virtue of the use of cash collateral. The replacement lien excludes (1) avoidance actions under Subchapter III of Chapter V of the Bankruptcy Code and commercial tort claims as defined under Section 9-102(a)(13) of the Uniform Commercial Code; (2) the claims of Chapter 11 professionals duly retained in the Chapter 11 case and to the extent awarded pursuant to Sections 330 and 331 of the Code; and (3) United States Trustee fees. In addition, as further adequate protection, the Debtor proffers to the secured creditors a super-priority administrative expense pursuant to section 507(b) of the Bankruptcy Code, again, as adequate protection for any diminution in value by virtue of the use of cash collateral. A copy of the order and the Debtor's 13-week budget ending January 14, 2022 is available at https://bit.ly/2Z64q0V from PacerMonitor.com. The Debtor projects $2,739,827 in total receipts and $1,905,443 in total expenses for the period. About JSM Consulting Inc. JSM Consulting Inc. is a management consulting company that specializes in staff augmentation. It specializes in providing clients with experienced information technology professionals and other professionals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 21-11791) on October 18, 2021. In the petition signed by Mukesh Somani, chief executive officer, the Debtor disclosed up to $10 million in estimated assets and liabilities. Jonathan I. Rabinowitz, Esq., at Rabinowitz, Lubetkin & Tully, LLC is the Debtor's counsel. JUSTIN MILLER: Case Summary & 8 Unsecured Creditors --------------------------------------------------- Debtor: Justin Miller LLC d/b/a ET Efficient Transportation of Ohio f/k/a JM Transportation 747 Stelnebrey Ridge St NW Sugarcreek, OH 44681-7524 Business Description: Justin Miller LLC specializes in transporting non perishable commodities. Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 21-61350 Judge: Hon. Russ Kendig Debtor's Counsel: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr NW Ste 100B Canton, OH 44718-3040 Tel: (330) 305-9700 Fax: (330) 305-9713 Email: tony@ajdlaw7-11.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Justin L. Miller as member. A full-text copy of the petition containing, among other items, a list of the Debtor's eight unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HP2G3SA/Justin_Miller_LLC__ohnbke-21-61350__0001.0.pdf?mcid=tGE4TAMA KENNEDY-WILSON HOLDINGS: S&P Affirms 'BB+' ICR, Outlook Stable -------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative on Kennedy-Wilson Holdings Inc. At the same time, S&P affirmed its ratings, including its 'BB+' issuer credit rating, on Kennedy-Wilson. The stable outlook incorporates S&P's expectation for S&P Global Ratings' adjusted debt to EBITDA to generally remain in the 7.5x-9.5x range, depending on the timing and amount of realized gains from asset sales. Kennedy-Wilson Holdings Inc resumed transaction activity after a temporary COVID related halt for part of 2020, resulting in improved credit protection metrics in 2021. Over the past 12 months as of June 30, 2021, S&P Global Ratings' adjusted debt to EBITDA improved to 6.7x from 11.3x a year before and from 10.1x at year-end 2020. The material improvement was driven by sizable capital gains on executed asset sales of about $402 million during the first half of the year, which accounts for over two-thirds of adjusted EBITDA for the six months. S&P said, "We expect Kennedy-Wilson will continue to execute profitable asset sales, but we expect capital gains to decrease through the remainder of 2021 as transaction activity returns to normal. We expect sustained EBITDA expansion from the real estate operating platform over the next couple of years boosted by project deliveries through 2023, a gradual recovery of EBITDA from the company's hotels and incremental stream from investment management fees and interest income from its loan platform. Although we believe it is hard to predict the amount of capital gains, we consider that the company has built some cushion on its leverage metrics, and we estimate that debt to EBITDA will remain below 9.5x over the next 12 months. Still, we acknowledge that Kennedy-Wilson's reliance on gains from asset sales will continue to add volatility to the company's credit metrics." EBITDA in the second quarter of 2021 was boosted by the $330 million gain registered from the sale of a 49% interest in a multifamily portfolio valued at $800 million. This transaction marked the launch of a joint venture that will target about $700 million in additional acquisition opportunities in West Coastal markets. S&P said, "Kennedy-Wilson's multifamily portfolio outperforms peers, and we expect healthy operating performance over the next couple of years. The company's multifamily portfolio is the largest contributor to annualized net operating income (NOI), generating about 46%. During the second quarter of 2021, its market rate segment in the U.S. posted same-property NOI growth of 2.3% (which compared favorably with the multifamily peer average in the flat to slightly negative area). NOI growth reflects occupancy gains (to 96.5%) across its markets and strong rent growth in the mountain states region, benefited by employment growth, relative affordability, and strong migration trends. However, NOI growth was constrained by limitations on rent growth in California due to rent moratoriums. Therefore, we expect further upside for the U.S. portfolio over the next few quarters as moratoriums expire during the third quarter of 2021. "In our view, the location and characteristics of Kennedy-Wilson's multifamily platform in the U.S. is well positioned to benefit from continued migration trends into densely populated suburban areas. This trend was accelerated by the pandemic as renters sought larger living spaces for remote working purposes, allowing them to move out of costly urban apartments located closer to their workplaces. "We anticipate growth will rely more heavily on development than on acquisitions as cap rates continue to compress, particularly in the U.S. We believe that this, combined with a supply and demand imbalance in Ireland over the next several years due to projected population growth, will drive an increased focus on the multifamily platform in that market. During the second quarter, Kennedy-Wilson stabilized the final phase of Clancy Quay, Ireland's largest apartment community with a total of 877 units. This phase was 91% occupied at the end of the quarter, and the company expects it to increase to 99% upon move-ins of signed leases. As of June 30, the company had six multifamily assets under development (two located in Ireland) with a total investment of $385 million, out of which about 30% has been incurred. Kennedy-Wilson is on track to complete the projects as scheduled by 2023 and to stabilize them by 2024. Kennedy-Wilson's office portfolio is performing adequately amid pressure from remote working. The office portfolio contributes about 36% of annualized NOI. The portfolio is more suburban-focused, offering low and mid-rise office properties leased to single tenants, which S&P thinks are less exposed to the threats of remote working. As such, leasing volume during the second quarter saw a 75% increase from the first quarter. Still, Kennedy-Wilson's office properties saw some mild pressure over the past few quarters, similar to other office landlords, with occupancy declining to 90% in the U.S. while portfolio occupancy in Europe held up at 93.4%. Strong rent spreads across the company's markets, and particularly in the U.K., drove a higher than peer average same-property NOI growth of 6.1% for the first half of 2021 (compared with flat same-property NOI for the sector), while the weighted average lease term increased to eight years. During the quarter, leasing volumes were largely driven by technology- or life science-related tenants, which we expect will continue to drive demand for office space globally over the next few years. S&P believes that, over the medium term as leases expire, there is potential for mild occupancy declines, increased pressure on rental rates, and renegotiation for lease agreements with shorter terms upon renewal. S&P anticipates the company's growth strategy will be a mix of opportunistic acquisitions with value-add opportunities to boost returns and development. As of June 30, 2021, Kennedy-Wilson had three office properties and one mixed-use (entertainment) development under construction, with a total investment of $431 million, about 38% of which has been incurred. The four projects are located in Ireland. Kennedy-Wilson Europe's early redemption of its 2022 bonds modestly improve recovery prospects for unsecured bondholders. The company's recent redemption in whole of its GBP225 million outstanding under Kennedy Wilson Europe Real Estate PLC's bonds originally due in 2022, modestly improve our recovery expectations for unsecured bondholders. Although the improved recovery prospects do not result in a change of S&P's recovery rating at '5', it notes that recovery expectations improve from a rounded estimate of 10% to a rounded estimate of 25%. Still, S&P considers this a 'modest' recovery, remaining within its range of 10% to 30% for the rating. Recovery prospects for KWE bonds due 2025 also remain unchanged at '2' indicating substantial recovery, but the rounded estimate increased slightly to 85% from 70%. The company's large proportion of secured debt in its capital structure, largely backed by its multifamily platform in the U.S. continues to constrain recovery prospects for unsecured bondholders of Kennedy-Wilson Inc. Earlier in 2021, Kennedy-Wilson Inc. refinanced its $1.15 billion principal amount of its 5.875% notes originally due in April 2024 with proceeds from a $1.2 billion two-tranche issuance with a combined effective interest rate of 4.83%, due in 2029 and 2031. Following these transactions, the company significantly extended its debt maturity profile with its next bond maturity in 2025 and reduced its average funding cost. S&P expects this will result in its fixed-charge-coverage ratio being sustained above 2.5x over the next 12 to 18 months. S&P said, "The stable outlook reflects our expectation for Kennedy-Wilson's real estate operating platform to show healthy performance with positive same-property cash NOI and incremental cash NOI from acquisitions and development projects. The stable outlook incorporates our expectation that capital gains from asset sales will continue to boost EBITDA and remain a core income stream while heightening volatility on the key credit metrics. We believe adjusted debt to EBITDA is likely to range between 7.5x and 9.5x over the next 12 to 24 months. However, it could temporarily deviate from that range, depending on the timing and amount of realized gains from asset sales." S&P could lower the rating on Kennedy-Wilson if: -- Debt to EBITDA increases to and is sustained above 9.5x from lower-than-anticipated EBITDA, perhaps inhibited by stalled capital gains. -- Fixed-charge coverage fell below 1.7x from higher secured annual debt obligations or contracting EBITDA. S&P could also lower the issue-level ratings on Kennedy-Wilson's unsecured debt if recovery prospects for bondholders decreased from: -- Higher use of secured debt in Europe, weakening recovery expectations for Kennedy Wilson Europe's bonds to below 70%. -- Higher use of secured debt to fund development, particularly in the U.S., such that Kennedy-Wilson Inc.'s recovery prospects fell below 10%. S&P believes an upgrade is unlikely over the next year given the inherent volatility from the company's investment management platform. However, strong execution of the company's development ramp-up and consistently sound operating performance that results in strong NOI growth that outpaces rated peers could lead to an upgrade. KISSMYASSETS LLC: Bankr. Administrator Unable to Appoint Committee ------------------------------------------------------------------ The U.S. Bankruptcy Administrator for the Eastern District of North Carolina on Oct. 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Kissmyassets, LLC. 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. The Debtor filed its proposed Chapter 11 plan on Sept. 7, 2021. The hearing to consider confirmation of the plan is scheduled for Nov. 9, 2021. KORNBLUTH TEXAS: Seeks to Hire Claro Group as Financial Advisor --------------------------------------------------------------- Kornbluth Texas, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Claro Group, LLC as its financial advisor. The firm's services include: a. assisting in the preparation of the Debtor's statement of financial affairs, bankruptcy schedules and other regular reports required by the court or which the Debtor is otherwise obligated to file; b. reviewing the Debtor's financial information, including, but not limited to, cash receipts and disbursements, financial statement items and proposed transactions for which court approval is sought; c. reviewing the Debtor's business and financial condition; d. reviewing the Debtor's enterprise, asset and liquidation valuations; e. assisting in the preparation of documents necessary for confirmation of any Chapter 11 plan, proposed asset sale and proposed use of cash or financing; f. assisting the Debtor in negotiations and meetings with creditors and other parties in interest; g. assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; h. evaluating and making recommendations in connection with strategic alternatives to maximize the value of the Debtor; and i. providing other necessary financial advisory services. The firm's hourly rates are as follows: Managing Directors $495 to $650 per hour Directors/Senior Advisors $450 to $495 per hour Managers/Sr. Managers $350 to $445 per hour Analysts/Senior Consultants $265 to $305 per hour Administrative Personnel $125 to $175 per hour Claro Group will also receive reimbursement for out-of-pocket expenses incurred. Michael Gardner, a managing director at Claro Group, 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: Michael Gardner The Claro Group, LLC 711 Louisiana Street, Suite 2100 Houston, TX 77002 Tel: (713) 454-7730 Mobile: (773) 230-0367 Fax: (713) 236-0033 Email: mgardner@theclarogroup.com About Kornbluth Texas LLC Kornbluth Texas LLC, a company in Webster, Texas, which operates the Holiday Inn hotel, filed a petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-32261) on July 5, 2021, listing as much as $10 million in both assets and liabilities. Cheryl M. Tyler, managing member, signed the petition. Judge Christopher M. Lopez oversees the case. The Debtor tapped The Law Office of Margaret M. McClure as legal counsel, Matthew Shell CPA PLLC as accountant, and The Claro Group, LLC as financial advisor. L&L WINGS: Unsecured Claims Under $10K to Recover 100% in Plan -------------------------------------------------------------- L&L Wings Inc., d/b/a Wings, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement in connection with its Plan of Reorganization dated October 14, 2021. The Debtor was founded in 1978 by Meir Levy and his brother Shaul Levy, who are each 50% shareholders of the Debtor, for the purpose of developing retail stores focusing on beachwear and beach sundry items. The Debtor is a corporation organized under the laws of South Carolina but manages its operations at 666 Broadway, 8th Floor, New York, New York 10012. The Debtor filed the Chapter 11 Case to permit it to prosecute an appeal and/or resolve the judgment, restructure its other debt, seek out new capital or other strategic transactions and liquidate the claims of BMI so that a Plan of Reorganization can be filed within a reasonable amount of time. While the Debtor's negotiations with BMI on reaching a resolution regarding its claim proved unsuccessful, the Debtor was successful in negotiating a consensual plan with the e Creditors' Committee, which negotiations resulted in the Plan and the Creditors' Committee's support thereof. The Plan will treat claims as follows: * Class 4 consists of the holders of General Unsecured Claims less than $10,000 ("Convenience Claims"). The Holders of Convenience Claims will be paid 100% of their Allowed Convenience Claims, in Cash, on or shortly after the Effective Date. The Debtor estimates that there are approximately 50-60 of such Convenience Claims that total approximately $160,000. * Class 5 consists of the holders of Allowed General Unsecured Claims (i.e., Allowed Unsecured Claims other than the Allowed 20 Day Claims, the Convenience Claims, the Class 6 Unsecured Claims of BMI, the Class 7 Unsecured Claims of the Guaranteed Lenders, and the Class 8 Insider Claims). The Debtor estimates that the Allowed Class 5 Claims total approximately $4,500,000. The holders of Allowed Class 5 Unsecured Claims shall each receive (a) a 50% distribution on account of their Allowed Class 5 Unsecured Claims in Cash, on or shortly after the Effective Date and (b) a Pro Rata distribution from the Disputed BMI Claim Reserve to the extent of any excess funds available due to a reduction in the amount of the Allowed, unsubordinated BMI Claim as a result of any Final Order determining the BMI Adversary Proceeding, provided Class 5 claimholders shall not receive more than 100% of their Allowed Claims under the Plan. Such payments shall be in full and final satisfaction of all Class 5 Claims. Class 5 Claims are Impaired and are entitled to vote on the Plan * Class 6 consists of the non-subordinated Unsecured Claims of BMI pursuant to the BMI Claim in the minimum Disputed amount of $4,184,135.00. Upon and subject to Final Order in the Chapter 11 Case or the BMI Adversary Proceeding governing Allowance (or disallowance) of the BMI Claim, BMI shall receive, in full and final satisfaction of its Class 6 Unsecured Claim, a 50% distribution on the Allowed portion of the non-subordinated portion of the BMI Claim, if any. The Disbursing Agent shall reserve in Cash the maximum distributions to BMI required under the Plan based upon the full amount of the BMI Claim, or $10,694,994, unless and until final Allowance of the BMI Claim and then only to the extent Allowed and not subordinated under the BMI Adversary Proceeding. Such payments shall be in full and final satisfaction of all Class 6 Claims. Class 6 Claims are Impaired and are entitled to vote on the Plan. * Class 7 consists of the holders of Unsecured Claims arising from pre-petition guarantees of the Debtor signed in connection with certain of its nonresidential leases. Class 7 consists of (a) Bank of America, N.A., (b) Truist Bank and (c) United Community Bank. The Debtor pre-petition issued one guarantee to Bank of America that currently guarantees underlying third party debt in the approximate amount of $2,672,863.24. The Debtor pre-petition issued three guarantees to Truist Bank that currently guarantees underlying third party debt in the approximate amounts of $764,175.10, $2,927,958.00, and $549,848.35. The Debtor pre petition issued three guarantees to United Community Bank that currently guarantees underlying third party debt in the approximate amounts of $1,334,843.34, $628,892.74, and $462,553.05. No amounts are currently outstanding on the guarantees or any of the underlying obligations. The holders of Claims under Class 7 shall not receive a distribution under the Plan. * Class 8 consists of all Insider Claims, including all Claims held by the Levy Parties, except for (a) cure Claims with respect to the Debtor's unexpired leases discussed in Section E of the Plan and (b) the Claims of Strand Import & Dist., Inc., SIE, LLC and Onia LLC. Class 8 Claims total approximately $4,224,6604 . Upon the Effective Date, the holders of Allowed Class 8 Claims shall receive no distribution under the Plan and shall be deemed to have waived their Claims against the Debtor in full in exchange for and in partial consideration of the Levy Parties Releases. Class 8 Claims are deemed to reject the Plan but support the Plan. * Class 9 consists of the subordinated portion, if any, of the BMI Claim, pursuant to the BMI Adversary Proceeding or other Final Order. The BMI Adversary Proceeding seeks to subordinate no less than $17,205,853.00 of the BMI Claim. In addition, the Debtor or other parties in interest may seek to equitably subordinate all or a portion of the remaining BMI Claim. Class 9 shall receive no distribution under the Plan and is deemed to reject the Plan. * Class 10 consists of the Holders of Interests in the Debtor. Class 10 Interests consists of Meir (50%) and Shaul (50%) Levy. The holders of Class 10 interests shall continue to retain their Interests in the Debtor after the Effective Date, subject to entry of the Confirmation Order. Class 10 Interests are not impaired under the Plan and are deemed to accept the Plan. The Plan shall be funded from (i) a portion of the Debtor's Cash on hand as of the Effective Date, (ii) post-Effective date financing from TD or such other financial institution (iii) an Effective Date no less than $2,000,000 Cash contribution from the Interest holders, (iv) an Effective Date $4,000,000 loan from the Interest Holders and (v) and such further Cash or contributions to the extent necessary for working capital or post Effective Date distributions required under the Plan. The Debtor shall place in escrow, in Cash, the sum of $14,718,000, representing the estimated maximum distributions on all Classified and Unclassified Claims under the Plan. The distributions required under the Plan shall be distributed by the Debtor (the "Disbursing Agent") in accordance with the terms of the Plan. Except as otherwise provided in the Plan, the first distribution from the Plan Distribution Fund shall be distributed to holders of Allowed Claims under the Plan by the Disbursing Agent on the later of the following dates: (i) on the Effective Date to the extent the Claim has been Allowed or (ii) to the extent that a Claim becomes an Allowed Claim after the Effective Date, within 14 days after the order allowing such Claim becomes a Final Order. On or shortly after the Effective Date, the Disbursing Agent shall commence to make distributions in accordance with this Plan. Payments will be made from Debtor's Cash on hand, post-Effective Date financing from TD or such other financial institution, and contributions and loans from by Meir and Shaul Levy to the extent necessary to fully fund the Plan to the extent the Debtor requires additional funds to make any payment required under the Plan. A full-text copy of the Disclosure Statement dated October 14, 2021, is available at https://bit.ly/3DLRn3k from PacerMonitor.com at no charge. Attorneys for the Debtor: DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue New York, New York 10158 (212) 557-7200 Robert L. Rattet, Esq. Jonathan S. Pasternak, Esq. About L&L Wings L&L Wings, Inc., is a New York-based retailer of beachwear and beach sundry items. It operates 26 stores throughout North Carolina, South Carolina, Florida, Texas and California. L&L Wings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10795) on April 24, 2021. In the petition signed by Ariel Levy, president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Shelley C. Chapman oversees the case. The Debtor tapped Davidoff Hutcher & Citron LLP as legal counsel, WebsterRogers LLP as accountant, and CFGI as financial advisor. A&G Realty Partners, LLC, is its real estate consultant and advisor. On May 7, 2021, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. Otterbourg PC and Thompson Hine, LLP serve as the committee's bankruptcy counsel and special counsel, respectively. LATAM AIRLINES: Court Okays Cheaper $750M Ch.11 Lending Facility ---------------------------------------------------------------- Vince Sullivan of Law360 reports that bankrupt South American air carrier LATAM Airlines Group SA received court approval Monday, October 18, 2021, in New York court for a new Chapter 11 loan that will provide access to $750 million in new cash on better terms than its existing loan packages. During a video conference, LATAM attorney Luke A. Barefoot of Cleary Gottlieb Steen & Hamilton LLP said agreements governing a two-tranche, $2.45 billion debtor-in-possession financing package already approved by the bankruptcy court allowed the debtor to seek out a third silo of lending in an amount up to $750 million. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LATAM AIRLINES: Shares Recover as It Finalizes Restructuring ------------------------------------------------------------ Market Research Telecast reports that the shares of the airline Latam Airlines, the largest in the region, recovered this Friday, October 15, 2021, on the Santiago Stock Exchange after the bump on Thursday, when the company petitioned a New York court extend the deadline for submitting your reorganization plan. The group's papers grew 8.52% to 1,350 Chilean pesos (1.64 dollars), compared to 1,244 Chilean pesos (1.51 dollars) the day before, when they fell 1.19 percent in the Santiago stock market. The deadline to present the plan expired this Friday, but the group asked to postpone it again until Nov. 26, 2021, to continue negotiating with bondholders and creditors, something that has yet to be confirmed by the US judge handling the case. In September 2021, the company already requested and received approval to extend its exclusive period until October 15, 2021. The current application, the firm explained on Thursday, "supports the continuity of progress in the negotiations with the various parties interested in the Chapter 11 procedure" of the United States Bankruptcy Law, which was voluntarily filed in May 2020 after the economic blow that the pandemic hit. This judicial formula, which allows a company that cannot pay its debts to restructure without pressure from creditors, included both the parent company -- which is listed on the New York Stock Exchange and the Santiago Stock Exchange -- and its subsidiaries in Chile, Peru, Colombia, Ecuador and the USA. THE NEGOTIATIONS CONTINUE According to analysts, the postponement was expected by the market because already this week the group had hinted that it had not yet reached an agreement. The airline unveiled one of the financing proposals on Monday, which ultimately fell through and was submitted by Moelis & Company and White & Case LLP. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LEAFBUYER TECHNOLOGIES: Incurs $5-Mil. Net Loss in FY Ended June 30 ------------------------------------------------------------------- Leafbuyer Technologies, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $5.03 million on $2.67 million of revenue for the year ended June 30, 2021, compared to net income of $1.30 million on $2.53 million of revenue for the year ended June 30, 2020. As of June 30, 2021, the Company had $3.40 million in total assets, $10.63 million in total liabilities, and a total deficit of $7.22 million. Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Oct. 13, 2021, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1643721/000147793221007233/lbuy_10k.htm About Leafbuyer Leafbuyer Technologies, Inc. is a marketing technology company for the cannabis industry and is an online cannabis resource. As of March 31, 2021, the Company had $3.77 million in total assets, $3.75 million in total liabilities, and $21,681 in total stockholders' equity. LEGAL ADVOCACY: Case Summary & 2 Unsecured Creditors ---------------------------------------------------- Debtor: Legal Advocacy, P.C. 6333 W 3rd Street Los Angeles, CA 90036 Business Description: Legal Advocacy, P.C. is a legal services provider in Los Angeles, California. Chapter 11 Petition Date: October 18, 2021 Court: United States Bankruptcy Court Central District of California Case No.: 21-18018 Judge: Hon. Vincent P. Zurzolo Debtor's Counsel: Vanessa M. Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Boulevard Suite 1400 Long Beach, CA 90802 Tel: (562) 435-3456 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christine Constantino, Jr., agent of Legal Advocacy, P.C. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AFTBUWI/Legal_Advocacy_PC__cacbke-21-18018__0001.0.pdf?mcid=tGE4TAMA LIFESCAN GLOBAL: S&P Alters Outlook to Stable, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'B' issuer credit ratings on LifeScan Global Corp. In addition, S&P assigned its 'BB-' and 'B' issue ratings its proposed super-priority revolver and the proposed first-lien credit facilities. The recovery ratings are '1' and '3', respectively. S&P said, "The stable outlook reflects our view that the company's sales volumes will remain relatively stable over the next two years and combined with its EBITDA protection measures will result in leverage sustained in 4.5x-5.5x range. "The outlook revision reflects our expectation for continued stabilization of the company's revenue in 2021 and our view that the proposed refinancing transaction will free up a significant amount of internally generated cash flow that could be used for CGM-related expenses, an investment that we view as critical for the company's long-term growth prospects. In the first half of 2021 the company's revenues grew 3.3% compared to the first half of 2020, outperforming our prior forecast. We believe the company's successful launch of new digitally connected solutions and a change in the marketing strategies in various markets helped to grow sales volumes in key markets, offsetting pricing pressures. We now expect the company to preserve its sales levels in 2021, despite the ongoing CGM adoption globally. At the same time, we believe that the competitive pressure from CGM will continue, leading to annual low mid-single digit erosion in sales in 2022-2023. "The company's EBITDA-protection measures enabled it to preserve margins and we believe the company has modest flexibility to adjust its cost structure further if the revenues continue to erode. In 2020, cost reduction in various operating areas--including commercial and marketing, distribution and supply chain, and administration--cut the company's base costs by about $115 million. In the first half of 2021, LifeScan's adjusted EBITDA margin expanded by about 300 basis points (bps) compared with the same period in 2020, stemming from additional cost savings and a reduction in cash-based restructuring costs that we view as part of EBITDA. The company also reported additional savings of $20 million to be executed in the second half of 2021. We believe the savings will improve EBITDA margins in 2021 and will help preserve adjusted EBITDA levels in 2022. In addition, we believe the risk of higher costs associated with the cost restructuring and the introduction of a new International Standards Organization (ISO) standard on diabetes testing meters (ISO 15197:2013) in selected markets has subsided and we expect the company's cash flow generation in 2021 to improve. "We believe Lifescan's revenues will remain pressured, as its core BGM franchise may see continued pricing headwinds. However, we believe the introduction of the company's new digitally connected solutions should slow the erosion. In addition, we believe the company has modest flexibility to adjust its cost structure more if the average selling price (ASP) and revenues continue to erode. "We believe the investment in CGM will benefit LifeScan's long-term growth prospects, despite the expected negative impact on EBITDA and cash flows over the next two years. We believe the company is facing secular decline in BGM, and we view Lifescan's partnership with Sanvita Medical LLC on the development and marketing of a CGM product as positive for the company's long-term growth prospects. However, the product is still in development stage and is pending regulatory approvals. Thus, we do not incorporate contributions from CGM sales in our forecast for 2021-2022. "We believe the company's investment in CGM will accelerate as Lifescan approaches its expected commercial launch and will burden EBITDA and free cash flows. At the same time, we believe Lifescan has modest flexibility to adjust its cost structure further and this should enable it to offset some of the impact and to preserve adjusted EBITDA margin over 2021-2022. If the launch is successful, we believe it could become a significant contributor to the company's revenue stream in three to five years. "We view the company's proposed refinancing transaction as neutral for credit quality. We believe the investments in CGM--combined with lower debt amortization--will result in leverage being slightly higher--in the 4.5x-5.5x range compared to our projection of leverage below 5x under the current capital structure. We believe the offsetting factors are the enhancement in the company's liquidity and financial flexibility and growth prospects. The proposed refinancing transaction, which reduces the annual debt amortization to only $8 million from about $100 million--should create a larger cushion for increased expenses and working-capital swings associated with rebates. "The stable outlook reflects our view that the company's sales volumes will remain relatively stable over the next two years and combined with its EBITDA protection measures will result in leverage sustained in 4.5x-5.5x range. "We could lower the rating if the risk of faster-than expected deterioration in the company's operating performance materializes, leading to adjusted leverage above 6x or free cash flow to debt below 3% over a prolonged period. "We view upside as limited in the next two years. We could raise the ratings if we thought that there was a high likelihood and explicit commitment to deleverage, including a substantial reduction in gross financial debt, resulting in a debt-to-EBITDA ratio below 4x on a sustained basis and an funds from operations (FFO)-to-debt ratio also consistently above 20%. Furthermore, we would need to see solid growth prospects from CGM offsetting the declines in BGM." LIMETREE BAY: Fight With J. Aron Threatens Bankruptcy Loan Default ------------------------------------------------------------------ Steven Church of Bloomberg News reports that Limetree Bay Refining, the bankrupt U.S. Virgin Islands energy complex, missed a $5 million payment to its bankruptcy lenders because of a financial spat with Goldman Sachs' energy trader, J. Aron, according to a letter sent to the court. Sentinel LLC, the agent for lenders who are funding Limetree's reorganization, accused J. Aron of refusing to turn over $18 million in oil-sale proceeds, Sentinel said in a letter sent to U.S. Bankruptcy Judge David Jones. Sentinel delayed declaring the loan in default and taking actions against Limetree until after Judge Jones holds a hearing on the standoff. About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Tex. Case No. 21-32351). Limetree Bay Terminals did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker Hostetler as legal counsel and B. Riley Financial Inc. as restructuring advisor. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. 405 Sentinel, LLC, serves as administrative and collateral agent for the DIP lenders. LSB INDUSTRIES: Completes $500 Million Notes Offering ----------------------------------------------------- LSB Industries, Inc. has completed its previously announced private offering of $500 million in aggregate principal amount of its 6.250% Senior Secured Notes due 2028. The Notes were issued at a price equal to 100% of their face value. The net proceeds from the offering will be used to redeem $435,000,000 in aggregate principal amount of LSB's 9.625% Senior Secured Notes due 2023, representing all of the Existing Notes outstanding, to pay related transaction fees, expenses and premiums and, to the extent of any remaining net proceeds, for general corporate purposes. LSB previously issued a conditional notice of redemption on Sept. 29, 2021, to redeem all of the Existing Notes, conditioned on the closing of the offering of the Notes, which condition was satisfied as of Oct. 14, 2021. The Redemption is scheduled for Oct. 29, 2021. Also on Oct. 14, 2021, LSB satisfied and discharged its obligations under the indenture governing the Existing Notes by irrevocably depositing with the trustee for the Existing Notes funds sufficient to redeem the Existing Notes in full and to pay related fees and expenses. The Notes were sold pursuant to Rule 144A under the Securities Act of 1933, as amended, to eligible purchasers in the United States and to non-U.S. persons outside of the United States pursuant to Regulation S under the Securities Act. The Notes and the guarantees thereof have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. About LSB Industries Headquartered in Oklahoma City, Oklahoma, LSB Industries, Inc. -- http://www.lsbindustries.com-- manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB's products are sold through distributors and directly to end customers throughout the United States. LSB reported a net loss of $61.91 million in 2020, a net loss of $63.42 million in 2019, and a net loss of $72.23 million in 2018. As of June 30, 2021, the Company had $1.05 billion in total assets, $95.32 million in total current liabilities, $461.46 million in long-term debt, $20.28 million in noncurrent operating lease liabilities, $7.37 million in other noncurrent accrued and other liabilities, $31.2 million in deferred income taxes, $292.85 million in redeemable preferred stocks, and $141.02 million in total stockholders' equity. LSB INDUSTRIES: LSB Funding Reports 61.45% Equity Stake ------------------------------------------------------- LSB Funding LLC disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of Oct. 8, 2021, it beneficially owns 54,356,127 shares of common stock of LSB Industries, Inc., which represent 61.45 percent of the shares outstanding. The percentage was calculated based on 30,300,571 shares of common stock outstanding as of July 23, 2021, as reported in LSB Industries' Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, plus an additional 49,066,005 shares issued to the LSB Funding pursuant to the Securities Exchange Agreement and an additional 1,220,798 shares issued to LSB Funding and an additional 7,869,521 shares issued to each holder of record of the issuer's common stock, each in connection with the special dividend. On July 19, 2021, LSB Funding and LSB Industries entered into a Securities Exchange Agreement, pursuant to which they agreed to exchange, on the terms and subject to the conditions set forth therein, (a) the 139,768 shares of Series E-1 cumulative redeemable Class C preferred stock of LSB Industries held by LSB Funding for shares of common stock and (b) the one share of Series F-1 preferred stock held by LSB Funding for shares of common stock, based on the liquidation preference and redemption price, respectively, of the preferred stock and a volume weighted average exchange price of $6.16 per share of common stock; provided, that the aggregate number of shares of common stock issuable pursuant to clauses (a) and (b) above will be reduced by the number of shares of common stock that LSB Funding will receive in respect of the payment of the special dividend. On Sept. 27, 2021, the exchange was consummated and LSB Industries issued 49,066,005 issued shares to LSB Funding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/60714/000119312521296434/d208346dsc13da.htm About LSB Industries Headquartered in Oklahoma City, Oklahoma, LSB Industries, Inc. -- http://www.lsbindustries.com-- manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB's products are sold through distributors and directly to end customers throughout the United States. LSB reported a net loss of $61.91 million in 2020, a net loss of $63.42 million in 2019, and a net loss of $72.23 million in 2018. As of June 30, 2021, the Company had $1.05 billion in total assets, $95.32 million in total current liabilities, $461.46 million in long-term debt, $20.28 million in noncurrent operating lease liabilities, $7.37 million in other noncurrent accrued and other liabilities, $31.2 million in deferred income taxes, $292.85 million in redeemable preferred stocks, and $141.02 million in total stockholders' equity. LTL MANAGEMENT: Seeks Approval to Employ Epiq as Claims Agent ------------------------------------------------------------- LTL Management, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Epiq Corporate Restructuring, LLC as claims, noticing and ballot agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm's hourly rates are as follows: Clerical/Administrative Support $25 – $55 per hour IT / Programming $55 – $85 per hour Project Managers/Consultants/ Directors $85 – $175 per hour Solicitation Consultant $175 per hour Executive Vice President, Solicitation $190 per hour Kathryn Tran, consulting director at Epiq, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Tel: +1 714 394 6998 About LTL Management LTL Management LLC is a newly formed subsidiary of Johnson & Johnson (J&J) to manage and defend thousands of talc-related claims and oversee the operations of its subsidiary, Royalty A&M, which owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA /MYLICON and ROGAINE products. J&J is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. LTL Management filed a Chapter 11 petition (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The Debtor was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. The Hon. J. Craig Whitley is the case judge. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC is the claims agent. LUTHERAN SOCIAL: Seeks Approval to Hire Hyperams as Auctioneer -------------------------------------------------------------- Lutheran Social Services of North Dakota seeks approval from the U.S. Bankruptcy Court for the District of North Dakota to employ Hyperams, LLC as auctioneer. The Debtor requires the services of an auctioneer in connection with the sale of its mineral rights associated with drilling operations managed by Murex Petroleum Corp., Oasis Petroleum North America LLC, Lime Rock Resources III-A LP, Scout Energy Management LLC, and XTO Energy Inc. Hyperams will be paid a commission of 15 percent of the gross proceeds. Hyperams President Thomas Pabst 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: Thomas E. Pabst Hyperams, LLC 980 Carnegie Street Rolling Meadows, IL 60008 Tel: (847) 499-7030/(847) 499-7033 Email: tpabst@hyperams.com About Lutheran Social Services of North Dakota Lutheran Social Services of North Dakota is a North Dakota nonprofit corporation that traces its origins from the Lutheran Children's Home Finding Society, the Lutheran Inner Missions Society, and the Lutheran Welfare Society of North Dakota. Lutheran Children's was incorporated on Feb. 24, 1919, "to establish, maintain, and conduct receiving homes for orphans, homeless, abandoned, neglected or dependent children; to procure homes with, and adoption by others of such children; and to act as guardians of such children." Lutheran Inner Missions Society was incorporated in 1925, focusing on "cooperation, chaplaincy, education and prevention" and opened the first Luther Hall in North Dakota, providing affordable living for young women working in the city or going to school. Lutheran Welfare was incorporated as a non-profit in 1936 for the purpose of serving families in the adoption process. In 1940, Lutheran Welfare and Lutheran Inner Missions merged, resulting in Lutheran Welfare taking over Luther Hall, the residence for young women working in Fargo. In 1961, Lutheran Welfare merged with Lutheran Children and, in 1969, Lutheran Welfare changed its name to Lutheran Social Services of North Dakota. In 2008, Lutheran Social Services Housing, Inc. (LSS Housing) was formed to address the needs created by a shortage of affordable family living options around the western North Dakota oil boom. While LSS Housing is a separate and independent entity, Lutheran Social Services of North Dakota supported LSS Housing financially since its formation. Lutheran funded LSS Housing's growth through an unsecured loan and note. Ultimately, the Debtor spent $16 million in cash and another $45 million in secured funding to support LSS Housing's projects. LSS Housing drained the reserves of the Debtor, especially over the past few years. This financial pressure hampered the ability of the Debtor, an essential, faith-based organization, to serve its clients, specifically those in primary mission areas such as services to children, families, seniors, and New Americans. Lutheran Social Services of North Dakota sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.D. Case No. 21-30203) on May 13, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Shon Hastings oversees the case. Michael S. Raum, Esq., at Fredrikson & Byron, P.A., is the Debtor's legal counsel. MAJOR MARKET: Case Summary & 4 Unsecured Creditors -------------------------------------------------- Debtor: Major Market Radio LLC 6725 Via Austi Parkway Las Vegas, NV 89119 Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court District of Nevada Case No.: 21-14980 Judge: Hon. August B. Landis Debtor's Counsel: Stephen R. Harris, Esq. HARRIS LAW PRACTICE LLC 6151 Lakeside Drive Suite 2100 Reno, NV 89511 Tel: 775-786-7600 Fax: 775-786-7764 E-mail: steve@harrislawreno.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Edward R. Stolz as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/A52BK3A/MAJOR_MARKET_RADIO_LLC__nvbke-21-14980__0001.0.pdf?mcid=tGE4TAMA MAUNESHA RIVER: Seeks Approval to Hire Compeer as Financial Advisor ------------------------------------------------------------------- Maunesha River Dairy, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Compeer Financial, ACA as financial advisor. The firm's services include: (a) assisting in the preparation of financial information for distribution to creditors and others, including but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, and analysis of proposed transactions for which court approval is sought; (b) attending meetings and assist in the discussions with the secured lenders, the U.S. trustee and other parties-in-interest; (c) assisting in the preparation of information and analysis necessary for the confirmation of a plan of reorganization including financial disclosure information; (d) assisting in the evaluation and analysis of avoidance actions, if needed; (e) providing litigation advisory services and expert testimony on case-related issues as required by the Debtor; and (f) rendering other necessary financial advisory services. The firm's hourly rates are as follows: Matt Lange $200 per hour Other consultants $160 - $300 per hour Project assistants $55 - $80 per hour Matt Lange, the firm's dairy consultant who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matt Lange Compeer Financial, ACA 540 Baldwin Plaza Dr. Baldwin, WI 54002 Tel: 534-248-2048 About Maunesha River Maunesha River Dairy, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case. No. 21-11157) on May 27, 2021, listing as much as $10 million in both assets and liabilities. Dennis E. Ballweg, member, signed the petition. Judge Catherine J. Furay oversees the case. Jane F. Zimmerman, Esq., at Murphy Desmond S.C. and Compeer Financial, ACA serve as the Debtor's legal counsel and financial advisor, respectively. MAYBELLE BEVERLY: $315K Sale of Trailer Park to Pay Claims in Full ------------------------------------------------------------------ Maybelle Beverly Family Trust submitted a Second Amended Plan of Reorganization under Subchapter V dated October 14, 2021. This Plan is filed under subchapter V of chapter 11 of the Bankruptcy Code. The Debtor has sold one of its three commercial properties, a mobile home park which was located at 40229 North Thibodaux Road, Ponchatoula, Louisiana (the "Trailer Park"). The Motion to Sell the Trailer Park was approved by the Bankruptcy Court on September 7, 2021. The Trailer Park was subsequently sold at auction to an unrelated third-party for the cash price of $315,000.00 (the "Sale Proceeds") and closed October 5, 2021. At the Closing of the sale of the Trailer Park (the "Closing"), outstanding property taxes owed to Tangipahoa Parish, the interests of Husker, a 4% sale commission and all costs of sale were deducted from the purchase price. The remaining sale proceeds (the "Net Sale Proceeds") totaled $250,503.33. At the Closing, the Net Sale Proceeds were distributed directly to the Chapter 11 Subchapter V Trustee, Ryan Richmond, who will act as the Disbursement Agent under this Plan. The Subchapter V Trustee will be compensated with a $2,500.00 commission (plus associated costs) to make the disbursements. The Subchapter V Trustee will pay all approved administrative claims, priority, secured and unsecured creditors in full upon the Plan Effective Date. Any remaining Net Sale Proceeds, less (i) payment of the $2,500.00 commission to the Trustee for his post-confirmation services as a disbursement agent; (ii) the settlement payment to Husker for $3,150.00 and (iii) $50,000.00 to be retained by the Trustee for the payout of the Old Jack creditors, will be remitted to the Debtor. As such, the Debtor is expected to receive the excess Net Proceeds of $29,082.89. Following the full payment of all Allowed Claims, the Trustee shall file a final accounting with the Court evidencing the completion of the Plan payments and Debtor shall file its Motion for Entry of Discharge. Since all Claimants will be paid in full, Debtor believes that its Plan will be confirmed as a consensual plan under 11 U.S.C. Section 1191(a) as all creditors are deemed to have accepted. The Debtor estimates that holders of Allowed General Unsecured Claims in Class 8 will be paid 100 cents on the dollar. This Plan also provides for the payment of Allowed Administrative Expense Claims and Priority Claims. Class 1 consists of the Tangipahoa Parish real property tax claim on the Trailer Park. The Parish received full payment of all outstanding taxes on the Trailer Park at the Closing of the Sale. Outstanding taxes paid for 2021 totaled $3,435.51. Class IB consists of Tangipahoa Parish real property tax claim on Wendell Lane. Redeemable past due taxes for the years 2018, 2019, and 2020 totaling approximately $4,307.91 will be paid in lump sum on the Effective Date, along with whatever minimum amount may be necessary to cure all past due property taxes on Wendell Lane, by Trustee Richmond. The Sheriff shall hold these proceeds until it receives a Quit Claim Deed from Alpha/BMO transferring the ownership of Wendall Lane back to the Debtor. Class 3 consists of the claim of Husker/ BMO Harris ("Husker") which relates to Husker Proof of Claim #1 in the amount of $47,964.16 due from purchase of real estate taxes for 2014- 2019 as evidenced by Proof of Claim No. 1. The Husker proof of claim #1 of $47,964.16 was paid in full at the Sale Closing. The Debtor sold the Trailer Park to an unrelated third party on October 5, 2021, for $315,000.00. These Sale Proceeds are more than sufficient to pay all Approved Administrative claims, priority claims and creditors in full upon the Effective Date by the Trustee as disbursement agent. Ryan Richmond, as Subchapter V Trustee shall serve as the disbursing agent under this Plan, which is anticipated to be confirmed under Section 1191(a) (consensual confirmation). Mr. Richmond will be paid a commission of $2,500.00 plus costs for his post-petition services. A full-text copy of the Second Amended Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3vl6opY from PacerMonitor.com at no charge. Attorney for Debtor: Robin De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon Street Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 Email: elaine@northshoreattorney.com About Maybelle Beverly Family Trust The Maybelle Beverly Family Trust is a business trust that was created on November 3, 1967 by Maybelle Beverly and Jack Beverly Sr. aka Loyal E. Beverly of Saline County, Kansas. Maybelle Beverly Family Trust filed a Chapter 11 petition (Bankr. E.D. La. Case No. 21-10391) on March 23, 2021. At the time of the filing, the Debtor disclosed $500,001 to $1 million in assets and $50,001 to $100,000 in liabilities. Judge Meredith S. Grabill oversees the case. The De Leo Law Firm, LLC represents the Debtor as legal counsel. MERCURITY FINTECH: Expects to Raise $5 Million in Private Placement ------------------------------------------------------------------- Mercurity Fintech Holding Inc. has entered into purchase agreements with investors for aggregate gross proceeds of approximately $5 million to the company, which will be settled in the form of USDC. Pursuant to the private placements, the company will issue up to 571,428,570 ordinary shares at a purchase price of $ 0.00875 per ordinary share, and warrants to purchase up to 571,428,570 ordinary shares at agreed prices. The company's American depositary shares are listed on the Nasdaq Capital Market. Each ADS represents 360 ordinary shares. Mercurity expects to use the net proceeds from the offering for general corporate purposes, including continued investments in purchasing Bitcoin mining hardware, product development, research and development expenses, and working capital. The private placements are expected to close today, subject to the satisfaction of customary closing conditions. The investors have agreed to a contractual lock-up restriction of their shares to be acquired in the transaction for 180 days after the closing. The securities issuance is exempt from registration under the Securities Act of 1933, as amended in compliance with Regulation S under the Securities Act. About Mercurity Formerly known as JMU Limited, Mercurity Fintech Holding Inc.'s current principal business is to design and develop digital asset transaction platforms based on blockchain technologies for customers to facilitate asset trading, asset digitalization and cross-border payments and provide supplemental services for such platforms, such as customized software development services, maintenance services and compliance support services. The Company started this new business since its acquisition of Mercurity Limited (previously known as Unicorn Investment Limited) in May 2019. Mercurity reported a net loss of $1.65 million for the year ended Dec. 31, 2020, a net loss of $1.22 million for the year ended Dec. 31, 2019, a net loss of $123.24 million for the year ended Dec. 31, 2018, and a net loss of $161.90 million for the year ended Dec. 31, 2017. MERIDIANLINK INC: Moody's Rates 1st Lien Loans 'B2', Outlook Stable ------------------------------------------------------------------- Moody's Investors Service assigned B2 ratings to the proposed first lien senior secured credit facility issued by MeridianLink, Inc., consisting of a $435 million term loan and a $50 million revolver. As part of the rating action, Moody's also affirmed MeridianLink's B2 corporate family rating and the B2-PD probability of default rating as well as maintaining the company's speculative grade liquidity ("SGL") rating at SGL-1. Proceeds from the proposed term loan will be used to refinance MeridianLink's existing debt in a debt leverage neutral transaction, after which the ratings on the company's existing bank debt will be withdrawn. The ratings outlook is stable. Affirmations: Issuer: MeridianLink, Inc. Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Assignments: Issuer: MeridianLink, Inc. Senior Secured First Lien Term Loan, Assigned B2 (LGD4) Senior Secured First Lien Revolving Credit Facility, Assigned B2 (LGD4) Outlook Actions: Issuer: MeridianLink, Inc. Outlook, Remains Stable RATINGS RATIONALE MeridianLink's B2 CFR is principally constrained by the company's moderate pro forma trailing debt to EBITDA leverage of approximately 3.5x (Moody's adjusted for operating leases) as well as its limited scale and a concentrated vertical market focus as a software provider for banks, credit unions, mortgage lenders, and other financial services providers. MeridianLink's credit quality is also negatively impacted by its concentrated equity ownership and the risk of incremental debt-financed acquisitions which are indicative of an aggressive financial strategy that presents governance and re-leveraging risk. Business risks are partially offset by MeridianLink's solid presence as provider of SaaS based solutions within its target market of financial services clients, high revenue predictability driven by historically strong retention rates, and a capital structure supported by a meaningful equity cushion. The company's credit quality also benefits from MeridianLink's strong profitability margins and expectations of strong free cash flow generation. The B2 rating for MeridianLink's first lien senior secured credit facility reflects the company's B2-PD PDR and a loss given default ("LGD") assessment of LGD4. The instrument rating is consistent with the CFR as the company's pro forma debt structure is almost entirely comprised of this single class of debt. MeridianLink's SGL-1 rating reflects the company's very good liquidity that is supported by a pro forma cash balance of approximately $70 million (post IPO) as well as Moody's expectation of free cash flow generation as a percentage of debt in the low to mid teens range in the next 12 months. The company's liquidity will also be bolstered by the new $50 million revolving credit facility that is expected to be undrawn at completion of the refinancing transaction. While MeridianLink's term loans are not subject to financial covenants, the revolving credit facility has a springing covenant based on a maximum net first lien leverage ratio which the company should be comfortably in compliance with over the next 12-18 months. The stable ratings outlook reflects Moody's expectation that MeridianLink's revenues will expand at a mid single digit rate (pro forma for acquisitions) in 2021 with EBITDA growing at a more modest pace during this period due to higher operating cost assumptions. Accordingly, debt leverage (Moody's adjusted) is projected to approximate 3.5x at the end of 2021. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company realizes meaningful revenue and EBITDA growth while adhering to a conservative financial policy and sustaining or improving upon its strong pro forma credit metrics. The ratings could be downgraded if the company were to experience a weakening competitive position, revenue contracts and cash flow generation weakens, or the company maintains aggressive financial policies such that debt leverage is sustained above 6.5x and annual free cash flow/debt contracts to below 5%. MeridianLink, which recently completed an IPO, but is principally owned by Thoma Bravo, LLC ("Thoma Bravo"), is a leading provider of SaaS-based software solutions to financial institutions to support loan and deposit account origination and related workflow applications. Moody's projects that the company will generate revenues of approximately $260 million in 2021. The principal methodology used in these ratings was Software Industry published in August 2018. MICHAEL BAKER: Moody's Rates New $300MM First Lien Term Loan 'B2' ----------------------------------------------------------------- Moody's Investor Service has assigned a B2 rating to the planned $300 million first lien term loan of Michael Baker International, LLC. The existing ratings, including the B2 corporate family rating and B2-PD probability of default rating and the stable outlook are unchanged. Proceeds of the new term loan will fund redemption at par of Michael Baker's $250 million secured notes due 2023 and will repay $37 million of revolver borrowings. The transaction will extend the company's maturity profile and reduce annual cash interest expense. Leverage, pro forma for the transaction, will increase modestly to 4.3x from 4.2x at June 30, 2021. The following ratings/assessments are affected by the action: New Assignments: Issuer: Michael Baker International, LLC Senior Secured 1st Lien Term Loan, Assigned B2 (LGD4) RATINGS RATIONALE The B2 CFR is supported by Michael Baker's good operating performance and booking trends, and its low project/contract concentration. The rating is constrained by the company's mid-tier scale, and history of past dividends. Further, dividends to preferred shareholders and relatively high capital expenditures will be an on-going constraint to free cash generation. Based on backlog progress, Moody's expects 4-5% annual revenue growth over FY2022-FY2023 with EBITDA margin steady at mid-12%. Since 2018 organic revenue growth been just over 5% and EBITDA margin improved to mid-12% from 10%. The company's focus on contract execution, new products and business development has produced good results. The B2 rating on the first lien term loan is the same as the corporate family rating, as it will represent the preponderance of the company's debt. There will be an (unrated) $80 million asset-based revolver, backed by current assets on which the term loan will hold a second lien claim. However, unsecured non-debt claims, such as trade and lease claims, would be effectively junior to the secured term loan facility in a stress scenario. Moody's will withdraw ratings of the $250 million secured notes due 2023 upon their redemption. The rating outlook continues to be stable. Michael Baker's financial policies will sustain debt/EBITDA in the 4x-5x range. Event risk related to special dividends or M&A will be elevated as well. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded with greater scale, debt/EBITDA below 4x with free cash flow approaching $50 million. The ratings could be downgraded if debt/EBITDA rises above 6x or if free cash flow is less than $10 million. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Pittsburgh, Pennsylvania, Michael Baker International, LLC ("Michael Baker") specializes in engineering, planning, and consulting services for civil infrastructure projects such as highways, dams, bridges, and water systems. Moody's estimates that Michael Baker's revenues will be around $730 million in 2021. The company is majority-owned by DC Capital Partners, LLC. MONSTER INVESTMENTS: Case Summary & 6 Unsecured Creditors --------------------------------------------------------- Debtor: Monster Investments, Inc. 6026 Swanson Creek Lane Hughesville, MD 20637 Business Description: Monster Investments is primarily engaged in renting and leasing real estate properties. The Debtor is the fee simple owner of 28 real properties located in Maryland and Florida having an aggregate current value of $9.95 million. Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court District of Maryland Case No.: 21-16592 Debtor's Counsel: Michael G. Wolff, Esq. WOLFF & ORENSTEIN, LLC 15245 Shady Grove Road North Lobby, Suite 465 Rockville, MD 20850 Tel: 301-250-7232 Fax: 301-816-0592 E-mail: mwolff@wolawgroup.com Total Assets: $10,018,848 Total Liabilities: $16,529,878 The petition was signed by Donald Bernard as president. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SJYL2YQ/Monster_Investments_Inc__mdbke-21-16592__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. NHN Properties, LLC $4,743,183 PO Box 45122 Westlake, OH 44145 6027 Swanson Creek Ln., Hughesville, MD 20637 2. iFundCities Commercial Loan $4,000,000 448 N 10th Street Suite 402 Philadelphia, PA 19123 3. Washington Capital Partners $1,624,278 2815 Hartland Road Suite 200 Falls Church, VA 22043 4. Broadmark Realty Capital $1,192,000 309 E Paces Ferry Rd NE Suite 400 Atlanta, GA 30305 5. Prestare, LLC $750,000 21380 Lorain Rd. Ste. 201 Fairview Park, OH 44126 6. Toyota Financial Services 2018 Toyota $10,000 Asset Protection Tundra Department PO Box 2958 Torrance, CA 90509-2958 MURCIA GROUP: Unsecured Creditors to Recover 100% in 48 Months -------------------------------------------------------------- Murcia Group, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Plan of Reorganization for Small Business dated October 14, 2021. Murcia Group is a Florida corporation that has been in the restaurant/bar business since on or about 2013. It has 11 employees and operates under the name Don Arturo Restaurant which has been operating for over 50 years at the same location. Mr. Murcia purchased the restaurant on or about 2013. Due to the Covid pandemic, the courthouse and most offices were closed. The restaurant was also forced to close its doors for business for a few months. As such, it fell behind with its rent. The restaurant is now open for business and its regular clientele is returning. Mr. Alfredo Murcia wishes to keep the restaurant open. This Plan of Reorganization proposes to pay creditors of Murcia Group from cash flow from operations of the business/future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. The final Plan payment is expected to be paid on July 5, 2025. Class 1 consists of Priority Claims. Class 1 is unimpaired by this Plan, and the holder of a Class 1 Priority Claim will be paid in full upon the later of the effective date of this Plan in 48 monthly installments, or the date on which such claim is allowed by a final non-appealable order, in 48 monthly installments. Claim 1 of the Department of Treasury – Internal Service is disputed. Class 3 consists of non-priority unsecured creditors. Class 3 is unimpaired by this Plan and the holder of a Class 3 will be paid in full in 48 monthly installments from the later of the effective date of this Plan, or the date on which such claim is allowed by a final non-appealable order. The Plan Proponent has objected to Amended Claim 1 of the IRS as the claim seeks payment of "estimated" figures. Plan proponent's accountant is currently working with the Internal Revenue Service in order to determine whether any sums are due to the Department of Treasury – Internal Revenue Service. The Plan Proponent has also objected to Claim 2 of Sunlight Investments Inc. The Plan Proponent and Sunlight Investments by and through their counsel are working toward a resolution. A full-text copy of the First Amended Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3FTDSAy from PacerMonitor.com at no charge. Attorney for the Debtor: MERCY SALADRIGAS, ESQ. 2655 S. Le Jeune Road, Suite 532 Coral Gables, FL 33134 Telephone: (305)500-5559 Facsimile305)459-3995 About Murcia Group Murcia Group, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-16618) on July 5, 2021, listing as much as $50,000 in both assets and liabilities. Judge Peter D. Russin oversees the case. Mercy Saladrigas, Esq., at Saladrigas Law Center, represents the Debtor as legal counsel. MUSCLEPHARM CORP: Raises $7 Million From Securities Offering ------------------------------------------------------------ MusclePharm Corp. entered into a securities purchase agreement pursuant to which the company sold to certain institutional investors $7.05 million in principal amount of senior notes and warrants. The senior notes were issued with an original issue discount of 14%, bear no interest and mature after 6 months, on April 13, 2022. To secure its obligations thereunder and under the Securities Purchase Agreement, MusclePharm has granted a security interest over substantially all of its assets to the collateral agent for the benefit of the investors, pursuant to a pledge and security agreement. The maturity date of the senior notes may be extended to May 28, 2022 if no event of default has occurred and is continuing and cash flows from operating and investing activities (but not cash flows from financing activities) of MusclePharm and its subsidiaries was positive for March 2022 and no event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating and investing activities (but not from financing activities) of the company and its subsidiaries will be positive for April 2022. The maturity date of the senior notes also may be extended under other circumstances specified therein. If the maturity date is extended, interest will accrue on and from April 13, 2022 at 18% per annum until the senior notes are paid in full. MusclePharm is undertaking various initiatives to improve gross margins to become cash flow positive prior to the maturity of the senior notes. These initiatives include improving cost of goods on certain raw materials., there can be no assurance MusclePharm will be able to successfully implement such initiatives on a timely basis or at all or that it otherwise will meet the conditions required to extend the senior notes. If MusclePharm is unable to extend the senior notes or elects not to do so, the company will be required to repay the senior notes through equity issuances, additional borrowings, cash flows from operations and/or other sources of liquidity. The warrants are exercisable for five years to purchase 17,355,700 shares of MusclePharm's common stock, par value $0.001 per share, at an exercise price of $0.78, subject to adjustment under certain circumstances described in the warrants. In addition, each of the directors and officers of the company entered into lock-up agreements, which prohibit sales of the common stock until after April 11, 2022, subject to certain exceptions. The issuance of the senior notes and warrants is being made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended, for the offer and sale of securities not involving a public offering, and Regulation D promulgated under the Securities Act. About MusclePharm Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB:MSLP) -- http://www.musclepharm.comand http://www.musclepharmcorp.com-- is a lifestyle company that develops, manufactures, markets and distributes branded nutritional supplements. The Company offers a broad range of performance powders, capsules, tablets, gels and on-the-go ready to eat snacks that satisfy the needs of enthusiasts and professionals alike. MusclePharm reported net income of $3.18 million for the year ended Dec. 31, 2020, compared to a net loss of $18.93 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $9.95 million in total assets, $34.27 million in total liabilities, and a total stockholders' deficit of $24.32 million. Los Angeles, California-based SingerLewak LLP issued a "going concern" qualification in its report dated March 29, 2021, citing that the Company has suffered recurring losses from operations, has an accumulated deficit and its total liabilities exceed its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. MYOMO INC: Expects to Receive $5.1 Million From Warrants Exercise ----------------------------------------------------------------- Myomo, Inc. has entered into agreements with certain holders of its existing 2020 investor warrants exercisable for 1,015,798 shares of its common stock, in the aggregate, pursuant to which such holders agreed to exercise their warrants for cash at an exercise price of $5.00 per share. The aggregate gross proceeds from the exercise of the existing warrants is expected to total approximately $5.1 million, before deducting financial advisory fees. Roth Capital Partners is acting as a financial advisor in connection with the transaction. About Myomo Headquartered in Cambridge, Massachusetts, Myomo, Inc. --http://www.myomo.com-- is a wearable medical robotics company that offers expanded mobility for those suffering from neurologicaldisorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. Myomo reported a net loss of $11.56 million for the year ended Dec. 31, 2020, compared to a net loss of $10.71 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $17.71 million in total assets, $3.90 million in total liabilities, and $13.81 million in total stockholders' equity. ORGANIC EVOLUTION: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Organic Evolution, Inc. d/b/a RJL Technology Integration 8068 Red Jasper Lane, #137 Delray Beach, FL 33446 Business Description: Organic Evolution offers computer peripheral equipment. Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-20036 Judge: Hon. Erik P. Kimball Debtor's Counsel: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Tel: 305-931-3771 E-mail: bsb@bgglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Logis as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2I3RDOY/Organic_Evolution_Inc__flsbke-21-20036__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2OAXPBA/Organic_Evolution_Inc__flsbke-21-20036__0001.0.pdf?mcid=tGE4TAMA PLATINUM GROUP: Provides Waterberg Project Update ------------------------------------------------- Platinum Group Metals Ltd. provided the following Waterberg Project update: Geotechnical Drilling A geotechnical drilling campaign at the Waterberg Project, which commenced in July 2021, is now in process of completion and demobilization. The geotechnical drilling campaign consisted of 46 boreholes drilled along the planned centerline of two sets of twin declines and box-cut positions. Approximately 11 holes were drilled vertically, and the remaining holes were inclined out of the plane to intersect all possible discontinuities. A total of 5,966 metres of drill core were recovered and a total of 2,696 metres of core were geotechnically logged from within the zone of interest. All boreholes except those in the planned box-cut areas were backfilled with cement upon completion. Downhole geophysical surveys were conducted consisting of optical and/or acoustic televiewer and gamma probes as well as caliper probes. Three packer tests were conducted in boreholes where groundwater strikes were encountered. Core samples of all the major geotechnical units encountered were collected and subjected to laboratory testing. The results of the drilling campaign confirm that the box-cut positions are in sandstone, and the central and southern declines transition from sandstone into a dolerite sill and back into sandstone before cutting into the igneous rocks of the Bushveld Complex. In general, results are as expected, and the rock mass is competent. Also as expected, some support will be required for both tunnel sets. No problem areas, where special mining methods or non-standard support would be required, have been identified. Groundwater inflow is also not considered a risk. The standard practice of probe drilling ahead of decline tunnel development will be important to monitor rock quality and identify correct support standards ahead of development. Geotechnical qualified persons monitoring the drill programme have stated that in general, the rock mass encountered along both decline routes can support the planned excavations with no major problem areas expected. Community Relations On and following March 5, 2021, the Company received three notices of appeal, filed by individual appellants from local communities, against the Jan. 28, 2021 decision of the South African Department of Mineral Resources and Energy ("DMR") granting the Waterberg Mining Right. One group filed an application for an order in the High Court of South Africa to review and set aside the decision by the Minister of the Department of Forestry, Fisheries, and the Environment ("DE") to refuse condonation for the late filing of the group's appeal against the grant of an Environmental Authorization for the Waterberg Mine in November 2020. Waterberg JV Resources (Pty) (Ltd.) ("Waterberg JV Co.") is opposing the review application as well as all appeals received and believes these are all without merit. On July 30, 2021, Waterberg JV Co. received an urgent interdict application from a group located near planned surface infrastructure. Waterberg JV Co. promptly filed an answering affidavit denying urgency and arguing that the application is without merit. The Applicants have not responded and were obliged to remove their application from the urgent court roll. The application may proceed as a normal High Court application. A host community has applied to join as an interested party to the application and another host community submitted a confirmatory affidavit, both communities being in support of the Waterberg Mine. A time frame for the hearing of the interdict application is uncertain or may never occur. The Company believes that all requirements specified under the National Environmental Management Act, the Mineral and Petroleum Resources Development Act and other applicable legislation have been complied with and that the DE correctly approved and the DMR correctly issued the Environmental Authorization. The Company also believes that the leadership and majority of residents in the host communities support the Waterberg Project. The Member of the Executive Committee ("MEC") for the Limpopo Department of Economic Development, Environment and Tourism, Mr. Thabo Andrew Mokone, recently undertook to investigate the appeals and court actions described above. The MEC is aware of disagreements between the mine and certain members of the local community. During September 2021 the MEC held regular engagements with representatives of Waterberg JV Co. and the community leaders of Kgatlu village. The MEC stated "The Community have expressed their desire and support for the Waterberg Mine. A mediation process has been agreed between the parties to take place in October and November 2021 and I believe this will lead to a resolution of concerns and to a more harmonious relationship between Waterberg JV Co. and the local Community. I believe that the substantial planned investment in the Waterberg Mine of more than Rand 9.0 billion will create much-needed jobs and development in the area surrounding the mine". On Sunday, Oct. 10, 2021, senior Company management and technical personnel were very pleased to attend an event to deliver much needed school supplies and equipment, purchased by Waterberg JV Co., to local schools within a host community. The Waterberg Mining Right remains active, was notarially executed by the DMR on April 13, 2021, and was registered at the Mineral and Petroleum Titles Registration Office on July 6, 2021. Environmental, Social and Governance Platinum Group is pleased to report the completion of its inaugural Environmental and Social Governance ("ESG") disclosure submission with Digbee Ltd. ("Digbee"). Digbee, a United Kingdom based company, is a new mining-focused expert network and ESG disclosure platform with a goal to provide improved disclosure and better access to capital markets for mining companies involved with strong ESG practices. Digbee has been endorsed by leading financial firms who support the Digbee ESG initiative such as Blackrock, BMO, and Dundee Corporation. Digbee's reporting framework is aligned with global standards, including the Equator Principles, which provide a framework for financial institutions to assess environmental and social risks in projects. Outlook The Company's key business objective is to advance the palladium dominant Waterberg Project to a development and construction decision. Recent work includes the erection of fences, ground clearing, geotechnical drilling and infrastructure engineering and surveying. At the present time Waterberg JV Co. is planning for pre-construction activities including the engineering and design of roads, power, and water infrastructure. Project technical personnel are in process to identify, test and delineate appropriate sources of aggregate material for roadways and infrastructure lay down pads. Environmental monitoring activities are ongoing and will increase in the coming months. The Company and Waterberg JV Co. continue with a process to assess commercial alternatives for mine development financing and concentrate offtake. Several parties are currently in discussions with the Company. Concentrate offtake discussions with 15% project shareholder Impala Platinum Holdings Ltd. ("Implats"), also continue. The Company continues to work closely with regional authorities and local communities and their leadership on how the Waterberg Mine can be developed to provide optimal outcomes and best value to all stakeholders. The Company's battery technology initiative through Lion Battery Technologies Inc. ("Lion") with Anglo American Platinum Limited represents a new opportunity in the high-profile lithium battery research and innovation field. The investment in Lion creates a potential vertical integration with a broader industrial market development strategy to bring new technologies to market which use palladium and platinum. Research and development efforts by Florida International University ("FIU") on behalf of Lion continue. Technical results from Lion's research may have application to most lithium-ion battery chemistries and the scope of Lion's research work is being expanded. To date three patents have been issued by the United States Patent and Trademark Office based on research work completed by FIU for Lion and several more patent applications are in process of review. About Platinum Group Metals Headquartered in British Columbia, Canada, Platinum Group Metals Ltd. -- http://www.platinumgroupmetals.net-- is a platinum and palladium focused exploration, development and operating company conducting work primarily on mineral properties it has staked or acquired by way of option agreements or applications in the Republic of South Africa and in Canada. Platinum Group reported a net loss of US$7.13 million for the year ended Aug. 31, 2020, compared to a net loss of US$16.77 million for the year ended Aug. 31, 2019. As of May 31, 2021, the Company had $54.50 million in total assets, $33.27 million in total liabilities, and $21.23 million in total shareholders' equity. PricewaterhouseCoopers LLP, in Vancouver, Canada, the Company's auditor since 2007, issued a "going concern" qualification in its report dated Nov. 25, 2020, citing that the Company has suffered recurring losses from operations and has a net capital deficiency, negative working capital and has significant amounts of debt payable without any current source of operating income which raise substantial doubt about its ability to continue as a going concern. RED RIVER WASTE: Fort Wayne Officials Look Into Bankruptcy ---------------------------------------------------------- Natalie Clydesdale of Wane.com reports that a city of Fort Wayne spokesperson said Monday the city was still studying the bankruptcy filing of its trash and recycling contractor, Red River Waste Solutions. Texas-based Red River filed for Chapter 11 bankruptcy on Thursday. In the filing, the family-owned business, which services 310,000 households across 5 states including Fort Wayne, blamed the COVID-19 pandemic, a credit agreement and "operational challenges" for its financial struggles. Red River said in the filing it hoped to "reorganize its business" through bankruptcy. For Fort Wayne residents, John Perlich, a spokesman for Mayor Tom Henry's office, told WANE 15 there will be "an update" at Tuesday's City Council meeting. He didn't specify what exactly the update will be, but added: "details are being worked out now." Perlich said in the meantime, garbage and recycling materials continue to be collected. Bankruptcy Filing "This was a shock," said Councilman Geoff Paddock (5th District) of Red River's bankruptcy filing. "Obviously it's a disappointment to see their business failing... but, I will say one thing in the short term – in the last three days since the announcement was made, Red River has been out and they have been picking up trash in the district neighborhoods that I represent." In 2017, Red River secured a seven-year collection and hauling contract with the city of Fort Wayne. The service has been problematic for many residents from the outset, with regular missed collections that led to fines levied against the contractor. Paddock said he wasn't sure if the company filing for bankruptcy would void the city's contract with Red River. That would have to be looked into by the city's legal department, he said. Even considering that extensive history of complaints from customers, Paddock said hiring a new company "wouldn't necessarily mean the problem will go away." Revenue Drop Court documents filed by the company said its revenue dropped by $1 million between March 2020 and February 2021. The three primary factors that have transformed Red River's "relatively stable operation:" the COVID-19 pandemic, a credit agreement executed on or around April 1, 2020, and operational challenges. COVID-19 and Operational Challenges According to the filing, since the pandemic has confined people to their homes, their levels of residential waste have "increased dramatically." "This increase in waste volumes required the Debtor to respond by hiring more workers to collect that waste," said court documents. "This was an added challenge because many workers, including Red River's employees, were more inclined to stay at home in response to the pandemic." The company said in addition to struggling to find workers to help pick up the extra trash, the increase in waste volumes has also taken a toll on its vehicles and equipment. These service and equipment problems resulted in "substantial fines." In total, responding to issues created by the pandemic has cost Red River approximately $1.3 million, according to the filing. April 2020 Refinancing Court documents say in April 2020, Red River entered into a $35 million loan. Due to the significant debt service required under the loan obligation, "the company was forced to significantly reduce or eliminate the funds it otherwise budgets for the maintenance and repairs required to preserve its vehicle fleet and other equipment." Since April 2020, the company has built up a deferred maintenance obligation of about $2.6 million, according to the filing. Approximately $1 million of that relates to repairs necessary to comply with safety inspection requirements. About Red River Waste Solutions Red River Waste Solutions is a company that provides waste management services. It also offers solid waste and garbage pickup, recycling, industrial waste collection, disposal, and landfill management services. Red River Waste Solutions LP sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 21-42423) on Oct. 14, 2021. In its petition, Red River estimated assets of between $10 million and $50 million and estimated liabilities of between $50 million and $100 million. Marcus Alan Helt, of McDermott Will & Emery LLP, is the Debtor's counsel. RED RIVER: Oct. 25 Deadline Set for Panel Questionnaires -------------------------------------------------------- The United States Trustee is soliciting members for an unsecured creditors committee in the bankruptcy case of Red River Waste Solutions, LP. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3phrHre and return it to erin.schmidt2@usdoj.gov and elizabeth.a.young@usdoj.gov, attention Erin Schmidt and Elizabeth Young, at the Office of the United States Trustee so that it is received no later than 3:00 p.m., on Oct. 25, 2021. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Red River Waste Solutions Red River Waste Solutions is a company that provides waste management services. It also offers solid waste and garbage pickup, recycling, industrial waste collection, disposal, and landfill management services. Red River Waste Solutions LP sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 21-42423) on Oct. 14, 2021. In its petition, Red River estimated assets of between $10 million and $50 million and estimated liabilities of between $50 million and $100 million. Marcus Alan Helt, of McDermott Will & Emery LLP, is the Debtor's counsel. RYBEK DEVELOPMENTS: Gets OK to Hire Allan D. NewDelman as Counsel ----------------------------------------------------------------- Rybek Developments, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allan D. NewDelman, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) providing the Debtor with legal advice on all matters related to its bankruptcy case; (b) preparing applications, orders, reports and other legal papers; and (c) performing all other necessary legal services for the Debtor. The firm's hourly rates are as follows: Allan D. NewDelman, Esq. $475 per hour Roberta J. Sunkin, Esq. $395 per hour Paralegals $150 to $200 per hour NewDelman will also be reimbursed for out-of-pocket expenses incurred. Allan NewDelman, 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 can be reached at: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Email: anewdelman@adnlaw.net About Rybek Developments LLC Rybek Developments, LLC filed a petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 21-07697) on Oct. 13, 2021, listing as much as $1 million in both assets and liabilities. Judge Daniel P. Collins oversees the case. Allan D. NewDelman, P.C. serves as the Debtor's legal counsel. SALEM CONSUMER: Nov. 8 Plan Confirmation Hearing Set ---------------------------------------------------- On Sept. 10, 2021, debtor Salem Consumer Square OH LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania an Amended Chapter 11 Plan and an Amended Disclosure Statement. On Oct. 14, 2021, Judge Carlota M. Bohm approved the Amended Disclosure Statement and ordered that: * Oct. 29, 2021, is the last day for filing written ballots by creditors, either accepting or rejecting the plan; filing claims not already barred by operation of law, rule or order of this Court; and, filing and serving written objections to confirmation of the plan. * Nov. 8, 2021 is the last day for filing a complaint objecting to discharge, if applicable, pursuant to Fed.R.Bankr.P. 4004 (a). * Nov. 4, 2021, is the deadline for the Plan Proponent to file a Summary of the balloting * Nov. 8, 2021 at 2:30 p.m. via Zoom Video Conference is the plan confirmation hearing. A copy of the order dated October 14, 2021, is available at https://bit.ly/3G0C3Sz from PacerMonitor.com at no charge. Counsel for the Debtor: Kirk B. Burkley, Esq. Harry W. Greenfield, Esq. Sarah E. Wenrich, Esq. Bernstein-Burkley, P.C. 601 Grant Street, Floor 9 Pittsburgh, PA 15219 Telephone: (412) 456-8108 Facsimile: (412) 456-8135 About Salem Consumer Salem Consumer Square OH LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns and operates the shopping center known as "Salem Consumer Square" located at 5447 Salem Avenue, Dayton, OH 45426. On Jan. 5, 2021, Salem Consumer Square sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 21-20020). The Debtor disclosed total assets of $3,385,461 and total liabilities of $3,134,072. The case is assigned to The Honorable Carlota M. Bohm. Bernstein-Burkley, P.C., led by Kirk B. Burkley, is the Debtor's counsel. SEAFOOD JUNKIE: Taps Buechler Law Office as Bankruptcy Counsel -------------------------------------------------------------- Seafood Junkie, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Buechler Law Office, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) preparing all necessary reports, orders, and other legal papers required in the Chapter 11 proceeding; (b) representing the Debtor in any litigation; and (b) performing all legal services for Debtor, which may become necessary in the case. The firm's hourly rates are as follows: K. Jamie Buechler, Esq. $425 per hour Michael Guyerson, Esq. $425 per hour Michael Lamb, Esq. $300 per hour Paralegals $100 to $120 per hour The Debtor paid $22,000 to the law firm as a retainer fee. K. Jamie Buechler, Esq., a member of Buechler Law Office, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: K. Jamie Buechler, Esq. Buechler Law Office, LLC 999 18th Street, Suite 1230-S Denver, Colorado 80202 Tel.:720-381-0045 Fax: 720-381-0382 Email: Jamie@KJBlawoffice.com About Seafood Junkie Seafood Junkie, LLC filed a petition for Chapter 11 protection (Bankr. D. Colo. Case No. 21-5217) on Oct. 14, 2021, listing up to $100,000 in assets and up to $500,000 in liabilities. Richard Manzo, member of Seafood Junkie, signed the petition. Judge Thomas B. Mcnamara oversees the case. The Debtor tapped Buechler Law Office, LLC as legal counsel. SENSATIONAL DESSERTS: $628K Unsecured Claims to Recover 25% in Plan ------------------------------------------------------------------- Sensational Desserts, L.L.C., submitted a First Modified Plan of Reorganization dated October 14, 2021. The First Modified Plan lists Debtor's Liabilities where all disputed claims shall not be allowed: * Republic First Bank dba Republic Bank Undisputed: $0.00 Disputed: $2,737,313.29 secured (based on secured claim against other entities; Debtor believes creditor is oversecured in real estate collateral) *If any deficiency remains owing to Republic Bank after liquidation of the properties where Johnny's Cafe & Lounge and Shucker's Bar & Grille are located, Debtor shall be responsible to pay any such deficiency. * Berkshire Bank Undisputed: $250,000.00 unsecured Disputed: $456,880.83 unsecured (Debtor believes creditor received at least the full amount claimed in cash and/or real property) *The parties have agreed that Berkshire Bank shall be paid $250,000.00 through the Plan as a general unsecured claim. * Internal Revenue Service Undisputed: $0.00 Disputed: $0.00 *IRS has filed an amended Proof of Claim revising the amount of its claim to $0.00. * Fulton Bank N.A. Undisputed: $0.00 Disputed: $86,488.14 unsecured *The basis of this claim is an equipment lease that is current. Debtor proposes to assume the lease. * Paris Produce Company, Inc. Undisputed: $4,026.05 unsecured, $4,917.75 priority Disputed: $0.00 *Per the parties' agreement, Paris Produce Company will be paid in full over the life of the Plan on its pre petition claim of $4,026.05 as a general unsecured claim, and it will be paid in full on its post-petition claim of $4,917.75 within 30 days of the Effective Date. Class 2 consists of General Unsecured Claims with $627,635.37 total amount of claims. This Class shall receive an annual payment of $31,381.77 in 60 months. This Class will receive a total distribution of $156,908.84 or 25% of their allowed claims. 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. A full-text copy of the First Modified Plan of Reorganization dated October 14, 2021, is available at https://bit.ly/3pcnRzL from PacerMonitor.com at no charge. Attorneys for Debtor: LAW OFFICE OF ANDREW L. MILLER 1550 New Road, Suite A Northfield, NJ 08225 Tel: (609) 645-1599 Fax: (609) 645-7554 Andrew L. Miller, Esq. E-mail: andrewmiller@almlaw.com About Sensational Desserts Sensational Desserts, L.L.C., doing business as Johnny's Cafe 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. SILVER STATE: Case Summary & 6 Unsecured Creditors -------------------------------------------------- Debtor: Silver State Broadcasting, LLC 6725 Via Austi Parkway Las Vegas, NV 89119 Chapter 11 Petition Date: October 19, 2021 Court: United States Bankruptcy Court District of Nevada Case No.: 21-14978 Debtor's Counsel: Stephen R. Harris, Esq. HARRIS LAW PRACTICE LLC 6151 Lakeside Drive Suite 2100 Reno, NV 89511 Tel: 775-786-7600 Fax: 775-786-7764 Email: steve@harrislawreno.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Edward R. Stolz as manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AXOFPYQ/SILVER_STATE_BROADCASTING_LLC__nvbke-21-14978__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Crown Castle MU LLC Transmitter $0 c/o Todd Kartchner, Esq. Lease Dispute Fennemore Craig 2394 E. Camelback Road Ste. 600 Phoenix, AZ 85016 2. Dariush G. Adli, Esq. Legal Fees $0 Adli Law Group, P.C. 12400 Wilshire Blvd Suite 1460 Los Angeles, CA 90025 3. David Mincin, Esq. $0 Mincin Law PLLC 7465 W. Lake Mead Pkwy #100 Las Vegas, NV 89128 4. DIG MCC, LLC Claims for $0 c/o Terry A. Moore, Esq. Lease Arrears Marquis, Aurbach, Coffing 10001 Park Run Drive Las Vegas, NV 89145 5. VCY America Potential Claim $0 c/o Duane C. Pozza, Esq. Wiley Rein LLP 1776 K Street NW Washington, DC 20006 6. W. Lawrence Patrick Claims for $590,340 c/o Glaser Weil Receiver Fees Fink Howard Et Al. and Attorney Fees 10250 Constellation Blvd 19th Floor Los Angeles, CA 90067 SPORTTECHIE: Cash Collateral Access, $1.1 MM DIP Loan OK'd ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has authorized SportTechie, Inc. to use cash collateral on an interim basis and obtain postpetition secured financing on a senior secured superpriority basis. The Debtor is permitted to obtain senior secured postpetition financing in an aggregate maximum principal amount of $1,102,238.58, including up to $502,238.58 on an interim basis, on a superpriority basis pursuant to the terms and conditions of the Debtor-in-Possession Loan and Security Agreement and the Secured Promissory Note by the Debtor, as borrower, and Leaders Group Holdings LLC as lender. The Debtor requires access to postpetition financing to fund (i) operations, (ii) the administrative costs of the Chapter 11 Case, and (iii) the pursuit of approval of a sale of the Debtor's assets under section 363 of the Bankruptcy Code. As of the Petition Date, the Debtor owed LGH not less than $312,238.58 pursuant to an Amended and Restated Secured Promissory Note, issued in accordance with the Loan and Security Agreement, dated October 6, 2021 between the Debtor and the Prepetition Lender. As provided in an Intercreditor Agreement, dated September 1, 2021, Oak View Group, LLC has a lien on and security interest in all the assets of the Debtor. Pursuant to the Intercreditor Agreement, payment of $500,000 by the DIP Lender to OVG will constitute full satisfaction of any and all obligations under the Secured Convertible Promissory Note, dated as of October 21, 2016 (OVG Note). As adequate protection for the Debtor's use of cash collateral, the Prepetition Lender is granted a continuing valid, binding, enforceable and perfected, lien and security interest in and on all of the DIP Collateral and any proceeds thereof. The Adequate Protection Liens will be subordinate only to (1) the Carve-Out, (2) the OVG Lien and the OVG Adequate Protection Liens, (3) the DIP Liens, and (4) the Permitted Liens. The Carve-Out means (a) all allowed fees and expenses of attorneys, investment bankers and financial advisors employed by the Debtor or its estate, including the Subchapter V Trustee, pursuant to sections 327, 328 and/or 1103 of the Bankruptcy Code, that accrued prior to the Termination Date (i) solely to the extent set forth in (and limited by) the Approved Budget plus (ii) an amount not to exceed $25,000 in winddown expenses to be shared by the Estate Professionals; (b) fees required to be paid pursuant to 28 U.S.C. section 1930 to the Clerk of the Court; and (c) statutory fees required to be paid to the United States Trustee in the event the case proceeds in Chapter 11 but is no longer under Subchapter V. The Prepetition Lender will also have an allowed superpriority administrative expense claim against the Debtor and its estate. The Adequate Protection Liens and Adequate Protection Claims will secure the payment of the Prepetition Loan Obligations in an amount equal to any diminution in value of the interests of the Prepetition Lender in the Prepetition Lender Collateral from and after the Petition Date. OVG is entitled to adequate protection of its interests in the OVG Collateral. Until the indefeasible repayment in full in cash of the OVG Cap Amount to OVG on a final and indefeasible basis, as adequate protection for the interests of OVG in the OVG Collateral, OVG is granted a continuing valid, binding, enforceable and perfected, lien and security interest in and on all of the DIP Collateral and any proceeds thereof. The OVG Adequate Protection Liens will be deemed legal, valid, binding, enforceable, and perfected liens, not subject to subordination, impairment or avoidance, for all purposes in the Chapter 11 Case and any successor case. OVG will also have an allowed superpriority administrative expense claim against the Debtor and its estate, pursuant to section 507(b) of the Bankruptcy Code. The OVG Adequate Protection Liens and the OVG Adequate Protection Claims will secure the payment of the OVG Loan Debt in an amount equal to any diminution in value of the interests of OVG from and after the Petition Date. A copy of the order is available at https://bit.ly/3ATSHPK from PacerMonitor.com. About Sporttechie Sporttechie Inc. is a media company in Washington, DC that specializes in sports. Its coverage focuses on three main stakeholders within sports -- athletes, fans, and teams and leagues. Sporttechie filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-11306) on Oct. 7, 2021, listing $32,670 in assets and $2,005,007 in liabilities. Taylor Bloom, chief executive officer, signed the petition. Judge Craig T. Goldblatt oversees the case. The Debtor tapped Cross & Simon, LLC as legal counsel and Applied Business Strategy, LLC as restructuring advisor. Dean Vomero, managing director at Applied Business Strategy, serves as the Debtor's chief restructuring officer. STATEWIDE AMBULETTE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Statewide Ambulette Service, Inc. 557 N. Macquesten Pkwy Mount Vernon, NY 10552 Business Description: Statewide Ambulette Service, Inc. is an ambulance service provider in New York. Chapter 11 Petition Date: October 18, 2021 Court: United States Bankruptcy Court Southern District of New York Case No.: 21-22586 Debtor's Counsel: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 44 South Broadway Ste. 100 White Plains, NY 10601 Tel: (917) 673-3768 Email: charles@freshstartesq.com Total Assets: $360,000 Total Liabilities: $1,464,869 The petition was signed by Alan Hebel as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2Z45JJQ/Statewide_Ambulette_Service_Inc__nysbke-21-22586__0001.0.pdf?mcid=tGE4TAMA STONEYS KINGFISHERS: Case Summary & 6 Unsecured Creditors --------------------------------------------------------- Debtor: Stoneys Kingfishers Seafood House, Inc. 14442 S. Solomons Island Road Solomons, MD 20688 Business Description: The Debtor is the fee simple owner of a real property located at 14442 S. Solomons Island Road, Solomons MD valued at $1.8 million. Chapter 11 Petition Date: October 18, 2021 Court: United States Bankruptcy Court District of Maryland Case No.: 21-16576 Debtor's Counsel: Steven L. Goldberg, Esq. MCNAMEE, HOSEA, JERNIGAN, KIM, GREENAN & LYNCH, P.A. 6411 Ivy Lane, Suite 200 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: sgoldberg@mhlawyers.com Total Assets: $1,801,732 Total Liabilities: $5,317,067 The petition was signed by Eugenia Cousineaux as president. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VFOHU3Q/Stoneys_Kingfishers_Seafood_House__mdbke-21-16577__0001.0.pdf?mcid=tGE4TAMA SUMMIT BEHAVIORAL: Moody's Gives B3 CFR & Rates 2nd Lien Loans Caa2 ------------------------------------------------------------------- Moody's Investors Service assigned ratings to Summit Behavioral Healthcare, LLC, including a B3 Corporate Family Rating, a B3-PD Probability of Default, and B2 ratings to the proposed first lien senior secured credit facilities. Moody's also assigned Caa2 ratings to the proposed second lien senior secured term loans. The outlook is stable. In connection with a cash equity investment from new sponsor Patient Square Capital, Summit seeks to raise new credit facilities consisting of a $75 million senior secured first lien revolver, a $450 million senior secured first lien term loan, a $70 million senior secured first lien delayed draw term loan, a $180 million senior secured second lien term loan, and a $25 million senior secured second lien delayed draw term loan. Proceeds from the new debt will be used to refinance Summit's existing indebtedness, pay related fees and expenses and fund future expansion. The B2 rating assigned to the proposed first lien credit facilities reflects their senior secured interest in substantially all assets of the borrowers and the level of junior debt in the company's capital structure. The Caa2 rating assigned to the proposed second lien secured loans reflects their junior ranking. Assignments: Issuer: Summit Behavioral Healthcare, LLC Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3) Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3) Senior Secured 1st Lien Delayed Draw Term Loan, Assigned B2 (LGD3) Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5) Senior Secured 2nd Lien Delayed Draw Term Loan, Assigned Caa2 (LGD5) Outlook Actions: Issuer: Summit Behavioral Healthcare, LLC Outlook, Assigned Stable ESG factors are material to the ratings assignment. Positive social considerations include the societal benefits from the company's addiction treatment programs. Social risk exposures include patients' safety in administrating appropriate care. Among governance considerations, the company is likely to employ high financial leverage and aggressive acquisition strategy to grow its business. RATINGS RATIONALE The B3 CFR reflects the company's very high financial leverage, with Moody's-adjusted debt/EBITDA at over 8 times pro forma for the proposed refinancing. The rating is also constrained by the company's modest scale and narrow business focus on substance use disorder ("SUD") treatment and acute psychiatric treatment ("Acute Psych"). Further, Moody's believes Summit will continue to expand aggressively through growth of existing facilities, new facility openings, and acquisitions. There is the risk that the company's growth strategy will lead to lower utilization at facilities or failure to earn adequate returns on its investments. The rating is supported by Summit's good reputation in the substance abuse treatment market and solid - albeit short - track record of growth that Moody's expects will continue. The magnitude of the substance abuse and mental health conditions in the US will support future growth of SUD and Acute Psych treatment programs like Summit's. As a result, Moody's expects adjusted debt/EBITDA will decline towards 7x by the end of 2022. Given the company's solid profit margins and low maintenance capex, Moody's expects the company to generate free cash flow in excess of $30 million per year before expansion capex. The B3 CFR is also supported by Summit's good geographic and customer diversity. The company has some exposure to direct government reimbursement (about 30% of revenue) and maintains in-network contracts with its commercial payors, with whom it generates the majority of its revenue. The B2 rating assigned to the proposed first lien credit facilities reflects their senior secured interest in substantially all assets of the borrowers and the level of junior debt in the company's capital structure, comprised of a $180 million second lien term loan. The Caa2 rating assigned to the proposed second lien secured loans reflects their junior ranking. Summit will maintain good liquidity over the next 12-18 months, with no near-term debt maturities. While the company will have little cash at close of the refinancing transaction, liquidity will be supported by the new 5-year revolving credit facility that provides for borrowings of $75 million. This facility has a springing First Lien Net Leverage Covenant of 7.7x when 35% drawn. Moody's expects the company to make minimal draws on this facility over the next 12 months. Alternative sources of liquidity are limited as substantially all assets are pledged. There is no financial covenant on the term loans. The stable outlook reflects Moody's expectation that Summit will reduce its currently high leverage towards 7.0 times over the next 12-18 months and will prudently manage its expansion and cash. Social and governance considerations are material to Summit's credit profile. As a provider of addiction and mental health treatment, Summit faces high social risk. Any incident, such as a patient fatality or a patient not receiving appropriate care at one of Summit's facilities, can result in increased regulatory burdens, government investigations, and negative publicity. Positive social considerations include the societal benefits from Summit's behavioral health and addiction treatment programs. Among governance considerations, Summit's financial policies under private equity ownership are aggressive, reflected in high debt levels and acquisitive growth strategy. As proposed, the new credit facilities are expected to provide covenant flexibility that if utilized could negatively impact creditors. The credit facility contains incremental debt capacity up to the greater of $90 million and 100.0% of consolidated EBITDA, plus unused amounts available under the general debt basket, plus unlimited amounts so long as the first lien net leverage ratio does not exceed 5.00x (or amounts not greater than 7.0x senior secured leverage ratio, if secured on a pari passu basis with the second lien). Amounts up to the greater of $45 million and 50% of consolidated EBITDA may be incurred with an earlier maturity than the initial first lien term loans, with an equal additional amount incurred with an earlier maturity than the second lien term loan. The credit facilities also include provisions allowing the transfer of assets to unrestricted subsidiaries, subject to carve-out capacities, with no additional express "blocker" provisions restricting such transfers of specified assets to unrestricted subsidiaries. Only wholly-owned subsidiaries are required to act as subsidiary guarantors, raising the risk that guarantees may be released following a partial change in ownership, with no explicit protective provisions limiting such guarantee releases. There are no express protective provisions prohibiting an up-tiering transaction. The proposed terms and the final terms of the credit agreement may be materially different. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's expansion strategy fails to produce profitable revenue growth or leads to operating disruption. If Summit engages in debt-financed acquisition or dividends, the ratings could also be downgraded. Further, weakening of liquidity, sustained negative free cash flow, or EBITA interest coverage below 1 time could lead to a downgrade. The ratings could be upgraded if Summit demonstrates a track record of positive free cash flow, effectively manages its growth with prudent financial policies. Increased scale and diversification would also support an upgrade. Further, the ratings could be upgraded if adjusted debt to EBITDA is sustained below 6 times. Summit Behavioral Healthcare is a leading service provider of substance abuse and mental health treatment in a highly fragmented industry. Summit operates 25 facilities in 16 states with a focus on inpatient, detox, residential and outpatient services. The company has been growing rapidly reflecting a strategy focused on acquisitions and the opening of new facilities. Summit generated $224 million revenue in the LTM to June 30, 2021. At close, Summit will be owned by private equity firm Patient Square Capital. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. TAYLOR MORRISON: S&P Alters Outlook to Stable, Affirms 'BB' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Scottsdale, Ariz.-based Taylor Morrison Home Corp. (TMHC) to stable from negative and affirmed its 'BB' issuer credit ratings on the homebuilder. At the same time, S&P also affirmed the 'BB' issue-level rating on the company's senior unsecured notes. The '3' recovery rating is unchanged. The stable outlook reflects S&P's view that over the next 12 months, the company will lower and sustain debt to EBITDA below 3x and reduce debt to capital under 40%. S&P expects a nearly 35% jump in 2021 EBITDA, and further improvement in the year ahead. The 50% year-over-year climb in backlog of homes--with orders on deposit--provides some assurance that closing volumes will increase at close to a double-digit percentage pace into mid-2022. Average sales prices of that backlog, up 18% in the June 2021 quarter, help support comparative EBITDA margin improvements of between 100 and 200 basis points (bps). Net borrowings are edging downward, even as revenues climb. Helped by broader demand, the company improved its asset turns, allowing it to do more (revenues, profits) with the same or less (inventory, net debt). Still relatively land-heavy, S&P thinks TMHC's proportion of owned land will edge downward toward 65% of its total lots over the next 12-18 months from 71% in 2020. Higher resulting cash balances through 2022 are likely to keep debt to EBITDA firmly below 3x. S&P now thinks large, risky acquisitions are less likely. Over the past five years the company doubled revenues, mainly because of the acquisitions of public builders (AV Homes Inc., William Lyon Homes). Taylor Morrison's renewed focus on organically driven returns on capital and equity, combined with evidence of and a commitment to reducing leverage, suggest very large, debt-financed corporate acquisitions are in the past. A key challenge at Taylor Morrison is to expand organically into a maturing housing cycle. S&P said, "Our 2021 revenue estimate indicates growth of nearly 55% from just two years earlier. Yet over this same period, the company's overall community count is about unchanged, due to a strategic shift toward asset turns, stronger than anticipated demand, and a spring 2020 pause in land acquisition and development driven by the COVID-19 pandemic. To meet our forecast of a double-digit percentage increase in 2022 neighborhoods, we think TMHC will need to make $300 million-$500 million in incremental outlays for land acquisition and development over the next 18 months. Nevertheless, we anticipate cash flows from operations increasing to nearly $450 million in 2022, after an estimated $295 million this year." The stable outlook on Taylor Morrison reflects S&P's view that over the next 12 months, the company will lower and sustain debt to EBITDA below 3x and reduce debt to capital to less than 40%, even as it invests for organic expansion. S&P could raise its rating on Taylor Morrison to 'BB+' over the next 12 months if the company: -- Sustainably reduced debt to EBITDA below 2x; and -- Reduced net borrowings below $2 billion. S&P could lower the rating if TMHC: -- Increased debt to EBITDA above 4x in the currently favorable housing environment; or -- Pursued additional large acquisitions, pressuring leverage above 4x EBITDA or debt to capital above 50% on a sustained basis. TELIGENT INC: Distributors Balk at Ch.11 Customer Risks ------------------------------------------------------- Leslie Pappas of Law360 reports that an unexpected lawsuit that emerged earlier this 2021 from Insys Therapeutics Inc.'s bankruptcy case in Delaware raised concerns on Friday, October 15, 2021, among Teligent Inc.'s largest pharmaceutical distributors that the bankrupt generic-drug manufacturer could put their customer programs at risk. As Teligent kicked off its Chapter 11 bankruptcy at a virtual hearing on Friday, October 15, 2021, pharmaceutical distributors Cardinal Health, AmerisourceBergen Corp. and McKesson Corp. pushed for assurances that the Iselin, New Jersey-based manufacturer would honor existing customer programs and continue to do business with them as usual. "They don't have the ability to shut this off at a moment's notice," Cardinal's attorney, Scott Zuber said. About Teligent Inc. Teligent, Inc., a specialty generic pharmaceutical company, develops, manufactures, markets, and sells generic topical, branded generic, and generic injectable pharmaceutical products in the United States and Canada. The company was formerly known as IGI Laboratories, Inc. and changed its name to Teligent, Inc. in October 2015. Teligent, Inc. was founded in 1977 and is based in Buena, New Jersey. Teligent Inc. and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11332) on Oct. 14, 2021. The cases are handled by Honorable Judge Brendan Linehan Shanno. The Debtor disclosed total assets of $85.0 million and total debt of $135.8 million as of Aug. 31, 2021. Young Conaway Stargatt & Taylor, LLP and K&L Gates LLP are the Debtors' attorneys. Portage Point Partners, LLC, is the Debtors' restructuring advisor. Raymond James & Associates, Inc., is the Debtors' investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. TOP NOTCH HEALTHCARE: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------------- Top Notch Healthcare Assistance, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral to pay for expenses that may arise and pose a threat to the Debtor's continued operations. Emergency relief is requested by October 20, 2021. The Debtor depends on the use of cash collateral for payroll and general operating expenses. It is critical to the operation of the Debtor's business, and to its reorganization efforts, that it be permitted to pay these expenses using cash collateral. The Debtor generates revenue from its home healthcare business, which provides nursing services to elderly and disabled individuals. The revenue is deposited by the Debtor in its DIP operating account pending entry of an order allowing use of cash collateral or consent by lien holders. A search in the Texas Secretary of State shows that allegedly secured positions are or were held by The Business Backer (these liens have been terminated, or lapsed); Swift Financial; Liftfund Inc.; Quicksilver Capital, LLC; and 24 Capital LLC. Both of the oldest financing statements designated by filing numbers 15-0038965704 and 16-0018420345, are on behalf of The Business Backer, and are either terminated or lapsed. Adequate protection for the use of Cash Collateral is requested be given to Swift Financial; Liftfund Inc.; Quicksilver Capital, LLC; and 24 Capital LLC in the form of replacement liens on all post-petition cash collateral and post-petition acquired property to the same extent and priority they possessed, if any, as of the Petition Date. A copy of the motion is available at https://bit.ly/3BXckrx from PacerMonitor.com. About Top Notch Healthcare Assistance, LLC Top Notch Healthcare Assistance, LLC provides nursing services to elderly and disabled individuals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-33376) on October 15, 2021. In the petition signed by John Garner, owner and president, the Debtor disclosed up to $100,000 in assets and liabilities. Robert Chamless Lane, Esq., at the Lane Law Fir, is the Debtor's counsel. VENUS CONCEPT: Files Form S-3 to Register $55 Million Securities ---------------------------------------------------------------- Venus Concept Inc. filed a Form S-3 registration statement with the Securities and Exchange Commission in connection with the offer and sale of up to $55,047,990 in the aggregate of common stock, preferred stock, debt securities, warrants, and units from time to time in one or more offerings. Each time Venus Concept offers and sells securities, it will provide a supplement to the prospectus that contains specific information about the offering and the amounts, prices and terms of the securities offered. Any prospectus supplement may also add, update or change information contained in the prospectus with respect to the applicable offering. Venus Concept may offer and sell the securities described in the prospectus and any prospectus supplement to or through one or more underwriters, dealers and agents, or directly to purchasers, or through a combination of these methods. If any underwriters, dealers or agents are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. The company's common stock is listed on the Nasdaq Global Market under the symbol "VERO." On Oct. 12, 2021, the last reported sale price of its common stock on the Nasdaq Global Market was $2.06 per share. A full-text copy of the prospectus is available for free at: https://www.sec.gov/Archives/edgar/data/1409269/000114036121034581/ny20001007x1_s3.htm About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related practice enhancement services. The Company's aesthetic systems have been designed on a cost-effective, proprietary and flexible platform that enables the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family and general practitioners and aesthetic medical spas. Venus Concept reported a net loss of $82.82 million for the year ended Dec. 31, 2020, compared to a net loss of $42.29 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $147.27 million in total assets, $110.43 million in total liabilities, ($782,000) in non-controlling interests and $37.63 million in total stockholders' equity. Toronto, Canada-based MNP LLP issued a "going concern" qualification in its report dated March 29, 2021, citing that the Company has reported recurring net losses and negative cash flows from operations that raises substantial doubt about its ability to continue as a going concern. VERITAS FARMS: Issues $1.5 Million Promissory Note to Wit Trust --------------------------------------------------------------- Veritas Farms, Inc. issued a secured convertible credit line promissory note in the principal amount of up to $1,500,000 to Cornelis F. Wit Revocable Living Trust, a principal shareholder who holds securities that constitute a majority of the voting securities of the company. The promissory note is secured by the company's assets and contain certain covenants and customary events of default, the occurrence of which could result in an acceleration of the promissory note. The promissory note is convertible as follows: aggregate loaned principal and accrued interest under the promissory note may, at the option of the holder, be converted in its entirety into shares of the company's common stock at a conversion price of $0.05 per share. The note will accrue interest on the aggregate amount loaned at a rate of 10% per annum. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable under the promissory note, is due and payable if not converted pursuant to the terms and conditions of the promissory note on the earlier of (i) Oct. 1, 2024, or (ii) following an event of default. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- www.TheVeritasFarms.com -- is a vertically-integrated agribusiness focused on producing, marketing, and distributing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring hytocannabinoids. Veritas Farms owns and operates a 140 acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants containing naturally occurring phytocannabinoids which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Veritas Farms reported a net loss of $7.59 million for the year ended Dec. 31, 2020, compared to a net loss of $11.15 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $11.67 million in total assets, $3.96 million in total liabilities, and $7.71 million in total shareholders' equity. Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2020, the Company had an accumulated deficit of $26,667,147, and a net loss of $7,592,539. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. VIDEO DISPLAY: Posts $164K Net Income in Second Quarter ------------------------------------------------------- Video Display Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $164,000 on $1.90 million of net sales for the three months ended Aug. 31, 2021, compared to a net loss of $1 million on $2.29 million of net sales for the same period a year ago. For the six months ended Aug. 31, 2021, the Company reported a net loss of $581,000 on $3.76 million of net sales compared to a net loss of $1.01 million on $6 million of net sales for the six months ended Aug. 31, 2020. As of Aug. 31, 2021, the Company had $8.34 million in total assets, $4.65 million in total liabilities, and $3.69 million in total shareholders' equity. The Company reported a net loss and a decrease in working capital and liquid assets for the six month period ending Aug. 31, 2021 primarily due to a decrease in revenues in three of four divisions. The Company has sustained losses for the last three of five fiscal years and has seen overall a decline in working capital and liquid assets during this five year period due to a combination of decreasing revenues across certain divisions without a commensurate reduction of expenses. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/758743/000119312521299582/d200035d10q.htm About Video Display Headquartered in Cocoa, Florida, Video Display Corporation manufactures and distributes a wide range of display devices, encompassing, among others, industrial, military, medical, and simulation display solutions. Video Display reported net income of $812,000 for the year ended Feb. 28, 2021, compared to a net loss of $1.21 million for the year ended Feb. 29, 2020. As of Feb. 28, 2021, the Company had $9.90 million in total assets, $5.63 million in total liabilities, and $4.27 million in total shareholders' equity. Peachtree Corners, Georgia-based Hancock Askew & Co., LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated May 28, 2021, citing that the Company has historically reported net losses or breakeven results along with reporting low levels of working capital. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIDEO RIVER: Partners With CryptoFamily.Tech to Create Crypto Coin ------------------------------------------------------------------ Video River Networks, Inc., which is in the process of changing its name to Tytan Cybernetics, has partnered with CryptoFamily.Tech to develop the State-of-the-Art Tytan EV Crypto Coin. Tytan EV Crypto Coin: * Rewards for drivers of Tytan Vehicles, who automatically mine Titan EV Crypto Coins by miles driven * Crypto will be mined into Driver's TytanEVCrypto App, for transfer to Crypto Wallet or use for available Tytan benefits * Promotes blockchain for flourishing Crypto, Defi and FinTech economies "We're excited CryptoFamily.Tech has joined in our mission to bring to market the first of a kind Electric Vehicle that mines Crypto for the drivers by miles driven. We're looking forward to developing this Crypto Coin as quickly as possible. Our Tytan EV Crypto Coin is an extension of our continued commitment to develop innovative rewards for our Consumers and Shareholders," CEO Frank Igwealor About Video River Headquartered in Torrance, California, Video River Networks, Inc. is a technology holding firm that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R") assets, businesses and operations in North America. The Company's current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies NIHK's current technology-focused business model is a result of its board resolution on Sept. 15, 2020 to spin-in/off its specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. As of June 30, 2021, the Company had $2.61 million in total assets, $1.71 million in total liabilities, and $899,277 of total stockholders' equity. Newhall, California-based DylanFloyd Accounting & Consulting, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 13, 2021, citing that the Company has an accumulated deficit of $ 19,385,856 and a negative cash flow from operations amounting to $82,980 for the year ended Dec. 31, 2020. These factors raise substantial doubt about the Company's ability to continue as a going concern. WIRECO WORLDGROUP: S&P Ups ICR to 'B' on Accelerated Deleveraging ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on WireCo WorldGroup Inc. to 'B' from 'B-'. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to its proposed $540 million term loan. We expect to withdraw our issue-level rating on the company's existing second-lien senior secured term loan at the close of the transaction. "The stable outlook indicates that we expect WireCo to maintain leverage of 4x-5x as it benefits from solid demand tailwinds stemming from increasing infrastructure and green energy investment over the coming 12-24 months." WireCo's shift toward higher-margin rope products is accelerating its deleveraging amid strong market demand. S&P expects the company's leverage to decline to about 5x in 2021 from almost 10x in 2020 and 7x in 2019. Over the last 12 months, WireCo has shifted its operating model toward the high-performance rope market and away from commodity-like, lower-margin rope and wire products. The commodity wire markets are highly fragmented and sellers have limited pricing power, whereas in the high-performance rope market WireCo competes with only a handful of other players, by region and end-markets. The company is meeting its clients' critical rope needs by focusing on engineered wire products that feature significant price premiums and healthy margins over their input costs. For example, WireCo has shifted its manufacturing capacity and sales toward high-performance crane rope and away from commodity low-carbon wire to improve its overall product mix. This compares with its previous operating approach of pursuing high volumes to achieve better fixed-cost absorption. Historically, this caused the company to sell products at depressed margins or in some cases at a loss during periods of weak demand. The company's profitability has improved quarter over quarter and S&P expects this to continue throughout the second half of 2021. This demonstrates WireCo's reasonable ability to pass on rising raw material costs, through its surcharge mechanisms, and maintain its value-added margin despite ongoing raw material cost inflation. The company generated EBITDA margins of 19.0% in the first half of 2021, which compares with 13.0% and 12.5% for the same period in 2020 and 2019, respectively. S&P anticipates that WireCo's improved product mix and strategic pricing initiatives will enable it to maintain its elevated profitability in 2022 and onward, including EBITDA margins of 15%-20%. The proposed refinancing addresses the company's upcoming maturities and lowers its interest burden. The proposed term loan addresses WireCo's 2023 and 2024 maturities and extends its maturity profile to 2026 (ABL) and 2028 (term loan). At the same time, the new capital structure will reduce its interest costs by more than $10 million by eliminating the more expensive $125 million second-lien term loan. This reduction in the company's interest burden will support an improvement in its free cash flow generation in 2022 and onward. Given the increase in its EBITDA margins due to its improved product mix and strategic pricing initiatives, S&P expects WireCo to generate free cash flow of $30 million-$50 million per year in 2021 and 2022, even after accounting for its increased growth capital spending. WireCo is well-positioned, with its synthetic rope and high-performance rope brands, to serve industries that will experience rising demand over the next 12-24 months. The demand for the company's products will likely remain robust due to the acceleration of green energy investment globally, including the rising volume of offshore wind projects and the elevated demand from underground mining operations stemming from the surge in prices for the battery metals required to create electric vehicle batteries. In addition, the order volumes for WireCo's global crane rope brands will likely continue to improve as the build rates in the original equipment manufacturer (OEM) crane market surge in anticipation of increased infrastructure spending over the next 12-24 months. This is a favorable market for WireCo because its customers also require consistent replacement sales over the life of the crane. The share of the company's revenue that it derives from the oil and gas markets remains below 2019 levels at 15% this year, which compares with over 20% historically. While the U.S. rig count has increased to 533 from pandemic lows of 433 in 2020, this is still significantly below 2019 levels of 940. Going forward, we expect the share of WireCo's revenue from the oil and gas markets to remain in the 17%-18% range as its prioritizes growth and opportunities related to the energy transition. The stable outlook indicates that S&P expects WireCo to maintain leverage of 4x-5x as it benefits from solid demand tailwinds stemming from increased infrastructure and green energy investment over the coming 12-24 months. S&P could lower its rating on WireCo if it sustains debt to EBITDA of more than 7x. S&P believes this could occur if: -- The company is unable to maintain the improvements in its product mix or value-added margin such that its profitability declines sharply to less than 10%; or -- It generates sustained negative free cash flow because of higher-than-anticipated capital expenditure; or -- WireCo adopts more aggressive financial policies, including debt-financed dividends or acquisitions. S&P could raise its rating on WireCo over the next 12 months if it sustains debt to EBITDA of less than 4x. This could occur if: -- The company's free cash flow generation--despite its potentially higher capital expenditure requirements to meet its growing demand--remains strong, providing it with excess cash for debt reduction; or -- Its profitability improves more than S&P anticipates such that it believes it would sustain its EBITDA margins at current peak levels even amid weaker business conditions; or -- S&P believes that its private-equity owner will not increase its leverage back above 5x. ********* 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. 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